A collector's rare treasures set records at Sotheby's

The First Art Newspaper on the Net    Established in 1996 Thursday, April 25, 2024


A collector's rare treasures set records at Sotheby's
The British Guiana One-Cent Black on Magenta is on display during a press preview of the Three Treasures – Collected by Stuart Weitzman at Sotheby's on June 04, 2021 in New York City. Cindy Ord/Getty Images/AFP.

by James Barron



NEW YORK (NYT NEWS SERVICE).- The “Inverted Jenny,” the postage stamp famously misprinted with an airplane upside down, climbed to a new height on Tuesday when a block of four sold for $4.9 million, a record for a United States stamp at auction and $2 million more than its last reported sale price.

But the quartet from one of the most famous mistakes in collecting history was the least expensive of three items sold in less than 10 minutes at Sotheby’s. A $20 U.S. gold piece that was minted in 1933 went for $18.9 million, a record for a coin. The One-Cent Magenta stamp from British Guiana (now Guyana), a 165-year-old stamp that is sometimes called the “Mona Lisa” of philately, went for $8.3 million.

Stuart Weitzman, who made a fortune in shoes, parted with the three notable collectibles, though he did not attend the sale. He said several months ago that owning the three items had fulfilled a childhood dream that began as a rookie, collecting stamps and coins. In the last 20 years, he had focused on acquiring one-of-a-kind items that he believed would have lasting value. But he said in March that he was selling the items as he planned for the end of his life.

Richard Austin, the head of books and manuscripts at Sotheby’s, said on Tuesday that Weitzman had “had fun collecting them, he wanted to have fun selling them — and he certainly has.” The money will go to charitable ventures, including a family foundation.

Sotheby’s said the “Inverted Jenny” plate block was bought by David M. Rubenstein, a co-founder of the private-equity firm the Carlyle Group. He bought a copy of the Magna Carta in 2007, and sent it to the National Archives on a permanent loan. He has also bought copies of the Declaration of Independence, the Constitution and the Bill of Rights.

Sotheby’s said the buyer of the double eagle coin did not want to be identified. The buyer paid more than twice what Weitzman paid — $7.6 million in 2002. The double eagle is unique: No other double eagles can be privately owned. More than 445,000 were minted. They were supposed to be destroyed, but 20, including Weitzman’s, were stolen from the mint. Some ended up in the hands of a Philadelphia jeweler and coin dealer whose daughter discovered 10 of them in his safe deposit box in 2004. They government challenged her claim of ownership, and won. The 10 were sent to Fort Knox, leaving Weitzman’s double eagle the only one from 1933 that can legally be sold.

Like the double eagle, the One-Cent Magenta is not just rare, it is unique: There is only one One-Cent Magenta in all the world. Its selling price on Tuesday was about $1.2 million less than Weitzman paid for it in 2014. The London stamp dealer Stanley Gibbons said it was the buyer. It said it intended to “democratize access to the most elite club in collecting history and offer fractional ownership” of the tiny stamp.

The prices indicated that “there wasn’t another Stuart Weitzman in the wings waiting to buy it,” said Robert G. Rose, the chairman of the Philatelic Foundation, which authenticates stamps. “Pure philatelists apparently were not. It’s like the double eagle. I don’t know who would have purchased the double eagle. It may not have been a dyed-in-the-wool numismatist.”

This article originally appeared in The New York Times.










Today's News

June 9, 2021

A collector's rare treasures set records at Sotheby's

Christie's New York Magnificent Jewels achieves $26,559,250

American Impressionist paintings on view at the Palmer Museum this summer

Koller announces highlights included in the Modern, Contemporary & Swiss Art auctions

Rijksmuseum presents Ellsworth Kelly in the Rijksmuseum Gardens

Stedelijk Museum opens the most comprehensive overview of Bruce Nauman's work in the Netherlands to date

Kunsthaus Hamburg opens Carlos León Zambrano's first institutional solo exhibition

New consultancy firm established by two former art museum directors

"Reflections" a show by Nazli Madkour

Magnificent portrait of the King of Swaziland for sale in Paris

Delaware Art Museum's new board slate epitomizes its vision for the future

Kunstnernes Hus opens one of Ida Ekblad's largest exhibitions in Scandinavia to date

New musical about 19th-century New York plans Broadway run

She-Bam Pow Pop Wizz! The Amazons of Pop celebrates MAMAC's 30th anniversary

Martin Creed neon sculpture installed on Parrish Art Museum's facade

Art Rotterdam 2021: A European first. First international art fair to take place again

Stunning arms & armour to be offered by Thomas Del Mar

Bruneau & Co. Auctioneers announces an online-only Estate Fine Art & Antique auction

Matadero Madrid presents the project Contra la Raza [Against Race]

Tel Aviv Museum of Art receives $15M supporting comprehensive upgrade of main building

Fabio Torre's second solo show in the United States opens at ClampArt

Almine Rech now represents American artist Haley Josephs

Marianne Boesky Gallery now representing Danielle Mckinney

Rare Posters Auction #84 presents 500 rare and iconic works

After Divorce You and Your Former Spouse are No Longer a Couple

Saving on the Cost of Professional Video - Without Compromising Your Brand

6 Tips And Tricks For A Hassle-Free Photoshoot

Difference Between Reverse Osmosis and Distilled Water

Fire Watch Guard Services For Hot Work

A beginner's guide to painting miniatures

Seven Ways To Stay Inspired & Motivated As An Artist




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
produces:

ignaciovillarreal.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful