The Bustchaser strikesout again

[okbustchaser]

Well, my streak continues. Sheridan Downey had another one of his mail bid auctions end yesterday in conjunction with the ANA show. I placed bids on 6 coins--was the underbid on 3 of them, and a 4th didn't meet reserve. I haven't won a bust half at auction--ANY auction--since February.

 

AND YET PEOPLE KEEP TELLING ME THAT PRICES ARE SOFT!! :

 

Did any of the bustie brigade here do any good in this sale?

[physics-fan3.14]

I don't know about Busties (haven't chased one in a while), but I know that PL's seem to have finally cooled off a bit.

 

Hmmm.... wonder what a PL Bustie would do.....

[jtryka]

I've been taking a bit of a breather, have vacation and a new clutch to pay for!

[MBA101]

It did not seem like the sale was as crazy as past sales. there were several decent coins that did not even get bids, and there were also many that sold for reasonable prices. Though there were still the usual moon money prices for many of the most desired specimens...

[BillJones]

The "soft market" seems to be limited to items I don't want. Whenever I bid, I end up paying top dollar, well beyond the pre-sale estimates.

 

For example I bid $2,250 (which was equal to the "Coin Facts" retail price) for an 1875-P Twenty Cent Piece in PCGS MS-64, CAC. My bid included the 17.5% buyers' fee. The coin was in a rattle holder, and I don't like rattle holders. It had already rotated inside the holder, which something else I don't like. I'd like to use the coin in an exhibit sometime, and it looks bad when the coin it rotated. Nevertheless I bid on it.

 

The piece sold for $4,700 in the Stacks' Bowers ANA auction. There had to be a least two insane bidders to get the coin to that bid ($4,000 hammer + the buyers fee). Recently PCGS MS-64, 1875-P Twenty Cent pieces had sold at auction for less than $2,000. Unfortunately I wish I had noted and bid on one of those pieces.

 

There is no way that this coin could be cracked out and upgraded to MS-65. It is an MS-64. Yet, "rattle holder" + green CAC sticker = insane price.

 

Next I bid on a British gold angle from the reign of King Henry VII. The coin was well struck and graded NGC AU-58, I think. The high estimate was $2,700. I bid $2,800 + the buyers' fee for a total of $3,290. It sold for $3,000 hammer bid which comes out to $3,525.

 

I think the low price "soft market" pieces must be for bullion or any coin that I am trying to sell. Everytime I bid, the pieces go to the moon.

 

I understand your frustration, Bustchaser. It's the reason why I HATE AUCTIONS. You almost never get a bargain, and you almost always over pay. I'll much prefer just to buy the coin from a dealer.

[coinman_23885]

Well, my streak continues. Sheridan Downey had another one of his mail bid auctions end yesterday in conjunction with the ANA show. I placed bids on 6 coins--was the underbid on 3 of them, and a 4th didn't meet reserve. I haven't won a bust half at auction--ANY auction--since February.

 

AND YET PEOPLE KEEP TELLING ME THAT PRICES ARE SOFT!! :

 

Did any of the bustie brigade here do any good in this sale?

 

I think the Bust coinage is one of the few segments of the market that is doing very well. The general coin market doesn't appear very strong to me, and prices have weakened considerably among mid to late 19th and 20th century type coinage. In this category, the only coins I see doing very well are those that I would describe as irreplaceable (eye appeal wise or some other rare/scarce superlative) or close to irreplaceable.