KB Toys co-founder Donald Kaufman's decision to go ahead with auctioning off his antique toys in a recession turned out to be a good one.
The first 1 500 lots of his 7 000-piece collection sold for a little more than the $4 million (R38.6 million) high estimate in a sale from Thursday to Saturday at Bertoia Auctions in New Jersey.
"Everyone kept saying, 'Boy, the recession isn't going on in this room'," said auction house owner Jeanne Bertoia. The auction set a record for the 20-year-old company on a single sale.
Kaufman sold his stake in KB Toys in 1981. He decided to part with his antiques two years ago, before the recession started.
He said selling the toys he had collected over the past 50 years - mostly cast-iron vehicles dating back to the 19th century - was part of a plan to divest his assets and invest the proceeds.
A clown car made in Germany in 1909 with an estimated value of $40 000 fetched $103 500, a record for that kind of toy, Bertoia said. Kaufman bought it from Bertoia in 1998 for $30 000.
"The best still holds its value and continues to rise, and that was the case throughout the entire auction," said Bertoia, who specialises in auctions of antique toys. - Bloomberg