Superior Galleries Realizes Record Prices on coins in February 5-7, 2006, Beverly Hills Auction Anchored by many private collections, including the superlative Allan Mandelstamm Collection, prices realized from this successful auction were $5,115,942, inclusive of the buyer's premium.
News-Antique.com - Nov 30,-0001 - BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Feb. 10, 2006--Superior Galleries, Inc. ("Superior") (OTCBB:SPGR) announced today the results of its February 5-7, 2006, Pre-Long Beach Beverly Hills Auction. Anchored by many private collections, including the superlative Allan Mandelstamm Collection, prices realized from this successful auction were $5,115,942, inclusive of the buyer's premium, which was in excess of the pre-sale estimate for the entire sale. The Auction, the inaugural one to be held in Superior Galleries' newly renovated, state-of-the-art auction room and retail galleries in Beverly Hills, held just prior to the 2006 February Long Beach Coin Expo, was a stunning success, with almost 80% sold by lot and dollar.
The unquestioned highlight of session 1 was lot 21, a 1792 Silver Half Disme PCGS AU50 from the Mandelstamm Collection, which soared to $126,500 amid fierce bidding, thereby setting the tone for the entire session. Among copper offerings, lot 103 was notable. The Mandelstamm 1793 S-9 PCGS AU53 Large Cent was hammered down for $23,000 to a private collector.
Commenting on the Superior February Elite Auction, Executive Vice President and COO Larry Abbott commented: "We are delighted to have built off of the momentum of our strong January 2006 Orlando Elite Auction with an even more successful February Beverly Hills Elite Auction barely a month later. We attribute the unqualified success of this auction to the large number of fresh, private collections that we were privileged to offer, especially the Allan Mandelstamm Collection, which exceeded our pre-sale estimates by almost $1 million, and with all lots selling. Also, Superior Galleries has been holding Beverly Hills Pre-Long Beach Elite Auctions for decades, and we were pleased to continue this tradition in our newly renovated, state-of-the-art auction and retail gallery in Beverly Hills, which enabled us to conduct this auction with the added benefit of increased comfort, convenience, and service to our clientele."
For further information about this Beverly Hills Elite Auction or to consign to Superior's future Elite Auctions, please contact Paul Song, Vice President of Auctions, at 310-203-9855 or paulsong@sgbh.com.
Superior Galleries, Inc. is a publicly traded company acting as a dealer and auctioneer in rare coins and other fine collectibles. The firm markets its products through its prestigious location in Beverly Hills and the company's web site at www.sgbh.com.
Included in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including express and implied statements concerning future growth potential, future revenues, income, results of operations, expansion plans, and expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward-looking statements will prove to have been correct. These forward-looking statements are subject to certain risks and uncertainties, including market and other conditions that may affect our ability to expand our auction and dealer activities and control our operating costs and risks identified in our SEC filings. The
