David Feldman, Prices Realised, November 17-22...Prices Realised November 17-22, 2003 David Feldman...

Prices RealisedNovember 17-22, 2003

David Feldmanworld leading stamp auctioneerswww.davidfeldman.com

Astounding prices, intense biddingand crowded auction rooms werethe hallmarks of the latest auction

held by David Feldman SA, November 19-22 in Geneva,

Switzerland, which featured theparticipation of dozens of real-time

bidders on the Internet. At times, over 50 web bidders were

connected live, and theysometimes took over the bidding

from those physically present in theauction room. Several sectionsdoubled or trebled the pre-saleestimates overall, and individual

lots throughout the sale oftensoared to astonishing levels.

...............................................................

May 2004 auctionalready includes

Austria

Greece(The Collection Part III)

France and French Colonies

Ireland(The “Dulin” collection)

Russian Levant(The “Bustamante” collection)

Antarctica and Polar

Revenues and Postal Stationery

All World and Collections

David Feldman SA � 175, route de Chancy � P.O. Box 81 � 1213 Onex, Geneva � SwitzerlandTel: +41 (0)22 727 07 77 � Fax: +41 (0)22 727 07 78 � [email protected] � www.davidfeldman.com

Cape of Good HopeLot 20301 One Penny Colour Error Realised CHF 236’000

David Feldman sets another new world record the highest price ever paid for a single Cape stamp.

Did you know that ?- David Feldman has auctioned more Grand Prix and

Large Gold Medal Collections than any company in the history of philately ?

- David Feldman has achieved more World Records than any company in the history of philately ?

- David Feldman holds all the important Highest Prices for the greatest items in philately ?

THE WHOLE WORLDCONNECTS TO GENEVAFOR THE LATESTDAVID FELDMAN AUCTION

Astounding prices, intense bidding and crowded auctionrooms were the hallmarks of the latest auction held by DavidFeldman SA. Marcus Orsi, spokesman for the firm, commentedthat, “In troubled times, philatelic treasures have always heldtheir own. This series of auctions confirms that.” Four days ofintense room and internet bidding culminated with a hard-fought day of collections and lots. The auction, held November19-22 in Geneva, Switzerland, featured the participation ofdozens of real-time bidders on the internet. At times, over 50web bidders were connected live, and they sometimes took overthe bidding from those physically present in the auction room.Bidders from five continents, from countries as diverse as Ukraineand Chile, Estonia and Australia, Japan, Korea and China, USA,the UK and the UAE, Jordan and Cyprus competed via theinternet against the book, the auction room (including severalbidding agents and telephone bidders) and each other in a processthat has become familiar to David Feldman SA customers forover two years now, and that plays an increasingly important partin the company’s success in raising results for their vendors.

Several sections doubled or trebled the pre-sale estimatesoverall, and individual lots throughout the sale often soared toastonishing levels. The auctions began with the Grand Prixcollection of early Afghanistan (the “Tiger Heads”) formed byHorst Dietrich of Germany. A cover franked by a First Issue plateD strip of four, considered by some the finest Classic cover ofAfghanistan, brought over CHF 28’000 while the ex-Ferrarymint sheet of four of the 1872-3 6 shahi se-tenant with 1 rupabrought CHF 47’000 and the ex-Ferrary complete sheet of 60of the 1873-4 Tiger Heads brought CHF 43’000. An 1876 three-country combination cover with stamps of Afghanistan andKashmir on an India entire brought just over CHF 40’000 (allprices quoted include the buyers’ commission of 18%).

The “Lady Hope” collection of early Cape of Good Hopebrought many results over CHF 20’000 per lot. For example, theonly certified unused example of the 1861 One Penny Blue“Woodblock” error of colour, not represented in even the greatestcollections of past generations, brought CHF 236’000 – a newworld record for a single stamp from the Cape of Good Hope.It was just one of dozens of powerful results in the section: 18611p “Woodblock” pair on cover together with 4p Perkins issue,over CHF 165’000; 1859 mixed franking of Perkins 4p withMauritius 6p, nearly CHF 52’000; 1861 cover with pair of the4p “Woodblock,” nearly CHF 65’000; and De La Rue OneShilling pair used on cover with postage due in England,CHF 49’500.

A collection of Cyprus postal history attracted sixsimultaneous telephone bidders, 28 people connected on theinternet, and dozens in the auction rooms, with dozens morerepresented by agents. Lots sometimes opened below estimate,but that only sparked a feeding frenzy as the room, telephonesand internet took lot after lot after lot to truly astounding levels,four, five, ten times the estimates. Marcus Orsi commented thatthe rapid economic boom on Cyprus, a commercial gateway to

the Middle East, has finally been reflected in the philatelicmarket. Some realizations stunned the auction room, forexample, an 1815 folded letter written by the Archbishop laterbeheaded by the Turks, estimated at CHF 500, was finallyknocked down after a long battle between telephone and agentbidders for CHF 11’800! A cover to London franked by threeBritish stamps of three very different issues, estimated at CHF3’000 brought a stellar result at nearly CHF 19’000. Overall, theCyprus section realized over double the original catalogue total.

