THE PCGS INVITATIONAL-ONE OF THE VERY BEST SHOWS
This show can blow away several majors in many ways. We really can’t stress enough how these are “must attend” shows. There are only about 30 dealers, however all of the dealers there are major players. The atmosphere is cordial and the room is beautiful. Plus, PCGS spares no expense in serving up a delicious lunch and killer snacks. If you were at a major show, you’d never be able to even see the majority of these dealers (while paying $5 for a watered down soda).
Happenings in the market were on everyones minds during the show. Keep in mind WHOLESALE has been flat to non existent the past two months. The main topics discussed were too many auctions that are too big and WHOLESALE bidders dropping or pulling all bids. Both do go hand in hand. Dealers do look at the last auction prices realized, but the bids are what gives them a safety net. So with so few bids currently showing it cuts back dealers activities.
Overall, it was agreed coins are selling. We’ve heard about several six figure coin sales in the past week. There is no question the demand is for the best quality and rarity right now. We also think its slightly comical that we have heard about 3 additional people who want to each build an Early Gold set (don’t worry Steve). Sure those are great coins-but good luck finding them! Thats one area for sure that has kept prices firm-maybe even had some gainers recently too.
Gold widgets/generics are red hot in demand. We know of a major dealer who was completely sold out last week of generics. There seems to be a renewed interest in better Saints in choice to GEM. Plus commoner gold coins (like MS66 Saints w/a bean and even MS65 $5 Libs) really are now where to be found and are enjoying strong demand. We are going tp raise our bid shortly on MS66 Saints. Obviously Early gold is red hot in demand. Its all the in between stuff that can be very hit or miss. No matter what, there certainly is not a whole lot of great fresh coins to found.
MS Seated coins were voted as one of the deadest areas by our little group of dealers chatting at the show. That means NOW is the time to buy them and sit on them for a few years. One thing dealing with some of the grest collectors like Simpson and Morelan has taught us: do not buy for today, buy for tommorow. Its ok to think contrarian. Last Copper and Nickel coins really are purely collector driven. Those have held their own.
We think until Gardner is over and Pogue is half way done, the higher end of the market will remain choppy-save for the short term “dead cat bounces” we expect after each sale. The mid range priced coins in the market will be a bit wavey in pirce. And most coins below $1,000.00 will continue to enjoy strong prices.
A final reminder: always remember, there is NO substution for quality and do nto be afraid to pay a premium for a SUPER coin!
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