Prices realised of the Stamps auction series 2003

David Feldman world leading stamp auctioneers

www.davidfeldman.com

Prices Realised November 17-22, 2003 Astounding prices, intense bidding and crowded auction rooms were the hallmarks of the latest auction held by David Feldman SA, November 19-22 in Geneva, Switzerland, which featured the participation of dozens of real-time bidders on the Internet.

At times, over 50 web bidders were connected live, and they sometimes took over the bidding from those physically present in the auction room. Several sections doubled or trebled the pre-sale estimates overall, and individual lots throughout the sale often soared to astonishing levels.

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

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

May 2004 auction already includes Austria Greece (The Collection Part III)

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

France and French Colonies Ireland (The “Dulin” collection) Russian Levant (The “Bustamante” collection) Antarctica and Polar Revenues and Postal Stationery All World and Collections

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 ?

David Feldman SA 175, route de Chancy P.O. Box 81 1213 Onex, Geneva Switzerland Tel: +41 (0)22 727 07 77 Fax: +41 (0)22 727 07 78 admin@davidfeldman.com www.davidfeldman.com

THE WHOLE WORLD CONNECTS TO GENEVA FOR THE LATEST DAVID FELDMAN AUCTION

November 2003

Astounding prices, intense bidding and crowded auction rooms were the hallmarks of the latest auction held by David Feldman SA. Marcus Orsi, spokesman for the firm, commented that, “In troubled times, philatelic treasures have always held their own. This series of auctions confirms that.” Four days of intense room and internet bidding culminated with a hardfought day of collections and lots. The auction, held November 19-22 in Geneva, Switzerland, featured the participation of dozens of real-time bidders on the internet. At times, over 50 web bidders were connected live, and they sometimes took over the bidding from those physically present in the auction room.

Bidders from five continents, from countries as diverse as Ukraine and Chile, Estonia and Australia, Japan, Korea and China, USA, the UK and the UAE, Jordan and Cyprus competed via the internet against the book, the auction room (including several bidding agents and telephone bidders) and each other in a process that has become familiar to David Feldman SA customers for over two years now, and that plays an increasingly important part in the company’s success in raising results for their vendors.

Several sections doubled or trebled the pre-sale estimates overall, and individual lots throughout the sale often soared to astonishing levels. The auctions began with the Grand Prix collection of early Afghanistan (the “Tiger Heads”) formed by Horst Dietrich of Germany. A cover franked by a First Issue plate D strip of four, considered by some the finest Classic cover of Afghanistan, brought over CHF 28’000 while the ex-Ferrary mint sheet of four of the 1872-3 6 shahi se-tenant with 1 rupa brought CHF 47’000 and the ex-Ferrary complete sheet of 60 of the 1873-4 Tiger Heads brought CHF 43’000. An 1876 threecountry combination cover with stamps of Afghanistan and Kashmir on an India entire brought just over CHF 40’000 (all prices quoted include the buyers’ commission of 18%).

The “Lady Hope” collection of early Cape of Good Hope brought many results over CHF 20’000 per lot. For example, the only certified unused example of the 1861 One Penny Blue “Woodblock” error of colour, not represented in even the greatest collections of past generations, brought CHF 236’000 – a new world record for a single stamp from the Cape of Good Hope.

It was just one of dozens of powerful results in the section: 1861 1p “Woodblock” pair on cover together with 4p Perkins issue, over CHF 165’000; 1859 mixed franking of Perkins 4p with Mauritius 6p, nearly CHF 52’000; 1861 cover with pair of the 4p “Woodblock,” nearly CHF 65’000; and De La Rue One Shilling pair used on cover with postage due in England, CHF 49’500.

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

the Middle East, has finally been reflected in the philatelic market. Some realizations stunned the auction room, for example, an 1815 folded letter written by the Archbishop later beheaded by the Turks, estimated at CHF 500, was finally knocked down after a long battle between telephone and agent bidders for CHF 11’800! A cover to London franked by three British stamps of three very different issues, estimated at CHF 3’000 brought a stellar result at nearly CHF 19’000. Overall, the Cyprus section realized over double the original catalogue total.

Another important section of the auction was an unusually diverse offer of France and particularly French Colonies. Bidders from France filled the sales room to overflowing and brought realizations of multiple times the estimates, with many stamps of the Colonies bringing well over half the Ceres catalogue values, and collections of the same doing nearly as well. For example the Colonies General Issue 20c Ceres tete-beche, used, brought CHF 6’500; the New Caledonia 5c Surcharge on 1F Sage issue, mint, brought CHF 8’850 against a catalogue value of Euros 11’000.-; and the Reunion 1852 15c First Issue on piece brought over CHF 20’000. Even modern issues fared well: the French Andorra 1975 Europa error, with inscriptions omitted, brought CHF 11’800 to a telephone bidder against a catalogue value of Euros 10’000.-!

David Feldman SA is well known for their large sections of large lots and collections, and potential bidders had been viewing for over a month. When Saturday’s session began, it quickly became apparent, according to Marcus Orsi, “that people were there to make a serious statement to the market. I heard from several of the bidders indicated that this was one of the nicest sections of collections and lots offered anywhere in quite some time.”

Many lots were offered intact as received, and the prices obtained reflected that fact. Lots often soared well above estimate; for example, collections and even stocks of individual French Colonies reached unheard-of levels: a third, 40%, half catalogue value or more! A collection of Germany and States in five albums, estimated at CHF 20’000 brought over CHF 56’000 while a British Commonwealth collection, offered intact, reached nearly CHF 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 the internet or to mail bidders willing to stretch their bids to be successful.

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 web site, www.davidfeldman.com or by mail to P.O. Box 81, 1213 Onex, Switzerland. The company can be reached by telephone at (+41) 22-727-0777. David Feldman SA has representatives located throughout Europe, the United States and elsewhere; for the representative near you, please call, write or inquire at the company’s web site.

