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Heritage Auctions
Heritage Auctions For Trusts and Estates Advisors Journal SECOND ISSUE // 2017 CRUISE SHIP CAUTIONS IN THIS BY ROBERTA KRAMER, MANAGING DIRECTOR OF HERITAGE AUCTIONS CHICAGO LOOKING OUT OVER THE RAILING, A BALMY OCEAN BREEZE IN YOUR ISSUE: HAIR, AND A DRINK WITH AN UMBRELLA IN YOUR HAND – WHAT COULD BE BETTER? CRUISING CAN BE A WONDERFUL, FUN AND RELAXING WAY TO TAKE TIME OFF, SEE NEW PLACES (OR NOT) AND UNWIND FROM THE 1 DAILY GRIND. WITH THE GROWTH OF THE CRUISE INDUSTRY, NUMEROUS ART PURCHASE OFFERINGS HAVE BEEN ADDED TO ENTICE PASSENGERS. Cruise Ship Cautions 3 from computers to meditation. You can A Norman Rockwell Study Sets gamble on most cruises, often with World Auction Record at Heritage very large casinos. Many of the new megaships have waterparks, zip lines, 4 and other physical activities besides the Asian Art traditional pool. “Retail therapy” is also to be found on most ships, some with 5 shopping areas the size of small malls. Making the Grade A couple of decades ago a new offering was introduced to cruise goers; art 6 auctions at sea. So You Find Yourself an From the start, these auctions were very Executor of an Estate? popular and quickly were offered on all 7 the major cruise lines. Big name artists such as Chagall, Dali and Picasso were Luxury Real Estate featured along with many contemporary, 8 lesser known, names. Promises of massive appreciation in value were made All About Appraisals to potential buyers; they were told the “Though this original movie poster from 1933 that works would appraise for much more 9 sold for $5,000 at Heritage pre-dates cruise ship auctions – be wary of reproductions and inflated when the passengers returned home Collector’s Handbook prices during onboard auctions.” with their new treasures. -
Heritage Auctions | Winter 2020-2021 $7.9 9
HERITAGE AUCTIONS | WINTER 2020-2021 $7.9 9 BOB SIMPSON Texas Rangers Co-Owner Releases Sweet Nostalgia Enduring Charm Auction Previews Numismatic Treasures Yes, Collectibles Bright, Bold & Playful Hank Williams, Provide Comfort Luxury Accessories Walt Disney, Batman features 40 Cover Story: Bob Simpson’s Sweet Spot Co-owner of the Texas Rangers finds now is the time to release one of the world’s greatest coin collections By Robert Wilonsky 46 Enduring Charm Over the past 12 months, collectors have been eager to acquire bright, bold, playful accessories By The Intelligent Collector staff 52 Tending Your Delicates Their fragile nature means collectible rugs, clothing, scarfs need dedicated care By Debbie Carlson 58 Sweet, Sweet Nostalgia Collectibles give us some degree of comfort in an otherwise topsy-turvy world By Stacey Colino • Illustration by Andy Hirsch Patek Philippe Nautilus Ref. 5711/1A, Stainless Steel, circa 2016, from “Enduring Charm,” page 46 From left: Hank Williams, page 16; Harrison Ellenshaw, page 21; The Donald G. Partrick collection, page 62 Auction Previews Columns 10 21 30 62 How to Bid Animation Art: The Arms & Armor: The Bill Coins: Rare Offering The Partrick 1787 New York-style 11 Ellenshaw Collection Bentham Collection Disney artist and son worked California veterinarian’s Civil Brasher doubloon is one of only seven- Currency: The Del Monte Note on some of Hollywood’s War artifacts include numerous known examples Banana sticker makes bill one greatest films fresh-to-market treasures By David Stone of the most famous -
Heritage Auctions | Fall 2020 $7.9 9
HERITAGE AUCTIONS | FALL 2020 $7.9 9 DREW HECHT Election Season Energizes Collectors of Political Paper Money Movie Posters Auction Previews Memorabilia International Notes Collecting Strategies of Peter Lindeman, Lou Gehrig, Command Top Prices a Hollywood Producer Mike Coltrane, Justin Schiller features 32 Collecting With Style Hollywood producer Mike Kaplan has always had an eye for the elements that make a movie poster great By Hector Cantú Portrait by Deborah Hardee 36 Worldly Treasures As the largest numismatic auctioneer of international banknotes, Heritage Auctions has notched some impressive prices realized By Dustin Johnston 