Last week Gurnesy auctions completed the sale of wild west artifacts which were part of the Harrisburg, PA collection. The items were being sold in order to pay off city debt. 8,000 artifacts were sold for approximately $3.85 million. Although the auction was also held live, most buying activity was on line.
Penn Live reported on the sale
Source: Penn LiveHarrisburg finished auctioning off its Wild West artifacts Sunday. Top takeaways from the week-long event:
1. Everything had to go – and nearly all of it went. Many items sold for more than expected, some for less. Just a handful - maybe a dozen, auction staff estimated - failed to attract any interest.
Locals snapped up every last remaining trinket Sunday, ensuring part of the collection will remain in the area for a while.
2. Expectations were exceeded - but the city didn't break even. Bidders bought 8,000 artifacts for an estimated $3.85 million.
With buyers' premiums discounted, that's $3.2 million - still far more than the $2 million to $2.5 million anticipated by Guernsey's Auction Co.
The city will keep $2.7 million after paying a commission to Guernsey's. That is enough to pay off $2.5 million balance of the loan they guaranteed.
When prior auctions' $1.66 million revenue is counted, that's nearly $4.4 million - about half their $8.3 million estimated cost, which many believe is higher.
Another $624 million or so remains under debt resolution negotiations.
3. Online bidders ruled the day. About 10,000 people participated online via proxibid and liveauctioneers.com.
Live crowds started between five and 50 people during the first six days, five of which were part of a heatwave. Sunday's audience peaked early at 250 people.
4. Despite in his absence, former Mayor Stephen Reed featured prominently in the event. Most collectors cited Reed and the controversy surrounding him and the collection as at least part of the reason for their interest.
The lower-cost, more contemporary objects seemed so out of place for an American West - or any - museum, that it forced observers and participants to question his logic.
Reed didn't attend. Instead, he attempted to bid on a few items via a friend.
5. Unanswered questions remain. The actual total cost of the artifacts has long been questioned because, when asked, Reed couldn't produce receipts or invoices for many of the items - only a spreadsheet inventory that also included objects at the city's National Civil War and Pennsylvania National Fire museums.
He's also never explained why most Wild West artifacts were stored in a warehouse without climate control.
Plenty of collectors are skeptical about the pieces' authenticity as well. In many cases, it's unclear whether their provenance never existed or disappeared as a result of the collection's general disarray.
The scope and disorganization of the artifacts made vetting items prohibitive, as acknowledged by Guernsey's staff and in "buyer beware" disclaimers.
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