dear friends, dear clients,
As Olivier, who also happens to be President of the Club de MonteCarlo, is on the ground supervising the last preparations for the biggest philatelic event of the year, under the patronage of HRH Prince Albert II it is my pleasure to write to you this quarter. The theme of the exhibition is the Far East, and a stamp and a special miniature sheet has been issued by the Monaco post office to celebrate the landmark event.
As another year draws to a close, it is hard to believe that 2024 has held so many momentous events both on the world stage and from a climate point of view. We have seen Paris hosting the Olympic Games, a UK General Election, King Charles III starting to appear on money, Donald Trump on trial, Donald Trump becoming President for a second term, the UEFA European Championship held in Germany, Vladimir Putin winning a fifth term in office, Mickey Mouse becoming public property, a magnitude 7.6 earthquake in Japan, deadly Hurricane Helene, wildfires in the Amazon, an extreme monsoon downpour in India, a heatwave during the Summer Olympics, and devastating floods in Spain and Portugal, not to mention ongoing conflict in the Ukraine, Gaza and elsewhere.
We have found ourselves at a time of record metal prices, with gold pushing through to £2,100 an ounce, yet buyers increasingly interested in buying gold as a commodity with our bullion department seeing a large increase in transactions this year. Some major collections have come under the hammer, and Spink has seen its fair share of record prices. September is traditionally a busy month in the coin trade, and our two e-Sales not only set the scene beautifully for the official Coinex auction later in the month, but also showcase a tantalising array of coins, tokens and medals, many doubling and even trebling their auction estimates. When there was so much else on offer across all of the major auction houses and dealerships, Spink is proud to have achieved incredible results across the board.
Our official Coinex auction was full of numismatic treats, including a swathe of Golden Age gold – a Mestrelle’s Milled Issue Half[1]Pound which hammered for £14,000 against an estimate of £8,000-£10,000; a Sixth Issue Pound of 20-Shillings, which hammered for £15,000 against an estimate of £10,000-£15,000; and a Sixth Issue “Crown Gold” Half-Pound (Lot 558) which hammered for £17,000 against an estimate of £8,000-£10,000, all from the from Estafefette No 21 Collection. An excessively rare Elizabethan Fine Sovereign beat its high estimate of £90,000, settling on a final hammer price of £95,000, and a magnificent Pattern Crown of Charles I by Nicholas Briot, subject of a furious bidding war, resulted in a hammer price of £42,000 against an estimate of £24,000- £30,000. Lot 664, a 1662 Gold Ducat of Jan II Casimir by Andreas Tymf, then achieved an astonishing £64,000 against its estimate of £10,000-£15,000. Setting a new house and world record, the curtain came down on another memorable Coinex programme with a hammer price of £130,000 against an estimate of £80,000-£120,000 on a magnificent Vilius Mint 1618 10-Ducats of Sigismund III.
Our October World Banknote auction achieved spectacular results, starting with a landmark discovery specimen £50 Commonwealth of Australia note, which hammered at £16,000 against an estimate of £10,000–£15,000. Additionally, the specimen £1,000 Australia note fetched an impressive £15,500 hammer. Egyptian notes performed exceptionally well, with the 50 Piastres (1899) realising £14,000 and the £1 note from the same year bringing in a hammer price of £17,500. Ceylon notes attracted significant interest, with the specimen 100 Rupees (1881) achieving £8,500. India was another standout; with a proof 5,000 Rupees note commanding an extraordinary £21,000 against an estimate of £5,000–£10,000. The Government of the Straits Settlements Front and Back Colour Trial Specimen set of 1, 5, and 10 Dollars also achieved exceptional results, realising £17,000 against an estimate of £7,500–£9,500. Israel notes demonstrated a very robust market, 2 WINTER 2024 THIS QUARTER’S NUMBER Selling rate of medal sales in 2024 95.17% highlighted by the specimen £50 (1952), which achieved £3,800 against an estimate of £1,500– £2,500.
Looking ahead, we are eagerly anticipating our NY INC auction, where two previously unseen Indian notes will be offered: an exceptional Commercial Bank of India Proof 10,000 Rupees, as well as a Bank of Western India Proof 50 Rupees note, both unlisted in Rezwan. Among many other significant highlights, the auction will feature a rare Bank of Canada essay for a 20-dollar note, an exquisite Qatar & Dubai Colour Trial set, and a Proof of The Oriental Bank 1000 Dollars for Singapore, being offered for the first time.
As this issue lands on your desk our Stamp department are about to hold an exhausting week of auctions following the MonacoPhil 2024 show with no less than six catalogued sales (Antigua and British Guyana from the Greenwood Estate, Stamps and Covers of British Africa, Important Mexico, Stamps and Covers of Great Britain and Stamps and Covers of the World) with results expected to reflect the buoyant and lively state of the current market. Since we last wrote we have had some notable results, including the sale of 99% of the Simon Greenwood British East Africa collection with a total hammer price of £350k against pre-sale estimates of £190k. One of many highlights was lot 256, a group of hand-painted colour trials which opened at £6,500 and sold at £21,000 hammer. And in the Lionheart sale, Part XX, the highlight lot, a very rare 1921-33 Malaya Straits Settlements $500 corner example with plate number, opened at £30,000 and sold for £52,000. Additionally, the Great Britain market is proving to be more resilient than we expected. In our July sale a number of major rarities sold especially well with many exceeding recent realisations.
As we went to press our medal department had just hosted their annual winter sale, followed by a reception for Medal clients combined with a book launch for Owain Raw-Rees’s Orders, Decorations and Medals of the United Arab Emirates, which was by all accounts a highly enjoyable and successful day. The catalogue front cover Great George made £100k hammer (£124 all-in), the first time this grade of the Order of Garter Insignia has been offered in the London saleroom of any auction house since 1995 (also by Spink), and the first time for this piece on the market since 1971. The Cumberland Medal made £45k (£55,800 all-in) and has been acquired by a National Museum.
There is much to look forward to in 2025, as always starting in Hong Kong on 11th January with our Banknotes, Bonds & Shares and Coins of China and Hong Kong sale and a specialised stamp sale of the Shanghai Postal Service, followed by our World Banknotes and Numismatic Collector’s Series Sales the following week at NY INC. For further information please see Forthcoming Sales.
What a year it has turned out to be – and I am pleased to report that we already have a number of very exciting sales in the pipeline across all categories for next year! As the first quarter of the 21st century draws to a close it is pleasing to note that the collectables market remains buoyant despite a challenging macroeconomic environment, estimated in 2021 to be worth USD372 billion and poised to reach USD522 billion by 2028 (source: HSBC Private Banking). Although it suffered a slight dip in 2020, dropping by 3.5 per cent according to Knight Frank’s 2021 Wealth Report, rare whisky, or ‘liquid gold’, has seen a 478 per cent growth in value over the past decade. In 2020, handbags knocked whisky off the number-one spot of luxury collectible investment items; the Knight Frank Luxury Investment Index states that prices rose 17 per cent. Against this, prices for stamps have increased by more than 13 per cent annually since 1991 (HSBC) and the coin collecting Industry is expected to grow by around 8.08 per cent during the period 2024 – 2032 (source: www.marketresearchfuture.com). From whisky to handbags, stamps to coins, we hope you continue to enjoy your hobby for many years to come.
With festive cheer to you and your loved ones from all of us at Spink.
Tim Hirsch
Managing Director