Spring Auctions: Gorny and Mosch

The big surprise in the Gorny sale was the ferocious bidding for late Roman and Byzantine pieces of very high quality, and this in the face of a very large recent horde.

The rumor was the Russians who had previously confined their bidding to earlier Roman gold have now branched out into later issues like these below, that were once available for $2000 US dollars all day long.  Of course, it's never been easy to find them in the condition they are seen below.  Yet by ancients standards, with a little effort they have been quite available.  They are still.  But at 3-5 times the price.  It goes to show how a very few wealthy bidders can skew a market.

And now the US bidders are entering the market because of the NGC slabbing phenomenon, one can only wonder where prices will be once they discover these slightly more arcane areas of ancients collecting:  

Honorius:

Estimate: 1000 EUR
Price realized: 3400 EUR

all in:  $6,100

Theodosius I

Estimate: 2500 EUR
Price realized: 5500 EUR

All in: $9,900

Even the Byzantine issues which a short time ago were available for under $1000 caught a bid in the same auction:

 

Heraclius:

Estimate: 1500 EUR
Price realized: 3400 EUR

all in: $6,100

 

  

Basil II

Estimate: 750 EUR
Price realized: 3000 EUR
all in: $5400

 

Nice coins, no doubt, but at these prices, everyone must recalibrate.   Of course, there's a danger of reading too much into any one auction.  Auctions tend to be very unpredictable - and often times they can be poor predictors.

Yet, the same action was very much evident in the last NAC auction of Late Roman.  This April, Heritage will be running a huge late Roman section of mostly slabbed coins.  There are many pieces from each emperor.  It will be very interesting to see how those pieces fare in the US market.