Auction firm Spink, a world leader in sales of coins, stamps, medals and bank notes, bonds and share certificates, based in London, England, has agreed to acquire New York City-based auction firm R.M. Smythe & Company.
The announcement was made March 7 in London, England.
John Herzog, owner of R.M. Smythe & Co. since 1967, will become a shareholder in Spink. Herzog will act as chairman emeritus of Spink USA and will participate in the development of the combined entity, which is valued in excess of $100 million by this deal.
?I could not think of a better company to acquire Smythe,? Herzog said. ?My wife, Diana, and I have been at Smythe?s helm for 40 years, and have tremendously enjoyed building the business and working with clients and collectors. I look ahead with great excitement to the opportunities presented by this joining of forces.?
Since its founding in 1880, Smythe has developed specializations in antique stocks and bonds, bank notes, coins, autographs and photographs. In 2007 Smythe hosted six major auctions, setting record prices for currency, coins, stocks, bonds and autographs.
To Spink, established in 1666, this deal brings with it an even more prominent position in the American market following the recent acquisition of Shreves Philatelic Galleries, based in Dallas, Texas.
Olivier D. Stocker, chairman and CEO of Spink, stated ?This acquisition is really a powerful match. It instantly creates a leadership position for Spink in bank notes, bonds and shares and worldwide coins. We believe it is the perfect strategic move to better service our clients and continue to obtain the best results for them.?
In America, as is already the case in Europe, Spink will continue to operate as a strong competitor in the world of collectibles with a ?boutique? approach to the business.
No change to Smythe?s near-term auction schedule is expected. The firm will hold its upcoming March 20 sale featuring U.S. paper money, as well as an April 9 auction featuring obsolete notes from the collection of the late Herb and Martha Schingoethe.
Spink maintains offices in London, Singapore, New York and Dallas. Since its foundation in 1666, the Spink name has become synonymous with tradition, experience and integrity. Holders of three royal warrants and numerous records for prices achieved at auction, Spink offers a range of services to collectors worldwide.
Roland M. Smythe established R.M. Smythe & Co. in 1880 for the purpose of providing the financial community, and private individuals, with accurate information concerning obsolete securities and bank notes. Over the years, the firm have evolved into a dealing and auction house with a reputation for high standards of customer service and quality merchandise.