http://www.davidfeldman.com/uploads/previous_auctions/PR/PR_051

David Feldman world leading stamp auctioneers

www.davidfeldman.com

Prices Realised May 22-25, 2005 Astounding prices, intense bidding and busy auction rooms were the hallmarks of the latest auction held by David Feldman SA, MAY 22-25 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 The Unique Dale-Lichtenstein Unused Block 60012 Est. 200’000 Result 308’100

Next auction Do you know ?

November, 2005 Presently in preparation Greece ‘The Collection’ Part VI Grand Prix Egypt Classic Switzerland Persia Important Scandinavia Australian States All World & Collections

- 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

Rarities of the World

David Feldman - Official Exhibition Auctioneer Special Auction in Washington D.C. Wednesday, May 31, 2006.

Distinguished items are eagerly sought for this auction and the Autumn 2005 Rarities Sale.

If you have a suitable item, please contact us as soon as possible as these auctions are always limited to a small number of lots.

Special conditions can be considered.

David Feldman SA PHILATELISTS AUCTIONEERS 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

May 2005

May 2005 David Feldman Auctions: Strong Market for Top Items in all areas of Philately and Greater Success with Live Internet Bidding (with live audio) Balmy Spring weather and the prospect of happy hunting among more than 4,000 auction lots brought many dozens of collectors and dealers to Geneva, Switzerland for the latest series of semi-annual auctions conducted by David Feldman, SA. They were joined electronically by several hundred others who connected to the sales and bid in real time from the comfort of their homes or offices world-wide via the internet, using the improved spontaneous system developed by Core Technologies, Inc.(which included for the first time live audio from the auction room).

Presented in five deluxe colour-illustrated auction catalogues, the auction series included the company’s twice-yearly selection of Rarities of the World. Among the lots on offer was a Great Britain First Day cover of the famous “Penny Black,” in this case on a small neat envelope and with all postmarks sharp, which sold for more than CHF (Swiss Francs) 106’000 against an estimate of CHF 60’000 (final prices given herein include the buyer’s commission); other lots included some of the most important items of early Cape of Good Hope, such as the unique unused block of four of the 1861 “Woodblock” One Penny, estimated for CHF 200,000 and realising nearly CHF 310’000. The Great Britain 1865 9d “Abnormal,” the only stamp ever sold by King George V from the Royal Collection (to aid the war effort), was estimated at CHF 20’000 and brought almost CHF 70’000 after much competition.

The famous Hassan Shaida collection of Great Britain Illustrated Envelopes charmed many who normally stick to very different countries or issues. Presented in a separate catalogue that some delighted spectators likened to an art book, the auction brought together collectors and dealers from across the Atlantic as well as from closer climes; the stellar item, a wonderful 1905 envelope addressed to Prince Edward of Wales and featuring a regimental scene of soldiers in Scottish dress, by artist Hugh Rose, fetched CHF 7’700 against an estimate of CHF 5’000 – 8’000, indicative of the price levels that prevailed throughout the session.

The fifth portion of an immense collection of the Large Hermes Heads of Greece, offered simultaneously in Geneva as well as in a second auction room in Athens,

continued the pattern of strong and at times passionate bidding for “benchmark” items. A die proof without denominations, inscriptions or “greek key” borders, estimated at CHF 7’000, was knocked down for over CHF 13’000, while the famous “Alfieris” mint block of the 1st Athens 40 Lepta value sold over the estimate for CHF 130’000 and the 1871-2 40 Lepta “Solferino” colour variety tied to piece realised more than CHF 106’000.

A thick (and heavy) catalogue of about 2500 “all world” lots including collections and estates seemed to have “something for everyone” and brought spirited bidding in the room and over the internet for many sections. For example, several dozen lots of Reunion postal history sold for far more than their estimates, in some cases 10 times, as collectors were able to bid on very rare markings not offered in several decades. Almost every portion of the auction had outstanding price levels, whether it was Great Britain postal history, early Thailand, classic France, specialized Bosnia and Serbia or rare Zeppelin covers.

And of course the 500 large lots, offered as a separate section, brought intense competition, with many soaring to large premiums over the estimates.

David Feldman SA holds two series of auctions each year, in the Spring and the Autumn, and next year will be an Official Auctioneer at the international exhibition in Washington, D.C. Marcus Orsi, managing director of the company, urges those who would like to participate in the next series of auctions to contact the company or its world-wide representatives as soon as possible, as timely promotion and publicity benefit the seller as well as the company. Mr. Orsi notes that several important properties are already in hand for November, so consignments of individual items, collections, exhibits and rarities will be in good company. He adds that the firm is already at work on the next catalogues, so please make contact as soon as possible!

Please contact: David Feldman SA, P.O. Box 81, 1213 Onex, Geneva, Switzerland.

