A100

AUCTION 100 29 May 2017

An Important Selection of Greek, Roman and Byzantine Coins

Hotel Baur au Lac Talstrasse 1, 8001 Zurich Tel. + 41 44 220 50 20

NUMISMATICA ARS CLASSICA NAC AG www.arsclassicacoins.com

Niederdorfstrasse 43 CH – 8001 Zurich Tel. +41 44 261 1703 Fax +41 44 261 5324 zurich@arsclassicacoins.com

Suite 1, Claridge House 32 Davies Street London W1K 4ND – UK Tel. +44 (0) 20 7839 7270 Fax +44 (0) 20 7925 2174 info@arsclassicacoins.com

Auktionsbedingungen Durch die Teilnahme an der Auktion werden die folgenden Bedingungen anerkannt: 1. Die Versteigerung erfolgt in Schweizerfranken. Der Zuschlag erfolgt nach dreimaligem Aufruf an den Höchstbietenden, dessen Gebot vom Auktionator anerkannt wurde, und verpflichtet zur Annahme. Der Ausruf erfolgt in der Regel bei 80%, sofern nicht höhere Angebote vorliegen. Schriftliche Gebote haben Vorrang. Jeder Ersteigerer verpflichtet sich persönlich für die durch ihn getätigten Käufe. Er kann nicht geltend machen, für Rechnung Dritter gehandelt zu haben.

2. Telefonische oder schriftliche Bietaufträge (auch auf elektronischem Weg) von nichtanwesenden Interessenten werden bis 24 Stunden vor Auktionsbeginn entgegengenommen. Telefonische Bieter sind damit einverstanden, dass das Gespräch aufgezeichnet werden kann. Das Auktionshaus übernimmt keinerlei Haftung für schriftliche, elektronische und telefonische Bietaufträge.

3. Bieter werden gebeten, sich vor der Auktion zu legitimieren und anschliessend registrieren zu lassen. Das Auktionshaus kann eine Bankreferenz und/oder Sicherheiten verlangen. Es steht im Ermessen des Auktionshauses, eine Person nicht an der Auktion teilnehmen zu lassen.

4. Es steht dem Versteigerer nach seinem Ermessen frei, ein Gebot heraufzusetzen oder ohne Angabe von Gründen abzulehnen. Der Versteigerer behält sich ferner das Recht vor, Lose zu vereinigen, zu trennen, ausserhalb der Reihenfolge anzubieten oder wegzulassen bzw. von der Auktion zurückzuziehen.

5. Auf dem Zuschlagspreis ist ein Aufgeld von 20.0% zu entrichten - Telefonbieter und Internet Live Bieter entrichten ein zusätzliches Aufgeld von 1.5% auf den Zuschlagspreis. Die schweizerische Mehrwertsteuer von 8,0% wird auf den Endpreis (Zuschlagspreis plus Aufgeld und auf allen andern vom Auktionshaus dem Käufer in Rechnung gestellten Beträgen) erhoben. Goldmünzen (AV) sind von der MWST befreit.

Bei Ausfuhr des ersteigerten Objekts ins Ausland wird dem Käufer die MwSt zurückerstattet, wenn er eine rechtsgültige Ausfuhrdeklaration des schweizerischen Zolls beibringt.

6. Der Gesamtpreis wird mit dem erfolgtem Zuschlag zur Zahlung fällig und ist bei der Aushändigung des Objekts zu bezahlen, ausser es sei vor der Auktion eine andere Abmachung getroffen worden. Für verspätete Zahlungen wird ein Verzugszins von 1% pro Monat in Rechnung gestellt. Das Eigentum geht erst mit der vollständigen Bezahlung auf den Käufer über. In der Regel liefert NAC das ersteigerte Objekt nicht vor der Bezahlung an den Käufer aus. Eine allfällige frühere Auslieferung bewirkt keinen Eigentumsübergang und ändert nichts an der Zahlungsverpflichtung des Käufers.

Hat der Käufer nicht sofort und auch nicht innert fünf Tagen ab Erhalt einer eingeschriebenen schriftlichen Mahnung bezahlt, so ist NAC ohne weiteres und ohne weitere Anzeige berechtigt, vom Verkauf zurückzutreten.

