Hard Asset News

Commodity supercycle is ‘alive and well’: McKinsey & Co.

September 26, 2013, 12:16 PM

Recent declines in commodity prices have raised the idea that the so-called commodity supercycle is over, but not everyone believes that.
Month to date futures prices, based on the most-active contracts, for gold  GCZ3 0.92% have lost around 5%, silver’s  SIZ3 0.02% down over 7%. Oil CLX3 -0.21% and natural-gas futures  NGX13 0.56% have lost around 4%.
But “despite recent falls, commodity prices are still near their levels of early to mid-2008, just before the global financial crisis hit,” said analysts at McKinsey & Company, in a recent research note.
“At a time when the world economy remains below full power, this phenomenon is striking and a sign that the supercycle is alive and well,” they said, noting that the supercycle refers to the period of sharp price rises and heightened volatility since the turn of the century.

Pink Diamond Expected to Fetch Over $60 Million

By Associated Press Sept. 25, 2013Add a Comment

Keystone,Martial Trezzini / AP

A Sotheby's employee shows The Pink Star diamond weighing 59.6 carat, during a preview at Sotheby's, in Geneva, Switzerland, Wednesday, Sept. 25, 2013.

(GENEVA) — Sotheby’s is showing off a pink diamond that is expected to fetch more than $60 million at auction.
The auction house was giving previews of what it calls the world’s most valuable diamond ever to be offered at auction.
Sotheby’s said in a statement Wednesday that The Pink Star, a 59.60-carat oval cut pink diamond, would go up for auction on Nov. 13 in the historic five-star Beau-Rivage Hotel along Lake Geneva.
David Bennett, chairman of Sotheby’s Switzerland, says the vivid pink diamond is “of immense importance” because of its extraordinary size and exceptionally rich color that surpass all others known to exist in government, royal or private collections.
He says it is “simply off any scale, and passes, I believe, into the ranks of the earth’s greatest natural treasures.”

Wine Buyers Pay Record Prices at South Africa’s Biggest Auction

By Renee Bonorchis - Sep 10, 2013 6:11 AM ET

South Africa’s biggest wine sale at the Nederburg estate outside Cape Town saw prices almost double to a record this month as volumes on offer fell.
Held on Sept. 6 and 7 at the estate in Paarl, northeast of Cape Town, the auction offered 132 wines, including 72 red, 36 white and eight dessert varieties, the auctioneer said in a statement on its website today. The average price per liter climbed 92 percent to 354.64 rand ($35) from a year earlier.

Ferrari NART Spyder Sets $27.5 Million Auction Record

By Scott Reyburn - Aug 19, 2013 12:48 PM ET

Concept Cars of Future Meet Pricey Past at Pebble

A 1960s Ferrari convertible sold for a record $27.5 million in California, where classic-car sales were dominated by rarities from the Italian maker.

 

A 1967 Ferrari 275 GTB/4*S NART Spyder. One of only 10 made, was estimated at $14 million to $17 million in a two-day sale held by RM Auctions in Monterey, California, on Aug. 16-17. The car sold for $27.5 million with fees, the most paid at auction for the Italian carmaker anywhere in the world and the most for any car bought at a U.S. public sale. Photographer: Darin Schnabel/RM Auctions via Bloomberg

Stack’s Bowers Galleries Breaks Multiple Auction Records To Realize More Than $46 Million In Chicago As Official ANA Auctioneer!

IRVINE, Calif. – Stack’s Bowers Galleries conducted the Official Auction of the August 2013 ANA World’s Fair of Money from August 11-16 at the Donald E. Stephens Convention Center in Rosemont, Illinois. Fourteen live auction sessions and two Internet-only sessions brought the total sales to a staggering $46,483,309. Some of the most famous names in numismatics were represented in this sale, with pieces from the John J. Ford, Jr. Collection, the Thos. H. Law Collection, the Richard Jewell Collection, the Bentley Shores Collection, the Dr. Edward and Joanne Dauer Collection of Silver Certificates, the Demarete Collection, and others, all offered throughout this amazing event.
Significant highlights abounded in all numismatic areas, and the sections of U.S. coins featured a number of important lots, including several record-breakers. Lot 4043 showcased an incredible 1792 half disme graded MS-66 by PCGS. Pedigreed back to the Judd and Hayes collections, as well as back to David Rittenhouse, the first director of the United States Mint, this amazing piece of history fetched a whopping $793,125 when it crossed the block during our Rarities Night event on Thursday evening.
Morgan dollars featured a number of notable pieces, including an amazing 1889-CC graded MS-68 by PCGS, making it the finest certified example of the date by three points. In addition to impeccable condition, this coin also boasts a fabulous pedigree, which includes the collections of John G. Mills, John H. Clapp, Louis E. Eliasberg, Sr., and Jack Lee. This coin was hotly contested and eventually sold for an impressive $881,250 after active bidding.
U.S. gold coins were highlighted by the wonderful Bentley Shores Collection of Indian Eagles, a complete and definitive collection of superb pieces. The collection contained not one but two examples of the famous 1907 Rolled Rim, Periods! The first was graded MS-67 (PCGS) and sold for an incredible $470,000, and the second example in PCGS MS-66+ brought $329,000.
“This was our third consecutive Official ANA World’s Fair of Money Auction and our most successful ANA auction to date in terms of prices realized,” said Brian Kendrella, president of Stack’s Bowers Galleries. “It is always an honor and privilege to work with the American Numismatic Association and to be part of this tremendous annual show, and we are proud to be able to present such a vast and diverse catalog of historic numismatic items to our bidders at the auction and around the world.”
U.S. coin highlights of the Stack’s Bowers Galleries 2013 Official Auction of the ANA World’s Fair of Money include:

