Heritage Auctions is an American multi-national auction house based in Dallas, Texas. Founded in 1976, Heritage is an auctioneer of numismatic collections, comics, fine art, books, luxury accessories, real estate, and memorabilia from film, music, history, and sports.
In 1982, Heritage Auctions became an equal partnership between two collectors, Steve Ivy and Jim Halperin.[1] In 1967, Ivy dropped out of the University of Texas at Austin to form Steve Ivy Rare Coin Co. in Dallas, Texas.[2] In 1971, while still a freshman at Harvard University, Halperin established New England Rare Coin Galleries. He would later drop out of school. In the same vein, Ivy, the one who initially formed Heritage Auctions in Dallas in 1976,[1] transitioned from his earlier, smaller enterprise. These two individuals frequently crossed paths at industry trade shows and auctions. In 1982, Halperin sold his Boston-based business and relocated to Dallas to join Ivy. Alongside him, he brought Marc Emory, a partner who currently oversees a segment of Heritage's European operations. Another key addition to the company was Greg Rohan, who joined in 1986 and now serves as the president of the company.[2][3] Besides Ivy, Halperin, Rohan, and Emory, the company includes four other partners: Paul Minshull, Ryan Carroll, Todd Imhof, and Cristiano Bierrenbach.[2]
In 1996, Heritage Auctions initiated a website that facilitated online auctions for buying and selling coins. This online platform significantly expanded the pool of potential sellers and buyers for the company. Following Halperin's guidance, Heritage took steps to broaden its business scope by incorporating collectibles beyond numismatics. This diversification began with comic book auctions in 2001. Subsequently, in 2003, the company introduced a memorabilia department, which hosted its inaugural auction valued at approximately $2 million.[2] During the mid-2000s, Heritage Auctions ventured into the market of music, entertainment, and film memorabilia. By April 2006, the auction house had already conducted its third biennial auction featuring collectibles previously owned by renowned actors, musicians, directors, and other figures in the film industry. These auctions showcased diverse collections comprising props, set elements, and attire from some of the most iconic films and television series in history. Additionally, personal items belonging to various musical artists were also part of these auctions.[1] In 2010, Heritage launched its luxury items division, which includes jewelry, handbags, and other accessories.[4] In some instances, rare items from these auctions have sold for over two hundred thousand dollars.[5] By 2013, the auction house was also auctioning modern and contemporary art including works by artists such as Pablo Picasso, Andy Warhol, Joan Mitchell, and Edward Ruscha.[6]
In the immediate aftermath of the onset of the COVID-19 pandemic, specifically between April 20 and 27, the online sales conducted by the auction house amounted to $41 million. This figure accounted for approximately 10% of the entire previous year's annual online sales, which had reached $483 million in 2019.[7] In the year 2022, Heritage Auctions accomplished remarkable sales surpassing $1.45 billion. This impressive figure does not include the charity auction organized by Heritage for Dmitry Muratov's Nobel Peace Prize, which amassed $103.5 million. The entirety of these proceeds was directed towards UNICEF to support humanitarian initiatives for refugee relief.[8]
By 2023 Heritage Auctions was ranked third among Western auction houses with total sales of $1.76 billion.[9]
Operations
On June 1, 2020, Heritage Auctions consolidated three Dallas-area locations to a new world headquarters in Dallas, located at the northwest corner of West Airport Freeway and Valley View Lane near Dallas Fort Worth International Airport.[10] The 160,000 square foot facility is located in the DFW Airport international trade zone and will house 450 of the company's 600 employees.[11] The company also has offices in New York located on Park Avenue.[2] Its New York operations are mostly geared towards the fine arts industry.[12] Heritage has a West Coast location in Beverly Hills, California, located on Olympic Boulevard.[2] In 2011, Heritage acquired Greg Martin Auctions in San Francisco, California, forming the auction house's division specializing in weapons and armament.[13]
Heritage expanded operations by adding an office in Hong Kong in 2015.[14] In spring 2017, the company formed a Florida branch with offices in Palm Beach.[15] In January 2017, company opened an office in Chicago, also, opened a new London office in 2017.[16]
In 2015 Heritage Auctions took over MPO located in IJsselstein, The Netherlands. Founded in 1988 as a coin and stamp fair organizer, Jacco Scheper and Huib Pelzer acquired the company in 1996 and three years later began auction operations. Through the merger with MPO Heritage Auctions also has a Belgium office located on the outskirts of Brussels in Zaventem.[17]
In 2023 sales were $1.76 billion – the highest in its 47-year history.[18] The 21% year-over-year increase was driven by records in many categories including coins in the Harry W. Bass Jr. collection, comics and comic art, and sports and entertainment memorabilia.[19]
