Heritage Auctions

Heritage Auction Galleries is the world's largest collectibles auctioneer and the third largest auction house, with over $800 million in annual sales (as of December 31, 2011) and 700,000 online bidder-members. It is also the largest auction house founded in America.

Established in 1976 in Dallas, Texas by Steve Ivy and Jim Halperin, Heritage specializes in Historical Memorabilia, American and Political Memorabilia, Western Photography and Artifacts, Rare Books & Manuscripts, American Indian Art, Civil War Memorabilia, Natural History, Space Memorabilia, Fine and Decorative Art, Texas Art, Illustration Art, Silver, US and World Coins, Comics & Comic Art, Currency, Entertainment & Music Memorabilia, Jewelry & Timepieces, Handbags, Movie Posters, Sports Collectibles, Fine & Rare Wine, Arms & Armor and others.

Locations

Heritage Auction Galleries is a privately owned company, with headquarters in Dallas, Texas and offices in New York, Beverly Hills, San Francisco, and Houston as well as locations in Germany, Switzerland, Holland and France.

Auctions

Heritage combines both proxy and live Internet bidding with traditional floor auctions. In both 1999 and 2001, www.HeritageCoin.com, the predecessor to www.HA.com, was chosen by Forbes Magazine as one of the 250 best sites on the Internet. According to Internet traffic measurement site Compete.com, HA.com receives significantly more traffic than Sothebys.com and Christies.com combined. Heritage hosts separate website sections for each type of collectible they support and each lot's web listing contains third-party pricing and rarity data.

In addition to live and online auctions, the various Heritage websites offer useful information for collectors. Some of the sites (coins, for example) have an extensive glossary of terms. Many lot descriptions contain interest stories related to the item. Also, there are archives of over 2,000,000 lots, permitting the collector to research items of interest for descriptions, images, population, pedigrees and prices realized in past auctions.

Significant auctions held through the firm include the Nicolas Cage comic book collection, which sold for $1.6 million in October 2002 as a part of the largest comic auction ever according to Guinness, the highest grossing numismatic auction (over $65.1 million at the 2007 Florida United Numismatists auction, not including currency), the highest grossing currency auction (over $14 million for the auction held at the Long Beach Coin and Collectibles Expo in September 2006), and the highest price for an action figure ($200,000 for Don Levine's original G.I. Joe prototype in July 2003).

Notable Auctions

• In April 2005, Heritage Auctions offered the microphone used by long time Tonight Show host Johnny Carson on the show. Inscribed “Johnny’s Mic… Not Ed’s… Not Fred’s”, this relic of late night TV sold for $50,787.50. Six months later, Carson’s desk from the show appeared in a subsequent Heritage auction and sold for $38,837.50.

• A twenty dollar bill, printed in error over a Del Monte Banana sticker, caught the attention of collectors and non-collectors alike when it realized $25,300 in a Heritage Auction in January 2006.

• The Buddy Holly Collection, personal artifacts consigned to Heritage Auctions directly from his wife Maria Elena, were offered in February 2006. A watch worn by Holly when his plane went down realized $155,350 in this auction.

• Peter Fonda's iconic American Flag Patch from the movie Easy Rider sold for $89,625 in a 2007 Heritage Auction.

Peter Fonda's American Flag Patch, sold for $89,625 in 2007

• In October 2007, Heritage Auctions sold the flight log of the Enola Gay’s navigator for $358,500.

• The largest four tusk mastodon skull ever found realized $191,200 in a January 2008 Heritage auction, benefiting the Mt. Blanco Fossil Museum in Crosbyton, TX.

• In February 2008, a collection of the earliest US cents, 301 coins assembled by collector Walter J. Husak and minted between 1793 and 1814, brought in $10.7 million against pre-auction estimates of $7 million. According to Heritage Auctions president Greg Rohan, at that time this was the biggest result ever for a collection of cents.

• Heritage Auctions has sold two examples of the legendary 1804 silver dollar. The Mickley-Hawn-Queller example, graded proof 62 NGC, realized $3,737,500 in April 2008, making it the third most valuable coin ever sold at auction according to A Guide Book of United States Coins. The Adams-Carter specimen, graded Proof 58 NGC, realized $2,300,000 in April, 2009.

Title page of the first printing of the Federalist Papers (1788)

• When Playboy Enterprises decided to part with 17 pieces from their art collection, they contacted Heritage Auctions, who offered them in a March 2009 auction. These pieces realized a total of approximately $193,000. Since then, Heritage has auctioned several additional consignments for Playboy. On February 26, 2010 Heritage issued a separate catalog section of its Comics and Comic Art auction devoted exclusively to Cartoon Art from Playboy's archives^{[citation needed]}, which realized $501,459, including a world record $179,250 for an Alberto Vargas painting.^{[citation needed]}

• Capt. Nathan Harlan, a soldier stationed in Iraq, owned a first edition volume of “The Federalist” that he had found at a garage sale. After doing research on the Internet, he chose Heritage Auctions, who waived their seller’s commission due to Capt. Harlan’s service. This book, originally estimated at $8,000-$12,000, realized $95,600 when the hammer finally fell in June, 2009.

