Rare stamp fetches $260,000 at UK auction

March 6th, 2009

A rare U.S. stamp from 1918, showing an aircraft printed upside down in error, fetched 184,000 pounds ($260,000) at a British auction on Wednesday.

Warwick and Warwick auctioneers had expected the stamp, one of a sheet of one hundred discovered 90 years ago, to fetch 150,000 pounds when it went under the hammer. The final price includes buyer's premium.

Although it exceeded pre-sale estimates, two other "inverted Jennys" were sold in 2007 for $825,000 and $850,000 before the buyer's premium was added, Warwick and Warwick said on its website.