While Fine Art Lags, Coin Market Remains Strong

Fine art collecting and coin collecting have some things in common and others that aren’t. Art auctioned by Christie’s during the first half of 2023 was recently reported to have declined by 23 percent from one year earlier, with brokered sales being down 19 percent. Sotheby’s auctions were estimated to have declined by 7.8 percent from one year earlier for the same period by auction research firm ArtTactic. A recent Wall Street Journal article reported, “seasoned collectors chose not to ply their art troves into an uncertain economy.”

Each piece of art is unique. Coins aren’t necessarily so. Some coins are impacted by their intrinsic value, adding a dimension to coins not enjoyed by many other collectibles. The spot price of gold, silver and platinum has recently flat-lined at relatively attractive figures. Sales of bullion coins remain strong. Stack’s Bowers Galleries August 2023 Global Showcase Auction will include a believed to be unique 1828 Capped Bust half dollar variety (Overton 118a) and a Rarity 7+ PCGS PF-64 1821 Capped Bust quarter.

The June 22-24 Long Beach Expo reported strong retail sales by the nearly 6,000 attendees. Professional Coin Grading Service Long Beach Expo Director of Sales Taryn Warrecker was impressed by “the amount of business conducted by our hundreds of vendors.”

Each piece of fine art may be unique, but each of the recently discovered Great Kentucky Hoard of gold and silver coins dating from 1840 to 1863 likely are not. This won’t slow demand for these coins by collectors. Their pedigree may actually encourage greater interest in each of them. It isn’t easy to get reliable statistics on financial activity in the market for coins, but what is available indicates the market remains strong, likely significantly stronger than is the market for fine art.