• Heritage Auctions was chosen to handle the estate of noted art collector Charles Martignette. The collection, which contains 4300 paintings from the likes of Alberto Vargas, Gil Elvgren, and Norman Rockwell, was expected to bring in upwards of $20 million in a series of auctions. The first two auctions, which took place in July 2009, comprised about 350 works and realized $2.6 million.^{[citation needed]} Subsequently, additional auctions have taken place, including a $4.5 million February 18, 2010 auction that included several hundred additional Martignette artworks, which comprised $2.68 million of that total.^{[citation needed]}

• On July 25, 2009, Heritage Auctions sold a Double Derringer belonging to John Dillinger for $95,600, more than double the pre-auction estimate of $35,000-$45,000. Subsequently, Dillinger's sister's family consigned their keepsakes, including many iconic items, which were auctioned by Heritage in 2009 and 2010.

• A Babe Ruth game-used bat dating to the 1918 season sold in October 2009 for $537,750 in an auction held by Heritage Auctions. This bat served as the model for every future bat made for Ruth by the Hillerich & Bradsby factory.^{[citation needed]}
• In January 2010, the Olson Specimen of the 1913 Liberty Head nickel was sold through Heritage Auctions for $3,737,500.

• In February, 2010, the highest CGC-graded copy of Detective #27, the first Batman comic book, was offered in a Heritage Comic Books/Comic Art auction. It realized $1,075,500, the second highest price a comic book has ever been sold for (and the highest price ever at auction, by far), more than tripling the previous auction record for any comic book. The entire auction realized almost $5.6 million, also an all-time record.^{[citation needed]}

• In 2010, the Max Factor Family in collaboration with Heritage Auctions of Beverly Hills held sales of important items in their private collection featuring jewelry, artwork and silver. Proceeds from these sales were divided among several Los Angeles area organizations including a large endowment to benefit Beverly Hills High School’s music program.

• Original artwork by Hugh Joseph Ward, a piece called 'The Evil Flame' from the cover of the August 1936 Spicy Mystery Stories, sold for $143,400, setting a record for the highest price ever realized for a pulp magazine cover in an August 2010 Heritage auction. In the same auction, pieces from Norman Saunders and Robert Fuqua also broke price records for the artists, at $50,788 and $27,485 respectively.

• A selection of John Wayne's memorabilia consigned by the actor's family brought more than $5.4 million in an October 2011 Heritage Auction. Wayne's beret from The Green Berets sild for $179,250, and a cowboy hat worn in Big Jake and The Cowboys sold for $119,500.

• A 1793 Chain Cent, the Eliasberg specimen, set a record for any United States copper coin when it sold for $1.38 million in an auction conducted by Heritage Auctions in January 2012.

Television

The Great Big American Auction, featuring Ty Pennington aired as a special on ABC on December 8, featuring experts from Heritage Auctions. To date, the show has not been picked up as a series.

Controversy

In May 2009, Gary Hendershott, a dealer in Civil War memorabilia and U.S. Western historical objects, issued a civil RICO (Racketeer Influenced and Corrupt Organizations) lawsuit against Heritage for violating several Texas state laws. Amongst Hendershott’s allegations were that Heritage utilized shill bidding to increase prices, and that the Heritage failed to pay him commissions for the auction sales he had facilitated for the firm. Heritage vehemently denied the claims, terming them an elaborate ruse by Hendershott to avoid paying his bills. "Basically, it’s the plaintiff’s lawyer trying to wage a PR war to force us to the table to settle with his client, who owes us well over a million dollars.”

Hendershott’s lawsuits have been dismissed, without prejudice, by three different judges, and remanded to arbitration."

In early September 2009, a similar RICO complaint was filed against the firm by Chris Kortlander, a businessman from Montana who had once hired them. On September 25, 2009, all of Kortlander's claims were dismissed with prejudice.

On September 16, 2009 Heritage filed a motion asking for sanctions against Hendershott and his attorneys for misconduct.

On September 30, 2009 Heritage filed a lawsuit against Hendershott and his attorneys alleging defamation and civil extortion.

On April 7, 2010, Judge Solis of the US District Court entered a permanent injunction commanding Hendershott and anyone acting on his behalf to remove from the Internet all previously published false, misleading and/or disparaging statements regarding Heritage and enjoining them in the future to desist from making or distributing such statements. The RICO lawsuit and all claims against Heritage were also dismissed with prejudice.

External links

• Heritage Auctions website