LRCA Market Report Week of July 4
First off, we hope that you enjoyed celebrating Independence Day on Wednesday and took a few moments to reflect on the wonderful freedoms, rights, and privileges we enjoy in this country. This of course includes being able to participate in our wonderful hobby of numismatics! While much of the country was sweltering with the hot temperatures, Legend Rare Coin Auctions’ office was also white hot with activity! We are not at all feeling the summer doldrums!
Before talking about upcoming highlights and bidding action taking place in our current sale (already July is off to an AMAZING start!), we want to take a minute to review the first half of the year. By every measure, LRCA is growing and is on track to have a record shattering year! However, we do not rest on our laurels, we are constantly looking to improve. While many of the improvements we are working on are in the office, and are not visible directly, there are some changes that you can see:
Beginning this year we have instituted an auction preview where you can now watch the auction get built. As coins come in, they are being uploaded on the website, so you can track the auction as it is taking shape. This is great for both the consignor and the buyer, as more exposure means higher bids for coins, and the extra time knowing what is coming up gives the bidder more time to make plans for bidding, payment, etc.
In May, we welcomed Jessica Berkman to the LRCA family. Jessica worked for many years as a consignment director at Heritage, and is another great person to talk to about consigning coins. Our consignment team is made up of numismatic industry veterans who all have been involved in numismatics for a collective 100 years or so!
The May Regency Auction, our 26th Regency, was our largest sale ever, requiring a two night schedule. When the dust settled, it was also our most successful sale, shattering price records, as well as record numbers of lot viewers, total bidders, and successful bidders. What else is great—the vast majority of these successful bidders were COLLECTORS, or dealers representing collector clients.
The LRCA Difference:
As a boutique auction firm, we vet every consignment that comes in. Over the course of the consignment solicitation period, we do reject consignments that either do not stand up to our quality standards or the reserves are too high. By keeping our auctions smaller (our largest sale had 858 lots total vs. up to 12,000 for some other auctions), our bidders are able to focus, and far fewer coins can fall through the cracks (see how many coins sell cheap at 1am at a larger auction).
LRCA has the flexibility to work out any type of deal. By being a smaller firm, we are able to act nimbly. We can offer some of the best rates to consignors in the industry, while still maintaining our standard that makes up the LRCA brand. While all the other firms have moved to a 20% or higher buyer’s fee, our Regency Auctions remain at 17.5% for the Regency Auctions (10% for the Premier Sessions Internet Only Auctions—more on these below).
Consigning to an LRCA auction is easy, and from start to finish, you will work directly with your consignment person—you will not start with one person and then get pushed to someone else once the coins are in house. Your consignment specialist is there to answer any of your questions.
We offer different types of deals and two distinct auction types. Our famous Regency Auctions are the official auction for the PCGS Members Show. For each of theses sales we produce a beautiful, hardbound catalog. Unless consigned as part of a $50,000+ consignment, individual coins should be valued no less than $2,500 with a total consignment value no less than $10,000. Our commission rates are very competitive, and are commensurate with the value of the consignment. We will say this outright, no one ever receives less than 100% of the hammer price.
In addition, we offer the monthly Premier Session Internet Only Auction. Like a Regency Auction, the coins are vetted and must adhere to LRCA’s standards. Generally offering coins in the $1,000-$20,000 range, the Premier Sessions originally had only 100-125 lots, like the Regency Sales, they have grown tremendously in the first half of 2018 and the July Premier Session has 260+ lots. With only a 10% Buyers fee, and consignors receiving 100% of the hammer price, LRCA’s Premier Session has some of the lowest consignment fees in the industry, AND, payout is in 5 business days!
We also offer hybrid style deals, where lower value coins are placed in a Premier Session, higher value coins are placed in a Regency Sale, and coins that do not meet the quality standards for auction are offered via our sister firm Legend Numismatics, through their extensive wholesale network. These hybrid style deals have worked wonders for our consignors—especially if they have been long time collectors who have purchased large numbers of coins over the years.
We never rest on our laurels. Founded by Laura Sperber, one of the top dealers in the world for top quality U.S. coins and builder of more Hall of Fame collections, rarely do we talk about what we have done years ago. We are a forward thinking firm, always striving to make our auctions better for the seller and buyer. We have the experience and expertise to handle ANY collection of U.S. Coins, and our catalog will be uniquely designed to showcase your rarities.
Visit us at the Summer FUN show in Orlando this week! Julie, Jessica, and Laura will be at TABLE 822, accepting consignments for our August Premier Sessions and September Regency Auction 28. We will also have highlights from the July Regency and Premier Sessions auctions on display and available for viewing. Be sure to stop by Thursday or Friday if you want to take a look.
July Premier Sessions will be live for bidding next week, and closes on Thursday, July 19, beginning at 9pm eastern. We have added a “value” section to the end of the Premier Sale, that offers some lower value coins (sub-$1,000 in general) that were consigned. We began this in our June Premier Session, and it was hugely successful! The Premier Session features the Sig and Louise Collection, which was recently discovered in a bag at the bottom of a tool box—coins that were put away back in the 1930s and forgotten about—found some 40 years after the main collection was auctioned off in the late 70s! Other consignments include selections from a large Midwestern collection that we have been offering over the course of the last few sales. There really is something for everyone here!
July Regency Auction. Bidding continues at a very strong clip. There are hundreds of bidders registered—a large number coming in this week as the catalogs have begun to hit mail boxes. We have had so many clients contact us just to say how beautiful the catalog is! With less than three weeks to go before the auction on July 26, NOW is the time to begin making any phone or absentee bidding arrangements. We offer extended payment terms, but these must be discussed prior to the sale, so if you find coins of interest and you need some extra time to pay, let us know now! The sooner we make these plans the better!
CONSIGN NOW FOR REGENCY AUCTION 28! By now you have seen the astounding results from the May Regency—let us do for you what we did for the owners of the PFM, Crow River, Oak Crest, and Steven Cook Collections! Our expert cataloging, amazing photography, and beautifully presented catalogs helped yield record prices for them, why not let us do the same for you?! Contact us today! We will be taking last minute consignments at the ANA show, but if you are looking to sell let us know NOW! The sooner we have your coins in house, the sooner we can get working!
From all of us at LRCA, have a great weekend!