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Bill Langs Passed Away

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Author Replies: 238 / Views: 12,542Next Topic
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Pillar Of The Community
United States
584 Posts
Posted 10/30/2020   08:54 am  Show Profile Bookmark this reply Add funcitypapa to your friends list  Get a Link to this Reply
As with m and m I tried for years to buy a Scott 142 with an early PFC from Bill. It could never get him to move off his number. The about 6 months or so ago I bought a 70b at 25% reduction as easy as pie. Never understood the philosophy of a dealer tying that kind of money in inventory when you had a ready buyer willing to pay 90% of asking price.

Guess that's why I am on the other side of the table
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United States
68 Posts
Posted 10/30/2020   1:36 pm  Show Profile Bookmark this reply Add BobInRye to your friends list  Get a Link to this Reply
Okay, I've reworked my spreadsheet and added Day 2 to the mix. Trying to following John Becker's suggested format, here's what I have for Days 1 and 2:

Day 1 664 Lots were processed at a total Hammer of $633,760
32 lots (5%) were passed (1 was reopened Day 2)
359 lots (54%) at a total price of $325,930 closed UNDER the low estimate
220 lots (33%) at a total price of $243,830 closed WITHIN the estimate range.
85 lots (13%) at a total price of $64,000 closed OVER the high estimate

Day 2 657 Lots were processed at a total Hammer of $511,270
6 lots (1%) were passed; 1 was withdrawn
292 lots (44%) at a total price of $191,735 closed UNDER the low estimate
262 lots (40%) at a total price of $218,510 closed WITHIN the estimate range
103 lots (16%) at a total price of $101,025 closed OVER the estimate range.

So, total Hammer over first two days was $1,145,030. For kicks and grins, the total catalog estimate (some lots had no number as unlisted in Scott) was $3,482,398.

I'd seriously consider limiting my future buying price to 1/3 of Scott for US Classics except that the Langs material seems to me to be below average. Given the relative inaccuracy of the catalog estimates, I am even more convinced of their almost useless value other than to egg bidders on.
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Posted 10/30/2020   1:45 pm  Show Profile Bookmark this reply Add John Becker to your friends list  Get a Link to this Reply
BobInRye,
Thank you for the analysis. My time has been absorbed with watching the postal history symposium and the Gross sale. Lang's sale wasn't even a distant third.
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United States
571 Posts
Posted 10/30/2020   1:55 pm  Show Profile Bookmark this reply Add srailkb to your friends list  Get a Link to this Reply
BobInRye, if you limit your future buying price to 1/3 of Scott catalog value for US classics in the value range that Kelleher would offer as single lots, you very likely won't own a single sound, VF+ item (maybe you'll stumble upon a handful if you're patient). This isn't a post telling anyone what they should/shouldn't collect, just a prediction of what you'll have to settle for if you take that approach. FWIW, I have a few customers who won't pay more than 15% of SCV for any stamp; the overall quality and empty spots in their album are all very predictable, just as you'd imagine...
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United States
68 Posts
Posted 10/30/2020   1:57 pm  Show Profile Bookmark this reply Add BobInRye to your friends list  Get a Link to this Reply
Srailkb - agree with you completely. My focus is usually on MNH well centered as is reflected both in my US collection and the prices I've paid. Please just count me as disappointed in the finding out how useless the Kelleher's "estimates" are.
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United States
451 Posts
Posted 10/30/2020   2:56 pm  Show Profile Bookmark this reply Add m and m to your friends list  Get a Link to this Reply
at times both there estimates and descriptions leave a lot to be desired.
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Posted 10/30/2020   4:41 pm  Show Profile Bookmark this reply Add rismoney to your friends list  Get a Link to this Reply
I focus on modern errors and will say I didn't buy anything from this sale. I thought the prices were too high and the material was meh. The specialized sales will be interesting though. There are many pieces that if another dealer gets their hands on, will lock it up for a generation wanting 2-5x fair market and will be worth pushing catalog levels for. This stuff was the eBay bunk and shocked at the descriptions they let ride on these things.

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Posted 10/30/2020   6:47 pm  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply
There was nothing in the sale for me. Looking at results for the U.S. revenue section, I was surprised that so many lots came close to or exceeded estimates. Very few lots going for way below estimate.
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Posted 11/02/2020   05:32 am  Show Profile Bookmark this reply Add m and m to your friends list  Get a Link to this Reply
at least one of the lots in the revenue section may be imo unique or have only two known examples. there appears to be a strong underground revenue market out there.
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Posted 11/21/2020   08:22 am  Show Profile Bookmark this reply Add rismoney to your friends list  Get a Link to this Reply
I feel like this new auction is a continuation of the previous one. It's not an essay/error one. I'm not certain how many of these parts there will be, but this is again, a fairly lackluster compilation of his stamps.. His stuff is much better than this. I am not sure if they are grouping these things into price buckets, or somehow trying to retain demand or what their intention is but I am not even sure there are key pieces in here. I'm baffled.



I thought there would be 3 parts, but maybe it's 9 in total with each part being subdivided.


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United States
558 Posts
Posted 11/21/2020   08:34 am  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply
The Linn's article back in September suggested 7 sales - 3 flagship stamp and postal history sales followed by 3 specialized essay and proof sales and then an error sale


Quote:
"The first three flagship type sales will contain the very best single items, multiples and plate blocks, postal history and related items from Bill's inventory and private stash.

"We plan specialized sales in early 2021 of essays, proofs, trial colors and errors, probably three sales: U.S. front of the book, essays, proofs and trial colors; revenue essays, proofs and trial colors, noted that there are many hundreds of revenue and private die proprietary revenue proofs still on the original Joyce pages!

"And lastly an error sale that is unquestionably the largest and most valuable holding of this area to be offered at public auction sale."
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Posted 11/21/2020   09:19 am  Show Profile Bookmark this reply Add revcollector to your friends list  Get a Link to this Reply
The second sale is now up, so comparisons to the first are now possible.
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Posted 11/21/2020   09:20 am  Show Profile Bookmark this reply Add revcollector to your friends list  Get a Link to this Reply
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Posted 11/21/2020   09:42 am  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply
I see at least one item in the auction that still listed for sale on eBay

edit - every lot I have checked so far is still listed on eBay
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Edited by SPQR - 11/21/2020 09:48 am
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Posted 11/21/2020   09:49 am  Show Profile Bookmark this reply Add revcollector to your friends list  Get a Link to this Reply
I found one as well. Since mine is a revenue item I assume they are different items. I suspect that more might be found by careful searching.
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