NYSE Seat Sells for Record of $3.025M

NEW YORK – A New York Stock Exchange seat sold for $3.025 million, a record high for the 213-year-old Big Board.

In announcing the sale Monday, the NYSE three seats have been sold for the previous high of $3 million, the last on Nov. 1.

There are 1,366 membership seats on the NYSE. Each seat grants its holders trading privilege at the exchange.

Seat prices jumped in April, after the NYSE agreed to combine with Archipelago Holdings Inc. (AX) to form a publicly traded company. Chicago-based Archipelago operates an electronic stock exchange.

Last week, a group of 10 seat owners asked the New York Supreme Court to temporarily block a planned Dec. 6 vote by the exchange members. The court could hear the motion as early as this week.

The group, led by activist seat owner William Higgins, filed a motion for a preliminary injunction to block the pending member meeting for 30 days. Higgins is arguing that the terms shortchange NYSE members.