Telephone: +41 (22) 727 0777; Fax +41 (22) 727 0778; e-mail admin@davidfeldman.com

Press Release - David Feldman May 2005 Auctions - Geneva, Switzerland

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Greece 10000 10001 10002 10003

11000 4200 4200 440

Lot

Result

Lot

10024 10025 10027 10028 10029 10030

15000 300 110 8000 220 1700

10050 950 10052 850 10053 800 10054 8000 10055 55000 10056 7500 10057 9000 10058 80 10059 550 10060 160 10061 3600 10062 1100 10063 480 10064 1100 10066 2800 10067 1100 10069 9500 10070 320 10071 2200 10072 4000 10073 110000 10074 2800 10075 1500 10076 1900 10077 1500 10078 190 10079 600 10080 15000 10081 140 10082 1700 10083 26000 10085 1700 10086 190 10087 75 10089 110 10090 1200 10091 700 10092 700 10093 6500 10094 500 10096 1400 10097 750 10098 950 10100 550 10101 2000 10102 150 10103 480 10104 110 10105 340 10106 12000 10107 10000 10108 700 10109 360 10110 440 10111 3600 10112 1500 10113 500 10114 300

10000 Est. 7’000 Result 13’035 10004 10005 10006 10007

60 360 80 500

10031 10032 10033 10035

10018 Est. 4’000 10008 10009 10010 10011 10012 10013 10014 10015 10016 10017 10018 10020 10021 10023

4

4600 420 360 240 75 240 480 550 600 500 8000 700 120 30000

700 380 500 1300

Result 9’480

10036 10037 10038 10039 10040 10041 10042 10043 10044 10045 10046 10047 10048 10049

1400 950 28000 1400 550 1800 1100 600 1300 380 150 750 850 30000

Result

Geneva, May, 2005

Lot

Result

Lot

Result

Lot

Result

10115 10116 10117 10118 10119 10121 10122 10123

1300 500 440 120 700 110 16000 400

10143 10144 10145 10146 10147 10148 10149 10150

220 6500 7500 140 15000 3600 110 4800

10170 10171 10172 10173 10174 10175 10176 10178

10000 1200 340 1700 20000 1000 190 7000

10038 Est. 7’000 Result 33’180 10124 10125 10126 10127 10128 10129 10131 10132 10133 10135 10136 10137 10138 10140 10141 10142

320 300 75 700 2600 110 1000 280 380 2400 2000 1000 600 750 500 600

10152 10153 10154 10155 10156 10157 10158 10160 10161 10163 10164 10165 10166 10167 10168 10169

3600 90000 2800 300 360 100 150 180 1200 240 260 8500 220 4000 260 700

10179 10180 10181 10182 10183 10184 10185 10186 10187 10188 10190 10191 10192 10193 10194 10195 10196 10197 10198 10199 10200 10201 10203 10205 10206 10207 10208 10210 10212 10213 10073 Est. 100’000 Result 130’350 10214

13000 20000 6500 380 260 2400 1500 480 15000 3800 2400 5000 480 110 5500 6000 1000 600 4200 6500 180 850 1100 500 380 220 1400 700 1100 120 6000

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 10215 10216 10217 10218 10219 10220

Result 5500 2000 380 400 2400 900

Lot 20006 20007 20009 20010 20011 20012

Result 200 280 200 340 320 200

Lot 20043 20044 20046 20047 20048 20050

Result

Lot

Result

100 460 200 150 100 4200

Geneva, May, 2005

Lot

Result

20090 20091 20094 20095 20096 20097 20098 20099 20103 20104 20106 20108 20110 20112

500 650 800 1600 800 900 1000 850 900 2600 2200 1300 5000 1100

10194 Est. 800 Result 6’517

Lot 20133 20134 20135 20136 20137 20139 20140 20142 20143 20144 20145 20147 20148 20150 20151 20152

Result 3400 2200 2000 1900 1700 2400 2200 3000 300 2600 2200 3800 3200 2200 3400 3800

10093 Est. 3’000 Result 7’702

10153 Est. 100’000 Result 106’650 10221 10222 10223 10224 10226 10227 10228 10229 10230 10231 10232 10233 10234 10235 10236 10237

3600 8000 1200 420 4400 1100 1100 1300 6000 1900 5000 3200 320 2200 700 950

Maritime 20000 20001 20002 20003 20004 20005

420 550 700 400 420 260

20013 20014 20015 20016 20017 20019 20020 20023 20024 20026 20027 20029 20030 20031 20032 20034 20035 20036 20037 20038 20039 20040 20041 20042

140 260 120 120 340 200 2200 800 550 340 750 200 500 360 2600 200 550 1200 2400 280 280 170 190 950

20051 20052 20053 20055 20056 20058 20059 20060 20062 20063 20064 20065 20067 20068 20069 20070 20071

