Collecting isn’t just for kids: someone just dropped nearly $600K on 4 rare stamps

Source: Stanley Gibbons

Four 10 rupee stamps depicting Gandhi caused quite a stir last week when they sold to an Australian investor for a record-breaking £500,000, or roughly $598,000. U.K.-based dealer Stanley Gibbons who brokered the sale, explained the set was considered the most important and desirable item of post-Indian independence because they marked the first anniversary of Indian freedom.

Previously only single stamps of this type had been offered for private collection. For example, the dealer sold a single stamp last year to a client in Uruguay for 160,000 pounds or roughly $205,215.

Originally issued to the Governor-General’s Secretariat for official use, the purple and brown stamps featuring the word “Service” are just the latest in a spate of Indian stamp sales of late.

An Indian stamp on which the head of the young Queen Victoria had been inverted in error sold for 110,000 pounds ($142,000) in March.

“The market for high-quality Indian rarities is supported by the on-going desire of the wealthy, Indian diaspora and savvy international clients to own these historic assets,” the dealer said. [Bloomberg]