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Is the Empire falling?

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Stanley Gibbons up for sale

Having accumulated Noble Investments, Baldwin's, Dreweatts & Bloomsbury Auctions and Malletts, as well as several additional philatelic interests and even gotten into wine dealing, it appears the beast requires feeding even more money to fuel expansion.

Remarkable.  And ... who the heck is going to buy it?  Or will they, having spent years in acquisitions, break apart? 

An odd business strategy to my mind ..  Views anyone?

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They are in trouble. This is why they are shifting all the remaining stuff out of the basement.

Just as in the 80s they jumped in and paid too much for stock. Couple that with the 'investment' side of things and it is quite easy for things to go wrong. What happens when investors want their money back? The odd one can be absorbed, too many and the prices crash. A good example of why coins should be for collecting and not investing in. Yes they might appreciate over time and give good returns, but given the spread between buying and selling, it is never going to be a short term investment. Every coin bought at auction should be marked down by 30% in value in the immediate aftermath because that is the combined difference between what you have just paid including the juice and an immediate resale net price after commissions.

All their stamps will be priced according to their references. Does the market agree with the valuations - not at all. We all know that stamps can be picked up in most auctions for a fraction of what SG claim their value to be. Too many short term motives.

My immediate thought when they announcecd they were buying Baldwins was that the top of the market was nigh. OK, I didn't guess the timing that well, but when anyone tries to corner a market and determine prices, the greater market will always win - whichever angle you come from. The steep increase in prices of the last decade has in large part come from marketing to people with access to significant amounts of money arising from quantitative easing that has no place to go, and is not related too closely to scarcity or past valuations. Kew Gardens 50ps anyone? You could probably cover one floor of Canary Wharf with the number struck.

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