7. Versand- und Versicherungskosten erfolgen auf Kosten und Risiko des Empfängers. Im Ausland verrechnete Gebühren und Steuern gehen zulasten des Käufers (Ersteigerers). Diesem obliegt es, sich über ausländische Zoll- und Devisenvorschriften zu informieren. Das Auktionshaus übernimmt keine Haftung für allfällige Zuwiderhandlungen gegen solche Vorschriften.

8. Das Auktionshaus garantiert vorbehaltlos und zeitlich unbeschränkt für die Echtheit der Münzen. Alle Angaben im Katalog sind nach bestem Wissen und Gewissen zusammengestellt.

9. Die zur Versteigerung gelangenden Objekte werden für Rechnung Dritter versteigert oder sind Eigentum des Auktionshauses. Der Käufer (Ersteigerer) hat keinen Anspruch auf Bekanntgabe des Einlieferers und ist damit einverstanden, dass das Auktionshaus auch von diesem eine Provision erhält.

10. Die vorstehenden Bedingungen sind Bestandteil eines jeden einzelnen an der Auktion geschlossenen Kaufvertrags.

Abänderungen sind nur schriftlich gültig. Sofern Teile dieser Auktionsbedingungen der geltenden Rechtslage nicht mehr oder nicht vollständig entsprechen sollten, bleiben die übrigen Teile in ihrem Inhalt und ihrer Gültigkeit unberührt.

Massgebend ist die deutsche Fassung dieser Auktionsbedingungen.

11. Das Vertragsverhältnis zwischen den Parteien untersteht in allen Teilen dem schweizerischen Recht. Erfüllungsort ist am Sitz des Auktionshauses in 8001 Zürich, und ausschliesslicher Gerichtsstand ist Zürich.

Conditions of Sale The following terms and conditions are accepted by all persons participating in the auction: 1. Auction bidding is conducted in Swiss Francs. The highest bidder who has been acknowledged by the auctioneer when the hammer falls after the third call has legally bought the lot. Bidding usually begins at 80% of the estimate, provided no higher offers have been submitted. Written bids have priority. The successful bidder has committed himself personally to the purchases made. He cannot claim to have acted on behalf of a third party.

2. Absentee bidders can bid up to 24 hours before the start of the auction by writing, telephone or electronically. Telephone bidders must agree that calls may be recorded. The auction house does not accept liability for bidding mandates made by telephone, electronically or in writing.

3. Bidders must show proof of identification before the auction, and subsequently be registered. The Auction House may require a bank reference and/or guarantee. The Auction House reserves the right to deny a person from participating in the auction.

4. The auctioneer may raise or reject a bid without giving a reason, and furthermore reserves the right to combine or split up catalogue lots, or to offer them out of sequence or omit or withdraw them from the auction.

5. A commission of 20.0% will be levied on the hammer price - phone bidders and bidders using our Live Internet facilities pay an additional charge of 1,5%. The Swiss value added tax (VAT) of 8,0% is payable on the final price (hammer price, plus buyer’s commission and any other amounts chargeable by the Auction House to the buyer). Gold coins (AV) are exempt from VAT. If the purchases are exported, then the VAT will be refunded on production of a legally valid original export declaration issued by the Swiss Customs.

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6. Payment is in Swiss Francs and is immediately due upon adjudication of the lot and has to be paid with the release of the object to the Buyer, unless otherwise agreed before the sale. Late payments will incur a monthly default interest of 1%.

Title in a lot will not pass to the Buyer until NAC has received full payment on his account. NAC will generally not release a lot to a Buyer before payment. Earlier release of the lot does not affect its title nor the Buyer’s obligation to pay.

If the Buyer has failed to make immediate payment and within 5 days after receipt of a registered, written reminder by NAC to the buyer, NAC may in its sole discretion cancel the sale of the lot.

7. Shipping and insurance are at the buyer’s cost and risk. Any fees and charges payable abroad are borne by the buyer (successful bidder) who is responsible for acquiring the necessary information about any applicable customs and foreign exchange regulations. The Auction House accepts no liability for any contraventions of such regulations.

