Eric P. Newman Collection Exceeds Pre-Auction Estimates

The landmark sale of the Eric P. Newman Collection Part II shattered expectations when it realized a total of nearly $23.4 million, or more than 50% above the pre-sale estimate, when it was sold by Heritage Auctions in New York on November 15 and 16. 1,827 coins were selected from the collection of noted numismatic writer and researcher Eric P. Newman.newman_25c_thumb
“These outstanding results are a clear indication of the strength of the rare coin market”, said NGC Chairman Mark Salzberg.
The top lot in the Newman Part II sale was a gorgeous 1796 Quarter graded MS 67 that sold for $1,527,500—a new record for a silver minor coin and the second coin from the Newman Collection to sell for more than $1 million. The finest known example of this coveted first-year issue was purchased by Newman for only $100 in the early 1940s.

Newman’s 1799 7×6 Stars Dollar graded MS 67 realized $822,500, a record price for its date. The piece was originally purchased by Newman for $75.
Newman’s exceptional No Motto Seated Liberty Quarters also achieved a number of record-breaking results. These selections were led by his 1840-O No Drapery Quarter, which at MS 67 is a full two points above the next finest example. It sold for $329,000 or more than 12 times the previous auction record for this date.
The finest known Proof 1861 Quarter, graded PF 68 Cameo, sold for $188,000. The previous auction high for a Proof 1861 Seated Liberty Quarter was $16,100.
Another notable specimen was Newman’s 1838 No Drapery Quarter graded MS66, which sold for $141,000. This result was nearly triple the price paid for a higher graded example of this date just four years ago.

newman
“Mr. Newman had an amazing eye for rarity and quality that was far ahead of his time,” adds Salzberg, chairman of NGC. “His incredible understanding of these nuances enabled him to assemble one of the greatest collections in history.”

Newman is well known among numismatists for his scholarly contributions and his generosity is further shown by the donation of all proceeds from the sale to charitable pursuits.
The next installment of the Eric P. Newman Collection will be sold in New York, January 14 to 16, 2014. The highly anticipated Newman Part III will include selections from Newman’s world coin collection.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: