World record for Melbourne Mowbrays part-owned co.

Media release – May 3, 2007

World record for Mowbrays part -owned company in Melbourne

New Zealand listed stamp dealer Mowbray Collectables has received a world record boost from one of its associate companies just weeks out from its annual result.

A world record $A840,000 for a painting by Albert Tucker has marked the opening auction for the new Melbourne branch of auction house Bonhams & Goodman in Melbourne.

Mowbrays own 20 percent of Bonhams & Goodman.

Albert Tucker's Flirtation, a 1954 painting on the dubious sexual conquests of post-war Australia, reached an auction record of $A840,000.

A world record was also set at the new Melbourne auction house for the earliest documented piece of silver crafted entirely in Australia. A commemorative silver pepper caster sold for a record $A408,000.

Mowbray’s managing director John Mowbray said the results were encouraging for his company just weeks out from their annual result, due before the end of the month.

In November they reported a half yearly $315,000 net profit from operations, up 20.4 percent on the previous corresponding period.

Before Christmas, Mowbrays purchased probably the biggest stamp collection in New Zealand. The 900-volume collection from retired Ashburton joiner Ray Walkham had a catalogue value of more than $7 million.

Chairman Murray Radford said the Mowbray group of companies continues to trade to expectations but he would not comment on the likely annual result due out this month. He said the success of the Melbourne auction would not be reflected in that result to the end of March.

ENDS

© Scoop Media