• Lot 1008, "1781" (1782) Libertas Americana Medal. Bronze. Betts-615. MS-65 BN (PCGS). CAC. Secure Holder. Realized $58,750
• Lot 1035, 1801 Thomas Jefferson Indian Peace Medal. Small Size. Silver Shells. Julian IP-4. Choice About Uncirculated. From the Charles W. Wharton Collection. Realized $117,500
• Lot 1080, 1801 Thomas Jefferson Indian Peace Medal. First Size. Silver Shells. Julian IP-2. Choice Very Fine. Ex: F.C.C. Boyd Estate. Realized $246,750
• Lot 1340, 1787 Fugio Copper. Club Rays. Newman 5-F. Rarity-7. Concave Ends, UNITED STATES. VF Details (PCGS). From the Robert Ayers Collection. Realized $35,250
• Lot 2258, 1921-S Walking Liberty Half Dollar. MS-65 (PCGS). CAC. From the George Edward Collection. Realized $108,688
• Lot 4019, 1793 Wreath Cent. S-9. Vine and Bars Edge. MS-69 BN (PCGS). Realized $481,750
• Lot 4043, 1792 Half Disme. MS-66 (PCGS). Ex: Rittenhouse-Judd-Hayes. Realized $793,125
• Lot 4245, 1878-S Liberty Seated Half Dollar. MS-63 (PCGS). CAC. From the Richard Jewell Collection. Realized $164,500
• Lot 4305, 1794 Flowing Hair Silver Dollar. B-1. VF-35 (PCGS). Secure Holder. Realized $211,500
• Lot 4357, 1850-O Liberty Seated Silver Dollar. MS-64 (PCGS). Realized $105,750 – World Record Price at Auction
• Lot 4374, 1889-CC Morgan Silver Dollar. MS-68 (PCGS). Realized $881,250 – World Record Price at Auction
• Lot 4382, 1893-CC Morgan Silver Dollar. Proof-66 Cameo (NGC). Realized $323,125 – World Record Price at Auction
• Lot 4411, 1944 Lincoln Cent--Struck on a Steel Planchet--MS-64 (PCGS). CAC. Secure Holder. Realized $158,625 – World Record Price at Auction
• Lot 4430, Harris, Marchand & Co. Gold Ingot. No. 6468. 51.00 Ounces. 880 Fine. Realized $305,500
• Lot 4472, 1797 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-6. 16 Stars. MS-61 (PCGS). Realized $411,250 – World Record Price at Auction
• Lot 4494, 1908 Indian Half Eagle. Proof-67+ (PCGS). CAC. Realized $152,750 – World Record Price at Auction
• Lot 4512, 1865 Liberty Eagle. Proof-66+ Deep Cameo (PCGS). CAC. Secure Holder. Realized $528,750 – World Record Price at Auction
• Lot 4523, 1907 Indian Eagle. Wire Rim, Periods. MS-67 (PCGS). Secure Holder. From the Bentley Shores Collection. Realized $211,500
• Lot 4524, 1907 Indian Eagle. Rolled Rim, Periods. MS-67 (PCGS). Secure Holder. From the Bentley Shores Collection. Realized $470,000 – World Record Price at Auction
• Lot 4525, 1907 Indian Eagle. Rolled Rim, Periods. MS-66+ (PCGS). Secure Holder. From the Bentley Shores Collection. Realized $329,000
• Lot 4526, 1907 Indian Eagle. No Periods. MS-68 (PCGS). CAC. Secure Holder. From the Bentley Shores Collection. Realized $176,250 – World Record Price at Auction
• Lot 4528, 1908 Indian Eagle. No Motto. MS-67+ (PCGS). CAC. Secure Holder. From the Bentley Shores Collection. Realized $105,750 – World Record Price at Auction
• Lot 4537, 1908-S Indian Eagle. MS-69 (NGC). From the Bentley Shores Collection. Realized $182,125 – World Record Price at Auction
• Lot 4538, 1909 Indian Eagle. Proof-67 (NGC). From the Bentley Shores Collection. Realized $141,000 – World Record Price at Auction
• Lot 4571, 1933 Indian Eagle. MS-64 (PCGS). Secure Holder. From the Bentley Shores Collection. Realized $367,188
• Lot 4585, 1861 Liberty Double Eagle. MS-67 (PCGS). CAC. Realized $352,500 – World Record Price at Auction