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The Siegel Gordon Eubanks Sale Of United States 1851 To 1856 Imperforate Issues

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Posted 10/12/2021   9:49 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Any thoughts on the first sale day?
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Posted 10/12/2021   11:01 pm  Show Profile Bookmark this reply Add Wshuwahere77 to your friends list  Get a Link to this Reply
Almost every item sold above estimate. Two internet bidders were really pushing the cover prices up. Mainly was fun to watch but out of my reach :)
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Posted 10/13/2021   10:16 am  Show Profile Bookmark this reply Add txstamp to your friends list  Get a Link to this Reply
I haven't done any price analysis yet, but, subjectively, it was another very "fun" event from Siegel. Every lot was a special item, that was very enjoyable to study and watch go by.

Realizations were mostly strong, relative to Siegel's estimates. Some realizations were still low by historical standards, but some were pretty good.
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Edited by txstamp - 10/13/2021 10:50 am
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Posted 10/13/2021   5:16 pm  Show Profile Bookmark this reply Add widglo46 to your friends list  Get a Link to this Reply
I only followed the auction for the 1¢ Franklins, but it was interesting to see that many of the position pieces sold well with multiple bidders on many of the lots. This is true even for items with small faults. There must still be a lot of collectors looking for more than just perfectly centered stamps.
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Posted 10/13/2021   8:15 pm  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply

Quote:
I haven't done any price analysis

TX - did you hear Scott's comments during the sale of the matching 12¢ bisects to Canada (lot 426)? After hamming the lot for $135,000 someone on the floor commented that it was the same hammer price the covers had brought in the Wagshal auction. Scott commented that this was an 18% premium sale while Wagshal was still at 15%, so it was a stronger price. But then Scott told the story that someone had offered Wagshal $300,000 for the covers and he turned down the offer.
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Posted 10/14/2021   11:09 am  Show Profile Bookmark this reply Add txstamp to your friends list  Get a Link to this Reply
spqr - that's interesting. I had the sound on mute at times, so I missed that tidbit.

I don't know what he paid for them. Money would occasionally talk with Jerry, as I recall one item, where he and I competed, and he won it -- afterwards we spoke and he offered the item to me for a notable profit on his part. Of course I declined.

I can also see, however, that these covers would be items he might not have wanted to part with in any event, since they were very much what he collected and are top-shelf material.
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Posted 10/14/2021   11:50 am  Show Profile Bookmark this reply Add txstamp to your friends list  Get a Link to this Reply
I think overall, the sale was mostly a big positive for this segment of the hobby.

One item that did take a price hit was Lot 9. This is the famous 9-10R1E cover to Switzerland. It hammered in Gordon's sale for $32,500.

Ray Vogel always had this cover on the same page with his 7R1E circular, as centerpieces of his collection. In Ray's sale - Siegel 998, Lot 3, it hammered for $62,500. Of course, the 3% difference in tips, and now, tax is charged as well, but still a drop. I don't know if Gordon bought it from Ray's sale, or later.

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Posted 10/16/2021   6:15 pm  Show Profile Bookmark this reply Add mootermutt987 to your friends list  Get a Link to this Reply
txstamp - I saw this, too. All I could think was, "Ouch!" The rest of the sale was quite healthy, though, so I won't shed too many tears for Mr. Eubanks. Before each auction, I make a list of those that I am interested in (Well... I am interested in most everything - especially this sale's offerings - but can only reasonably hope to buy a small fraction of that.) bidding on. My list had 19 lots on it. Typically (pre-COVID) I get 1/3 to 1/2 of those on my list. I have not had any large purchases lately, so my 'interest' list was relatively long for me. The 1851 series, though, is right in my wheelhouse, so if I spend more than I normally do, it is only because this is EXACTLY where my collecting interests lie. Of the 19 lots on my list, I got ONE - and that one for about $300. Most of the other 18 that I missed, I missed by a mile. Historically, if I miss a lot, I am the underbidder, or the 2nd-to-last to drop out. There were 12 lots where my bid was less than HALF of the hammer! I don't think that has ever happened to me before.

This 1851 sale was fairly specialized, but a popular area. If the realizations from this sale have any meaning, they indicate that the stamp market is still quite robust. The post-COVID price drops that I expect when people get back to their 'normal' lives has not yet happened. For the last year and a half, I have been waiting for all the 'temporary' collectors to get back to their non-COVID non-stamp lives, so I can get back to buying. This is still my expectation - that most of the collectors that found stamp collecting because of the social distancing will drop out of the market when COVID is over - but I am still waiting for the start of that. The longer this COVID economy goes on, though, I suspect the more of these 'temporary' collectors will stay with their newfound hobby. I guess we have to wait some more to see if that prediction comes true or not.
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