To: Daniel Chisholm who wrote (1525 ) 7/5/1999 2:50:00 PM From: Arcane Lore Respond to of 7056
While the insured value, catalog value and auction value of a stamp collection are different concepts and will usually be different values, the following article from Linn's Stamp News may nonetheless be of interest:October 26, 1998 Zoellner U.S. collection sells for $8 million; 1868 1¢ Z grill sets new record -- $935,000 By Rob Haeseler ... The $8.03 million realization was the third highest for a single-owner sale. It was eclipsed only by Siegel's auction of the Honolulu Advertiser collection in November 1995 for $9.8 million and Christie's auction of the Royhei Ishikawa U.S. collection in September 1993 for $9.5 million. All prices given in this story include a 10 percent buyer's premium. ... linns.com For ease of reference, here is the description of the Life Foundation Trust stamp collection from the HITT 10-K: ...The total of $20 million, consisting of the subscription and acquisition price of $10 million, and the $10 million for the purchase of Local City Editions to be acquired and booked over the next 12 months, will be unconditionally and irrevocably paid in full within one (1) year, the payment of which is secured by LFT granting a security interest and lien in LFT's undivided interest in the collection of Aden stamps presently held in safekeeping with Day & Meyer, Murray & Young Corp., 1166 Second Avenue at 61st Street, New York, NY 10021, (the "Asset"). The Asset is insured as to all risks of physical loss and/or damage for $20 million through Lambert Fenchurch Specialties Group Limited, London, with a certain underwriter at Lloyd's, London, UK, per Contract No: NA0100098, Certificate No: NA0112598. The premium for the 12 months ending December 3, 1999 of $70,000 has been paid in full. The Asset has been appraised for $50 million (catalog value). ... Portion of Life Foundation Trust Letter of Intent 4/15/99 from Hitsgalore.com 10-K filed 5/26/99: sec.gov