Notable auctions
In October 2011, Heritage auctioned the personal property and movie memorabilia of the actor John Wayne for $5.4 million. The beret he wore in The Green Berets fetched $179,250.[20] The following month, a copy of Action Comics #1, previously owned by Nicolas Cage, sold for $2.16 million, beating the previous record price for the comic of $1.5 million.[21]
In December 2015, an auction brought in more than $3 million for memorabilia from Sylvester Stallone's personal collection.[22]
A baseball-themed print by American illustrator Norman Rockwell was sold by Heritage Auctions in August 2017 for $1.6 million. The work was a study of Rockwell's Tough Call.[23]
In a continuing series of auctions starting in 2018, Heritage Auctions is auctioning a collection of memorabilia from the estate of Neil Armstrong, who died in 2012.[24][25] The event was the first ever auction of the astronaut's personal collection and is billed to coincide with the 50th anniversary of the first landing on the Moon in 1969.[25] About 3,000 items were up for auction[26] and, as of October 2019, the auctions have brought in about $12 million.[27]
In January 2019, a rare 1943 Lincoln cent sold at Heritage auction for $204,000. The copper coin was created in error in 1943, when copper was meant to be reserved for the war effort.[28][29] An original 1930 ink-on-paper drawing from the first Tintin comic book, Tintin in the Land of the Soviets, was sold by Heritage Auctions in June 2019.[30][31] On November 20, 2019, Blueberry Custard (1961) by Wayne Thiebaud sold at a Heritage auction for $3.225 million, the second highest price brought in for a piece by the artist from Sacramento, California.[32] The next day a near-mint conditionMarvel Comics #1 sold for $1.26 million, setting the record for the most expensive Marvel comic sold in a public auction.[33]
On December 13, 2020, a Wayne Gretzky 1979–80 O-Pee-Chee rookie card sold for $1.29 million, becoming the most expensive hockey card sold at auction and the first to break the million-dollar barrier.[34]
A US $20 bill with a Del Monte sticker sold for $396,000 on January 5, 2021 becoming the most expensive error note sold.[35]
A near-mint copy of Batman #1 from 1940 sold on January 14, 2021, for $2.22 million, setting a world record for a Batman comic book and the second most expensive comic ever sold at auction.[36]
A Pokémon First Edition Base Set Sealed Booster Box sold for a world record-setting $408,000 on January 17, 2021.
On January 24, 2021, Heritage Auctions sold the world's most valuable gold coin, a 1787 New York-style Brasher Doubloon, for $9.36 million.[37]
A signed Michael Jordan card fetched $1.44 million on February 4, 2021, making it the most expensive Jordan card ever sold at auction.[38]
The Paramount Collection of world and ancient coins reached $41,941,592 on March 25–27, 2021, making it the most valuable world and ancient coins auction. The auction included a $2.28 million world record for the most expensive British coin ever sold at public auction.[39]
An original poster promoting a 1953 Hank Williams concert in Canton, Ohio, on New Year's Day sold for a record $150,000 on May 1, 2021, beating out The Beatles as the world's most expensive concert poster ever sold at auction.[40]
The Joseph Christian Leyendecker painting Beat-up Boy, Football Hero, which appeared on the cover of The Saturday Evening Post, sold for a record $4.12 million on May 7, 2021. The previous world record for a J.C. Leyendecker original was set in December, when Sotheby's sold his 1930 work Carousel Ride for $516,100.
On May 9, 2021, a game-worn jersey belonging to Michael Jordan from his sophomore season at the University of North Carolina was sold for $1.38 million, making it the most expensive Jordan jersey sold.[41]
An unopened copy of Nintendo's Super Mario 64 from 1996 sold at auction for $1.56 million on July 11, 2021, a new record for a video game. The previous record was an unopened copy of Nintendo's The Legend of Zelda, which sold only two days earlier for $870,000.[42]
A copy of Amazing Fantasy #15 graded CGC 9.6 sold by Heritage Auctions in September 2021 set an all-time record price paid for any comic book at $3.6M, surpassing the $3.25M paid for an Action Comics #1 CGC 8.5, the first appearance of Superman, in April 2021.
In January 2022 a single sheet of original comic artwork from page 25 of Marvel Comics' Secret Wars No. 8, showing the first appearance of Spider-Man's black suit, sold at auction for a record $3.36 million.[44]
In April 2022, Heritage Auctions broke the record for the highest priced concert poster with a $275,000 sale of a rare Beatles 1966 Shea Stadium poster. The previous record of $150,000, a poster for Hank Williams' last scheduled performance, was set by Heritage Auctions the previous year.[45]
In May 2022, an 1863 Liberty Double Eagle from The Bob R. Simpson Collection, the finest known example of ten to twelve remaining in all grades from a mintage of only 30 coins, more than doubled the previous auction record for this coin.
