Philatelic auction
A philatelic auction, or stamp auction is a sale of stamps, covers and other philatelic material usually run by stamp dealers or specialist collectibles auctioneers, such as, David Feldman, Christie's and Sotheby's, where prospective purchasers place bids in an attempt to obtain the desired items.
The highest bidder for each lot (described item or items) makes the purchase. Auctions are generally divided into mail sales, where bids are accepted by mail, and public sales, where mail bids are combined with live bidding from individuals present at the auction or participating by telephone.
Auctions usually allow prospective purchasers to view the items beforehand, either in a catalogue, in the auction house, or both.[1]
Further reading
- Browning, Peter. Fell's international directory of stamp-auction houses. New York: F. Fell Publishers, 1982 ISBN 0811904520 316p.
- The stamp auction directory and collectors guide: the collectors guide to buying and selling stamps and covers at auction. Durham, N. C.: Droege Computing Services, 1993 177p.
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