42 Cover Story: Collecting Democracy Upcoming election is a great time to discover how political memorabilia can be affordable, rewarding and fun By David Seideman Portrait by William Thomas Cain 51 To Serve and Protect As long as you have the space and right conditions, consider keeping your precious wine collection at home By Debbie Carlson China People’s Republic 10,000 Yuan 1951 (detail) from “Worldly Treasures,” page 36 From left: New Heritage headquarters, page 10; Lou Gehrig, page 21; Peter Lindeman, page 28 Auction Previews Columns 20 28 57 How to Bid Fine Jewelry: The Private World Currency: Hiding in Plain Sight Collection of Peter Lindeman Designers of Seychelles Rupees created one of 21 Artisan looks back on a career brim- hobby’s more popular collectibles with a little Sports Collectibles: ming with exquisite pieces, acco- subliminal assistance Baseball History lades and special friends By Craig -
11032 Catalog Cover
I ISSUE 21 S S U E • 2 1 • S S P PR R I SALE CALENDAR 2015 NG 2015 I STAMPS N 16 April The Neville Polakow FRPSL Collection of Northern Rhodesia London 15022 G 7/8 May The Philatelic Collector’s Series Sale London 15023 • 16 May The Philatelic Collector’s Series Sale Hong Kong CSS12 2 19 May Western Australia from the Vestey Collection London 15024 0 20 May Specialised Great Britain Stamps and Postal History London 15025 1 20 May Swaziland, The Award-Winning Collection formed by Peter van der Molen, RDPSA, FRPSL London 15035 5 June The Philatelic Collector’s Series Sale New York 151 Stamps Coins Banknotes Medals Bonds & Shares Autographs Books Wines 15/16 July The Philatelic Collector’s Series Sale London 15026 July Postal History and Historical Documents London 15037 17/18 August Stamps and Covers of South East Asia sale during the International Exhibition Singapore 15027 COINS 25/26 March Ancient, British & Foreign Coins and Commemorative Medals London 15004 T 2 April The Numismatic Collector’s Series Sale Hong Kong CSS15 14 May The Slaney Collection of English Coins - Part 2 London 15031 H 3/4 June The Numismatic Collector’s Series Sale New York 322 E 1/2 July Ancient, British & Foreign Coins and Commemorative Medals London 15005 27 August The Numismatic Collector’s Series Sale Hong Kong CSS17 BANKNOTES S 2 April The Numismatic Collector’s Series Sale Hong Kong CSS15 P 28 April Queen Elizabeth II: A Banknote Collection London 15033 28 April The Michael Jowett Collection of African Banknotes London 15032 I 29 April The Uncirculated -
Pricing and Fees in Auction Platforms with Two-Sided Entry
Discussion Paper PRICING AND FEES IN AUCTION PLATFORMS WITH TWO-SIDED ENTRY Marleen Marra SCIENCES PO ECONOMICS DISCUSSION PAPER No. 2020-02 Pricing and fees in auction platforms with two-sided entry Marleen Marra∗ December 2019 Abstract This paper presents, solves, and estimates the first structural auction model with seller selection. This allows me to quantify network effects arising from endogenous bidder and seller entry into auction platforms, facilitating the es- timation of theoretically ambiguous fee impacts by tracing them through the game. Relevant model primitives are identified from variation in second-highest bids and reserve prices. My estimator builds off the discrete choice literature to address the double nested fixed point characterization of the entry equilib- rium. Using new wine auction data, I estimate that this platform's revenues increase up to 60% when introducing a bidder discount and simultaneously in- creasing seller fees. More bidders enter when the platform is populated with lower-reserve setting sellers, driving up prices. Moreover, I show that mean- ingful antitrust damages can be estimated in a platform setting despite this two-sidedness. (JEL codes: D44, C52, C57, L81) Keywords: auctions with entry, two-sided markets, nonparametric identification, estimation, nested fixed point ∗Sciences Po, Department of Economics. E-mail: [email protected]. I am indebted to Andrew Chesher, Phil Haile, Lars Nesheim, Adam Rosen and Aureo´ de Paula for fruitful discussions and continued guidance. I also thank Dan Ackerberg, Larry Ausubel, Matt Backus, Dirk Bergemann, Natalie Cox, Martin Cripps, Matt Gentry, Emel Filiz-Ozbay, Ken Hendricks, Tom Hoe, Hyejin Ku, Kevin Lang, Guy Laroque, Brad Larsen, Thierry Mayer, Konrad Mierendorff, Rob Porter, Imran Rasul, Jos´e-Antonio Esp´ın-S´anchez, Andrew Sweeting, Michela Tincani, Jean Tirole, Frank Verboven, Daniel Vincent, Quang Vuong, Martin Weidner and seminar participants for helpful comments. -
