Man in Nashville finds rare copy of Declaration of Independence at Thrift Store

[MalteseFalcon]

It is on the front page of the Tennessean this morning. He paid $2.48 for it. It is expected to fetch between 200-300,000 dollars next month.

One of only 200 copies commisioned by the President in 1823, there are only 35 still in existence (make that 36).

http://www.tennessean.com/apps/pbcs.dll/article?AID=/20070222/COLUMNIST0401/702220390

 

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[roswellborn]

How cool is that?!

very cool article, thanks for posting it.

Nan

 

[arkhunter]

Re: Man in Nashville finds rare copy of Declaration of Independence at Thrift St

a good read...thanks for the post

 

[THEDUKE]

That is a great find, good read.

 

[MalteseFalcon]

The copy sold for over $477,000!!!

Friday, 03/23/07
$477,650 bid wins thrift store bargain
Declaration of Independence copy cost $2.48

By MARY HANCE
Staff Writer

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,'' an elated Sparks said 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 probably would 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 bidder's 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.

Print looked interesting

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.

Sparks then engaged Raynors' to sell the document for him at auction.

Here's how it worked: Bidding on his Declaration started at $125,000 and was upped in increments of $5,000 until the $200,000 mark. Then increments were in $10,000 jumps.

The bidding was absentee, with 90 percent of the bids made by phone and 10 percent on the Internet. Prospective bidders had to register with Raynors' at least 24 hours in advance of the auction and provide bank information and references.

Sparks' Declaration was the No. 1 item in Raynors' 172-item auction Thursday. Other pieces on the block were a segment of Ben Franklin's lightning rod from 1770; a letter written by the governor of Missouri to a county sheriff authorizing him to form a posse to go after Jesse James; and a set of Confederate newspapers.

So what kind of people bid on Declarations of Independence? Bob Raynor says it's mostly individual collectors or investor/collectors. "The presumption is that it will never go down in value,'' he said. "There were two corporations interested. I could see it in a lobby of a patriotic company or a military-oriented company.''

Sparks' plans

Sparks, a music equipment technician, spends several hours most weeks browsing area thrift stores, looking mostly for sterling silver pieces and other collectibles. His best find before the Declaration was a $200 Baccarat cat that he got for $1.99 and a collectible Zippo table lighter that he snagged for $2 and found was worth about $700.

He says he had been trying not to get too excited about the auction, but he and his wife, Amy, did have a few ideas.

"I think I'll get a new used car — I want a two-year-old Crown Vic — for about $16,000, and my wife wants a sunroom. I'd like to give my parents some money. They are old and are living on Social Security. And I think I'll give some to my brothers and sister, depending on how much it is. I'd like to give some to Goodwill to help handicapped people and some to help the homeless.

"You think it is a huge fortune, but by the time you figure it up and put some off for the taxes it is not. It is not a huge fortune, but more like a small fortune.''

Either way, Sparks says it has been a great ride. "It is going to take a minute to sink in,'' he said.

http://www.tennessean.com/apps/pbcs...EWS01/703230432