Is Bowers and Merena History ?

STEWARTBLAYNUMIS

Chris Carstadt and John Babalis are out.Another shakeup at Collectors Universe.What will become of Dave Bowers?

stewart

kranky

Gordon Wrubel is going back to PCGS, also.

nwcs

Maybe the rest will turn into graders (if they are good) and we can get faster turnarounds!

Neil, who is dreaming

Legend

Yes, there was a major shake up at B+M. They will be making a pubic announcement shortly.

I spoke to Chris last night, her plans are not finalized. So anything you hear that isn't offical (from her or Dave Bowers) IS GOSSIP!

Laura Sperber
lsperber1@hotmail.com
www.legendcoin.com

Trime

Interesting!
I have had trouble recently getting a response from B&M to repeated inquiries about a refund due to me on a returned coin. I now wonder if this is chance or somehow related to this issue of personnel shakeups.

Should I be worried????
1/21/2003:I have now received credit from B&M. It just took a little time!

Johnscoin

Here is the announcement that the ANA's YN Newsletter published today. The editor is Gail Baker, and her son works for Bowers so it would be quite official...I hope that Dave returns to the company or at least continues to publish as he is my favorite writer in the coin world...


Changes at Bowers and Merena Galleries
Collectors Universe Inc. today announced management transitions within the Company's coin auction division Bowers and Merena Galleries. Paul Montgomery has been named President of Bowers and Merena Galleries, assuming the day-to-day functions of past President David Bowers and Vice
President Christine Karstedt, effective January 22, 2003. Founder Q. David Bowers is considering an offer from the Company to remain in a position at Bowers & Merena that will allow him to devote more of his time to numismatic projects, marketing activities and promotional programs for Bowers &
Merena. Christine Karstedt has left the Company to pursue outside interests.

jom

All good things.....

Hey, as long as Dave Bowers continues to write I'll be happy. He should be working on that update to the Buyer's Guide to the Rare Coin Market! Best coin collector users guide of all time...

jom

tradedollarnut

This is an industry reknowned for "fluff". People will tell you what you want to hear and not follow thru on any of it. Dave Bowers, refreshingly, is not that type of guy and he has my full respect. If he leaves, it will impact not only CU but the entire industry. But, best wishes no matter what occurs.

jhar

Wowsers!!

There sure are a lot of shakeups going on in the Numismatic Corporate world.

David Bowers will always be David Bowers no matter where he goes. He should be allowed to do what he does best. If if needs to move on to do that so be it. I hope B&M gives Dave that chance.

Johnscoin

Has anyone seen any other press releases? Where is John Babalis going?

nwcs

But would they continue to use the name "Bowers" in Bowers and Merena if he left?

dorkkarl

i have nothing but utter respect for Mr. Gordon Wrubel.

K S

Johnscoin

The unfortunate thing is I would think CU could use the name Bowers and Merena, because they bought the company through some sort of stock buyout or something. So, they have the rights to the company name. Ray Merena has also been retired for several years, so it would be unfortunate for both men if they can indeed hold the company name.

NevadaMac

Press Release Source: Collectors Universe, Inc.


Collectors Universe Announces Management Transitions at Bowers and Merena Galleries Division
Friday January 24, 7:02 am ET
Paul Montgomery Appointed President of Bowers and Merena Galleries


NEWPORT BEACH, Calif., Jan. 24 /PRNewswire-FirstCall/ -- Collectors Universe, Inc. (Nasdaq: CLCT - News), the leading provider of value-added grading and authentication services and products to dealers and collectors of high-end collectible coins, sportscards, currency, stamps, sports and entertainment memorabilia, autographs and other collectibles, today announced management transitions within the Company's coin auction division Bowers and Merena Galleries. Paul Montgomery has been named President of Bowers and Merena Galleries, assuming the day-to-day functions of past President David Bowers and Vice President Christine Karstedt, effective January 22, 2003. Founder Q. David Bowers is considering an offer from the Company to remain in a position at Bowers & Merena that will allow him to devote more of his time to numismatic projects, marketing activities and promotional programs for Bowers & Merena. Christine Karstedt has left the Company to pursue outside interests.
ADVERTISEMENT


Paul Montgomery is a member of the Board of The Professional Numismatist Guild (PNG), widely regarded as the most esteemed coin dealer organization in the industry, and was chairman of the Industry Council for Tangible Assets (ICTA), the national trade association for the rare coin, precious metals and tangible assets industries from 2000 to 2002. In 1995, Montgomery became a business partner of famed free market promoter James U. Blanchard III, who founded the National Committee to Legalize Gold and co-founded the ICTA. Montgomery successfully led that business to revenue growth of 400% in his first three years in partnership with Blanchard. He holds a Bachelor of Science Degree from Baylor University.

