The 20th New York sale, organized by partners Baldwin’s Auctions (London), F.R. Künker (Osnabruck), M&M Numismatics (Washington, D.C.) and Dmitry Markov (New York) was conducted over two evenings, January 7 and 8, in the Waldorf Astoria Hotel as part of the 37th annual New York International Numismatic Convention. This is the second sale the group has conducted with new partners F.R. Künker, and it demonstrated that the coin market has remained robust and remarkably buoyant.
Almost 2,000 lots were offered over the three sales covering ancient and world coins, Russian coins and medals and Russian orders and badges. The presale estimate of $5.5 million was realized with 73 percent of lots selling.
Both sale days saw a good number of attendees in the room, including new and established clients, matched by bidders on the phones, Internet and bidding by proxy. An enthusiastic and prolonged bidding war ensued between two relentless phone bidders for the catalog cover piece, a Greek Tetradrachm signed by the master engraver Heracleidas and depicting the head of Apollo. A very rare example of the highest artistic quality and described by Baldwin’s catalogers as a “true masterpiece of Greek coin engraving,” the lot achieved $140,000, smashing the preauction estimate of $48,000.
Seth Freeman of Baldwin’s Auctions commented, “It was a truly amazing contest of wills to watch and demonstrates that, even in these difficult financial times, quality and rarity result in top prices.”
Other highlights from the first day of the auction included a Carteia Stater, circa 540‵20 BC, amphora, which more than double its estimate of $9,000, and a Friedrich II der Grosse, 1740‱786, Speciestaler, part of the Dick Downes collection of coins from South America. One of only 16 specimens struck in 1787 from the original issue of 1755, the hammer price of $60,000 reflected the fact that only three of this type have appeared on the market since World War II.
The second day commenced with the sale of Russian coins and medals and concluded the auction of Russian orders, medals and badges. As anticipated, the highest achieving lots were sold well above estimate, with the International Lenin Prize for Peace documented set to Herbert Warnke selling for double the estimate at $110,000 and an Elizabeth I, 1741‱761, pattern ruble 1756 from the collection of the ex Grand Duke George Mikhailovich achieving $210,000.
As in past years, the sale was broadcast live over the Internet, through which 54 lots were sold, including a rare Russian Order of Badge of honor, Type 1, Award #460.1935, which achieved $20,000, matching last year’s record for a coin sold online, and a Nicholas I, 1825‱855, complete pattern set of 1849 5 Kopecks, which sold to a different buyer for $8,000.
Bidders logged on from all over the world, with successful purchasers from Austria, India, Russia and the United States.
Prices reported include the buyer’s premium. For information, www.baldwin.co.uk or +44 20 7930 9808.