8000 4800 6000 2600 5500 6500 5000 16000 7000 360 600 900 800 500 750 600 1000

10232 Est. 2’400 Result 5’925 20072 20073 20074 20075 20077 20079 20080 20081 20082 20083 20087 20088 20089

340 500 500 850 340 340 1100 2400 1500 1300 800 750 400

20113 20119 20120 20122 20123 20124 20125 20126 20128 20129 20131 20132

20201 Est. 10’000 Result 39’105

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

950 200 260 420 260 420 150 150 2000 2400 650 44000

20153 20154 20155 20156 20158 20159 20161 20162 20163 20164 20165 20166 20167 20168 20169 20170 20172 20173 20174 20175 20177 20178 20179 20181 20183 20184 20185 20186 20189

100 600 400 150 1900 600 1100 4200 850 3000 2200 4800 2200 1600 900 300 2200 340 4400 300 420 400 360 320 550 12000 1800 1800 3200

5

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

20190 20191 20192 20193 20194 20195 20196 20197 20198 20199 20200 20201 20202 20203 20204 20205 20206 20207

340 1400 2000 1500 1700 1300 4000 1500 460 2400 550 33000 22000 14000 1500 3200 4200 200

20235 20237 20238 20239 20240 20241 20243 20244 20246 20247 20248 20249 20250 20251 20252 20253 20254 20255

2200 750 13000 4200 700 1700 5000 2600 1100 1100 650 500 580 450 4200 1200 2200 2800

20284 20285 20286 20287 20288 20289 20290 20291 20292 20293 20294 20295 20296 20297 20298 20299 20300 20301

Result 1600 1700 3600 1000 950 3600 1900 950 500 6500 6000 1300 4800 1300 800 1700 3800 650

20202 Est. 8’000 Result 26’070 20208 1700 20209 340 20211 1200 20213 2200 20214 900 20215 320 20216 400 20217 250 20219 32000 20222 8000 20222A 3200 20223 48000 20224 7500 20225 1500 20226 4000 20227 3000 20228 3000 20229 5500 20230 9000 20231 1300 20232 1500 20233 400 20234 1800

6

20256 20257 20258 20259 20260 20261 20262 20263 20265 20266 20267 20268 20270 20271 20274 20275 20276 20277 20278 20278A 20280 20281 20282

800 400 280 6500 6500 3400 1600 1400 3200 5500 5000 2200 1200 1800 4200 2200 1500 1800 1000 2600 1600 950 1600

20302 20304 20305 20306 20308 20310 20311 20313

900 1500 240 2800 3000 2400 340 1700

Lot

Result

Geneva, May, 2005

Lot

Result

Lot

Result

20219 Est. 30’000 Result 37’920 20314 20316 20318 20319 20320 20321 20322 20323 20324 20325 20326 20327 20330 20331 20332 20335 20336 20337 20339 20340 20341 20342 20345 20346 20349 20350 20351

1500 1800 1300 600 800 500 750 420 220 260 800 1800 240 400 280 260 400 1000 650 700 300 500 340 550 400 800 900

20353 20355 20356 20358 20360 20361 20362 20364 20365 20367 20368 20369 20370 20375 20376 20382 20384 20386 20387 20389 20390 20391 20392 20393 20394 20395 20397

20223 Est. 15’000 Result 56’880

2600 1600 2400 800 800 1200 150 1300 900 650 2800 1900 2200 340 850 240 220 220 220 180 650 130 100 240 150 220 240

20398 20399 20401 20402 20404 20405 20408 20412 20414 20415 20416 20418 20419 20420 20421 20422 20425 20429 20430 20431 20432 20436 20438 20439 20444 20447 20448 20449 20450 20451 20452 20453 20456 20460 20461 20462 20463 20467 20468 20472 20473 20474

400 380 260 220 220 220 220 380 240 280 700 140 190 160 1800 160 400 300 1800 600 200 340 280 120 220 100 300 300 320 100 280 80 120 70 300 340 340 300 520 1100 480 460

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 20475 20476 20480 20481 20482 20483 20485 20487

Result 950 300 400 1200 360 240 650 850

Lot

Result

20536 20537 20538 20541 20542 20546 20547 20548

420 750 280 600 2600 320 180 300

Lot 20573 20574 20576 20578 20579 20582 20583 20584

Result 650 650 550 900 1400 320 900 420

20294 Est. 1’000 Result 7’110 20488 20494 20495 20502 20504 20505 20510 20513 20514 20517 20520

320 300 300 400 400 300 220 320 450 340 550

20549 20553 20554 20556 20561 20562

750 1900 6000 7500 2000 50

Mexico 20563 20564 20565

320 1000 700

20586 20587 20588 20589 20590 20591 20592 20593 20594 20595 20596

340 800 3400 1000 550 750 650 360 500 380 180

20296 Est. 700 Result 5’688 20528 20529 20530 20533 20534 20535

340 420 550 320 320 300

20566 20567 20568 20569 20571 20572

600 320 3800 650 460 420

20597 20598 20600 20603 20604 20605

150 1300 340 220 220 260

Lot 20606 20608 20609 20610 20611 20613 20614 20615 20616 20617 20618 20619 20620 20621 20622 20623 20624 20625 20626 20627 20628 20629 20630 20631 20633 20634 20635 20636 20637 20638 20639 20640 20641 20642 20643 20644 20645 20647 20648 20649 20650 20651 20652 20653 20654 20655 20656 20658 20659 20660 20661 20662 20664 20665 20666 20668 20669 20670

