Gorny & Mosch, D-Munich

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05-03-2017 – 09-03-2017

Auctions 244-246, e-auction 247

Gorny & Mosch: 110,000 Euros for an Euainetos

Three auctions were conducted by Gorny & Mosch from March 6-8, 2017. One highlight swiftly followed the next. In Auction 244 several comprehensive collections were auctioned off, with the coins, being extremely well-graded and with good provenances, realizing extremely high prices. Auction 245 proved the demand also for the mid-price segment being continuously high. And the collections offered for sale in Auction 246 were a complete success – as were the single objects. Whether Hungary or Venice – the collectors were willing to pay several times the relevant estimate.
Gorny & Mosch is very satisfied with the first e-auction as well. On low estimates, the coins from the Laurent Bricault Collection, the expert on Isis and Sarapis in ancient numismatics, obtained respectable to outstanding prices.

Auction 244 – High-quality Ancient Coins

Ancient coins of the finest quality and a superb style, one of Gorny & Mosch’s specialties, obtain high hammer prices. This is a truism that Auction 244 nevertheless confirmed once again. 

Lot 5: Celts. Imitation of Philip II. Kroisbach mit Reiterstumpf type. Tetradrachm, ca. 100-50 BC. Extremely fine to FDC. Estimate: 3,000,- euros. Hammer price: 5,000,- euros.

Let’s single out only one example, Lot 5 from the section of Celtic pieces. It is a tetradrachm of the ‘Kroisbach mit Reiterstumpf’ type. Graded extremely fine to FDC, the coin rose from 3,000 to 5,000 euros.

Lot 98: Syracuse (Sicily). Decadrachm, ca. 400-390. Extremely fine. From the Comte René Philipon Collection (1870-1936) and the Aynard Collection, from sale 1913, No. 22. Estimate: 50,000,- euros. Hammer price: 110,000,- euros.

The highlight among the Greek coins was of course the decadrachm signed by Euainetos from the Comte René Philipon (1870-1936) Collection and the Édouard Aynard Collection (sold at auction in 1913). Graded extremely fine, the flawless splendid specimen with the finest patina imaginable hammered only at 110,000 euros, on an already high estimate of 50,000 euros.
What major role grade, centering and style with Greek coins play these days, when compared against rarity which is becoming less and less important, becomes apparent if you look at the results obtained by objects stemming from the collection of a Munich-based doctor. 

Lot 388: Arsinoe II, Queen (Egypt). AV-octodrachm, Alexandria, 144-116. Acquired from SKA, Bern, on October 3, 1981. Extremely fine to FDC. Estimate: 20,000,- euros. Hammer price: 24,000,- euros.

The collector having put an emphasis on the mentioned criteria in regards to common strikings as well, a posthumous tetradrachm of Alexander the Great from Miletus realized not its appraisal of 1,500 euros but 6,000 euros, a tetradrachm from Cyme realized not 2,000 euros but 6,500 euros, a tetradrachm from Ephesus not 1,500 euros but 5,500 euros, and a tetradrachm from Cnidus not 5,000 euros but 11,000 euros.
Let’s conclude the Greek department with the impressive 24,000 euros a collector gladly paid for an AV-octodrachm of Arsinoë II (estimate: 20,000 euros).

Lot 417: Achulla (Africa Proconsularis). Augustus, 27 BC-AD 14. Under Proconsul P. Quinctilius Varus. AE, 8-7 BC. Brown patina. Fine. Estimate: 800,- euros. Hammer price: 4,400.- euros.

What role an object’s historical significance plays was illustrated by a bronze coin, graded “only” fine, from the African city of Achulla, with a portrait of the proconsul P. Quinctilius Varus on its reverse. The man who had lost the Battle of the Teutoburg Forest, proved so appealing to a collector that he continued bidding for the coin until, on an estimate of 800 euros, it finally became his, for a hammer price of 4,400 euros. 

Lot 456: Augustus, 27 BC-AD 14. Denarius, 17 BC, mint master M. Sanquinius. From Künker sale 89 (2004), No. 2025. Extremely fine. Estimate: 800,- euros. Hammer price: 4,200,- euros.