Another important section of the auction was an unusuallydiverse offer of France and particularly French Colonies. Biddersfrom France filled the sales room to overflowing and broughtrealizations of multiple times the estimates, with many stampsof the Colonies bringing well over half the Ceres catalogue values, and collections of the same doing nearly as well. Forexample the Colonies General Issue 20c Ceres tete-beche, used,brought CHF 6’500; the New Caledonia 5c Surcharge on 1FSage issue, mint, brought CHF 8’850 against a catalogue valueof Euros 11’000.-; and the Reunion 1852 15c First Issue on piecebrought over CHF 20’000. Even modern issues fared well: theFrench Andorra 1975 Europa error, with inscriptions omitted,brought CHF 11’800 to a telephone bidder against a cataloguevalue of Euros 10’000.-!

David Feldman SA is well known for their large sections oflarge lots and collections, and potential bidders had been viewingfor over a month. When Saturday’s session began, it quicklybecame apparent, according to Marcus Orsi, “that people werethere to make a serious statement to the market. I heard fromseveral of the bidders indicated that this was one of the nicestsections of collections and lots offered anywhere in quite sometime.”

Many lots were offered intact as received, and the pricesobtained reflected that fact. Lots often soared well above estimate;for example, collections and even stocks of individual FrenchColonies reached unheard-of levels: a third, 40%, half cataloguevalue or more! A collection of Germany and States in five albums,estimated at CHF 20’000 brought over CHF 56’000 while aBritish Commonwealth collection, offered intact, reached nearlyCHF 50’000 and a collection of Spain, estimated for CHF 3’000,was finally knocked down at CHF 16’500 in the auction room.There were lots available at all price levels, and some went to theinternet or to mail bidders willing to stretch their bids to besuccessful.

David Feldman SA holds two groups of auctions each year,the next ones in preparation now are scheduled for May 2004.Catalogues and prices realized are posted at the company’s website, www.davidfeldman.com or by mail to P.O. Box 81, 1213Onex, Switzerland. The company can be reached by telephoneat (+41) 22-727-0777. David Feldman SA has representativeslocated throughout Europe, the United States and elsewhere; forthe representative near you, please call, write or inquire at thecompany’s web site.

November 2003

Press Release - David Feldman November 2003 Auctions - Geneva, Switzerland

AFGHANISTAN

10000 85010001 400010002 95010003 160010004 550010005 46010006 40010007 110010008 380010009 36010010 260010011 140010012 150010013 95010014 55010015 220010016 220010017 90010018 75010019 10000

10020 320010021 30010022 140010023 50010024 95010025 550010026 280010027 100010028 120010029 95010030 320010031 100010032 210010033 400010034 420010035 75010036 400010037 65010038 55010039 90010040 110010041 65010042 110010043 65010044 38010045 55010046 180010048 550

10050 80010051 320010052 3800

10053 48010054 26010055 65010056 20010057 20010058 110010059 300

10060 160010062 260010063 85010064 130010065 85010066 150010067 46010068 36010069 55010070 30010071 42010072 20010073 55010074 30010075 30010076 110010077 25010078 200010079 1200010080 180010081 20010082 20010083 80010084 75010085 48010086 90010087 65010088 1800

10089 180010090 160010091 1300

10092 85010093 160010094 300010095 400010096 130010097 440010098 65010099 95010100 65010101 95010102 320010103 65010104 95010105 100010106 400010107 50010108 320010109 150010110 75010111 48010113 180010114 100010115 130010116 200010117 1600010118 1700010119 120010120 75010121 90010122 170010123 120010124 85010125 150010126 120010127 24000

10128 32010129 8500

10130 130010131 90010132 4000010133 800010134 1500010135 1100010136 190010137 190010138 40010139 80010140 40010141 40010142 40010143 1600

10144 240010145 120010146 100010147 260010148 55010149 30010150 170010151 340010152 320010153 750010154 130010155 950010156 240010157 3600010158 360010159 170010160 95010161 2200

10162 320010163 3400

10164 200010165 85010166 75010167 500010168 600010169 180010170 180010171 100010172 110010173 220010174 180010175 650010176 48010177 9500

10178 600010179 550010180 160010181 3000

10182 90010183 750010184 340010185 140010186 3400010187 320010188 150010189 6500

10190 1400010191 1300010192 500010193 220010194 1700010195 440010196 65010197 1100010198 1300010199 320010200 1000010201 170010202 1300010203 750010204 170010206 200010207 150010208 150010209 160010210 40010211 32010212 650010213 140010214 90010215 100010216 1000010217 270010218 240010220 300010221 1500010222 30010223 650010224 130010225 460010226 240010227 1700

10228 75010229 95010230 650010231 120010232 40010233 1600

PRICES REALISED (CHF)David Feldman SA Geneva, November, 2003

Lot Result Lot Result Lot Result Lot Result Lot Result Lot Result

3Prices do not include buyers’ premium and chargesLots not included in this list were either withdrawn or did not bring a bidPrices may include lots bought back under reserve

10019 Est. 5’000 Result 11’800

10052 Est. 1’500 Result 4’484

10127 Est. 6’000 Result 28’320

10132 Est. 8’000 Result 47’200

10186 Est. 15’000 Result 40’120

CAPE TRIANGULARS

20000 950020001 150020002 220020003 170020004 44020005 60020006 60020007 70020008 80020009 90020010 60020011 26020012 950

