OF COURSE WE TOLD YOU SO!
We're not trying to be everyones warm and fuzzy friend, tell you how many cokes we drank at the auction, or the trip from hell we had to get there. The recent Eric Newman Collection auction was one of the most important auctions of past decade and we are here to discuss it. First we MUST thank Mr Eric Newman for allowing the numismatic world to share in ownership of these treasures. Its magnificent all the proceeds are going to charity. Thank you! Second, we say a "great job" to Heritage and Stuart Levine for all the work they did. Our only gripe: get a bigger auction room next time!
This sale not only had coins sell "beyond moon money" but had dozens of coin prices that were totally nuclear! We predicted it would be good old "shoot out" it was and then some. Its cool to watch bids just jump for $5,000.00 to $30,000.00 knowing there were several active bidders. The auction room was packed. The internet played hard. The buzz could not have been any stronger.
This auction certianly proved the rare coin market was MORE then alive and well. All through auction lot viewing we saw multiple major players we hadn't seen in a few years. They all said the same thing: this collection has incredible coins that are once in a lifetime opportunities. We fully agree. There was no question the dominant buyers in the sale were collectors.This should be expected. Only the sharpest and bravest of dealers tried to play for their own accounts.
In the past week a Pink Diamond sold for $80,000,000.00 while a painting brought $142,000,000.00. Of the 1800+ coins sold, we highly doubt you will see any quantities of these coins recirculating. The rare coin market is so small as compared to those markets! Our $80 million diamond is a $150,000.00 coins these days. We're moving in the right direction!
The results of the Newman sale ABSOLUTELY WILL have an overall VERY postive effect on the coin market-especially HIGH END Quality and rarities. We've been telling you for years not to be afraid to step up and buy quality and eye appeal. You can NOT buy great coins cheap. Pay the price-which down the road WILL seem cheap!
Since this sale was announced it had been pure torture for us. We stressed over the grades, estimates, and the sale in general. Legends staff put HUNDREDs of hours into research, triple checking our notes, quadrupple checking the coins actual grades, and talking to the collctors we represent. Estimating was nearly impossible as how do you figure something never seen before? We were jammed the 3 days before the sale with final preparations. Its not just as easy as looking up a few prices and going off to the sale. This sale as much as it was challanging, was extremly rewarding. It was our pleasure to represent many of todays "high end" collectors. Thank you!
Next major auctions: LM Regency Auction w/the Flannagan Territorials Dec 19th, FUN, and the Missouri Cabinet Half Cents (another sale that will bring histroric prices for historic coins-and we are already ready!).
First we are going to COMMEND NGC. They had an impossible job. Ditto CAC.
It was a well known fact that Col Green CLEANED the majority of his MS coins. Most have long since recovered and gained stunning toning. Still, cleaned is cleaned. That was not good to have to deal with. We tried to warn collectors this was NOT a sale to do alone-especially if they want to cross the coins to PCGS. We saw a few seriously BAD purchses made.
If ever there was an auction that held full truth to: "buy the coin, not the holder" it was this sale. Now that the auction is over we can and will be candid about what we saw. We think about 200 or so coins were monster to die for, another 300 or so were ok, and the rest, well if you found it raw the coin would not grade or maybe were a little generous in the holders. Many dealers were calling the sale "loaded with land mines". We fully agreed. What was fascinating to us, how everyone (including the grading services and CAC) said " we know where the coins have been for 70 years, how the colors got there, so the colors are ok". We do not have the time to go into the debate when does "artifical toning" end and ORIGINAL toning begins. Legend ABSOLUTELY disagrees with that thinking, but UNQUESTIONABLY the market agrees with it.
It is our belief that this auction raised the entire HIGH END of the coin market values by 10-15% or even more. Certainly ALL GEM Bust mateiral is up. And PR Seated quarters (especially NO MOTTOS)? The results from Newman speak for themselves!
We're going to discuss some of the insane prices of coins Legend was the UNDERBIDDER (or close) ON:
#1 HIGHLIGHT OF ALL THATS EVER A RECORD PRICE: 25C 1861 NGC PR68 CAMEO CAC $188,000.00!!! Hard to believe but we felt this coin was a PR69! If anyone tells you they have seen a better one-they just do not know. You can't ask for a wilder No Motto Proof. We were buying for a specific collection (the #1 all time finest PR 25C registry set). See what registries can do to you? Plus, think about the $142 million dollar painting and the $80 million dollar Pink Diamond that sold last week. The price paid for this incredible coinis not that insane!
#2 25C 1840O NO DRAPERY NGC MS67 CAC. This coin was the ULITMATE NO DRAPERY! We tried hard! Legend was the direct underbidder! $329,000.00
#3 H.10 1862 NGC PR68* Brought an nuclear $44,062.50. All we can say to the new owner: really ??? No matter what, this is a perfect coin with OURTRAGEOUS colors that few will ever compare too. After this coin sold, we realized the resof the night was going to be tough.
#4 25C 1852 NGC MS68* These do NOT exist in GEM. This coin was gorgeous. We graded it MS67. We felt we'd own it at $50,000.00. Apparently we wuz wrong! We took it as far as we could: $105,750.00.
#5 25C 1838 NO DRAPERY NGC MS66+ CAC. We thought we were so damn smart and could buy it for what we thought was all the money at $80,000.00+ the juice. Had to call it quits at $141,000.00 total. Whoever bought it-great coin. You certainly won't have to worry similar pieces ever showing up! And if one should-someone call us please!
#6 Isabella Quarter NGC MS68* CAC. We probably screwed up here too and should have gone one more bid. This coin was technically a 69 and it had killer colors. Its not like any Isabella we've seen in the last several years. We were the direct underbidders. $64,625.00.
MULITPLE PRICE RECORDS WERE SET-AND MULTIPLE PRICE RECORDS WERE SMASHED.
Also, in cases of coins that never appear, we consider the prices realized to be the new current market.
OTHER WILD PRICES:
- 25C 1796 NGC MS67 CAC $1,527,500.00
- 25C 1807 NGC MS66 CAC (one of our favorite coins) $411,250.00
- 25C 1831 NGC MS67* CAC $117,500.00
- 25C 1868 NGC PR68 CAMEO $47,000.00
- 25S 1873 NO ARROW NGC PR68 $44,062.50
- 50C 1812 NGC MS65 CAC $44,062.50
- $1 1795 FH NGC MS65 CAC $646,250.00
- $1 1886S NGC MS65 $5,581.00
- $1 1921S NGC MS65 $7,931.00
To read the full report including Legend's Purchases..... Click Here