Saturday, May 24, 2008

Coils bring "dizzying" prices

The Auction Publicity website reports that,"Two-Day sale at Philip Weiss auctions realizes a record $5.2 million as rare stamps, Peanuts comic strips and more bring dizzying prices."

The auction took place last weekend, May 17-18, in Oceanside, New York.

According to the write-up,"The key to the weekend’s success was Part 2 of The Newport Stamp Collection, which featured some of the most rare and coveted philatelic U.S. examples in existence."

It goes on to say, "Part 1 of The Newport Collection made headlines when, on February 9, an unused 1869 24-cent inverted stamp, #120, one of only four known, soared to $1.271 million. It was a new record for a U.S. invert and the highest price ever paid for a single U.S. stamp. Part 2 did not record any million-dollar stamps, but many strong sellers did cross the block. Part 3 will be held sometime in September."

The top lot of the sale was a 1908 2-cent vertical coil pair, with original gum (Scott Catalog #321). Valued by Scott at $375,000, the stamps – the rarest coil in U.S. philately, with only four pairs known – sold for an astounding $644,100. The stamps, depicting George Washington, had been graded Extremely Fine. A small crease didn’t deter bidders, who were impressed by the exceptional centering.

The second top lot was another coil pair – two 4-cent stamps from 1908 depicting U. S. Grant (Scott Catalog #314A) – that changed hands for $497,200. The horizontal pair, with original gum, had been graded Extremely Fine and was one of only six unused pairs known. And of those, this is the finest centered pair. The last time a pair hit the auction block was 1975 (hammer price: $30,000).

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