Through by Linn Staff
News organizations in Australia have reported that the Mossgreen auction house may be closed after a failed restructuring effort at the company.
Known to many as a fine art auction gallery, the Melbourne-area-based company has also hosted stamp and postal history auctions since its merger with established Australian philatelic auction companies. during the last years.
Mossgreen has described itself as Australia’s largest multi-department auction house.
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Edmund Tadros reported in Financial Review, a news site affiliated with The Australian Financial Review Magazine, that the leading auction house “collapsed” on January 17 with debts of AU $ 12 million (over US $ 9.6 million) against assets totaling $ 2.8 million Australians (US $ 2.24 million).
BDO Australia, an accounting and consulting organization, announced on December 25, 2017 that it had been appointed as a voluntary director of Mossgreen Pty Ltd.
Tadros reported that the CEO of the auction company, Paul Sumner, also identified as a co-founder of Mossgreen, was among 30 staff members “fired by the BDO administrator”.
Written on January 17th for Antiquarian Journal, Laura Chesters said that “BDO’s directors have stated that they will begin the process of orderly liquidation of the company, but will also consider a sale of the company and seek expressions of interest from the company. ‘potential buyers’.
Mossgreen has held several philatelic auctions following mergers with Leski Auctions in 2013 and Prestige Philately in 2014. Mossgreen also acquired Torsten Weller Postal History in 2016.
Mossgreen managed the sale of the Arthur Gray collection of King George V issues in 2015 and donated other significant Australian, British and world philatelic material over the years.
Chesters has indicated that sellers who have shipped material to Mossgreen “will be contacted and arrangements will be made for the return of their goods.”
The company still owes some 400 individuals and businesses money, Chesters noted. Mossgreen’s website became inaccessible when mid-January reports on the company came out.