Dave Bowers summarily ousted from Bowers & Merena ?????

[Sunnywood]

Can this be true? Coin World reports on their front page that numismatic legend Q. David Bowers, along with Chris Karstedt and John Babalis, are no longer with Bowers & Merena. The new management of CU made the change, apparently rather abruptly. Veteran numismatist Paul Montgomery was brought in to take their places. (He is currently President of B&M, replacing Dave; as well as acting Vice President, replacing Chris.) Will Bowers & Merena remain the same venerable auction house? Or will it be dragged down by CU as predicted when Dave Bowers & Ray Merena first sold out to David Hall and his clan?

 

Of course, Dave has done quite well for himself financially, but it seems an undeserved bit of humiliation to oust him in this fashion. We will likely never know the real reasons ... I trust in due course they will gloss it over to allow an appropriate saving of face. In any case, my vote of confidence goes to Dave & Chris, and to all the fine staff that Dave assembled at Bowers & Merena.

 

Sunnywood

 

Condolences to the families of the seven heroic scientists and astronauts who perished this morning aboard the Shuttle Transport Columbia.

 

[Tradedollarnut]

 

 

It will be interesting to see what happens to the staff of Bowers and Merena at this point. Wolfeboro is a small town.

[Hoot]

Scary. It's hard to see the best coin auction house in the world be reorganized that way. Hope it settles out well. Hope the name will be forced to change.

 

Hoot

[gmarguli]

Did Bowers leave or was he fired? It's been well known or at least well talked about that Bowers would be gone soon, so I wonder if he left on his own or he was fired before he could leave?

[Sunnywood]

The way I read it, Dave was replaced, and not of his own choosing. The article stated that negotiations regarding the formal terms of his separation are still underway. The article quotes CU as saying that Chris left to pursue other personal interests, or something like that (yeah right !!), and that John Babalis would be going as well (probably of his own choosing, as he is a protegé of QDB).

 

Sunnywood

 

[RotatedRainbows]

Considering CU is a public company (everybody knows what happens when big corps take over a private co) it is safe to say the B & M we all know from the past is gone forever. What will replace it?? Another tagz/superior type of company? What ever it is it will never come close to what it once was, seems the days of quality auction houses are running out.

[cladking]

Perhaps Mr. Bowers will find more time to write so some good can come from it for him. He's a very talented man and one must believe he will land on his feet. Times are evolving very rapidly. The hobby is changing and is experiencing real growth for the first time in a couple generations. I wish Q David Bowers the best of luck and am confident he won't need it.

[BillJones]

From I have heard the Bowers operation was not doing well financially, and that brought about this change.

 

Sadly this is a reflectoin of business realities. Historically other founders of great companies have stepped aside when their time came, been forced out or continued to run the company to its detriment. Thomas Edison was forced out of GE, and it's well known in business history that Henry Ford's resistance to change did great damage to the success of the Ford Motor Company for many years.

[cladking]

Resistence to change is very much human nature and is often invisible to those caught in the bubble.

[Sunnywood]

Bill,

 

You are right about that. There is nothing new about corporate founders getting forced out of their own companies. But with Chris & John Babalis gone as well, that leaves Jolhn Pack and Mark Borckardt as key figures in the auction department. Will they stay? If not, what will be left of B&M ?? Who could replace the character of Dave's research & authorship in their various publications?

 

I have a magnificent consignment of proof seated dollars in the upcoming Baltimore sale. I am VERY concerned about my consignment !!! Will the auction go off as planned? Will the bidders stay away? Will the catalog look as nice as it should?

 

 

Sunnywood

 

[EVillageProwler]

Sunnywood,

 

It is very likely that your coins will do just fine. No one will let those big, magnificent coins go for cheap. There are many folks out there who could care less about corporate politics and just bid on nice coins!

