British Guiana 1¢ Magenta Stamp Sells For $9.5 Million!!

Wow! It sold for $9.5 million (with buyer premium) in only TWO MINUTES.

Reports are being carried in the philatelic press (Linn's Stamp News):

http://linns.com/news/breaking-stam...-stamp-sells

And internationally in the non-philatelic press, too, based on this BBC article:

http://www.bbc.com/news/world-us-canada-27890106

Seems to be some discrepancy in the Buyer's Premium. Sotheby has the hammer+commission listed at $9.013M, which is correct if their normal sliding commission scale is used. The $9.5M figure that seems to be floating around the various Forums appears to meet a flat 20% buyer's fee. Did Sotheby's make a half million dollar commission calculation mistake?

Any guesses on who is now the proud owner? Will we be seeing a full back page ad in Linns?

Well I know it's not me!

I couldn't be bothered to bid because I don't collect British Guiana :-)

Seriously though, I reckon it will go to China, but sadly not to a collector, probably just to someone who invests to avoid tax. My one consolation is that I won a small sweepstake about the final price (including buyer's premium).

I have a question concerning the images of the stamp. Are the images which show the design clearly enhanced. what is the true condition of the stamp. Is it really as much of a disaster as it appears?

The condition of the stamp -- which by most accounts is pretty dismal and has deteriorated over the years -- has been discussed here:

https://goscf.com/t/36332

It has been suggested that those with the resources to buy the stamp are primarily buying the story and the history behind the stamp rather than for its condition which becomes a secondary consideration when there is only one known to exist.

I can't believe I was outbid on that Stamp ! Someone sniped me with 5 seconds left on the auction.........

It looks like crap in person.

I was there last night, the lettering on the stamp is nearly impossible to read and it's badly faded.

Here's a pic that I took of it:

Some of the buzz around the Royale in Halifax was that there was a possibility the stamp would not sell, one of the reasons being that no known large collector of British Guiana would invest the money the stamp was thought to be worth. Well, that appears to have been unfounded but the price, according to some, was a disappointment.

Surely, though, the sale will draw some attention to philately. Does anyone think it could lead to any kind of surge in interest in collecting?

According to the New York Times, it's a tiny square of very old red paper with cut corners They also note by weight and volume and size, it's the most valuable item in the world. It has a great history and that is what sells.

http://www.nytimes.com/2014/06/18/n...million.html

DuPont originally bought it for $935,000. Quite an investment for their estate. Not that they need the money. Pity that stamp collecting isn't an investment for us financially lesser folks.




No, I don't think so. It will mostly just generate amazement over how much something that looks like that would sell for.

Here is what the image is supposed to look like, from one of the 4 cent versions...





-IBFS

IBFS, it's the old adage that Money goes where Money is. That is why for 99,9% of collectors it's a hobby, not an investment.

After thinking for awhile, I am amazed at how much something that looks like that would sell for, since the Treskilling Yellow is around with also only one copy known to exist. And at least it looks like a stamp...



Funny how the world of stamp collecting works sometimes. When I watched an auction once, I was amazed at what was bid on and what wasn't. There seemed to be an insane interest, every time a stamp any of us would collect, came up with a certified "superb" condition. These stamps would sell for way over the category Superb catalog value.

Stalzer: Your post came up while I was making mine...but yes, the money collectors think on a different and rather peculiar level than we do.


-IBFS

Any news which country the money trail leads to yet?

Wouldn't it be great if some lottery winner or ultra-rich philanthropist had bought it simply to put it on free display in a museum so that everyone could enjoy it for nothing? I can dream, can't I...?