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 380 240 1100 420 1600 260 300 850 700 650 360 280 320 3000 600 320 500 750 420 320 340 200 650 360 1600 170 150 650 220 380 480 280 460 4600 160 1500 750 650 240 750 320 4600 650 600 550 600 750 3000 1500 2600 340 550 650 300 700 320 550 650

Geneva, May, 2005

Lot 20671 20673 20674 20675 20676 20678 20679 20680 20681 20682 20683 20684 20685 20686 20687 20688 20689 20690 20691 20692 20694 20695 20696

Result 850 200 4200 650 750 800 3400 380 220 800 3000 7000 7000 2400 1300 700 340 240 300 900 700 700 280

20588 Est. 1’000 20697 20698 20699 20701 20703 20706 20707 20708 20709 20711 20712 20713 20714 20715 20716

500 220 4200 650 550 1000 1300 360 300 500 2600 380 550 500 600

Lot

Result

20717 20718 20719 20720 20721 20722 20723 20725 20726 20727 20728 20729 20731 20732 20733 20734 20735 20736 20737 20738 20739 20740 20741

4400 900 180 800 550 500 400 1800 500 700 200 440 7000 700 260 100 200 200 160 800 340 320 10000

Result 4’029 20743 20744 20745 20746 20747 20748 20749 20751 20752 20753 20755 20756 20757 20758 20759

380 900 500 3600 380 280 500 260 240 280 650 650 850 1300 400

7

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

20685 Est. 5’500 Result 8’295 20760 20761 20762 20763 20765 20766

110 420 1300 800 500 240

20790 20791 20794 20795 20797 20798

650 4800 1000 1800 1600 600

20889 Est. 3’000 Result 4’029 20767 20768 20769 20770 20771 20772 20773 20774 20775 20776 20778 20780 20781 20782 20784 20786 20787 20788 20789

8

320 550 110 300 240 380 400 500 700 420 600 600 600 180 600 550 3200 2000 1400

20799 20800 20801 20802 20803 20804 20805 20806 20808 20809 20810 20813 20814 20815 20817 20818 20820 20823 20824

1900 1900 1800 1900 6500 2200 750 600 480 400 4000 550 220 500 500 440 9500 6000 2200

20825 20826 20827 20828 20829 20830 20831 20832 20833 20834 20835 20836 20837 20838 20839 20840 20841 20842 20844 20845 20846 20847 20850 20851 20855 20856 20858 20859 20860 20861 20862 20863 20864 20866 20867 20869 20870 20872 20873 20874 20875 20876

460 440 6500 3000 550 320 850 950 400 240 300 400 340 400 1600 1100 550 650 650 320 240 900 440 700 180 200 3000 170 6000 220 320 280 2600 240 440 1900 1000 500 700 850 750 380

Lot 20878 20879 20880 20882 20883 20884 20886 20888 20889 20890 20891 20892 20893 20894 20895 20897 20898 20899 20900 20901 20902 20903 20904 20905 20906 20907 20908 20909 20911 20912 20914 20915 20916 20919 20920 20921 20922 20924 20926 20927 20929 20932 20933 20934 20936 20937 20938 20939 20940 20941 20942 20945 20947 20948 20949 20950 20951 20952

Result 300 300 7000 1400 600 4600 240 3000 3400 1900 1000 700 750 1500 440 800 750 480 1200 380 280 1100 320 1900 2600 750 900 480 1300 5500 2600 850 420 2600 800 300 1100 440 1300 340 400 850 460 440 480 180 1200 2200 800 950 650 1400 460 3200 3800 2600 2600 1700

Geneva, May, 2005

Lot 20953 20954 20955 20956 20957 20958 20959 20960 20961 20962 20963 20964 20965 20967 20969 20972 20973 20974 20975 20976 20978 20979 20980 20981 20983 20984 20987 20988 20989 20990 20993 20994 20997 20998 21001 21003 21006 21007 21009 21010 21011 21012 21013 21014 21015 21019 21020 21027

Result 440 1500 700 650 160 160 1100 160 2600 1200 1000 1200 320 1000 600 1700 900 1300 750 2600 500 950 750 900 480 340 420 150 400 850 420 1000 280 8000 2300 2000 950 1900 1800 3200 800 750 1600 460 650 100 340 420

