An auction of postage stamps in London on Thursday (4 October) brought world record prices for a one-day auction.
An auction of postage stamps in London on Thursday (4 October) brought world record prices for a one-day auction. Nearly PBG 230,000 ($575,000) worth of stamps changed hands, during the sale, organised by Stanley Gibbons.
130 lots were on offer, most of them single stamps from former British colonies. Rare and valuable stamps have become particularly popular in recent years with investors anxious to avoid losing their wealth to inflation and fluctuating exchange rates.
The most valuable stamp at Thursday's auction, was a Bermuda penny stamp which sold for GBP50,000 ($125,000). The stamp, know as the Perot, is named after the Bermuda postmaster who printed it in 1854. The only other known example is in the collection of Queen Elizabeth.
Among the other stamps that were auctioned was Caps of Good Hope stamp from 1861 known as the 'Wood-block'. A printing error accounts for the exaggerated value of GBP6,500 ($16,250) that this four penny stamp fetched. Another printing error produced the stamp known as the 'Missing Virgin' which sold for GBP13,000 ($26,650). It is dated 1867-70 and was printed in the Virgin Islands. The picture of the Virgin and child is missing from a few copies, including the one sold today.
SYNOPSIS: An auction of rare postage stamps in London on Thursday brought world record prices totalling nearly a quarter of a million pounds. Most of the lots were from former British colonies.
The 'Missing Virgin' was the result of a printing error. Similar peculiarities have given most of the stamps on sale their exaggerated value.
Many of today's stamp collectors are wealthy men anxious to protect their money from inflation by a secure investment.
The 'Perot' is named after the Bermuda postmaster who printed it in 1854. It fetched the biggest price of the day -- at GBP50,000. The only other known example is in the collection of Queen Elizabeth.