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Posted: September 12, 2009 11:38 PM CST
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THE SEPTEMBER LONG BEACH SHOW
OUR MARKET REPORT IS COMPRISED OF LEGENDS OBSERVATIONS AND EXPERIENCES AT THE SHOW. KEEP IN MIND, OTHER DEALERS WILL HAVE DIFFERENT OPINIONS AND EXPERIENCES.
A MUST READ: SEE OUR LAST MARKET REPORT CONCERNING THE HOLMES AND NAFTZGER LARGE CENT SALES
OUR EXPECTATIONS FOR LONG BEACH
Since we had 10 miserable days of the ANA Show in early August out in LA, then the TWO Las Vegas shows (PNG and PCGS), and a major new show coming up in two weeks on the East coast (Whitmans Philadelphia show) we knew this Long Beach was not going to be good. In fact we were so confident we flew out for the Goldberg auction then flew home and came back on late Friday only because we had other personal business to attend to in LA. We never intended to seriously work this show. Its was the first time in 30 years we were home for dealer set up and the first day the public was allowed in.
Sure enough, for the majority of dealers (who are similar to us) this Long Beach went down as not one of the top shows they have ever experienced there. The really scarey part-it was still MUCH better than the ANA Show for many dealers. Prior to set up even wholesale in the rooms was off-which was pretty amazing because gold was above $1,000.00 and rising. This show really suffered from being just a month out of when the ANA Show was. Very few East Coast dealers made the trek. Public attendance was low as well. On Friday you could have bowled down the isles (remember this writer was not there Thursday). It was also interesting that for whatever reason the services were extremely tight (we think they probably saw too many messed with coins and rejected everything). That caused several "crackout" dealers to pack up and leave early in disgust.
Its clearly NOT the economy as the Goldberg sales blew every known Early Copper record out of existance to a standing room only crowd (again, make sure you read our in depth report on those auctions). The Heritage sale had nothing exciting in it but we still got out bid early and saw many coins realize strong prices. Collector coins as always were selling well. However when the word is a show is dying and you add a bout of an overexposed local market (because of the recent ANA), people will just stay home and play coins on the internet-its the new age. Its a disgrace that a show like Long Beach does not draw at least 10,000 collectrors every time.
NOTE: THIS IS JUST ONE REALLY "OFF" LONG BEACH SHOW. IT SHOULD NOT BE TAKEN AS THE MARKET IS BAD-IT IS NOT. YOU NEED TO COMPLETELY READ WHAT WE ARE SAYING HERE.
We did ok wholesale wise (we had selling agents on the floor with our coins). There was a huge psyche that Phili will be a better show. The price levels or the dollar value of a coin were not issues. Our agents did sell a few coins worth OVER $25,000.00 each. Retail wise, we ate dirt there too-but we really were not set up to do serious business. Something really needs to be done to "wake up" this tired show. Except for local dealers, every major dealer who had to travel blew out Friday afternoon and none of them were there Saturday. Empty tables were all over. It is our strong opinion that the Long Beach Show is now fully embarked on a slow death spiral. Two things probably need to be done: first MOVE the show to a new location in the area. Second, have it only twice a year until they rebuild its base. Long Beach used to be one of the "must attend" shows. Now we all say: "I'm cutting a day out. I wish I didn't have to go". To us, the excitment of the show is long gone. We really want this show to last and to grow.
WHAT ABOUT PHILADELPHIA?
This show will either be an immediate hit, or will signal that our comments are wrong about the market (that is the economy). Our gut says the show will be ok. However, we strongly believe the Philadelphia Show will cannablize the next Baltimore Show in November as its the same market. The novelty of it being a new show in new location will help. We have already had several requests for dealers to come to our office before the show (something we never get asked). We have heard chat from the local collectors they will all show up. So we shall see what it all equals in the end.
Since we did not do any real business at the Long Beach Show, we will NOT comment on what is hot and what is not. We will say that 90% of what our agents sold was GEM Gold. In this market, obviously all the telemarketers are red hot selling right now and are selling all kinds of gold. We even moved one bigger gold coin we had for a year!
Do note, Legend is still enjoying extremely strong retail sales back in our offices. In fact, this week we predict that betwen the Naftzger coins and several other really neat deals we have in, we will exceed ONE MILLION DOLLARS in sales for the week.
Next Show: Philadelphia. Come and see us there. We will have hundreds of coins from the Mc Claren Collection for sale.
OUR OFFERINGS THE NEXT TWO WEEKS
Its show time! Our customers will be treated to the "BEST OF THE BEST" in upcoming offerings. Between our Naftzger/Holmes purchases, the great Mc Claren Collection, and a few really cool deals we picked up in the office, Legend Numismatics spent in excess of $1,500,000.00 between both sales. No dealer will come close to what you will see posted on our site. We know this is the best type of market to buy these rarer once in a life time coins in. Legend is committed to stepping up and buying every cool coin it can that is priced within reason.
We will send out an email as to when all the Naftzger coins are posted later this week. Sign up for the emails now (we not spammers).
A VERY important message: Do NOT wait for the images! We will NOT hold coins for imaging-it is rude to others who maybe interested in that coin. Plus, we have a serious manpower issue and can only image so many coins a day. Requests will only slow us down. By now, you should know you can trust our descriptions! We will NOT be imaging many of the Mc Claren coins.
If you live in the NJ area and know how to image coins (not scan them), email us a resume and portfolio of your work. We are looking for the "right" person! A background check and solid references are a must. This can be a partime or full time position.
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