Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) a pioneer in the field of deep ocean exploration, was named in several U.S. State Department cables obtained by WikiLeaks and furnished to the media worldwide. Some of the released cables suggest that the State Department offered special assistance in the “Black Swan” case to Spanish officials in exchange for assistance in acquiring a French painting confiscated by the Nazis during World War II and now controlled by Spain.

The cables indicate that the U.S. Government also provided confidential documentation on Odyssey to Spain.

Other State Department cables contradict Spain’s claims and support Odyssey’s previously stated version of events relating to the company’s activities in Spain, including the HMS Sussex project and the boarding of Odyssey’s vessels.

“While we are obviously concerned about these implications regarding the ‘Black Swan’ case, we are attempting to obtain additional information before taking any specific actions. I have personally sent a letter to the Secretary of State, Hillary Rodham Clinton, requesting additional information and a review of the position taken by the U.S. in the ‘Black Swan’ legal case,” stated Greg Stemm, Odyssey CEO. “The possibility that someone in the U.S. Government came up with this perfidious offer to sacrifice Odyssey, its thousands of shareholders, and the many jobs created by the company in exchange for the return of one painting to one individual is hard to believe. The WikiLeaks cables clearly show that we have worked cooperatively and transparently with both Spain and the State Department for many years, in spite of claims to the contrary. That fact makes the revelations all the more disappointing. The cables also make us wonder what other agreements may have taken place between U.S. Government officials and Spain regarding the amicus brief filed in support of Spain’s position in the ‘Black Swan’ case.”

“We’ve wondered why the United States changed its long standing position on sovereign immunity, which prior to this case was consistent with U.S. law, international law and U.S. naval regulations that in order for a foreign country’s ships and cargo to be immune from the jurisdiction of the U.S. courts they must be engaged in military, non-commercial activities,” stated Melinda MacConnel, Odyssey Vice President and General Counsel. “These released cables do call into question the motivation behind the amicus brief filed by the Executive Branch supporting Spain in the ‘Black Swan’ case.”

Additional cables released support Odyssey’s statements that, contrary to allegations of certain Spanish officials, the company always cooperated with the Spanish Government and that permits from the Spanish government were granted for work on the HMS Sussex project. The cables also demonstrate the obstructionist activities carried out by certain Spanish officials who had personal reasons for trying to prevent Odyssey from working on the Sussex. These obstructions took place even though Odyssey has an exclusive contract for the archaeological excavation of this UK sovereign immune warship (which was on a strictly military mission when it sank in 1694 off the coast of Gibraltar). Odyssey filed an affidavit in 2007 with a chronology of Odyssey’s interactions with the Spanish Government since 1998. It can be accessed at http://shipwreck.net/pdf/ExhibitE.pdf. The document contains entries that are corroborated by information in the State Department cables, which directly contradict claims by some Spanish officials and the Spanish media.

About the “Black Swan”

In May 2007, Odyssey announced the discovery of the “Black Swan,” a Colonial-period site located in the Atlantic Ocean which yielded over 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, worked gold, and other artifacts. Odyssey completed an extensive pre-disturbance survey of the “Black Swan” site, which included recording over 14,000 digital still images used to create a photomosaic of the site.

The coins and artifacts were brought into the United States with a valid export license and imported legally pursuant to U.S. law. Odyssey brought the artifacts under the jurisdiction of the U.S. District Court by filing an Admiralty arrest action. This procedure allows any legitimate claimant with an interest in the property to make a claim.

The Kingdom of Spain filed a claim to the treasure alleging that the coins originated from the Nuestra Senora de las Mercedes, a Spanish naval vessel which sunk in 1804. Spain claimed that it owned all of the coins and that the treasure was immune from the jurisdiction of the U.S. Court under the Foreign Sovereign Immunities Act (FSIA). Although it has not been conclusively proven the recovered cargo came from the Mercedes, Odyssey presented clear evidence to the trial court (including the ship’s manifest) that shows the primary purpose of the Mercedes’ last voyage was commercial in nature and the vast majority of coins on board were owned by private merchants, not by Spain. The United States filed an amicus brief in the case changing its previous position and supporting Spain in the “Black Swan” case by setting forth a re-interpretation of the language in the Sunken Military Craft Act (SMCA) to allow government owned vessels on commercial missions to enjoy sovereign immunity.

