Monday, November 19, 2007

New record for Inverted Jenny

Reporter Matthew Healy of the New York Times reports that "In the fall of 2005, Charles Hack, a New Yorker who has made a fortune in real estate and spent a lot of it on old master paintings and Renaissance sculpture noticed a newspaper advertisement for an auction of a rare stamp."

Hack attended that auction and bought his first Inverted Jenny for $297,000, including commission.

This past week, according to Healy, Hack attended another stamp auction, at Siegel Auction Galleries in New York City, and went home with a second Inverted Jenny after bidding $850,000. The final price, with the commission, came to $977,500, a record for an American stamp sold at auction and a confirmation of a trend that is transforming the world of high-end collectibles.

Healy writes, "Sonny Hagendorf, a dealer in rare stamps who has guided Mr. Hack in his collecting over the last two years, said there were a number of reasons why stamp prices were rising: the weak dollar, low interest rates, the fact that stamps are 'undervalued vis-a-vis coins and paper money' and other collectibles. But he said a major influence on the robust market for rare stamps were baby boomers in their 50s and 60s who are getting to the point where they can buy the things they want."

To read the entire article, click here.
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posted by Don Schilling at 12:01 AM