20013 30020014 50020015 46020016 46020017 55020018 28020019 50020020 34020021 130020022 75020023 75020024 50020026 60020027 65020028 48020030 44020031 110020032 30020035 28020036 32020038 50020043 42020045 220020046 65020047 30020048 30020050 40020052 50020057 36020059 280

20060 70020061 55020062 42020063 180020065 44020066 20020067 40020068 44020069 700020070 2400020071 300020072 240020073 500020074 190020075 650

20076 200020077 46020078 50020079 3000020080 180020081 2800

20082 150020083 130020084 100020085 160020086 130020087 220020088 130020090 140020091 160020092 2600

20094 32020095 1100020096 44020097 95020099 180020100 200020101 380020102 44020103 40020104 75020105 80020106 32020107 30020108 28020109 28020110 20020112 320020113 95020114 100020117 50020118 95020120 550020121 400020122 240020123 500020125 32020126 28020127 110020128 80020129 100020130 28020131 300020132 360020133 260020134 220020135 75020136 360020137 100020138 300

20139 55020142 55020143 85020144 150020147 260020148 32020149 4400020150 420020152 75020153 4400

20155 800020156 900020157 150020158 400020160 400

20161 28020163 28020165 30020166 60020168 55020169 44020172 150020174 550020175 500020176 180020178 160020180 440020181 42020182 38020183 30020184 70020185 440020186 750020187 150020188 50020189 55020190 65020191 32020193 550020194 300020195 110020196 65020198 950020199 320020200 34020201 22020204 180020206 100020208 75020210 200020211 100020214 50020215 140020216 280020217 50020218 100020219 280020221 220020223 200020225 1600

20227 90020228 42020229 300020230 120020231 1400

20232 50020233 130020234 700020235 300020237 160020238 38020239 30020240 28020242 2000

20243 2000020245 150020247 65020248 50020249 38020251 70020252 55020253 40020254 28020256 750020257 320020258 320020259 240020260 280020261 750020262 1800020263 3600020264 480020266 420020267 170020268 70020269 95020270 85020271 500

20272 15020273 80020274 50020276 300020277 2000020278 190020279 30020280 2400020281 260020282 300020283 380020284 190020285 65020286 50020287 42020288 3800020289 5500020290 14000020291 380020293 95020294 150020295 75020296 40020297 3800020298 150020299 40020300 400

20301 20000020302 4400020303 750020304 1100020306 95020307 100020308 180020310 5500020311 2400020313 220020314 320020315 160020316 26020317 42020318 22020319 160020322 1200020323 44020325 120020326 1600020327 1100020328 220020329 150020330 1700



4 Prices do not include buyers’ premium and chargesLots not included in this list were either withdrawn or did not bring a bid

Prices may include lots bought back under reserve

20070 Est. 10’000 Result 28’320

20149 Est. 40’000 Result 51’920

20290 Est. 60’000 Result 165’200

20301 Est. 140’000 Result 236’000

20331 200020332 50020334 40020336 9020338 40020339 46020341 700020342 260020343 900020344 400020345 190020346 1100020347 40020348 80020349 170020350 28020351 380020352 500020353 420020354 240020356 75020357 42020358 20020359 40020360 65020362 20020363 160020364 55020365 380020366 750020367 2000

20368 160020369 130020370 60020371 55020372 20020373 36020374 550020377 150020378 42020379 48020380 22020381 16020382 42020383 55020384 150020385 36020386 320020387 260020388 180020389 130020390 110020393 160

20394 19020395 10020396 15020397 320020398 400020399 240020400 190020401 55020402 360020403 190020404 36020405 40020406 85020409 4200020410 200020411 300020413 55020414 110020415 140020418 40020420 85020421 700020422 40020423 48020424 150020425 160020427 800020428 3200020429 600030000 28030001 550

30002 300030004 70030006 150030009 80030010 650030011 400030012 170030013 65030014 75030017 2000030019 32030020 320030021 55030022 260030023 100030027 22030028 20030030 30030031 16030032 55030033 28030034 850

30035 26030036 24030037 110030038 120030039 22030041 38030043 75030046 150030047 300030048 110030049 80030050 22030053 28030054 46030055 75030056 100030057 30030059 38030060 32030061 46030062 340

CYPRUS

30063 550030064 320030065 200030066 100030067 220030068 180030069 160030070 120030071 240030072 170030073 260030074 120030075 1200

30076 40030077 85030078 95030079 42030080 400

30081 160030082 70030083 36030084 40030086 1400

30087 30030088 38030089 55030090 40030092 30030093 15030094 28030095 20030096 1000030097 20030098 20030099 240030100 30030101 20030102 40030103 20030104 650

30105 320030106 320030107 600030108 2200030109 20000

30110 60030111 110030112 65030113 30030114 200

30115 90030116 60030117 100030117A 400030118 60030119 85030120 75030121 150030122 85030123 20030124 500

30125 200030126 280030127 240030128 50030129 6000

30130 75030131 65030132 15030133 16030134 460

30135 65030136 800030137 120030138 70030139 200030140 40030141 850030142 1600030143 1200030144 220030145 220030146 220030147 65030148 110030149 110030151 80030152 1100030153 55030154 750030155 800030156 110030157 160030158 160030159 140030160 50030161 30030162 80030163 28030164 50030165 34030166 750

