A couple says a Scottsdale art gallery that was storing their Andy Warhol work sold it without their permission. The painting was called The Red Shoes.
Amy Koler and Stephen Meyer sued American Fine Art Editions, Phillip Koss, Jacqueline Carroll, and Jeff Dippold in Maricopa County Court, alleging conversion and breach of fiduciary duty. The couple had moved out of state and kept Warhol’s “Red Shoes” in storage at the gallery.
Koler and Meyer say they bought the Warhol from American Fine Art Editions in 2005 for $65,000. They were offered that same price by the gallery as reimbursement for the sale, but maintain that the Warhol is worth much more now.
You’ve probably heard or seen the “Inverted Jenny” stamp. Even people who do not collect stamps know about the stamp with the upside down airplaine. We learn from Antique Trader (www.antiquetrader.com) magazine that one of the two of these was stolen!
A reward of up to $100,000 is being offered to locate two of the world’s most famous rare postage stamps that are still missing after they were stolen from the exhibit of a wealthy New York City woman in Virginia nearly 60 years ago. They were part of an intact block of four stamps from the fabled sheet of 100 “Inverted Jenny” airmail stamps mistakenly printed in 1918 with an upside down image of a Curtis Jenny airplane.
“It’s possible that the two remaining missing stamps were innocently acquired by collectors decades ago who did not realize they had been stolen. With the passage of time, the heirs of those collectors may not realize they’ve inherited stolen property,” said Donald Sundman, President of Mystic Stamp Company in Camden, New York. Sundman is offering the reward of $50,000 per stamp on behalf of their current, legal owners, the American Philatelic Research Library in Bellefonte, Pennsylvania.
He made the reward announcement, Saturday, September 13, 2014, at Aerophilately 2014, an annual convention of airmail stamp collectors held at the American Philatelic Society headquarters in Bellefonte.
For 19 years the stamps were the prize possession of Ethel B. McCoy (1893 – 1980), a patron of performing arts and an avid collector whose father, Charles Bergstresser, was a co-founder of the Dow Jones company.
She acquired the block of four Inverted Jenny 24-cent denomination airmail stamps for $16,000 in 1936, and it was stolen in September 1955 while on exhibit at the American Philatelic Society convention in Norfolk, Virginia. The block was broken apart, and one of the stolen stamps was discovered in 1977, another in 1981. Both were recovered with the participation of the FBI. Only 100 of the legendary Inverted Jenny stamps were ever reported, all coming from a single sheet purchased in 1918 at a Washington, D.C. Post Office by William T. Robey for their combined face value, $24. In short order, the sheet changed hands and it was broken apart, sometimes as single stamps, sometimes as blocks.
“Many people who have never licked a stamp hinge know about the Post Office printing error that produced an inverted biplane on a 24¢ airmail stamp in 1918. To them it is ‘the
Before she died at the age of 87 in 1980, McCoy donated both of them along with the legal rights to the two still missing stamps to the American Philatelic Research Library.
McCoy’s first husband, Bert A. Stewart, a coin collector, died in 1936. In 1941 she married a prominent stamp collector, Walter R. McCoy, and they were active in philatelic organizations. In 1937 she was named a director of the American Air Mail Society and was posthumously named to the American Philatelic Society Hall of Fame in 1981.
Only 100 of the legendary Inverted Jenny stamps were ever reported, all coming from a single sheet purchased in 1918 at a Washington, D.C. Post Office by William T. Robey for their combined face value, $24. In short order, the sheet changed hands and it was broken apart, sometimes as single stamps, sometimes as blocks.
“Many people who have never licked a stamp hinge know about the Post Office printing error that produced an inverted biplane on a 24¢ airmail stamp in 1918. To them it is ‘the upside-down airmail stamp’ and immediately recognizable as a symbol of stamp collecting,” said Rob Haeseler, Chairman of the American Philatelic Research Library’s McCoy Reward Committee.
In 2005, Sundman traded one of the two known 1868 Ben Franklin one-cent denomination “Z Grill” postage stamps for the unique, numbered plate block of four Inverted Jenny stamps then owned by Wall Street bonds trader Bill Gross. The exchange was valued at $6 million at the time.
The reward offer for the missing McCoy stamps is being made by Sundman for one year, through September 2015. Anyone with information about the missing stamps can contact the American Philatelic Society at 800-782-9580 extension 246 or by email at Jenny@stamps.org.
OK, it was really only 2,979 downloads for The Collectors Show for the week of October 6, 2014. But that’s still a lot!
This was our show about collecting barf bags.
And in case you missed it you can still listen by going here:
This week on The Collectors Show we talk about collecting artifacts from The Cold War and Area 51 with Karen Green.
Karen is the Senior Curator and Director of Exhibits at the National Atomic Testing Museum in Las Vegas, Nevada. The National Atomic Testing Museum is a repository for one of the most comprehensive collections of nuclear history. As part of its mission, the National Atomic Testing Museum seeks to collect and preserve a wide variety of materials and artifacts relating to atomic testing, the Nevada Test Site, the Cold War, and nuclear and radiological science and technology. The current collection includes thousands of rare photographs, videos, artifacts, scientific and nuclear reports and data and one-of-a kind scientist collections.
