The Bleckwenn Collection Auction At Siegel: Acquisitions And Missed Opportunities.

Now that the dust has settled in the wake of the Bleckwenn Collection sale at Siegel, I've had a chance to go back and look through lots that I bid on (or didn't bid on) and reflect.

One of the problems I personally have struggled with when it comes to live auctions is how to prioritize lots vs. impulse/opportunity bids, especially as I typically am working with a limited budget. It depends upon the activity in the auction (how many lots are getting active or aggressive competition vs. going for minimums or many passed lots), and more importantly WHERE the lots I'm interested fall in the session(s). If the auction is front-loaded with lots I'm interested in or they are spread out evently across the sessions, lost early lots open the door to later bids of opportunity or stretching higher for those lots that fall later.

The Bleckwenn sale was the worst of all possibilities. Not only was the competition fierce, but the lots I was mostly interested in came at the tail end of the sale. Over 80% of the lots I was potentially interested in fell in the third session. This created quite the conundrum: if I bid on early lots or make bids of opportunity, I run the risk of limiting my ability to bid on the lots I really want, but if I hold myself in check and STILL get blown out, then I've lost the opportunity to bid on earlier lots that I might have been able to win. GAH!

Sure, I could throw caution to the wind, whip out the credit cards and avail myself of an opportunity to bid on some items that only cross the gavel every 20-30 years, but having gotten myself in debt trouble several times in my life, I wasn't about to do that again, so I exercised at least a modicum of restraint.

How do you personally deal with such a situation? Where do you find yourself compromising or settling to stay under or near budget during an auction?


The day after the sale I had a long phone call with Richard Friedberg and we chatted about the various lots, what went too high, what the bargains were, which lots we won, lost, etc. Luckily for me it doesn't look like we competed on any lots directly... he spent several orders of magnitude more than I did in the sale (either for himself or as an agent for clients).

Here's a general rundown on the lots I either was interested in or bid on but lost (all amounts do not include the 18% buyer premium):

1219. R49a plate imprint single. Est: $150-200.
Lovely position piece! It rapidly went beyond estimate and I never even got a chance to bid. Ended up hammering for $500.

1259. R69a on Dec. 1862 on promissory note. Est: $150-200.
Nice early usage. It wasn't a high priority item and it was early enough in the sale that I was holding myself in reserve. Sold for $190, which is a very fair price IMO. I know the collector who purchased it.

1318. R88a with 2 strikes of the JAPAN Pacific Mail Steamship Co. straight line handstamp.
I was the underbidder and it sold for $300. In retrospect, I wish I had pushed a bit higher. I don't have any examples with this larger-font version of the JAPAN cancel (same typeface as that found on the AMERICA cancel on the imperfs).

1391. R1b imperf vertically, horizontal strip of 5.
Sold for $350. Definitely a bargain IMO. I was still holding myself in check though as this wasn't a high priority item, but someone got a good deal IMO.

1398. R5b vertical pair, with the bottom being a T5 double transfer.
Lovely item! I had planned to bid but it quickly soared past the $300 catalog value, ultimately hammering for $1,000.

1408. R33b imperf vertically. CV: $850.
I was the underbidder and it went for a song at $140. It wasn't a lot I had planned bidding on, but I put in a half-hearted bid. I probably should have pushed just a bit higher, but it would have only been for resale purposes, not for my collection, as I already have an imperf vertical example.

1434. R1c Hart L. Pierce counterfeit and proof strip of 7. Est: $500-700.
I wasn't really planning to bid on this, although the single is a lovely condition example. I already own several examples and had just sold two examples at CHICAGOPEX. Hammered at $1,100.

1440. R6c block of 5 including the T7 major double transfer. Est: $300-400, CV $800.
Lovely multiple. Ended up hammering for $600 which is reasonable IMO.

1443. R13e horizontal pair, right stamp the T13 major double transfer.
I was the underbidder at $550 and this is the one lot in the sale I deeply regret not pushing higher. I was stupid, and I think I got paralyzed in the moment overthinking the lots still yet to come.

1446. R14c three examples with T13a double transfer.
I bid up to $475 and it hammered at $650. I didn't push higher, thinking I had a shot at the plate variety balance lot which also had several examples of this. If I only knew...

1455. R27e double impression. CV: $3,500.
I didn't think this one would be within the realm of possibilities, but it ended up hammering for a reasonable $1,800. I expected it to go for more.

