DALLAS – Heritage Auction Galleries formally re-entered the philatelic market after 14 years with the $825,000 sale of an “Inverted Jenny” stamp. The 24-cent denomination, U.S. red, white and blue misprint (Scott #C3a) depicting an upside-down Curtis 4-N (“Jenny”) biplane was position number 84 on the original sheet of 100.
The mint condition stamp is one of the finest known and one of no more than a half dozen never-hinged specimens.
“We acquired it from Sonny Hagendorf of Scarsdale, New York for $750,000 and sold it for $825,000 to a senior Wall Street executive who is a long-time coin collector,” said Greg Rohan, Heritage’s President. “This is the first rare stamp he’s ever purchased. He told me it’s a great value and he’s thrilled. I was the under-bidder on his behalf at the Siegel’s auction in November when the ‘Inverted Jenny’ position number 57 was offered.”
The eventual winning bidder for number 57 was collector Charles Hack who purchased it for $850,000 plus the buyer’s premium.
The anonymous new owner of number 84 issued a brief statement through Heritage:
“Since I was a kid I have wanted to own an ‘Inverted Jenny.’ I consider it to be a cultural icon, and to have the opportunity to buy one of the never-hinged specimens is the realization of a lifelong dream come true.”
The stamp is from the sheet of 100 misprinted airmail stamps purchased at a Washington, DC post office on May 14, 1918 by collector William T. Robey.
Heritage Co-Chairman Steve Ivy was active in the stamp business for decades under the name, Ivy & Mader. It was the second largest philatelic firm in the United States when the company was sold in 1993.
For more information, call 800-872-6467, go online to www.HA.com.