Bond investor Bill Gross just broke an auction record in the stamp world, raking in $10 million in a single day. Gross collection will be sold in a series of four auctions, and the results of the first one really amazed the collectors from around the world. Moreover the “Bond King” promised that all the proceeds from the auction would be donated to charity. The sale was conducted by Siegel Auction Galleries that offered more than 100 philatelic items, many of which were discovered before World War I.
The top lot, which fetched $737,500, was the unique block of the 24-cent 1869 Pictorial Inverted Center error—four inverted vignettes. The other interesting lot that was sold for $619,500 is the 2-cent Blue Hawaiian Missionary, one of the rarest and most valuable stamps in the world. The Bible Block of six that was expected to fetch $750,000 was bought by tech entrepreneur Gordon Eubanks for $590,000.
"I have had the privilege and enjoyment of acquiring many of America's most iconic stamp rarities over the past 25 years or so," Gross said in a statement. "During that time, I have always thought I was a temporary curator of these treasures and that one day others should have the opportunity, honor and responsibility of becoming the collectors."
All in all forty-five of the 106 lots exceeded the presale high estimates, in some cases by a factor of three or more, while a mere 17 sold below their low estimates. The rest were spot-on within the estimated range. Just three items did not find a buyer at the sale and will be sold privately or offered later. Previous sales by Gross of his foreign material have raised millions for charity as well as $10 million for a new visitors' gallery at the Smithsonian’s National Postal Museum in Washington D.C.
