To start this review, I'd like to say I did Millions of dollars worth of business with Ian and Greatcollections over the course of a couple years.
I won a 1792 Half Disme in PCGS MS64 for $430,000. To help balance my inventory and cash flow, I consigned $200,000+ worth of coins to greatcollections. Typically, auctions on greatcollections run for 30-45 days. My coins, without my permission, were subject to a 14 day auction (limited visibility) in June at that-- weak time of the year to auction... I would know, I've sold coins, auction style on eBay for 15+ years (longer than GC has been in business). Anyways, the coins I consigned sold for $154,000. -$50,000. Worse yet, the coins I consigned were coins I had purchased through GC in previous months! GC received commissions on the coins when I purchased, they received commissions on the coins when I consigned, and I get stiffed with a -50k outcome. OK. That, I didn't like whatsoever, but was willing to deal with it and move on in order to get the 1792 half disme.
Here's where my main issue with GC arises. I attempted to call Ian (GC President/owner) directly, as I texted / called him back and forth on occasion for higher end rare coins both buying and selling. Ian did not answer my phone call(s). He barely responded to texts. So be it, we all get busy. I was attempting to pay the remaining balance for the 1792 Half Disme which was around $275,000. I needed to know the exact amount prior to wiring or selling coins direct (I certainly was NOT going to consign any other coins after the aforementioned dealing- let alone a similar experience a year prior.) I receive an email from an attorney 9-17-22 stating that I owed $28,000 in interest. Excuse me? Not one time was I ever notified that I was being charged interest. I finally get ahold of Ian and he stated that I needed to pay the interest on top of the remaining balance If I wanted the coin. I said no. I was never notified I was being charged interest and I'm not going to blindly pay interest without being notified. We go back n' forth and neither side budges. It is now mid-October. To try and resolve this, I said I would pay 1 month's rate of interest (September to October) as I was unaware of any interest incurred prior to that. At this point, Ian deferred my contact through his 'attorney' which informed me that I had until the end of that day to pay the interest and remaining balance or the coin was to be re-auctioned. WOW. This was at 2pm CST, GC is located in Irvine, CA making it noon there. Even if I had wired the funds, they wouldn't have made it that day. Aside from that, they auctioned the 1792 half disme for 14 days... The coin sold for 70k less than I won it for. Ian and GC held my $154,000+ for 5 months, then under the guise of their 'articles' charged me interest, and the difference of the half disme selling again. Correct me if I'm wrong, but I never owned the coin. If I did, I wouldn't have sold it through GC. If you're still reading this review and following the math; I consigned 200k worth of inventory, they sold the coins for 50k less than I paid, and charged me 100k on top-- netting me 50k out of 200k. In what world do they, you, or I live in, where this is acceptable?
If you are reading this, RUN AS FAR AWAY AS POSSIBLE FROM IAN AND GREATCOLLECTIONS. There are a lot of great people in the coin industry and a lot of SNAKEY SHMUCKS. read more
