The Numismatica Ars classica Spring 2020

I followed the auction today, and it is just over.
I’m not really sure what to think. I have limited insight in the high end Greek coin market. Always nice to see the coins. Weren’t the prices and bidding rounds quite as usual? Some great coins went for a lot of money, but they usually do. I don’t think I observed a «silly»-level, did any of you?

Next up were a collection of AE from the Roman Republic. Many of them went around estimate. Some under, a few twice the estimate. Looked like sober bidding, probably from people who knew what they were doing.

When the silver coins from the republic came out, it got hotter. Many coins went quite high over estimate, many 3 and 4 times estimate. These were generally high grade coins, but quite a lot of common coins. It seemed a little too hot for me, at least. A lot of great coins though. I hope someone here got a nice RR coin for a price that was acceptable to them. I didn’t.

I was not overwhelmed by the quality of the imperial coins. I thought my bidding chances would be in that department, as many of the more difficult coins had issues; «only» VF, scratches, off plachet, etc. Price were still 2-5 times estimate, in most cases. Was it crazy-bidding? Not really. The VF Caligula dens went even higher than usual, but that’s kinda always going on. It is perhaps surprising to see this price level on VF coins, but I didn’t get the feeling that it was totally Sybaritic and silly.

I consider this a high end auction, but I have seen far higher levels from NAC before.
I got my first purchase from NAC ever this auction. Exactly the coin I wanted and had kept some powder dry for, in fact. So for me, this was an excellent auction.

What do you think?

 

Log in or Sign up to hide this ad.

Speaking strictly from the offered coins of the Roman Republic, I watched the auction too, and was underbidder on two lots that I fully expected to go higher than they did, but did not push these higher as I'm looking at other lots in subsequent sales (with limited funds).

NAC is very often one of the sales of the year for high end and rare RR coins. This spring sale, the offerings were less exciting, although there were some interesting specialty groups such as the string of L. Censor varieties. I felt that the hammer prices were quite low in most cases. Several relatively high grade common denarii went for well under 400 CHF, and a few nice very fine coins went for less than 200, but these are not the coins I look for in an NAC auction.

I also noticed that there were a few NAC 61 (RBW) coins that didn't seem to bring a premium. I was surprised at this.

 

Yes. My impression before the auction, was that the market is red hot with billionaires buying with both hands. This auction did not leave me with that impression.
Best of luck with the upcoming auctions!

 

As a Roman Republic collector, my experience was exactly the opposite. Many of the bronze coins were exceptional quality for their types or rare, and a large number had excellent provenances. High condition Republican bronze coins are hard to find. As a result, the prices on the bronzes (at least, those I was targeting) were very strong. I had targeted 7 bronze coins and only won a single bronze lot. Provenanced bronzes were particularly strong.

The Republican silver, perhaps more ordinary by NAC standards, sold more reasonably overall. I was far more successful on silver targets, and got a few that I'd consider bargains. Several silver coins that I decided not to pursue sold well below my planned maximum bids for them.

 

You know this market better than me, then. I have not had an interest in AE coins from the republic so far. But do I understand you right; the prices and level of interest was as could be expected, as the material was good?

What I’m getting at, is that recently there has been a lot of saying that the market is «overbought». I don’t think this auction was an example of that.

 

I agree that prices were far more reasonable in this auction, although that is perhaps because many coins were not perfect in quality (with marks, scratches, etc.)

That said, I was still outbid on the two lots I wanted so I suppose I need to adjust my opinion of prices.

 

First time I've bid in NAC and won this lot. Paid a hair more than I wanted, but I LOVE the style of Alexander on it.

 

Compared to other auctions (heritage, CNG...etc) I did very well...In fact, I got a dream coin; a type which has been consistently over budget for me. Ill post it once I have it in hand. For imperial collectors such as myself, there seemed to be more opportunities (price wise) than other recent auctions.

 

High quality (vs. ordinary quality) Republican AE are very scarce. Add the attraction of old provenances and the availability of COVID-impacted bidders with little else to do, and it's a perfect storm for high price . So, I expected demand to be high for the good bronzes. I was still caught by surprise at the hammer prices, and blown-out on most of my lots. Really strong. I don't think "overbought" is the correct description. You can't overbuy something you cannot find.

The prices for the Republican silver was about what I expected in most cases. Few surprises there.

 

Yes, exactly. Other recent auctions have had surprisingly high prices on more common material, that’s what I meant to say.

 

Do you think they have postponed the really high end coins until floor auctions are possible again?
(I’m not in the market for those, just curious )

 

Glad to hear that, and looking forward to seeing it!

 

Oh wow.....That’s a lovely coin. And nice provenance too. Congrats!

 

Yes, that is precisely what they have done.

 

So this was kind of a NAC for the plebs, then? Good for kazuma78, Romancollector and me.

 

Yes, exactly. I've viewed their next sale in London twice already (pre-lockdown) and it will be spectacular.

 

I’ll buy popcorn and the catalog and watch you go.

 

Sounds great! Probably most lots out of my reach. Unless I sell enough of my U.S. stuff in the mean time. Looks like I have some selling to do

 

Not a lot of luck for me today. I put in some very healthy bids, but (of course) the three lots I really wanted the most ended up blowing up, so I fell short on almost everything. My only win today was this Victorinus ant. I thought it was a little funny that after putting out some of the highest bids I’ve ever made, the only coin I ended up winning may have had the lowest hammer price in the whole auction.

 

@Shea19 This Victorinus portrait is NAC worthy. You did well.