We can only make observations and report on what Legend did. Last week featured extra ordinary activity in the beginning. We posted some serious coins early afternoon last Saturday (we now prefer a Saturday early afternoon posting schedule). We sold a $50 Slug in minutes, followed by the 10C 1796 PCGS MS66–a $337,500.00 dollar coin. In fact we had TWO other very serious inquiries about the Dime. By the time we opened for biz on Monday, we had sold well over $500,000.00 unsolicited off our web site. We still couldn’t believe that a GEM 1796 10C sold faster then a stunning 50C 1938 PCGS PR67 with some contrast!
That’s unheard of!
Sales the remainder of the week weren’t too shabby either.
We have no answer as to why the huge buying spurt. Our only theory: the coins themselves were exceptional (yes, the 1796 10C really did look like the image). We thought for sure with all the big coins coming up in the auctions over the next two weeks the markets would be quiet… not! In fact Legend has RECORD sales in April and obviously we’re off to an unprecedented start in May!
It’s not just the big ticket coins selling. If we could’ve had 50 GEM PR 67 1938 Walkers, I bet we’d have sold them all in a week. Real DMPL Morgans are in heavy demand, as are coins like GEM MS Mercs and of course ALL Bust coins–from VG (yes, VG) on up! So long as it’s quality-oriented, the market seems to be there.
A historic time in the market is now upon us. The next two weeks feature two sessions from the biggest sales ever: the Gardner and Pogue collections. For sure it will be the real test as to where the market is on upper end rarities. Two weeks ago at the CSNS Auction we saw exactly where the market was on fresh better gold–extremely active and strong!
Gardner will be the most intersting. While there are some extremely neat coins in the sale (like a 1865S 50C in GEM), many of the coins are in some of the weakest areas of the market. The last Gardner sale was very weak. Part of the reason was because it was loaded with MS Seated coins, which simply did not enjoy much demand. It will be interesting to see if that last auction inspired anyone to collect or invest in the series.
The Pogue Sale is finally here. It’s been a market wrecker ever since it was announced last October. When the sale was announced, we’d guesstimate that 75% of all the players who buy upper end coins stopped buying dead in their tracks. Pogue was so mesmerizing to collectors at those levels that you could show them a similar coin and they’d pass, waiting for the magical Pogue pieces. Add to that no real lists were available until mid-January and it was tough times for dealers like us. Only recently has some overall higher-end market activity started up again.
We are guarded as to how Gardner will perform. Can’t say coins like MS Seated pieces in GEM are on fire at the moment.
There are lots of boo birds who think the market can’t afford the Pogue coins. WRONG! That sale will be crazy. This is one of the few sales ever that we’re actually nervous about not being able to buy what we need. Pogue is more then the typical coin buying crowd; the coins have been marketed to a worldwide audience. That audience is the same as the one that just spent $30 million+ last week on a few paintings, sculptures, and rare gem stones. What’s a $1,000,000.00 coin to them?
In either sale, the worst thing any buyer can see-us on the phone and bidding. Good luck! Remember, we MUST have all confirmations about bidding in the Gardner sale by Monday at 4 PM-no exceptions.
Sorry, no six-figure coins today. Just lots of regular, reasonably-valued yet stunning quality coins. All of the coins are so nice… we really can’t pick which ones are the highlights.
This may very well be our last long list of NEWPS for a while. We haven’t been able to replace much of what we’ve sold. We’re working on a few deals, hopefully we can complete one or two over the next couple days. We are picky, but we’re also realistic. As of this writing, there really are not that many nice, fresh, coins around. The CSNS coins, most went right off the market!
Legend Rare Coin Auctions
We’re right in the thick of producing the catalog. What a sale it is!
Earlier this week we released a preliminary list of the coins in the sale. As we are prone to do we have kicked a few inferior coins out and are now down to 475 pieces. Not only is this our biggest sale yet, but it’s chock full of really extraordinary coins! To see the list, simply visit our web site at www.legendauctions.com. We plan on having the sale live to bid around May 21.
Next week we’ll attend the Las Vegas PCGS Invitational. We will only bring coins from the auction to see by request.
We’ll have full auction-lot viewing at the June Long Beach Show and of course at the June Las Vegas PCGS Invitational. If you’re not on the West Coast and need to view any lots in our offices, please call or email us for an appointment.
Lastly, if you seek special terms for the sale, please contact us now. Waiting until the last minute is not a good idea and might not allow you to buy what you need!