Speaking of the time of Augustus: This is an era in which wonderful coins were stuck, which combine the rich content of Republican coinage with the delicate style of Augustan Classicism. The prices showed that this is something that collectors appreciate. Therefore, a denarius from 19 BC featuring Tarpeia being crushed to death by shields brought 3,600 euros, on an estimate of 400 euros, whereas a denarius of later times, depicting the return of the Roman military standards by the Parthians, obtained 2,400 euros whereas a denarius from 17 BC featuring the portraits of Augustus and of Divus Julius realized even 4,200 euros. 

Lot 541: Septimius Severus, 193-211. Aureus, 209, Rome. From the collection of a Munich-based doctor. Extremely fine to FDC. Estimate: 20,000,- euros. Hammer price: 25,000,- euros.

Just two cases in point may suffice to illustrate that extremely fine aurei and solidi always obtain good prices: graded extremely fine to FDC, an aureus of Septimius Severus with a liberalitas depiction realized 25,000 euros (estimate: 20,000 euros), and an FDC solidus of Magnentius 14,000 euros (estimate: 12,000 euros).

Auction 245 – Ancient Coins and Lots

Roughly 1,000 lots formed part of the second auction of ancient coins. It showed that the mid-range segment is also a candidate for solid prices, and even for astonishing hammer prices, although they may sound not as spectacular as the ones witnessed in the first part.
To mention just a few examples: a very rare tetras from the city of Panormos with marvelous toning in extremely fine. Having been appraised at 200 euros, the striking was auctioned off for 700 euros. 650 euros was the final bid for a depiction, with a great many figures, of the city of Pautalia under Caracalla, that features the city’s affluence on the reverse (estimate: 120 euros). The specialized collectors were particularly observant in the section of Egyptian coins, when an extremely rare Alexandrian hemiobol of Trajan was offered for sale, in a grade that was extraordinarily good for this emission: Instead of 100 euros, it cost 500 euros.
So, the specialized collectors will surely benefit from examining the second catalog of Gorny & Mosch’s, too.

Auction 246 – Medieval and Modern Coins

Several collections were sold in the auction comprising coins and medals from medieval and modern times. Many objects obtained amazingly high prices – stemming from many different areas and dating from the most diverse eras. 

Lot 3026: Ulm. Friedrich II, 1212-1250. Bracteate around 1245-1250. Extremely rare. Extremely fine to FDC. Estimate: 2,000,- euros. Hammer price: 5,500,- euros.

Medieval coins

As impressive as the 1,800 euros realized by an extremely fine and rare bracteate from Donauwörth already were (estimate: 750 euros), two Ulm bracteates surpassed expectations to an even greater extent. Two extremely rare strikings brought 5,500 euros for Frederick II (estimate: 2,000 euros) and 5,000 euros for a coin dated to the period between Conrad IV and Conradin (estimate: 3,000 euros).

Lot 3051: Bavaria. Karl Theodor, 1777-1799. Vikariatstaler, 1790, Munich. On the vicariate. 2nd known specimen. Extremely fine to FDC. Estimate: 15,000,- euros. Hammer price: 34,000 euros.

German coins and medals

34,000 euros on an estimate of 15,000 euros, that was the hammer price for an extremely rare 1790 vikariatstaler of Karl Theodor with the half-length portrait to the left(!). 11,000 euros was the price a representational taler of Sebastian von Hatzfeld obtained, minted in Nuremberg and bearing the date of 1597. An extremely rare 1717 taler-klippe of Christian von Saxe-Weißenfels changed hands for 15,000 euros (estimate: 10,000 euros).

Lot 3136: Henneberg. Joint coinage with Saxony, 1692-1702. Taler 1694. Yield of the Ilmenau Mines. Tiny solder mark. Very fine. Estimate: 400,- euros. Hammer price: 1,200,- euros.

Two comprehensive collections with coins of the Princely County of Henneberg and the Counts of Hohnstein were offered in Auction 246. The results obtained were outright satisfying, with most results exceeding the estimates by far. Issued as joint coinage with Saxony in 1694, a Henneberg taler realized 1,200 euros, three times its estimate. The biggest surprises from Hohnstein were a 1582 half taler struck by the Ellrich Mint (350 / 900 euros) and a half taler with the date of 159Z, likewise from Ellrich (200 / 1,100 euros).

Lot 3373: GDR. 20 marks 1973 A (1979). Motif-PATTERN. One side of J. 1573 (’30 Jahre DDR’), the other side of J. 1548 (’20 Mark Grotewohl’). Extremely rare. Almost mint state. Estimate: 2,500,- euros. Hammer price: 4,200,- euros.

