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Legendary bond investor Bill Gross amassed a hoard of rare U.S. stamps that\u2019s reputed to be the most complete collection ever\u2014and he\u2019s about to sell them off.<\/p>\n
On Friday and Saturday, the Robert A. Siegel\u00a0auction house<\/a> will put the stamps up for sale individually with estimates for the total haul at $15 million-$20 million, which would set a record for U.S. stamps.<\/p>\n In a video teasing the auction, Siegel said \u201cthis collection promises to set a new high-water mark for stamp collecting when it crosses the auction block.\u201d<\/p>\n The star of the collection is a \u201cZ Grill\u201d stamp from 1868 that has a face value of one cent and is expected to fetch $4 million-$5 million, which also would also mark a new record for a U.S. stamp.<\/p>\n But according to the Financial Times<\/a><\/em>, Gross believes a correction is headed for the stamp market and is getting out.<\/p>\n Whereas the stamp market used to have a \u201cfundamental base of kids\u201d to support it, \u201cThat doesn\u2019t exist any more,\u201d the cofounder of bond giant PIMCO told the FT<\/em>.<\/p>\n Gross has already sold $50 million in stamps in recent years, including a collection of U.K. postage that set a record too, the report said.<\/p>\n Meanwhile, he is still opining on financial markets in interviews, newsletters, and social media. Last month, he said the bond market would suffer more<\/a> if Donald Trump returns to the White House than if Joe Biden is reelected. <\/p>\n \u201cTrump is the more bearish of the candidates simply because his programs advocate continued tax cuts and more expensive things,\u201d Gross told the\u00a0FT<\/a><\/em>, later adding \u201cTrump\u2019s\u00a0election\u00a0would be more disruptive.\u201d<\/p>\n<\/div>\nSubscribe to The Broadsheet newsletter to stay updated on the world’s most powerful women in business. Sign up<\/a> for free.<\/div>\n<\/div>\n