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

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

AFGHANISTAN

10000 10001 10002 10003 10004 10005 10006 10007 10008 10009 10010 10011 10012 10013 10014 10015 10016 10017 10018 10019

850 4000 950 1600 5500 460 400 1100 3800 360 2600 1400 1500 950 550 2200 2200 900 750 10000

10019

Est. 5’000

10020 10021 10022 10023 10024 10025 10026 10027 10028 10029 10030 10031 10032 10033 10034 10035 10036 10037 10038 10039 10040 10041 10042 10043 10044 10045 10046 10048

3200 300 1400 500 950 5500 2800 1000 1200 950 3200 1000 2100 4000 4200 750 4000 650 550 900 1100 650 1100 650 380 550 1800 550

Lot 10050 10051 10052

10052 10053 10054 10055 10056 10057 10058 10059

Result 800 3200 3800

10089 10090 10091

Est. 1’500 480 260 650 200 200 1100 300

Result 11’800 10060 10062 10063 10064 10065 10066 10067 10068 10069 10070 10071 10072 10073 10074 10075 10076 10077 10078 10079 10080 10081 10082 10083 10084 10085 10086 10087 10088

Lot

1600 2600 850 1300 850 1500 460 360 550 300 420 200 550 300 300 1100 250 2000 12000 1800 200 200 800 750 480 900 650 1800

Result 1800 1600 1300

Result 4’484

10092 10093 10094 10095 10096 10097 10098 10099 10100 10101 10102 10103 10104 10105 10106 10107 10108 10109 10110 10111 10113 10114 10115 10116 10117 10118 10119 10120 10121 10122 10123 10124 10125 10126 10127

850 1600 3000 4000 1300 4400 650 950 650 950 3200 650 950 1000 4000 500 3200 1500 750 480 1800 1000 1300 2000 16000 17000 1200 750 900 1700 1200 850 1500 1200 24000

Geneva, November, 2003

Lot

Result

Lot

10130 10131 10132 10133 10134 10135 10136 10137 10138 10139 10140 10141 10142 10143

1300 900 40000 8000 15000 11000 1900 1900 400 800 400 400 400 1600

10164 10165 10166 10167 10168 10169 10170 10171 10172 10173 10174 10175 10176 10177

10132 10144 10145 10146 10147 10148 10149 10150 10151 10152 10153 10154 10155 10156 10157 10158 10159 10160 10161

Est. 8’000 2400 1200 1000 2600 550 300 1700 3400 3200 7500 1300 9500 2400 36000 3600 1700 950 2200

Result 2000 850 750 5000 6000 1800 1800 1000 1100 2200 1800 6500 480 9500

Result 47’200 10178 10179 10180 10181

6000 5500 1600 3000

Lot

Result

10190 10191 10192 10193 10194 10195 10196 10197 10198 10199 10200 10201 10202 10203 10204 10206 10207 10208 10209 10210 10211 10212 10213 10214 10215 10216 10217 10218 10220 10221 10222 10223 10224 10225 10226 10227

14000 13000 5000 2200 17000 4400 650 11000 13000 3200 10000 1700 13000 7500 1700 2000 1500 1500 1600 400 320 6500 1400 900 1000 10000 2700 2400 3000 15000 300 6500 1300 4600 2400 1700

10186 Est. 15’000 Result 40’120

10127

Est. 6’000

10128 10129

320 8500

Result 28’320 10162 10163

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

3200 3400

10182 10183 10184 10185 10186 10187 10188 10189

900 7500 3400 1400 34000 3200 1500 6500

10228 10229 10230 10231 10232 10233

750 950 6500 1200 400 1600

3

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

CAPE TRIANGULARS

20000 20001 20002 20003 20004 20005 20006 20007 20008 20009 20010 20011 20012

9500 1500 2200 1700 440 600 600 700 800 900 600 260 950

Lot

Result

Lot

Result

Lot

20060 20061 20062 20063 20065 20066 20067 20068 20069 20070 20071 20072 20073 20074 20075

700 550 420 1800 440 200 400 440 7000 24000 3000 2400 5000 1900 650

20094 20095 20096 20097 20099 20100 20101 20102 20103 20104 20105 20106 20107 20108 20109 20110 20112 20113 20114 20117 20118 20120 20121 20122 20123 20125 20126 20127 20128 20129 20130 20131 20132 20133 20134 20135 20136 20137 20138

320 11000 440 950 1800 2000 3800 440 400 750 800 320 300 280 280 200 3200 950 1000 500 950 5500 4000 2400 5000 320 280 1100 800 1000 280 3000 3600 2600 2200 750 3600 1000 300

20155 20156 20157 20158 20160

20070 Est. 10’000 Result 28’320 20013 20014 20015 20016 20017 20018 20019 20020 20021 20022 20023 20024 20026 20027 20028 20030 20031 20032 20035 20036 20038 20043 20045 20046 20047 20048 20050 20052 20057 20059

4

300 500 460 460 550 280 500 340 1300 750 750 500 600 650 480 440 1100 300 280 320 500 420 2200 650 300 300 400 500 360 280

20076 20077 20078 20079 20080 20081

2000 460 500 30000 1800 2800

20149 Est. 40’000 Result 51’920 20082 20083 20084 20085 20086 20087 20088 20090 20091 20092

1500 1300 1000 1600 1300 2200 1300 1400 1600 2600

20139 20142 20143 20144 20147 20148 20149 20150 20152 20153

550 550 850 1500 2600 320 44000 4200 750 4400

Result 8000 9000 1500 4000 400

Geneva, November, 2003

Lot 20227 20228 20229 20230 20231

Result 900 420 3000 1200 1400

20290 Est. 60’000 Result 165’200 20161 20163 20165 20166 20168 20169 20172 20174 20175 20176 20178 20180 20181 20182 20183 20184 20185 20186 20187 20188 20189 20190 20191 20193 20194 20195 20196 20198 20199 20200 20201 20204 20206 20208 20210 20211 20214 20215 20216 20217 20218 20219 20221 20223 20225

280 280 300 600 550 440 1500 5500 5000 1800 1600 4400 420 380 300 700 4400 7500 1500 500 550 650 320 5500 3000 1100 650 9500 3200 340 220 1800 1000 750 2000 1000 500 1400 2800 500 1000 2800 2200 2000 1600

20232 20233 20234 20235 20237 20238 20239 20240 20242

500 1300 7000 3000 1600 380 300 280 2000

Lot

Result

20272 150 20273 800 20274 500 20276 3000 20277 20000 20278 1900 20279 300 20280 24000 20281 2600 20282 3000 20283 3800 20284 1900 20285 650 20286 500 20287 420 20288 38000 20289 55000 20290 140000 20291 3800 20293 950 20294 1500 20295 750 20296 400 20297 38000 20298 1500 20299 400 20300 400

20301 Est. 140’000 Result 236’000 20243 20245 20247 20248 20249 20251 20252 20253 20254 20256 20257 20258 20259 20260 20261 20262 20263 20264 20266 20267 20268 20269 20270 20271

20000 1500 650 500 380 700 550 400 280 7500 3200 3200 2400 2800 7500 18000 36000 4800 4200 1700 700 950 850 500

20301 200000 20302 44000 20303 7500 20304 11000 20306 950 20307 1000 20308 1800 20310 55000 20311 24000 20313 2200 20314 3200 20315 1600 20316 260 20317 420 20318 220 20319 1600 20322 12000 20323 440 20325 1200 20326 16000 20327 11000 20328 2200 20329 1500 20330 1700

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

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

20331 20332 20334 20336 20338 20339 20341 20342 20343 20344 20345 20346 20347 20348 20349 20350 20351 20352 20353 20354 20356 20357 20358 20359 20360 20362 20363 20364 20365 20366 20367

