Stack's Bowers Galleries Realizes More Than $57.7 Million in August 2011 Numismatic Auction Sales
Posted on 9/20/2011
[IRVINE, CA] – (September 5, 2011) Stack’s Bowers Galleries, numismatic auction house and subsidiary of Spectrum Group International, Inc. (spgz.pk), announced today that live coin auctions held in August realized a combined total of $57,733,927.
Stack’s Bowers Galleries and world division, Stack’s Bowers and Ponterio, conducted the only official auctions of the American Numismatic Association World’s Fair of Money in Chicago August 13-20, the premier annual coin show and convention in the United States. The entire auction realized an impressive total of $40,036,290, which consisted of $29.8 million U.S. coins, $6.2 million U.S. currency, and $3.4 million foreign coins, and $385,000 foreign paper money. All realized prices indicated include buyer’s premium.
“We are extremely pleased with the results of our Chicago ANA auction and I am very happy to say that the numismatic market appears to be alive and well in the United States,” said Chris Napolitano, president of Stack’s Bowers Galleries. “The outstanding success of this auction really speaks to the level of excellence and quality of Stack’s Bowers Galleries, and what has been created in less than a year with the joint venture between the two great auction houses of Stack’s and Bowers and Merena. We have a larger customer base and a much expanded reach that allows us to bring more coins and currency to more buyers and, as we showed in this auction, breaking some records, as well.”
Top honors in Chicago went to a magnificent offering from the collection of the late Harry W. Bass, Jr. An intricately bound set of three First Educational uncut sheets, with notes numbered 1, 2, 3, and 4 of the 1896 $1, $2 and $5 notes, sold for an astonishing $1,265,000, making it the most ever paid at auction for a single U.S. currency lot.
Stack’s Bowers Galleries will return as the Official Auctioneer of the ANA World’s Fair of Money conventions in Philadelphia in 2012 and again in Chicago in 2013.
Following the completion of the Chicago auction, the Stack’s Bowers and Ponterio team flew to the other side of the world to conduct their second Hong Kong Auction. The first auction in December 2010 was a major success realizing in excess of $10.7 million, but the August 2011 auction far surpassed that with an astounding $17,697,637 in sales of Chinese and East Asian coins and paper money. Top coin and paper earners in Hong Kong included a CHINA Kiangnan 7 Mace 2 Candareens (Dollar), ND (1897) that realized $388,375, more than five times its original pre-sale high estimate, and a CHINA—EMPIRE Board of Revenue 50 Taels, Year 4 (1854) P-A13b that finished at $119,500, nearly four times its pre-sale high estimate.
“The demand of the Chinese and Asian numismatic market is truly sensational and shows no signs of waning any time soon,” said Rick Ponterio, executive vice president. “We are greeted with tremendous enthusiasm from very eager collectors and there is a wealth of inventory looking to trade hands. We will return to Hong Kong for two auctions in April and August of 2012, and the anticipation is already quite great.”
Stack’s Bowers and Ponterio is preparing to present world lots in Baltimore in November, and is currently accepting consignments for their Official Auction of the New York International Numismatic Convention in January, and the next Hong Kong Auction in April 2012.
Details and information on all Stack’s Bowers auctions can be found at www.stacksbowers.com and by calling 800.458.4646 for the California office and 800.566.2580 for the New York office.
The thoughts and opinions in the piece are those of their author and are not necessarily the thoughts of the Certified Collectibles Group.