The E-Sylum in These Trying Times
Dennis Forgue writes:
"The E-Sylum has become a very important connection to the numismatic community in these trying times. Many thanks for your efforts."
You're welcome. It remains fun to put this together each week; there's always something interesting to discuss. These updates are getting shorter as predicted as
everyone settles into the middle of this event. Going forward I hope to gradually see more notices of businesses and clubs reopening.
Meanwhile, here's a meme shared by John Regitko... -Editor
United States Mint (April 20, 2020)
"The United States Mint (Mint) will resume limited production Tuesday morning, April 21st at the Mint facility at West Point. During the temporary suspension of
operations at the West Point Mint, in consultation with local public health officials, a thorough cleaning of the facility was conducted in accordance with Centers for Disease
Control and Prevention (CDC) guidelines. Additional social distancing procedures were implemented, building on measures previously taken to reduce the risk of employee exposure to
COVID-19. Mint employees at West Point have been designated mission-essential."
Sotheby's (April 23, 2020)
From CNN:
"Despite shuttering outposts around the world and furloughing staff due to the coronavirus pandemic, Sotheby's has just pulled off its biggest ever online art
auction.
"Featuring work by the likes of Andy Warhol and Damien Hirst, the "Contemporary Curated" sale generated more than $6.4 million -- a new online record for the
auction house.
"The sale also set a new record for the highest price ever paid via the internet for a painting at Sotheby's, with American artist George Condo's "Antipodal
Reunion" going to an unidentified bidder for $1.3 million. The 2005 artwork exceeded estimates following a series "quick-fire" bids at the end of the week-long web
auction, according to a press release.
"{Earlier in April, the Wall Street Journal reported that Sotheby's was furloughing around 200 staff, or nearly 12% of its employees, after it was forced to cancel
numerous scheduled sales. Although the auction house did not comment on the specific numbers reported, it said in a statement to CNN that it was "adjusting to the challenging
circumstances" and had "considered every avenue including temporary compensation adjustments (including our leadership), furloughs and, regrettably, a small number of
staff reductions."
To read the complete article, see:
Sotheby's sets new online auction record despite coronavirus gloom
(https://www.cnn.com/style/article/sothebys-online-sales-record/index.html)
Fritz Rudolf Künker (April 24, 2020)
"Our Osnabrück branch has already reopened, and our Munich office will reopen its doors next Monday. If you would like to visit us -- for example, to buy or sell
investment gold, or to consign coins for auction -- please contact our Customer Service department in Osnabrück or our Munich colleagues. They will be happy to arrange an
appointment with one of our employees.
"We ask for your understanding that an appointment is absolutely necessary. Our employees are of course prepared to ensure that hygiene and distance rules are observed
during your visit. Disinfectants and masks are also available in sufficient quantities. "
Analyzing Recent Auction Prices (April 26. 2020)
E-Sylum supporter Ron Guth published a blog article this week analyzing a random sample of recent numismatic auction results. Here's an excerpt, but be sure to read
the complete article online. -Editor
Analyzing Auction Prices Realized (APR's) for publicity purposes involves a certain amount of bias. Because it is impossible or undesirable to analyze every lot in a
particular sale, choices must be made as to which coins to analyze. For instance, numismatic publications may be biased toward the headline-generating "trophy" coins, record
prices, super-rarities, etc. Auction houses tend to present coins that showcase their success in getting the most money for their consignors. Specialists may focus on a particular
series where they possess expert knowledge. As a result, biased analyses may end up presenting differing accounts of the same auction.
How different would the analyses look if bias could be eliminated by choosing the coins at random? Of what benefit would that be? Currently, there is a fear that the coin
market may be declining precipitously along with the stock market, businesses, and the overall economy as a result of the COVID-19 pandemic. To answer that fear, a biased analyst
could pick and choose coins to show that the market has actually risen, thus giving comfort to anxious collectors and dealers. Alternatively, another biased analyst could pick and
choose coins from the same sale to show a completely opposite picture, thus stoking the fear even further. A random, bias-free sampling of coins should give a more realistic view
of the results of an auction.
To test this concept, the Numismatic Detective Agency (NDA) examined fifteen lots from Heritage Auctions' Central States sale conducted on April 23-24, 2020.
To read the complete article, see:
Random Sampling – A Different Approach to Numismatic APR's
(https://numismaticdetectives.com/blog/f/random-sampling-%E2%80%93-a-different-approach-to-apr%E2%80%99s)
Three Two-Corona Choices
Ron Haller-Williams writes:
"I think I know what I'd prefer, out of:
• 4 half-corona cigars
• 2 corona viruses
• an Austro-Hungarian 2 corona of 1892-1918
even though the maths might suggest some sort of equality."
Me, too. But I still like Rich Jewell's option. -Editor
To read the earlier E-Sylum article, see:
CORONAVIRUS UPDATES: APRIL 19, 2020 (https://www.coinbooks.org/v23/esylum_v23n16a11.html)
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization
promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor
at this address: whomren@gmail.com
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