NZ company sets Australian stamp auction record

Media release – February 4, 2008

Australian record set at opening of NZ-owned company Mowbrays Australia stamp launch

A new Australian record was set at the weekend at the opening of NZ-owned company Mowbrays Australia stamp auction launch in Melbourne.

The two-day auction produced a record total revenue for an Australian stamp auction of $A1.538 million.

The auction marked the opening of the Mowbray brand into Australia. The company is owned by listed NZ company Mowbray Collectables, based in Otaki.

Managing director John Mowbray said the launch could not have gone better.

``We sold a sheet of 12 two 1840 penny blue Great Britain stamps for $29,375, a GB penny black mint pair fetched $12,935, An Australian penny die proof made $16,800 and a 5 shilling kangaroo mint block of four sold for $17,600.’’

``It was a great start for Mowbrays Australia and now we’ll watch and see how the market reacts to our presence there,’’ he said.

Last October, Mowbrays annual international auction in Wellington achieved hammer sales of $1.2 million creating a new revenue record.

In Australia, Bonhams & Goodman (20 percent owned) achieved $3 million turnover at their November sale and the Stanley Gibbons sale in Sydney on November 28 returned a $1 million sale.

Mowbrays have been auctioning for 30 years and they have the record for the most expensive stamp sold in New Zealand – a 1903 Taupo 4d stamp (with inverted centre) bought by NZ Post for $125,000 for an investment.

John Mowbray International is the largest stamp auction house in New Zealand. The company is a wholly owned subsidiary of Mowbray Collectables, Australasia’s largest stamp dealer.

ENDS

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