The catalog showed the high end of its estimate at a worthy $125,000 for a soda fountain from 1893. But in an auction, anything can happen. And it did.
When bidding stopped, the price was $4.5 million.
“I’m stunned,” said Larry Schmidt, organizer of the auction held by the Schmidt Museum of Coca-Cola Memorabilia. “We thought that maybe it could go for as high as $1 million. But this is incredible.”
The two-day auction, March 24′5, took place at the Schmidt Museum of Coca-Cola Memorabilia that houses the largest privately owned Coke memorabilia collection in the world. About 300 people attended the event from 30 states and two other countries †Canada and Belgium. Online bidders were registered from around the world †Australia, South Africa, Japan, Israel, plus several European countries.
Who’s to say what a piece of history is worth? The soda fountain was built by the Liquid Carbonic Co. for the Columbian Exhibition at the World’s Fair in Chicago. It is actually two pieces †a front and back bar, both measuring more than 21 feet long and featuring exquisite marble bases and countertops with alabaster columns. The two soda dispensers have alabaster bases topped with lights featuring stained leaded-glass lamp shades.
“The craftsmanship on this fountain is off the scale. It is just incredible,” according to Phil Mooney, head archivist for the Coca-Cola Company. Mooney bought many items at the auction for Coca-Cola Company archives †some of which may go on display at the World of Coca-Cola †but did not bid on the soda fountain. “In addition to the incredible craftsmanship of this piece, it speaks to a bygone era when Coca-Cola was only a soda-fountain drink and was establishing itself as the drink people around the world love.”
The soda fountain was bought by an anonymous bidder who did not attend the auction, but bid by phone.
The total realized prices for the two-day auction is $7 million. This was the second auction held by the Schmidts. The first one took place in September and brought in $3 million. Proceeds from all the auctions will go to a charitable foundation being set up by the Schmidt family.
While the soda fountain was clearly a showstopper and sales-topper, there were other marquee items that brought in significant amounts. A large outdoor neon sign sold for $50,000, which is the same winning bid for a small light featuring a multicolored leaded-glass globe.
“If you exclude the big items, this auction saw realistic prices and some bargains here and there, which is what Coke collectors want,” said one avid collector and member of the Coca-Cola Collectors Club, an international group with thousands of members. “We’ll be back for the next one, that’s for sure.” The Schmidts are planning a third auction in September.
The Coca-Cola Company bought more than 100 items at this auction, plus more than 70 at the previous auction. More than 20 of these items from the first auction are now on display at the World of Coca-Cola, the Atlanta attraction dedicated to the history of Coca-Cola. These items from the Schmidt collection join more than 1,200 other Coca-Cola artifacts at the facility, including the 125-year-old secret formula for Coca-Cola. Some of the items purchased at the second auction will likely make it to the World of Coca-Cola as well.
For additional information, www.schmidtmuseum.com or 502-815-3367