8. The Auction House offers an unconditional and unlimited guarantee for the authenticity of coins. All identifications and descriptions of the items sold in this catalogue are statements of opinion and were made in good faith.

9. The objects which come under the hammer are auctioned on behalf of a third party or are the property of the Auction House. The buyer (successful bidder) has no entitlement to have the identity of the consignor disclosed to them and acknowledges that the Auction House might receive a commission from the consignor for the sale.

10. The above conditions are a component of each individual contract of sale concluded at the auction. Alterations must be made in writing in order to be valid. If any parts of these Terms and Conditions should be no longer or not fully in conformity with the valid legal situation, this shall not affect the content and validity of the remaining parts. The abovementioned conditions are written in German, French, Italian and English; the only valid text is the German one.

11. The contractual relationship between parties is subject in all facets to Swiss law. Place of performance is the registered office of the Auction House in 8001 Zurich, and the exclusive court of jurisdiction is Zurich.

Conditions de la vente aux enchères Du fait de la participation à la vente aux enchères, les conditions suivantes sont réputées être acceptées : 1. Les enchères sont effectuées en Francs Suisses. L’adjudication est réalisée après trois appels consécutifs du plus offrant dont l’offre a été acceptée par le commissaire priseur et qui constitue une obligation. La mise à prix est effectuée en règle générale à 80 %, dans la mesure où il n’y a pas d’offres disponibles et plus élevées. Les offres formulées par écrit sont prioritaires. Chaque enchérisseur s’engage personnellement en ce qui concerne les acquisitions réalisées par ses soins. Il ne peut pas faire valoir le fait d’avoir agi pour le compte d’une tierce personne.

2. Les demandes d’enchères par téléphone ou par écrit (également par moyen électronique) pour les personnes intéressées et non présentes sont réceptionnées jusqu’à 24 heures avant le début de la vente aux enchères. Les enchérisseurs par téléphone acceptent que la communication téléphonique puisse être enregistrée. La salle des ventes n’assume aucune responsabilité quant aux enchères effectuées par téléphone, électronique ou par écrit.

3. Les enchérisseurs sont priés de se légitimer avant la vente aux enchères et de se faire enregistrer à l’issue de la vente. La salle des ventes peut exiger une référence bancaire et/ou une garantie. La salle des ventes a le droit de ne pas laisser une personne participer à la vente aux enchères.

4. L’enchérisseur peut, à sa guise, surenchérir une offre ou bien la décliner sans indication de motifs. L’enchérisseur se réserve en outre le droit d’associer des lots, de les séparer, de faire des offres en dehors de l’ordre prévu ou de les laisser de côté, voire de se retirer de la vente aux enchères.

5. Une commission de 20.0% est perçue sur le prix d'adjudication. Les acquéreurs qui souhaitent participer aux enchères par téléphone ou en ligne avec nos facilités Live Internet paieront un frais supplémentaire de 1,5%. La taxe à la valeur ajoutée suisse d’un montant de 8,0 % sera perçue sur le prix définitif (prix d’adjudication plus supplément et sur tous les autres montants facturés à l’acquéreur par la salle des ventes). Les pièces de monnaie en or (AV) sont dispensées de la TVA. En cas d’exportation de l’objet adjugé vers l’étranger, l’acquéreur se voit restituer la TVA lorsqu’il est en mesure de présenter une déclaration d’exportation réglementaire, en bonne et due forme, des autorités douanières suisses.

6. Le prix total en francs suisses est exigible immédiatement après adjudication et doit être acquitté lors de la remise de l'objet adjugé. Pour les paiements effectués ultérieurement un intérêt moratoire de 1% par mois sera facturé. La transmission de la propriété à l'acquéreur a lieu seulement à paiement intégral. En général, NAC ne remets l'objet adjugé à l'acquéreur pas avant paiement. Une éventuelle remise de l'objet n'a cependant pas de l'influence ni sur la propriété du vendeur ni sur l'obligation de l'acquéreur de payer.

