FULL history of the unique 1856 1¢ British Guiana stamp

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by MargoZ »

fromdownunder wrote:New finds of lost one cent Magentas starting in 5...4...3...

Norm
Yep- just waiting for the phones to start :lol:
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by dukeprince »

lesbootman wrote:I'm sure if I spent that much money on a stamp and my wife asked me to justify doing it I'd be hard pressed to come up with an answer.

It would seem to be a very risky investment too; just because someone was daft enough to stump up such a huge sum this time around does not mean that anyone will ever be willing to do so again.

After all, is British Guiana a popular collecting area?

Yes, but there can only be 1 complete British Guiana collection in the world, universe, galaxy whatever , He may have it now or will get there some time soon.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

lesbootman wrote:
It would seem to be a very risky investment too; just because someone was daft enough to stump up such a huge sum this time around does not mean that anyone will ever be willing to do so again.
Les, the last string of sales shows your logic is heavily flawed. :)

It just sold now for 10 times what was paid for it at the last super hyped global offering.

In turn, that buyer, duPont paid 3 or 4 times what Weinberg paid only 10 years earlier. Weinburg paid 5 or 6 times what Australian Frederick Small paid. Which it turn was more than Arthur Hind paid etc.

See any pattern emerging here ................... ?? :lol: :lol: :lol:

At each stage, many doubtless said the buyers were all fools. Some fools. :wink:

Say your house is worth £500,000. You might have paid £50,000 for it years back.

Are you a fool, or is the seller at £50,000 the fool? The fact the house next door just sold for £500,000 makes either that buyer a fool or a genius. Agree?

Lets check back in 10 years and see. :mrgreen:

I am advised it may well be that the stamp's new owner is Queen Elizabeth II ... and she is hardly a fool. 8)

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by lesbootman »

Yes, but there can only be 1 complete British Guiana collection in the world, universe, galaxy whatever , He may have it now or will get there some time soon.
So, if I got a complete unique sheet of Fiji overprints (of which there are several), removed one stamp and then shredded the rest of the sheet would the one remaining stamp be worth anything remotely like $10,000,000.00?

Somehow I don't think so.

This sale suggests to me a coming together of a very professional sales pitch and someone with an awful lot of money who was hooked by that pitch. I wonder what all the pre-sale publicity and hype cost? Maybe not so much since the world media picked it up and a lot of non-collectors were aware of the sale and asked me if i knew about it.

I've always said that the value of a particular item was what someone was prepared to pay for it. I think this case may be an exception to that rule!
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by lesbootman »

Global Administrator wrote:
lesbootman wrote:
It would seem to be a very risky investment too; just because someone was daft enough to stump up such a huge sum this time around does not mean that anyone will ever be willing to do so again.
Les, the last string of sales shows your logic is heavily flawed. :)

It just sold now for 10 times what was paid for it.

In turn, that buyer, duPont paid 3 or 4 times what Weinberg paid only 10 years earlier. Weinburg paid 5 or 6 times what Australian Frederick Small paid. Which it turn was more than Arthur Hind paid etc.

See any pattern emerging here ................... ?? :lol: :lol: :lol:

At each stage, many doubtless said the buyers were all fools.

Say your house is worth £500,000. You might have paid £50,000 for it years back.

Are you a fool, or is the seller at £50,000 the fool? The fact the house next door just sold for £500,000 makes either that buyer a fool or a genius. Agree?

Lets check back in 10 years and see. :mrgreen:

I am advised it may well be that the stamp's new owner is Queen Elizabeth II ... and she is hardly a fool. 8)
Glen,

I admit you might be right.

On the other hand, did you ever read "The emperor's new clothes" when you were younger?

I've seen a lot of instances of people being taken in!

I'm not perfect, I'm sure I've been conned myself, we all have weak spots.

I hope you're enjoying your current holiday,

Cheers,

Les
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by MargoZ »

MargoZ wrote:
Glen just did an interview with ABC Radio's Simon Frazer from 'PM'.

Podcast should be available tomorrow on ABC website.
Audio of the National ABC Radio interview is available on the ABC website [at]

http://www.abc.net.au/pm/content/2014/s4028207.htm

Transcript up tomorrow
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by BigSaint »

That price is probably more than the GNP of Guiana these days :!:

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by smithrhm97 »

Conditions of sale in the catalogue say that the buyer's premium was 20%.