All World 30000 30001 30002 30003 30004 30005 30006 30007

2400 3800 2000 700 420 420 700 260

Lot 30008 30009 30010 30011 30012 30013 30014 30015 30016 30017 30018 30019 30020 30021 30022 30023 30024 30025 30026 30027 30028 30029 30030 30031 30032 30033 30034 30035 30037 30038 30039 30040 30042 30043 30044 30045 30046 30047 30048 30049 30050 30051 30052 30053 30054 30055 30056 30057 30058 30059 30060 30061 30062 30063 30064 30065 30066 30068

Result 650 420 420 300 1900 360 700 1900 2600 700 380 550 280 300 500 800 900 800 2400 600 320 850 480 360 120 1200 1000 400 30 600 460 460 950 650 300 280 1600 40 40 60 340 950 700 1300 550 180 140 380 1000 2800 1600 500 550 320 460 300 100 550

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

30000 Est. 1’000 Result 2’844 30070 30071 30072 30073 30074 30075 30076 30077 30078 30079 30080 30081 30082 30083 30084 30085 30088 30089 30090 30091 30092 30093 30095 30096 30098 30099 30100 30101 30104 30105 30109 30111 30113 30114 30116 30117

40 100 50 320 130 500 30 4800 300 320 500 480 100 220 360 1500 280 400 500 160 150 460 70 350 700 260 900 550 280 500 300 1200 900 1800 200 500

30118 30120 30121 30122 30123 30124 30125 30126 30127 30130 30131 30132 30133 30134 30135 30136 30137 30138 30140 30142 30143 30144 30145 30146 30149 30150 30152 30153 30155 30156 30158 30160 30161 30163 30165 30170

1600 1600 1300 1600 200 500 2600 1500 950 950 600 550 190 2800 4200 900 480 320 380 340 1900 2600 1700 2500 700 380 2600 1600 2000 900 2800 2600 1000 1100 1200 1000

Lot

Result

Lot

30174 30175 30180 30181 30182 30183 30184 30185 30187 30188 30189 30191 30192 30194 30195 30197 30198 30200 30201 30203 30205 30206 30207 30209 30210 30211 30212 30213 30214 30215 30219 30220 30221 30222 30223 30224 30225 30226 30227 30228 30229 30230 30231 30232 30233 30234 30235 30236 30237 30238 30239 30241 30243 30244 30245 30246 30247 30248

2200 400 800 12000 4200 3000 1600 3800 850 1000 750 4000 1100 600 550 1400 200 2200 320 420 4200 420 1000 1000 200 3000 4800 3600 1700 950 11000 1300 1500 2600 5500 5500 1700 900 4200 2200 850 420 480 320 700 5500 1300 1000 1300 1400 220 800 5200 380 1100 1000 340 200

30251 30252 30253 30254 30255 30256 30258 30259 30262 30263 30264 30268 30271 30279 30282 30286 30287

Result 4800 1300 130 200 4400 100 500 650 320 2400 850 500 4800 800 440 320 260

Geneva, May, 2005

Lot 30322 30323 30324 30327 30328 30329 30330 30331 30332 30334 30335 30337 30338 30340 30341 30342 30343

Result 700 340 2200 700 300 360 340 360 340 380 600 550 480 950 600 700 600

Lot 30381 30382 30383 30384 30385 30386 30387 30389 30391 30398 30399 30400 30401 30402 30403 30404 30405

Result 130 160 220 320 300 280 280 500 1700 320 320 300 280 480 190 320 950

30077 Est. 2’000 Result 5’688 30288 30290 30291 30292 30293 30294 30295 30296 30298 30299 30300 30302 30304 30305 30306 30307 30308 30309 30310 30311 30312 30313 30314 30316 30319 30320 30321

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

200 220 320 80 1500 2400 420 550 320 220 550 7000 240 650 280 600 280 2000 1600 2800 380 200 650 1200 480 550 460

30344 30350 30351 30352 30354 30355 30358 30359 30361 30362 30363 30364 30365 30366 30367 30368 30369 30370 30371 30372 30373 30374 30375 30376 30378 30379 30380

320 600 400 1400 2200 900 850 10000 1300 1300 2400 2800 2400 280 180 220 650 320 750 460 1000 500 500 2800 2600 300 750

30406 30407 30408 30409 30413 30414 30416 30417 30421 30422 30423 30425 30426 30427 30428 30429 30430 30431 30432 30433 30434 30435 30436 30437 30438 30439 30440

360 150 280 7000 480 550 850 600 1900 3000 2000 550 440 400 480 1800 1200 1200 550 100 1500 950 1200 280 200 400 1600