En cas que l'acquéreur n'a pas payé simultanément et non plus entre les cinq jours après réception d'un avertissement sous pli recommandé, NAC est en droit de se départir du contrat sans autre formalité et sans avis ultérieur.

7. Les frais d’envoi et d’assurance sont à charge et au risque de l’acheteur. Les taxes ou les impôts facturés à l’étranger sont à la charge de l’acquéreur (enchérisseur). Il lui incombe de s’informer au sujet des directives étrangères en matière de douane et de devises. La salle des ventes décline toute responsabilité pour les éventuelles infractions à l’encontre de ces directives.

8. La salle des ventes garantit l’authenticité des monnaies sans réserve et sans limitation dans le temps. Toutes les indications mentionnées dans le catalogue sont rassemblées en toute conscience et en toute bonne foi.

9. Les objets mis aux enchères le sont pour le compte de tierces personnes ou bien sont la propriété de la salle des ventes.

L’acquéreur (enchérisseur) n’a aucun droit d’obtenir communication du nom de la personne qui met en vente et se déclare en accord avec le fait que la salle des ventes perçoive une provision de cette dernière.

10. Les présentes conditions font partie intégrante de tout contrat de vente conclu dans le cadre de la vente aux enchères. Les modifications ne sont valables que par écrit. Le fait que des parties des présentes conditions de vente aux enchères venaient à ne plus correspondre, ou du moins plus intégralement, à la situation juridique en vigueur, n’affecte en rien les autres parties, ni dans leur contenu, ni dans leur validité. La version en langue allemande constitue la référence des présentes conditions de vente aux enchères.

11. La relation contractuelle entre les parties en cause est soumise, dans toutes ses composantes, au droit Suisse. La compétence juridique est fixée au siège de la salle des ventes à 8001 Zurich, et le for juridique exclusif est Zurich.

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Condizioni di vendita La partecipazione all’asta comporta l’accettazione delle seguenti condizioni: 1. La valuta in cui viene condotta l’asta è il Franco Svizzero. L’aggiudicazione al miglior offerente, individuato dal banditore, avviene dopo la terza chiamata e comporta per l’aggiudicatario l’acquisto con tutti i relativi obblighi di legge.

Le offerte partono generalmente dall’ 80% del prezzo di stima a meno che una o più offerte d’importo maggiore siano state presentate. Le offerte scritte hanno la precedenza. Il partecipante all’asta è personalmente responsabile per l’acquisto effettuato e non può pretendere di avere agito per conto di terzi.

2. I partecipanti all’asta non presenti in sala possono presentare offerte telefonicamente, in forma scritta, o per via elettronica fino a 24 ore prima dell’inizio dell’asta. Chi trasmette la propria offerta telefonicamente presta il proprio consenso all’eventuale registrazione della telefonata. La casa d’asta non assume alcun tipo di responsabilità per le offerte trasmesse in forma scritta, elettronica o telefonica.

3. I partecipanti, per concorrere all’asta, dovranno esibire un documento d’identità e registrarsi. La casa d’asta si riserva il diritto di richiedere referenze bancarie o un deposito cauzionale per permettere la partecipazione all’asta. La casa d’asta si riserva inoltre il diritto di non permettere a un soggetto la partecipazione all’asta.

4. Il banditore d’asta ha facoltà di aumentare o rifiutare un’offerta secondo la propria discrezionalità e senza necessità di fornire una motivazione. Il banditore si riserva inoltre il diritto di unire, separare, cambiare la sequenza prevista o di eliminare e/o ritirare dall’asta determinati lotti.

5. Al prezzo d’aggiudicazione va aggiunta una commissione del 20.0%. Gli offerenti che parteciperanno all’asta per telefono o ‘live’ attraverso internet pagheranno un costo supplementare dell’1,5%. L’imposta svizzera sul valore aggiunto, pari attualmente al 8,0%, viene applicata sul prezzo finale (prezzo d’aggiudicazione più commissione ed ogni altro importo imputabile al compratore dalla casa d’aste). Le monete in oro (AV) sono esonerate dal pagamento dell’IVA. In caso d’esportazione dell’oggetto acquistato all’asta verso un paese estero, il compratore ha diritto al rimborso dell’IVA dietro consegna di una valida dichiarazione d’esportazione dell’ufficio doganale della Confederazione Elvetica.

