Bidding Frenzy Expected at Auction of Retired Prospector's Private Gold Stash
ORANGE, Calif., Aug. 29, 2011 /PRNewswire/ -- Gold is the commodity on everyone's minds these days, and bidders are hoping to strike paydirt Sept. 3-4 when southern California auctioneer Don Presley offers gold nuggets and quartz specimens from the private collection of a retired prospector.
Now in his late eighties, the prospector – who traded in precious metals and sold mining equipment for a living – quietly built a collection over his lifetime that consisted of exceptional geological specimens. He is now liquidating his collection to benefit his grandchildren.
"Over the years, he prospected all over the world, and this is the first time he has ever sold anything at auction," said Presley. "Some of the pieces in his collection are just fabulous."
Headlining the gold lots is a spectacular white quartz specimen with a total weight of 59.2 ozt. that contains a gold chunk weighing 29.5 ozt. "A specific gravity test makes it possible to determine the weight of gold suspended in quartz," Presley said. "The way the price of gold is going, it would have a melt value of around $60,000, but I don't know why anyone would want to melt it; it's a beautiful object to behold." Presley has estimated the item at $60,000-$90,000.
Three gold nuggets will be offered, the largest weighing 12.86 ozt. (or 400 grams) and estimated at $25,000-$40,000. Presley said that because it is a solid nugget, it has more value than scrap gold of equal weight. An 8 ozt. nugget is estimated at $16,000-$20,000; while a 2 ozt. nugget made into a pendant with sapphires is expected to pan out at $4,200-$6,000.
Smaller gold-quartz specimens will be auctioned, as well. Reasonable estimates have been placed on all of the gold in the sale, with opening bids just under the melt value.
"The prospector's collection has turned out to be quite a shrewd investment. Gold is on the rise, so his specimens have gone up in value before a single bidding paddle has been lifted," Presley said.
Other valuable "metal" in the sale includes silver coins, diamond and emerald estate jewelry, Tiffany pocket watches and a 1988 Rolls-Royce Silver Spur estimated at $20,000-$35,000. Additionally, an extensive selection of antique Chinese ivories and fine and decorative art from upscale California estates rounds out the auction, with 90% to be sold for the highest bid regardless of amount.
Online: www.donpresleyauction.com
SOURCE Don Presley Auctions
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