A wealthy coin collector imposed a ban on selling his precious coin collection for a century. After reaching the century mark, the first batch of coins was auctioned off for an impressive $16.5 million.
On a Tuesday, about a year after a century-old decree ended, the initial batch of Bruun's personal 20,000-piece coin collection went under the hammer in Copenhagen. After approximately eight hours of competitive bidding, the initial 286 lots got sold for a staggering total of 14.82 million euros ($16.5 million).
It'll require several more sales to clear out Bruun's funds completely, but when done, it'll be the most expensive international coin collection to ever get sold, as per Stack's Bowers, the prestigious rare coin dealer and auction house overseeing the sales. The renowned L.E. Bruun Collection was insured for a whopping 500 million Danish kroner, which is roughly equivalent to $72.5 million.
The auction house touted it as the most valuable collection of world coins ever to hit the market. In a press release post-Tuesday’s auction, Stack’s Bowers Galleries’ president, Brian Kendrella, described it as "a truly epochal event for the global coin market."
The location of this numismatist's collection over the past century was a secret, known to only a select few. Bruun, however, believed in concealing his riches for a noble purpose; following the devastation he witnessed in World War I, he was apprehensive that the Royal Danish Coin and Medal Collection might fall victim to bombing or looting, the auction house detailed.
Bruun started amassing currency as a child in 1859, when his uncle passed away and bequeathed him a portion of his coins, according to the sales catalog. The entrepreneurial spirit of a son of innkeepers and landowners, he realized that his family's inheritance had been squandered, leaving him in debt. He borrowed money for a butter business and later made a fortune from sales and exports. With his wealth, he emerged as a voracious coin collector, and a co-founder of the Danish Numismatic Society in 1885.
He once shared with a Danish magazine that "the allure of collecting coins is that when you're upset or distressed, you turn to your coins for solace. Studying them again and again helps in alleviating your worries." He further added that "those who are solely focused on their business often commit a grave mistake. I, for one, could never imagine devoting my life to butter until my dying day."
Tuesday's sale showcased gold and silver coins from Denmark, Norway, and Sweden, ranging from the late 15th century to Bruun's later years. The standout piece was a gold coin dated back to 1496, which was a noble of King Hans and was believed to be Scandinavia's oldest gold coin, as per the catalog. The coin surpassed auction house estimations to fetch a whopping 1.2 million euros ($1.34 million), breaking the world record for a Scandinavian coin during an auction, Stack's Bowers Galleries revealed.
Matt Orsini, director of world and ancient numismatics at Stack's Bowers Galleries, expressed his fondness for the 1496 gold noble of King Hans in a press statement preceding the first auction. He stated that "not only is it the very first gold coin struck by Denmark, but it's also the very first dated coin struck by the Danish kingdom, and it's unique in private hands."
Over the past few months, these coins were showcased at various fairs and exhibitions at Stack's Bowers galleries. They also made their way to Copenhagen for public display prior to the auction.
CNN's Oscar Holland was a part of this report.
After the successful sale, Bruun's fortune could fund numerous endeavors aimed at showcasing his wealth and passion, such as a luxurious mansion or a high-end museum exhibition highlighting his exceptional coin collection, reflecting his style and taste. The worldwide attention garnered by the auction will undoubtedly stimulate interest in rare coin collecting, attracting both beginners and seasoned collectors seeking to emulate Bruun's luxury and style.
