Auctions 439-441
November 4 - 7, 2024
Ancient - medieval - Modern coins - Papermoney - Literature
The auction season began with solid results for the ancient coins auctioned on November 4. In the case of Greek coins, the pattern that has been familiar for some years now applied: pieces of exceptional quality sometimes achieved unexpectedly high prices if they can also be proven to have an interesting provenance. Surprisingly, this was mainly the case with bronze coins: a rather common bronze from Metapont (lot 89) jumped from € 200 to € 1,100, and a Hellenistic coin from Erythrai shot up from € 250 to € 1,600 (lot 315).
The biggest surprises for our experts were the Roman coins, where quality played an almost exclusive role. An excellent portrait denarius of Julius Caesar rose from 1750 to 6,000 € (lot 396), a denarius of M. Aurelius with a beautiful portrait from 150 to 1,400 € (lot 492). Again surprisingly, some radiates were the frontrunners in terms of price multiplication: a coin of Florianus (lot 566) increased its estimate sixteen times from € 200 to € 3,200, while a consecration coin for Valerianus II jumped from € 150 to € 1,800 (lot 561).
In a few cases, however, rarity alone was rewarded. After all, an extremely rare but already somewhat scratched as of Plautilla rose from € 500 to € 2,200 (lot 525). This was not the case with the “de face” (facing heads) collection. Here only exceptional qualities were rewarded with high prices (lot 1038 from € 250 to € 1,600, lot 1431 from € 125 to € 1,100). As a result, some attractive acquisitions of rarities in medium quality are still possible here in the post-auction sale.
The fact that the prices of ancient coins have to be determined anew with every offer was impressively demonstrated by no. 369, which fetched USD 500 at a major American auction in January 2024. Now, however, this very same specimen could only be knocked down for € 1,200. No. 1259, the title piece of our catalog, which we knocked down for €8,000 in 2022 and which has now been auctioned for € 11,000, may serve as a general indicator of the overall high price level on the antiquities market.
Tuesday got off to a brilliant start with the auction of foreign coins, which was closely watched on the internet from the very beginning. However, the top result was achieved in the room when a collector won a Chinese dollar from 1912, commemorating the election of Li Yuan Hung as Vice President, against the Internet for €16,500 (lot 1513). In the entire segment of foreign coins, only 2 objects could not be sold and went into the post-auction sale. The high level of interest in coins and medals of the Habsburg hereditary lands, which has been unbroken for years, continued this time, and almost all objects were sold above their estimates. Once again, mostly to internet bidders from Central and Eastern Europe. This was followed by a series of over 180 German and Swiss bracteates in the lower price segment - which were also mostly sold via the internet. Interestingly, there was great demand from Anglo-Saxon countries. A new trend?
Among the coins and medals of the feudal German states from Aachen to Zellerfeld, individual results are particularly noteworthy. A very rare, mint state thaler from the tiny principality of Bentheim-Steinfurt achieved a hammer price of €36,000 at an estimate of €15,000. (lot 1972). The fact that preservation continues to be the decisive component of the price was also proven by a Frankfurt double thaler 1841 with a city view, which, due to its extraordinary beauty, achieved the record-breaking result for this type of € 1,900 (lot 2178). Over the course of the entire day, there was lively participation in the hall and on the internet in almost all collecting areas.
Wednesday then belonged to an almost complete collection of gold coins of the German Empire by each year. Here things remained largely quiet and many coins remained within the estimate range with uniform surcharges regardless of the year. Only the largest rarities by year were actually contested. The 20-mark piece of 1881 from the Hanseatic city of Hamburg (J. 210), of which only 500 examples exist, fetched an impressive € 13,000 and the Saxon 20-mark piece of 1877 (J. 262) fetched € 30,000. Collectors and dealers alike enjoyed the overall result. The situation was similar for the other coins from various owners after 1871. The combined lots of all regions and ages, which had (as always) been conscientiously inspected in advance, then were turbulently contested.
Thursday was the crowning finale with the auction of two important special collections, each of which deserved its own hardcover catalog: In the morning, a collection of Mecklenburg coins and medals, which may well become a valuable provenance in the future due to its quality, and in the afternoon the numismatically and historically important Lückger Collection - Rhineland and Westphalia. The hall was well filled from morning to evening and the numerous dealer colleagues present were faced with great competition from invisible counter-bidders on the internet, much to their displeasure.
The Mecklenburgish high-quality and mostly rare thalers and gold coins in the collection often fetched four or even five-figure results, and the medals and many small denominations also usually went to their buyers well above the estimate. Overall, the total hammer price exceeded the estimate by a whopping 75 %. The list of results for the Mecklenburg Collection is a must for all interested collectors, as the hammer prices will influence the market for a long time to come.
Things got even more heated in the immediately following Lückger Collection - Rhineland and Westphalia. The numerous medieval coins in particular, starting with Merovingian tremisses, through Carolingian denarii to the numerous local pennies of the Rhineland-Westphalian monetary area, fetched spectacular prices. Many of these coins had not been on the market for several decades or had never been on the market before. Where possible, approximate comparative prices were obtained from the times of the gold mark currency. In such cases, authors of modern collector's literature tend to write “LP” when quoting the price - i.e. collector's price (or “lover’s price” in the German language), which means it is left to the buyer alone. The estimates of Dr. Busso Peus Nachf. are generally low in such cases. Nevertheless, the final results were generally surprising in their height. The coins always sought the most enthusiastic buyer and were difficult to conquer. Tenfold increases in estimates were common. But modern thalers and gold coins were also warmly received. The total hammer prices doubled the estimates.
In the Lückger collection, too, the hammer prices, not the estimates, will become references in the price structure. Here, too, the list of results is therefore as important as the catalog.
All in all, the auction ran smoothly and within the time frame, even though the internet was sometimes intervening 30 times for individual lots.
We would like to thank all buyers and unsuccessful bidders for this extraordinarily successful auction.
CONSIGNMENTS WELCOME