6. Il pagamento è da effettuarsi in Franchi Svizzeri immediatamente all’aggiudicazione del lotto, a meno che concordato diversamente prima dell’asta. In caso di ritardato pagamento il tasso d’interesse moratorio applicabile è pari all’1% mensile. La proprietà del lotto non passerà al compratore fino a che la NAC non riceverà il pagamento a saldo dell’acquisto. Generalmente la NAC non rilascia un lotto al compratore prima di ricevere il pagamento di tale. La consegna anticipata di un lotto non incide sulla proprietà di tale ne’ sull’obbligo di pagamento da parte del compratore.

Se il compratore no paga subito e nel caso in cui egli non effettui il pagamento entro 5 giorni dalla ricezione di una raccomandata, scritta da NAC come avviso di mancato pagamento, la NAC si riserverà la facoltà di cancellare la vendita di tale lotto.

7. I costi ed il rischio della spedizione sono a carico del destinatario. Qualunque imposta e contributo legalmente dovuto nel paese d’esportazione è a carico dell’acquirente (compratore in sede d’asta) su cui ricade la responsabilità per la conoscenza delle norme vigenti in materia doganale e di valuta. La casa d’aste non assume alcuna responsabilità per l’eventuale violazione di tali prescrizioni.

8. La casa d’asta offre una garanzia incondizionata e senza riserva di tempo sull’autenticità delle monete. Le indicazioni e descrizioni contenute nel catalogo sono opinioni soggettive e sono espresse in buona fede.

9. Gli oggetti offerti vengono messi all’asta per conto di terzi o sono di proprietà della casa d’asta. L’acquirente (compratore in sede d’asta) non ha il diritto di conoscere l’identità del consegnatario dell’oggetto e prende atto che alla casa d’asta potrebbe venir corrisposta dal consegnatario una commissione per la vendita.

10. Le condizioni sopra menzionate costituiscono parte integrante di ciascun contratto individuale di vendita concluso nell’asta. Eventuali modifiche saranno ritenute valide solo se fatte in forma scritta. Nel caso in cui una parte delle presenti Condizioni di Vendita dovesse essere non più totalmente conforme alla vigenti disposizioni di legge, cioè non avrà effetto sulla validità delle parti restanti. L’unica versione di testo delle Condizioni di Vendita che ha valore legale è quella in lingua tedesca.

11. Il rapporto contrattuale fra le parti è regolato in tutti i suoi aspetti dal diritto della Confederazione Elvetica. Il luogo d’adempimento è la sede della casa d’aste a Zurigo (8001). Il foro competente è esclusivamente quello di Zurigo.

US IMPORT RESTRICTIONS ON COINS OF ITALIAN AND GREEK TYPE None of the coins offered in this sale are subject to any kind of US import restrictions, since we are in possession of the necessary documentation for importation into the United States.

Nevertheless, Numismatica Ars Classica NAC AG endeavours to provide its American clients with the best service possible and we will therefore take it upon ourselves whenever possible to carry out all of the customs formalities for importation into the USA and will then ship the lots to each individual client from within the United States.

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TIME TABLE

ZEITTAFEL

ORDRE DE VENTE

Monday, 29 May 2017

14:00 – 19:30

ORDINE DI VENDITA

51 – 784

EXHIBITIONS AUSSTELLUNG EXPOSITION ESPOSIZIONI

London – At our premises 20 April – 12 May 2017 Monday to Friday 9:30 – 17:30 Saturday & Sunday by appointment only

Zurich At the Zurich premises (2nd Floor):

Thursday, 25 May 2017 Friday, 26 May 2017 Saturday, 27 May 2017

At the Hotel Baur au Lac, Talstrasse 1, 8001 Zurich:

Sunday, 28 May 2017 Monday 29 May 2017

09:30 – 17:30 09:30 – 17:30 By appointment 11:30 – 18:00 09:00 – 11:30

Please visit our auction online at www.arsclassicacoins.com

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Gradi di conservazione Grades of preservation

