Copenhagen, Denmark — The vast coin collection of a Danish butter magnate is about to lastly go on sale a century after his demise and will fetch as much as $72 million, its auction home says.
Lars Emil Bruun, also referred to as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years earlier than being offered. Deeply moved by the devastation of (*100*) War I, he wished the collection to be a reserve for Denmark, fearing one other battle.
Now, over a century since Bruun’s demise on the age of 71 in 1923, New York-based Stack’s Bowers, a uncommon coin auction home, will begin auctioning the collection this fall, with a number of gross sales deliberate over the approaching years.
On its website, the auction home calls it the “most valuable collection of world coins to ever come to market.” The collection’s existence has been identified in Denmark however not extensively, and has by no means been seen by the general public.
“The collection … has remained essentially intact, unlike those of his contemporaries, which have long since been dispersed,” the web site says. ” … Since 2011, nearly 20,000 meticulously arranged items, housed within four grand custom-made cabinets (as they were at Mr. Bruun’s demise in 1923), have remained securely stored in a secret location, insured for 500,000,000 Danish kroner (approximately $72,550,000).”
“When I first heard about the collection, I was in disbelief,” mentioned Vicken Yegparian, vp of numismatics at Stack’s Bowers Galleries.
“We’ve had collections that have been off the market for 100 years plus,” he mentioned. “But they’re extremely well known internationally. This one has been the best open secret ever.”
James Brooks / AP
How the collection was amassed
Born in 1852, Bruun started to gather cash as a boy within the 1850s and ’60s, years earlier than he started to amass vast riches within the packing and wholesaling of butter.
His wealth allowed him to pursue his interest, attending auctions and constructing a big collection that got here to incorporate 20,000 cash, medals, tokens and banknotes from Denmark, Norway and Sweden.
Following the devastation of (*100*) War I and fearing one other battle, Bruun left strict directions in his will for the collection.
“For a period of 100 years after my death, the collection shall serve as a reserve for the Royal Coin and Medal Collection,” it stipulated.
James Brooks / AP
“However, should the next century pass with the national collection intact, it shall be sold at public auction and the proceeds shall accrue to the persons who are my direct descendants.”
That stipulation did not cease some descendants from making an attempt to interrupt the desire and money in, however they weren’t profitable. “I think the will and testament were pretty ironclad. There was no loophole,” Yegparian mentioned.
Yegparian estimates some items might promote for simply $50, however others may go for over $1 million. He mentioned potential patrons had been already requesting a listing earlier than the auction was introduced.
The collection’s century-long path to auction
The collection first discovered refuge at former Danish royal residence Frederiksborg Castle, then later made its approach to Denmark’s National Bank.
Denmark’s National Museum had the suitable of first refusal on a part of the collection and bought seven uncommon cash from Bruun’s vast hoard earlier than they went to auction.
James Brooks / AP
The seven cash – six gold, one silver – had been all minted between the fifteenth and seventeenth centuries by Danish or Norwegian monarchs. The value of over $1.1 million was lined by a supporting affiliation.
“We chose coins that were unique. They are described in literature as the only existing specimen of this kind,” mentioned senior researcher Helle Horsnaes, a coin knowledgeable on the nationwide museum.
“The pure fact that this collection has been closed for a hundred years makes it a legend,” Horsnaes mentioned. “It’s like a fairytale.”