[INFO] Stacks Bowers Physical Cryptocurrency Auction 2023 Thread

[owlcatz]

Not sure if anyone has seen this yet, but it's part of another auction (not crypto).

https://auctions.stacksbowers.com/lots/view/3-16O04A/china-btcc-0005-bitcoin-2016-serial-no-e01360-clay-composite-pcgs-ms-70

[Spokanistan51]

They snuck a few BTCC items in this one. They next lot is a Titanium tenth.

Not sure if anyone has seen this yet, but it's part of another auction (not crypto).

https://auctions.stacksbowers.com/lots/view/3-16O04A/china-btcc-0005-bitcoin-2016-serial-no-e01360-clay-composite-pcgs-ms-70

[Eclipse33]

Not sure if anyone has seen this yet, but it's part of another auction (not crypto).

https://auctions.stacksbowers.com/lots/view/3-16O04A/china-btcc-0005-bitcoin-2016-serial-no-e01360-clay-composite-pcgs-ms-70

Pretty crazy stuff. Stack's is sipping the bitcoin cool-aid. 

[Spokanistan51]

Hello fellow coiners,

I wanted to bump this thread and update everyone with a recent situation involving Stacks Bowers. I personally consigned a few items in the last Nov '23 auction. SB typically issues payment 45 days post auction to consignors for sale prices less hammer fees. A few days before payment was issued Jan 5th, I noticed my invoice amount had changed and some items had been removed. Basically my check was going to be less from SB by a substantial amount. I reached out to SB, and the response was that the winning bidder decided not to pay, nor respond. Pretty frustrating as the same non-paying bidder had won multiple of my items.

I know this is no fault of SB, but I have asked them a few follow up questions 1) If the winning bidder decided not to pay, can the 2nd highest bidder be approached and offered the amount they bid? 2) Is there no legal recourse against a bidder that does not pay, or protection for consigners (at this point I am assuming no) for breach of the SB contract agreement for being a bidding member? 3) An account holder on SB is required to have a credit card on file. Why is this card not billed by SB if the winning bidder does not pay their invoice within the required SB timeframe?

If anything, I just wanted to share this information and will keep everyone updated as to what I find out. Just an FYI on SB if you decide to consign: just because your item sells, doesn't mean you will get paid. I know I'm small beans compared to many other consignors on SB, but the physical crypto world is in the infant stages. At some point and time, the items we collect here on the forum may be some of the most valuable in the world.

Happy 2024 everyone.

[rsincognito]

That would be a very frustrating experience, so sorry to hear about that. maybe the only upside was is, if they were loaded coins that weren’t paid for. They’ve appreciated so much more since then with the spike in bitcoin price. I feel that with all these high dollar coins, they should do what heritage auction did and have a mandatory deposit amount be made before auctions start  to be allowed to bid in an auction, the Otoh collection was a $5000 deposit, I’m not saying it needs to be that much but enough to where people think Twice before not paying for an item that they win. Who knows how much that non paying bidder bumped up other bidders on different auction items,  potentially costing buyers thousands of dollars more in items purchase prices.   I say make the despot $2k,  if the seller has a non paying bidder then the auction house keeps $1k and the seller who missed out on the sale gets $1k for his troubles and for tying up an asset that long.

[rsincognito]

Getting another stacks bower’s update email was very nice to see this evening, crazy that it’s the 3rd spring auction for stacks doing crypto, wow time flys, but I can’t help to think about the handful of non-paying bidders from the last auction, I still think it’s important that they should change a rule that requires all bidders to have a credit/debt card on file so stacks bower’s is able to charge up to $2k for being a non-paying bidder in a stacks crypto auction, what are your thoughts?  Ty  

[Spokanistan51]

Agree, or % of final sale price to deter from non-bidding like 25%.

Getting another stacks bower’s update email was very nice to see this evening, crazy that it’s the 3rd spring auction for stacks doing crypto, wow time flys, but I can’t help to think about the handful of non-paying bidders from the last auction, I still think it’s important that they should change a rule that requires all bidders to have a credit/debt card on file so stacks bower’s is able to charge up to $2k for being a non-paying bidder in a stacks crypto auction, what are your thoughts?  Ty  

[Eclipse33]

There is an auction going off this week not many people seem to know about as there is  nearly zero chatter on forum about it and this thread was not bumped.

I can't find too much information on the auction but it appears to be of smaller scale then the previous offerings.

Several microsoul tokens (Many that I have never seen before) are being sold.

More of a curated offering from stacks?

Stacks direct: https://auctions.stacksbowers.com/lots?sort=numismatic_order&limit=36&parent_category=3-U5GPQ&lots_range=upcoming

[Aria42]

There is an auction going off this week not many people seem to know about as there is  nearly zero chatter on forum about it and this thread was not bumped.

I can't find too much information on the auction but it appears to be of smaller scale then the previous offerings.

Several microsoul tokens (Many that I have never seen before) are being sold.

More of a curated offering from stacks?

