Denmark auction: L.E. Bruun"s coin collection sells for $16.5M

The late Danish butter magnate L.E. Bruun's extensive coin collection, which was kept under a unique stipulation in his will for 100 years, was finally auctioned off in Copenhagen nearly a year after the order expired. Bruun's will mandated that his collection serve as an emergency reserve for Denmark's national collection, reflecting his concerns about potential destruction during World War I. The first auction featured 286 lots from his 20,000-piece collection, generating a remarkable total of 14.82 million euros ($16.5 million) after nearly eight hours of bidding. The auction, hosted by Stack's Bowers Galleries, is expected to be a landmark event in the world of numismatics, as it will ultimately lead to the sale of the most valuable international coin collection ever. The collection, insured for approximately $72.5 million, includes coins, notes, and medals amassed over more than six decades. The first sale showcased gold and silver coins from Denmark, Norway, and Sweden, dating back to the late 15th century. Among the highlights was a 1496 gold noble of King Hans, which set a new world record for a Scandinavian coin at auction, fetching 1.2 million euros ($1.34 million). This coin is significant as it represents the first gold coin struck by Denmark and is unique in private hands. The auction house's president described the event as a pivotal moment for the coin market, emphasizing the historical importance of the collection. The coins had been displayed at various fairs and exhibitions leading up to the auction, generating considerable interest. As the sales continue, the legacy of L.E. Bruun's collection is poised to benefit his descendants while also marking a significant chapter in the history of coin collecting.