A number of individual private descendants (whose ancestors were transporting goods on the Mercedes) as well as the country of Peru have filed claims in the case.

Without conducting a hearing, the district court sided with Spain and ruled that the treasure should all be turned over to Spain. The case is currently on appeal at the Eleventh Circuit.

For more information on the “Black Swan,” visit www.shipwreck.net/blackswan.php.

Odyssey’s significant legal filings in the “Black Swan” case can be viewed at http://www.shipwreck.net/blackswanlegal.php.

Related posts:

1. Odyssey Marine Exploration Files Appellate Brief in “Black Swan” Case
2. Odyssey Marine Exploration Challenges Claims by Spain in Its “Black Swan” Appellate Reply
3. Odyssey Marine Exploration Files Admiralty Arrests on Two Shipwreck Sites

Ponterio & Associates, a division of Bowers and Merena Auctions, is pleased to present the January 2011 N.Y.I.N.C. Auction at the Waldorf Astoria in New York on Jan. 7-8. The auction will feature 2,558 lots including Part I of the Len Novotny Collection of Mexican Coinage, the Michael Demling Collection of Ancient Coinage, David Ian Wright Collection of Italian Banknotes and a superb selection of Fussli specimens.

“After wrapping up our December Hong Kong auction with the Wa She Wong Collection, we are excited to offer another extremely diverse selection of ancient and world coins and paper money,” said Rick Ponterio, executive vice president of Bowers and Merena. “Sure to be the center of attention, the 1854 Guatemala 8 Reales, lot 1036 and graded AU-55 by NGC, is perhaps the rarest crown-sized type coin for all of Latin America.”

Shortly after the production of this coin, the Republic of Guatemala adopted the decimal system and began producing coinage in Pesos and Centavo-equivalent denominations. This marks the coin as the first, last and only 8 Reales produced by the Republic of Guatemala.

Another anchor of the sale is lot 827, an extremely rare and important 1897 Anhwei Pattern Dollar, graded MS-62 by PCGS. “This particular specimen is clearly intended for special presentation purposes as it exhibits a bold, full-bodied strike with all special characters and sharp details,” said Ponterio.

Furthering the significance of the piece, the short-lived Anhwei mint only produced silver coinage for approximately two years before operations ceased and the mint was dismantled.

Additional coin and paper money highlights of the auction include:

· Lot 116, 1784/3 Mexico 8 Escudos, Key Charles III Proper Portrait, Choice Extremely Fine

· Lot 131, 1823 Mexico 8 Escudos, Hookneck Eagle, AU-55 (NGC)

· Lot 258, 1835 Belgium 40 Francs, MS-64 (NGC)

· Lot 357, 1850 Costa Rica ½ Onza, SP-61 (NGC), (Ex: Fredrick Mayer Collection)

· Lot 464, 1883 Honduras 10 Pesos, , AU-50 (NGC)

· Lot 549, 1926 Italy 50 Lire, MS-64 (NGC)

· Lot 550, 1926-R Italy 20 Lire, MS-65 (PCGS)

· Lot 2031, 264 B.C. Siculo-Punic Silver Dekadrachm, Time of First Punic War, Sicilian Mint, Choice Very Fine

· Lot 2536, 1892 Bank of Greece 100 Drachmai, P-45

· Lot 2611, 1913 Imperial Bank of Persia 2 Tomans, P-2, About Uncirculated, Consecutive pair

· Lot 2613, 1890-1923 Imperial Bank of Persia 1,000 Tomans Specimen, P-10s, Choice Uncirculated

The first day of the two-day auction will feature Part I of the Len Novontny Collection of Mexican Coinage and an array of world gold coins, world crowns and minors. The second day will host the Michael Demling Collection of Ancient Coinage, David Ian Wright Collection of Italian Banknotes, and ancient and world paper money including Fussli specimens. Lot viewing will be conducted before the sale at the Waldorf Astoria in the Morgan Suite, floor 18, Jan. 5-8.