2000 500 400 90 400 460 7000 2600 9000 4000 1900 11000 400 800 1700 280 3800 5000 4200 2400 750 420 200 400 650 200 1600 550 3800 7500 2000

20394 20395 20396 20397 20398 20399 20400 20401 20402 20403 20404 20405 20406 20409 20410 20411 20413 20414 20415 20418 20420 20421 20422 20423 20424 20425 20427 20428 20429 30000 30001

190 100 150 3200 4000 2400 1900 550 3600 1900 360 400 850 42000 2000 3000 550 1100 1400 400 850 7000 400 480 1500 1600 8000 32000 6000 280 550

30035 30036 30037 30038 30039 30041 30043 30046 30047 30048 30049 30050 30053 30054 30055 30056 30057 30059 30060 30061 30062

30017

Est. 9’000

20368 20369 20370 20371 20372 20373 20374 20377 20378 20379 20380 20381 20382 20383 20384 20385 20386 20387 20388 20389 20390 20393

1600 1300 600 550 200 360 5500 1500 420 480 220 160 420 550 1500 360 3200 2600 1800 1300 1100 160

Result 260 240 1100 1200 220 380 750 1500 3000 1100 800 220 280 460 750 1000 300 380 320 460 340

CYPRUS

30063 30064 30065 30066 30067 30068 30069 30070 30071 30072 30073 30074 30075

5500 3200 2000 1000 2200 1800 1600 1200 2400 1700 2600 1200 1200

Lot

Result

30081 30082 30083 30084 30086

1600 700 360 400 1400

30096

Est. 500

30087 30088 30089 30090 30092 30093 30094 30095 30096 30097 30098 30099 30100 30101 30102 30103 30104

300 380 550 400 300 150 280 200 10000 200 200 2400 300 200 400 200 650

Geneva, November, 2003

Lot 30110 30111 30112 30113 30114

Result 600 1100 650 300 200

Result 11’800 30115 30116 30117 30117A 30118 30119 30120 30121 30122 30123 30124

900 600 1000 4000 600 850 750 1500 850 200 500

Lot

Result

30135 30136 30137 30138 30139 30140 30141 30142 30143 30144 30145 30146 30147 30148 30149 30151 30152 30153 30154 30155 30156 30157 30158 30159 30160 30161 30162 30163 30164 30165 30166

650 8000 1200 700 2000 400 8500 16000 12000 2200 2200 2200 650 1100 1100 800 11000 550 7500 8000 1100 1600 1600 1400 500 300 800 280 500 340 750

Result 23’600 30002 30004 30006 30009 30010 30011 30012 30013 30014 30017 30019 30020 30021 30022 30023 30027 30028 30030 30031 30032 30033 30034

3000 700 1500 800 6500 4000 1700 650 750 20000 320 3200 550 2600 1000 220 200 300 160 550 280 850

30063

Est. 1’500

30076 30077 30078 30079 30080

400 850 950 420 400

Result 6’490

30105 30106 30107 30108 30109

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

3200 3200 6000 22000 20000

30108

Est. 8’000

30125 30126 30127 30128 30129

2000 2800 2400 500 6000

30109

Est. 4’000

30130 30131 30132 30133 30134

750 650 150 160 460

Result 25’960 30168 30169 30170 30171 30173

1900 5500 3000 6000 5500

Result 23’600 30174 30175 30176 30177 30178

300 1600 550 4000 380

5

PRICES REALISED (CHF)

David Feldman SA

Lot 30179 30180 30181 30183 30184 30185 30186 30187 30188 30189 30190

Result 1200 260 700 400 480 280 500 3200 550 1700 4000

30136

Est. 800

30191 30193 30194 30195 30196 30197 30198 30199 30200 30201 30202 30203 30204 30205

600 150 150 160 420 200 200 200 550 150 3200 2600 480 320

30142

Est. 3’000

30206 30207 30208 30209 30210 30211 30212 30213 30214 30215 30216 30217

200 2600 300 1400 150 420 1200 1300 1300 9500 500 1000

6

Lot

Result

Lot

30218 30219 30220 30221 30222 30223 30224 30225 30226 30227 30228

480 650 1600 1100 150 160 420 750 240 1100 18000

30255 30256 30257 30258 30259 30260 30261 30262 30263 30264 30266 30267 30268 30269 30270 30271 30273 30274 30277 30278 30281 30282 30283 30284 30285 30286

340 150 480 180 800 360 9000 500 600 100 5250 3000 600 550 400 360 700 320 300 900 600 750 650 460 750 1900

30152

Est. 1’600

30287 30288 30289 30290 30291 30292 30293 30294 30295 30296 30297 30298 30300 30301 30302 30303 30304 30305 30306 30307 30308 30309 30310 30311

950 950 700 950 2000 2600 300 420 2200 850 1300 480 650 400 650 340 420 800 750 360 340 280 550 600

Result 9’440 30229 30230 30231 30232 30233 30234 30235 30236 30237 30238 30239 30240 30241 30242

340 300 800 1100 440 200 2400 480 6000 2400 280 600 1900 360

Result 18’880 30243 30244 30245 30246 30247 30248 30249 30250 30251 30252 30253 30254

1200 280 320 420 280 300 220 280 260 200 700 150

Result

Lot 30312 30316 30317 30322 30324 30326 30327 30328 30330 30331 30332 30333 30334 30335 30336 30337 30338 30339 30340 30341 30342 30343 30345 30346 30347 30348

Result 150 300 100 3000 2800 100 200 5300 3300 6000 1100 500 340 300 240 260 280 280 300 320 50 700 280 340 340 220

Result 12’980 30349 30350 30351 30352 30353 30354 30355 30356 30357 30358 30361 30363 30364 30365 30367 30369 30372 30374 30375 30376 30378 30379 30386 30388

500 1600 320 460 600 240 260 260 360 500 850 17000 1100 480 400 750 800 550 700 1200 850 1500 650 340

Geneva, November, 2003

Lot

Result

30391 30393 30394 30395

150 600 800 1300

30215

Est. 2’000

30396 30397 30400 30401 30402 30403 30406 30409 30410 30412 30413 30415 30420 30422 30423 30427 30428 30429 30430 30437 30442 30443 30444

950 550 380 260 300 300 700 1100 200 320 260 360 90 1000 200 3200 2000 2000 400 1500 1800 380 500

30237 30447 30448 30451 30452 30453 30455

Est. 300 420 320 1100 800 240 1000

Lot

Result

30456 30457 30458 30459

700 550 440 13000

Result 11’210 30460 30461 30462 30465 30469 30477 30478 30479 30488 30491 30494 30500 30501 30503 30506 30508 30512 30513 30517 30518 30520 30521 30527

