Today there was an auction of fine furniture, antique silverware, etc. with, in the middle, 10 multiple-coin lots of ancient coins from Roman Alexandria. Each lot had coins in poor condition, but three had rare coins worth good money even though the condition was not great. https://www.liveauctioneers.com/catalog/82065_annual-thanksgiving-auction-day-two/?rows=120 Lots 2100-2106 and 2108. I thought maybe the fact the auction did not emphasize coins might allow those lots to escape notice and go low. Boy, was I wrong! Most of the lots went far above retail, and note that the buyer's fee was an additional 23%. Lot 2102 https://www.liveauctioneers.com/item/42543960_lot-of-6-roman-coins went for $4,750 for six coins. Amazing! Lot 2103, consisting mostly of problem coins https://www.liveauctioneers.com/item/42543961_lot-of-8-roman-coins went for $1300. Lot 2101 https://www.liveauctioneers.com/item/42543959_lot-of-10-roman-coins with ten problem coins went for $1000, far above its value. Have any of you found that ancient coins offered in non-ancient-coin venues went low? They didn't this time.
That's crazy-town. Is it because the audience at this venue are antique collectors who don't know what ancient coins are worth?
Note the auction house estimated the lots at $200-400 which is in line with the lots for the most part (depending on whether the green is BD or not). I see the two major factors as seen by non collectors at play here. 1.All ancients are rare and belong in museums. 2.Things 2000 years old should be expected to be rotten. Their being true or not makes no difference in some circles. These lots included some great types. I do wonder if the invoices here were paid.
The estimate given for that lot was $200-$400. If they didn't know what ancient coins were worth, you'd think they'd stick closer to the estimates. That's more than crazy town, that's the insane asylum in crazy town!
Apparently it is the provenance driving that price Provenance: From the Lieutenant Commander Henry Honychurch Gorringe collection of the Worcester Art Museum. Commander Gorringe was contracted to move the obelisk of Thutmosis III, also known as Cleopatra's Needle, from Alexandria, Egypt to Central Park in New York City in 1879; he collected artifacts found during the excavation and move of the obelisk into his private collection of antiquities, of which part was consigned to the Worcester Art Museum in Worcester, MA.
More on him: https://en.wikipedia.org/wiki/Henry_Honychurch_Gorringe Makes a bit more sense for the price. Still I wouldnt pay it.
