DEAR FRIENDS AND COLLECTORS,
It was a hectic and rewarding closing of 2024, including the organisation of the world’s most prestigious philatelic event by the Club de Monte-Carlo in my capacity as President of the Club, with the presentation of the usual rarities and a jaw dropping exhibition of the best 50 collections of Asia ex China and India, with insured value in excess of €50 million in the frames. Even the Monegasque police were surprised that stamps could be so valuable, and they kindly suggested they increase their patrols day and night around the exhibition venue. I want to thank here the 50 or so collectors who entrusted their great collections to the Club for that exhibition. The next Monacophil will take place in the last week of November or first week of December 2026, subject to the diary of SAS the Prince Albert II. The theme will be “Sub- Saharan Africa before WWI” and we intend to broaden the exhibits to other collectables (artefacts, banknotes, maps, manuscripts …), not only stamps and postal history. So, I am looking forward to seeing you all in Monaco in 2026, for a great series of social events around amazing collectables.
GREAT PRIVATE TREATY OPPORTUNITIES
What followed was a busy start to 2025 at Spink. We saw the usual deluge of January sales, then intense preparation for our run of Spring auctions and online sales which you can read more about below and in our Forthcoming Sales section. I was so busy this year that I could not attend the NYINC coins show in New York, which I usually enjoy so much. I love NY in the midst of winter and without the Christmas and New Year crowds. Instead, I was in Hong Kong for auctions and to finalise one of our greatest mandates ever. I am delighted to say that we have been appointed to sell by private treaty the late Dr Werner Burger collection of 21,428 Qing cash coinage (1616-1911) and his entire library. Estimated at US$25mn+, it is undoubtedly the best such collection ever formed, with amazing imperial palace presentation pieces among the thousands of coins. Dr Werner was the ultimate academic on the subject, having done most of the research, and his books are the definitive reference for all collectors of the series. The sale process will be formally launched in the next couple of weeks, and part of the proceeds will go to the setting up of a charitable trust to further enhance Chinese numismatic research.
Beyond that extraordinary collection, we have some other great collectables to sell by Private Treaty. For example, I am thinking of the amazing East India Crown made for the late Queen Elizabeth II, the last full 1888 US Proof set in private hands, or the unique block, and hence largest multiple, of Plate 11 penny blacks on cover. Please visit regularly our Private Treaty page on our website for these and other amazing pieces we offer for private sale.
A STRONG PIPELINE
As I write this it seems that we have finally shaken off the winter cold in London and Hong Kong, and by the time you read this we will be well into British summertime, which can only mean one thing – more rain! Seriously though, the politics of the current world stage seems to reflect the uncertainty of the UK’s weather. What it means for our industry is unsure, and I must confess I am a bit confused myself, as the recovery in China which I had been expecting for a while is still not happening, and might be further delayed by the trade war between China and the US. The MSCI China Index is up 30% since last summer, and as it is usually a leading indicator, if professional investors are right (a big if!) the economy should pick up at some stage. As I have said many times in these columns this is the key to a more vibrant collectables markets. Despite the challenges of 2024, which affected many of our competitors, I strongly believe that 2025 will be a more encouraging year all round. Indeed, Spink’s pipeline is fast filling up.
We have seen a start to the year of forecasts being exceeded and more record prices at Spink, as we continue to diversify our offerings for collectors. And in order to serve you better, we will be updating our auction system in 2025 to further increase our efficiency and ensure that buyers and vendors enjoy an even smoother experience at Spink. We are proud to be the house of so many records, and to offer a truly bespoke experience to collectors. Consignors regularly call me to share their unique and carefully personalised experience with us. We live for that: the human touch and the record prices!
Catalogues and Buyer’s Premium
I would like to address a rumour floating around that Spink no longer produces catalogues. This is not true. We will always publish catalogues for great collections. We simply think that there is no point producing catalogues for general sales, as very few collectors keep such general catalogues, and the cost to the environment is just too great. As a father of four, since I took over Spink, I am very mindful of the planet we shall be leaving to the next generation. I have said here previously that Spink was the first auction house to force its printers to use paper from sustainable sources and non-toxic inks and chemicals. Despite the above, with well over 100 auctions every year we still print a substantial number of catalogues, but we do so only when it is warranted, not to prove that we exist! Also, we know that online auctions are the best place to sell more affordable material, as the prices realised are consistently better – especially in the sub-£5,000 range.
