Bill Gross, who heads the world's largest mutual fund, will offer some items from his rare U.S. stamp collection for the first time in a public auction conservatively estimated to bring $1.5 million to $2 million.From an investment perspective this is an odd move given the likely price inflation ahead. You want to be acquiring assets, not liquidating them at this time.
All proceeds from the April 9 sale, which takes place in New York, will be donated by Gross and his wife, Sue, to Doctors Without Borders/Médecins Sans Frontières (MSF) and the Millennium Villages Project at Columbia University's Earth Institute.
"This is the first time Mr. Gross has ever offered stamps from his famous U.S. collection which is the finest, most valuable collection of U.S. stamps and postal history owned by a private individual," said professional philatelist Charles Shreve, who will conduct the auction with his ex-wife, Tracy Shreve. The Shreves have advised Gross, whose net worth is over $2.3 billion according to Forbes magazine, for two decades.
Gross, who as founder and co-chief investment officer oversees $2 trillion at bond firm PIMCO and runs the PIMCO Total Return Fund, is auctioning off some items that date back to 1847, the first year the United States issued postage stamps.