Danish Royal Heirs to Sell $72 Million Historic Coin Collection After Century of Waiting

A Danish butter magnate's descendants are set to sell a rare coin collection valued at $72 million, after waiting 100 years as stipulated in his will. The collection, amassed by Lars Emil Bruun (1852-1923), primarily features coins and medals from Scandinavian countries, including Denmark, Norway, Sweden, and their former colonies. Bruun's decision to preserve the collection for a century stemmed from his concerns about safeguarding Denmark's cultural heritage during World War I. Stack's Bowers, the renowned coin auction house, will handle the sale over several years, with the first tranche set to hit the block this fall.

Danish Heirs to Sell $72 Million Rare Coin Collection After 100-Year Wait

A Century-Long Legacy

The remarkable collection amassed by the Danish butter magnate Lars Emil Bruun, deceased in 1923, is poised to enter the auction market after a century-long wait stipulated in his will. The collection's value, estimated at an impressive $72 million, will be realized through a series of auctions conducted by the renowned coin auction house and dealer Stack's Bowers.

Preserving Cultural Patrimony

During his lifetime, Bruun dedicated himself to assembling a monumental collection of coins, medals, and paper currency, primarily from nations with historical connections to Scandinavia. The scope of his collection extended from Denmark, Norway, and Sweden to territories once under their rule, including the Danish West Indies (present-day US Virgin Islands) and Tranquebar (Tharangambadi) in India. His collection even included English coins from the period of Danish rule under King Canute.

Bruun's patriotic sentiments and concern for Denmark's cultural heritage during the aftermath of World War I motivated him to safeguard his collection as a backup to the Royal Danish Collection of Coins and Medals. His foresight aimed to provide redundancy and protection in case of unforeseen events affecting the existing collection.

Safeguarding Intergenerational Wealth

Bruun's decision to entrust his collection to his direct heirs upon the passage of a century held significant implications for his family's financial well-being. While the exact number of heirs remains undisclosed, negotiations with a small group have secured the consignment of the collection to Stack's Bowers.

The passage of time has undoubtedly amplified the value of the collection. Bruun's wealth, estimated at the equivalent of $200 million in today's currency, has been preserved and enhanced by his astute decision to sequester the collection for a century.

Cataloging and Valuation

Stack's Bowers is currently engaged in the meticulous task of cataloging the extensive collection. Preliminary estimates suggest approximately 20,000 objects, including 15,000 coins, 4,600 medals and tokens, 330 bank notes, and 1,800 book titles, many comprising multiple volumes.

The collection's valuation of 500 million Danish kroner (approximately $72 million) aligns with its insured value. Stack's Bowers has expressed confidence in the reasonableness of this valuation based on their initial examination.

Multiple Sales and Global Appeal

The auction house is strategizing the optimal sales approach for the Bruun collection, given its volume and specialized subject matter. Recent record-breaking sales in the coin collecting market, such as the $18.9 million gold coin sold by Sotheby's in 2021 and the $900,000 Comitia Americana medal auctioned by Stack's Bowers, serve as indicators of the robust demand.

Anticipating both domestic Scandinavian demand and international interest for rare pieces, Stack's Bowers recognizes the bifurcated nature of the coin market. Demand is expected to originate from American, European, and Asian collectors eager to acquire pieces of exceptional rarity and value.

Market Bifurcation and International Competition

Vicken Yegparian, vice president for numismatics at Stack's Bowers, highlights the polarization within the coin market. "The top of the market is experiencing intense demand, with everything else lagging behind," he explains. "But there's no doubt that the rarer items in the Bruun collection will attract fierce international competition."

Historical Significance and Legacy

Beyond its monetary value, the Bruun collection holds profound historical significance. It encapsulates the cultural heritage and economic development of Scandinavia and its interconnectedness with other regions of the world. The collection's upcoming auction presents a unique opportunity for collectors, institutions, and scholars to acquire a piece of this remarkable legacy.