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Jenny Invert Plate Block and British Guiana Magenta

sellitstoresellitstore Posts: 2,482 ✭✭✭✭✭

OK, these two great rarities sell for millions at public auction and not a peep from the stamp guys?

https://sothebys.com/en/buy/auction/2021/three-treasures-collected-by-stuart-weitzman?showDetails&locale=en

Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.

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    GansetttimeGansetttime Posts: 219 ✭✭✭

    I personally thought the Jenny block was a value, as the stamp is arguably the crown jewel of the US stamp market. But, it may also show the continuing decline of the hobby is real.
    Donald Sundman regrets not bidding on the Jenny, and in time others might too.
    As for the Magenta, I'm not in the loop of the British market. Again, the decline in interest in the hobby could be the culprit.

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    291fifth291fifth Posts: 23,937 ✭✭✭✭✭

    Thin markets such as those that exist at the very top of the stamp market can result in wild swings caused by the gain or loss of a single key bidder. I wouldn't read much into it regarding the overall health of the stamp market.

    All glory is fleeting.
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    sellitstoresellitstore Posts: 2,482 ✭✭✭✭✭

    Yes, a thin market can be quite fickle. But these are top items and always should have broad demand, even if not at previous record prices.

    The Jenny Invert made it into an episode of The Simpsons. That reference means the stamp is a pretty well-known pop culture icon and probably the only U.S. stamp rarity recognized by tens of millions of Americans. That's very popular (for a stamp) and much of the reason for the price.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
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    JBKJBK Posts: 14,749 ✭✭✭✭✭

    @sellitstore said:
    OK, these two great rarities sell for millions at public auction and not a peep from the stamp guys?

    The stamp guy must be on vacation. :D

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    CCDollarCCDollar Posts: 717 ✭✭✭✭✭
    edited June 14, 2021 4:16PM

    I'm not sure the "signature" on the stamp helped and that's not a plate block...just my two cents...

    CC

    Nickel Triumph...My Led Zepps
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    SDSportsFanSDSportsFan Posts: 5,088 ✭✭✭✭✭

    @CCDollar said:
    I'm not sure the "signature" on the stamp helped and that's not a plate block...just my two cents...

    CC

    That certainly is a "plate block", as the number 8493 at the bottom-left is the plate number.

    Regarding the "signature" on the other stamp, that is actually the "postmark".

    Remember, both examples are the only ones that exist; there are no more.

    Steve

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    bigmountainlionbigmountainlion Posts: 203 ✭✭✭

    @Gansetttime said:
    I personally thought the Jenny block was a value, as the stamp is arguably the crown jewel of the US stamp market. But, it may also show the continuing decline of the hobby is real.
    Donald Sundman regrets not bidding on the Jenny, and in time others might too.
    As for the Magenta, I'm not in the loop of the British market. Again, the decline in interest in the hobby could be the culprit.

    I thought he used to own the Jenny PB? https://www.philatelicfoundation.org/staff-members/donald-sundman/

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    GansetttimeGansetttime Posts: 219 ✭✭✭

    He did. He sold it to the consignor of this auction.

    Here is part of email advertisement Mystic sent right after auction:

    "How often is something that sells for $4.86 million a bargain? It happened today when famous shoe designer Stuart Weitzman sold his rare stamps at a Sotheby’s auction.

    The Inverted Jenny Plate Block sold for ‘only’ $4.86 million. It’s worth more. The stamps opened around $2.5 million and stalled at $3 million. I kicked myself for not registering to bid at this auction. $3.5 million would be a steal. After 30 seconds, more bids arrived and the block sold for about $4 million. The auction firm added their $800,000 commission and the lucky bidder got what will turn out, ten years from now, to be a bargain. I sold this block to Stuart several years ago and miss owning it. The new owner will get great pleasure from his stamps.

    The 1¢ British Guiana sold for more than I expected. The price, with commission, is $8.3 million. That’s a lot of money to anyone and the new owner must be excited with their purchase."

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    CCDollarCCDollar Posts: 717 ✭✭✭✭✭
    edited June 21, 2021 4:14PM

    @Gansetttime said:

    He did. He sold it to the consignor of this auction.

    Here is part of email advertisement Mystic sent right after auction:

    "How often is something that sells for $4.86 million a bargain? It happened today when famous shoe designer Stuart Weitzman sold his rare stamps at a Sotheby’s auction.

    The Inverted Jenny Plate Block sold for ‘only’ $4.86 million. It’s worth more. The stamps opened around $2.5 million and stalled at $3 million. I kicked myself for not registering to bid at this auction. $3.5 million would be a steal. After 30 seconds, more bids arrived and the block sold for about $4 million. The auction firm added their $800,000 commission and the lucky bidder got what will turn out, ten years from now, to be a bargain. I sold this block to Stuart several years ago and miss owning it. The new owner will get great pleasure from his stamps.

    The 1¢ British Guiana sold for more than I expected. The price, with commission, is $8.3 million. That’s a lot of money to anyone and the new owner must be excited with their purchase."

    Very nice information and I agree. It is a beautiful block of four with a plate number but correct me if I'm wrong...does a side margin plate block require six stamps (I am no expert so just asking)? I do believe I read the article several times that said SW signed the stamp with his logo and initials. Maybe I read it wrong...anyhow...great topic...take care...

    CC

    Nickel Triumph...My Led Zepps
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    JBKJBK Posts: 14,749 ✭✭✭✭✭

    @CCDollar said:

    Very nice information and I agree. It is a beautiful block of four with a plate number but correct me if I'm wrong...does a side margin plate block require six stamps (I am no expert so just asking)? I do believe I read the article several times that said SW signed the stamp with his logo and initials. Maybe I read it wrong...anyhow...great topic...take care...

    CC

    A single number plate block would normally have four stamps, but it would also have the vertical salvage. The block pictured looks odd without that. If somehow the plate number was not near a corner then I believe it would require additional stamps to include the corner and salvage.

    I don't know anything about SW signing the stamps but I know that the original owener of the sheet numbered the stamps on the back in pencil.

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    291fifth291fifth Posts: 23,937 ✭✭✭✭✭

    The British Guiana Magenta stamp was signed on the back with a very visible SW. I don't believe the Jenny block was signed at all.

    The market at these price levels is very thin. The addition or subtraction of one key bidder can greatly influence the price realized.

    All glory is fleeting.
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    291fifth291fifth Posts: 23,937 ✭✭✭✭✭

    Collectibles are a strange field. The Nintendo game is an item I personally have no interest in ... period.

    All glory is fleeting.
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