All lot descriptions and images can be viewed online at the firm’s web site by visiting www.bowersandmerean.com. Bidding is open and pre-auction bids can be placed through the firm’s web site, by email at auction@bowersandmerena.com, via fax at 949-253-4091, by calling a representative at 800-458-4646 or by postal mail addressed to Bowers and Merena, January 2011 N.Y.I.N.C., 18061 Fitch, Irvine, CA 92614.

Related posts:

1. Ponterio & Associates to Conduct January 2010 N.Y.I.N.C. World Coin Auction
2. Ponterio & Associates Realizes $1.6 Million in Baltimore Auction
3. Ponterio & Associates Realizes $2.5 million+ at Official N.Y.I.N.C. Auction

Over 300 anxious bidders filled the live auction floor for the highly anticipated sale of the Wa She Wong Collection and other Asian Coins on Dec. 3-4. The Hong Kong auction, presented by Ponterio & Associates, a division of Bowers and Merena Auctions, featured 1,107 lots with total sales reaching $10.7 million.

“A collection of Chinese coinage of this magnitude has not come to market in over 20 years and it surely did not disappoint,” said Rick Ponterio, executive vice president of Bowers and Merena. “We saw such spirited bidding, the sale of the first 487 lots took an astounding 11 hours with many of the lots selling for multiple times their estimated value.”

Drawing worldwide attention, the collection is a compilation of Wa She Wong’s lifelong passion for collecting which contained multiple rarities missing from major exhibits including many scarce pattern coins that were never released into general circulation. Headlining the collection, the 1890 Kwantung Mint Specimen Set, lot 220, began with an estimated value of $300,000 and realized a staggering $718,750. The set represents a landmark in Chinese minting as the first silver coinage produced with modern machinery.

Another important coin was the extremely rare “Flying Dragon” Szechuan 30 Cash Struck in Copper, lot 311. Opening at $12,500, lively bidding quickly brought the coin to a final selling price of $460,000. “The buyer had been searching for this rarity, one of only two known in private hands, for more than 30 years. The two other examples known to exist are housed in public museum collections,” said Ponterio.

All major rarities in the collection were certified by the Numismatic Guarantee Corporation (NGC), a market leader in grading Chinese coins, and pedigreed as “Wa She Wong Collection” on individual holders. Additional highlights of the Wa She Wong Collection include:

• Lot 3, 1920 “Yuan Shi Kai” Dollar Struck in Gold, MS-64 (NGC), realized $138,000

• Lot 27, 1911 “Long-Whisker” Dragon Pattern Dollar Struck in Silver, MS-65 (NGC), realized $431,250 (Ex: Kann Collection)

• Lot 130, 1844 Changchow Military Rotation Dollar, AU-50 (NGC), realized $103,500

• Lot 139, 1909 Honan Pattern 20 Cash Struck in Copper, AU-55 BN (NGC), realized $126,500

• Lot 147, 1930 Hunan Pattern 500 Cash Struck in Copper, MS-63 BN (NGC), realized $103,500

• Lot 162, 1897 Kiangnan Dollar, Plain Edge, Proof-66 Cameo (NGC), realized $373,750

• Lot 172, 1899 Kiangnan 50 cents, AU Details (NGC), realized $172,500 (Ex: Kann Collection)

• Lot 219, 1888 Kwantung Mint Specimen Set, Seven Three Reverse Pattern, K-16/20 (NGC), realized $546,250

• Lot 234, 1898 Shensi Mint Specimen Set, K-156/159 (50¢, 20¢, 10¢, 5¢), realized $258,750

• Lot 340, 1935 Shensi Soviet Dollar, Large Hammer & Sickle, XF Details (NGC), realized $92,000

• Lot 475, 1921 British Trade Dollar, AU-55 (NGC), realized $43,700

In day two of the sale, Asian coins and paper money also performed very well. A standout coin in these sessions was lot 1123, a 1929 Austrian Pattern “Sun Yat Sen” Dollar, MS-61 (NGC), which realized $207,000. This rarity was discovered as part of the Richard Platch Estate, an engraver at the Vienna Mint that was responsible for several important Chinese patterns. Additional highlights from day two of the sale include:

• Lot 1039, 1897 Kiangnan Dollar, Ornamental Edge, MS-62 (NGC), realized $103,500

• Lot 1195, 1912 Shandong Gaobianbao 50 Tael, High-Sided Sycee Ingot, Choice Very Fine, realized $86,250

• Lot 2138, Banque De L’Indo-Chine 5 Piastres Specimen, Gem Uncirculated 66 EPQ (PMG), realized $57,500

Additional material from the Wa She Wong Collection will be offered at Ponterio & Associates’ next Hong Kong sale in August 2011 and the company is currently accepting consignments of Chinese and other Asian coins and paper money.