"We are delighted to welcome Paul Montgomery to our Bowers & Merena division," said Michael Haynes, Chief Executive Officer of Collectors Universe. "Paul is among the most renowned businessmen in the field of rare coins and brings a wealth of expertise and knowledge of the dynamics of the market. The fact that Paul was elected to the board of the PNG demonstrates the tremendous respect of his professional peers and underscores our belief that Paul will continue the great tradition of the company.

"David Bowers' contributions to Bowers and Merena and Collectors Universe are innumerable," Haynes continued. "We are pleased to have been the beneficiary of his counsel and numismatic knowledge and we are encouraged that we may be able to continue his relationship with the company."

keithdagen

Hmm, first Rick, now Dave apparantly. Lots of interesting things going on in the CU corporate mantle.

keoj

It will be interesting to see if the landscape of Auction houses changes as a result of this. It sounds like more to come on this.

keoj

Johnscoin

ttt

coinut1799

I just returned from the Westchester show in New York. The talk on the floor is that Dave Bowers is finished at Collector's Universe. That means he is through at Bowers and Merena, which is owned by CU. In my humble opinion that would be a major blow to the company. Things are changing rapidly, we'll see if any of the change is for the better. I doubt it. As Laura said, this is just "gossip" at the present time, but the info came from strong sources.

Lakesammman

Unfortunately, Bowers and Merena have fallen behind the (internet) times. I love what they were but times are changing. If they can preserve what everyone loves about them (Daves writing and personal attention) and bring the business side into the 21st century (wider internet exposure, inventory on-line, etc), it could be a good move for all concerned. I hope CU is able to do it since, for the good of the consumer/collector, Heritage needs competition.

Johnscoin

Well, apparently it's official now. This bit was published in the Numismatic Bibliomania Society Newsletter today. Thankfully Dave's writings will continue!


Q. DAVID BOWERS CONTACT INFORMATION

Dave Bowers reports that "All is fine in the numismatic
research category and I look forward to creating a bunch
of new writing projects! My good wishes to all! My life
is all the richer for the many experiences and friendships
I have had in numismatics, including with many members
of the NBS, and I hope to be a vital part of 'the world's
greatest hobby' for many years to come."

He is no longer an employee of Bowers and Merena
Galleries or of Collectors Universe.

abuell

"left to persue other interests" can generally be taken to mean "was escorted off the premises by security while the new junta was taking over the offices"

dorkkarl

b&m has made a lot of mistakes in the past few years.

K S

originalisbest

Such as? I'd be curious to hear.

Kind of sad as the company that Dave built will no longer be associated with him, seeing all that he's done to further the numismatic hobby in his long career.

Mark

I wonder what collectors of the time thought when Max Mehl announced his retirement. (This, of course, assumes that he announced his retirement!) Or when Wayte Raymond retired or when the Chapman brothers (separately) retired.

Fortunately, Dave Bowers isn't totally retiring but I sure wish he wasn't being ushered out of B&M like this. I guess those smart aleck cracks in the description of ugly coins urging bidders to "buy the slab not the coin" in the B&M auctions eventually turned around and bit him. Sad....

Mark

Keyrock

I hope there is no "conflict of interest" clause which could preclude Dave from starting another agency if he so desires.

nwcs

Just to put a different perspective out there.... Not much will change. The hobby is far bigger than one person or one company.

