Legendary bond investor Bill Gross has amassed a treasure trove of rare U.S. stamps that is alleged to be essentially the most complete collection ever – and he’s about to sell it.
On Friday and Saturday Auction House Robert A. Siegel will offer the stamps on the market individually; total proceeds are estimated at $15 to $20 million, which could be a record for U.S. postage stamps.
In a video announcing the auction, Siegel said, “This collection promises to set a new milestone for stamp collecting when it goes under the hammer.”
The star of the gathering is a one-cent 1868 “Z Grill” stamp that is anticipated to fetch $4-5 million, which might also set a brand new record for a U.S. stamp.
But in response to the Financial TimesGross believes that the stamp market is about to undergo a correction and gets out.
While the stamp market used to have a “fundamental base of children” that supported it, “that no longer exists,” the co-founder of bond giant PIMCO told the FT.
Gross has already sold stamps price $50 million lately, including a group of British stamps that also set a record, the report said.
In the meantime, he continues to comment on financial markets in interviews, newsletters and social media. Last month, he said the bond market would suffer more if Donald Trump returns to the White House than if Joe Biden is re-elected.
“Trump is the more pessimistic of the candidates, simply because his programs advocate further tax cuts and more expensive things,” Gross told the FTand later added: “Trump’s election would cause even greater unrest.”