The Wa She Wong sale wraps-up an outstanding week of auctions in Hong Kong for Spectrum Group International. Spectrum Wine Auctions’ sale on Dec. 5 realized $4.4 million – the highest since the company formed a year ago, and John Bull Stamp Auctions hosted its largest sale ever Nov. 25-28 with $3.5 million in total sales.

Bowers and Merena’s next auction is the January 2011 Tampa Bay Rarities Sale which is scheduled for Jan. 4, immediately preceding the FUN Show in Florida. The sale will feature Part II of the impressive Malibu Collection. Ponterio & Associates’ next auction is the January N.Y.I.N.C. Auction scheduled for Jan. 7-8 in New York.

For a complete list of auction highlights and prices realized, visit the firm’s web site at www.bowerandmerena.com or call 800-458-4646.

For more information about Bowers and Merena and Ponterio & Associates, or to consign to an upcoming auction, call 800-458-4646. For media inquiries, ask for Director of Operations, Brian Kendrella. Complete prices realized for all past auctions are available at www.bowersandmerena.com.

No related posts.

DALLAS, TX – As the profile of Heritage Auctions’ World & Ancient Coins category has continued to skyrocket over the last few years, each consecutive offering has raised the bar significantly. With the Jan. 3-4 New York Signature? World & Ancient Coin Auction at the Waldorf Astoria, coinciding with the New York International Coin Show (NYINC), Heritage has not only assembled its largest World Coin auction to date, it has also once again raised the bar in terms of absolute quality.

“With more than 5,000 total lots in this auction we have literally scoured the planet for the best possible international numismatic offerings,” said Cristiano Bierrenbach, Vice President of International Numismatics at Heritage. “The incredible scope of countries represented, and the depth to which the collections go is so advanced that putting this catalog together was like a getting a graduate degree in world numismatics at a crash course pace.”

More than 240 consignors have placed coins in the auction, most of which will be on display for lot viewing, Dec. 29 and 30, at Heritage’s jewelbox New York space at 445 Park Avenue (at 57^th). To further entice International coin collectors, Heritage will have highlights from the upcoming auction the Norman Jacobs Collection of Korean and Japanese Coins, the most important collection of its kind, on display at the NYINC, January 6-9, at the Waldorf-Astoria.

A Polish Sigismund III gold 10 Dukats 1588, Fr-83, XF45 NGC represents one of the superb early highlights of the auction. This exceedingly rare type, with its clean lines and striking imagery is appealing as much for its numismatic value as for its artistic value, and is sure to be the subject of spirited bidding. It carries an estimate of $175,000+.

Collectors of European coins will certainly be interested in a German Bird of Paradise Colonial gold 10 Marks 1895A, Date and value in palm wreath, Fr-2, KM8, MS66 NGC, a superb example of this extremely popular issue, considered by many to have the most beautiful of all modern coin designs, with a $30,000+ estimate. One of the most important Russian offerings in the auction comes in the form of a Choice Uncirculated Peter I Rouble, 1720, Bust right/Crowned Imperial eagle, nails on sleeve in one line, Diakov 16, PETR 4, UZD 0588. MS64 NGC, which comes with a $60,000+ estimate and represents one of the nicer pieces of this type ever seen by Heritage specialists.

An amazing Leopold I (the Hogmouthed) medallic gold 15 Ducats ND (1666-1705), 51.92 gm, AU58 NGC is expected to be one of the most highly sought-after coins of the auction, with an estimate of $150,000+. Leopold reigned as Holy Roman Emperor from 1658 to 1705, a period marked by constant military conflicts, including the Great Turkish War, the Nine Years’ War, and the War of Spanish Succession.