Obviously they have some sort of automatic system for posting results to their website which doesn't take this into account, because it was online very shortly after the auction finished.

By the way, anyone else have problems connecting? All I got was this for the duration:

Image

No sound. No video...
Ricky Verra
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

Ricky ... we got the audio and video feed fine in Sydney.

Feldmans' don't have pre-sale indicative bidding, so they might be copying you guys. :lol: :lol:

How is your duPont Guiana collection balance for June 27 looking - this result should add interest to those other pieces?

Glen

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by PeeVee »

MargoZ wrote:
Glen just did an interview with ABC Radio's Simon Frazer from 'PM'.

Podcast should be available tomorrow on ABC website.
Just heard the interview on the ABC PM program in Melbourne, well done Glen.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by smithrhm97 »

It's looking promising. We've got a lot of people coming to Geneva for the auction (for a change!) to view and bid on the "balance" of the collection (pre-sale estimate total is only $1.6m!). Everyone has been complimentary about the catalogue and they're not worried about the estimates which is always a good sign!!!

It's great that the 1c sold in front of the world's press. Hopefully the guy that bought it has got our catalogue :D
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Catweazle »

I take it, then, that the mystery buyer wasn't in the room at the time? Did anyone raise their hand for a bid in the room during the auction?

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

OMG. :roll:

The word 'THICK' does not even get close. :shock:

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

smithrhm97 wrote:It's looking promising. We've got a lot of people coming to Geneva for the auction (for a change!) to view and bid on the "balance" of the collection (pre-sale estimate total is only $1.6m!). Everyone has been complimentary about the catalogue and they're not worried about the estimates which is always a good sign!!!

It's great that the 1c sold in front of the world's press. Hopefully the guy that bought it has got our catalogue :D
Well hope it goes gangbusters after this result Ricky. :mrgreen:

I posted earlier, if Feldman has the 1c, the result would likely have been better in my view. We shall never know. 8)

A shame the BG collection was split up really. One would have sold the other better.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by revenuecollector »

If I had 9M to spend on philatilic purchases, there are virtually an infinite number of things I would buy before that ratty ugly bit of paper, I don't care how unique it is or storied its history. It's aesthetically a hideous stamp.

Despite what Glen says, high-profile stamps don't always appreciate in value. Talk to people who bought in at the height of the '80s peak market... many are still buried (now literally) in their stamps. Many stamps still sell for only a fraction of what they sold for in 1981. Yes, it was an overvalued market, but that doesn't mean that market corrections can't occur again in other philatelic areas where we have seen extreme runups.

Some of the recent sales of Inverted Jennys (real ones, not the modern reissue) have fallen short of estimates and prior sales, but there's a bit of a glut on the market, which would explain lower prices.

Then again, if you've got US$9M to blow on a single stamp, you probably don't care whether it appreciates or not. Like Steve Ballmer spending US$2 Billion to acquire the L.A. Clippers basketball team... it's effectively a play toy when you're worth US$40 Billion.

Monopoly money.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

revenuecollector wrote:
Some of the recent sales of Inverted Jennys (real ones, not the modern reissue) have fallen short of estimates and prior sales, but there's a bit of a glut on the market, which would explain lower prices.
Well as I have typed 100 times over 30 years, a 1918 Inverted Jenny at BEST should be $100,000 a stamp for decent grade. Not 5 times that. There are a HUNDRED of them out there for goodness sakes. Recent prices were just silly. :lol:

It is not rare - just hyped. Same as Zeppelin sets, same as GB £5 Oranges (all used copies on the market are non postal, for goodness sakes!) - none are scarce - all are overpriced.

Something Unique that the Queen does not own, is a different story. :mrgreen:

And I know in the USA the word 'unique' often simply means "not common" (If I had a buck for each time it is used on 'Pawn Stars'!) - here we are using Queen's English.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Allanswood »

Investment fact for today (as I'm still playing with spreadsheets)...

Athough the 1c Magenta sold for that staggering figure, 10 times what it last sold for, it means that since last sold the stamp returned an average growth of just 6.25% p/a.

Still an amazing result.

