SOTHEBYS 'A' : Sotheby’s Three-Day Auction on 6 – 8 September 2011 of The Philatelic Collection of Lord Steinberg – British Empire Mint Multiples Brings £1.5 million ($2.4 million)
09/08/2011| 02:00pm US/Eastern
Press Release London
For Immediate Release
London | +44 (0)20 7293 6000 | Matthew Floris | firstname.lastname@example.org
Matthew Weigman | email@example.com
Sotheby’s Three-Day Auction on 6 – 8 September 2011 of
The Philatelic Collection of Lord Steinberg – British Empire Mint Multiples
Brings £1.5 million ($2.4 million)
LONDON, THURSDAY, 8 SEPTEMBER, 2011 --- Sotheby’s three-day auction of The Philatelic Collection of Lord Steinberg – British Empire Mint Multiples concluded today, bringing a total of £1,513,728 ($2,436,497). The auction established sell-through rates of 74.7% by lot and 79.2% by value.
The top lot of the sale was the unique mint block of the 1927 De Pinedo Air Mail 60c. black (lot 1118). Estimated at £120,000-150,000, it sold to a Private Collector for £168,000 ($270,413). It ranks as the most important of all Newfoundland and World Airmail blocks, it is among the rarest 20th
-century British Empire blocks and it is the rarest of any Italian blocks. The stamps commemorate the 1927 flight to Europe by the Marchese Francesco de Pinedo, who is one of the most famous of all pioneer aviators and without equal among the elite group of Italians who took to the skies. The present example is the sole survivor from the issue of 300 stamps.
The second highest price achieved was for lot 492, a 1939-51 2½d. Magenta and sage-green Imperforate horizontally from the British Solomon Islands. One of the most important error blocks of King George VI’s reign and the entire British Empire, it sold for £60,000 ($96,576). Among the “Kangeroo Issues” of the Australian Commonwealth, lot 64, a 1913-14 First Watermark ½.d green Imperforate at the base brought £19,200 ($30,904).
Commenting on the results, Richard Ashton, Sotheby’s Worldwide Philatelic Consultant, said: “The combination of rarity and quality proved to be a desirable factor during the course of the three-day sale, with virtually all the important lots finding buyers. Lord Steinberg’s collection can be described as “modern”, in regard to when it was formed. As such, the results are quite remarkable.”
Lord Steinberg’s family will donate proceeds from the sale to a number of causes and charities with which Lord Steinberg had been associated in his lifetime, including the fund he started with the aim of helping to rebuild Old Trafford, home of his beloved Lancashire County Cricket Club.
The second tranche of The Philatelic Collection of Lord Steinberg* will take place at Sotheby’s in London on
Wednesday, 21 September 2011 and will feature Great Britain Mint Multiples exclusively.
*The pre-sale estimate for the entire collection, both British Empire and Great Britain, is in the region of £4 million.
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