Masterworks of Ancient Art Roman marble ieat)ing panther, body SllPlxmed by cree mmk Egyp tian large faience hones,l·headed Bastet, feel on caPlivcs. Back lSI Century AD. From Ariccia, 11(1)' Height 23" (58.5 em.) /Jillar inKribed. Ca. XXls(·XXVch D)nasc)' (ca . 1080-715 B.C.) Ex Cd/eellon of Cardinal Despuig de Som~ee (18th CcnwT)') Height 9 112" (14.1 em.) We feature over 3500 works of art ranging from $100 to The following full-color publications arc also available: 51,000,000 and morc, taking great pride in our expertise, ONE THOUSAND YEARS OF GREEK VASES connoisseurship, and competitive pricing, all in an open and (1990), 52 pp ............ ............... ..... .................... ..... ............ $ 4.00 friendly atmosphere. GODS & MORTALS: An cient Bronzes (1989), 52 pp ... $ 4.00 THE AGE OF CLEOPATRA (l988), 32 PP .... ............... S 2.00 Send for our FREE full-color 2O-page brochure. ART OF THE ANCIENT WORLD, (1985), 208 pp .... SI5.00 GREEK, ETRUSCAN, ROMAN, EGYPTlAN & NEAR EASTERN ANTIQUITIES EUROPEAN SCULPTURE THROUGH 1800 • OLD MASTER PRINTS & DRAWINGS ISLAMIC, SOUTHEAST ASIAN & ORIENTAL WORKS OF ART PRE·COLUMBIAN & TRIBAL ART· GREEK, ROM AN & BYZANTINE COINS royal-athena galleries new york - beverly hills Established 1942 Jerome M. Eisenberg, Ph.D., Director Established 1942 153 East 57th St., New York, N.Y. 10022 3J2 North Beverly Dr., Beverly Hills, Ca. 90210 Tel.; (2 12) 355-2034 Fax; (212) 688-0412 Tel.: (213) 5SO·[J99 Fax: (213) 550-1395 Monday-Saturday, 10 10 6 Monday-Saturday, to to 6 36, Place des Amiquaires, 125 East 57th St. , Royal.Athcna al B.A. Seaby Ltd. New York, N,Y, 10022 Tel.: (2IZ) 593-1193 7 Davies Street, London W1Y ILL, England Monday-Saturday, II to 6 Tel. : (44) 07].495-2590 Monday.Friday, 9:30 to 5 (Send for a free copy of'Antiquities Forumj INSIDE THE CELATOR... Vol. 5, NO.3 I FEATURES March 1991 6 Treasures of the Arras hoard raise questions about the use of multiple aurei in ancient Rome by MaNin Tameanko Publisher/Edilor 14 Research leads to reinterpretation Wayne G. Sayles of "turrets" on Roman bronze Page 6 campgate reverses Office Manager Arras hoard by Victor Failmezger Janet Sayles by Marvin T ameanko 24 Common coins portray deeds of Associate Editor uncommon men and provide links Steven Sayles with great movements in history Distribution Asst. by Robert rye Christine Olson 31 Microletter proponent Art responds to criticism Parnell Nelson by Jerry Vardaman The Celater is an independent journal Page 14 published on the first day Turrets or beacons? of each month at 226 DEPARTMENTS Palmer Parkway, LOOi, by Victor Failmezger WI. II is circulated internationally through 2 The Celator's Point of View subscriptions and special distributions. Subscrip­ 4 Letters to the Editor tion rates are $24 per year (second class) 12 Antiquities by David Liebert within the United States and Canada, 18 Book News $48 per year to aU other 20 People in the News addresses (Air Printed Matter). 21 Art and the Market Advertising and copy deadline is the second Page 24 Coming Events 22 Friday of each month . Common coins: Unsolicited articles and uncommon men 26 Just for Beginners news releases are by Robert T ye 27 Coin File - Quotes - Trivia - Humor welcome, however About the cover: publication cannot be Gold medallion of Oioolelian, 28 Coins of the Bible by David Hendin guaranteed. Second Maximian, Constantiu$ and class postage, permit Reference Reviews by Dennis Kroh Galerius (10 au rei) found al 34 pending, l ocli, WI 53555. Copyright ©1991, Beaurains France in 1922. Part 37 Professional Directory of the "Arras" hoard discussed Clio's Cabinet. by Marvin Tameanko this issue. 44 Index of Advertisers - Classifieds Photo courtesy al the American 608-592-4684 Numismatic Society Museum, New York. Deadline for the April issue is Friday, March 8 with very little margin. When buying, the prudent (and successful) dealer will <J1t£ eelaio4 ~ try to maximize the profit margin when possible as a hedge against those issues where profit is minimal. It is an indisput­ PaiH.t at Viem • • • able fac t that overhead in the travelling coin dealer's budget is substantial. There Commentary by Wayne G. Sayles arc a number of dealers that fai l to cover expenses at any given show. Simple arithmetic provides the rationale and jus­ tification for buy-sell spreads that might received a telephone call this month amiquity. It is not possible to measure tum off the collector. from a collector who wanted to sell and compare with the same exactitude as Buying ancient coins with the expec­ I his entire collection of ancient with modem coinage. The market price tation, or hope, that one will profit