NEWPORT BEACH, Calif., May 4, 2016 /PRNewswire/ -- One of the world's most unique and valuable collections of Swiss postage stamps from the collection of renowned Wall Street fund manager Bill Gross has been sold for approximately $4.5 million to a private collector. All proceeds from the sale will be donated by Mr. Gross and his wife Sue to the PIMCO Foundation, The New York Times Neediest Cases Fund, Kershaw's Challenge, and the United Nations Sustainable Development Solutions Network, according to Charles Shreve of Robert A. Siegel International, who brokered the sale.
The basis of the Gross collection was originally formed by G. Anderegg of Switzerland. Mr. Anderegg's collection was awarded numerous high honors in major philatelic exhibitions in the 1950's and 1960's and remained intact, largely out of the public eye, until Mr. Gross bought it in its entirety in 1999. Mr. Gross added selected important items to the collection, which now totals eight volumes and contains over 1,000 stamps and covers (envelopes).
"The collection is legendary, containing classic pieces of Swiss philately," said Mr. Shreve, who worked with Tracy L. Carey on the sale. "Bill usually likes to make a collection his own. The problem with the Swiss collection is it's so comprehensive, we only added four stamps or covers over the past sixteen years. Bill decided it was time to let other people enjoy the collection."
Highlights of the sale include a rare block of six "Double Geneva" stamps from 1843, among the most iconic and famous of any stamps in the world. The block of stamps – the largest-known multiple in existence – sold for $121,800 in 1964, the highest price ever paid for a philatelic collectible at the time. The Gross Double Geneva multiple alone is now valued at as much as $1.5 million, Mr. Shreve estimated.
"These are miniature pieces of art, they really are," said Mr. Shreve.
Since 2007, there have been seven auctions or sales of material from Mr. Gross' renowned stamp collection, including his "Great Britain collection" that sold for over $9 million, the highest amount ever realized in a single day for a stamp collection. The seven sales have realized in excess of $20 million, with all of the proceeds being donated to charitable organizations.
Mr. Gross still owns one of the world's most comprehensive and valuable collections of United States stamps and postal history, some of which is on loan to the William H. Gross Stamp Gallery at the Smithsonian National Postal Museum in Washington, D.C.
About the PIMCO Foundation
The PIMCO Foundation, co-founded by Bill Gross when he served as chief investment officer of investment management firm PIMCO of Newport Beach, helps people around the world to reach their full potential by engaging, empowering and investing in communities. It carries out its mission by identifying areas of urgent community need and volunteering time and financial resources to support high impact projects and programs; through education with a focus on college readiness; and by investing in people through partnerships fostering economic development. In addition to co-founding the Foundation and providing 100 percent of the Foundation's funding for the first two years, Mr. Gross previously served as Chairman until his departure from PIMCO. http://foundation.pimco.com/En/OurFirm/Pages/PIMCO-Foundation.aspx
About The New York Times Neediest Cases Fund
For more than 100 years, The New York Times Neediest Cases Fund has raised money for those in need through the generous contributions of Times readers. Each year, the Neediest Cases Fund holds a fund-raising campaign during the holiday season, with stories in The New York Times describing the travails of families and individuals in distress. The Neediest Cases Fund then distributes the funds from the campaign to seven large multi-service agencies that serve New Yorkers of all denominations in the metropolitan area. The New York Times Company covers all administrative costs of the program, so every dollar donated to the Neediest Cases Fund goes directly to provide for those in need through the seven agencies. The Neediest Cases Fund may also contribute funds from its endowment to address an immediate and urgent need. Mr. Gross is a previous donor to the Fund. Information can be found at https://nytneediestcases.com/.
About Kershaw's Challenge
Ellen and Clayton Kershaw founded Kershaw's Challenge (www.KershawsChallenge.com) with a simple goal: To challenge and encourage people to use whatever passion, purpose or talent that they have been given to make an impact in the lives of at-risk children and communities in need. In addition to fostering strong connections in the Los Angeles and Dallas communities, the Kershaws also maintain a strong partnership in Zambia, where they have helped to construct and support an orphanage and currently are working to build another. Clayton has received the Roberto Clemente Award and the Branch Rickey Award from Major League Baseball in honor of his philanthropic work and overall commitment to his community. http://www.kershawschallenge.com/
About the United Nations Sustainable Development Solutions Network
UN Secretary-General Ban Ki-moon launched the UN Sustainable Development Solutions Network (SDSN) to mobilize global scientific and technological expertise and to promote practical problem solving for sustainable development, including the design and implementation of the Sustainable Development Goals (SDGs). Following their adoption, the SDSN is now committed to supporting the implementation of the SDGs at local, national, and global scales. The SDSN aims to accelerate joint learning and help to overcome the compartmentalization of technical and policy work by promoting integrated approaches to the interconnected economic, social, and environmental challenges confronting the world. The SDSN works closely with United Nations agencies, multilateral financing institutions, the private sector, and civil society. The organization and governance of the SDSN aims to enable a large number of leaders from all regions and diverse backgrounds to participate in the development of the network, while at the same time ensuring effective structures for decision-making and accountability.
About Bill Gross
Bill Gross is the Lead Portfolio Manager responsible for managing the Janus Global Unconstrained Bond strategy, and all related portfolios, and is a member of the Janus Global Macro Fixed Income leadership team. Mr. Gross also serves as an integral member of the Janus Capital Group Global Allocation Committee focused on the expansion of our global asset allocation business. He is based in Newport Beach, California. Mr. Gross co-founded PIMCO in 1971 and served as managing director and Chief Investment Officer until joining Janus in 2014. Throughout his career, Mr. Gross has received numerous awards including Morningstar Fixed Income Manager of the Decade for 2000-2009 and Fixed Income Manager of the Year for 1998, 2000 and 2007. He became the first portfolio manager inducted into the Fixed Income Analysts Society's Hall of Fame in 1996 and received the Bond Market Association's Distinguished Service Award in 2000. In 2011, Institutional Investor magazine awarded him the Money Management Lifetime Achievement Award. He is a renowned expert within the bond market and is at the forefront of thought leadership on the subject of fixed income investing. He is also author of the books, "Everything You've Heard About Investing is Wrong" and "Bill Gross on Investing".
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SOURCE Bill Gross