Had it been available for sale sometime inbetween and not locked up for most of those years it may have had a better increase in value.
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

Allanswood wrote: average growth of just 6.25% p/a.
"JUST" 6.25%??!!

Remember in the USA, if you had put the same money into a bank account, the return over that period was WAYYYYYYYYYYYYYYY less. And taxable of course. :idea:

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Stamp&CoinMart »

I have put the rumours about the Queen buying the stamp to Michael Sefi, the Keeper of the Royal Philatelic Collection, and his response is now live on our website…

http://www.collectors-club-of-great-britain.co.uk/Stamps-and ... h28_nw1281

A great news story for the hobby! :D
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matthewh@warnersgroup.co.uk

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Allanswood »

Allanswood wrote:
Allanswood wrote:I could ask them - the Smithsonian. :idea:

The most valuable item in the world by weight (which it has to be by simple deduction) and yet, no ones actually weighed it! :lol:
I've asked them.
And I've recieved a reply from Mr Lera that they did not weigh it when performing their tests. Oh well. :(
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by jimjung »

MargoZ wrote:
jimjung wrote:
Sotheby's charged a flat 20% buyers premium on this auction - confirmed above by other SB members who attended.
Why not ... it's not like you can go next door and get a better deal. Thanks for the heads-up.
That's an extra $467,000 USD !!!


btw - great job everyone. I was the first on my block to know. Great pics, too. Thanks to all.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by billw2 »

Global Administrator wrote:
Allanswood wrote: average growth of just 6.25% p/a.
"JUST" 6.25%??!!

Remember in the USA, if you had put the same money into a bank account, the return over that period was WAYYYYYYYYYYYYYYY less. And taxable of course. :idea:
Yeah but who throws that kind of money into a savings account? You'd have to be nuts!

One nice thing about this stamp is that the carrying costs were next to nil. We have property in my family that has outperformed this stamp, but then there's upkeep costs, property taxes, etc.

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Re: DuPont, owner of 1ct British Guiana, has died

Post by kerema »

Allanswood wrote:"Murder in Magenta"?
Hitchcock would be pleased!
:twisted: :twisted: :twisted: :twisted:
What a bummer if Mr DuPont wanted the stamp buried with him
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by jrobb »

Just ran across this on the front page of CNN. Nothing in it that hasn't been mentioned previously:

http://money.cnn.com/2014/06/18/luxury/stamp-auction/index.html?hpt=hp_t2
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

jrobb wrote:Just ran across this on the front page of CNN. Nothing in it that hasn't been mentioned previously:
I disagree. :mrgreen:

I have not seen this before, and it is very important.

After the auction, Redden kept mum about details of the buyer, saying only that the buyer was a "collector," not an investor.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Conv-1989 »

Global Administrator wrote:Greg thanks for that. :)

Over $US350 BILLION a Kilogram is a pretty neat figure. :lol:

Just a little note which surprised me with all the chat, heat surrounding this stamp, price, weight, [whatever] and attractiveness of it all. Nobody bothered the topic which instantly became my central interest when added to the topic.

The 1934 photograph

Today's best photos verses yesterdays, and an obvious difference whether 'weathered' warn, slept with or? The AP impression now verses 1934. And the clarity of the 4 leaf clover in 34 as well. Subtial differences in the water staining markings,, Diagnal direction of grain in paper, just so many small differences all over it, I can pick out without magnifying it, there's more! . .. The star under the signature, and added squibble at the end of scroll line.. this list goes on.. How about the symmetrical pattern surrounding the current item; 4 leaf clover verses jagged in 1934. The star at lower right looks like a heart in 34. I.E. if originally a star in 34 it's symmetrically sharper today. there's much more.

ImageImage
Image

1934 image would make me suspicious of today's images in a heart beat!
Image

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Conv-1989 »

EDIT yeah I'm real great at attention to detail too, the old photo is 1954 not 34.


Still, a side by side of yesterday's stamp verses 1954, is scary. The most obvious, just start at the P in the impression of AP, and answer; why is it completely filled in now? after that the differences in details start growing as you review the two.

