Bluesheet: MARKET UPDATE
POGUE III IN THE BOOKS, SETS NEW MARK FOR MOST VALUABLE COLLECTION EVER SOLD
The third part of the D. Brent Pogue Collection was conducted on Tuesday, February 9, by Stack's-Bowers and Sotheby’s in New York City. This session, which consisted of select large cents, capped bust dimes, capped bust halves, three dollar pieces, and select half eagles realized $17,135,615. Leading off were 11 lots of half cents, topped by the 1794 Cohen-7 graded MS67RB by PCGS at $940,000. These were followed by five lots of large cents – all dated 1793 – highlighted by the ex-Garrett specimen Chain cent that brought just $1,250 short of $1 million. While this number seems high, some experts had expected to see this coin sell for $1.5 million or more.
Although all of the capped bust dimes are worthy of mention, two stand out not only for their price but also their grade: the 1814 in MS66+ which brought $94,000 (against a pre-sale high estimate of $30,000) and the 1831 in MS68, which also took home $94,000. There were four proof dimes which realized a total of $317,250. Overall the dimes and half dollars performed quite well at the sale.
Speaking of proofs, the 1827 capped bust half dollar graded PR67 formerly in the Eliasberg collection sailed past its high estimate to land at $258,500. The results for the three dollar gold pieces were mixed, although the set brought a little north of $2.6 million. The famous 1875 $3 Pogue example graded PR65+ hammered for $329,000. The final portion of the sale consisted of early half eagles dated 1807-1820, replete with rarities and 19 six-figure coins, led by the 1815 in MS65 at $822,500. Of course, the uber-famous 1822 is held out for a future auction and the coin community is holding its collective breath in anticipation.
That brings the collection total to $68,577,182, which already makes it the most valuable United States coin collection sold at public auction, and it is not finished.
We eagerly anticipate the subsequent installments of this monumental and landmark collection.
LOWER END OF MARKET HOLDING
There has been much discussion of late concerning the market for high-end coins slipping. This is not surprising with collectors, investors and dealers all feeling the pinch of lower equity markets. We are observing, however, that Bluesheet levels have been surprisingly representative of auction prices realized. In numerous cases, we see the market outperform the Bluesheet. This could indicate a number of things, including the fact that the spread between sight-unseen quality and sight-seen quality is tightening. The exceptions to this rule are most noticeable for coins that have active CAC bids on CoinPlex. The trading arm of CAC, and other market-makers, have been able to support higher values for stickered coins, and the market supports these higher numbers, at auction and the bourse floor.