Effective 1st March, we have also increased our Buyer’s Premium to 22.5%. This is a modest increase and the first in 17 years. This only affects our UK auction rooms, but regularly obtaining more world record prices across categories than anyone else in the UK does come at a cost – we have grown, and so our pricing structure has to be brought up to date. As a Buyer, this has no real impact on you; as a Seller, this gives us more headroom to offer you lower vendor commissions, especially for desirable properties where we are always very competitive. We also intend to offer, more systematically, advances of 40% of the estimated value of your collection, which is certainly good news for Vendors. As the leading player in Collectables, our Buyer’s Premium will remain one of the lowest, and certainly the best value, in the industry.
Our auctions
But back to the end of 2024, when one show- stopping Philatelic week at Spink saw six auctions, 3,000 lots sold and a £3 million hammer, cementing our unparalleled position in the market for specialised Great Britain and British Empire stamps and postal history. Our ‘White Glove’ charity coin auction on 17th December eclipsed all expectations, as the Alfred Leonard Fuller collection went under the hammer. It saw over 500 global buyers place 24,000 bids of £10 million in cumulative bidding, from a world record-setting Norman Penny of Bedford to equally unprecedented results for Carolean, Williamite and Queen Anne halfcrowns and shillings.
Early 2025 then saw incredible results in our World Banknotes sale at NYINC, with a Commercial Bank of India note fetching an impressive $120,000 and over five world record- breaking prices achieved, underscoring the remarkable strength of the rare and historical banknote market. Results from our January stamp auctions also reflected strong market conditions, the Vincent Duggleby Collection of St Vincent giving us another ‘white glove’ sale, with 100% sold. Strong results were seen in Spink’s January e-auction of Orders, Decorations and Medals, a record hammer price for our online-only sales being achieved, and a selling rate in excess of 97% once again proving the popularity of this format. This auction saw over 10,000 bids placed in total!
Coming up, we have a veritable feast of sales for collectors across all categories between April and September, from the Simpson and Bancroft Collections of Celtic, Hiberno-Norse and Irish Coinage and British and World Coins and Medals in early April, plus Chinese Banknotes and Coins in Hong Kong, to our Orders, Decorations and Medals auction on the 24th – then on to a succession of Stamp sales, from The Michael Medlicott Collection of Trinidad and Tobago and the ‘Lionheart’ Collection of British Empire Part XXI to the David Spivack Collection of Queen Victoria Overprinted for use in th Bechuanalands (see our special feature), Part II of British Guiana from the Simon Greenwood Collection, Stamps and Covers of the World, the “KMC” Collection of Stamps and Covers of Mexico Part II, Stamps and Covers of Asia and Stamps and Covers of Great Britain. More prestigious stamp auctions are expected to be announced at the Birmingham show, so please watch that space. Plus, of course, our World Banknotes sale in May.
Finally, if American whiskey (bourbon) is at a record high, with a recent record at US$125,000 for a 2007 bottle of Old Rip Van Winkle limited edition, the Scottish and Japanese whisky market, in which we have a very strong position, is still at a low point due to depressed Chinese demand. It is really a sign of the times to see American bourbons at record highs as driven by US buyers, and the Scottish and Japanese whiskies sometimes up to 50% below their peaks as they depend strongly on Chinese buyers. Interestingly, the Cuban cigars market is still hovering around its recent highs, thanks to a production shortfall in Cuba and heavy demand in China, where it is maybe the last bull market left there. So whatever cigars you bought, even recently, you are virtually guaranteed to sell for a multiple of your cost; there has never been a better time to stop smoking and consign your ageing boxes to Spink.
As the green shoots of Spring give us hope of lighter days ahead, I believe that the same can be said of the current market – and as the evenings lighten, I hope you will all be spending some time with your loved ones over the Easter break.
Yours truly,
Olivier D. Stocker, CFA, FRPSL Chairman and CEO