The economic crisis continues to nurture the market. The Hispanic Society of America in New York needs funds and will auction off one of the most famous coin collections in the world, a fundamental piece in the study of Spanish numismatics. The lot wonderfully illustrates the history of the Iberian penninsula from the fifth century B.C to the twentieth century, highlights include pieces from ancient Rome to Imperial Spain. 

The sale is comprised of only one lot and will be auctioned following a closed bidding system, therefore those interested must present a written bid in order to acquiere the entire collection. The result will be known the 8th of March and Sotheby's estimated that it could fetch something in between 19 and 26 million euros. 

With almost 38.000 pieces, this collection is one of the most complete ever gathered by a private collector or museum. It includes a unique example of 50 excelentes, an enormous golden coin from the fifteenth century valued in 11-15 million euros. Minted during the reighn of the Catholic monarchs (Ferdinand and Isabella) it is, according to the auction firm, the greatest golden coin from this period that remains and the most valuable pieces of numismatic in Europe.

The collection was gathered more than 100 years ago by Archer M. Huntington, American phillantroper, lover of Spain and founder of the Hispanic Society of New York. For decades he gathered coins that witnessed all the periods in Spanish history, now a century later, the economic strain has forced the current foundation directors to deaccesionize this treasure. Already in 2007, before the ongoing crisis, the Hispanic's income from donations and investment funds fell almost 30 per cent, from 49 million euros to less than 35. the institution did not attract enough patrons and the taking of funds only covered 15 per cent of expenses, too low a sum for a museum that charges no entry fee.

It is not the first time that the Hispanic Society deaccesionizes important works, although it has always strived to preserve its art holdings. In 1999 the institution sold a French sculpture from the thirdteenth century to the Metropolitan museum and the last month of October they collected more than 3 million euros with the sale of two volumes of the Quran. However, on this ocassion the sale of coins directly affects the institution's Hispanic identity. The president of the Hispanic Society defends the action alledging that the Huntington coin collection "was never a formal part of the exhibition or the museum's mission".  

According to some experts, the Spanish goverment could be interested in buying the lot and Sotheby's has admitted to being in contact with public institutions in Spain. The sale of this collection has received harsh criticism from the Numismatic society of America, which fears that the Huntington collection may end up leaving in the United States and be divided over the years. The collection will be on view during the month of February in the Sotheby's New York offices in York Avenue. Pablo Ortiz de Zárate

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