The IAPN has issued a statement regarding false provenances and the criminal complaints regarding dealers Richard Beale and Italo Vecchi.
Statement of the International Association of Professional Numismatists Regarding Criminal Complaint
Brought by the Manhattan District Attorney Against Richard Beale, the Proprietor of Roma Numismatics
The International Association of Professional Numismatists (IAPN) has become aware that the
New York District Attorney's Office has brought a criminal complaint against Richard Beale, the managing
director of Roma Numismatics Limited, a London-based auction house. That criminal complaint alleges
that Beale unlawfully purchased valuable coins from Italy, Greece, and Gaza in violation of local national
patrimony laws and created false provenances to hide their illicit origins. The criminal complaint also
alleges that Italo Vecchi, an Italian dealer based in London, aided this effort for a Roman Republican gold
coin of Brutus and another silver coin from Naxos, an ancient Greek colony in Sicily.
IAPN regular members are firms, not individuals. Individuals might become
corresponding members and, of course, honorary members because of special distinguished
services rendered to the Association. Roma Numismatics has never been an IAPN member
firm. Italo Vecchi, who had worked for several members of the IAPN, was made a
corresponding member when he retired from day-to-day business and was later made honorary
member for his long service within the IAPN in 2007.
Given the New York District Attorney's allegations, on March 3rd, 2023, the IAPN
Executive Committee decided to suspend Mr. Vecchi pending resolution of these charges. If
proved to be true, these allegations would constitute a clear and very serious violation of the
rules of the Association. Nevertheless, IAPN notes that both Messrs. Beale and Vecchi remain
entitled to a presumption of innocence until such time that the New York District Attorney
substantiates these charges in a Court of Law.
The IAPN is a nonprofit organization of the leading international numismatic firms
founded in 1951. It was formed in the aftermath of WW II to help reestablish relationships
amongst professional numismatists that had been badly frayed during years of conflict. The
objectives of IAPN are the development of a healthy and prosperous numismatic trade
conducted according to the highest standards of business ethics and commercial practice, the
encouragement of scientific research and the propagation of numismatics, and the creation of
lasting and friendly relations amongst professional numismatists around the world. IAPN
[to] guarantee that good title accompanies all items sold, and never
knowingly to deal in any item stolen from a public or private collection or reasonably suspected
to be the direct product of an illicit excavation, and to conduct business in accordance with the
laws of the countries in which they do business. They further promise
numismatic items accurately, and to refrain from any misrepresentation of origin, date,
condition, provenance, pedigree, or value.
The IAPN has over one hundred member-firms around the world in twenty countries, including
twenty-seven in the US. More about the IAPN may be found on the internet at
IAPN's complete ethics rules can be found here:
IAPN President Mr. Daniel F. Sedwick adds:
"The IAPN unequivocally stands against misrepresentation of provenance, and we stress it is not a normal occurrence in the coin industry. A system like the UK's Treasure Act would go further to deter theft of cultural property by requiring the country of origin to pay a fair market price for any found item it deems important."
Kavan Ratnatunga writes:
"I remember watching this auction, and submitting a screen capture of the winning bid"
To read the earlier E-Sylum article, see:
GOLD IDES OF MARCH COIN REALISES $4M
RICHARD BEALE OF ROMA NUMISMATICS ARRESTED
Wayne Homren, Editor
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