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Mineral Collecting and the 1%

10/08/2021 | Eric Greene

There has been much discussion recently in the mineral community about the impact of the 1% phenomenon on the price of specimens. By "1%", I am referring to the growing disparity between ordinary people and the very small number of people: the ones who earned over 20% of total income in the U.S. Expensive minerals have become a status symbol for wealthy people, just like expensive sports cars and art. Mineral dealers refer to this phenomenon as the "high-end market," generally defined as specimens with a price tag of $10,000 and up into the millions. High-end mineral specimens can mean different things to different people. The best definition I have seen is from Jolyon Ralph, who heads Mindat (www.mindat.com). He defines a high-end mineral specimen as "one that commands a high price because it is of particular aesthetic appeal, or because it is of an especially fine quality or from a classic or particularly noteworthy location." The most expensive crystal on record is the "Rose of Itaitia," a red tourmaline from Brazil.

One of the world's largest diamonds, the "Lesotho Promise", sold for $12.4 million in 2006; the diamond, an uncut, 603-carat white gem, weighed over 1/4 pound.

High-end mineral collecting has been the sport of kings since the 16th century. On the other hand, most mineral dealers derive the majority of their income from sales of specimens priced at less than $100. Middle class Americans, who make up the vast majority of mineral collectors, are being impacted the most by income stagnation and the increasing cost of living. Since they just don't have the discretionary income to spend on minerals, they are buying cheaper specimens. This has become the new "normal".

The world's largest gold nugget was found just a couple of inches below the ground near Dunolly, Victoria, Australia on 5 February 1869. It weighed 158 pounds, and would be worth $3.2 million if melted down today.

Fortunately, due to increasing demand, there are lots of nice specimens available at reasonable prices, and so collectors today are still able to build really good collections without dropping major money. In fact, the majority of mineral dealers survive by offering a limited number of high-end specimens, while the vast majority of their inventory is priced for the limited income buyers.

The Alma King rhodochrosite from Colorao's Sweet Home Mine is now in the Denver Museum of Natural History; the largest crystal is 6.5" x 5.5" and the piece sold for $1.5 million in 1998

As Rock Currier put it, "Today a mineral collector can go to Tucson and quickly buy up a collection specimens that collectors of 19th century could only dream of owning. The standards have gotten much higher and the variety and quality of what is commonly available vastly surpasses what was available in the 19th century." And so, today you can buy such rarities as diamond and platinum crystals, gold nuggets, meteorites, dinosaur teeth, and more. Wendell Wilson, editor of the Mineralogical Record, points out that "we are in a golden age with really nice minerals to suit most budgets. That's helpful for building collections in a time when many of our favorite U.S. mineral localities are being closed to the public." For more on the "Golden Age of Mineral Collecting," see my article here.

The 16", 59 pound "Rose of Itaitia" from Brazil was sold to a collector from Qatar for over $4 million

Another aspect of the 1% phenomenon is that the buyers with the deepest pockets are choosing only the most aesthetically appealing specimens, and have little knowledge of (or interest in) the scientific significance of their specimens. This reinforces the idea that the most expensive specimens are like works of art, and are viewed more like paintings than scientific curiosities. Reinforcing this perception is the recent emergence of a new marketplace for very expensive mineral specimens: major auction houses that specialize in fine art. Both Heritage Auctions of Dallas and Christie's of London regularly run auctions of top-end specimens with both on-line and in-person bidding.

The world's largest rough tanzanite was a 16,839 carat (3.38 kg, or 7.46 lb) stone mined in 2005.

A multitude of factors affect the price of minerals specimens today, including the phenomenal growth in global commerce, on-line sales on the internet, the discovery of new localities, increased appreciation and demand for mineral specimens, and the growth in scientific knowledge. These factors will continue to affect mineral prices in the future, and will probably continue to push mineral prices higher.

The 1,869-carat "NAEM Emerald" is the largest ever emerald crystal discovered not only in North Carolina, but also in the whole of North America.