Bidding Strategy and Auction Design
16 ■ Bidding Strategy and Auction Design UCTIONS AS MECHANISMS for selling goods and services date back to ancient Greece and Rome, where slaves and wives were commonly bought and sold at well-known public auction sites. Although the auction waned as a sales mechanism for several centuries after the fall of the Roman Em- pire,A it regained popularity in eighteenth-century Britain and has been a com- mon, if not ubiquitous, method of commerce since that time. Many thousands of people now make purchases at online auctions every day, and some may buy other items by way of mechanisms that are not even recognized as auctions. Despite this long history, the first formal analysis of auctions dates only to 1961 and the path-breaking work of Nobel Prize winner William Vickrey. In the decades that followed, economists have devoted considerable energy to devel- oping a better understanding of sales by auction, from the standpoint of both buyers (bidding strategy) and sellers (auction design). We cover both topics and provide a primer on auction rules and environments in this chapter. Technically, the term “auction” refers to any transaction where the final price of the object for sale is arrived at by way of competitive bidding. Many dif- ferent types of transactions fit this description. For example, the historic Filene’s Basement department store in Boston used a clever pricing strategy to keep cus- tomers coming back for more: it reduced the prices on items remaining on the racks successively each week until either the goods were purchased or the price got so low that it donated the items to charity. -
Your Summer Guide to Buying Native American Art and Artifacts, Fine Western Art and Western Americana
THE OLD WEST Your Summer Guide To Buying Native American Art and Artifacts, Fine Western Art and Western Americana A SUPPLEMENT TO ANTIQUES AND THE ARTS WEEKLY | 5 CHURCH HILL RD | NEWTOWN, CONNECTICUT, 06470 | JULY 20, 2018 2 - THE OLD WEST Antiques and The Arts Weekly — July 20, 2018 THE OLD WEST • THE OLD WEST • THE OLD WEST • THE OLD WEST R. Scudder Smith, Publisher Laura Beach, Editor Cindie Niemiera, Advertising Manager Barb Ruscoe, Account Executive email: [email protected] Tel: 203-426-8036 or 426-3141 or Fax: 203-426-1394 Website: www.antiquesandthearts.com Published by The Bee Publishing Company, THE OLD WEST • THE OLD WEST • THE OLD WEST • THE OLD WEST Box 5503, Newtown Connecticut 06470 Moran’s Expands Its Curated, Biannual Art Of The American West Auctions A Navajo-style gold and turquoise squash blossom suite, signed for maker George Cofield ($10/15,000). porary Western sculpture and paintings at its previous auctions — for example, see Bill Worrell’s (b 1936, Texas) “The Healer,” a large-scale abstract bronze and stone A Navajo classic period child’s wearing blanket, mid- sculpture that tied up every available telephone bid line at Nineteenth Century, 5 feet 6 inches long by 3 feet 9 Moran’s November auction and realized $10,200 — these inches wide ($15/25,000). Hernando G. Villa (Los Angeles, 1881–1952), Indian catalogs have come to include all types of Western- and Na- Chieftain holding a feathered staff, 1947, oil on can- MONROVIA, CALIF. — John Moran Auctioneers tive American-genre works of art and objects in a range of vas ($10/15,000). -
Need an Apartment? Police: Suspect Dead, 2 Criti- Scuffle with 14-Year-Old in Cally Injured in Md