Image

Dead image links

Original link information:
https://www.linns.com/Images/articles/2014/05/30/zne-mb-auc-magenta-f2.jpg
https://www.linns.com/Images/articles/2014/06/10/british-guiana-1c-magenta.jpg

[/quote]


Just a little note which surprised me with all the chat, heat surrounding this stamp, price, weight, [whatever] and attractiveness of it all. Nobody bothered the topic which instantly became my central interest when added to the topic.

The 1934 photograph

Today's best photos verses yesterdays, and an obvious difference whether 'weathered' warn, slept with or? The AP impression now verses 1934. And the clarity of the 4 leaf clover in 34 as well. Subtial differences in the water staining markings,, Diagnal direction of grain in paper, just so many small differences all over it, I can pick out without magnifying it, there's more! . .. The star under the signature, and added squibble at the end of scroll line.. this list goes on.. How about the symmetrical pattern surrounding the current item; 4 leaf clover verses jagged in 1934. The star at lower right looks like a heart in 34. I.E. if originally a star in 34 it's symmetrically sharper today. there's much more.

ImageImage
Image

1934 image would make me suspicious of today's images in a heart beat!
Image[/quote]

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by billw2 »

Global Administrator wrote:
revenuecollector wrote:
Some of the recent sales of Inverted Jennys (real ones, not the modern reissue) have fallen short of estimates and prior sales, but there's a bit of a glut on the market, which would explain lower prices.
Well as I have typed 100 times over 30 years, a 1918 Inverted Jenny at BEST should be $100,000 a stamp for decent grade. Not 5 times that. There are a HUNDRED of them out there for goodness sakes. Recent prices were just silly. :lol:

It is not rare - just hyped. Same as Zeppelin sets, same as GB £5 Oranges (all used copies on the market are non postal, for goodness sakes!) - none are scarce - all are overpriced.

Something Unique that the Queen does not own, is a different story. :mrgreen:

And I know in the USA the word 'unique' often simply means "not common" (If I had a buck for each time it is used on 'Pawn Stars'!) - here we are using Queen's English.
Part of what has driven the prices of the Inverted Jenny are twofold. First, Bill Gross owns, I am told, all of the extant blocks (Aside from the unique plate block that he traded to Don Sundman of Mystic Stamp Co for the 1 cent 1868 Z Grill) as well as dozens of single copies. Some people believe that his pursuit of these drove prices up. Also, a lot of these have traditionally been bought by investors with little other philatelic interest. Most people don't know squat about stamps, but they DO know about the "Upside down airplane" stamp and whenever one comes up for auction it often gets a lot of press.

I'm in absolute agreement that this is an overvalued stamp, but then again it's like a LOT of overvalued items; pure supply and demand.

As I mentioned in another topic (I collect antique cars) I own a 1957 Chevrolet 2 door hardtop. I also own a 1960 Lincoln Premiere Coupe (With incredibly rare factory cruise control). Near as makes no difference the Lincoln is worth 1/3 of what the Chevy is worth. It's estimated that over 5,000 57 Chevy Hardtop Coupes have survived while Lincoln coupes like mine? Less than 50 exist. On top of that the Lincoln was a much more advanced Luxury car and the Chevy was a cheap car. Taking subjective views out of it the Lincoln is a far superior car to the Chevrolet in virtually every quantifiable way.

Doesn't matter. Supply vs Demand.

IMO the far scarcer and MUCH more philatelically important 1c 1851 Type 1 (Position 7R1E) is a great example of this. The 1 Cent 1851 is a very closely studied and researched issue and yet only ONE out of a THOUSAND imperf positions shows the full design of the stamp! It's MUCH rarer than a C3A unused and MUCH rarer in ANY sound condition that shows the full design.

How about the 90 Cent stamps on cover? #39, thr 90 Cent 1860.. Less than ten ecist on cover and the best ones might bring $500k. #72, the 1861 90 Cent? Well under 100 of those exist on cover and they usually bring 1/10th at best of what a C3A is worth. Even the Unique 90c 1869 on cover which has a heck of a story behind it didn;t even hammer for $400k.

How about the only 24 cent Large Banknote than can be proven to be a Continental printing? Very valuable, yes, but worth C3A money and it's unique!

Yet, if that 24c stamp sold in the next Siegel Rarities auction and even brought $700K it wouldn't make the news outside of the stamp community.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by billw2 »

Global Administrator wrote:Bill, never take too much store by ancient photos from decades back, before digital became the norm. The colours are often wildly wrong.

