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Demand Exceeds Supply
by Mike Sussman

In March 2011, the ANA National Money Show in Sacramento, California and the European Fine Art Fair in the Netherlands were held at during the same week. A $47 million painting by Rembrandt last sold for $33.2 million in 2009. Not much fresh material has come on to the art market, leading analysts to conclude that the works are in “strong hands.”

At the ANA auction, a Draped Bust, Small Eagle half dollar in AU58 realized $207,000. It was the same price at its previous appearance in 2008. Subtracting the 15 percent buyer’s fee, the seller had a loss of this amount.

On the other hand, documented rarities that are of high quality continue to do well.

At the Art Fair, many works sold at the VIP preview. The works sold were of high quality and fresh to the market. At the ANA auction, a 1792 Washington cent that graded PF64 brown sold for six figures.

The Washington, Roman Head cent of 1792 is actually a Conder token, but is also collected as a Colonial coin and is included in the “Red Book” as such. It sold for $100,625, much more than the PF61 specimen realized three months earlier when it sold for $66,125.
Quality coins and rare coins are difficult to buy. Dealers’ inventories are depleted of these items. Like the art world, the most desirable coins are also being held in “strong hands.”

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