Antonio100
27/07/06 21:14
Ha respondido al tema Two important articles on Afinsa and Fórum Filatélico
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Afinsa says its prices are based on the "most prestigious philatelic catalogues in the world". But philatelic experts in the UK say catalogue prices are a reference only, and that it is the norm for stamp dealers to offer deep discounts on catalogue valuations. "Quality is everything." says Andrew Claridge, a partner at Grosvenor Philatelic Auctions, one of the top auction houses in the UK. "The variation in price is extraordinary. A superb stamp might fetch more than its catalogue value at an auction, whereas one in bad condition may be worth only a fraction of its catalogue price."
Forum Filatelico, which only sells sets of Europa theme stamps - series printed by European post offices each year since 1956 to mark the birth of the Common Market - admits that it charges its clients up to 10 times catalogue value for its stamps. "It is normal to charge our clients 8-10 times catalogue prices because of the services we provide, including the custody and conservation of stamps, the drawing up of contracts and the repurchase guarantees," said Mr Briones.
"We publish lists of prices for our clients, in which the sale and purchase price are the same. Our prices have nothing to do with catalogues, they are only for our clients. You could say it is a closed market."
Stamp dealers say it is only by operating a closed market that Forum Filatelico can sustain such inflated prices for its stamps. "There are huge quantities of Europa theme stamps in the market." says Tristan Brittain, a stamp dealer in the UK. "Anyone can buy them, but I would not recommend them as an investment."
In the UK, the annual trade in rare stamps is estimated at £?0m ($53m). according to Stanley Gibbons, the leading stamp dealer in the UK.
So the sheer volume of alleged investment-grade stamps being sold by Afinsa and Forum Filatelico - totalling more than ?l.lbn last year - is raising eyebrows in the stamp collecting world. As a result, insurers at Lloyd's of London have questioned Forum Filatelico and Afinsa on the value they are placing on their stamps, which underpin policies worth about ?1.2bn for each company.
Hiscox, a specialist insurer at Lloyd's, cancelled its policies with the two Spanish companies this summer because it became unhappy with "the insurance-to-value mismatch", meaning that the sums insured were much higher than the real, open-market value of the stamps, according to Charles Dupplin at Hiscox.
Mr Dupplin, a member of the Royal Philatelic Society, travelled to Madrid in June to inspect the stamps in Forum Filatelico's vaults.
"They were just pretty bits of paper," Mr Dupplin told the FT. He added that he doubted the investment value of Forum Filatelico's Europa-theme stamps.
It is understood that other insurers at Lloyd's are reviewing their policies with the two Spanish companies.
In an interview, Mr Briones vigorously disputed Mr Dupplin's assertions. "One thing is to be a stamp collector, another thing is to be in the business of stamps. I cannot consent that he should disparage our business," he said.
Afinsa, in written answers to questions submitted by the FT, said: "The fact that one underwriter out of 150 has chosen to withdraw its policy does not worry us in the least."
Unlike Forum Filatelico, Afinsa sells a broader selection of stamps, as well as art and antiques. It has become a big name in the global stamp market after acquiring auction houses in Europe, Asia and the US, where it owns a 70 per cent stake in Nasdaq-listed Greg Manning Auctions (GMAI).
GMAI acts as the exclusive supplier of collectables, primarily stamps and coins, for Afinsa on a worldwide basis. In the financial year ending June 30 2005. according to GMAI's filings to the US Securities and Exchange Commission, Afinsa accounted for 51 per cent of GMAI's total revenues and 72 per cen