Erhaltungsgrad

Degrés de conservation Grados de Conservación

Fdc Fior di conio Spl Splendido BB Bellissimo MB Molto bello

Stempelglanz Vorzüglich Sehr schön Schön

Fleur de coin (FDC) Superbe Très beau Beau

Fdc Uncirculated Extremely fine Very fine Fine

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FDC EBC MBC BC

When Numismatica Ars Classica NAC AG held its first auction in 1989, the director of one of the top auction houses at the time commented that “the Italians” would close down within three years. In spite of that damning prediction, today Numismatica Ars Classica celebrates its 100th auction and can proudly claim to be classed as a one of the most, if not the most, prestigious auction houses in the world for classical numismatics. Not only has no other auction house in the world in the last twentyfive years produced a turnover comparable to ours, for this market niche, but also nobody can boast such a consistent series of important auctions. We have sold countless important collections over the years and in some sectors, such as the coinage of Magna Graecia and Sicily, the Roman Republic and the Roman Empire-gold coinage in particular-no other auction house in the history of modern numismatics, not even Bank Leu, can claim to have provided an offering of coins comparable to that presented by Numismatica Ars Classica in its public auctions.

Numismatica Ars Classica NAC AG’s operations extend beyond the commercial field, however. In order to promote research and publicise numismatics, over the course of the last twenty-five years we have been involved in the promotion, publication and funding of innumerable publications and scientific initiatives, in a spirit of co-operation with the academic world. We are particularly proud of our activities in this area and it demonstrates the short-sighted and unproductive nature of opposition between the commercial and the academic world.

Obviously, the greatest credit for this success belongs to the person who founded Numismatica Ars Classica and directed the company until his passing in 2012; my father, Roberto Russo.

In this foreword, I would like to include the following excerpt from the biography that I wrote in Essays in Honour of Roberto Russo, a festschrift that we published posthumously. This publication fills me with pride as many of the most eminent scholars wished to contribute, thereby demonstrating the respect that my father enjoyed, not only in the commercial sphere but also in the academic community.

“Roberto Russo, my father, was born on 18th August 1945 in Vico Equense, a small town on the Sorrentine peninsula. His father was a teacher of Naval Science and his mother was a housewife. In 1953, his father’s work took the family to Camogli in Liguria. The first years there were rather difficult for Roberto, 1950s Italy being very different from today. At the time it was typical for a child from the South to be considered an outsider by his fellow pupils in the North. Fortunately, as the years passed, things improved. But such experiences shaped his life forever, toughening his (already strong) character and spurring him on to want to keep his home and family in Naples, despite the fact that his business activities largely kept him abroad.

Roberto’s time in Camogli marked the birth of his love of history, thanks to a neighbour who was engaged to tutored him in all subjects. But Roberto, taking advantage of his passion for history, somehow managed to convince him to talk of nothing else! In the early 1960s Roberto’s family returned to Naples, his father having been appointed Chair of Nautical Science at Naples’ Parthenope University. Having completed his high school, Roberto decided to enrol in the Engineering faculty at the Università Federico II di Napoli, more out of a desire to please his parents than a real interest in the subject. It was during his time at university that he had his fortuitous encounter with coins. His father’s salary as a Professor afforded a dignified life, but no extravagance, therefore during his college years my father did what he could to increase his personal income. Among other ventures, he would often go to Naples’ money changers to buy and sell very small amounts of bullion. On one such visit Roberto happened to meet a gentleman who wanted to sell some 100 lire coins of Vittorio Emanuele II, but the money changer, not knowing the coins, didn’t want to buy them. So Roberto, who had no idea how much they could be worth decided to buy them “on a hunch”.