30168 190030169 550030170 300030171 600030173 5500

30174 30030175 160030176 55030177 400030178 380




30017 Est. 9’000 Result 23’600

30063 Est. 1’500 Result 6’490

30096 Est. 500 Result 11’800

30108 Est. 8’000 Result 25’960

30109 Est. 4’000 Result 23’600

30179 120030180 26030181 70030183 40030184 48030185 28030186 50030187 320030188 55030189 170030190 4000

30191 60030193 15030194 15030195 16030196 42030197 20030198 20030199 20030200 55030201 15030202 320030203 260030204 48030205 320

30206 20030207 260030208 30030209 140030210 15030211 42030212 120030213 130030214 130030215 950030216 50030217 1000

30218 48030219 65030220 160030221 110030222 15030223 16030224 42030225 75030226 24030227 110030228 18000

30229 34030230 30030231 80030232 110030233 44030234 20030235 240030236 48030237 600030238 240030239 28030240 60030241 190030242 360

30243 120030244 28030245 32030246 42030247 28030248 30030249 22030250 28030251 26030252 20030253 70030254 150

30255 34030256 15030257 48030258 18030259 80030260 36030261 900030262 50030263 60030264 10030266 525030267 300030268 60030269 55030270 40030271 36030273 70030274 32030277 30030278 90030281 60030282 75030283 65030284 46030285 75030286 1900

30287 95030288 95030289 70030290 95030291 200030292 260030293 30030294 42030295 220030296 85030297 130030298 48030300 65030301 40030302 65030303 34030304 42030305 80030306 75030307 36030308 34030309 28030310 55030311 600

30312 15030316 30030317 10030322 300030324 280030326 10030327 20030328 530030330 330030331 600030332 110030333 50030334 34030335 30030336 24030337 26030338 28030339 28030340 30030341 32030342 5030343 70030345 28030346 34030347 34030348 220

30349 50030350 160030351 32030352 46030353 60030354 24030355 26030356 26030357 36030358 50030361 85030363 1700030364 110030365 48030367 40030369 75030372 80030374 55030375 70030376 120030378 85030379 150030386 65030388 340

30391 15030393 60030394 80030395 1300

30396 95030397 55030400 38030401 26030402 30030403 30030406 70030409 110030410 20030412 32030413 26030415 36030420 9030422 100030423 20030427 320030428 200030429 200030430 40030437 150030442 180030443 38030444 500

30447 42030448 32030451 110030452 80030453 24030455 1000

30456 70030457 55030458 44030459 13000

30460 400030461 480030462 120030465 60030469 80030477 20030478 500030479 42030488 30030491 20030494 10030500 70030501 95030503 36030506 36030508 300030512 32030513 150030517 40030518 10030520 200030521 100030527 260

30530 50030534 40030535 150030536 12030538 90030539 3000





30136 Est. 800 Result 9’440

30142 Est. 3’000 Result 18’880

30152 Est. 1’600 Result 12’980

30215 Est. 2’000 Result 11’210

30237 Est. 300 Result 7’080

30541 150030543 100030544 650030546 75030548 300030549 30030551 130030553 42030555 40030560 160030561 65030565 55030567 70030568 70030569 75030573 34030577 38030578 38030579 65030580 150

30581 60030582 70030583 22030584 46030585 60030586 46030587 44030590 650

30593 30030594 80030599 48030606 65030608 30030609 85030613 30030616 32030617 15030630 85030631 1700

30632 85030633 40030640 20030641 150030642 18030648 6030649 100030650 50030651 110030652 170030653 36030654 55030655 38030664 110030665 160030666 150030668 65030671 90030673 50030676 200

30677 50030678 20030679 22030683 12030686 16030689 20030696 50030697 160

30698 75030699 50030700 65030702 12030705 330707 55030708 65030709 65030710 90030713 70030714 600

30715 11030716 20030717 32030718 110030719 220030720 25030722 340030723 110030724 42030725 85030726 85030728 10030729 55030730 32030731 22030734 80030735 20030737 11030739 75030741 36030742 32030746 10030748 400030749 9030750 280030751 38030752 130030753 38030754 20030755 85030756 100030758 30030759 20030764 50030765 20030766 20030772 90030774 46030775 75030776 85030779 32030781 32030782 260030785 38030788 190030793 70030794 75030797 40030799 190030800 160030807 160030810 40030811 48030818 260030819 220030820 400030822 48030823 500030824 480030825 170030826 280030832 240030837 420

30838 150030844 42030850 260030864 50030865 42030880 70030895 55030903 36030910 300030912 38030913 40030914 75030915 42030916 50030917 100030920 50030921 55030924 50030929 260030930* 32030931 130030932 600030933 150030934 150030935 280030936 22030937 30030940 190030941 60030943 60030944 40030957 11030960 38030961 40030962 40030965 1200030967 60030968 150030973 220030974 50030976 48030978 110030980 180030981 48030986 50030990 70030992 26030994 65030995 36031000 36031001 36031002 360031004 130031007 70031009 50031012 110031014 260031017 65031018 400031019 150031023 60031025 36031028 1700

31029 44031037 15031038 50031039 60031040 65031041 110031044 85031045 50031046 40031047 36031049 46031050 40031051 100031052 60031054 26031055 28031056 140031058 55031059 120031060 36031061 80031063 30031065 30031068 50031075 10031076 190031077 38031078 850031079 22031081 11031082 60031083 55031084 16031086 28031088 10031089 30031090 42031093 380031094 40031095 70031098 300031111 26031113 300031115 24031116 26031117 32031120 32031125 65031126 85031127 150031128 20031130 65031131 10031132 26031133 50031134 34031135 100031136 44031138 22031139 140031140 20031141 180031142 1000

