Heritage Platinum Auction, Session 5

I forced myself to sit through most of this auction in awe . Most of the prices were shocking, & it looks like many bidders were buying the slabs & not the coins . I bid on 4 coins & was steam-rolled again . Pictured below are 8 coins with prices realized.


Lot 34071, NGC MS*, Strike 5/5, surface 5/5, $8,000.00
This is a handsome coin that's been over-cleaned . Is it worth 8K ?


Lot 34074, NGC MS, Strike 5/5 ?, Surface 4/5, $3,120.00
I'm amazed someone paid over 3K for this ugly portrait of Athena .


Lot 34091, NGC Ch AU*, Strike 5/5, surface 5/5, Fine Style, $6,300.00
Corinth, Pegasus Stater, 4th Cen. BC


Lot 34130, NGC AU, strike 5/5, Surface 5/5, $9,600.00
Lydia, 1/3 Stater, c. 610-546 BC


Lot 34143, NGC Ch VF*, Strike 5/5, Surface 5/5, $10,800.00
Tyre, 1/2 Shekel, Crucifixion Year, AD 33/34


Lot 34165, NGC AU*, Strike5/5, Surface 5/5. $5,040.00
Roman Imperatorial, AR Denarius, Brutus, c. 54 BC


Lot 34166, NGC Ch MS, Strike 5/5, Surface 5/5, $15,600.00 !
Roman Imperatorial, AR Denarius, c.49-48 BC.
This is the most expensive J.C. denarius I have ever seen . It appears to be over cleaned to the point of no toning on the surfaces .


Lot 34263, NGC Gem MS, Strike 5/5, Surface 5/5, $9,600.00 !
Byzantine, Theodosius II, AD 402-450, AV Solidus.
This coin was a personal shocker to me . I sold this very same coin at a Heritage Auction 4 years ago for $3,840.00 . I was always surprised NGC gave the coin a 5/5 for Strike, since there is a serious die-shift on the reverse . I bought this coin from a Rochester, NY dealer in the 1980s for $200.00, & that was a high price back then. The good old days....

 

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Some insane prices again today. I bid on several and underbid 2 lots that weren't completely absurd. The prices on some lots that are just plain ugly are pretty unreal.

 

Pffff, Heritage. It would seem silly to even try to participate. Save yourself the dissapointment (and absurd handeling fees!) I'd say, and let the deep pockets fight it out!

 

That is absolutely ridiculous.

 

Well, at least the economy has been stimulated. Except mine, that is.

 

That second owl is so ugly! Why would anyone even want it, with hundreds of much nicer ones available every day at a fraction of the cost?

 

The hammer price on this coin is justifiable only to those who collect slabs and not coins. Just about three months ago Heritage sold this example for $8000 -- also grossly overpriced -- the reverse of which is clearly superior to the above coin:




But it was graded "only" NGC Choice AU S 5/5 - 5/5, and not MS.

The combination of NGC's artificial, inappropriate, inconsistent, and downright questionable grading of ancients, using modern grading scales, with Heritage's pump-and-dump approach to exploiting novice and unknowledgeable buyers, is simply despicable and an embarrassment to the hobby of ancient coin collecting.

I'm not optimistic about this trend.

 

I agree, some of their grading is impossible to justify .

 

Crazy hammer prices.

 

The Elephants’ denarii final hammer prices shocked me too; there were several of them. Very strong prices across the board this auction

 

This is beginning to appear surprisingly similar to the rabid oenophiles portrayed in "The Billionaires Vinegar".

https://www.nyjournalofbooks.com/bo...gar-mystery-worlds-most-expensive-bottle-wine

 

Personally, I think it is misplaced to “blame” NGC or Heritage or anyone else for rising prices. Collectors are spending their money and it is their choice how to do so. I think the underlying cause is that there is a lot of newly printed cash, and what we are seeing is simply inflation.

 

You have the ability to do considerable research and are inclined to due diligence rather than blindly hiring agents to "spend" your money...

 

savitale, To a certain extent you are correct . Heritage isn't the only auction house getting crazy prices for ancient coins, so are CNG, Stack's, Roma, & many other European auction houses. With precious metals treading water, a bloated stock market & a bond market looking for direction, collectors/investors are putting inflated money into collectables of all kinds. Never the less, too many people are foolishly paying way too much for common ancient coins; the first two Owls in this thread are good examples of that . With over 20,000 Owls recently dumped on the market it wouldn't take a lot of looking to find examples better than the ones I posted for a fraction of that money. The inconsistency of NGC grading should be a note of caution to all collectors buying slabs, & that applies to PCGS too....

 

Is that 20,000 owls a guestimate or is it based on known sources?

 

The 20,000 number is strictly hearsay, however, it has been echoed many times by dealers "in the know". No doubt the hoard that is feeding the current glut of Owls on the market was recovered illegally & is enormous. We may never know the origin of this hoard. The subject of this hoard has been posted many times by CT members.

 

https://www.cointalk.com/threads/athenian-owl-hoard.348230/

 

This is a really rare, perhaps unique, variety with the reverse minted upside down.

 

I see it a fair question if the coin has any effect on the value of the unit or if the deciding factor is the label. In modern coins, people have determined that it is worth their while to resubmit 'slider' 63's to get a few 64's. The coin is the same but the price goes up more than the submission fee. No one will be resubmitting MS 5/5 5/5 coins but the $8k coins suggests that buying $800 bulk coins and submitting them for a percentage higher grade return could be money making. Should people be cautious? Certainly. Should they go so far as to learn about the coins or employ an agent who might tell a winner from a loser? Why do that? After all the label clearly reads 'perfect' even if that was not the intent of the grader. All 5's are equal but some 5's are more equal than others. I really don't care if people with more money than sense get good advice or place their bets randomly. A new specialty in our hobby might be buying coins we can document previously sold for twice what we paid. Vest pocket dealers need love, too. What would YOU pay for that $8k coin. Who will give that buyer a profit?