william gross

The Philanthropic Philatelist Strikes Again

We've seen PIMCO founder Bill Gross sells off some of his philatelic treasures for a good cause before, now he's at it again, selling a portion of his stamp collection to benefit a Smithsonian museum. Next month, Gross, who I've dubbed the Philanthropic Philatelist, will sell off two portions of his extensive stamp collection to raise funds for the Smithsonian National Postal Museum. Estimated to bring $3 million. many of the 214 Civil War-era Confederate States and early Canadian postage stamps are one-of-a-kind or the finest known.

The auction will be conducted by Spink Shreves Galleries in New York City and online, November 19, 2009. All proceeds of the sale will be donated by Gross and his wife, Sue, to the Smithsonian National Postal Museum in Washington, DC. Items include a unique 1861 Confederate postage stamp from Mount Lebanon, Louisiana that is the world's only known stamp misprinted with a mirror image of the intended design. In 1999 Gross paid a record $385,000 for the stamp that is still affixed to the envelope on which it was mailed nearly 150 years ago. A mint condition 1851 Canadian 12 pence denomination black stamp depicting a young Queen Victoria of England is estimated to sell for $150,000 or more.

Gross has pledged $8 million to create a 12,000 square-foot gallery in the Smithsonian National Postal Museum's planned, new street level facility in Washington, DC and proceeds from this auction will be part of that donation. "With all sale proceeds being given to the Smithsonian National Postal Museum, I hope that all collectors will aggressively participate in these two auctions, not only to add wonderful rarities to their collections, but to help ensure that future generations of collectors will be created and introduced to the hobby we all enjoy," said Gross.

UPDATE: This sale brought in $3.2 million.

Gallery: Bill Gross Auction