finan­ coins and put the proceeds into "some­ (value) of any particular ancient coin is cially is not the same as collecting an­ thing more rewiuding - li ke C D's", It precisely the amount that a knowledge­ cient coins. One can choose either path, was not a case of flagging interest, this able buyer is willing to pay and the but seldom dothe two mesh completely. collector is an ardent student of antiquity owner is willing to accept. Prices do If one really considers the purchase of and has become very knowledgeable in vary, for a variety of reasons. ancient coins as an investment then eso­ his chosen specialty. The dec ision to A dealer specializing in coinage of a teric and low grade rarities arc not the quit collecting was prompted by this particu lar area or period, for example. most likely choice. On the other hand, if indiv idual's negative feel ings llbout the might ask a significantly higher price for one really loves the challenge of discov­ coin market in general imd his experi­ a rare variety in that specialization than ery. interpretat ion, analysis and adding ences with coin dealers in particular. another dealer who is more of a general- to man's knowledge of the past, there is a world of adventure that cannot be mea­ sured in profit and loss. "It sad when collector becomes disenchanted with It is sad when a collector becomes is a disenchanted with the market, because the market, because the relationship is really symbiotic." the relationship is really symbiotic. Without the market and dealer assis­ tance. private collecting wou ld virtually Without going into particulars, the ist. Likewise. that dealer is likely to offer cease. Without collectors, dealers would essence of this dissatisfaction seems to more to buy the same variety. Obvi­ obviously peri sh. Ancient coins have in stem from the profit motive coming into ously . if one buys from a specialist and many cases generated a profit for pru· contlict with the purism of collecting. sells to a generalist there will be a dispar­ dent and thoughtful investors. More This conflict is a condition which ex­ ity in perceived value. often, they generate a profit for those tends f:IT beyond the experience of the Another filctor affecting price is the handling the sale-just as stock brokers collector mentioned above. It is perhaps availabil ity of a particular type at the profit from the sale of stocks. These not as acute with some as it has become moment (supply and demand). The ap­ profits are not unfair or unreasonable. in this case. but most collectors and most pearance or dispersal of hoards, sale of they are a part of the world market and a dealers are well aware of the contlict. large collections, and release of dealer necessarycomponent oftrading. Danger At virtually every coin show. dealers stock ail affect price on an unpredictable Ii es in the not ion that 0 /1 ancient coins arc are approached by collectors who want basis. Likewise. the popularity of a se­ good investments or valuable entities. to sell. trade or upgrade material. If the ries greatly influences its resale value. What is important is that buyers and collector paid $ 100 for a p;lrticular coin For instance, in the current market, re­ sellers arc aWil re of their interdependence he orshe might find that dealers are only sale value of 1st century Roman coins in and that buying decisions arc based on a willing to pay iI fraction of that amount to beller grades is relatively high. Resale foundat ion of knowledge. Where buy it back. This, of course. causes some val ue of antonin iani of Gordian or late knowledge is lacking Caveat Emptor! very real consternation and leads toclaims Byzantine gold, on the other hand. is Thanks for the flood of mail this of profiteering and gouging. In actuality, low. month, it was nice to hear from so many there are a multitude of conditions which A dealer, in order to survive , must of you. It would be great to see this kind enter into the equation. carry a fairly broad range of coinage. of response on a regular basis. Why not First, is the difficulty of fix ing a "true This will include some issues with fa irly takea moment to let us hear your point of market value" on any particular coin of high mark-up potenti al as well as some view? CJI'u. Cdato, i, !lamed fa. and dEdicated to tl'u. coin die-E.nfj'tauE.'t1. of anti'luitfj who~e;. Q'tt 'tE.mainJ. ai powE'fu[ and apPEQfr.n9 today ai in tl'u.i. time. 2 The Gelator Sicily, PanOrl1lUS, T<.' tud r ~ch ll1 Sold NOYr"lIlbcr 30,1990. SJ9,600. Fi nc Grcck and Roman Coins will bc includcd in our sale of Ancient, Foreign & United States Coins to be held in New York Ci ty, June 5th and 6th, 1991.