The original cover art for the first issue of Batman: The Dark Knight Returns achieved $2.4 million at a June 2022 Heritage Auctions sale, making it the most expensive American comic book cover art sold.[46]
Russian journalist Dmitry Muratov's Nobel Peace Prize, sold to benefit refugees from Ukraine through UNICEF. The medal sold on June 21, 2022, for US$103.5 million, the highest price ever recorded for a Nobel medal.[47][48]
Heritage auctioned a 1952 Topps Mickey Mantle baseball card on August 27, 2022, for $12.6 million, setting a new record. It was the first (and is thus far, the only) time a sports collectible item has ever sold at auction for an eight-figure price.[49]
Frank Frazetta’s painting Dark Kingdom (1976) sold for $6 million at Heritage Auctions in June 2023, setting a new record for a Frazetta painting, and any original comic book or fantasy art. Dark Kingdom was first used as the cover of Karl Edward Wagner's 1976 novel Dark Crusade and as the album cover for Molly Hatchet's 1979 Flirtin' With Disaster.[50]
The original cover art for the first issue of Batman: The Dark Knight Returns by Frank Miller achieved US$2.4 million in June 2022, making it the most expensive mainstream American comic book cover art sold publicly. Published by DC Comics in February 1986, issue #1 follows the superhero’s return after retiring 10 years earlier.[51]
In July 2023, Heritage Auctions sold a rare copy of the Declaration of Independence for $2,895,000.00. Printed in Massachusetts, only six copies of this broadside edition exist, and this is one of two in private hands.[52]
In August 2023 Heritage Auctions concluded the auction of Harry W. Bass Jr. rare coins, achieving $83.6 million for the late oil man and philanthropist’s collection. The proceeds of the sale will benefit dozens of North Texas nonprofits supported by Bass’ foundation[53] plus a $40 million gift to found the Harry W. Bass Jr. School of Arts, Humanities, and Technology at the University of Texas at Dallas.[54]
A near-perfect copy of “The Amazing Spider-Man #1” sold for over $1.3 million at auction on January 14, 2024, breaking the record for the highest price the issue has ever fetched.[55]
Many rare coin price records were broken in the January 14, 2024, Florida United Numismatist (FUN) auction, including the finest known example of an 1855 Kellogg & Co. $50 for $1.26 million, one of only two known examples of an 1860 Half Eagle for $1.14 million, and the finest known example of an 1851 Schultz & Co. Half Eagle which drew $1.02 million — more than double the previous top price.[56]
On April 7, 2024, 1938 Action Comics #1 featuring Superman’s first appearance sold for $6 million, becoming the most expensive comic book ever.[57]
Controversies
In 2009, Heritage Auctions faced a lawsuit from a former employee named Gary Hendershott. The allegation made in the lawsuit was that the company had participated in fraudulent activity by employing a "shill" bidder under the pseudonym "N.P. Gresham." This shill bidder was purportedly used to manipulate bidding prices artificially, an action claimed to be in violation of anti-racketeering laws.[58][59] The lawsuit was dismissed with prejudice.[60]
In 2012, the country of Mongolia sued Heritage Auctions for auctioning a 70-million-year-old fossil skeleton of a Tyrannosaurus bataar (75% complete) because the specimen came from Mongolia where exports of fossils are prohibited.[61] Heritage subsequently assisted the Mongolian government in resolving ownership and storing the specimen for the parties until it could be legally repatriated to Mongolia[62]
In 2014, Heritage Auctions took legal action against Christie's for hiring their primary expert in handbags and two additional handbag specialists. The lawsuit alleged that this act constituted a breach of contract and that it also involved the misappropriation of trade secrets.[63]
In 2016, Heritage Auctions filed a lawsuit against Christie's and its subsidiary Collectrium, alleging copyright infringement. The claim centered around the accusation that Collectrium had engaged in improper web scraping of three million of Heritage Auctions' listings. It's noteworthy that at that point in time, Collectrium had been recently acquired by Christie's in 2015.[64][65]
In 2019 a judge ruled that Collectrium had to pay Heritage Auctions close to $1.8 million of the $49 million Heritage initially sought. The judge dismissed Heritage's claims of trespassing, unfair competition, and civil conspiracy, and also ruled that only Collectrium had any liability.[66]
In December 2020, Heritage Auctions sold a painting titled Eyes Upon You by Margaret Keane. It was later revealed that this painting had been stolen from its rightful owner back in 1972. Following an intervention facilitated by the FBI, the painting was returned to the owner's daughter. The buyer of the painting was issued a full refund. The true owners expressed their gratitude in a written statement, acknowledging both the FBI agent and Heritage Auctions for their roles in resolving the situation.[67]
In August 2021 YouTuber Karl Jobst released a video that claimed that Heritage Auctions, along with the grading company Wata Games, had artificially created a collectable bubble in the sealed video game market through a conflict of interests.[68][69] In a statement to Video Games Chronicle released following the video's publication, Heritage Auctions denied engaging in any illegal or unethical practices. Wata Games also denied the claims made in the video.[70][68]
On April 13, 2024, Heritage Auctions played a crucial role in resolving the controversy over the original USS Enterprise model from "Star Trek". Initially listed on eBay but flagged by fans who recognized it as the missing model used in the opening scenes of the original TV series, Heritage Auctions authenticated and facilitated its return to Gene Roddenberry's son, Rod. Valued at more than $1 million, but considered priceless, Rod plans to restore it and place it in a museum.[71]
Related Research Articles
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References
1 2 3 Wilonsky, Robert (April 27, 2006). "History for Sale". Dallas Observer. Retrieved December 20, 2018.
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