First auction held in conjunction with a coin show since the Covid-19 pandemic began smashes many world record prices and was a phenomenal success!
(Lincroft, NJ—July 17, 2020). The Regency Auction 39, which took place on the evening of July 16, 2020, as the official auction of the PCGS Members Only Show in Las Vegas marked the first live auction to be held at a trade show. Since February, as coronavirus related shutdowns forced all major trade shows to be canceled, the related auctions have mostly been transformed into internet only affairs. As the first auction held in conjunction with a coin show since the mid-winter ANA, the auction was a triumphant return to in person lot viewing and bidding for Legend Rare Coin Auctions, and when the final lot closed, proved to be the firm’s biggest sale of 2020 so far.
From the moment the sale went live for pre-bidding, registrations were strong. As the first week of pre-bidding ended, registrations were on track to be a record-breaker. By the time the final lot closed on Thursday, July 16, the auction had set records for customer interaction across the board. Registrations, bids, views, and live bidders all dramatically eclipsed the previous records for a Regency Auction and contributed to the amazing results realized in the sale. Indeed, the intense live auction bidding activity led the auction to take longer than usual to close. While the sale ended well into the wee hours of Friday morning east coast time, the action did not wane.
Beginning with the BigMo Civil War Collection, internet and phone bidding was fierce, and continued to be strong through the Incline and Roadrunner Collections, with many lots seeing fierce bidding wars breaking out between multiple eager bidders. The results throughout the sale were strong, with at least 20 auction record prices set during the auction. Bidding was strongest on fresh to the market, high end collector coins.
“Considering the current Covid-19 pandemic, we weren’t sure what the in-person attendance would be for this auction,” said Matthew Bell, CEO of LRCA. “Since it was the first major auction and trade show to be open to the public since the pandemic started, we knew that there would be many people who were weighing whether or not to attend. We were pleased with the turnout, as several returning and new customers came to the auction to place bids and watch the action. The real stars of this auction, however, were the phone and internet bidders.”
“Based on the sheer numbers of phone bidders we had for the BigMo Collection, we knew that the bidding would be intense for that high powered set, but the online bidders really came through and made the results for the entire collection incredible,” added Julie Abrams, President of LRCA. “This momentum carried through the entire sale, as the Incline Jefferson Nickel and Roadrunner Toned Dollar Collections saw many lots with multiple bidders duking it out, leading to very strong results. Overall, the auction set a record for every metric we track in terms of customer interaction, and in most cases flew past our previous records.”
Laura Sperber, founder of LRCA added, “Considering the state of the market, I am just shocked and really thrilled with the extremely strong results overall. Over 20 coins shattered auction records, an accomplishment that we are extremely proud of! As fresh, high end quality coins always inspire intense action from bidders. Really, our results from this auction speak for themselves, just look at these world record prices realized:”
- Lot 25. 10C 1862-S PCGS MS65 CAC, realized $58,750
- Lot 29. 50C 1862-S PCGS MS66 CAC, realized $47,000
- Lot 31. $1 1862 PCGS PR66+ CAC, realized $76,375
- Lot 40. H10C 1863-S PCGS MS67+ CAC, realized $23500
- Lot 44. 25C 1863 PCGS MS66 CAC, realized $15,862.50
- Lot 51. $1 1863 PCGS PR67+ CAM CAC, realized $129,250
- Lot 63. 10C 1864 PCGS PR67+ DCAM CAC, realized $19,975
- Lot 70. $1 1864 PCGS PR66 CAM CAC, realized $49,937.50
- Lot 81. H10C 1865-S PCGS MS66+ CAC, realized $30,550
- Lot 83. 10C 1865-S PCGS MS65+ CAC, realized $55,812.50
- Lot 85. 25C 1865 PCGS PR67+ DCAM CAC, realized $64,625
- Lot 88. 50C 1865 PCGS PR67+ DCAM CAC, realized $117,500
- Lot 215. 5C 1954-S PCGS MS67 FS, realized $35,250
- Lot 269. 25C 1889 PCGS PR67+ CAM CAC, realized $19,387.50
- Lot 277. 25C 1892 PCGS PR68+ CAM CAC, realized $28,200
- Lot 411. $1 1896 PCGS MS66+ CAC, realized $18,212.50
- Lot 443. $1 1886 PCGS MS66+ CAC, realized $7,343.75
- Lot 460. $1 1903-O PCGS MS67+ CAC, realized $31,725
- Lot 461. $1 1904-O PCGS MS67+ CAC, realized $39,950
- Lot 536. $1 1871 J-1129 PCGS PR65 RB CAC, realized $42,300
“We have seen lots of increased demand for tangible assets as the uncertainty in the overall economy,” concluded Matthew Bell. “With a dearth of coin shows, collectors and professional numismatists are increasingly turning to auctions to buy their coins. The number of first time registrants and winning bidders are proof enough of this fact. As the states continue to limit gatherings, rare coin buyers are increasingly moving online to bid. We think the auction market will only get stronger the longer these Covid-19 shut downs last.”
Legend Rare Coin Auctions’ Regency Auction 40 is going to take place on Thursday, August 27, 2020 in conjunction with the PCGS Members Only Show. Consignments are now being accepted for Regency Auction 41 in October and Regency Auction 42. Both of these auctions already have important collections already consigned, contact a consignment specialist today to include your coins. Email info@legendauctions.com or call the office 732-935-1168.
