When the American Numismatic Association board of governors granted rights to its two 2008 convention auctions at a meeting Aug. 17 conducted during the World's Fair of Money in Denver, Heritage Auctions was the winner. It bested bids by Bowers and Merena.
The distinguishing feature between the bids was that Heritage amounts were flat fees ? $135,000 for the rights to the ANA's National Money Show auction in 2008 in Phoenix and $501,000 for the World's Fair of Money auction in Baltimore.
Bowers and Merena made bids of certain percentages of prices realized. ANA President Bill Horton commented after the meeting that the board did not know what market conditions would be like in two years and didn't want to take a chance with the Bowers and Merena bids.