The profit my father made from the sale of these coins persuaded him to start looking for coins of numismatic interest and in 1970 he had an encounter which would change his life. One day a collector, whom Roberto had met at a convention, introduced him to Giuseppe de Falco and his son Alberto. This moment marked the start of a friendship, or rather, brotherhood that would last for the rest of his life. My father, who at the time was completely new to numismatics, would spend entire days at the de Falcos’ shop trying to, as we say in Naples, “steal the job”. Giuseppe and Alberto were two extraordinary numismatists who had inherited Naples’ 200 year long tradition of producing some of the best numismatic scholars and dealers in the world such as the likes of Fiorelli, Santangelo, 6

Sambon, Gabrici, the Canessa brothers and de Ciccio. These years would prove to be of fundamental importance to my father as he developed not only a commercial interest, but also, as was the tradition for finest dealers at the time, a scientific interest in numismatics. In the meantime, Roberto made an extremely courageous decision. Not only did he quit his studies, but he also decided to void the exams he had already finished. So, despite having successfully completed two thirds of his degree, he irrevocably burned his academic bridges.

And so Roberto went on to begin his career as a professional numismatist with capital of one million lire (the equivalent of $625 at the time) which he had received as a gift from his aunt. The first years were difficult, but thanks to a great deal of strong will combined with an innate commercial flair, his efforts brought about the initial fruits of success. In 1973 he married, finding in his wife Maria Gabriella the support that allowed him to concentrate almost completely on his work, nevertheless they started a family and ultimately had four children, me (Arturo) born in 1974, Adriana in 1977, Livio in 1979 and Giuliano in 1985. But, in the early days he spent more time away from home than with his family. No holiday (I remember eating our Christmas day dinner alone one time because my father had to leave) or other commitment could distract him from the commercial objectives that he had set out for himself.

During this time Roberto began, thanks to introductions from the de Falcos’, to frequent the establishments of the great numismatists of the time: Pierre Strauss, Leo Mildenberg, Silvia Hurter, Mario and Marco Ratto and Jean Vinchon among others. Straightaway he managed to win their trust and respect. One event in particular serves to illustrate how he built his relationship with Leo Mildenberg and Silvia Hurter. One day Leo, undoubtedly the most charming dealer of the twentieth century, showed Roberto a tetradrachm of Agrigento. My father, a young and minor dealer at the time, told him impulsively that it was a fake. Mildenberg smiled and Silvia, somewhat miffed, gave him a condescending look. But my father insisted on his opinion explaining that he had seen the “mother coin” at a collector’s house but he had been asked an excessive amount for it, in his opinion.

Mildenberg proposed that Roberto should buy the coin that he had seen for slightly more than the amount the collector had originally asked. My father accepted immediately. But the cost of the coin was higher than his entire capital, equally divided between coins and cash. Not wanting to lose face with Mildenberg, he asked his uncle for a loan and promptly bought the coin.

The week that passed between the purchase and delivery of the coin was terrible. If it turned out that Roberto was wrong, he would have been practically ruined. Fortunately, his “eye” did not betray him, and when Mildenberg and Silvia saw the coin they turned pale, recognising that the coin really was the “mother” of the piece they had shown Roberto. This marked the beginning of Roberto’s very close collaboration with Bank Leu which lasted until the founding of Numismatica Ars Classica.

During the second half of the 1970s, a second encounter occurred which would play a crucial role in Roberto’s life and professional career: his introduction to Dr. Athos Moretti, one of the greatest, if not the greatest, collectors of his time. Over the course of just a few years my father earned his trust and became his only advisor. However, Moretti was always much more than a client for Roberto: he was more like a second father to him. The trust and advice that Moretti generously bestowed on Roberto allowed him to develop a much broader vision of numismatics and helped him to take some vital decisions for the furthering of his career. For example, my father had always been an avid collector and at the beginning of his career, among other things, he collected coins from Magna Graecia and Sicily. One day, while showing coins to Moretti, he told him that two of them were not available since they formed part of his own collection. Doctor Moretti didn’t say anything to him at the time, but that evening as Roberto was leaving, Moretti stopped him at the door and told him that a successful dealer could not collect the same coins as his clients because he would inevitably offer them a second choice rather than the best pieces. My father reflected on Moretti’s words all night and the next morning he decided to sell him not only the two coins he had shown him the night before, but his entire collection of Greek coins.

