Michael Gasvoda informed his clients about the reasons why CNG had to postpone their Keystone Auction 3. Find here the open letter he wrote:
CNG is cancelling the feature auction Keystone 3, which was to take place this Wednesday, 17th February 2021. During the past week we have been in conversations with Yale University about select coins in this sale. It appears that six coins in Keystone 3 came from an excavation sponsored by Yale University at Dura-Europos between 1928 and 1937. We believe these coins are the property of Yale University.
Further discussions with Yale indicate that other coins in the Keystone 3 sale may also have originated from the Yale collections. The university did de-accession duplicate coins from its collections over a period of time during the mid-20th century, but Yale believes that the coins in the Keystone sale were not part of their formal de-accessioning.
As a result of discussions between Classical Numismatic Group and Yale University, we have reached an agreement whereby the coins will be returned to Yale. CNG has offered Yale assistance in cataloging the coins.
We know that many bidders have worked hard at putting together bids for this auction. We truly apologize to you for your effort. At the end of the day, after all information was evaluated, we reached a cordial agreement with Yale and believe that we made the correct decision.
CNG sincerely thanks all of the bidders for their understanding.
Further information on CNG can be found on their website.