This image is from "Linns Stamps News" - from THIS year as you can see! I have a hunch it too is not correctly colour matched. :mrgreen:

http://www.linns.com/news/breaking-stamp-news/172/British-Gu ... YC-June-17
Image link inactive. Removed
LOL.

Good point, but when I saw it at Ameripex in 1986 you could clearly read the lettering on the stamp. For all intents and purposes any image of the stamp out there prior to this sale would be from no later than 1987 when it was last shown (In Perth, Australia I think it was) and it looked quite nice then even, well, nice for what it is!

All we know is that Liz Windsor didn't buy it.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

My hunch always, and I committed myself in print to it, is that Bill Gross would be the buyer and would donate it to the Museum in DC, and take a huge tax Break if he gets a $15 or $20m written "market appraisal" from Shreve or someone.

Nothing I have read yet precludes this result. :)

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Allanswood »

The adjusted fees (20% flat), auction price realised has been adjusted on the Sotheby's website.
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

Allanswood wrote:
The adjusted fees (20% flat), auction price realised has been adjusted on the Sotheby's website.
Well they need to do something to justify their 2 or 3 $ million in commissions. :roll:

Good to see it only took them a day and a half to leap almost instantly into action. :roll:

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by bowulf »

Well the expiry date for this iconic stamp could be coming up rather soon I dread...

It is severely compromised, with severe miscoloration, owner stamps on the back now showing through, print so faded as to practically illegible. This is judging from the latest images on Sothebys.

Even if stored in a safe and protected from sunlight, it may fade off completely in a decade or so.

What will that do to the value if the 'one cent' can no longer be discerned...
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

fromdownunder wrote:
New finds of lost one cent Magentas starting in 5...4...3...

Norm
Bingo!

An email I just got from Poland (disguised his detail a bit -

From: Eugeniusz Danixxewicz [mailto:eudaxxnik@wa.home.pl]
Sent: Thursday, 19 June 2014 10:41 PM
To: glen@glenstephens.com
Subject: British Guiana stamp for sale


-Dear Sirs,

I am old collector of postage stamps. I am 86 years old .In my possession is the stamp of British Guiana, which I received from my grandfather in 1939, along with an old album.

According to Michel catalogue it is probably stamp No 4b.On thin paper indigo used.price 18000,00 €.

Scan of this stamp and increase together with the information attached.

In the news on the internet I read the information about the sale of the stamp of British Guiana and read interesting extensive information about your company.

I have read too extensive information The CASH BUYING page.

Therefore, I decided to send you my offer. I am interested in sale of this item and
I can offer it on a very favorable low price.

Please kindly inform me if you would be interested in and to any suggestions.

With best regards from Poland

Sincerely yours,

Eugeniusz Danikxxxwicz .


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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by billw2 »

Global Administrator wrote:My hunch always, and I committed myself in print to it, is that Bill Gross would be the buyer and would donate it to the Museum in DC, and take a huge tax Break if he gets a $15 or $20m written "market appraisal" from Shreve or someone.

Nothing I have read yet precludes this result. :)
Bill Gross didn't buy it.

The buyer will make themselves public in the near future.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Norbert Jenkins »

Global Administrator wrote:
fromdownunder wrote:
New finds of lost one cent Magentas starting in 5...4...3...

Norm
Bingo!

An email I just got from Poland (disguised his detail a bit -

From: Eugeniusz Danixxewicz [mailto:eudaxxnik@wa.home.pl]
Sent: Thursday, 19 June 2014 10:41 PM
To: glen@glenstephens.com
Subject: British Guiana stamp for sale


-Dear Sirs,

I am old collector of postage stamps. I am 86 years old .In my possession is the stamp of British Guiana, which I received from my grandfather in 1939, along with an old album.

According to Michel catalogue it is probably stamp No 4b.On thin paper indigo used.price 18000,00 €.

Scan of this stamp and increase together with the information attached.

In the news on the internet I read the information about the sale of the stamp of British Guiana and read interesting extensive information about your company.

I have read too extensive information The CASH BUYING page.

Therefore, I decided to send you my offer. I am interested in sale of this item and
I can offer it on a very favorable low price.

Please kindly inform me if you would be interested in and to any suggestions.

