VC could spark bidding war
20 April 2006
By JO MCKENZIE-MCLEAN
Canterbury war hero Charles Upham's Victoria Cross and bar is the most valuable set of medals in the world and could fetch well in excess of $3 million on the international market, according to a Christchurch medal expert.
Upham was awarded the Victoria Cross and bar during World War 2, and is the only combat soldier to be awarded the Victoria Cross twice.
The Government has criticised Upham's family for wanting to sell the medals, claiming Upham himself would not have approved of the sale.
However, in Upham's will he left all "furniture, furnishings, household stores and all other articles of personal or domestic use owned by me at the date of my death" to his wife, and upon her death their three daughters and their children.
The will states they may "sell all or any part of my real and personal estate ... subject to the terms and conditions as my Trustees shall in their absolute discretion think fit with power to give time for payment of the purchase money".
Christchurch medal expert Alan Polaschek said there was a big market for the medals, with two large international collectors certain to have their eye on the precious set.
"It's undoubtedly the best Victoria Cross ever, probably the most valuable set in the world. There's a big market for medals. It's quite enormous. You get a group of medals and it tells a story about a man. It's as much a history of a man and his deeds as anything else."
Overseas, the medal set could fetch far higher than $3m.
"There are two big collectors: one is American and the other is English who would pay in excess of $3m if they got into a bidding war. The value of anything is as much as what anyone is willing to pay for it. People in New Zealand don't have the money."
He said the medals could be gone forever if the Government did not purchase the set.
"The only Victoria Cross awarded during the battle of Britain sold for nearly $1m and using that I put a minimum value on (Upham's) medals at $2m minimum and $3m is not unrealistic. The Government would pay more than that for some scribbly paintings.
"This Victoria Cross and bar is as important as any Maori Tonga (treasure). It's quite important – it's our history – but they have a commercial value and if we want them we have to pay for them. I think the Government should purchase them – it's as simple as that."
Upham's Victoria Cross and bar are currently on display at the Army Museum in Waiouru.
The latest Victoria Cross was passed to the Auckland War Memorial Museum last month after spending about 20 years locked in a vault at the airforce museum in Palmerston North.
Michael Mayne, of Hamilton, inherited his great-uncle's Victoria Cross, on turning 21 last month.
Sergeant James Ward was awarded the medal after crawling onto the wing of a Wellington bomber to smother an engine fire that could have killed five other crew in WW2.
He said the medal had been insured for about $900,000, but would fetch more than $1m.
"It might as well be worthless because I'd never sell it. It's the family's, it's a family heirloom, ... and I think it should stay in New Zealand for New Zealanders to see."
Overseas collectors, including a collector from England, had contacted Mayne wanting to discuss buying his Victoria Cross, but he had refused to sell.
Sarah Minchington, who used to drive Upham to official events and often visited the war hero at home, said the medals were the only tangible thing that New Zealand had produced a soldier of his capability and she would hate to see the medals sold.
"I'd hate to see them sold. If I had my way, I'd go into the Square with a big banner and say `Hey everyone in New Zealand, give me $1 and I'll buy them and gift them to a museum or something'."
20 April 2006
By JO MCKENZIE-MCLEAN
Canterbury war hero Charles Upham's Victoria Cross and bar is the most valuable set of medals in the world and could fetch well in excess of $3 million on the international market, according to a Christchurch medal expert.
Upham was awarded the Victoria Cross and bar during World War 2, and is the only combat soldier to be awarded the Victoria Cross twice.
The Government has criticised Upham's family for wanting to sell the medals, claiming Upham himself would not have approved of the sale.
However, in Upham's will he left all "furniture, furnishings, household stores and all other articles of personal or domestic use owned by me at the date of my death" to his wife, and upon her death their three daughters and their children.
The will states they may "sell all or any part of my real and personal estate ... subject to the terms and conditions as my Trustees shall in their absolute discretion think fit with power to give time for payment of the purchase money".
Christchurch medal expert Alan Polaschek said there was a big market for the medals, with two large international collectors certain to have their eye on the precious set.
"It's undoubtedly the best Victoria Cross ever, probably the most valuable set in the world. There's a big market for medals. It's quite enormous. You get a group of medals and it tells a story about a man. It's as much a history of a man and his deeds as anything else."
Overseas, the medal set could fetch far higher than $3m.
"There are two big collectors: one is American and the other is English who would pay in excess of $3m if they got into a bidding war. The value of anything is as much as what anyone is willing to pay for it. People in New Zealand don't have the money."
He said the medals could be gone forever if the Government did not purchase the set.
"The only Victoria Cross awarded during the battle of Britain sold for nearly $1m and using that I put a minimum value on (Upham's) medals at $2m minimum and $3m is not unrealistic. The Government would pay more than that for some scribbly paintings.
"This Victoria Cross and bar is as important as any Maori Tonga (treasure). It's quite important – it's our history – but they have a commercial value and if we want them we have to pay for them. I think the Government should purchase them – it's as simple as that."
Upham's Victoria Cross and bar are currently on display at the Army Museum in Waiouru.
The latest Victoria Cross was passed to the Auckland War Memorial Museum last month after spending about 20 years locked in a vault at the airforce museum in Palmerston North.
Michael Mayne, of Hamilton, inherited his great-uncle's Victoria Cross, on turning 21 last month.
Sergeant James Ward was awarded the medal after crawling onto the wing of a Wellington bomber to smother an engine fire that could have killed five other crew in WW2.
He said the medal had been insured for about $900,000, but would fetch more than $1m.
"It might as well be worthless because I'd never sell it. It's the family's, it's a family heirloom, ... and I think it should stay in New Zealand for New Zealanders to see."
Overseas collectors, including a collector from England, had contacted Mayne wanting to discuss buying his Victoria Cross, but he had refused to sell.
Sarah Minchington, who used to drive Upham to official events and often visited the war hero at home, said the medals were the only tangible thing that New Zealand had produced a soldier of his capability and she would hate to see the medals sold.
"I'd hate to see them sold. If I had my way, I'd go into the Square with a big banner and say `Hey everyone in New Zealand, give me $1 and I'll buy them and gift them to a museum or something'."
edit: More on Upham
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