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$16,675 BUYS A MISPRINTED NIXON STAMP

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A misprinted 32-cent Richard Nixon postage stamp sold for $16,675 at auction, well above the expected price.

Christie's auction house had estimated the stamp would fetch between $8,000 and $10,000, but the bidding Thursday quickly went to $14,500. The 15 percent auctioneer's commission added $2,175 to the price.The stamp came from a misprinted sheet sold in Virginia; the image of Nixon is inverted and split.

The anonymous original purchaser of the stamps, who was not present at the sale, began detaching individual 32-cent stamps for mailing letters, but soon realized they might be valuable, said Brian Bleckwenn, a Christie's expert.

He offered a single stamp for sale to get an idea of what all 160 of his misprints might be worth, Bleckwenn said.