 

EVP

 

[Fairlaneman]

Do you suppose Mr. Bowers had some real differences with CU about some of the grades that are being put on coins. For sure some of the Descriptions that have been made about PCGS coins reflects this both in Auctions and on the Web Site. Maybe a reasonable understanding was not in hand between the partys involved. Just a thought.

 

Ken

[EVillageProwler]

Probably. Dave Bowers simply loves coins. He's an old-timer who only wants the slab to be a tool for the hobby. DH, on the other hand, wants the (PCGS) slab to be paramount instead of the coin.

 

EVP

 

[BillJones]

My guess is that the changes at B&M may be more gradual that rapid. Still whenever new management takes over, they usually want their own team in place. That means that some or all of the old staff adapts to the changes, leaves or gets fired. I would not worry about next month’s auction, but who knows what type of company will have the B&M name a year from now?

 

I’ll tell you this. It is hard to build a good reputation as an auctioneer, and it is quite easy to ruin it. If the new management thinks that they can transfer some of their ethical practices to the new operation and have it continue to do well, they may be in for a surprise.

 

[chrisfuccione]

I am going to try to cut and paste this weeks NBS's

E-SYLUM> There is a letter he wrote telling everyone what has been happening. It also has his new email adress. CHRIS

 

 

[EVillageProwler]

Hmmm... Let's see if I can post this for Chris (I'm pasting just the QDB portion because the entire newsletter is very long):

 

UPDATE FROM Q. DAVID BOWERS

 

Dave Bowers writes: "I am writing to state that I am

overwhelmed and amazed by the calls and e-mails I have

received regarding the sudden termination of my employment

by the new CEO (Michael Haynes) of Collectors Universe,

who arrived on the job on January 1. I have had offers of

money, assistance, help with moving, loans of books, and even

lodging—you name it! I never expected to have such an

outpouring from many of the largest “names” in numismatics,

including quite a few competitors! Indeed, my e-mail file from

well-wishers could well form a nucleus for a book, “Who’s

Who in American Numismatics.” All of this is inspiring and

wonderful to me, and I am extremely grateful. Please pass

my appreciation along to the many NBS members who have

been a part.

 

As mentioned in my earlier note to you, my research and

writing should be okay in the future — except that my library

of thousands of items is packed in two hastily rented premises,

and it will be some time until I can sort everything out and

determine my legal options. All of this happened unexpectedly

and, as you might expect, has caused many sleepless nights.

Ditto for my other top staffers, Christine Karstedt and John

Babalis.

 

My spirit and my enthusiasm for numismatics and the people

in it are as bright as ever. I do not yet have a business identity

or telephone, but my contact information is:

 

Q. David Bowers

P.O. Box 539

Wolfeboro Falls, NH 03896-0539

e-mail: qdbarchive@metrocast.net

 

[IrishMike]

This may all be mostly about "location" from what I read in the article and have heard, most of B&M is headed to California to be consolidated with the other entities. Sounds like a cost saving manuever, eithe move or lose your job.

This has been perking for at least a year. I don't know the folks a B&M but with Bowers out its going to be hard work to maintain their reputation.

 

What other asset of value does an auction company have besides it's employees and its reputation.

[lclugza]

I sent Bowers And Merena some questions a few years ago and I appreciated it very much that Mr. Bowers took the time to answer them. I bet the new management there won't do something like that!

 

All too often a person gets fired because either: he's doing a good job but doesn't get along with the management higher up (how often have we seen this in pro sports when a coach or manager gets fired even though he's winning because he doesn't get along with the team owner?); or he's fired because he's making money, but not "enough" money (what if his replacement starts losing money?); or he's fired because higher management wants a scapegoat to blame for the company's losing money (often it's really the fault of those same upper-level managers).

 

Perhaps CU should have kept Mr. Bowers and got rid of someone else. Any suggesstions for who should have been fired?

 

Mr. Haynes is from TAGZ; I know some of the people on the PCGS board do not like that company too well (maybe that is an understatement).

