Monday Morning Brief for Jan. 8, 2024: Impact of closure
- Published: Jan 8, 2024, 7 AM
Many in the numismatic world expressed surprise upon hearing that Legend Rare Coin Auctions was closing and that the closure was immediate. As is always the case when news like this arises, questions soon followed. Even though the message was clear, there were those who wondered if planned events for the future were happening (they aren’t) or what the status of consignments would be (and that is also addressed).
Once the message became clearer and the reality came into focus, many on internet forums and social media platforms lamented the loss. Those who have had positive experiences with the company realized the value it brought to the auction landscape and were quick to point out the positives. Some wondered at the decision and even suggested alternatives in hopes of keeping a good thing going, but even those with best intentions can’t change the reality.
The announcement reminded me of a circumstance that happened where I live. An establishment downtown announced its closure due to a change in ownership of the building. In speaking with the owner of a competing establishment, that owner said this was the worst possible news for his business. Rather than rejoice at the demise of a competitor, the business owner was seeing the bigger picture. His view was that customers needed to have options to be able to make choices. Having two places to shop was no reflection of the quality of either place’s product, but simply provided an opportunity to fill a need and serve customers who might not be served by the surviving business. In some cases, the elimination of competition can also remove the drive to create new and better products.
Legend Rare Coin Auctions was created to fill a void between the biggest auction companies and the smaller firms. That market, in many ways, still exists. If that’s the case, then there is again opportunity.
Some like to say, “The only constant in life is change.” Change can be a positive force and one can only hope that is the case with this turn of events.
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