NZ stamp sets world record at Sotheby's

A rare New Zealand stamp has sold for $185,000 at an auction in London, setting a world record.

The 1855 London print one penny full-face Queen sold yesterday at Sotheby's, beating the previous record of $125,000 paid for the 4d 'invert', at Mowbray's in New Zealand in 1999.

The stamp sold yesterday was part of the Gawaine Baillie collection which has been hailed as the most important collection of stamps to be sold for 50 years.

The price was double what was expected and two other full-face Queens sold for double and triple their estimates.

The auction was attended by New Zealand's leading stamp dealer John Mowbray, who bid on the penny stamp but had to pull out because of the huge price.

"Though we missed out on this single stamp, the auction today was hugely positively news for the market and interest in New Zealand stamps at auction," Mr Mowbray said from London.

He said Mowbray's had purchased a few other stamps at the auction

The current auction includes 1167 lots of New Zealand stamps and runs over three days.

"I will be bidding on the auction floor over the next two days to attempt to buy more stamps before returning to Wellington on Monday," Mr Mowbray said.

- NZPA