Video Coin News: Chris Napolitano on the New Stacks-Bowers Auction Company
Chris Napolitano President of Stacks-Bowers explains his management directive as the new president of the recently merged auction firms of Stack’s of New York and Bowers & Merena of California. From the February 2011 Long Beach Coin Expo.[Run time 4:48]
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On December 23nd, Spectrum Group International, Inc. (SPGZ.PK) announced Bowers and Merena Auctionshad entered into an agreement with Stack’s to combine their operations. The new company, which will be known as Stack’s-Bowers Numismatics, with a world coin division to be known as Stack’s-Bowers and Ponterio, will be owned 51% by Bowers and Merena Auctions and 49% by Stack’s. The closing, which is subject to the satisfaction of customary conditions, is expected to take place in early 2011.
Bowers and Merena Auctions president Chris Napolitano, who will serve as president of the combined company, said, “I am honored and excited to lead this new venture, which combines two of the leading names in our industry. We consider Stack’s to be the crown jewel of coin auction houses and with this partnership, we have assembled a numismatic team that we believe to be unequaled in the industry. We look forward to continuing and expanding Stack’s auction and retail locations in mid-town Manhattan, which serve not only the greater New York metropolitan area but also the entire east coast.”
Asignificant factor for Spectrum pursuing this merger was the opportunity to partner with Charles, Joel and Harold Anderson and the rest of the Anderson family, who owned a controlling interest in Stacks.
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