Pogue auction results still record-setting: Monday Morning Brief, May 30, 2016
After weeks of anticipation, the top two coins in the fourth auction
of the D. Brent Pogue Collection were retained by the family after the
coins did not meet their reserves. Overall, the entire auction
performed as strong as expected, drawing strong bids from collectors
looking to obtain material that is the epitome of the phrase “fresh to
the market.” The record-setting collection has yielded more than $85
million, and there are more coins to sell.
Full video transcript:
Good morning. Welcome to the Monday Morning Brief. I’m Jeff Starck of Coin World.
The latest auction from the D. Brent Pogue Collection has concluded, with mixed results.
After months of interest and excitement leading up to the sale, the expected stars in the fourth installment of the Pogue Collection both failed to meet their reserves and did not sell. However, 11 more coins from the Pogue Collection are now ranked among the top 250 coin auction records of all time.
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In addition, the collection now totals more than $85 million, with
more sales to come.
The latest Pogue auction, subtitled “Masterpieces of United States Coinage, Part IV,” was a joint venture between Stack’s Bowers Galleries and Sotheby’s. The sale was held in New York City on May 24.
Pogue’s 1804 Draped Bust silver dollar is the finest known 1804 dollar, graded Proof 68 by Professional Coin Grading Service. The coin opened at $7.6 million. According to the auction house, a phone bidder offered the world record sum of $10,575,000, the highest price ever offered for any coin at auction, but it did not surpass the consignor’s reserve price and was passed.
The other expected star in the sale was offered six lots later. The 1822 Capped Head gold $5 half eagle has been called “the most legendary rarity in American numismatics.” It is one of just three known — two of which are part of the National Numismatic Collection at the Smithsonian Institution — making the Pogue coin the only example available to collectors.
Graded About Uncirculated 50 by PCGS, it opened at a bid of $6 million and received a phone bid of $7,285,000 before being passed, as well.
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But, as we noted, the sale was much more than these two exceptional coins.
Other highlights include a 1795 Draped Bust dollar graded PCGS Specimen 66 that sold for $1,057,500.
Another bright spot was an 1833 Capped Head $5 half eagle graded Proof 67 by PCGS that sold for $1,351,250. This coin is considered the finest pre-1835 Proof U.S. gold coin.
Conducting the auction was like “selling a roomful of Rembrandt’s,” said Stack’s Bowers co-founder Q. David Bowers.
And in this case most of the Pogue masterpieces found new homes.
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For Coin World, I’m Jeff Starck. Happy collecting!