Monday, June 21, 2021

A collector’s rare treasure sets a record at Sotheby’s

Inverted Jenny, an incorrectly printed postage stamp with an airplane, soared to a new high on Tuesday when a block of four sold for $4.9 million, a record for a United States stamp at auction and higher than the previous $2 million more. Selling price reported.

But the quartet, one of the most famous mistakes in collecting history, was the least expensive of three items sold at Sotheby’s in less than 10 minutes. A $20 American gold piece minted in 1933 went for $18.9 million, a record for a coin. The one-cent magenta stamp of British Guiana (now Guyana), a 165-year-old stamp sometimes referred to as the “Mona Lisa” of postage stamps, went for $8.3 million.

Stuart Weitzman, who made a fortune in shoes, parted ways with three notable collectibles, though they did not attend the sale. He said several months ago that the owner of Three things fulfilled childhood dream Joe started out as a rookie, collecting stamps and coins. Over the past 20 years, he focused on acquiring unique items of his kind that he believed would have lasting value. But he said in March that he was selling the goods as planned for the end of his life.

Richard Austin, head of books and manuscripts at Sotheby’s, said Tuesday that Weitzman “enjoyed collecting them, he wanted to have fun selling them — and he certainly has.” The money will go to charitable undertakings, including the foundation of a family.

Sotheby’s said the “Inverted Genie” plate block was purchased by David M. Rubenstein, a co-founder of the private-equity firm Carlyle Group. He . bought a copy of Royal Charter of Political Rights given by King John in 2007, and sent it to the National Archives on permanent loan. He has also bought copies of the Declaration of Independence, the Constitution and the Bill of Rights.

Sotheby’s said the buyer of the double eagle coin did not want to be identified. The buyer paid more than double what Weitzman paid – $7.6 million in 2002. The Double Eagle is unique: no other Double Eagle can be privately owned. Over 445,000 were mined. They were to be destroyed, but 20, including Weitzman’s, were stolen from the mint. Some ended up in the hands of a Philadelphia jeweler and coin dealer, whose daughter discovered 10 of them in her safe deposit box in 2004. He challenged the government’s claim of ownership and won. 10 were flown to Fort Knox, except Weitzman’s Double Eagle could only be sold legally from 1933 onwards.

Like the double eagle, one-cent magenta is not only rare, it is unique: there is only one-cent magenta in the entire world. Its selling price on Tuesday. was less than $1.2 million Weitzman paid for it in 2014. London stamp dealer Stanley Gibbons said it was the buyer. it said it intended To “democratize access to the most elite club in collecting history and offering partial ownership” of small ticket.

Prices indicated that “there wasn’t another Stuart Weitzman in the wings waiting to buy it,” said Philatelic Foundation President Robert G. Said Rose, who certifies the tickets. “There were clearly no pure stamp collectors. It’s like the double eagle. I don’t know who would have bought the double eagle. It may not have been a woolen numismatist.”

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