We also hear news about what celebrities like Angelina Jolie collect (it’s knives and daggers).
To listen to The Collectors Show visit http://www.webtalkradio.net or iTunes.
This week on The Collectors Show we meet Steve “Upheave” Silberberg and his collection of barf bags. Steve owns about 2,500 barf bags. You can see them all on his incredibly well organized web site at http://www.airsicknessbags.com.
While the majority of his bags come from airlines, there are other places that
make them available. Amusement park rides have them, and that is no surprise. But churches, high schools and even political candidates also have them, and that was a surprise. It turns out that a good way to communicate disdain for something is to put its likeness on a barf bag.
While Steve believed that airsickness due to turbulence was mostly a thing of the past, I was able to better inform him about a flight I was once on where they ran out of bags. It turns out that seeing, hearing and yes, smelling someone else get sick is well, sickening.
And with the new rules on flights since 911, passengers are not free to get up and go to the bathroom to puke like they once were.
This is probably the most entertained I have ever been doing this show and I hope you enjoy it too! To listen go to http://www.webtalkradio.net or iTunes.
This article comes to us from Yahoo Australia. Most of the readers here are from the U.S. but the ideas presented are very relevant no matter where you live.
The bottom hasn’t fallen out of the market for baggy green caps.
But they’re not fetching as much as in 2008, when the cap worn by Don Bradman during the 1948 Invincibles tour sold for $402,500.
Managing director of auction house Mossgreen, Charles Leski, said the owner of that baggy green may not make any money if he were to sell it today.
But the joy of owning it for the past six years should not be underestimated.
And that’s at the core of investing in collectables. There’s an emotional joy in owning something used by your sporting hero or something eminently rare and desirable.
A joy that than investing in cash, shares and property just can’t match.
That said, Mr Leski says there’s been a post global financial crisis slump in sports memorabilia prices.
The market for old and rare pieces is still strong – early Aussie rules Brownlow medals, premiership medals, cigarette and trade cards, postcards, publications by the clubs.
But they are, by nature, very rare.
However, the market for what Mr Leski calls “hero” or “iconic pieces” has sagged.
He includes in that category signed cricket bats, signed footy jumpers and baggy green caps.
“While they’re almost all selling, they’re selling at lower prices,” Mr Leski says.
He attributes much of this to a drop away in charity fundraisers – sportsmen’s dinners and the like.
Then there’s the issue of overkill – access to more sports memorabilia globally than ever before.
“If you want to buy a Manchester United product, you can buy it in Australia, you can buy it anywhere,” he says. “I think the problem is that it has been too successful.
“There is just too much material washing around in the marketplace.”
So now we know the lie of the land, let’s get in there and buy something we will be proud to own while, hopefully, getting a return on our investment.
Seek out collectables from an area you’re passionate about – don’t look for stamps if the Geelong Football Club is your raison d’etre.
With just a few thousand dollars you could be the proud owner of (and investor in) that football jumper worn by Geelong great Gary Ablett.
Compare this to the money needed to make a substantial investment in real estate or even shares.
Try and find pieces of Geelong football history; cigarette cards, trade cards, team sheets, books published by the club, photos, uniforms.
Mr Leski says the beauty of being a collector is you are your own “editor”.
“Nobody is going to tell you what to collect and what not to collect,” he says.
Likewise, nobody can guarantee that what you collect will appreciate in value.
You need to do your homework.
Search online for like-minded collectors, trawl eBay, go to the sports clubs themselves and visit auction houses, browse their catalogues and their webpages.
All through this, you are doing something that offers immense reward – you are pursuing your passion.
But there are traps for the unwary and uninformed.
“There are too many transactions done in the pub, too many people who buy something online or through a newspaper advertisement, thinking they’ve got something, then they discover it was too good to be true because they’re either naive or they think they’re smarter than the other bloke,” Mr Leski says.
“This is an environment in which information is readily available, and anybody who doesn’t take advantage of the tremendous research opportunities that are available before making a significant purchase is a bit crazy.”
So what’s hot?
Mossgreen recently put about $800,000 in early Australian stamps under the hammer, with a clearance rate of about 93 per cent – a tremendous result.
Mr Leski says classic Australian art is strong.
But he also says just about any good material in top condition will sell.
Mossgreen has free valuation days every Wednesday where, Mr Leski says, pretty well every week something exciting turns up.
“Nine out of 10 people know before we’ve told them that what they’ve brought in isn’t very good, but occasionally we find something that they didn’t think was good and they’ve missed the point completely and that’s wonderful,” he says.
“We’re in the business of trying to give people good news and we love it when we find something that comes as a pleasant surprise.”
Mossgreen’s fee is typically 15 per cent of the sale price.