4000 4800 1200 600 800 200 5000 420 300 200 100 700 950 360 360 3000 320 1500 400 100 2000 1000 260

Result 7’080 30530 30534 30535 30536 30538 30539

500 400 1500 120 900 3000

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

PRICES REALISED (CHF)

David Feldman SA

Lot 30541 30543 30544 30546 30548 30549 30551 30553 30555 30560 30561 30565 30567 30568 30569 30573 30577 30578 30579 30580

Result 1500 1000 6500 750 3000 300 1300 420 400 1600 650 550 700 700 750 340 380 380 650 150

Lot 30632 30633 30640 30641 30642 30648 30649 30650 30651 30652 30653 30654 30655 30664 30665 30666 30668 30671 30673 30676

Result 850 400 200 1500 180 60 1000 500 1100 1700 360 550 380 1100 1600 1500 650 900 500 200

30363 Est. 18’000 Result 20’060 30581 30582 30583 30584 30585 30586 30587 30590

600 700 220 460 600 460 440 650

31163 31173

Est. 1’200 Est. 1’100

30593 30594 30599 30606 30608 30609 30613 30616 30617 30630 30631

300 800 480 650 300 850 300 320 150 850 1700

30677 30678 30679 30683 30686 30689 30696 30697

500 200 220 120 160 200 500 160

Result 2’360 Result 2’832

30698 30699 30700 30702 30705 30707 30708 30709 30710 30713 30714

750 500 650 120 3 550 650 650 900 700 600

Lot 30715 30716 30717 30718 30719 30720 30722 30723 30724 30725 30726 30728 30729 30730 30731 30734 30735 30737 30739 30741 30742 30746 30748 30749 30750 30751 30752 30753 30754 30755 30756 30758 30759 30764 30765 30766 30772 30774 30775 30776 30779 30781 30782 30785 30788 30793 30794 30797 30799 30800 30807 30810 30811 30818 30819 30820 30822 30823 30824 30825 30826 30832 30837

Result 110 200 320 1100 2200 250 3400 1100 420 850 850 100 550 320 220 800 200 110 750 360 320 100 4000 90 2800 380 1300 380 200 850 1000 300 200 500 200 200 900 460 750 850 320 320 2600 380 1900 700 750 400 1900 1600 1600 400 480 2600 2200 4000 480 5000 4800 1700 2800 2400 420

Geneva, November, 2003

Lot

Result

Lot

30838 30844 30850 30864 30865 30880 30895 30903 30910 30912 30913 30914 30915 30916 30917 30920 30921 30924 30929 30930* 30931 30932 30933 30934 30935 30936 30937 30940 30941 30943 30944 30957 30960 30961 30962 30965 30967 30968 30973 30974 30976 30978 30980 30981 30986 30990 30992 30994 30995 31000 31001 31002 31004 31007 31009 31012 31014 31017 31018 31019 31023 31025 31028

1500 420 2600 500 420 700 550 360 3000 380 400 750 420 500 1000 500 550 500 2600 320 1300 6000 1500 1500 2800 220 300 1900 600 600 400 110 380 400 400 12000 600 1500 2200 500 480 1100 1800 480 500 700 260 650 360 360 360 3600 1300 700 500 1100 2600 650 4000 1500 600 360 1700

31029 31037 31038 31039 31040 31041 31044 31045 31046 31047 31049 31050 31051 31052 31054 31055 31056 31058 31059 31060 31061 31063 31065 31068 31075 31076 31077 31078 31079 31081 31082 31083 31084 31086 31088 31089 31090 31093 31094 31095 31098 31111 31113 31115 31116 31117 31120 31125 31126 31127 31128 31130 31131 31132 31133 31134 31135 31136 31138 31139 31140 31141 31142

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

Result 440 150 500 600 650 1100 850 500 400 360 460 400 1000 600 260 280 1400 550 1200 360 800 300 300 500 100 1900 380 8500 220 110 600 550 160 280 100 300 420 3800 400 700 3000 260 3000 240 260 320 320 650 850 1500 200 650 100 260 500 340 1000 440 220 1400 200 1800 1000

Lot

Result

31143 31144 31145 31146 31147 31148 31150 31151 31152 31157 31160 31163 31164 31165 31166 31167 31168 31169 31170 31171 31172 31173 31174 31175 31176 31178 31181 31182 31183 31184 31187 31188 31189 31191 31193 31195 31196 31201 31202 31203 31207 31209 31214 31220 31223 31226 31228 31234 31237 31240 31241 31245 31246 31249 31251 31252 31253 31254 31255 31256 31257 31258 31259

900 850 1150 750 900 1100 300 550 500 22000 1000 2000 600 1700 1300 440 1800 200 240 420 1500 2400 800 500 320 170 300 650 380 220 4400 170 260 200 950 150 2000 320 1300 180 60 800 5000 300 400 1000 220 40 380 900 420 600 1100 850 420 600 1000 240 100 2200 50 200 380

7

PRICES REALISED (CHF)

David Feldman SA

Lot 31260 31261 31262 31263 31264 31266 31267 31268 31270 31272 31273 31274 31275 31276 31277 31278 31279 31280 31281 31282 31284 31285 31286 31288 31289 31290 31291 31292 31295 31296 31297 31298 31299 31300 31301 31302 31303 31304 31305 31307 31308 31312 31317 31318 31319 31320 31321 31322 31327 31328 31329 31330 31331 31332 31333 31335 31337 31339 31343 31347 31348 31349 31350

8

Result 1250 2800 500 850 2000 700 400 650 600 260 6000 9500 600 1200 400 950 900 6500 2200 650 3800 7500 2200 1500 800 1400 320 320 500 420 850 950 950 220 950 900 900 650 1400 420 550 340 800 400 700 300 600 1500 550 550 650 460 340 1000 2000 1600 500 220 400 320 220 340 200

Lot 31351 31352 31354 31355 31357 31358 31361 31362 31363 31366 31367 31369 31370 31371 31372 31373 31374 31375 31376 31377 31378 31380 31381 31382 31384 31385 31386 31387 31390 31391 31393 31394 31395 31396 31397 31398 31399 31401 31402 31403 31404 31405 31406 31407 31408 31409 31410 31411 31412 31413 31414 31415 31417 31418 31419 31420 31421 31423 31426 31427 31429 31430 31431

Result 600 2000 550 3800 400 3200 800 550 550 480 1100 480 1400 300 600 400 380 950 420 600 1100 500 1300 700 440 400 1100 650 550 3200 220 600 750 1500 550 650 900 1000 400 200 280 850 460 800 200 200 600 550 360 360 850 750 500 420 300 360 2200 500 320 400 800 200 1300

