Coin firms merge
This article was originally printed in the latest issue of Numismatic News.
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Bowers and Merena Auctions will combine operations with Stack’s in 2011.
B&M’s parent company, Spectrum Group International, made the announcement in late December.
The new company – Stack’s-Bowers Numismatics – will also have a world coin division that will be called Stack’s-Bowers and Ponterio.
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“We believe that this combination, once consummated, will create a major player in the coin industry,” declared Greg Roberts, president and chief executive officer of Spectrum.
“Stack’s had over $65 million in aggregate sales in 2010, and between them, the two companies have handled many of the significant coin collections that have sold at public auction, including the Eliasberg Sales, the Norweb Sales and the Ford Collections,” Roberts said.
President of the new firm will be Chris Napolitano, who is the current president of B&M.
“I am honored and excited to lead this new venture, which combines two of the leading names in our industry,” Napolitano said.
He views Stack’s New York City location as a prime asset.
“We look forward to continuing and expanding Stack’s auction and retail locations in mid-town Manhattan, which serve not only the greater New York metropolitan area but also the entire East Coast,” Napolitano explained.
The ability to work with Stack’s current owners was also viewed as a primary asset.
“A significant factor for SGI in pursuing this merger was the opportunity to partner with Charles, Joel and Harold Anderson and the rest of the Anderson family, who own a controlling interest in Stack’s,” Roberts said. “For years I have enjoyed a strong personal and professional relationship with the Andersons and now look forward to a long-lasting association with the family through Stack’s-Bowers Numismatics.”
Joel Anderson said, “We are looking forward with great enthusiasm to the successful combination of these two fine companies. Both have rich histories of service with integrity to the numismatic community and together their combined resources and talents will bring new levels of service and value to the numismatic market. In addition, Charles, Harold and I have assembled some nice collections and we are pleased that Stack’s-Bowers Numismatics will be there for us when the time comes to sell.”
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