1465. R46e double impression. CV: $1,000.
I was the underbidder, and it sold for $700. Very scarce item.

1540. Plate variety balance lot. Est: $2,000-3,000.
I bid as high as $3,500, which would have exhausted my budget for the entire sale in one bid, but it sailed past that, ultimately hammering for $8,000. The buyer was not a dealer, but rather a collector. I know he has virtually unlimited funds, so who knows where his max bid was. What ultimately stopped me at the bid I made was knowing that I already have many of the plate varieties in the lot, so it wasn't worth stretching insanely for.

1550. R68c with NEW YORK PMSS cancel. Est: $200-300.
Very scarce cancel, one I don't have. It quickly went past what I was willing to pay, hammering at $800.

1552. R68c with SACRAMENTO PMSS cancel. Est: $200-300.
Another scarce one I don't have. It too went above what I was willing to pay, hammering at $500.

1557. R71c with gold ink script handstamp.
Any cancels done in gilt ink are scarce. I bid up to $190 and it sold for $225. Still below estimate.

Most of the individual cancels and cancel balance lots had spirited bidding ending up above estimates. Lot 1569 surprised me a bit hammering for $850 against an estimate of $300-400. The Benton's Pine Tree Tar Troches cancels all experienced strong bidding, especially those on the 2-cent stamps (the cancel is typically found on 1-cent denominations)

1580. R22c with red MOFFIT printed cancel.
I was the underbidder... for a second time (I was a bidder in the Bulkley sale where Brian purchased it). A gorgeous cancel, but over $800 after juice too rich for me, especially as there were higher priority items I wanted.

I wasn't intending to bid on the two individual playing card wrapper lots, 1593 and 1594, which is a good thing, as they both experienced very strong bidding, hammering at $950 ($300-400 est.) and $1,400 ($200-300 est.)

I had planned to bid on 1595, the playing card cancel balance lot (including 2 wrappers) but it went well past the $500-700 estimate, hammering at $2,800.

I bid strongly on lot 1597, but topped out as the underbidder at $1,700 against a $1,000-$1,500 estimate, and it hammered for $1,800.

I was again the underbidder on lot 1601, the railway pass, which ultimately sold for $325, which is still reasonable IMO, as they are quite scarce documents.

I didn't bid on 1602, the pawn ticket, as I already have an example of this exact ticket. Still a scarce item, and the hammer of $325 is again reasonable IMO.

I was the underbidder on 1603, the steamboat pass, and this is another one I should have pushed a bit higher on. Hammered for $300.

Lot 1604, the passage ticket, saw a lot of activity, hammering at $2,000 against a $1,000-$1,500 estimate. Incredibly scarce, but it wasn't one I ever planned bidding on... for some reason it just didn't "click" with me.

I bid on 1607, the New Mexico Territory document, but only half-heartedly as I was interested in it as an improper use document (two R3c), not for the territorial aspects. I bid $300 but it went on to hammer at $750.

Lot 1608, the Hawaii use, wasn't on my radar as something to pursue, and a good thing too. I know who the winner was and he had to pay dearly at a hammer of $2,700 vs. an initial estimate of $500-750.

The dual country documents (U.S. revenue + foreign revenue) all experienced active bidding and went for strong money. Dual country documents from this era are always in demand.

I knew I wasn't going to bid on 1614, the document balance lot, as they day before the sale I had a conversation with a collector that had said he was planning to push strongly for it, so rather than compete with him directly, I hope to buy some of the items in the lot that he wasn't targetting. It went for strong money at $3,500 against a $1,000-$1,500 estimate.

While there were some lots that went "cheaply" and a handful of passed bids, on balance the vast majority of lots exceeded estimates, so hopefully Brian is pleased with the results.


So what lots *DID* I win?

In no particular order...

I ended up with one of the cancel balance lots, 1598. Not only did this have a comparably large number of cancels (meaning the average cost per item drives lower), but more importantly a number of cancels I don't have, including a large number of all-over advertising cancels, which I personally find fascinating, even though attributing them is extremely challenging, if not impossible.

1469. R73c $1 Mortgage strip of 4.
This was a passed lot that they lowered the opener on. Even though the centering is only VG-F, it's essentially sound, and multiples are not common. At just under 13% of Scott after BP, I figure it has resale potential either intact or as two pairs.

I was the underbidder on 1470, R73c block of 4 (even more scarce) and it too went cheaply. I probably should have pushed a bit higher, but the multiple faults put me off a bit.




