The state of prices can, perhaps, be discerned from four auctions that recently completed on eBay. Rather than link them (because they’ll go away in short order, and broken links suck), the details are listed here:
Order of Alexander Nevsky: $1,227.99
Serial Number 18248, good condition, missing enamel on one star arm.
Order of the Patriotic War, 1st Class: $535.00
Serial Number 168678, excellent condition
Order of Mother Hero: $180.49
Serial Number 374409, excellent condition
Order of the October Revolution: $305.99
Defaced serial number, otherwise excellent condition
Note that these were sold by Collect Russia, a well known and respected dealer. His prices are usually very high; what you’re buying is certainty, as he doesn’t deal in fakes. The site has recently dealt with many very high end pieces ($50,000+) that are in the “Red Bible”, the Comprehensive Guide to Orders and Medals. He has a presence on eBay, and it’s a good place to check out the state of US market. He tends to offer flawed pieces there, not flawed in the sense of fake, but damaged pieces. It’s a good strategy – setting a high price on a damaged piece is risky, and letting the market sort out the value via an auction gets it sold as well as giving the ‘pulse’ of the market overall.
A year ago the Nevsky could have easily sold for $2,500.00, even damaged. The OPW 1st class for $1,000, the Mother Hero star for $250.00, and the October Revolution for $500.00 (though that’s debatable given the defaced s/n). Prices out of these auctions show a 30% to 60% decline from that time.
I think that’s an accurate reflection of the market – prices have fallen in tandem with broader markets, equities, real estate, etc. Revealing of the “fad” component of the hobby is that precious metal prices have remained high; it’s not any change in commodity prices that has affected the price of medals.
In a deflationary market cash is king. That’s what we’re seeing now – deflation. Whether it’s time to buy is up to you, but if you care about what your medals will be worth down the road then it’s time to hold on to your cash. The bottom, ala the early 90s in Russia when people were desperate to sell, hasn’t been reached yet. And unlike other investments there’s little inherent in Soviet medals that makes their long term outlook positive.
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