4_7_pages_1to3.qxp_redesign 4/6/21 3:09 PM Page 1 MIDWEEK: APRIL 7-10, 2021 SPLASHING TO TITLES Seminole Showdown pits Longwood Commissioner Six SAC water Matt Morgan against Seminole polo teams headed County Supervisor of Elections to Regionals Chris Anderson See Seminole Happenings, See Sports, Page 7 Page 5 S ANFORD HERALD LAKE MARY, LONGWOOD, WINTER SPRINGS, OVIEDO, GENEVA, CASSELBERRY, OSTEEN, CHULUOTA, ALTAMONTE SPRINGS, DEBARY Vol. 130, No. 70 • © 2021 READ US ONLINE AT MYSANFORDHERALD.COM Since 1908 HEADLINES FROM Security officer dies after ASSOCIATED PRESS Need an apartment? Police: Suspect dead, 2 criti- scuffle with 14-year-old in cally injured in Md. shooting FREDERICK, Md. (AP) — A Enterprise children’s home shooting at a Maryland Business Sanford is the place to look By Steve Paradis park Tuesday left two people criti- cally injured and the suspect dead, By Steve Paradis [email protected] police said, while the U.S. Navy re- SParadis@MySanford Herald Staff ported an “active shooter inci- Herald.com dent”. A security officer who was involved in an Herald Staff altercation with a 14-year-old resident at the The Latest: Spain PM: Step- Florida United Methodist Children’s Home in Sanford ranks among Enterprise last Tuesday died Saturday, accord- ping up virus vaccination the top five when it comes drive ing to the Volusia County Sheriff’s Office. to finding the largest and Michael Ellis, 52, died after being removed MADRID — Spain is stepping most affordable apart- up its vaccination drive, according ments in Central Florida. See ENTERPRISE, Page 9 to Prime Minister Pedro Sánchez. -
A Virtual Celebration of Fine Art and Fine Wine
Shuttle Cork 2021 A virtual celebration of fine art and fine wine PRESENTED BY SHUTTLECORK2021 A VIRTUAL CELEBRATION OF FINE ART AND FINE WINE Take a minute to look at each item in this catalog, and I ask you to bid high and often! You will be supporting The Nelson-Atkins Museum of Art after a year that continues to challenge us in every way. Dear It means so much to me personally that you are helping the museum in 2021, when we need you more than ever. I want to thank this year’s co-chairs, Mary Bloch Friends, and Greg Maday, who worked with their committee to create an innovative solution to this year’s event. We are grateful to all who combined their talents to bring us together. This year’s ShuttleCork will be unlike any other! Please know that as you join the event from the safety I also want to thank Mary Bloch and Paul DeBruce of your home in front of your screen of choice, I will for the initial idea of creating ShuttleCork. By now be with you virtually and wishing we were all together the event has grown to be the top fundraiser for the museum, raising more than $6 million since under the big tent. inception. We will never forget ShuttleCork 2021 – the year the It is a brilliant way to raise money to support museum delivered the party straight to your door. I education and access for all to the Nelson-Atkins. hope you enjoy our special evening together, sampling I raise my glass to each of you who are joining the great food and wine, as “together” as we can be. -
Western Art & Wine Auction
Western Art & Wine Auction 2021 Catalog Museum of the Mountain Man Museum of the Mountain Man’s 5th Annual Western Art & Wine Auction Silent Online Auction! LIVE AUCTION JULY 8, 2021 MMMauctions.com Live Auction Catalog! Thursday, July 8, 2021 at 6:30 pm MMMauctions.com Museum of the Mountain Man Pinedale, Wyoming See MMMauctions.com to bid on companion silent auction items. Auctioneer: Dave Stephens Event Organizer: Sandy Smith Art Auction Committee: Rob & Nancy Tolley, Clint Gilchrist, Sandy Smith, Mindy Seehafer, Arlaina Goddard, Andrea Lewis, Dan Tau, Kaidi Raney Live In-person Bids – Bidders can register at the auction. All sales are final the night of the auction in “as is” condition and must be paid for and taken the night of the auction unless otherwise arranged. Live Call-in Bids – Register to bid by phone. We will call you during the live auction to submit your bids via phone. Closing date for Call-in Bid Registration will be July 8, 2021. Live Absentee Bids – If you are unable to attend the auction, you may leave an absentee bid. This is a confidential, written maximum price for the lot or lots in which you are interested. A volunteer will be assigned to bid on your behalf. Absentee bids must be received by noon on July 8th, 2021. Register for the auction and submit bids by calling 307-367-4101 or emailing [email protected] and provide name, address, phone and email. Winning absentee bidders will be contacted by July 12th, 2021 and must provide payment within 5 days of being contacted. -