Johnscoin

You know, I tend to think that Mr. Bowers may have walked out on his own quite purposefully...With the money he probably lost in the CU stock drop, he would have been making a good move...I just don't think I could understand that CU could think that B & M would be more profitable without Dave?
Just thinking about the possible other side of the story,
John

Typetone

Hi:

I'm popping over from the Set Registry Forum. We had a thread going awhile back describing all the problems Bowers was having with their auctions. It seems like it was time to clean house. Sorry to see David Bowers go as its hard to believe he was the problem. Still, as head of the CU's Bowers and Merena division, it is his job to make sure the right people are in place to run the auction show. The auction business is becoming so important that CU needs to make sure it works. I can easily see the entire coin auction business becoming more competitive with fees falling. Only the most efficient will continue to earn profits.

Greg

coinut1799

I beg to differ with NWCS. With Dave Bowers out at Bowers and Merena you can be sure things will change. I don't know what "problems" B & M was having with their auctions, but I do know that the Childs collection, and probably the Eliasberg and Garrett collections would never have found their way to B & M were it not for Dave Bowers.
I am not a big time collector, yet I was always treated like one by the B & M staff. Their number one selling point has always been good customer service.
I don't even want to speculate about why Dave Bowers is out, but you can be sure things will change, and I am not optimistic about the direction the change will be taking.

mrfred

This is a fascinating development. First thing: I heartily agree that Dave Bowers is a major force in numismatics today. He is prolific and creative. Wherever he goes or whatever he does, I am sure he will continue to produce his engaging writing and research. Second: I agree with those on this Board who say that B+M must compete strongly with Heritage and the other auction houses. This includes proactive use of the internet and solid marketing. Personally, I have never bought from B+M, but somehow their ads and demeanor show a sense of respect and caring for the market and for all of us who are collectors and potential buyers. This image is their image, and I hope that the new management (in fact) enhances that corporate persona and (in fact) takes advantage of it. Put another way (to paraphrase James Fallows): the new management at B+T should strive to make B+T "more like themselves". That is the best course of action, I think.

One other thought. I have been thinking of consigning a coin or two to an auction house. I may wait now -- for a few months -- to see how things play out. Just watch the ads and developments. You know. Play it cool for a bit.

nwcs

When I said not much will change, I was referring to the coin market as a whole. As for BM, I have no idea. Never did business with them. Have no desire to.

paigowjohnny

Q. D. is a class act in my book. I read one of his CoinWorld columns some time back that struck a particular chord with me, so I dropped him a e-mail (address tagged right on the end of the column) commending him on a great column that had made a nice difference to me at a relative low point in my newbie collecting "career". Being just an unknown newbie, I expected nothing in return...but Q.D. took the time and sent me a couple of very nice and detailed responses.

This is a collector's friend !!

originalisbest

You missed out then on some of the nicest collecting experiences you could have had. Were you to say the same about Alan Hager, I'd have to label you extremely intelligent. Don't know that I could say the same regarding your aversion to B&M.

keoj

My two cents:

Several years ago, I was looking for definitive information on Trade Dollars and I sent QDB a note to that effect. I mentioned that I had gleaned info out of all sources that I could find, and if he knew of any additional info, please write back if convienent. A couple of days go by and I get this thick package in the mail. He mailed me a copy of the Trade Dollar chapters of the Silver Dollar Encly. and asked me to review for info (it was packed with a ton of info that I didn't know) and please send him comments on what I thought was inaccurate. I sent him comments (on just a few things). This is the type of guy QDB is.....helpful, courteous, generous to a fault. B&M reflects this as well in all of their transactions. As far as I'm concerned, the premier auction house. I'll be sorry to see QDB go but I'm sure that he'll show up shortly and with great impact somewhere else.

keoj

coinut1799

Interesting!? I went to the Bowers & Merena web site today, and under "meet the staff" Dave Bowers was the lead person, and there was no mention of Paul Montgomery. Yesterday, Mr. Montgomery was the lead person at the same site, with Dave Bowers listed below him. Is this an indication of anything?

dctd

Hello,

Does anyone have a new e mail for Dave?

dctd

EVillageProwler

The B&M web site no longer lists QDB... And, they do list PM.

EVP

dctd

That is interesting. I just checked it out as well.

Whatever is going on, I have the greatest respect for Dave Bowers. His writing, encouragement, and helpful correspondence have been instrumental in my enjoyment and pursuit of the hobby. When I read things yesterday..it was like "something happening with my favorite uncle"

Pau;l Montgomery is probably a great businessman, but Bowers has the most recognized name in the hobby, and brings a lot to the table. How many folks out there have had wonderful experiences with Dave. I must say that mine have been "original" ,Gem Cameo Proof..really special !

