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How To Turn $2.48 Into $477,000
The local Nashville newspaper, The Tennessean, had an unbelievable story today.
Somebody shopping at a local thrift store saw an interesting looking document rolled up and for sale. He paid $2.48 for it and took it home.
It was a copy of the United States Declaration of Independence. He did some research to learn more about it and found out it was from a rare 1823 printing of it.
Bottom line is that it just sold at Auction for $477,000 and after commissions and fees he is going to clear a little over $400,000 !!!!!!!!!!!!!!!!!!
Here is most of the article;
Thursday, 03/22/07
$477,650 gives lucky thrift shopper reason to celebrate Declaration of Independence
By MS. CHEAP
Going once, going twice — sold, for $477,650!
Yep, Nashvillian Michael Sparks’ 1823 copy of the Declaration of Independence was truly as good as gold, attracting six bidders and topping out at the final price, which includes the bidder’s premium.
“I’m shaking,’’ said an elated Sparks moments after hearing the price his document commanded. “We are all just jumping up and down.”
Sparks bought the rare Declaration at a Gallatin Road thrift store for $2.48.
“I need to get a piece of paper and figure it out with the tax and commission and all,’’ said Sparks, who had been told that the 19th-century document would likely bring $250,000 to $350,000. He expects to get his check in 45 days.
“We’re on the ceiling baby,’’ said Bob Raynor, of Raynors’ Historical Collectible Auctions in Burlington, N.C. The auction house handled the sale of the document engraved by William Stone.
“I just called Michael, and he is rocking and rolling. There were six bidders — four over $200,000,’’ he said.
Raynor said Sparks’ portion would be $410,000, minus the negotiated commission to the auction house.
“This is a world record (price) for a Stone printing,’’ said Raynor, explaining that the previous record was $390,000, including the bidders premium.
The buyer pays 16.5 percent of the final price to the auction house. The seller also gives a commission to the auction house, which in Sparks’ case was 12.5 percent of the sales price.
Sparks’ find came almost a year ago at the Music City Thrift Store when he noticed a rolled-up document that he thought “looked interesting.’’
He paid $2.48 plus tax and went home and started looking up information on the Declaration just in case it turned out to be more than a run-of-the-mill print of the 1776 document.
Sparks’ preliminary research hinted that it was an authentic Stone engraving from 1823, and he pursued it with Etherington Conservation Services in Greensboro, N.C. Conservators spent four months on the document, removing layers of shellac and returning the document to a pristine state.
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