Philip Weiss Auctions: The Newport Collection, February 9, 2008
An unused 1869 24-cent inverted center U.S. stamp, # 120b, certified Fine and one of only four unused examples known to exist, soared to $1.271 million at a sale of The Newport Collection held February 9, 2008 by Philip Weiss Auctions. It was a new world auction record for a U.S. invert, eclipsing the $825,000 paid for a 24-cent “Inverted Jenny” sold at auction late last year.
People will be buzzing about the 1869 24-cent invert for some time to come. It was the only completely sound- and fault-free example of the stamp and was the second best centered such stamp known to exist. Still, the specimen carried a conservative pre-sale estimate of $200,000-$300,000. The Scott Catalog valued the stamp at $325,000 with gum (unlisted no gum). Bidders saw things otherwise.
Philip Weiss Auctions is a full-service auction facility, with a spacious gallery located at #1 Neil Court in Oceanside, N.Y. To learn more about the company and the upcoming auction dates, log on to the new website at www.prwauctions.com