The Impact of Information on Wine Auction Prices: Results of an Experiment∗
The impact of information on wine auction prices: results of an experiment∗ S´ebastienLecocq,y Thierry Magnac,z Marie-Claude Pichery,x and Michael Visser{ February 2004 ∗We wish to thank our colleagues at INRA-LEA for their comments on the experimental design during a pilot study. We also thank 2 referees, J. Abbring, O. Ashenfelter, H. Houba, I. McAvinchey, L. Muus, D. Reiley, and Q. Vuong for many helpful suggestions and remarks. Fi- nancial support from INRA (AIP Consommation et Comportement Alimentaire) is gratefully acknowledged. yINRA-CORELA, 65 boulevard de Brandebourg, 94205 Ivry-sur-Seine, France. E-mail: [email protected] zINRA-Paris Jourdan, 48 boulevard Jourdan, 75014 Paris, France, and CREST, 15 boule- vard Gabriel P´eri,92240 Malakoff, France. E-mail: [email protected]. xLATEC, P^oled'Economie et Gestion, 2 boulevard Gabriel, 21000 Dijon, France. E-mail: [email protected]. {INRA-CORELA, 65 boulevard de Brandebourg, 94205 Ivry-sur-Seine, France. E-mail: [email protected]. 1 R´esum´e Ce travail pr´esente les r´esultatsd'une ench`ereexp´erimentale de vin. Les participants de l'exp´erienceont ´et´er´epartisde fa¸conal´eatoiredans trois salles. Dans chaque salle, quatre vins ´etaient ´evalu´es,mais le niveau d'information auquel les participants avaient acc`esdiff´eraitd'une salle `al'autre. Une fois les ´evaluations termin´ees,les vins ´etaient vendus s´equentiellement lors de quatre ench`eresVickrey ind´ependantes avec prix de r´eserve secrets. Nous trouvons que certaines caract´eristiquessocio-´economiquescomme le sexe, le revenu et les habitudes de consommation, ont un effet significatif sur la disposition `a payer pour un vin, alors que d'autres comme l'^ageet la nationalit´en'en ont pas. -
America's Top 13 Charity Wine Auctions Raised $44.1 Million in 2019
NEWS America's Top 13 Charity Wine Auctions Raised $44.1 Million in 2019 Naples Winter Wine Festival topped the list for the fth year in a row, as children's charities and health and culture nonprots beneted The Auction of Washington Wines raised $1.6 million for Seattle Children's Hospital last year, its highest total ever. (Rick Duval) By Shawn Zylberberg Jan 27, 2020 Many of the nation's top charity auctions enjoyed another record-breaking year in 2019. Wine lovers became local heroes as 13 auctions topped the $1 million mark in live bids, earning a spot on Wine Spectator's annual list of top charity wine events. Those highest-earning events raised a combined $44.1 million in live bids for underprivileged children, health initiatives and art and cultural institutions across the country. Beyond breaking $1 million in live bids, the Auction of Washington Wines (AWW), Naples Winter Wine Festival, Sonoma County Wine Auction, Carnivale du Vin, Auction Napa Valley, Classic Wines Auction and WineaPawlooza all surpassed their 2018 totals [https://www.winespectator.com/articles/america-top-charity-wine-auctions-raised-42-million-in- 2018] , while a few set their highest totals ever. Wine-focused lots were central to the success of the highest earners, such as Naples Winter Wine Festival (NWWF) [https://www.winespectator.com/articles/naples-charity-wine-auction-raises- nearly-16-million-57639] , the No. 1 auction in the nation for a fth straight year, which raised nearly $13.1 million in live-auction bids and nearly $16 million total. An auction lot of double magnums of Screaming Eagle [https://www.winespectator.com/wine/search/submitted/Y/search_by/exact/text_search_ag/winery/win 's rst eight vintages sold for $350,000, while an Adriatic cruise paired with four double magnums of Darioush [https://www.winespectator.com/wine/search/submitted/Y/search_by/exact/text_search_ag/winery/win Darius II Cabernet Sauvignon 2015 sold for $400,000.