9

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

30135 Est.3’000 Result 4’977 30441 30442 30443 30445 30446 30447 30448 30449 30450 30451 30452 30453 30454 30455 30456 30457 30458 30459 30460 30461 30462 30463 30464 30465 30466 30467 30468 30469 30470 30471 30472 30473 30474 30475 30476 30477 30478 30479 30480 30481 30483

10

900 440 440 600 2600 2800 2800 2600 2000 5000 900 2800 2400 8000 2200 1800 5500 1600 2000 1600 1200 1000 1800 1200 1800 3200 4000 1000 300 750 1900 650 2200 2400 280 2400 160 550 400 300 500

30484 30485 30486 30487 30488 30489 30490 30491 30492 30493 30494 30495 30499 30500 30501 30504 30505 30506 30507 30510 30512 30513 30515 30516 30517 30518 30519 30520 30521 30522 30523 30524 30525 30526 30527 30528 30529 30530 30531 30532 30533

2000 600 2000 500 360 1100 17000 420 1300 1500 1600 220 900 700 1400 1600 340 360 360 460 300 240 950 6000 700 4000 250 1500 8000 750 9000 3200 5000 13000 3000 850 2600 7000 1000 6500 950

30446 Est. 500 Result 3’081

30490 Est. 16’000 Result 20’145 30534 30535 30536 30537 30538 30539 30540 30541 30542 30543 30544 30545

750 4400 2600 4200 6000 1100 1500 1600 1700 1800 1200 4000

30546 1100 30547 1800 30547A 3400 30548 650 30549 1500 30550 1300 30551 12000 30552 1300 30553 1100 30554 1100 30555 600 30556 1000

Geneva, May, 2005

Lot

Result

30558 300 30560 800 30561 160 30562 2200 30564 1600 30566 7500 30568 420 30569 140 30570 360 30572 8500 30573 2000 30574 1100 30575 500 30576 3000 30577 350 30578 2200 30579 1000 30580 800 30581 1300 30582 900 30583 1200 30585 550 30586 2600 30587 1900 30588 650 30590 320 30593 600 30594 1000 30595 700 30596 320 30596A 22000 30597 800 30598 460 30599 360 30600 1100 30601 260 30603 300 30605 300 30607 900 30609 340 30610 300 30611 400 30612 340 30613 1400 30615 320 30616 320 30617 400 30618 500 30619 500 30620 420 30621 220 30622 300 30623 200 30624 320 30625 340 30626 380 30634 850 30639 800

Lot

Result

30642 30643 30644 30650 30651 30653 30656 30658 30660 30661 30662 30666 30667 30669 30671 30678 30686 30688 30689 30690 30691 30692 30693 30694 30695 30696 30697 30698 30699 30700 30701 30702 30703 30704 30705 30706 30707 30708 30709 30710 30711 30712 30713 30714 30715 30718 30719 30720 30721 30722 30724 30725 30726 30727 30728 30729 30730 30731

600 1400 240 360 1300 500 2200 3200 1200 2800 2800 6500 2800 1300 460 750 160 200 220 300 500 1400 320 34000 2000 2200 2200 400 130 280 600 700 500 300 2200 600 4800 220 4200 20000 4800 1900 850 800 2400 850 500 200 5000 3600 2200 440 1700 320 2400 2600 1900 1200

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

30545 Est. 900 Result 4’740 30732 30733 30734 30735 30736 30737 30738 30739 30740 30741 30743 30744 30745 30746 30747 30748 30749 30751 30752 30754 30755 30756 30757 30758 30759 30760 30761 30762 30763 30764 30765 30766 30767 30768 30769 30770 30771 30772 30773 30779 30780

3000 9500 2600 2000 300 1500 5500 1100 2400 4000 460 110 150 850 650 1300 3800 1600 1600 4200 2800 1600 2400 220 3000 10000 550 440 190 200 1200 320 500 1200 300 480 1700 420 200 440 200

30781 850 30782 500 30783 170 30784 600 30785 4400 30786 950 30787 360 30788 1600 30789 600 30791 480 30792 5000 30793 300 30794 1200 30795 4600 30795A 20000 30796 480 30797 200 30798 650 30799 440 30800 700 30801 850 30802 550 30803 460 30804 600 30805 500 30806 140 30807 3400 30808 200 30809 800 30810 420 30811 420 30812 2200 30813 320 30814 280 30815 320 30816 300 30817 280 30818 550 30819 460 30820 550 30821 850

Lot 30822 30823 30824 30825 30826 30827 30828 30829 30830 30831 30832 30833 30834 30835 30836 30837 30838 30839 30840 30841

Result 2000 500 7000 480 1000 1100 440 1200 1600 200 440 400 600 260 600 950 6500 320 120 1700

Geneva, May, 2005

Lot

Result

Lot

30865 30868 30869 30871 30872 30873 30874 30876 30881 30882 30884 30885 30886 30887 30888 30889 30890 30894 30895 30896

