Auctions Fired on All Cylinders in 2023
Numismatic auctions have adapted to the 21st century. Provenance of U.S. as well as foreign and ancient coins increasingly matters to bidders.
The year 2023 is nearing its end as this market summary is being written. The new year will start off briskly, beginning with one of the bigger shows to be anticipated – the Florida United Numismatists (FUN) convention of Jan. 4-7 held at the Orange County Convention Center in Orlando. The show is usually a strong barometer of the strength of the overall market.
Throughout 2023, auctions fired on all cylinders. Two takeaways of importance are than that internet-only bidding sessions and physical Bitcoins are now each part of auction activity. Numismatic auctions have adapted to the 21st century. Provenance of U.S. as well as foreign and ancient coins increasingly matters to bidders.
The spot price of gold continues in a trading range around $2,000 an ounce, much of this being due to correlation between gold and bond prices or with bond yields. Potential Federal Reserve rate cuts are a factor as well. With gold hovering near record territory, this will likely draw attention to not only the bullion coins available, but to the rarities as well.
Gold’s strong spot price continues to draw the attention of investors and speculators to intrinsically valued coins; however, investors are increasingly paying closer attention to the stock market since equities recently moved into record territory. Coin collectors, regardless of the price range in which they are making purchases, continue to buy regardless of what equities may be doing. Higher equities equal more profits, which in turn equals more disposable income with which to buy coins. Consider this to be a winning combination.
