Stamps are hot ticket items at auction, particularly the inverted ones. A new world record price for a U.S. invert stamp was realized in the Philip Weiss Newport Collection sale on February 9, 2008. The 1869 24-cent stamp sold for a giant $1.271 million dollars.

This sale established a new world record for a U.S. invert, beating the 24-cent Inverted Jenny sold last year for $825,000. The stamp was unused, certified in fine condition, and is one of only four unused examples known to exist. The sale included an Inverted Jenny stamp that sold for $271,200, making it the third largest price realized in the auction while second place went to an unused 1869 15-cent inverted center stamp that sold for $757,100. In total, inverts realized $2.7 million in this auction. 

“What this sale proved to me is that a non-traditional sale staged by an auction house that doesn’t exclusively handle stamps and coins can still shatter world record prices, as long as the merchandise is top-quality,” Philip Weiss stated. He estimated that the live crowd consisted of 100 people, plus bidding was active on the phone, Internet, and absentee. He also commented that 2,000 people were registered bidders for this auction and 350 lots were sold for more than $3 million.

To view more auction results and find out what Philip Weiss Auctions has planned for the spring, go to prwauctions.com.