Six coins stolen from TOREX

ajaan

Six coins were stolen from the TOREX auction in Toronto this past weekend. That is all the information I have.

bosox

Michael announced it at the beginning of the auction. Six coins worth a catalog estimate of $65K. Very selective take from the lot viewing room, so somebody was pretty slick. I think one was the 1905 twenty five cent piece in MS-66. I hope the RCMP nails the SOB to the wall.

sinin1

during viewing before the auction started?

ajaan

Yes, during viewing. Here's the list:

Lot 1061 – 1882H ICCS Newfoundland 50 cents - $9,000

Lot 1380 – 1921 Canada 5 cents - $9,000

Lot 1600 – 1905 Canada 25 cents PCGS MS-66 - $35,000

Lot 1601 – 1905 ICCS & PCGS MS-63 - $8,000

Lot 1729 – 1872H 50 cents, AU-58 - $4,000

Lot 1759 – 1910 50 cents, ICCS AU-58 - $1400

SYRACUSIAN

Are these catalogue estimates ? I wonder how much the consignors will get and when.

bosox

Dimitri - Those are catalog estimates. The auctioneer did not specify which coins had been stolen until the auction was complete. I believe he used the hammer prices to establish value for the consignors and the insurance company. - Rob

Hussulo

Thats bad news. Similar thing happened in London at COINEX. I believe one of the forum members here was affected by the COINEX theft.

The auctioneer did not specify which coins had been stolen until the auction was complete.I believe he used the hammer prices to establish value for the consignors and the insurance company. - Rob

Sounds like the proper and most logical way to do it. As you know auction estimates can be and usually are too low.

SYRACUSIAN

Rob, thanks.


So the auctioneer wasn't aware of the theft that took place during the lot viewing or chose to ignore it and auctioned the coins anyway. Sounds like a fair solution for the consignors.

bosox

Chose to ignore it and auction the coins anyway.

satootoko

<< <i>Chose to ignore it and auction the coins anyway. >>

I'd hate to be the guy who didn't bid on something else because he thought he'd won the stolen item.

bosox

I thought about that during the auction as I was sitting there, but I couldn't see a better solution. Under the circumstances the consignors interests have to come first.