U.S. Stamp auction completed at Greg Manning Greg Manning Auctions' H.R. Harmer Subsidiary Completes Groundbreaking Richard Baron Cohen Auction; First Major Auction of Numerically Graded High Quality United States Stamps
News-Antique.com - Nov 30,-0001 - WEST CALDWELL, New Jersey - July 5, 2005--Greg Manning Auctions Inc. (Nasdaq: GMAI) announced today the successful results of its June 24, 2005 auction of the Richard Baron Cohen collection conducted by H.R. Harmer of New York, a GMAI wholly owned subsidiary. The first major auction sale containing only numerically third-party graded stamps realized a total of $1,035,000 (all prices include the 15% buyer's premium), well over the presale estimate of $700,000, with 96% of the lots sold by value.
The auction sale was comprised of the United States stamp collection formed by Richard Baron Cohen of exceptionally high quality issues. Recently, Professional Stamp Experts (PSE), a subsidiary of Collectors Universe (Nasdaq: CLCT), began issuing numerically graded on a scale of 1 to 100 certificates of authenticity for United States stamps. Numerical third party grading in coins has been a staple since its introduction in 1986 by another Collectors Universe subsidiary, Professional Coin Grading Service. Third party grading and a cash guarantee of up to $10,000 that the Scott catalogue number attribution by PSE is correct for every PSE graded United States stamp, had a significant impact on the strong realizations of the single owner Cohen collection auction.
Greg Manning, First Vice Chairman, CEO and President of GMAI, stated, "In my nearly 40 years of conducting philatelic auctions, I have never witnessed such a wide discrepancy between price realizations to the Scott catalogue valuations as in this auction. Realizations of 5, 10, 20 and even 30 times catalogue were commonplace as bidders contested virtually every lot. The new PSE grading and cash guarantee attracted a plethora of new aggressive buyers, led by both astute coin collectors and dealers who have long recognized the value of the highest quality numerically graded coins and, for the first time, numerically graded stamps. The exceptional quality of the Cohen collection drew telephone, fax, Internet, email, postal and floor bidders from across the United States to participate in this prestigious auction held in our Manhattan gallery. A number of records were set by the high realizations at this auction, including a $5 Columbian stamp that sold for $77,625."
The Scott catalogue editors who price the respected guide for United States stamps will note that the Scott catalogue value of all of the stamps contained in the Cohen collection of $339,000 was eclipsed by more than 300% with the auction's realization of $1,035,000.
Highlights of the auction included:
-- 15 cent Lincoln issue of 1861, graded 75, Scott catalogue $3,500, sold for $29,900
-- 90 cent 1869 Pictorial issue, graded 90, Scott catalogue $4,750, sold for $37, 375
-- 50 cent 1893 Columbian issue, graded 95J, Scott catalogue $1,700, sold for $23,000
-- $5.00 1893 Columbian issue, graded 95, Scott catalogue $9,000, sold for $77,625
-- 15 cent 1895 Watermarked issue, graded 100, Scott catalogue $625, sold for $10,925
-- 2 cent 1904 Pan American issue, graded 95J, Scott catalogue $40, sold for $1,207
-- 10 cent 1894 Special Delivery issue, graded 95J, Scott catalogue $1,900,