Lot 31432 31433 31434 31435 31436 31437 31438 31439 31440 31444 31446 31447 31451 31455 31456 31457 31459 31461 31462 31465 31466 31467 31473 31474 31476 31477 31480 31482 31485 31487 31488 31489 31491 31492 31496 31497 31498 31500 31501 31502 31505 31509 31511 31512 31513 31518 31520 31521 31522 31523 31525 31526 31527 31529 31533 31542 31543 31544 31545 31546 31547 31548 31549

Result 360 750 220 380 200 600 950 500 3200 280 400 1500 4000 420 300 300 1400 320 2400 440 400 400 1800 4200 750 300 1100 200 1000 600 400 3000 300 3400 1200 1400 1400 500 1200 1400 1000 300 3400 750 650 900 220 440 320 500 2400 220 600 200 650 1800 1700 900 340 1200 500 400 700

Lot 31550 31553 31554 31555 31557 31558 31559 31565 31566 31567 31568 31574 31575 31576 31577 31578 31579 31580 31581 31583 31584 31585 31587 31588 31589 31590 31591 31593 31595 31596 31597 31598 31599 31600 31601 31602 31603 31604 31605 31608 31609 31610 31619 31625 31629 31630 31632 31633 31635 31640 31641 31643

Result

Geneva, November, 2003

Lot

Result

Lot

Result

320 200 650 3000 950 950 440 460 1900 550 650 220 280 600 200 850 360 400 600 400 240 220 480 750 800 750 900 950 650 500 950 650 1000 400 650 440 400 220 1900 200 260 750 550 1200 3000 400 1800 600 400 300 1000 380

31654 31655 31656 31657 31658 31659 31660 31663 31664 31665 31667 31668 31669 31670 31671 31672 31673 31674 31675 31676 31677 31678 31681 31682 31683 31684 31685 31686 31688 31690 31691 31692 31693 31694 31695 31696 31697 31698 31699 31700 31701 31704

400 600 1900 400 280 2000 2200 400 200 150 30000 1600 4600 400 2000 150 460 80 10000 2400 9000 220 150 800 700 280 200 750 100 1600 6500 2600 280 3600 400 2800 1100 75000 6000 750 320 11000

31712 31713 31715 31716 31717 31718 31719 31720 31721 31722 31723 31724 31725 31726 31727 31728 31729 31731 31732 31733 31735 31736 31737 31738 31739 31742 31744 31745 31746 31747 31748 31749 31750 31751 31752 31753 31754 31755 31756 31757 31758 31759

180 420 750 200 1800 800 1400 1100 2400 80000 13000 1000 360 420 220 5000 0 3800 750 1500 360 14000 10000 15000 1200 800 650 380 3800 3000 3400 2200 600 700 2000 360 1200 1400 2000 3200 1100 2200

1200 850 1600 1000 2400 5500 2600 220

31704

Est. 5’000

31705 31707 31708 31709 31710 31711

1500 800 1000 800 240 280

SERBIA

31644 31645 31646 31647 31648 31650 31651 31653

Result 12’980 31760 31761 31762 31763 31764 31766

2000 2800 3000 3200 200 400

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

PRICES REALISED (CHF)

David Feldman SA

Lot 31767 31768 31769 31770 31772 31773 31774 31775 31776 31777 31779 31780 31781 31782 31783 31784 31785 31788 31789 31791 31793 31794 31795 31796 31797 31798 31799 31800

Result 1100 4000 950 1800 850 600 800 800 3000 1900 2000 1400 1100 300 3000 1200 800 4800 220 600 380 3200 2200 140 750 260 110 9500

31737 Est. 5’000 31801 31802 31803 31804 31805 31806 31808 31809 31810 31811 31812 31813 31814 31817 31818 31819 31820 31825 31827 31828 31831 31832 31833 31834

280 320 2800 8500 700 3800 2800 4000 2200 1900 1600 260 650 300 650 4000 300 9500 650 220 440 200 600 1400

Lot 31835 31837 31838 31839 31840 31841 31842 31843 31844 31845

Result 4800 420 300 110 1600 800 80 600 600 400

31794

Est. 2’000

31848 31849 31850 31851 31854 31855 31857 31858 31859 31860 31864 31865 31869

70 850 320 190 360 1200 700 1100 1200 800 360 650 500

Lot

Result

Lot

31894 31895 31896 31897 31898 31899 31900 31901 31902 31903

2200 15000 1000 1200 900 1100 950 340 380 300

31929 31930 31931 31932 31933 31934 31935 31936 31937 31938 31939 31940 31941 31942 31943 31944 31945 31946 31947 31948 31949 31950 31951 31952 31953 31954 31955 31957

Result 3’776 31904 31905 31906 31907 31908

120 480 320 1500 500

31895

Est. 8’000

31909 31910 31911 31912 31913 31914 31915 31916 31918 31919 31920 31921 31922 31923 31924 31925 31926 31927 31928

2400 750 600 380 900 300 380 600 240 600 600 200 320 1500 1500 1700 550 1200 1300

Result 480 420 2200 120 260 440 3400 2000 400 300 800 2000 600 800 1100 200 550 400 200 480 150 240 550 500 200 550 3200 120

Result 11’800 31871 31872 31873 31874 31875 31877 31878 31879 31881

850 2000 1700 240 360 1800 950 500 300

FRANCE & COLONIES

31882 31883 31884 31885 31886 31887 31888 31889 31890 31891 31892 31893

200 320 100 600 120 400 300 420 300 42000 950 2000

Geneva, November, 2003

Lot

Result

31978 31979 31980 31981 31982 31983 31984 31985

80 700 600 4800 300 100 200 650

31909

Est. 1’000

31986 31987 31988 31989 31990 31991 31992 31993 31994 31995 31996 31997 31998 31999 32000 32001 32002 32003 32004 32005 32006

400 380 800 1300 1500 420 300 340 600 550 600 600 650 80 900 6500 800 700 300 3400 3600

Lot 32017 32018 32019 32020 32021 32022 32023 32024

Result 200 750 1800 3000 400 1100 320 320

Result 2’832 32025 32026 32027 32029 32030 32031 32032 32033 32034 32035 32036 32037 32038 32039 32040 32041 32043 32044 32045 32046 32047

500 2400 2000 700 700 750 1800 600 550 550 700 260 1800 1000 400 400 360 900 440 700 200

Result 17’700 31958 31959 31960 31961 31962 31963 31964 31965 31966 31967 31968 31969 31970 31971 31973 31974 31975 31976 31977

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

340 2800 2000 400 900 260 260 360 700 4300 260 460 1200 4000 850 1100 650 400 1000

32006 32007 32008 32009 32010 32011 32012 32013 32016

Est. 1’500 Result 4’248 750 320 32048 420 480 32049 420 400 32050 750 400 32051 3000 1900 32052 550 300 32055 340 200 32056 400

9

PRICES REALISED (CHF)

