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For broadcast on CBS Radio Network stations 
July 28-29, 2001:


Bid Rigging.


The Stamp Collecting Report, I'm Lloyd de Vries.
 
A five-million dollar scam over twenty years and seven 
suspects may not seem like much -- unless it's YOUR 
47-thousand dollar stamp collection that sold for just 26 
grand.


That's what the attorneys general of New York, Maryland and 
California say was happening: Before major auctions, seven 
big stamp dealers would decide who would go after certain 
lots. The other six wouldn't bid, and would be paid by the 
winner....who was able to buy the stamps without as much
competition.


The victims include not only the owners of the stamps but most 
of the major stamp auction houses in the U.S., who didn't earn 
as much in commissions. Catalogue values may have been 
affected, too, and the hobby will be shaken. Stamp auctions are 
a one-hundred-fifty million dollar a year business in the U-S.


Ironically, one of the alleged scammers, a well-known name in 
philately, has an ad running right now in stamp newspapers:  
"Afraid you won't get your money's worth for your stamp 
collection?"


Well......yes.


And that's stamp collecting this week. 

I'm Lloyd de Vries, CBS News.


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