31143 90031144 85031145 115031146 75031147 90031148 110031150 30031151 55031152 50031157 2200031160 100031163 200031164 60031165 170031166 130031167 44031168 180031169 20031170 24031171 42031172 150031173 240031174 80031175 50031176 32031178 17031181 30031182 65031183 38031184 22031187 440031188 17031189 26031191 20031193 95031195 15031196 200031201 32031202 130031203 18031207 6031209 80031214 500031220 30031223 40031226 100031228 22031234 4031237 38031240 90031241 42031245 60031246 110031249 85031251 42031252 60031253 100031254 24031255 10031256 220031257 5031258 20031259 380




30363 Est. 18’000 Result 20’060

31163 Est. 1’200 Result 2’36031173 Est. 1’100 Result 2’832

31260 125031261 280031262 50031263 85031264 200031266 70031267 40031268 65031270 60031272 26031273 600031274 950031275 60031276 120031277 40031278 95031279 90031280 650031281 220031282 65031284 380031285 750031286 220031288 150031289 80031290 140031291 32031292 32031295 50031296 42031297 85031298 95031299 95031300 22031301 95031302 90031303 90031304 65031305 140031307 42031308 55031312 34031317 80031318 40031319 70031320 30031321 60031322 150031327 55031328 55031329 65031330 46031331 34031332 100031333 200031335 160031337 50031339 22031343 40031347 32031348 22031349 34031350 200

31351 60031352 200031354 55031355 380031357 40031358 320031361 80031362 55031363 55031366 48031367 110031369 48031370 140031371 30031372 60031373 40031374 38031375 95031376 42031377 60031378 110031380 50031381 130031382 70031384 44031385 40031386 110031387 65031390 55031391 320031393 22031394 60031395 75031396 150031397 55031398 65031399 90031401 100031402 40031403 20031404 28031405 85031406 46031407 80031408 20031409 20031410 60031411 55031412 36031413 36031414 85031415 75031417 50031418 42031419 30031420 36031421 220031423 50031426 32031427 40031429 80031430 20031431 1300

31432 36031433 75031434 22031435 38031436 20031437 60031438 95031439 50031440 320031444 28031446 40031447 150031451 400031455 42031456 30031457 30031459 140031461 32031462 240031465 44031466 40031467 40031473 180031474 420031476 75031477 30031480 110031482 20031485 100031487 60031488 40031489 300031491 30031492 340031496 120031497 140031498 140031500 50031501 120031502 140031505 100031509 30031511 340031512 75031513 65031518 90031520 22031521 44031522 32031523 50031525 240031526 22031527 60031529 20031533 65031542 180031543 170031544 90031545 34031546 120031547 50031548 40031549 700

31550 32031553 20031554 65031555 300031557 95031558 95031559 44031565 46031566 190031567 55031568 65031574 22031575 28031576 60031577 20031578 85031579 36031580 40031581 60031583 40031584 24031585 22031587 48031588 75031589 80031590 75031591 90031593 95031595 65031596 50031597 95031598 65031599 100031600 40031601 65031602 44031603 40031604 22031605 190031608 20031609 26031610 75031619 55031625 120031629 300031630 40031632 180031633 60031635 40031640 30031641 100031643 380

SERBIA

31644 120031645 85031646 160031647 100031648 240031650 550031651 260031653 220

31654 40031655 60031656 190031657 40031658 28031659 200031660 220031663 40031664 20031665 15031667 3000031668 160031669 460031670 40031671 200031672 15031673 46031674 8031675 1000031676 240031677 900031678 22031681 15031682 80031683 70031684 28031685 20031686 75031688 10031690 160031691 650031692 260031693 28031694 360031695 40031696 280031697 110031698 7500031699 600031700 75031701 32031704 11000

31705 150031707 80031708 100031709 80031710 24031711 280

31712 18031713 42031715 75031716 20031717 180031718 80031719 140031720 110031721 240031722 8000031723 1300031724 100031725 36031726 42031727 22031728 500031729 031731 380031732 75031733 150031735 36031736 1400031737 1000031738 1500031739 120031742 80031744 65031745 38031746 380031747 300031748 340031749 220031750 60031751 70031752 200031753 36031754 120031755 140031756 200031757 320031758 110031759 2200

31760 200031761 280031762 300031763 320031764 20031766 400





31704 Est. 5’000 Result 12’980

31767 110031768 400031769 95031770 180031772 85031773 60031774 80031775 80031776 300031777 190031779 200031780 140031781 110031782 30031783 300031784 120031785 80031788 480031789 22031791 60031793 38031794 320031795 220031796 14031797 75031798 26031799 11031800 9500

31801 28031802 32031803 280031804 850031805 70031806 380031808 280031809 400031810 220031811 190031812 160031813 26031814 65031817 30031818 65031819 400031820 30031825 950031827 65031828 22031831 44031832 20031833 60031834 1400

31835 480031837 42031838 30031839 11031840 160031841 80031842 8031843 60031844 60031845 400