With best regards from Poland

Sincerely yours,

Eugeniusz Danikxxxwicz .

Well, don't leave us hanging? Did you buy it?

Also, please can you post up an image?

Frankly, I think we'd all get a great amount of joy if you were able to post here (or in another thread) not 'eBay Dreamers' but 'Glen's Dreamers', where every 1 penny per thousand type stamp or cut-of-of-a-magazine type stamp that gets sent or offered to you for a 'bargain' price can be listed here for us all to chuckle at! Edit the names a bit of course, but in the past a few of the bright sparks you've had contact you that you've then mentioned have gone down a storm.

Can't wait to see the results!

Norbert

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Spartacus »

Very interesting indeed to read up on all this information. Amazing that it nearly reached what sothebys expected it to bring.

Cheers
Be like a postage stamp. Stick to one thing until you get there.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by capetriangle »

Finally

After completely forgetting how to use Photobucket.
Image
Image
Image
The viewing on the 10th floor the week prior to the sale.
Image
The auction day itself on the 7th floor, cell phones a plenty.
Image
The future of philately standing on a chair.
Image
The television cameras setting up.
Image
Another shot of the stamp.
Image
David Redden reviewing the room.

Firstly congratulations to bill2w for being the first to supply information on the thread about the realization.

I was on my cell phone to one of my bosses in London, reporting on the action. Whilst my cell phone may be semi-smart (I was recently given an iphone 3 by my company), remember you have a comparative idiot for a user, who has yet to figure out how to send simple e-mails with it.

By the way, nice car Bill!

Thinking back I do recall seeing you at the sale but did not put the name to the face, since I had left for work on the Tuesday morning prior to seeing the photo with your ex and your cousin on the thread.

I was astonished by the choice of drinks at the reception, fancy water, rosé wine and Tullamore Dew Irish whiskey. You could have starved to death with the hors d'oeuvres, a piece of bread the size of a quarter, a piece of steak the size of a pea with a dot of some kind of sauce on top. Possibly a little mean spirited comment on my part, since it was not Sotheby's function to feed a large group of stamp people who normally behave like swarms of locusts at such events.

I was sitting on the right side of the room towards the back with a colleague and the Trepel Shreve group was on the left side one row in front of us. Behind them was the Sam Malamud group. Charles Shreve had paddle #102 and the Sam Malamud group had paddle #103. I did not see anyone else with a paddle at all. The final purchaser was a middle-aged Sotheby's staff member with a beard on the telephone in the "jury box" on the extreme right of the room. The way people were looking over towards the Trepel Shreve group whilst the bidding was going on, possibly Charles Shreve might have had a bid but I did not see him indicate any bids in any demonstrable way.

Now to the realization, I was very impressed. Now the 1980 $935,000 realization is $2,680,830 in constant 2014 dollars, according to the Federal Reserve Bank of Minneapolis website. The $9,480,000 realization shows an increase in real terms of over 253%.

Compare that to a U. S. 1930 Zeppelin set, realizing approximately $8,800 (including buyer's premium) in 1980 to approximately $2,000 (including buyer's premium) for a comparable set today. The $8,800 in 1980 is $25,231 in constant 2014 dollars, again using the Federal Reserve Bank of Minneapolis website. That represents a loss of over 92%.

Better late comments than never.

Kindest regards

Richard Debney

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by PeeVee »

Great photos Richard,

Thanks for the inside information.

What worries me is the strong light shining on the stamp in the display case.
Would this cause damage if it was on for a long time?

I assume it was on for all viewings.

Regards
Peter
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by capetriangle »

Pee Vee

Well the stamp has significantly faded since 1980, since even the postmark is no longer readable at the left.

Not just my opinion, confirmed by others in the trade.

Sotheby's in their catalogue talk about -

"an exhibition stand constructed from two OP2 UV-filtering quarter-inch Plexiglass sheets, between which is held a .7 mil sheet of Melinex 516 cut with an octagonal hole to hold the One-Cent Black on Magenta, which is placed in a 3 mil envelope of Melinex 516. Box and stand designed and made by Ursula Mitra, Mitra Library Conservation, LLC"

I believe these products are similar to those of The British Library system.

