NEW YORK--(BUSINESS WIRE)--April 11, 2007--Escala Group (Pink Sheets:ESCL), a global collectibles company in stamps, coins, and art and antiques, today announced the aggregate sales results for its most recent auction conducted by Bowers and Merena Auctions of Irvine, California, part of Escala's Spectrum Numismatics division. As the official auction of the Baltimore Coin and Currency convention, the Bowers and Merena auction generated a total of $7,231,480 in winning bids in two days, March 22 and 23, 2007.
"The auction results show stronger than ever prices for some numismatic material with dozens of new rare coin auction records established. There were pennies that brought thousands of dollars, and silver and gold coins that sold for tens of thousands," said Steve Deeds, President of Bowers and Merena.
Among the highlights of the auction were: $356,500 for a Liberty design Double Eagle ($20 denomination gold coin) struck in 1856 at the New Orleans Mint, certified About Uncirculated-53 by Professional Coin Grading Service (PCGS); $149,500 for a $4 denomination Flowing Hair variety "Stella" gold coin, certified Proof-62 by Numismatic Guaranty Corporation (NGC); $95,450 for a 1797 Draped Bust half dollar certified Extremely Fine-45 by NGC; and $13,800 for a virtually pristine 1917 Lincoln cent certified Mint State-67 red by NGC.
The bank note portion of the auction also generated strong bids including: $40,825 for a Series 1886 $10 Silver Certificate certified Crisp Gem Uncirculated-66 Premium Quality (PQ) by Rare Currency Grading Service (RCGS); $33,350 for an 1878 $2 Legal Tender Note certified Very Fine-30 by Paper Money Grading company; and $18,400 for an 1882 $100 Gold Certificate certified Gem Crisp Uncirculated 65PQ by RCGS.
All prices include the 15 percent buyer's premium added to the hammer price of all winning bids.
The Baltimore Coin and Currency Convention now is owned and operated by Whitman Publishing, LLC, of Atlanta, Georgia.
"Whitman has built on the wonderful success of the previous show owners to create a world class numismatic event that we are glad to be associated with as the Official Show Auctioneer. With so many coin shows run annually, it is our great pleasure to be working with a company with Whitman's experience, vision and integrity. We are looking forward to the upcoming summer Baltimore show and a long and lucrative relationship with Whitman," said Pen Herring, Chief Operating Officer of Bowers and Merena.
Complete results of the March 2007 Baltimore auction are available at www.BowersandMerena.com by individual lot, including full descriptions, estimates and photographs. A fully illustrated, color printed catalog was produced for the sale; copies are still available for sale upon request.
About Escala Group, Inc.
Escala Group is a global network of leading companies in the collectibles market with operations in North America, Europe and Asia as well as on the Internet. The company operates through a number of subsidiaries that specialize in various sectors of the collectibles markets, and is comprised of three business areas: auctions, merchant/dealer operations and trading.
Escala Group's North American auction and retail operations include Greg Manning Auctions division, Ivy & Manning Philatelic Auctions, Greg Manning Galleries, Greg Martin Auctions, Teletrade, Nutmeg Stamp Sales, Superior Sports, Bowers and Merena Auctions, North American Certified Trading, and H.R. Harmer. In Europe, the leading auction houses affiliated with the network are Corinphila Auktionen of Zurich, Switzerland; and the Koehler group of auction companies of Berlin and Wiesbaden, Germany. In Asia, Escala Group's auction operations are conducted through John Bull Stamp Auctions, Ltd, the oldest philatelic auction house in Hong Kong.
Merchant/dealer activities are conducted through Spectrum Numismatics International, one of the largest wholesalers of rare coins in the U.S.
The trading activities of Escala Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace.
About Bowers and Merena Auctions
Founded in 1953 and based in Irvine, California, Bowers and Merena Auctions has grown to become America's leading rare coin auctioneer, providing coins to collectors, dealers and museums in all parts of the world. Its famous public sales include the $44.9 million Louis E. Eliasberg, Sr., Collection and the Harry W. Bass, Jr. Collection which has realized more than $38 million. The company also handled the $25 million Garrett Collection for The Johns Hopkins University, and the $20 million Norweb Collection. In addition, Bowers and Merena holds three of the top seven world record auction prices for U.S. coins. The company's reference books and catalogues have received more "Publication of the Year" awards and other honors than have those of any other firm. Over the years, The Guinness Book of World Records has devoted more space to the records held by Bowers and Merena Auctions than to all of our competitors combined. The company's motto is, "Your friends in the rare coin business."
SAFE HARBOR STATEMENT
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that may cause such differences include changes in market conditions, changes in economic environment, competitive factors and the other factors discussed in the "forward-looking information" or "risk factors" sections included in Escala Group's filings with the Securities and Exchange Commission, including Escala Group's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, prospectuses and other documents that Escala Group has filed with the Commission. In particular, any statement related to Escala Group's expected revenues or earnings or Escala Group's being well positioned for future profitability and growth are forward-looking statements.
The words "should," "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan" and similar expressions and variations thereof identify certain of such forward- looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. Escala Group undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
CONTACT: Escala Group
Matthew Walsh, 212-421-9400
mwalsh@escalagroup.com
or
Bowers and Merena Auctions
Pen Herring, 800-458-4646
PHerring@BowersandMerena.com
SOURCE: Escala Group, Inc.
