BOWERS AND MERENA AUCTIONS TO JOIN FORCES WITH STACK’S TO CREATE STACK’S-BOWERS NUMISMATICS

Spectrum Group International, Inc. (SPGZ.PK) announced today that its subsidiary Bowers and Merena Auctions, one of the world’s pre-eminent auctioneers of rare coins and currency, has entered into an agreement with Stack’s, the oldest rare coin retail and auction company in the U.S., to combine their operations.

The new company, which will be known as Stack’s-Bowers Numismatics, with a world coin division to be known as Stack’s-Bowers and Ponterio, will be owned 51% by Bowers and Merena Auctions and 49% by Stack’s. The closing, which is subject to the satisfaction of customary conditions, is expected to take place in early 2011.

Greg Roberts, president and chief executive officer of Spectrum Group (SGI), commented, “We believe that this combination, once consummated, will create a major player in the coin industry. Stack’s had over $65 million in aggregate sales in 2010 and between them, the two companies have handled many of the significant coin collections that have sold at public auction, including the Eliasberg Sales, the Norweb Sales and the Ford Collections.”

Bowers and Merena Auctions president Chris Napolitano, who will serve as president of the combined company, said, “I am honored and excited to lead this new venture, which combines two of the leading names in our industry. We consider Stack’s to be the crown jewel of coin auction houses and with this partnership, we have assembled a numismatic team that we believe to be unequaled in the industry. We look forward to continuing and expanding Stack’s auction and retail locations in mid-town Manhattan, which serve not only the greater New York metropolitan area but also the entire east coast.”

Added Mr. Roberts, “A significant factor for SGI in pursuing this merger was the opportunity to partner with Charles, Joel and Harold Anderson and the rest of the Anderson family, who own a controlling interest in Stacks. For years I have enjoyed a strong personal and professional relationship with the Andersons and now look forward to a long-lasting association with the family through Stack’s-Bowers Numismatics. We intend to continue the long tradition that the Stack family developed over many decades in New York. For years it has been a goal of ours to have a presence in NYC. With this partnership, we will achieve that goal at one of the most famous and prestigious addresses in the numismatics industry: 123 West 57th Street, New York, New York.”

Joel Anderson commented, “We are looking forward with great enthusiasm to the successful combination of these two fine companies. Both have rich histories of service with integrity to the numismatic community and together their combined resources and talents will bring new levels of service and value to the numismatic market. In addition, Charles, Harold and I have assembled some nice collections and we are pleased that Stack’s-Bowers Numismatics will be there for us when the time comes to sell.” (more…)

Nearly 1,700 lots to cross the auction block in Tampa, FL immediately prior to  FUN

Bowers and Merena, one of the world’s preeminent auctioneers for rare coins and currency, will conduct the January Rarities Sale as its first event of 2011. The single-session sale on Jan. 4 at the Grand Hyatt Tampa Bay will offer nearly 1,700 lots of rare and desirable United State and Colonial-era coinage.

“It is and honor and thrill to start my career with Bowers and Merena with such an important sale,” said Chris Napolitano, President of Bowers and Merena. “Our January 2011 Rarities Sale will be presenting a wide selection of United States, Colonial and Territorial coins which range from affordable collector coins to world-renowned absolute and condition pieces.”

Headlining the sale is Part II of the Malibu Collection. “The first part of this impressive Malibu Collection helped propel our Official Auction of the November Whitman Coin & Collectible Baltimore Expo to the forefront among numismatic events of 2010. Part II promises the same rarity, quality and eye appeal that we have come to expect from the collection,” said Napolitano.

Highlights from the Malibu Collection include lot 855, one of the finest-known 1866 Motto Seated Dollars in PCGS Secure Proof-66 Deep Cameo, as well as lot 594, an important strike and condition rarity 1918-S Standing Liberty Quarter certified MS-67 Full Head by NGC with a combined pop of just 2/0 by PCGS and NGC.

“From U.S. minors to patterns, bidders will also enjoy Part II of the G. Edward Reahl, Jr. M.D. Collection and the Abingdon Collection,” said Napolitano.

Additional highlights in the sale include:

* Lot 48, 1883 Hawaii Eighth Dollar, Proof-62 Cameo (PCGS), Secure Holder
* Lot 59, Undated (Circa 1616) Sommer Islands Twopence, BMA Type I, Small Star Below Hog, AG-3 (PCGS)
* Lot 73, 1776 Continental Dollar, CURENCY, Pewter, MS-63 (NGC)
* Lot 302, 1924-S Buffalo Nickel, MS-66 (NGC)
* Lot 304, 1925-D Buffalo Nickel, MS-66 (PCGS), Secure Holder (more…)

Exclusive NGC-graded sale marks most important array of Chinese coinage offered at auction in 20 years

Over 300 anxious bidders filled the live auction floor for the highly anticipated sale of the Wa She Wong Collection and other Asian Coins on Dec. 3-4. The Hong Kong auction, presented by Ponterio & Associates, a division of Bowers and Merena Auctions, featured 1,107 lots with total sales reaching $10.7 million.

“A collection of Chinese coinage of this magnitude has not come to market in over 20 years and it surely did not disappoint,” said Rick Ponterio, executive vice president of Bowers and Merena. “We saw such spirited bidding, the sale of the first 487 lots took an astounding 11 hours with many of the lots selling for multiple times their estimated value.”

Drawing worldwide attention, the collection is a compilation of Wa She Wong’s lifelong passion for collecting which contained multiple rarities missing from major exhibits including many scarce pattern coins that were never released into general circulation. Headlining the collection, the 1890 Kwantung Mint Specimen Set, lot 220, began with an estimated value of $300,000 and realized a staggering $718,750. The set represents a landmark in Chinese minting as the first silver coinage produced with modern machinery.

Another important coin was the extremely rare “Flying Dragon” Szechuan 30 Cash Struck in Copper, lot 311. Opening at $12,500, lively bidding quickly brought the coin to a final selling price of $460,000. “The buyer had been searching for this rarity, one of only two known in private hands, for more than 30 years. The two other examples known to exist are housed in public museum collections,” said Ponterio.

All major rarities in the collection were certified by the Numismatic Guarantee Corporation (NGC), a market leader in grading Chinese coins, and pedigreed as “Wa She Wong Collection” on individual holders. Additional highlights of the Wa She Wong Collection include:

• Lot 3, 1920 “Yuan Shi Kai” Dollar Struck in Gold, MS-64 (NGC), realized $138,000

• Lot 27, 1911 “Long-Whisker” Dragon Pattern Dollar Struck in Silver, MS-65 (NGC), realized $431,250 (Ex: Kann Collection)

• Lot 130, 1844 Changchow Military Rotation Dollar, AU-50 (NGC), realized $103,500

• Lot 139, 1909 Honan Pattern 20 Cash Struck in Copper, AU-55 BN (NGC), realized $126,500

• Lot 147, 1930 Hunan Pattern 500 Cash Struck in Copper, MS-63 BN (NGC), realized $103,500

• Lot 162, 1897 Kiangnan Dollar, Plain Edge, Proof-66 Cameo (NGC), realized $373,750 (more…)