A complete set of the 1646 Brazilian Ducats, three incredible relics of the Dutch siege of Brazil in the early 1600s, have already created quite a buzz within the international numismatic community in anticipation of their being offered. The rarest denomination in the series is the Pernambuco. Geoctroyeede West-Indische Compagnie (GWC) 3 Guilders (Florins) 1646, KM5.3, Fr-3, choice XF,1.81 grams, one of the one of the great Brazilian/Dutch rarities and a coin with tremendous charisma, estimated at $30,000+. A Pernambuco. Geoctroyeede West-Indische Compagnie (GWC) 6 Guilders (Florins) 1646, KM6.2, Fr-2, better EF, 3.69 grams, is estimated at $20,000+, while a Pernambuco. Geoctroyeede West-Indische Compagnie (GWC) 12 Guilders (Florins) 1646, KM7.1, F-1, AU, 7.52 grams, possibly the finest known 12 Florins in existence, is estimated at $30,000+.

One of the most hotly anticipated lots in the auction comes in the form of one of the largest gold coins in the world, a massive People’s Republic 10kg (321.17 ounces) gold 100000 Yuan 2008, KM1842, Gem Proof, struck to commemorate the first Olympic Games in China, the XXIX Olympiad in Beijing in 2008.

The obverse features the title of PRC, the common year date “2008,” decorative design of the Chinese ancient bronze ware and the colored emblem of the Games. The reverse features a myriad of sporting events in the foreground, with the Temple of Heaven in Beijing and dragons in the clouds. The coin carries a pre-auction estimate of $600,000+.

“This is an awe-inspiring coin,” said Bierrenbach, “and the display case only adds to its allure. Crafted from African Blackwood and finished with intricately carved Chinese ornamentation, this is a masterpiece in its own right crowned by a Chinese dragon carved from Shousan stone, the national stone of China. The art of Shousan stone carving traces as far back as the Ming Dynasty, when the carvings were used to create royal seals.”

Further highlights include, but are not limited to:

Vittorio Emanuele III gold 100 Lire 1937R XVI, KM84, Fr-36, MS65 NGC: Reduced size, a superb example with flawless satiny surfaces and full mint brilliance. Very rare type and grade, only 249 minted. Struck following the conquest of Ethiopia depicting a Roman carrying the fasces symbolic of the Italian government. With the issue of this coin, Vittorio Emanule III added the title of Emperor to his stature as King. Estimate: $35,000+.

Empire Silver Pattern Dollar (1910), Kann-219, L&M-24, Proof 62 PCGS: A very attractive example with silvery-gray and gold patina and only faint hairlines in the obverse fields. A rare and ever popular type struck at the central Tientsin Mint. Estimate: $10,000+.

Republic gold 20 Pesos 1888 Go-R, KM414.4, unlisted date and moneyer, MS62 NGC: Semi-prooflike luster, sharp strike with full details except in the very center of the Book of Laws, consistently high rims all around, glowing light-yellow gold color, some abrasions and very faint hairlines, some flattening on the eagle and snake from the rolling process at the mint, and a long deep minting flaw diagonally on the eagle’s left wing. As far as Heritage research can determine, there have been no public sales, or offerings of a 20 Pesos of this date and mint for the last 60-70 years, thus the coin is believed to be unique. Estimate: $25,000+.

Gela. Ca. 415-405 BC. AR tetradrachm (17.22 gm): Quadriga racing left in three-quarter view, third horse with head turned back, eagle flying left above, grain ear left in exergue / ?E?A?, man-faced bull standing left, two barley plants before him, barley grain in exergue. Among the finest known examples of this unique reverse type, represented by only a single die. Ex Gemini V (6 January 2009, lot 331). Ex American Numismatic Society collection (inv. #1997.9.5). From the estate of John D. Leggett, Jr. Estimate: $30,000+.