31848 7031849 85031850 32031851 19031854 36031855 120031857 70031858 110031859 120031860 80031864 36031865 65031869 500

31871 85031872 200031873 170031874 24031875 36031877 180031878 95031879 50031881 300

FRANCE & COLONIES

31882 20031883 32031884 10031885 60031886 12031887 40031888 30031889 42031890 30031891 4200031892 95031893 2000

31894 220031895 1500031896 100031897 120031898 90031899 110031900 95031901 34031902 38031903 300

31904 12031905 48031906 32031907 150031908 500

31909 240031910 75031911 60031912 38031913 90031914 30031915 38031916 60031918 24031919 60031920 60031921 20031922 32031923 150031924 150031925 170031926 55031927 120031928 1300

31929 48031930 42031931 220031932 12031933 26031934 44031935 340031936 200031937 40031938 30031939 80031940 200031941 60031942 80031943 110031944 20031945 55031946 40031947 20031948 48031949 15031950 24031951 55031952 50031953 20031954 55031955 320031957 120

31958 34031959 280031960 200031961 40031962 90031963 26031964 26031965 36031966 70031967 430031968 26031969 46031970 120031971 400031973 85031974 110031975 65031976 40031977 1000

31978 8031979 70031980 60031981 480031982 30031983 10031984 20031985 650

31986 40031987 38031988 80031989 130031990 150031991 42031992 30031993 34031994 60031995 55031996 60031997 60031998 65031999 8032000 90032001 650032002 80032003 70032004 30032005 340032006 3600

32007 75032008 32032009 48032010 40032011 40032012 190032013 30032016 200

32017 20032018 75032019 180032020 300032021 40032022 110032023 32032024 320

32025 50032026 240032027 200032029 70032030 70032031 75032032 180032033 60032034 55032035 55032036 70032037 26032038 180032039 100032040 40032041 40032043 36032044 90032045 44032046 70032047 200

32048 42032049 42032050 75032051 300032052 55032055 34032056 400




31737 Est. 5’000 Result 11’800

31794 Est. 2’000 Result 3’776

31895 Est. 8’000 Result 17’700

31909 Est. 1’000 Result 2’832

32006 Est. 1’500 Result 4’248

32057 22032058 550032059 26032060 80032061 100032062 110032063 100032064 220032065 24032066 24032067 38032069 20032070 28032072 20032074 15032075 30032077 4800

32081 26032082 40032083 25032084 100

32085 22032087 120032090 240032091 38032092 100032093 240032094 44032095 32032096 55032097 95032098 550032099 190032100 360032101 240032102 500

32103 130032104 13032105 160032106 28032107 340032109 11032110 27032111 120032114 16032115 140032116 26032117 150032118 55032119 28032120 65032121 140032122 1500

32123 85032124 65032125 80032126 850

32127 95032128 20032129 280032130 32032131 400032132 30032133 44032134 85032135 95032136 60032137 27032138 28032139 160032140 110032141 420

32142 46032143 55032144 30032145 65032146 75032147 20032148 30032149 24032151 65032152 42032153 160

32154 42032155 32032157 80032158 40032159 40032160 80032161 80032162 55032163 90032164 360032166 220032167 60032168 55032169 42032170 140032172 380032173 70032177 120032178 120032179 80032180 24032181 130032182 42032183 10032184 1500

32185 80032186 380032187 90032188 55032189 240032190 85032191 34032193 70032194 80032195 80032196 340

32197 400032198 160032199 130032200 700032201 70032202 190032204 80032205 32032206 30032207 140032208 30032209 440032210 750032210A 120032211 60032212 470032213 480032214 48032215 55032216 90032218 20032219 32032220 55032221 150032222 280

32223 1700032224 34032225 150032228 160032229 100032230 200032231 65032232 90032233 160032234 70032235 60032236 100032237 95032238 90032239 220032241 160032242 32032243 220032244 100032245 16032246 48032247 400032248 60032249 75032250 16032251 90032252 1400032253 2200032254 700032255 4000032256 750032257 850032258 55032259 20032260 110032261 280032262 75032263 260032264 36032265 240032266 190032267 260032268 95032269 95032270 28032271 130032272 360032273 280032274 320032275 140032276 120032277 120032278 42032279 28032281 750

32282 38032283 150032284 130032285 1000032286 200

MONACO

32287 3000032288 1100032289 20032290 44032291 48032292 220032293 46032294 50032295 48032296 180032297 130032298 40032299 24032300 20032301 360032302 130032305 120032307 30032308 20032309 140032310 22032311 5032312 240032314 50032316 70032317 95032318 26032320 200032321 17032322 48032323 650032324 750032325 28032326 22032328 55032329 28032331 36032332 170032333 38032334 65032335 20032336 1900032338 100032340 48032341 110032342 20032343 420





32077 Est. 2’400 Result 5’664

32210 Est. 3’000 Result 8’850

32223 Est. 7’000 Result 20’060

32285 Est. 8’000 Result 11’800

32287 Est. 30’000 Result 35’400

32344 26032345 30032346 190032347 1150032348 10032349 85032350 160032351 24032353 55032354 220032355 320

