Philip Weiss Auctions grosses $5.2 million in May sale Philip Weiss Auctions grossed $5.2 million -- a new record for the firm -- at a May 17-18 sale in Oceanside, N.Y. The top lot was a rare vertical coil pair of 1908 2-cent stamps that sold for $644,100
TWO-DAY SALE AT PHILIP WEISS AUCTIONS REALIZES A RECORD $5.2 MILLION
AS RARE STAMPS, PEANUTS COMIC STRIPS AND MORE BRING DIZZYING PRICES
The top lot was an exceptionally rare vertical coil pair of 1908 2-cent stamps that brought $644,100
(Oceanside, N.Y.) - Rare stamps, original “Peanuts” comic strips, rare books, autographs and more combined for a dizzying $5.2 million gross at a two-day sale held May 17-18 by Philip Weiss Auctions. It was a record take for the firm. “Not long ago, $5 million would have represented an entire year for us,” said Philip Weiss, “and we did that in a single weekend. I'm tired, but it's a good tired.”
The key to the weekend's success was Part 2 of The Newport Stamp Collection, which featured some of the most rare and coveted philatelic U.S. examples in existence. Five stamps alone accounted for nearly $2.3 million The Chesapeake Collection (so-named because it was compiled in that region of the country, in Maryland) brought $425,000. One of the 50+ albums alone made $53,675.
Part 1 of The Newport Collection made headlines when, on February 9, an unused 1869 24-cent inverted stamp, #120, one of only four known, soared to $1.271 million. It was a new record for a U.S. invert and the highest price ever paid for a single U.S. stamp. Part 2 did not record any million-dollar stamps, but many strong sellers did cross the block. Part 3 will be held sometime in September.
In all, about 1,000 lots were offered at the weekend event, held in Philip Weiss Auctions' spacious showroom in Oceanside. Around 150 people attended the auction over the course of the two days, plus there were strong online bidding components (through LiveAuctioneers.com and the Stamp Auction Network). The 1,500 combined registered phone and absentee bidders made about 3,000 bids.
Following are highlights from the sale. All prices quoted include a 13% buyer's premium.
The top lot of the sale was a 1908 2-cent vertical coil pair, with original gum (Scott Catalog #321). Valued by Scott at $375,000, the stamps – the rarest coil in U.S. philately, with only four pairs known – sold for an astounding $644,100. The stamps, depicting George Washington, had been graded Extremely Fine. A small crease didn't deter bidders, who were impressed by the exceptional centering.
The second top lot was another coil pair – two 4-cent stamps from 1908 depicting U. S. Grant (Scott Catalog #314A) – that changed hands for $497,200. The horizontal pair, with original gum, had been graded Extremely Fine and was one of only six unused pairs known. And of those, this is the finest centered pair. The last time a pair hit the auction block was 1975 (hammer price: $30,000).
Two lots realized identical prices of $440,700. One was an 1875 Continental special printing of a 5-cent stamp featuring an image of President Zachary Taylor (Scott Catalog #181). The stamp, graded Extremely Fine, is one of only nine