July 24, 2006 - 5:39PM
Australia's last privately owned Victoria Cross medal awarded at Gallipoli sold at auction in Sydney, setting a world record price of $1 million.
The medal was purchased by a prominent philanthropic Australian businessman who wished to remain anonymous and who bid over the phone.
Lot 1078 included seven other medals with a combined value of less than $100,000.
The $1 million price tag breaks the record of $595,000 set in 2005 for a medal won by captain Thomas Hardy at Lord Nelson's victory at Trafalgar in 1805.
The highest price paid previously for a VC was $575,000 in 2004 for a medal awarded to Sergeant Norman C Jackson, a British Royal Air Force pilot during World War II in 1944.
The VC sold was awarded posthumously to New Zealand-born Australian soldier Captain Alfred Shout, It was put up for sale by his grandson, 67-year-old Graham Thomas.
Auctioneer Tim Goodman, of Bonhams and Goodman auction house, told the crowd there were plans for the medal to soon be on public display.
"Ladies and gentlemen, we have a new world auction record for a medal," Mr Goodman said as he brought down the hammer on the sale better measured in seconds than minutes.
"I can confirm the buyer is a prominent Australian businessman who is going to work with the RSL to make sure the medals go on display at the Australian War Memorial in Canberra."
The war memorial holds the other eight VCs awarded to Australians for service at Gallipoli.
Capt Shout was mortally wounded at Lone Pine when the last of three grenades he ignited blew up in his face.
He was the most highly decorated Australian soldier to serve during the Battle of Gallipoli in 1915, being awarded the Military Cross for his actions during the botched landing at Anzac Cove in April.
Capt Shout was awarded the Victoria Cross for his actions during the Battle of Lone Pine in August that year.
Mr Thomas said his grandfather would have approved of the sale.
"He'd probably say 'you did a bloody good job'," said Mr Thomas, who planned to celebrate over a beer.
He would have liked to have been able to put the medal on display himself.
"But you've got to be honest. If you get a few dollars, it's certainly going to help my family," the retired plastering estimator said.
"But to get both, to get it on show and get the money, you can't ask for much more than that. I'm tickled pink."
Mr Thomas said his decision to sell the medals, passed to him by his mother, had met with very little criticism.
The bidder will pay a $1,214,500, including commission and other charges.
Speculation about the purchaser was rife, but Mr Thomas could only suggest it may have been a Melbourne plastic surgeon or a group from Queensland who invest in war memorabilia.
All the auctioneers would say was that the purchaser was a prominent philanthropic Australian businessman.
The Victoria Cross medal and ribbon
The auction house Bonhams and Goodman have sold the last privately owned Victoria Cross(VC) awarded at the World War I Gallipoli campaign in Sydney tonight. The medal was awarded to New Zealand-born Australian soldier Captain Alfred Shout.  The sale price of $A 1 million surpassed the previous record of $A575,000 set in 2004 for the VC medal awarded to Sergeant Norman Jackson of the RAF 1944.

The Victoria Cross is the highest recognition for valour "in the face of the enemy" that can be awarded to members of the British and Commonwealth armed forces and civilians under military command. It is also the highest award in the British Honours system.

The buyer is an Australian businessman, auctioneer Mr Tim Goodman said "I can confirm the buyer is a prominent Australian businessman who is going to work with the RSL to make sure the medals go on display at the Australian War Memorial in Canberra.", after commissions and other charges the successful buyer will pay $A1,214,500.

The addition of this medal will take the display of Victoria Crosses at the Australian War Memorial to 60.  The display will include all nine Victoria Crosses awarded to Australian servicemen at Gallipoli.