David Feldman SA

Lot 32057 32058 32059 32060 32061 32062 32063 32064 32065 32066 32067 32069 32070 32072 32074 32075 32077

Result 220 5500 260 800 1000 1100 1000 2200 240 240 380 200 280 200 150 300 4800

Lot 32103 32104 32105 32106 32107 32109 32110 32111 32114 32115 32116 32117 32118 32119 32120 32121 32122

32077

Est. 2’400

32081 32082 32083 32084

260 400 250 100

32210 32085 32087 32090 32091 32092 32093 32094 32095 32096 32097 32098 32099 32100 32101 32102

10

220 1200 2400 380 1000 2400 440 320 550 950 5500 1900 3600 2400 500

1300 130 1600 280 3400 110 270 1200 160 1400 260 1500 550 280 650 1400 1500

Lot

Result

32223

Est. 7’000

32142 32143 32144 32145 32146 32147 32148 32149 32151 32152 32153

460 550 300 650 750 200 300 240 650 420 160

32285

Est. 8’000

32154 32155 32157 32158 32159 32160 32161 32162 32163 32164 32166 32167 32168 32169 32170 32172 32173 32177 32178 32179 32180 32181 32182 32183 32184

420 320 800 400 400 800 800 550 900 3600 2200 600 550 420 1400 3800 700 1200 1200 800 240 1300 420 100 1500

Lot

Result

Result 20’060 32185 32186 32187 32188 32189 32190 32191 32193 32194 32195 32196

800 3800 900 550 2400 850 340 700 800 800 340

Result 5’664

32123 32124 32125 32126

Est. 3’000

Result

850 650 800 850

Result 8’850

32127 32128 32129 32130 32131 32132 32133 32134 32135 32136 32137 32138 32139 32140 32141

950 200 2800 320 4000 300 440 850 950 600 270 280 1600 1100 420

Result 11’800 32197 32198 32199 32200 32201 32202 32204 32205 32206 32207 32208 32209 32210 32210A 32211 32212 32213 32214 32215 32216 32218 32219 32220 32221 32222

4000 1600 1300 7000 700 1900 800 320 300 1400 300 4400 7500 1200 600 4700 4800 480 550 900 200 320 550 1500 280

Geneva, November, 2003

Lot

Result

Lot

Result

32223 32224 32225 32228 32229 32230 32231 32232 32233 32234 32235 32236 32237 32238 32239 32241 32242 32243 32244 32245 32246 32247 32248 32249 32250 32251 32252 32253 32254 32255 32256 32257 32258 32259 32260 32261 32262 32263 32264 32265 32266 32267 32268 32269 32270 32271 32272 32273 32274 32275 32276 32277 32278 32279 32281

17000 340 1500 1600 1000 2000 650 900 1600 700 600 1000 950 900 2200 1600 320 2200 1000 160 480 4000 600 750 160 900 14000 22000 7000 40000 7500 8500 550 200 1100 2800 750 2600 360 2400 1900 2600 950 950 280 1300 3600 2800 3200 1400 1200 1200 420 280 750

32282 32283 32284 32285 32286

380 1500 1300 10000 200

MONACO

32287 32288 32289 32290 32291 32292 32293 32294 32295 32296 32297 32298 32299 32300 32301 32302 32305 32307 32308 32309 32310 32311 32312 32314 32316 32317 32318 32320 32321 32322 32323 32324 32325 32326 32328 32329 32331 32332 32333 32334 32335 32336 32338 32340 32341 32342 32343

30000 11000 200 440 480 2200 460 500 480 1800 1300 400 240 200 3600 1300 1200 300 200 1400 220 50 2400 500 700 950 260 2000 170 480 6500 7500 280 220 550 280 360 1700 380 650 200 19000 1000 480 1100 200 420

32287 Est. 30’000 Result 35’400

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

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

32344 32345 32346 32347 32348 32349 32350 32351 32353 32354 32355

260 300 1900 11500 100 850 1600 240 550 2200 320

32403 32404 32405 32409 32411 32412 32417 32419 32420 32421 32422 32423 32424 32425 32426 32427 32428 32429 32431

Result

Lot

Result

400 1000 50 480 550 340 600 320 3200 2400 3200 1300 2200 700 4800 340 80 320 180

32474 32475 32476 32484 32485 32488 32489 32490 32491 32493 32494 32495 32496 32497 32498

32288 Est. 10’000 Result 12’980

32426

Est. 600

32361 32362 32363 32365 32367 32370 32371 32372 32373 32376 32377 32378 32380 32381 32382 32383 32384 32385 32386 32387 32388 32389 32390 32391 32392 32393 32394 32396 32397 32398 32399 32400 32401 32402

32499 32500 32501 32503 32504 32505 32514

13000 500 50 2000 1500 200 400

OLYMPICS

32356 32357 32358 32359 32360

420 400 290 1800 400

1500 320 50 850 2000 600 280 280 220 110 300 150 200 200 460 500 750 500 1200 110 480 650 480 75 5500 500 480 800 300 850 400 320 800 750

32432 32434 32435 32437 32438 32439 32440

300 360 750 150 100 220 200

32424

Est. 800

32441 32443 32444 32446 32448 32453 32455 32456 32458 32459 32461 32465

200 550 360 320 280 110 900 420 220 320 200 120

850 100 2400 1600 100 500 420 650 260 1100 7500 380 5000 1100 50

Result 2’596 32520 32524 32526 32528 32542 32563 32564 40000 40001 40002 40003 40004

2000 360 260 360 700 200 220 750 850 650 850 700

Geneva, November, 2003

Lot

Result

Lot

Result

Lot

Result

40005 40006 40007 40008 40009 40010 40011 40012 40013 40014 40015 40016 40017 40018 40019

750 420 700 1800 1300 950 3400 900 550 750 800 7000 12000 1800 320

40056 40057 40058 40059 40060 40061 40062 40063 40064 40065 40066 40067 40068 40069 40070 40071 40072 40073 40074 40075 40076 40077 40078 40079 40080 40081 40082 40083 40084 40085 40086 40087 40089 40090 40091 40092 40093 40094 40095 40096 40097 40098 40099 40100 40101 40102 40103 40104 40105 40106 40107 40108 40109 40110 40111 40112 40114 40115 40116 40117 40118 40119 40120

2200 320 7500 34000 2800 3800 11000 340 1300 2000 2000 6000 2400 1400 600 1800 9500 160 950 850 360 1400 1300 340 280 3800 1800 2200 800 1400 42000 700 2000 950 550 3000 1800 200 380 1800 1200 650 7500 950 1000 260 1300 1100 480 600 300 4200 2200 5000 2200 750 200 2600 750 1600 800 650 850

