Tuesday, March 18, 2008

New Record Price For US Invert

Antiques and the Arts Online reports a new world auction record for a US invert, eclipsing the $825,000 paid for a 24-cent "Inverted Jenny" sold at auction late last year, has been set.

"An unused 1869 24-cent inverted center US stamp, #120b, certified fine and one of only four unused examples known to exist, soared to $1.27 million at a sale of the Newport collection conducted February 9 by Philip Weiss Auctions, " according to an article that appears on their website.

Philip Weiss is quoted as saying, ""This was a great day for the industry and a great day for stamp enthusiasts, too. Recession? What recession? We had a packed house and money was spent."

"People will be buzzing about the 1869 24-cent invert for some time to come. It was the only completely sound- and fault-free example of the stamp and was the second best centered such stamp known to exist. Still, the specimen carried a conservative presale estimate of $200/300,000. The Scott Catalog valued the stamp at $325,000 with gum (unlisted no gum)."

To read the entire article, click here.
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posted by Don Schilling at 2:25 PM