110 420 550 2000 280 500 160 190 500 6000 240 1700 5500 1900 22000 1200 440 850 1100 900

30924 30925 30927 30928 30929 30931 30932 30933 30934 30935 30936 30937 30938 30940 30941 30942 30943 30944 30946 30947

Result 600 700 500 200 2600 260 900 600 2800 950 600 4200 400 380 380 900 500 1100 800 340

30596A Est. 20’000 Result 26’070 30842 30843 30844 30845 30846 30847 30848 30849 30850 30851 30854 30855 30856 30857 30858 30860 30861 30862 30863 30864

4200 3000 2200 800 2800 200 700 1400 4000 500 1100 1200 1200 650 750 800 3200 3200 2200 900

30897 30898 30900 30902 30903 30904 30905 30906 30907 30910 30912 30913 30914 30915 30916 30917 30918 30921 30922 30923

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

800 700 1400 320 1300 1500 800 550 460 1300 420 600 320 140 400 7000 200 600 1100 550

30948 30949 30950 30951 30952 30953 30954 30955 30956 30957 30958 30959 30960 30961 30962 30963 30964 30965 30966 30967

440 480 480 400 1600 320 300 300 160 1600 440 360 650 380 280 210 1900 3200 240 1300

Lot 30968 30969 30970 30971 30972 30973 30974 30975 30976 30977 30978 30979 30980 30981 30982 30983 30984 30985 30986 30987 30988 30989 30990 30991 30993 30994 30995 30996 30997 30998 30999 31000 31001 31002 31003 31004 31005 31006 31007 31008 31009 31010 31011 31012 31013 31014 31015 31016 31017 31018 31019 31020 31021 31022 31024 31025 31026 31027

Result 220 950 240 320 480 750 850 320 950 240 300 1000 280 280 700 280 280 240 90 320 240 1400 100 700 1900 220 1800 200 1200 700 650 2600 170 2600 3000 260 3200 6500 440 2200 120 340 600 360 260 400 2000 480 80 650 1100 1100 380 420 400 300 2800 1500

11

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

30694 Est. 40’000 Result 40’290

30888 Est. 20’000 Result 26’070 31029 31030 31031 31032 31033 31034 31035 31036 31037 31038 31039 31041 31042 31043 31044 31045 31046 31047 31048 31049 31050 31051 31052 31057 31058 31060 31063 31065 31066

12

650 550 1100 480 2200 160 440 2600 100 340 220 260 1600 750 7500 750 400 360 420 220 320 150 2200 160 650 850 170 400 1500

31067 31068 31069 31070 31071 31072 31073 31074 31076 31077 31078 31079 31081 31082 31083 31084 31086 31087 31088 31089 31090 31092 31093 31098 31099 31100 31101 31102 31103

1400 1100 900 420 1800 1600 2600 1200 950 2400 1400 260 1000 1100 320 1100 800 1100 550 2000 1600 2200 3200 1300 1600 800 150 1500 320

31104 31105 31106 31107 31108 31109 31111 31113 31116 31117 31118 31119 31120 31121 31122 31123 31124 31125 31128 31130 31133 31134 31135 31136 31139 31141 31142 31143 31144

140 6000 7500 650 300 7000 360 220 150 1300 1300 1300 550 420 420 400 460 380 320 400 5500 2200 1400 2000 900 300 280 2600 1200

Lot 31145 31146 31154 31156 31158 31159 31160 31161 31162 31163 31164 31165 31166 31167 31168 31169 31172 31177 31178 31180 31181 31182 31183 31184 31189 31190 31192 31194 31195 31196 31197 31198 31199

Result 1000 400 100 2400 360 120 750 500 500 500 200 500 2200 800 400 600 1500 3000 900 5000 3600 750 480 1100 550 3200 440 750 1300 1800 1400 1100 1700

Geneva, May, 2005

Lot

Result

1000 1600 1900 1900 650 500 800 200 220 500 800 200 2800 1700

Result

31003 Est. 900 Result 3’555 31215 31216 31217 31218 31219 31220 31221 31222 31224 31225 31226 31229 31231 31232 31233 31234 31235 31236

1700 900 1900 1200 900 1200 950 700 200 500 340 550 900 240 12000 1500 850 160

30917 Est. 3’000 Result 8’295 31200 31201 31202 31203 31204 31205 31206 31207 31208 31209 31210 31212 31213 31214

Lot

31237 31238 31239 31240 31241 31242 31244 31246 31247 31248 31251 31252 31253 31254

320 1500 700 320 1500 550 3000 1500 950 440 300 850 320 4400

31256 31257 31258 31259 31260 31261 31262 31263 31264 31265 31267 31268 31269 31270 31271 31272 31273 31274 31275 31276 31277 31278 31279 31280 31281 31282 31283 31285 31286 31287 31288 31289 31290 31291 31292 31293 31294 31295 31296 31297 31298 31299 31300 31301