40122 40123 40125 40126 40127 40128 40129 40130 40131 40132 40133 40135 40136 40137 40139 40140 40141 40142 40143 40144 40145 40146 40147 40148 40149 40150 40151 40152 40153 40154 40155 40156 40157 40158 40159 40160 40161 40162 40163 40164 40165 40166 40167 40168 40170 40171 40172 40173 40174 40176 40177 40178 40179 40180 40181 40182 40183 40184 40185 40186 40187 40188 40189

400 220 200 1500 340 280 700 280 480 340 360 950 3200 3000 500 2400 550 1200 1400 550 400 950 3400 500 200 1400 2400 4000 1900 380 240 1300 800 6600 320 400 1100 2400 700 1300 440 280 1400 1200 260 950 1700 1300 1700 3000 280 2800 950 850 1600 700 15000 180 30000 1200 2000 700 22000

Result 5’664 40020 40021 40022 40023 40024 40025 40026 40027 40028 40029 40030 40031 40032 40033 40034 40035 40036 40037 40038 40039 40040 40041 40042 40043 40044 40046 40048 40049 40050 40051 40052 40053 40054 40055

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

750 1600 850 2000 850 650 900 380 650 550 600 4800 700 100 300 2000 3200 4400 440 1400 1000 850 750 650 1700 4200 280 600 1400 4200 2600 3800 220 200

11

PRICES REALISED (CHF)

David Feldman SA

Geneva, November, 2003

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Lot

Result

40190 40191 40192 40193 40194 40195 40196 40197 40198 40199 40200 40201 40202 40203 40204 40205 40206 40207 40208 40209 40210 40211 40212 40213 40214 40215 40217 40218 40219 40220 40221 40222 40223 40225 40226 40227 40228 40229 40231 40232 40233 40234 40235 40236 40237 40238 40239 40240 40241 40242 40243 40244 40245 40246 40247 40248 40249 40250 40251 40252 40253 40254 40255

6000 17000 800 5500 28000 12000 280 750 1800 380 1500 800 300 2000 500 360 460 2000 1500 7000 1800 20000 480 14000 400 2200 480 9500 1100 2200 750 220 360 380 300 200 19000 500 9000 2200 950 3200 3800 2800 9500 9000 16000 2400 4200 3000 1600 5500 3600 15000 440 3000 4600 2800 2800 4000 5500 4000 2800

40256 40257 40258 40259 40260 40261 40262 40263 40264 40265 40266 40267 40268 40269 40270 40271 40272 40273 40274 40275 40276 40277 40278 40279 40280 40281 40282 40283 40284 40285 40286 40287 40288 40289 40290 40291 40292 40293 40294 40295 40296 40297 40298 40299 40300 40301 40302 40303 40304 40305 40306 40307 40308 40309 40310 40311 40312 40313 40314 40315 40316 40317 40318

320 5500 2800 9000 650 2600 13000 2600 6500 20000 1300 1900 9000 3800 4800 5000 1100 6500 3200 1300 28000 9000 7000 3200 7000 5500 22000 32000 6000 10000 5500 2600 70000 8000 1200 1900 12000 2600 8500 11000 2400 1300 7500 8500 300 1500 10000 1100 1600 6500 7000 340 8500 6500 6000 30000 2000 1800 11000 360 6500 3400 18000

40319 40320 40321 40322 40323 40324 40325 40326 40327 40328 40329 40330 40331 40332 40333 40334 40335 40336 40337 40338 40339 40340 40341 40342 40343 40344 40345 40346 40347 40348 40349 40350 40351 40352 40353 40354 40355 40357 40359 40360 40361 40362 40363 40364 40365 40366 40367 40368 40369 40370 40371 40372 40373 40374 40375 40376 40377 40378 40379 40380 40381 40382 40383

15000 26000 24000 5500 2200 26000 7500 12000 3400 11000 12000 700 3800 11000 2800 1800 48000 500 13000 2200 600 1300 150 2600 850 260 8000 1900 9000 1500 650 2800 240 5000 200 650 5000 1800 1400 650 420 750 850 1300 800 800 1300 400 300 600 4400 8000 12000 6000 1100 800 1100 2800 1200 3400 11000 2600 1600

40384 40385 40386 40387 40388 40389 40390 40391 40392 40393 40394 40395 40396 40397 40398 40399 40400 40401 40402 40403 40404 40405 40406 40407 40408 40409 40410 40411 40412 40413 40414 40415 40416 40417 40418 40419 40420 40421 40422 40423 40424 40425 40426 40427 40428 40429 40430 40431 40432 40435 40436 40437 40439 40441 40443 40444 40445 40447 40448 40449 40450 40451 40452

3600 750 340 1800 400 700 380 950 300 1900 170 3200 1100 600 2000 700 380 700 550 800 2200 2400 700 7000 4800 8500 700 3200 1300 600 240 1700 440 2600 1600 1300 850 1000 14000 1300 750 380 850 480 1600 750 1300 1400 1300 240 550 1800 1800 340 420 600 170 1800 3200 700 2200 700 300

40453 40455 40456 40458 40459 40460 40461 40462 40463 40464 40465 40466 40467 40468 40472 40473 40475 40476 40477 40478 40479 40480 40481 40482 40484 40485 40486 40487 40488 40489 40490 40492 40493 40494 40495 40496 40497 40498 40499 40501 40503 40506 40507 40508 40509 40511 40512 40513 40514 40515 40516 40517 40518 40519 40520 40521 40522 40523 40524 40525 40526 40527 40528

700 8000 1800 1300 750 5500 1100 1300 380 900 900 600 750 1700 460 1300 110 2800 1400 100 6500 11000 2000 6000 3600 4000 550 650 550 500 7000 1200 600 240 5000 1300 12000 500 550 420 300 360 160 1500 440 850 750 4000 2600 1200 1000 340 150 4600 5500 100 280 5500 1900 300 650 3600 3200

40529 40530 40531 40532 40533 40534 40535 40536 40537 40538 40539 40540 40541 40542 40543 40544 40545 40546 40547 40548 40549 40550 40551 40552 40554 40555 40556 40557 40558 40559 40560 40561 40562 40563 40564 40565 40566 40567 40568 40569 40570 40571 40572 40573 40574 40575 40576 40577 40578 40579 40580 40581 40582 40583 40584 40585 40587 40588* 40589 40590 40591 40592 40593

3000 1800 1200 4000 340 380 460 1200 1500 180 15000 220 34000 2600 900 600 1700 240 240 22000 900 1500 3600 400 3200 220 220 360 400 800 500 2600 2400 750 2800 3800 1700 750 1200 12500 15000 1600 3800 2000 1200 1300 360 1200 320 4200 1800 500 750 750 1100 1700 5000 1500 900 280 480 400 1500

12

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

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

40595 40596 40597 40598 40599 40600 40601 40602 40603 40605 40606 40607 40608 40609 40611 40613 40614 40615 40616 40618 40619 40620 40621 40622 40623 40624 40625 40626 40627 40628 40629 40630 40631 40632 40633 40634 40635 40636 40637 40638 40639 40640 40641 40645 40646 40650 40652 40653 40654 40655 40656 40657 40658 40659 40660 40661 40662 40663 40664 40665 40666 40667 40670

850 5000 11000 300 50 240 420 420 1000 1400 750 1100 480 420 240 300 460 300 150 1700 9500 2800 1700 1900 650 420 320 150 2000 320 1900 900 900 650 2800 3200 320 1700 2400 420 1300 700 2400 750 950 1200 8000 420 3600 260 12000 5000 6500 550 800 190 200 850 1000 480 240 11000 220

40671 40672

ERRORS AND OMISSIONS EXCEPTED.

