With a Bang and a Whimper

I guess that's how I'd describe the results of the Pogue auction last night. This scant 36-lot auction was going to be the cornerstone sale of the entire series, featuring the Brand-Childs 1804 Dollar (lot 4020) and the only privately owned 1822 $5. Coins like the three MS66 1795 bust dollars took a back seat to these super-coins, even with their $600K - $1M sale prices. Effusive prose describing the 1822 $5 that hadn't been on the market since 1982 gushed about such detail as the exquisite shape of the upper curve of the base of the 2s. The 1804 dollar was described as "the crescendo" in a collection that was a "rhapsody in metal" (a puzzling metaphor, since a crescendo is a phrasing device that leads somewhere, but I digress). What could possibly happen that would distract from this numismatic auction of a lifetime?

Lot 4020: Passed
Lot 4025: Passed

Well, crap. But maybe not.

Unofficial estimates gleaned from assorted internet sages had the 1822 $5 selling for between $2 and $8 million. The 1804 dollar had a similar wide range, with prognostications about it breaking the record for most expensive coin sold at auction. There was bidding on both lots, but the reserve was never met. The 1822 $5 was bought back at a $6.4M bid, and the 1804 $1 at a $9.2M bid. Figuring the buyer's premium, there were willing buyers at $7.3M and $10.6M, but not even the curves of the 2s or crescendo of the collection could push buyers further. Weak market? Nah. The rest of the coins in the sale mostly beat the high estimates six figures at a crack. People wanted these coins, but Pogue Collection wanted the two biggies more. I'd say that if someone has a "Box of Two" collection, an 1804 dollar and an 1822 $5 would make a damn fine statement. These coins will probably come up for sale again in most of our lifetimes, and I'll get to drool over coins I can't afford once again. Until then, I'll save up my money and a spot on my bookshelf for the inevitable post auction Pogue Syllogue.

 

Log in or Sign up to hide this ad.

Has anyone actually confirmed those weren't the auction house?

 

No, but I don't think it would be worth the black eye to SB's reputation to pull that, especially with 3 sales remaining. It would have been nice to have raised paddles involved with these lots, but I'm assuming there was actual interest by remote buyers.

 

Sometimes one can say huge things with small words.

 

wow, amazing.

I would have bid 10X face on each

 

I'm not sure it would be a black eye to SB if the last couple were from them trying to get it to the reserve, they were upfront that they had the right to do that. I certiainly don't have the money to play at that level, but I wouldn't hold it against them when they were clear about it upfront.

I would assume the 1804 certainly got some real interest with the question being whether or not the final bid was a real one, the 1822 was a little strange apparently going backwards at first. We may never know what bids were what as I don't expect SB to disclose what they did if anything during either of those nor do I think they have any obligation too.

Some may view it as a black eye those two passed, though there was a lot of chatter that seemed to be expected from the reserves. I completely agree with you that it is far more likely a result from them being only willing to sell those two for extraordinary prices than the market being cool on them.

 

To you and me, it's an odd juxtaposition that those with the most money would be the least daring with it. If you've enough discretionary finds to contemplate 7-digit coin purchases, you obviously know where dinner is coming from for the rest of your life....what good does money do you sitting in a bank? It's useless. Money is a tool, and it irritates me that those with the most of it aren't tool-users.

Probably a good thing I haven't won the lottery. I'd make markets for coins like this, and the two in question would have sold if I had to throw $20Mil at them.

 

I'm shocked. Both of those prices would have been top 5 all time hammer prices, and they didn't meet reserve?

 

It is rather interesting how the people in the position to pay whatever it takes only rarely do so, then again that's probably how most of them got to that position in the first place. I could not agree more about never using it for pleasure, it's not like you can take it with you in the end.

I find this auction for these two to be fascinating how the dynamics played out. All of the behind the scenes action seemed to have come out on these two. There are so many theories about what or why happened but those that really know aren't stating publicly leaving us to guess or get little hints here and there. I would have loved to be a fly on the wall in those strategy meetings. A large part of me suspects it was never in the plans for those two to sell this time around and the buyers at that level were aware of that.

 

That's not inconceivable. This could have been the "advertising" before the intended sale, to ensure they have everyone's attention. It's now known that there are those willing to reach the sums which messydesk mentioned, meaning the successful purchaser now knows they'll have to exceed that in order to own the coins.

 

IMO, the world as we know it is going down the drain - real soon. When it recovers some semblance of a return to order many years from now, those two coins for example (if mobs have not melted them down), will be had for only hundreds of thousands of dollars not millions!

 

As it has been, ever since humans gained language to recount the past and speculate about the future.

 

Very true, but none of it affected me. THIS TIME it will in ways I do not wish to imagine! I hope it holds off for another fifteen years as by then I should be dead. Then as in the past, I don't care.

 

Exactly, plus the only thing that would have gotten more attention than them selling is them not selling. Makes you wonder if they were just show pieces to bring more attention to the rest of the lot.

It seems the only two things we really learned was that they are in no hurry to sell those two (if at all) and they appear to want the 1804 to beat the $10 mil SP dollar by a decent if not wide margin.

 

If that's your way of saying these coins are overhyped, I agree. Nobody needs them unless they're trying to recreate the Eliasberg collection, and you can get US coins that are comparably rare to much rarer for "mere" hundreds of thousands or even tens of thousands now.

 

No, they are wonderful coins. Coin prices often reflect the economy, wars, etc. I think the time for a major drop in auto's, art, coins, everything is coming due to what's going on in the world. I believe it will be so serious that there will not be any safe havens even for many of the super rich - unfortunately, blood in the streets.

 

If I had that kind of scratch, in addition to the attitude towards numismatics I do already have, I'd be looking hard at being the guy worthy of being their owner. A certain sort of arrogance is required to style onself worthy of occupying the pinnacle, and the owner of these coins will stand on the summit of the numismatic mountain. Not a goal to be sold short.

 

SuperDave cannot see my posts anymore but if he did have the "scratch" and bought these his name would certainly go down into numismatic history beyond CT.

 

If I had that kind of scratch only my agent would know I collected coins at all....let alone 7 figure coins

 

I hate to pay commissions!