[EVillageProwler]

Much, or all, of the good reputation of Bowers and Merena Galleries is due to Dave Bowers. However, he's not the only good person there who may stay on with the firm.

 

Mark Borckardt, for example, is one in whom I have a very high regard. If he stays on with B&M, I don't know how I'd feel. I never met QDB, but I have gotten to know Mark quite well over the years, and he knows my collecting tastes very well.

 

EVP

 

[hammer-migration]

Not so fast. Mark just resigned with Bowers and Morena after a heated argument and physical altercation due to an as of yet, undisclosed issue! Just heard about it moments ago!

[EVillageProwler]

Hammer,

 

Please contact me with how you know this...

 

EVP

 

[BankNote1]

I wonder if Lyn Knight is next?

[BillJones]

If this story is true, it sounds like B&M is rapidly becoming a sell of its former self. If this keeps up, B&M will be little more than a brand name.

[DWLange]

Hammer is full of it. I just spoke to Mark Borckardt, and he assures me that there was no heated argument and no altercation of any kind. He's still on the job at B&M and plans to remain so. This is just one of those comic book guys stirring up trouble again.

[Oldtrader3]

You can contact Dave at: qdbarchive@metrocast.net.

I will and I personally want to thank him for the support that he has given me on a couple widespred occasions in the past. Plus the contribution of his books, articles, etc. etc. etc. that have certainly enriched my experience in the hobby.

 

He is a national treasure who's shoes can not be filled easily, if at all. In my opinion, a hundred Davic Hall's may come and go but there is only one David Bowers. His firm and the Numismatic Community will be greatly lessened by the departure of David and several of his most trusted associates. All of whom have made ther indelible mark on the hobby. I hope that all these associates land on their feet and prosper in other pursuits or organizations. They are from the ne plus ultra organization in the hobby.

 

I personally will need to think long and hard about my reasons to continue to do business with CU (and or course B&M Rare Coins). There can be no substantiated reason for QDB's departure except the superanneated ego of DH, (of which) this ego continues to astound me with it's lack of the normal bounds of human behavior. He truly must believe the drivel that he puts forth on we hobbyists.

 

Maybe there was a need for change in B&MRC, but in the past that organization single-handedly created most of the evolutionary change for the better in this hobby over the past several decades. Certainly their auction catalogs (alone) can, and will probably never be duplicated. I certainly will miss these catalogs.

 

I hope that David continues writing books and articles for the Numistmatic Press. Maybe this change has a brighter side in that it will free him of daily activities to the point that he can devote all of his time to his writting and promotion of the hobby.

[hammer-migration]

Now, is THIS the same OldTrader who turned the entire comic forum upside down by threatening to shoot RickDogg in the pinky-toe?

[Oldtrader3]

As usual, you got it wrong! It was Rigg-Doggy-Doo who threatened to shoot me. Who let you out of your Bridge Troll Booth? It was me who went "trolling" the sewer and look what I drug up!

[hammer-migration]

That ain't the way I heard it Old Yellow!! If my anabolically enhanced, yet pertrified gray matter serves me well, I distinctly remember you threatening our Beloved Ebay Vigilante, RickDoggieDog. You said, you were going to:

 

1) shoot him with your Sam Colt .44 Peacemaker.

2) then, shoot him right in the same spot with your .50 caliber Deset Eagle

3) then, stab him with a bayonet

4) Shoot him again with your .500 Nitro Express

5) run him over repeatedly with your Sherman Tank

6) then burn whatever was left in your Popeil Home Crematorium (just set it, and FORGET it!).

 

How do you plead?

 

[hammer-migration]

And while we're at it, I have a question for YOU YOU YOU!!! How come when one of us Comic guys decides to grace your brooding and morose Forums with our presence, lean over the fence for a visit with our 22 inch brick-hard, androgenically enhanced, vascular, striated arms draped over the top of the fence, you Coinees never offer us a lemonade or something (WITHOUT the rat-poison in it)?

[Oldtrader3]

Have you ever considered that you might be rats?