This is the reason why Roberto decided to curb his thirst for collecting, limiting himself just to coins of the Roman Republic because at the time he did not have clients in that field. When, at the end of the 1980s, he understood that some conflicts of interest in this area were beginning to arise, he decided to sell the silver component of his collection, a part of which was sold in NFA’s sale XXVII in 1991.

Roberto’s collection was thereafter confined to the struck bronze coinage of the Roman Republic and over the course of many years he assembled the world’s finest and most complete collection of such coins, since his only two serious competitors were more than clients, they were his friends: Richard Schaefer and Rick Witschonke.

7

Rick deserves a special mention here as the fondness and respect that bound their friendship during these years was beyond imagination. Rick’s contribution to this volume has been absolutely extraordinary and extremely touching. Both Rick and my father were animated by such a passion for numismatics, which in my life I have only seen in only one other collector-BCD. Despite having met each other many years before, my father and BCD only got to really know one another while preparing NAC’s auction catalogue of BCD’s coins of Lokris and Phokis. This proved to be a true revelation for my father and he deeply regretted not having gottn to know better this great collector earlier in his career.

After Moretti’s death, there was only one other collector for whom my father was advisor and with whom he was able to establish, albeit on completely different grounds, an equally strong relationship.

This individual must remain anonymous but my father found him incredibly stimulating to converse with about everything, but in particular numismatics and history, finding their discussions extremely gratifying.

The commercial success of Numismatica Ars Classica is well-established and its position as one of the world’s foremost auction houses is well known to collectors and dealers alike. NAC is primarily the fruit of tireless labour by my father, but special thanks are also due to Roberto’s great friends PdB and VK whose contribution to the success of the business should not go unmentioned. NAC was founded in 1998 in Zurich, a city which at the time was the most prestigious hub for a numismatic company. In addition to the Zurich office, in 2003 a London branch was opened in order to better serve the company’s European clientele and increase sales activity which in Switzerland had begun to wane. In 2005 the Milan office, which still deals exclusively with the sale of Italian coins, was opened […].

In the final years of his life Roberto was much more interested in his studies, and also in spending time with his two granddaughters Lucrezia and Lorenza (my wife was pregnant with our youngest daughter Roberta when he died so, sadly, they never met) rather than in the commercial side of his activities.

While it is true to say that anything important that happened at NAC took place under Roberto’s close inspection, the majority of his time was dedicated to study and research. Some of his scholarly articles have already been published and others will follow thanks to the invaluable contribution of Andrew McCabe, a passionate collector and student with whom my father started a fruitful collaboration a few years ago. My father dedicated over twenty-five years to the study of Roman Republican struck bronze coinage and the manuscript of his massive corpus of this series was almost complete at his untimely passing. Again, thanks to Andrew’s essential help with its completion, the book should be published in the not too distant future.

Together with Frank Kovacs, David Hendin and Alan Walker, my father was probably one of the last of a long line of dealers who married the commercial side of numismatics with a keen interest and dedication to the academic study of this fascinating subject. The spirit of mutual collaboration among dealers, academics and collectors has always been fundamental to the development of numismatics.

By tradition, shrewd dealers have always shared with academics any important information the market offered. Countless publications have been written by dealers; one need only think of the works published over the years by Sambon, Herzfelder, Herbert Cahn, Leo Mildenberg and Silvia Hurter.

The partial divide that has been created in recent years between the commercial and scholarly world is the worst thing that could happen for the future and progress of numismatic study. […]”

My father’s story demonstrates how a strong will, matched with unquestionable competence matured through study and an innate sensibility, can take a man who started with nothing to being one of the most successful coin dealers in the history of modern numismatics. That said, my father often claimed that before holding his first auction, over twenty years into his career, he had closely observed the work of the most successful auction houses, trying to understand their virtues and remembering to avoid repeating their mistakes. It is impossible not to give him credit for being the first to understand the importance of provenance and the fact that the market would place a premium on coins coming from collections.

The result of my father’s work is for all the world to see and I hope that he would be pleased to see that after his death, Numismatica Ars Classica NAC AG has continued, in line with his teaching, to present auctions at the highest level, maintaining its prestigious position in the market.

8

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