This article was originally printed in the latest issue of Numismatic News.
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Bowers and Merena Auctions, a subsidiary of Spectrum Group International Inc., announced Dec. 1 that numismatic professional Chris Napolitano has joined the 27-year-old auction house as president.
A collector since childhood, Napolitano decided to make numismatics his life’s career in 1989 with the founding of Summit Rare Coins, Inc., serving as president and CEO since its inception. Under Napolitano’s leadership spanning more than two decades, the company has handled in excess of $250 million in rare coins. In 2001, Napolitano co-founded American Rare Coins and Collectibles with locations in St. Paul and Minneapolis, which he helped to grow into a $20 million business. Napolitano belongs to many important numismatic organizations and is a life member of the American Numismatic Association.
Napolitano has personally handled approximately 80 of the coins featured in the popular numismatic reference book 100 Greatest U.S. Coins by Jeff Garrett, along with many notable pedigrees. He counts the L. Rogers 1794 Flowing Hair $1 in PCGS-66 among his favorites.
“My mission in business has always been to provide great service and the right product – at the right price – to both the wholesale and retail community,” Napolitano said. “I have known Bowers and Merena throughout my career in this industry, and I am excited to join such a highly regarded business that shares my goals.”
“We are very happy to welcome Chris to our team,” said Greg Roberts, president and CEO of SGI. “His numismatic knowledge is virtually unsurpassed, and I have tremendous confidence in his business and leadership abilities. Along with the addition of Chris, who will be relocating to Orange County, Bowers and Merena has also acquired certain assets of Summit Rare Coins, furthering our goals of expansion and growth.”
At the same time, Spectrum Group International reported that its collectibles division achieved a record $45 million in worldwide aggregate auction sales for the three months that end Dec. 31, 2010, its second fiscal 2011 quarter.