What you see: A sterling silver Preakness Trophy, won in 1953 by Alfred Gwynne Vanderbilt, Jr., owner of the thoroughbred Native Dancer. Doyle sold it in May 2018 for $100,000 against an estimate of $20,000 to $30,000, which is a world auction record for a Preakness Trophy.
The expert: Peter Costanzo, senior vice president at Doyle as well as its executive director for books, autographs, and photographs; coins, bank notes, and postage stamps; and estate and appraisal services.
How often do Triple Crown trophies come to auction? Infrequently, and for the Preakness, it’s even less frequently. What you normally see are Kentucky Derby Trophies. They’re highly prized by the families who win them. Kentucky Derby Trophies tend to be valuable. The race has name recognition and the trophy is made out of high-karat gold. The Preakness Trophy is made of silver. A Preakness trophy sold at Christie’s on January 17, 2008, won in 1970 by Personality, which was owned by Ethel D.Jacobs, a very notable horse owner, sort of on a par with Vanderbilt. [He later provided a link to a story that mentioned a third sale of a Preakness Trophy at SCP Auctions in November 2017. Scroll down for the mention.]
How much is this trophy worth simply as a Preakness Trophy, without factoring in the names of Vanderbilt and Native Dancer? Any winner of the Preakness would be a notable horse, bred and raised and trained by notable owners. You’ve got to go back a ways to find a no-name. The Preakness trophy was not available before 1953. The original trophy was the Woodlawn Vase, a pre-Civil War trophy made by Tiffany & Co. for a racecourse in Kentucky called Woodlawn. Not until the late 19th or the early 20th century did Pimlico host the Preakness–the vase was not made for Pimlico. It passed to the next winner until 1953, when Native Dancer won. Vanderbilt decided that the original trophy was too valuable, and should be safely held in the Baltimore Art Museum. 1953 was the first time a replica trophy was issued, and that’s what we sold. It’s notable in that it was the first one you could get. I think that helped its price in the end.
How did the Vanderbilt name affect the value of the trophy? Lots of people collect things related to prominent Vanderbilts. The cross-current of competition [with collectors of horse-racing memorabilia] helped drive the price up. This trophy belonged to Alfred Gwynne Vanderbilt, Jr., and was sold [consigned] by Alfred Gwynne Vanderbilt III. Vanderbilt Jr., was very influential in the history of American racing and particularly in Maryland.
And how did the Native Dancer name affect the value of the trophy? Native Dancer is one of a small group of horses that lost the Kentucky Derby but won the Preakness. That’s the only mar on his record. He was a big favorite going into the Kentucky Derby and the Preakness. In 1953, the Preakness was shown on live television and got huge national attention. The country fell in love with Native Dancer.
How did you arrive at the estimate of $20,000 to $30,000? We matched the estimate on the trophy sold at Christie’s in 2008. That sold for $32,200. Ours really took off.
What is the trophy like in person? It wasn’t huge, but it was imposing, though. It had a very nice look to it, and it was in good condition. I think it was two-thirds the size of the original Woodlawn Vase. It’s a good, presentable size.
What was your role in the auction? Were you in the room? I acted as a specialist. I wrote the essay about the horse and its owner. The silver specialist cataloged it. And I was there, watching it sell. The whole thing took maybe two minutes. There was a pretty big pool of bidders that dropped down to two once it was over $60,000.
How long do you think the record will stand? I think this Preakness record should stand for a while. Probably none of the owners of horses that won the Preakness have the name recognition of the Vanderbilt family. It would probably have to belong to a horse that won the Triple Crown.
Why will this piece stick in your memory? It’s a major sports collectible, probably the highest-ranking sports collectible I’ve ever sold. It’s a case of a fantastic owner, Vanderbilt, with a fantastic horse, Native Dancer, and the Preakness. It’s hard to get trophies for major horses. That’s why it’s special. The trophy clearly spoke to a lot of people.
Text is copyright Sheila Gibson Stoodley. Image is courtesy of Doyle.
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