Furthermore, the post-1871 Germany department included many an interesting object as well. To highlight only one: a motif-pattern from the GDR from 1979, of which one side was produced with the dies for Jaeger 1573 and the other side with the dies for Jaeger 1548. On a pre-sale price tag of 2,500 euros, it hammered at 4,200 euros. 

Lot 3557: Venice. Niccolo Tron, 1471-1473. Ducato no date. Extremely rare. Extremely fine. Estimate: 7,500,- euros. Hammer price: 8,500,- euros.

Collection of Venetian coins

More than 80 gold coins from Venice came under the hammer in Auction 246, and most of these brought pleasing results. For example, a ducato of Pietro Gradenigo realized 2,400 euros (estimate: 1,000 euros), a zecchino of Marc Anton Trevigiano 2,200 euros (estimate: 1,500 euros), and a zecchino of Niccolo Sagredo 2,400 euros (estimate: 2,000 euros). The extremely rare zecchino of Niccolo Tron, known to coin enthusiasts because of his introduction of his substantially better-known lira tron with the only portrait of a doge, was the highest-selling coin. His ducat obtained 8,500 euros (estimate: 7,500 euros).
By the way, the imitations of the Venetian gold coins were much sought-after as well. Among these were one of Dorinus Gattilusio from Mytilene for 1,100 euros (estimate: 400 euros) and another one of Anton Flavian de Ripa, 35th Grand Master of the Knights Hospitaller, for 2,000 euros (estimate: 1,500 euros).

Lot 3821: Hungary. John Hunyadi, 1446-1462. Gold gulden no date. Extremely rare. Extremely fine to mint state. Estimate: 6,500,- euros. Hammer price: 20,000,- euros.

Collection of coins from Hungary

The collectors of Hungarian gold coins can rejoice. Currently, impressive prices are being paid. The auctions’ most expensive coin was an almost mint state and extremely rare gold gulden of John Hunyadi (1446-1452) that rose from its estimate of 6,500 euros to a final 20,000 euros. Yet the result of 1,600 euros of a gold gulden from 1353 to 1375 of Louis I, on an estimate of 500 euros, is also remarkable, as are the 2,600 euros a collector was willing to pay for a perfect gold gulden from the period between 1483 and 1485 of Matthias Corvinus (estimate: 750 euros). 

Lot 3888: Hungary. Medal in the weight of 1 1/2 talers 1648 on the yield of the Schemnitz Mine. Extremely fine. Estimate: 1,000,- euros. Hammer price: 9,500,- euros.

The later objects, however, realized amazing prices as well: A gold gulden of Vladislaus II from 1515 obtained 4,600 euros (estimate: 2,000 euros), a 1635 ducat of Ferdinand II 4,400 euros (estimate: 1,000 euros), and a medal in the weight of 1 ½ talers on the yield of the Schemnitz Mine 9,500 euros (estimate: 1,000 euros).

Lot 4619: Alexandria. Hadrian, 117-138. Diobol, 135/6. 3rd known specimen. Estimate: 80,- euros. Hammer price: 550,- euros.

Auction 247 – The Laurent Bricault Collection

On March 10, 2017, Gorny & Mosch conducted the very first e-auction. The Bricault Collection with depictions of the Egyptian deities Isis and Sarapis on coins crossed the auction block. Internationally renowned, the Egyptologist, historian and numismatist is THE acknowledged expert on the Egyptian deity Isis and on Sarapis and Harpocrates as the deities associated with her since Greco-Roman times. Despite the extremely low estimates in some cases, a number of objects obtained quite respectable prices. To single out only one: a diobol of Hadrian from the Alexandria Mint in Egypt. This being the third known specimen, the coin rose from its estimate of 80 euros to a hammer price of 550 euros.

All results can be viewed online. The next coin auction is scheduled for October 9-13, 2017. Consignments will be taken in up to July 28, 2017. If you intend to consign for the auction of ancient art in June 2017, we suggest that you do it quite soon. Consignments will be accepted up to late March. For further details please contact Gorny & Mosch, Giessener Münzhandlung, Maximiliansplatz 20, D-80333 Munich, phone +49 / (0)89 / 24 22 643-0, fax +49 / (0)89 / 22 85 513.