OLYMPICS

32356 42032357 40032358 29032359 180032360 400

32361 150032362 32032363 5032365 85032367 200032370 60032371 28032372 28032373 22032376 11032377 30032378 15032380 20032381 20032382 46032383 50032384 75032385 50032386 120032387 11032388 48032389 65032390 48032391 7532392 550032393 50032394 48032396 80032397 30032398 85032399 40032400 32032401 80032402 750

32403 40032404 100032405 5032409 48032411 55032412 34032417 60032419 32032420 320032421 240032422 320032423 130032424 220032425 70032426 480032427 34032428 8032429 32032431 180

32432 30032434 36032435 75032437 15032438 10032439 22032440 200

32441 20032443 55032444 36032446 32032448 28032453 11032455 90032456 42032458 22032459 32032461 20032465 120

32474 85032475 10032476 240032484 160032485 10032488 50032489 42032490 65032491 26032493 110032494 750032495 38032496 500032497 110032498 50

32499 1300032500 50032501 5032503 200032504 150032505 20032514 400

32520 200032524 36032526 26032528 36032542 70032563 20032564 22040000 75040001 85040002 65040003 85040004 700

40005 75040006 42040007 70040008 180040009 130040010 95040011 340040012 90040013 55040014 75040015 80040016 700040017 1200040018 180040019 320

40020 75040021 160040022 85040023 200040024 85040025 65040026 90040027 38040028 65040029 55040030 60040031 480040032 70040033 10040034 30040035 200040036 320040037 440040038 44040039 140040040 100040041 85040042 75040043 65040044 170040046 420040048 28040049 60040050 140040051 420040052 260040053 380040054 22040055 200

40056 220040057 32040058 750040059 3400040060 280040061 380040062 1100040063 34040064 130040065 200040066 200040067 600040068 240040069 140040070 60040071 180040072 950040073 16040074 95040075 85040076 36040077 140040078 130040079 34040080 28040081 380040082 180040083 220040084 80040085 140040086 4200040087 70040089 200040090 95040091 55040092 300040093 180040094 20040095 38040096 180040097 120040098 65040099 750040100 95040101 100040102 26040103 130040104 110040105 48040106 60040107 30040108 420040109 220040110 500040111 220040112 75040114 20040115 260040116 75040117 160040118 80040119 65040120 850

40122 40040123 22040125 20040126 150040127 34040128 28040129 70040130 28040131 48040132 34040133 36040135 95040136 320040137 300040139 50040140 240040141 55040142 120040143 140040144 55040145 40040146 95040147 340040148 50040149 20040150 140040151 240040152 400040153 190040154 38040155 24040156 130040157 80040158 660040159 32040160 40040161 110040162 240040163 70040164 130040165 44040166 28040167 140040168 120040170 26040171 95040172 170040173 130040174 170040176 300040177 28040178 280040179 95040180 85040181 160040182 70040183 1500040184 18040185 3000040186 120040187 200040188 70040189 22000




32288 Est. 10’000 Result 12’980

32424 Est. 800 Result 2’596

32426 Est. 600 Result 5’664

40190 600040191 1700040192 80040193 550040194 2800040195 1200040196 28040197 75040198 180040199 38040200 150040201 80040202 30040203 200040204 50040205 36040206 46040207 200040208 150040209 700040210 180040211 2000040212 48040213 1400040214 40040215 220040217 48040218 950040219 110040220 220040221 75040222 22040223 36040225 38040226 30040227 20040228 1900040229 50040231 900040232 220040233 95040234 320040235 380040236 280040237 950040238 900040239 1600040240 240040241 420040242 300040243 160040244 550040245 360040246 1500040247 44040248 300040249 460040250 280040251 280040252 400040253 550040254 400040255 2800

40256 32040257 550040258 280040259 900040260 65040261 260040262 1300040263 260040264 650040265 2000040266 130040267 190040268 900040269 380040270 480040271 500040272 110040273 650040274 320040275 130040276 2800040277 900040278 700040279 320040280 700040281 550040282 2200040283 3200040284 600040285 1000040286 550040287 260040288 7000040289 800040290 120040291 190040292 1200040293 260040294 850040295 1100040296 240040297 130040298 750040299 850040300 30040301 150040302 1000040303 110040304 160040305 650040306 700040307 34040308 850040309 650040310 600040311 3000040312 200040313 180040314 1100040315 36040316 650040317 340040318 18000

40319 1500040320 2600040321 2400040322 550040323 220040324 2600040325 750040326 1200040327 340040328 1100040329 1200040330 70040331 380040332 1100040333 280040334 180040335 4800040336 50040337 1300040338 220040339 60040340 130040341 15040342 260040343 85040344 26040345 800040346 190040347 900040348 150040349 65040350 280040351 24040352 500040353 20040354 65040355 500040357 180040359 140040360 65040361 42040362 75040363 85040364 130040365 80040366 80040367 130040368 40040369 30040370 60040371 440040372 800040373 1200040374 600040375 110040376 80040377 110040378 280040379 120040380 340040381 1100040382 260040383 1600

40384 360040385 75040386 34040387 180040388 40040389 70040390 38040391 95040392 30040393 190040394 17040395 320040396 110040397 60040398 200040399 70040400 38040401 70040402 55040403 80040404 220040405 240040406 70040407 700040408 480040409 850040410 70040411 320040412 130040413 60040414 24040415 170040416 44040417 260040418 160040419 130040420 85040421 100040422 1400040423 130040424 75040425 38040426 85040427 48040428 160040429 75040430 130040431 140040432 130040435 24040436 55040437 180040439 180040441 34040443 42040444 60040445 17040447 180040448 320040449 70040450 220040451 70040452 300

