Did the Raging Kitty or his ilk buy the 1787 Brasher doubloon recently?
I was reading one of the latest issue of Coin World, and I was quite surprised by the following text in the article: "...Greg Rohan placed the winning bid from a telephone bidder, saying after the sale that the winning bidder had never bought rare coins before purchasing all of the Brasher coins offered...for $11,940,000."
I found this to be very interesting. Some questions:
- Who spends nearly $12M on coins over the phone?
- Is it a bit unusual for someone to buy every single Brasher coin being offered?
- If the winning bidder really never bought rare coins before, what does that say about the state of the hobby?
- Given that this is a new collector, should we be worried that outsiders are starting to infiltrate the hobby, or various monied interests who have no true interest in the rare coin market and its workings?
- If this was some sort of fund buying the coins, how can we ever compete against such largess and its effect on prices?
- Or does it really not matter that coins in this rarified air are being scooped up by unknowns, perhaps the Raging Kitty or his kind?
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)