Collecting: Thieves And Forgers Rush In Where Big Spenders Dare To Tread
June 5, 2013, June 24 issue of Forbes
Deb L Jacobs
Buying fine art and collectibles can sometimes pay off handsomely. According to “The Wealth Report 2013” from Knight Frank, a London-based property firm, as a group, nine classes of collectibles, including classic cars, coins, stamps, fine art and fine wine, all outperformed equities in the decade ending Sept. 30, 2012. The flip side of this is that thieves and forgers have more than ever to gain, too
With collectibles there may also be experts and technology available to spot a fake. For rare coins you can consult the Professional Coin Grading Service or the Numismatic Guarantee Corp. The Professional Sports Authenticator evaluates baseball memorabilia–everything from cards to bats and uniforms.
Good point. It would be interesting to find out how many owners send their items to CLCT for just this reason, to guarantee against fakes before they market them.... Any way to know by asking CLCT management?
The number would be higher than you would think especially amongst the new Chinese customers. CLCT offers authenticity and liquidity. Authenticated items can sell much faster, and at times sight unseen, than non-authenticated items. No one buys raw coins if they are worth $5K or more. There is just too much risk.
Other reasons people get authenticated is so their item can be entered into the CLCT registry sets. Many people take great pride in having the highest rated set in a certain area. Or a top 10 rated set.
So if I had to guess, maybe 25% of all items are sent in for this reason to guarantee against fakes. Maybe 50% or more for Chinese coins (Shanghai office opens in 2 days)