A great business needs people with different skills working together..this will be interesting to see how it plays out..

Whatever the business issues, I hope they are resolved and Dave and all the other folks involved can all prosper.

dctd

Singapore

My opinion, for whats its worth, is that Bowers failed to evolve as the business changed - 3 quick examples:

The advent and popularity of 3rd party grading put a serious crimp in Bowers premium positioning and claim that their XF45 is nicer and better than the other dealers XF45.

Frequent mass mailings are expensive and inefficient compared to electronic communications. Amazing to me that in the past few years Bowers' web site still doesn't have photos of most of the coins while many vest pocket dealers have their own sophisticated web sites updated daily. I get about 25 publications from B&M annually featuring a lot of inventory that doesn't seem to move very fast.

About a year ago I had a coin or two to sell and called Bowers to see about consigning to one of their Rare Coin reviews. They wanted a 25% commission. I called Heritage. They wanted a 15% commission. I think that pretty much says it all -

I have a lot of respect for QDB is a good guy who has helped me in the past - I wish him well.

Elcontador

Just a comment. As a certified public accountant, over the years I have seen many businesses create problems for themselves when they became more focused on making money rather than putting out a quality product. OTOH, I have always contended that if you put out a quality product, you'll make money in any event.

Look at my own business, for example. IMO, the problems really started about twenty years ago when a marketing guy became the managing partner of Arthur Andersen & Co (remember them?). Basically, the technical reviewers were told to go out and generate business, "or else." Anyone who reads the Wall Street Journal regularly knows the "rest of the story."

Numismatics has been plagued throughout the years with scam artists aimed at ripping off the unwary / ignorant consumer. Fast buck artists have come and gone in this business, but its core constituency has been a number of individuals with a love of numismatics. People like us look to the likes of David Bowers as beacons, casting light onto a sea of darkness. With Mr. Bowers no longer at B & M, I hope that these beacons are not extinguished.

dctd

Businesses need a balanced scorecard. Dave will always be at the top of my list of "numismatic heroes"

I have also received many informational "treasures" from Dave that I will cherish forever. I could write quite a bit about this, but I can only hope that I have the opportunity to speak with him in person or correspond in some manner and thank him again for all that he has meant to me.

dctd

Catch22

Off topic, I realize, but when I stopped collecting some years back, there was no Bowers and Merina; it was Bowers and Ruddy. What happened? Just curious, as I have recently become active in the hobby again after some considerable time away.

The cliff's notes version would suffice. Thanks in advance to anyone who can catch me up to speed.

ajaan

If I'm not mistaken, Ruddy retired from the coin biz and opened up a country store or something like that.

Johnscoin

Yes, Jim Ruddy retired when the company was in L.A. I believe. Once Bowers was sold back to Bowers by Kellogg, I believe Ray Merena came in. Then, the company eventually moved to Wolfeboro. I think this is right, but I could be off as well!

oreville

Kellogg????

I thought it was General Mills tnat owned B&M for a while? Unless Kellogg and General Mills are now the same company since I did not check recently.

But then again I haven't checked the ownership of the various grading services either lately.

I will defer commentary on B&M until we hear more... certainly within a few weeks or so.

EVillageProwler

It was GM.

EVP

Johnscoin

General Mills, Kellogg, they both make cereal! I always get them confused...Doh!

Also, does anyone know if the Kellogg cereal company has anything to do with the family that minted the coins during the California gold rush?
Or is this just a coincidence...

ElmerFusterpuck

My 2 cents here...

I've only bought one coin from B&M, a nice Fugio Cent from the last Long Beach show. Q and the staff were nothing but courteous and they DID take my credit card at the show. When he had a nice display of Bust Dollars the previous year, he let me take pictures and even opened the case. Very cool in my book. I wish him well.

On another note, I've seen too often what happens when a company makes decisions solely for more profit. Lousy service (caused by layoffs and stretching a buck till you can see thru it), followed by higher prices. There are very CEO's I would trust today if they moved into the coin market. We don't need a Kenny Lay in there.