So any fading has not occurred at Sotheby's

Kindest regards, Richard

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by alltorque »

Great report Richard,

as I posted previously, I got to see it in the flesh but can see that it is fading badly from previous pictures.

Can someone inform us of who was the buyer as to whether it will be a " complete collection" or an investor who might end up with a blank piece of paper if they hang on to it for too long...!

10 million is nothing to be sneezed at so someone of substance has put their hand in deep.....
any leads?.??

cheers

ian
Last edited by Global Administrator on 23 Jun 2014 16:58, edited 1 time in total.
Reason: Added pars and spacing and AIR

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

capetriangle wrote:
So any fading has not occurred at Sotheby's

Brilliant report Richard!

however I cannot agree at all with your comments that Sotherbys shining a bright Halogen light on an already faded stamp will not damage it!

It you did that to the Mona Lisa, it would be white canvas in 6 months I'd guess.

Were those taking pix like yourself allowed to use flash?
Image

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Allanswood »

The plastic casing would be rated at about 99.8% total UV blockage and they don't look like halogen but rather LED bright lights. So for the short time shown, even hours of showing there would be an infinitesimal amount of exposure to damaging UV.

I'd imagine that even the outer casing would have UV blocking film on the glass. You can get it optically crystal clear and still above 99.8% proof.

Even a million flashes would have negligible affect. Their mostly LED as well today and very small, if any, UV thrown.
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Allanswood »

And in a neat ironic twist the film the stamp is held in is made by......
DuPont. :D
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by MargoZ »

Great to have Bill and Richard's on the spot coverage.
All that we are missing are the hors d'oeuvres (and no loss by the sound of it) 8)
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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by billw2 »

Richard,

Great report and fantastic pics! Wow, you got there rather early from the looks of it! Sorry we didn't meet up, there's always next time though.

It's interesting what you pointed out about the stamp's appreciation, as you know 1980 was a bubble market for stamps and numerous items that I own were worth quite a bit more back then, especially when adjusted for inflation. Looking at Siegel catalogs from around then I can think of one cover to England that brought $25,000 which a couple of years ago brought $10,000.

Thanks for the compliment on the car, I love the thing! (I also bought it used at Auction...)

Bill

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by capetriangle »

Glen, Margo, Bill
Were those taking pix like yourself allowed to use flash?
Well, flash was not prohibited, I did not use it, since mine is pretty much permanently turned off on my digital camera.

The most amusing thing about the viewing, the week before the auction, was the sheet hanging down on the wall behind the case - it showed the now famous Sotheby's scanning problems - the tiny piece of glassine and the two dandruff specks so clearly.

In conversations with a young lady named Lana, one of the members of the department, during viewing, she claimed that the glassine (described by her as a piece of stamp hinge) was still present on the stamp. I will go to my grave thinking it was not.
however I cannot agree at all with your comments that Sotherbys shining a bright Halogen light on an already faded stamp will not damage it!
Fair comment - though I think Sotheby's think that this Melinex 516 stops all (or as Allanswood puts it 99.8%) of damaging UV light. It would be interesting to see what the scientists think about this?

At the Royal Philatelic Society London's reception at the recent 2013 Melbourne Exhibition - an event which I attended - the elite of philately behaved like a plague of of locusts - James Grimwood-Taylor (of Cavendish) described it to me as shameful. The only morsels which failed to be immediately devoured were the Sushi dishes. I had one of the young lady servers cracking up - saying that stamp collectors don't usually go for "bait."

Bill, I regularly attend the meetings of the Collectors Club in New York (first and third Wednesday's during the season) - are you a member? I would be happy to propose you, if not.

Kindest regards, Richard

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by ottawasteve »

I'm following the DuPont auction on the Feldman site right now...the prices are insane. A cut to shape, badly creased indigo 12 pence Cottonreel going for €38,000! Prices are in the stratosphere.

The 2 pence rose Cottonreel went for €190,000.

Wow.

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by Global Administrator »

Great news Steve. Has the Tasmania Sato been on yet?

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Re: Unique 1856 1¢ British Guiana stamp Auctioned June 17, 2

Post by ottawasteve »

Into the 1852 Waterlows, a personal favourite...there is some sort of group psychosis here. €38,000 for a nice 4c beep blue? Really???? I love these issues, love BG. But these prices are outrageous.

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