40453 70040455 800040456 180040458 130040459 75040460 550040461 110040462 130040463 38040464 90040465 90040466 60040467 75040468 170040472 46040473 130040475 11040476 280040477 140040478 10040479 650040480 1100040481 200040482 600040484 360040485 400040486 55040487 65040488 55040489 50040490 700040492 120040493 60040494 24040495 500040496 130040497 1200040498 50040499 55040501 42040503 30040506 36040507 16040508 150040509 44040511 85040512 75040513 400040514 260040515 120040516 100040517 34040518 15040519 460040520 550040521 10040522 28040523 550040524 190040525 30040526 65040527 360040528 3200

40529 300040530 180040531 120040532 400040533 34040534 38040535 46040536 120040537 150040538 18040539 1500040540 22040541 3400040542 260040543 90040544 60040545 170040546 24040547 24040548 2200040549 90040550 150040551 360040552 40040554 320040555 22040556 22040557 36040558 40040559 80040560 50040561 260040562 240040563 75040564 280040565 380040566 170040567 75040568 120040569 1250040570 1500040571 160040572 380040573 200040574 120040575 130040576 36040577 120040578 32040579 420040580 180040581 50040582 75040583 75040584 110040585 170040587 500040588* 150040589 90040590 28040591 48040592 40040593 1500





40595 85040596 500040597 1100040598 30040599 5040600 24040601 42040602 42040603 100040605 140040606 75040607 110040608 48040609 42040611 24040613 30040614 46040615 30040616 15040618 170040619 950040620 280040621 170040622 190040623 65040624 42040625 32040626 15040627 200040628 32040629 190040630 90040631 90040632 65040633 280040634 320040635 32040636 170040637 240040638 42040639 130040640 70040641 240040645 75040646 95040650 120040652 800040653 42040654 360040655 26040656 1200040657 500040658 650040659 55040660 80040661 19040662 20040663 85040664 100040665 48040666 24040667 1100040670 220

40671 95040672 220

SWITZERLAND

40674 60040675 46040676 44040677 2600

40678 800040679 650040680 5500040681 700040682 80040683 38040684 40040685 65040686 48040687 120040688 70040689 280040690 110040692 40040693 40040694 1900040696 1500040697 1000040698 460040699 1000040700 180040701 240040702 180040703 55040706 750040707 36040708 220040709 260040710 120040711 100040712 80040713 40040714 140040715 200040716 230040717 110040718 100040719 34040720 1100040721 3000

40723 260040724 150040725 38040726 170040727 1000040728 460040729 900040730 260040731 1500

40732 150040733 2400040734 120040736 100040737 100040738 160040739 40040740 70040741 75040742 65040744 380040745 200040746 200040747 3400

40749 360040750 220040752 48040753 260040754 600040755 36040756 38040757 200040758 900040760 110040762 650

40763 60040764 180040765 950040766 60040767 160040769 150040770 30040771 42040772 30040773 600040774 40040775 55040776 44040777 75040778 160040779 60040780 75040781 26040782 26040784 110040785 95040786 90040787 17040788 140040789 50040790 130040791 40040792 19040793 48040794 90040795 500040796 28040797 18040798 30040799 110040801 36040802 340

40804 240040805 750040806 180040807 48040808 36040809 100040810 100040811 85040812 85040813 14040814 120

40816 20040817 36040819 480040820 55040821 50040822 22040823 32040824 36040825 28040826 20040827 38040828 48040829 36040830 30040831 48040832 120040833 80040834 48040835 360040836 48040837 38040839 28040840 130040841 1500

40842 95040843 34040844 90040845 90040846 110040847 38040848 55040849 280040850 16040851 55040852 42040853 55040854 80040855 36040857 95040859 170040860 28040861 32040862 32040863 150040864 140040865 5540866 24040867 42040868 85040869 36040870 2600

40876 50040878 120040879 24040880 9040882 100040883 150040885 46040886 36040887 110040888 30040889 110040890 24040891 60040892 28040893 40040894 260040895 120040896 1900040897 2000040898 100040899 340040900 180040901 38040902 3800

40904 650040905 42040906 300040907 120040908 240040909 80040910 400040911 280040912 360040913 170040914 170040915 1000040916 70040917 55040918 42040919 650040920 140040921 320040922 42040923 50040924 120040925 1400040926 220040927 65040929 28040931 90040932 550



40680 Est. 60’000 Result 64’900

40727 Est. 10’000 Result 11’800

40765 Est. 5’000 Result 11’210

40933 50040934 13040936 90040937 400

40871 34040872 40040873 110040874 42040875 1600

ERRORS ANDOMISSIONSEXCEPTED.

* = NOT EXACTLY AS DESCRIBED

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May 2004 auctionalready includes

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Antarctica and Polar

Revenues and Postal Stationery

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COLLECTIONS & DEALER LOTS

Once again a record result in thisauction selling during one day, aboutCHF 3’000’000 worth of collections,

for almost double the estimates!

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Collections and Dealer Lots dayat the May 2004 auction.

(Special terms and rates given to recognized dealers and agents.)

United Nations ArchivesHighest price ever for a single large lot

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