Chicago coin expo

It also works the other way. Coins that failed to sell in some auction with excessive reserves have tuned up at shows at considerably less than the failed reserve. On several occasions I have been surprised to find a new show purchase listed online as having sold for much more not long before. Some of these are cases where the high bidder never paid for the lots. I suspect there are many paths between sale attempt and final disposal to a collector who plans on keeping the coin for a long time.

I agree 100% with this but point out the operative word here is 'think'. A buyer who pays twice the CNG estimate for a coin he 'thinks' he can sell for three times what he paid sometimes makes a killing and sometimes is discouraged from being a dealer when he discovers his 'thinking' was faulty. Like any business, some coin dealers succeed and some fail. There is no guarantee that promises a profit from faulty thinking. I would love to know the statistic of how often Clio is approached by someone who bought a coin figuring he would be able to sell it for a profit to the rich guy. The second statistic of interest would be how often this ploy resulted in the desired sale.

There was once a coin dealer of some repute who told the story of being asked if it was true he had made a small fortune in coins. His reply was that it was true but that he had started with a large fortune. I do not know if he was joking but he no longer deals in coins.

 

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I try to have a little research, and Negotiating 101, and am able to secure a fair price both for the Dealer and myself in some of those situations. Unfortunately, I recently moved to the Ancients' Coin Show Desert, and have not been able to score show acquisitions as there appear to be little to few Ancients in the area...

 

You're right when you say that the sellers offer a second chance for some coins.
However, as a modest collector, my 'mixed' feeling comes from the fact that in auctions we have also to compete with professional coin dealers... In other words, if you win the auction, you'll pay a higher price (due to the bids of the coins dealers). And, if you loose against a coin dealer, you'll be offered a second 'chance' to purchase the coin but at a higher price. So, in booth cases, you loose... (from my point of view)

 

This is interesting! I don't think he was joking. To start such a business, you need to have some money at your disposal. You see can plenty of coins you 'think' are an opportunity to make some profits but to purchase them you need to have some money on your account (especially for the high end coins). I think for instance that when BCD sold his collection, due to the amount of duplicates, there were a lot of bargains to do. Of course, it was a question to have enough money at your disposal at that time to purchase them...

 

I had a pleasant day at the CCE yesterday. (If namedropping bothers you, don't even waste your time reading this. I like the people I get to know.)

I arrived mid afternoon, and immediately went to view lots in the Gemini sale. Spent all my time there bending ear with Phil Davis and Curtis Clay. Phil and I discussed this list (Cointalk) while he brought me the lots I wanted to examine (some of which we agreed were strictly pee-yew). Curtis briefed me a bit on his activity on the Fo---m lists, and then I shifted to discussion of my latest numismatic love interest (Severan women in silver) and the new thinking at the British Museum. We will continue that after the show is over.

When I finished up looking at lots, I started making the rounds. I was disappointed to learn that an old friend who used to come down from Milwaukee, Zach Beasley, now with Heritage, would not be coming to Chicago for this show. But I had a great chat with Eldert Bontecoe at Pegasi about stylistic study and his preferred alternative. He is a truly modest man; a professional numismatist who has written up many dozens of auction catalogs, but in the matter of numismatic scholarship prefers to call himself an "amateur." He has a deep respect for the scholars, but the rigors of academe do not light fires for him. He prefers a more missionary approach to the hobby and the business; goodwill ambassador to the newbie and non-collector. But as always his prices are somewhere between the upper atmosphere and deep space. Perry Siegel at Heracles is like that, but had almost nothing to show me. He clued me in to another guy, who was out to lunch when I checked, but at the next table I got together with Jim Beach. I got to know Jim through his late father George, who was one of the finest coin dealers I have ever met. Jim is a bit shy, especially to his fathers friends I think, but warms up just fine when you get him interested in something. For my interests his inventory was way too thin, but he did try to find something, I'll give him that.

I headed further down the row from Jim to whatever next table had potential material showing. I stopped by one and without looking up surveyed a number of candidates. I thought I would inquire about more, then looked up and saw Marc Breitsprecher standing there smiling. I have not seen Marc for several years (my bad) so our chat was about everything but coins. I asked if he was still in Grand Marais (a jumping off point for backpacking in the Boundary Waters Canoe Area) and he stunned me by telling me he had relocated to TEXAS. An intrepid north-country woodsman in Fort Worth? - I couldn't believe it. I asked him about the name change from Ancient Imports, and he told me that Jonathan Kern and Victor England had both taken him aside and told him the facts of life today. We started in on the attitudes of academics in the field today, and then I noticed Marc wasn't in his own booth. He was in with Mark Reid, the former school teacher become coin and antiquities dealer (Time Machine). Mark is a man who pulls no punches, and I fear there were times we had to remind ourselves to keep down.

After a half hour or so Marc and Mark had not found anything to add to my collection, and suggested a few other guys to check out. In particular they reminded me that Harlan Berk always has deep stock and should be sought out. I knew I was going to be going to the Gemini sale next, so I stopped by to visit him. When I saw Harlan last year, he really did not look well. This year he looked so much better I had to say something. That got us unto a lengthy chat on how his life is being transformed by the workouts he is doing under the guidance of a local hospital. The same group I work with. Good for him, and his humor is up. He was all by himself at his table while his sons and other cohorts were busy prepping for the final part of Gemini. There were three of us looking at material, and he kept bringing out his long trays of coins in flips. I started finding stuff, but time started to get away from him and he was desperate to shut down and put on his auctioneer hat. Another customer and I were enlisted to help stack up the trays so he could lock up and get upstairs. We'd settle up on our purchases later. We managed to get things under control about 20 minutes before the auction was to begin.

The second half of Gemini began with Roman Imperatorial and consisted mostly of Roman Imperial. The room was sparsely attended, but there were staffers at about a half dozen computers up front for internet action. I knew very few of the attendees, but I did notice Jim Beach with a bidder card in his hand. It took a bit for people to gather and for all the staffers to get positioned, so the sale was a tad late in getting started. Nonetheless, the atmosphere was pleasant so no one seemed to mind. When they got started it seemed to roll along at a strong pace, and I was surprised at how quickly they reached the first of the lots I was following. There were only two lots I sought to buy, and another half dozen I wanted to follow. For my two I had placed an early bid on one, and bid from the floor on the other. My advance bid held up, but I don't yet have confirmation that it was knocked down to me. I think I got my two, but will find out later today.

In all day number one was very satisfying, a nice blend of numismatics and simple visiting. I'm looking forward to day two and will let you know how that goes.

 

A great report. Thanks for this. This describes why going to shows and talking to people can be so valuable.

 

After having attended the show for a few more days, I have to say that it was an overall good experience. I had the opportunity to talk with friendly dealers and also to enrich my collection with some nice additions (I will show you later). I do hope that I will be able to attend it again in the future....