Good grief! Where did all the people come from? Thursday had one of the best crowds we have seen a very long time. Saw many "old friends" and made a few new ones too. Legend did do more sales to collectors then normal for the show. Overall, the show was surprisingly good!
As usual our first sale was to our "secret" buyer. He did his usual: make piles of coins to the ceiling (well sort of) then buy almost everything. That was at 8:30 AM. From that point on we never stopped. Missed lunch. Ended showing around 6 PM (only because of fatigue). The entire day, soup to nuts sold strong. Seemed everyone was trying hard to buy. Not sure how much this contributed, but this really was the first major show in almost 2 months. Show promoters should take note: don't make shows back to back! There was no lack of demand.
Our crew was thrilled that Saturday was quiet.
Of course David Chrenshaw and the Whitman people did a phenomenal job of putting on the show.
THE MARKET IS POISED AND IS WAITING
This is the big week, The Eric Newman Collection finally hits the market. While there are other "big time" collections out there, this is a collection no one ever thought would be sold and has been forever in the fabled category. Of the 1600 lots, there are SEVERAL HUNDRED pieces that are the FINEST WILDEST that exist! Just those lots alone will inject extreme confidence in anything to do with better higher grade coins. Stronger confidence translates into HIGHER prices. You WILL see MANY coins realize "BEYOND MOON" money (those coins will not be high valued either)! As we write this, the 25C 1796 NGC MS67 is already at $1,100,000.00 HAMMER, while the 1803 $1 NGC MS65+ is at $300,000.00! Just watch where they end up.
If you are participating in the sale we warn you-do NOT try to do this sale on your own if you are seeking crossovers or regrading. Its a unique situation where you actually do have 2-3 different grading opinions (PCGS, NGC, CAC) possibly happening on each coin. What one service does another might not. Do not be shy, ask your pro for help or advice.
We can tell you, from the overall interest we see Newman whipped up (we are representing collectors we have not dealt with in years in the sale PLUS are dealing with them via the web again), 2013 in the rare coin market for better NICE coins WILL end VERY strong. We're only half way through November and we are estimating this could be a substantial record month for Legend (NOT including ANY Newman activities). All we can tell you is a lot of activity is happening VERY quietly behind the scenes right now. We just completed a $2 million dollar transaction-for 2 coins! Our Want Lists have grown huge-maybe as high as $25,000,000.00 now (we finally did buy a small group of PCGS CAC MS66 Saints-only because a long time friend had them). Even Newman will do little to relieve the market demand.
WHAT HAPPENED TO GOLD?
Even though gold is not running way up like it did a few months ago, it seems gold coins have seen a renewed interest cycle. We are major buyers of GEM 20th Century gold-and we can tell you NOTHING fresh has hit the market. Bust gold has always been non existent-and now its so dry we can't really remember what an choice 1804 $5 looks like! Generics with CAC beans are still being sought heavily. The price disparity does not faze the current crop of buyers (a PCGS MS66 Saint is bid at $2,350.00 while we are high bid of CAC's at $3,650.00). Remember all RARE coins prices are determined by supply and demand-not the spot gold prices! We feel strongly IF (big IF) you can find the "right" coins better gold is still one of the smart places to be in. We just don't see it going down anytime soon. Really NICE gold is VERY limited in supply too.
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