2003 ANA Show Report: pre-ANA show and the early auctions

[LegendSteve-migration]

In a nutshell, the pre-ANA show bourse activity was not good for us because of our strong focus on the upcoming auctions. The auction activity, so far, was very strong. We fully expect the remaining auction activity as well as the ANA bourse activity to be very lively.

 

For a full report, please check out our ANA-specific Newsletter at Newsletter.

 

We intend to report on updates as the show progresses.

 

Steve

 

[edited to add missing text due to a serious typo and changed the context of the message -- which was intended to express our confidence in the strength of the market as evidenced by the strength of the auctions]

[gmarguli]

Why was the pre-borse activity poor for you? Lack of material to buy? Weak prices? Too strong prices?

 

Is it floor activity for the auctions for mail bids that are strong? If it is mail bids then that could indicate the peak is here and the people winning bids are those on the tail end of the buying.

 

[shirohniichan]

I'd be much more likely to bid on the B&M auction lots if they'd post photos of them.

[LegendSteve-migration]

Why was the pre-borse activity poor for you? Lack of material to buy? Weak prices? Too strong prices?

 

Not sure if you mean "pre-ANA" instead of pre-bourse... There was no pre-bourse activity for the pre-ANA show. As for the general pre-ANA show activity, it happened the way it did because the major dealers generally didn't have enough time and energy to deal with so much auction activity as well as the expected strong regular ANA floor activity. As we wrote in the newsletter, the attendance by the major dealers was down because they were too enthusiastic about the auctions and everything immediately after the pre-ANA show.

 

Is it floor activity for the auctions for mail bids that are strong? If it is mail bids then that could indicate the peak is here and the people winning bids are those on the tail end of the buying.

 

Not sure, but I get the feeling that book book bids as well as floor bids were strong. We believe that our estimate of 30% to 40% for Internet high bidders is close to the mark. Everyone was focused on the auctions, including even the Scotsman one. Dealers were quite willing to consistently bid very strong money for the material that they like. I certainly can't predict the future, but I don't see the dealer community going in the opposite direction than the mail bid collectors.

 

Steve

[Elcontador]

LegendSteve:

 

Thanks for your updates. I for one very much appreciate them.

 

However, it is increasingly frustrating to watch nice type material go through the roof, pricewise. As a result, an increasing numbers of us will either ante up big time, or, the more likely scenario, sit on the sidelines until the current mania subsides (whenever that may be).

 

What concerns me is that more and more coins are directed as a shrinking segment of the numismatics community, and it isn't all that big of a community in the first place. Rather than spend $5,000 on what IMO is a $3,000 coin, I will probably make a larger contribution to my pension plan, put the $ into the house, or spend more on my vacation.

[LegendSteve-migration]

We're having a great show! We also have not heard from anyone else to the contrary!

 

As for the rising prices, I understand that collectors would love to acquire the nice stuff as inexpensively as possible. Well, the rising prices is not in our control. Otherwise, we'd also buy up the nice stuff as inexpensively as possible!

 

Please check out our newly updated (today) NEWSLETTER for an update on the show as well as for information on the re-surfaced fifth 1913 Liberty 5c specimen.

 

Steve