Tuesday, April 29, 2014

Scrap metal turns out to be $33 million Faberge golden egg

(CNN) -- A $14,000 sale find turned into millions of dollars for a man who'd been thwarted in his attempts to turn a quick profit by selling the tiny ornament to scrap metal dealers.

The man, who hails from the Midwest but wishes to remain anonymous, had been left financially stretched after he apparently overestimated what the tiny golden egg would be worth once melted down. He'd been hoping to make $500.

In a fit of desperation one night last year, he typed "egg" and the name engraved on the clock it contained -- "Vacheron Constantin" -- into Google. His search brought up a 2011 article in Britain's Daily Telegraph newspaper describing a "frantic search" for the object: the Third Imperial Easter Egg, made by Faberge for the Russian royal family and estimated to be worth 20 million pounds ($33 million).

http://www.telegraph.co.uk/culture/culturenews/8700286/Is-this-20-million-nest-egg-on-your-mantelpiece.html


The man contacted Faberge expert Kieran McCarthy and flew to London to visit McCarthy's workplace: Wartski jewelers in Mayfair, where the egg will be displayed to the public for only the second time, from April 14 to 17.

McCarthy said he had no warning about the visit. "A gentleman had walked in wearing jeans, a plaid shirt and trainers. His mouth was just dry with fear," McCarthy said, to the extent that he could barely speak. "He handed me a portfolio of photographs, and there was the egg, the Holy Grail of art and antiques."
The finder was far removed from the art and antiques world and so had not recognized the object's true value. After reading the article, he could hardly believe what he was in possession of, McCarthy said.

Until the 1916 overthrow of the tsar, Carl Faberge's jewelery workshop made 50 Easter eggs for the family, each taking a year or more to craft. According to Faberge, designs were produced in the greatest secrecy, "the only prerequisite being that they contained a surprise."
The 8.2-centimeter (3.2-inch) egg is on an elaborate gold stand supported by lion paw feet. Three sapphires suspend golden garlands around it, and a diamond acts an opening mechanism to reveal the Vacheron Constantin watch inside. The egg was thought to have been lost after the Soviets listed it for sale in 1922 as part of a policy of turning "treasures into tractors," but in 2011, Faberge researchers recognized it in a 1964 auction catalog, reviving hopes it had survived and prompting the Telegraph article.

After the revolution, 42 of the imperial eggs made their way into private collections and museums. Eight, including the Third Imperial Egg, were thought to have been lost. Two others are thought to have survived, though their locations remain a mystery.

http://www.cnn.com/2014/03/20/world/faberge-third-imperial-egg/

See -----> http://pennystockjournal.blogspot.ca/2013/03/the-lost-faberge-eggs.html

See -----> http://pennystockjournal.blogspot.ca/2013/03/the-forbes-faberge-easter-egg-collection.html