In September 2014, the Singapore Philatelic Museum (SPM) conducted its first auction of rare Singapore stamps for its first ever fund raising. The money raised would be used for bigger galleries and more exhibition. Good thing to know that the SPM is still actively boosting its galleries as my past visits to it showed little difference over the months/years. Hopefully, with the new money raised, stamp enthusiasts can look forward to new exhibitions and a refreshed gallery.
Some of the stamps auctioned off included rare 1954 Queen Elizabeth II revenue stamp sheets that were previously used in land title deeds. The sheets of 50 stamps in $500 denominations had starting bids of $12,000. Revenue stamps were used by lawyers here but were hardly bought in full sheets making these full sheets really rare.
Other stamps that went under the hammer include the 1955 Queen Elizabeth II definitive stamps that were overprinted with the words "Postal Training School". These stamps were used for staff training at the Postal Service Department Singapore which was Singapore Post's predecessor.
The auction was conducted by Spink and all lots were sold off. The highest bid was for lot #40 which closed at $42,000. This was for a 1954 Queen Elizabeth II revenue stamp sheet. Altogether, there were 13 sheets put up for sale (Lot #40 - Lot #52). Prices ranged between $9,500 to $42,000.