Philately: Three Penny Blacks; three puzzling auction results

Hello all stamp enthusiasts,

Last week, over a period of about five minutes, three “Penny Blacks” were auctioned on eBay by a Dutch seller. I present them in the order they were sold with the final prices:

1️⃣ 14 bids / 4 bidders

2️⃣ 17 bids / 2 bidders

3️⃣ 8 bids / ? bidders

Admittedly, none is a museum piece, but they seem to me to be presented from best to worst, which is exactly what a seller should do. There was an interval of about 2 minutes between each. No. 2️⃣ has no margins whatsoever, which IMHO makes it less desirable than no. 1️⃣; the last one, no. 3️⃣, is definitely the least desirable.

Now, what about those prices?? Is there something special about no. 2️⃣ that I'm missing?? The only explanation I see is that, since there were only two bidders for this item, they possibly were two alpha males trying to prove they have money and can waste it just to make a point. Note also that no. 3️⃣ sold for more than no. 1️⃣!

It seems to me that number 1️⃣ is the better one yet it went for only US $17.50. There were four bidders.

I rarely go on Facebook these days, though there are groups about British stamps, so I thought I could show this interesting little auction here and hope that some coin-and-stamp collectors will have something to say about it…

I don't care for stamps one bit so I don't know about what a good stamp is but this dark stamp directly on the face would be a large off-turn for me so I would probably prefer #2 over #1 even if it's in better shape. But definitely not 3 times more.

Possibly pate numbers.

Stamp 1 has a niceish cancel that is nearly complete - red Maltese cross, quite worn impression so likely plate 7 or 9.

Stamp 2 is very worn, but a faint cancel and the back could be much worse. Its fairly complete, although marginless - it does not have any major parts missing. 

I suspect it went higher as it may have a Black Maltese cross cancel. These were used early on, but changed to red as it was seen some people were reusing these stamps and defrauding the post office - thus black cancels are rare, although it could be really rinsed to make it look like a Black rather than faded brown/red cancel - the stamp is 183 years old after all!

Stamp 3 is a complete dog - big wedge of bottom right corner, nasty gum/paper disturbance, but a clear and sharp impression of Victoria, so probably Plate 1 to 3.

Overall, all 3 are spacefiller quality only and really for people who just want an example of this stamp as it was the first one issued. Its not rare with 64,000,000 issued and a good 3 margin stamp with no flaws can cost around $200 up to $500 for a well centered Plate 1 or 2 (Intense Black) going for $400 - $700.

A mint one with 4 margins around $2000.

Its a bit overpriced, but really not that bad compared to some of the deceiving rubbish you see on feebay. There is a great thread on Stampboards about overpriced junk on Auctions, it is hilarious

https://www.stampboards.com/viewtopic.php?t=379&start=6100 - 123 pages of it from 2007 to now!

The psychology of bidding is the obvious reason #2 went out of bounds.

Two people one-upping each other over and over again raises adrenalin, and leads to irrational thinking. 

That's just why ebay is constantly saying HURRY, BID NOW! which is the poorest way to get something at a fair price.

What puzzles me is why anyone ever bids a second time. Decide what you will pay, put that in, preferably at the last moment, and accept the outcome.

Thanks, guys, for the feedback so far.

Amusingly, another penny black got stuck at the back of no. 3️⃣ and was removed forcibly… 

Thanks for mentioning plates, Moneytane. I was wondering about plate numbers, but this is way beyond my expertise. I just know that they were eventually added in the scrolls, front and back of the effigy. I have a few later “penny reds” like this.

And indeed the black MX is more scarce (and earlier) than the red one, though I prefer the latter. I suppose the blue twopence with the black MX is also more scarce than the same with the red MX?

Moneytane

all 3 are spacefiller quality only and really for people who just want an example of this stamp as it was the first one issued.

That's exactly why I put a low bid on the first one and was quite surprised to win it at this low price. Perhaps I'll upgrade some day.

EDIT — Thanks, Mr. Midnight. I think you're right about no. 2️⃣. About two years ago, I saw a large lot of merchant scrip estimated at $200 go for $2100 at an auction by a well-known Canadian house. And yet again, at some point around the $100 mark, only two bidders were left and they went on for another 5 or 6 minutes. I watched it live online and couldn't believe it every time a new bid was placed.

EDIT 2 — The red cancellation is actually earlier than the black.