Stacks direct: https://auctions.stacksbowers.com/lots?sort=numismatic_order&limit=36&parent_category=3-U5GPQ&lots_range=upcoming

No, this is simply a part 2, hence the smaller scale that you note. There was a part 1 that was significantly bigger in scope:
https://auctions.stacksbowers.com/auctions/3-18DWT2/spring-2024-auction-session-9-physical-cryptocurrency-part-1-lots-8001-8137?limit=96

The Stack's website just seems very poorly designed and buggy, hence the confusion here. I actually can't find a link to part 1 anywhere on their website -- the link I posted came from my browser history. Before part 1 ended, you used to be able to access it via their Cryptocurrency Auctions page under the "March 28, 2024" "The Spring 2024 Showcase Auction" row, but that row now instead redirects to part 2 rather than part 1. And before part 1 ended, it wasn't even clear there would be a part 2.

Part 2 appears to have 96 lots with very few high-value items: the biggest is a single 0.1 BTC coin. This auction seems like it is internet only and ends April 2 ("Spring 2024 Auction - Session 13 - Internet Only - Physical Cryptocurrency Part 2 - Lots 12001-12099"), though there is contradictory information ("Live Bidding begins Apr 2, 2024 @ 10:00 AM PDT").

Part 1 had 136 lots with far more high-value items, including multiple Cas coins like a 5 BTC Bitnickel and a 1 BTC silver gilt sourced from Jimmy Song. This auction ended March 28 and was called "Spring 2024 Auction - Session 9 - Physical Cryptocurrency Part 1 - Lots 8001-8137".

[rsincognito]

The auction last Thursday had a beautiful variety of coins, put together by James, he did a very good job. But I must admit the bidding prices were extremely weak this auction, it’s definitely turned into a “buyers market”. I think most collectors are still getting used to the new price point of bitcoin, when trying to value their inventory, I find it very difficult to make decisions, temporarily with the current $70K price point of bitcoin, I feel like 1.0 bitcoin coins will continue to slowly lower their premiums, but I think we’re going to see the 0.1 and 0.01 coins premiums start to climb drastically.  That’s just me two cents,  of course everyone is entitled to their own opinion

[Eclipse33]

OG nasty's gold 50 seats went for a lot in redeemed state, wow.

https://auctions.stacksbowers.com/lots/view/3-18DXXQ/redeemed-2016-nastyfans-50-seats-gold-medal-firstbits-1nastyau6-2oz-9999-fine-gold-proof-69-deep-cameo-pcgs

[2stout]

OG nasty's gold 50 seats went for a lot in redeemed state, wow.

https://auctions.stacksbowers.com/lots/view/3-18DXXQ/redeemed-2016-nastyfans-50-seats-gold-medal-firstbits-1nastyau6-2oz-9999-fine-gold-proof-69-deep-cameo-pcgs

It is 2oz of .9999 gold, plus that sell prices has the 20% buyer's premium included
  So in actuality, close to spot.

[Eclipse33]

OG nasty's gold 50 seats went for a lot in redeemed state, wow.

https://auctions.stacksbowers.com/lots/view/3-18DXXQ/redeemed-2016-nastyfans-50-seats-gold-medal-firstbits-1nastyau6-2oz-9999-fine-gold-proof-69-deep-cameo-pcgs

It is 2oz of .9999 gold, plus that sell prices has the 20% buyer's premium included
  So in actuality, close to spot.

I wish it was not redeemed. Would be much cooler in the original state.

[SurfinPanda]

Well I went a little crazy and bought like half the Microsoul coins - prices seemed reasonable and many of these coins I have never seen come up for sale before so not really sure if I overpaid or got a deal!

SP

[OgNasty]

OG nasty's gold 50 seats went for a lot in redeemed state, wow.

https://auctions.stacksbowers.com/lots/view/3-18DXXQ/redeemed-2016-nastyfans-50-seats-gold-medal-firstbits-1nastyau6-2oz-9999-fine-gold-proof-69-deep-cameo-pcgs

It is 2oz of .9999 gold, plus that sell prices has the 20% buyer's premium included
  So in actuality, close to spot.

I wish it was not redeemed. Would be much cooler in the original state.

Someone got the deal of a lifetime on that coin...  It is still attached to 50 NastyFans seats, which means the 50 seats backing it are worth $1,500 at minimum and $4,600 at last trade value by themselves.  Unfortunately, someone cleared out the ~$500 in BTC held on the coin a couple months ago, so it doesn't have much BTC held on it currently.  The absolute minimum value for this coin today should be around $6,300 and a more realistic valuation would be closer to $10,000 in my opinion.  I likely would have bought this at that price had I known (nobody gave me a heads up)...  In fact, I believe I even offered that much to the seller (if it's the same guy) a long time ago in hopes I could keep them from peeling it, but they declined.  I'm sure the amount of BTC I offered for the coin back when we discussed it would be worth a large fortune now as Bitcoin's value increase has been remarkable.

This does bring up an issue though with peeled coins that I would like to see addressed someday...  I think people should be able to redeem peeled coins for their seat value either by selling their seats back to NastyMining at the current buyback rate, or claiming them digitally to their account so they can sell them or sell the redeemed coin and continue to safely earn BTC from the seats.  I think that would address a lot of issues people have, as a redeemed coin could not only get it's seat value but also any BTC held under the threshold for it's owner.  More people than just me would need to want this to happen for it to become reality though.