1147. R4a vertical pair.
This too was a passed lot at $750, so they lowered the opener to $500, and I made an opportunity bid and won the lot. Now having the lot in hand, I'm thrilled that I did. It's described as "bottom stamp faint pressed-out crease". Faint is right, barely discernable from the back. Fully sound top stamp could easily be separated out as an XF single, but I actually think it's nice enough of an item to leave intact. With BP it still came in under 20% of catalogue value, and IMO it's a bargain.




1611. Dual-country use, U.S. + France.
Dual country use documents from the Civil War tax period are quite scarce. While I already have a U.S. + France document, this one is a mate to a C.F. Adae U.S. + Prussia document already in my collection, both documents having the same handstamp cancel, so I pursued it as a companion piece.




And lastly, the big kahuna. The one item in the sale that I wanted more than any other lot. I expected competition to be strong and that I would have to go well above estimate to acquire it... and I was right. Even hammering at $1,000 against an estimate of $200-300, I'm perfectly content. IMO it is an impossibly unique document, having not one but TWO of the characteristics that I actively specialize in... and the odds of it even existing, let alone surviving, are astronomical.

1610. Foreign exchange from Nova Scotia to the U.S., dated April 4, 1870, for US$25 in gold, with a "N.S." overprinted Canadian bill stamp paying the tax on the Canadian side of the border, with the U.S. tax payment indicated by an undetermined bisected 10-cent stamp, Scott #R3xe (paying the correct 5 cents tax) tied via April 12 dated handstamp cancel (!).

Prior to this auction I would have never even considered the possibility of such a document even existing. Moreover, it almost has to be unique. Presumably a document exists (or existed) somehwere with the other half of the U.S. revenue stamp, there's no guarantee that it too was a dual-nation transaction; it could very well have been used on a domestic transaction... assuming that it even survives.

The hand of the cancel on the Nova Scotia revenue matches the top signature on the reverse. Nice PAID embossed cancel from the Merchants Bank in Boston on reverse as well.

Transcribed text of the front of the document:

$25.00 Gold          Liverpool N.S. 4th April 1870

At Ten Days sight Pay to the
Order of Mess. R&J Marshall
Twenty-Five Dollars American Gold
Value received and charge to account of
Payable at Boston Mass

To Palmer & Johnson          Benj. Johnson & Co.
      Bangor ME
      
                                     HALIFAX
                                     No. Cha182

Just a spectacular one-of-a-kind document IMO!

1434. R1c Hart L. Pierce counterfeit and proof strip of 7. Est: $500-700. This went far too cheaply at $1100. The single is scarce but available, but the strip is unique and was printed and used at the trial. It's worth more then $1100 by itself, IMO.

1540. Plate variety balance lot. Est: $2,000-3,000. Since you say a collector bought it, I assume that it is also someone from the midwest.

Congratulations on the nice wins. I didn't watch the sale, what with the Rumsey and Kelleher sales going on at the same time, so I enjoyed reading your detailed description of some highlights and missed opportunities. Can't say the entire stamp market is soft with the spirited bidding seen there.

I couldn't agree more.


Here is a scan of the back of the proof strip that was not illustrated in the catalog or online



"Plate engraved by Hart L. Pierce Impression from cft plate taken at Bureau Engr. and Printing"

To follow-up on Revcollector's comment that the imperforate strip was used at the trial of the counterfeiter - here is an illustration of the other trial exhibit marked as being an impression taken by the counterfeiter. This was in The American Revenuer 2023Q3 and listed as being ex-Tolman.

Interesting comments, revenuecollector.
For myself, I have only a couple of 1st issue revenues that are imperforate. These are either real cheap or real lousy.
So, I worked on trying to get some of Brian's. I was not real successful but ended up with 10 imperforate low catalog value lots.

I have all but about 4 or 5 of the fully perforated 1st issues. So, I worked on getting 3 of those that I am missing plus a success on a 4th lot to get a pair.

I usually had to settle for a lesser quality, like a thin or crease or slightly off center or a pair where one was faulty and selling price was less than a single. But all look good and considering the source and the auction house, I felt confident that all are genuine.

I was excited to get what I got, as prices seemed higher than normal, but quality was well above normal, in my opinion.

I don't have any imperforate between 1st issues. I always saw these as a kind of error. I don't go after errors much and I am skeptical of singles. So, I did not try for any of these. But in only partially watching and listening to auction, didn't some of the imperforate between lots sell fairly cheap?

Imperforate between? Do you mean part perfs?

Yeah, the only 1st issue "imperf between" in this sale was R100e. If he means part perfs, they are not considered errors. They were legitimately released as such.

You are right. My error. Part perf is what I meant.