Legendary bond investor Bill Gross has amassed what is believed to be the most complete collection of rare American stamps ever, and is planning to sell them off.
On Friday and Saturday Robert A. Siegel Auction House will offer the stamps for sale individually, with total sales estimated at $15–20 million, a record for US stamps.
In a video promoting the auction, Siegel said that “this collection promises to set a new high water mark in stamp collecting when it crosses the auction block.”
The star of the collection is the 1868 Z Grill stamp, which has a face value of one cent and is expected to sell for $4 million to $5 million, also setting a new record for a U.S. stamp.
But according to Financial TimesGross believes that the correction is moving towards the stamp market and gradually going away.
While the stamp market used to have a “baby fundamental base” supporting it, “that doesn’t exist anymore,” said the co-founder of bond giant PIMCO. F.T..
Gross has already sold $50 million worth of stamps in recent years, including a British postage collection that also set a record, the report said.
Meanwhile, he still opines on financial markets in interviews, newsletters and social media. Last month, he said the bond market would suffer more if Donald Trump returned to the White House than if Joe Biden were re-elected.
“Trump is the more bearish of the candidates simply because his agenda advocates further tax cuts and more expensive things,” Gross said. F.T.later adding that “Trump’s election would be more destructive.”