Hayek's Nobel Medal sold a few days ago!

MrEureka

Not exactly a bargain, but hugely important.

https://sothebys.com/en/articles/the-nobel-prize-of-leading-economist-friedrich-von-hayek

Zoins

Friedrich August von Hayek's Nobel Prize Medal sold for £1,155,000 against a pre-sale estimate of £400,000–600,000. His Presidential Medal of Freedom sold for £112,500.

I wonder why the Nobel Prize sold for 10 times more.

ColonelJessup

Didn't he help put together Milton Friedman's college reading list?

Unknown

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Smudge

I highly recommend his book "The Road To Serfdom". Great read.

Higashiyama

Smudge - I agree, it is an exceptional book and has stood the test of time.

jmlanzaf

@Zoins said:
Friedrich August von Hayek's Nobel Prize Medal sold for £1,155,000 against a pre-sale estimate of £400,000–600,000. His Presidential Medal of Freedom sold for £112,500.

I wonder why the Nobel Prize sold for 10 times more.

Because it is a higher honor and an international honor in an international auction.

ricko

I always find it to be amazing that such things are sold....not kept in a family or museum....Cheers, RickO

Zoins

@jmlanzaf said:

@Zoins said:
Friedrich August von Hayek's Nobel Prize Medal sold for £1,155,000 against a pre-sale estimate of £400,000–600,000. His Presidential Medal of Freedom sold for £112,500.

I wonder why the Nobel Prize sold for 10 times more.

Because it is a higher honor and an international honor in an international auction.

The estimate for the Presidential medal was just £10,000-15,000. The relative prices are interesting too. The Nobel sold for 3x the low estimate while the Presidential sold for 11x the low estimate. Of course, it's easier to get higher multiples at lower levels.

Smudge

@ricko said:
I always find it to be amazing that such things are sold....not kept in a family or museum....Cheers, RickO

About 2.04 million reasons. Still I would have never sold it.

Hemispherical

It’s all about the $$. Hopefully, the auction winner(s) properly donates or displays it in a museum with the information about the recipient.

Zoins

@ricko said:
I always find it to be amazing that such things are sold....not kept in a family or museum....Cheers, RickO

If the buyer displays it in a museum then the family gets money and society gets it in a museum.

The amount of money being discussed can be “life-changing” for many families but not many buyers which adds a dimension to the decision.