Stamp Sells for $1,035,000 in Siegel Auction

. October 30, 2008

A single stamp issued by the U.S. post office in 1868 sold for $1,035,000 in an auction held in New York City. The price includes the 15% buyer’s premium.

The stamp was bought by a collector who bid anonymously over the telephone at Siegel Auction Galleries, a firm that specializes in rare stamp auctions.

The million-dollar price was paid for a 3-cent “B Grill” stamp, which was printed in 1868 with an embossed pattern in the paper. Collectors prize such “grilled” stamps, and only four copies of the “B Grill” are known.

The stamp was sold during a three-day auction of more than 1,100 stamps owned by Perry B. Hansen, a mid-western banker. The sale continues on Thursday.

“Collectors who want rare stamps don’t seem fazed by the chaos in the financial markets. We had four bidders on the B Grill over $600,000, and the stamp has a current book value of only $250,000,” said Scott R. Trepel, president of Siegel Auction Galleries.

For more information, please visit: http://www.siegelauctions.com

About Siegel Auctions

Robert A. Siegel Auction Galleries has been running continuous stamp auctions since 1930. The firm has sold many great-name collections and holds many records for rare stamps sold at auction.

Category: Auction News

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