Result 950 220

SWITZERLAND

40674 40675 40676 40677

600 460 440 2600

Lot

Result

Lot

40723 40724 40725 40726 40727 40728 40729 40730 40731

2600 1500 380 1700 10000 4600 9000 2600 1500

40763 40764 40765 40766 40767 40769 40770 40771 40772 40773 40774 40775 40776 40777 40778 40779 40780 40781 40782 40784 40785 40786 40787 40788 40789 40790 40791 40792 40793 40794 40795 40796 40797 40798 40799 40801 40802

40680 Est. 60’000 Result 64’900 40678 40679 40680 40681 40682 40683 40684 40685 40686 40687 40688 40689 40690 40692 40693 40694 40696 40697 40698 40699 40700 40701 40702 40703 40706 40707 40708 40709 40710 40711 40712 40713 40714 40715 40716 40717 40718 40719 40720 40721

8000 6500 55000 7000 800 380 400 650 480 1200 700 2800 1100 400 400 19000 15000 10000 4600 10000 1800 2400 1800 550 7500 360 2200 2600 1200 1000 800 400 1400 2000 2300 1100 1000 340 11000 3000

* = NOT EXACTLY AS DESCRIBED

40732 40733 40734 40736 40737 40738 40739 40740 40741 40742 40744 40745 40746 40747

1500 24000 1200 1000 1000 1600 400 700 750 650 3800 2000 2000 3400

Result 600 1800 9500 600 1600 1500 300 420 300 6000 400 550 440 750 1600 600 750 260 260 1100 950 900 170 1400 500 1300 400 190 480 900 5000 280 180 300 1100 360 340

40727 Est. 10’000 Result 11’800 40749 40750 40752 40753 40754 40755 40756 40757 40758 40760 40762

3600 2200 480 2600 6000 360 380 2000 9000 1100 650

40804 40805 40806 40807 40808 40809 40810 40811 40812 40813 40814

2400 7500 1800 480 360 1000 1000 850 850 140 120

Geneva, November, 2003

Lot

Result

40816 40817 40819 40820 40821 40822 40823 40824 40825 40826 40827 40828 40829 40830 40831 40832 40833 40834 40835 40836 40837 40839 40840 40841

200 360 4800 550 500 220 320 360 280 200 380 480 360 300 480 1200 800 480 3600 480 380 280 1300 1500

40765

Est. 5’000

40842 40843 40844 40845 40846 40847 40848 40849 40850 40851 40852 40853 40854 40855 40857 40859 40860 40861 40862 40863 40864 40865 40866 40867 40868 40869 40870 40871 40872 40873 40874 40875

950 340 900 900 1100 380 550 2800 160 550 420 550 800 360 950 1700 280 320 320 1500 1400 55 240 420 850 360 2600 340 400 1100 420 1600

Lot

Result

40876 40878 40879 40880 40882 40883 40885 40886 40887 40888 40889 40890 40891 40892 40893 40894 40895 40896 40897 40898 40899 40900 40901 40902

500 1200 240 90 1000 1500 460 360 1100 300 1100 240 600 280 400 2600 1200 19000 20000 1000 3400 1800 380 3800

Result 11’210 40904 40905 40906 40907 40908 40909 40910 40911 40912 40913 40914 40915 40916 40917 40918 40919 40920 40921 40922 40923 40924 40925 40926 40927 40929 40931 40932 40933 40934 40936 40937

6500 420 3000 1200 2400 800 4000 2800 3600 1700 1700 10000 700 550 420 6500 1400 3200 420 500 1200 14000 2200 650 280 900 550 500 130 900 400

011203

David Feldman the only live multi-city auction

GENEVA

LONDON HONG KONG

MOSCOW

PARIS

BERLIN NEW YORK

DF presents the global auction a client said “...my collection should be sold in USA or England for the best result but I prefer dealing with a Swiss Company like David Feldman as you have given me such good service over the years.

Thank you for explaining and offering that my collection can be auctioned in New York, London and Geneva at the same time.

It will be delivered to you at the appropriate time...” ...............................................................

May 2004 auction already includes

A new era in the history of auctions has arrived. David Feldman Company has the unique facility to hold an auction in several places “live” at the same time. No other company in the world has yet developed or can offer such an advantage for both buyers and sellers.

We can now auction your collection where it sells best and if this includes several places, we can include them all, as well as taking advantage of Switzerland's financial, fiscal, and import/export structure as the base country of the offer.

Or participate at home "LIVE" by logging onto www.davidfeldman.com and bidding direct realtime during the next auction series.

Austria Greece (The Collection Part III) France and French Colonies Ireland (The “Dulin” collection) Russian Levant (The “Bustamante” collection) Antarctica and Polar

BOSTON

VIENNA

STOCKHOLM

Revenues and Postal Stationery All World and Collections

David Feldman SA 175, route de Chancy P.O. Box 81 1213 Onex, Geneva Switzerland Tel: +41 (0)22 727 07 77 Fax: +41 (0)22 727 07 78 admin@davidfeldman.com www.davidfeldman.com

COLLECTIONS & DEALER LOTS Once again a record result in this auction selling during one day, about CHF 3’000’000 worth of collections, for almost double the estimates!

United Nations Archives Highest price ever for a single large lot US$ 3’068’000 (2003)

We are eagerly looking for more suitable properties to fill our Collections and Dealer Lots day at the May 2004 auction.

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

15

CONSIGN NOW !

David Feldman SA

eldman David aF auctioneers ding stamp world le

series n o i t c u a t x ne a ries, Genev alle Feldman G

004 2 , 8 3 y a M sign Please con possible as soon as timal p to ensure o and n presentatio results. .. ........ ................ ................ .. .. .. .. .. .. .. ............

S.A. David Feldman ncy, 175, route de Cha P.O. Box 81, eva, 1213 Onex, Gen Switzerland.

7 07 77 Tel.: +41 (0)22 72 07 78 7 Fax: +41 (0)22 72 idfeldman.com av Email: admin@d idfeldman.com av Website: www.d

16

Geneva, November, 2003