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

Related posts:

1. World Record $138,000 Brazilian 100 Reis leads $5.2 million+ Heritage CICF World Coin auction in Chicago
2. Chinese Gold Leads World & Ancient Coins section of Heritage Boston Sale
3. Baldwin’s Ancient and World Coin Auction 67 & 68: The Official COINEX Auction

The 19th-century shipwreck at the heart of the dispute with Odyssey Marine Exploration is the Nuestra Senora de las Mercedes — a Spanish warship sunk by the British navy southwest of Portugal in 1804 with more than 200 people on board.

The Legal Proceedings:

Odyssey announced in May 2007 it had discovered the wreck in the Atlantic and raised 500,000 silver coins and other artifacts worth an estimated US$500 million (€324 million). The coins and artifacts were brought into the United States with a valid export license and imported legally pursuant to U.S. law. Odyssey brought the artifacts under the jurisdiction of the U.S. District Court by filing an Admiralty arrest action. This procedure allows any legitimate claimant with an interest in the property to make a claim.

Spain went to the U.S. federal court claiming ownership of the treasure and the case is currently set for Oral Arguments tentatively scheduled to take place during the week of February 28, 2011 at the United States Court of Appeals for the Eleventh Circuit.

Additional appeals have been filed by groups who have presented documentation indicating that if Spain is correct, and the recovered cargo originated from the Mercedes, they are descendants of the owners of Mercedes’ cargo and have legitimate property rights. Those claimants have recognized Odyssey’s archaeological recovery efforts and have acknowledged Odyssey’s right to a salvage award.

Back To the WikiLeaks Disclosure:

Among the thousands of documents released by WikiLeaks are several U.S. diplomatic cables describing how U.S. ambassadors were helping Spain in their cause — partly to help broker a deal to bring a famous painting in Spain to a U.S. citizen who claimed it was looted by the Nazis in World War II.

Specifically the U.S. offered to provide confidential customs documents prepared by Odyssey that Spain in turn planned to use in court to fight Odyssey, presumably to discredit claims that the treasure was imported legally to the US.

Odyssey officials are not pleased at the revelation:

“The cables seem to indicate that someone in the U.S. State Department has literally offered to sacrifice Odyssey and its thousands of shareholders along with the many jobs created by the company in exchange for the return of one painting to one U.S. Citizen,” the company said in a statement “It is hard to believe that this really happened. It sounds like something out of a Hollywood script.”

According to an MSNBC Article:

A diplomatic cable a year later describes how the U.S. Ambassador to Spain, Eduardo Aguirre, suggested a deal.

He met with Spanish Minister of Culture Cesar Antonio Molina on June 30, 2008, who told the U.S. Ambassador that they should meet over the issue of a claim by an American citizen, Claude Cassirer, to recover a painting by Camille Pissarro. Cassirer claims the Nazis in 1939 forced his grandmother to sell them the painting and it passed through several hands before ending up in a Spanish museum.

“The [U.S.] ambassador noted also that while the Odyssey and Cassirer claim were on separate legal tracks,” the cable states, “it was in both governments’ interest to avail themselves of whatever margin for manouevre they had, consistent with their legal obligations, to resolve both matters in a way that favoured the bilateral relationship.”

The Spanish official replied, the cable says, that there were many steps required before any movement on the painting, but that he had recently flown to Washington, in part, to meet with lawyers that Spain retained in the Odyssey case. He expressed “indignation” after a CNN interview where Odyssey CEO Greg Stemm aimed to keep the treasure and return only items of archeological value.

London’s Guardian newspaper first reported the cables, as part of its ongoing digestion of thousands of documents released by WikiLeaks. The U.S. government has condemned the release and called for prosecution of WikiLeaks founders.

The Spanish were “grateful” after Department of Homeland Security staff in the U.S. embassy in Madrid handed the Spanish customs import documents that Odyssey had filed when bringing the treasure to Tampa.

“The information was confidential,” the U.S. cable stated, “and to be used only for law enforcement purposes.” The Spanish replied that they were “interested in obtaining the Odyssey customs information to provide to lawyers representing the [Government of Spain] in the Tampa Admiralty Court.”

Related posts:

1. Spain claims all treasure from The Black Swan
2. Spain in U.S. Court Today over Black Swan Treasure
3. Odyssey Marine Exploration Challenges Claims by Spain in Its “Black Swan” Appellate Reply