An auction in Copenhagen this week sold the first part of the L E Bruun coin collection, hidden for a century by the Danish butter magnate’s will.
Auctioneers Stack’s Bowers have described the Bruun collection sales as likely to be “the most expensive international coin collection ever sold”.
The opening of the sale on Tuesday, September 17 backed up their claim with a $16.5-million or about £12.5-million opening session.
The standout item was a 1496 Danish King Hans Gold Noble (with a condition grading of NGC AU-55). It realised $1,337,00. That was double its estimate and a new world record for the auction sale of a Scandinavian coin.
This example is believed to be the only one in private hands and is renowned for its quality and beauty.
L E Bruun was Lars Emil Bruun. He made his money in butter. He was disturbed by his experience of war with Prussia and his observation of the advent of aerial warfare in World War and determined to keep his enormous coin collection for the nation. To do so he put a century-long Not For Sale sign on it in his will.
This Norwegian 2 Speciedaler sold for €432,000 to become the most valuable Norwegian coin in the sale.
Bruun died in 1923, and since then his collection has been the reserve for the Danish national coin collection.
In 2023 the century passed and the starting gun was fired on one of the most long-awaited sales in numismatic history.
Brian Kendrella of Stacks Bowers said: “The auction took place in front of a live crowd of over 250 excited bidders and attracted Internet participation that was extraordinary.”
“The quantity and enthusiasm of the bidders, combined with the incredible quality of the material, led to over eight hours of heated competition, numerous rounds of applause, dozens of record prices, the first Scandinavian coin to cross the 1 million Euros mark [about $1.1 million], and prices realized totaling nearly $16.8 million.”
A 1623 Gluckstadt 10 Ducats coin came close to doubling its estimate to realise $561,645. A 10 Ducats coin, undated, from the reign of Frederik III did manage that feat to sell for around $495,000.
Bruun’s collection extended across Scandinavia.
A Norwegian Speciedaler from 1661 made $481,410. It is also believed to be unique in private ownership.
The top valued Swedish coin was a 1657 Karl X Gustav Ducat that was sold for $94,720.
The next sales will take place early next year, and Stack’s Bowers believe the full series will be the most valuable ever. The Bruun collection had an insurance value of around $72.5 million, though large parts of it are completely irreplaceable.