260 1600 480 950 700 260 440 280 3200 800 4800 850 440 1300 2200 1000 800 1200 600 850 850 420 1600 600 340 400 280 460 300 300 200 280 650 400 460 1200 900 700 650 1500 320 240 1200 200

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 31302 31303 31305 31306

Result 900 320 150 320

Lot 31333 31335 31336 31337

31244 Est. 1’000

31356 Est. 5000 31307 31308 31309 31310 31311 31314 31315 31316 31318 31319 31320 31321 31322 31323 31324 31325 31326 31327 31329 31330 31331 31332

200 200 150 260 380 300 1200 800 500 800 400 1000 1400 260 1100 750 260 1500 400 380 550 500

31339 31340 31342 31343 31344 31345 31346 31347 31348 31349 31350 31351 31352 31353 31354 31355 31356 31357 31358 31359 31360 31361

Result 250 1300 320 280

Lot 31364 31365 31366 31367

Result 750 1700 1900 550

Result 3’555

Result 35’550 2000 1200 5000 1200 5000 2600 800 650 850 280 1500 1400 1400 440 15000 22000 30000 2200 1700 2200 320 650

31368 31369 31370 31371 31372 31376 31377 31378 31380 31381 31382 31383 31384 31386 31387 31388 31391 31392 31393 31394 31395 31396

500 1300 420 1300 900 220 800 300 2200 1500 220 950 220 380 240 600 480 1700 200 2000 420 380

Lot 31398 31399 31400 31401 31402 31405 31406 31407 31408 31409 31410 31411 31412 31413 31414 31415 31416 31417 31418 31419 31420 31421 31422 31423 31424 31425 31426 31429 31430 31431 31432 31433 31434 31435 31436 31437 31438 31439 31440

Result 300 320 200 4800 380 500 2400 950 300 1000 1700 700 550 480 1700 400 400 1800 360 1100 500 250 300 2000 2200 800 600 360 220 2200 6500 950 170 340 650 380 300 180 1100

Geneva, May, 2005

Lot

Result

Lot

31445 31446 31448 31449 31450 31451 31452 31453 31454 31455 31456 31457 31458 31459 31460 31461 31462 31463 31464 31465 31467 31469 31472 31473 31475 31476 31477 31478 31479 31480 31482 31483 31484 31485 31487 31488 31490 31491 31493

1600 1600 550 2000 3000 440 950 550 2400 2000 700 2000 3000 650 800 800 650 600 600 300 1300 700 2000 900 18000 500 650 400 420 850 260 200 800 700 600 400 1200 1100 300

31502 31504 31505 31506 31507 31508 31509 31510 31511 31512 31513 31514 31516 31517 31518 31519 31520 31521 31522 31523 31524 31525 31526 31527 31528 31529 31530 31531 31532 31533 31535 31536 31537 31538 31540 31541 31542 31545 31546

31579 Est. 8’000 31441 31442 31443 31444

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

150 950 950 550

31495 31498 31499 31501

Result 440 320 1900 2000 2000 3200 650 300 1100 440 360 850 340 650 420 300 220 800 200 160 800 950 700 950 600 400 220 2400 240 420 300 300 350 1200 150 200 440 550 100

Result 15’405 700 1300 9000 1300

31547 31548 31549 31550

1700 6000 150 5500

13

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Lot

Result

1500 2800 4400 4400 420 850 1000 1500 3600 800 500 550 1300 950 850 3800 2400 550 1500 5000 500 340 280 480 11000 11000 260 850 900 380 400 550 1400 380 750 1100 1800 26000 5500 850

31732 31733 31734 31735 31736 31737 31738 31739 31740 31741 31742 31743 31744 31745 31746 31747 31748 31749 31750 31752 31753 31754 31755 31756 31757 31758 31759 31760 31761 31762 31763 31764 31766 31767 31768 31769 31771 31772 31773 31774 31775 31776 31777 31778 31779 31781 31782 31784 31785 31786 31787 31788 31789 31790 31791 31792 31793 31794

340 460 1100 650 600 3400 800 380 700 260 1800 300 100 600 500 650 420 13000 13000 260 1400 320 500 600 1000 1000 600 1000 700 160 260 460 420 280 220 700 200 320 600 500 2200 480 900 750 1000 1500 1900 1800 200 1500 2200 2200 5500 4600 1200 2000 420 340

31795 31796 31797 31798 31799 31800 31803 31804 31805 31807 31808 31809 31810 31812 31814 31815 31816 31817 31818 31819 31820 31821 31822 31823 31824 31825 31826 31827 31828 31829 31830 31831 31832 31833 31835 31836 31840 31841 31843 31844 31845 31846 31848 31850 31851 31852 31853 31854 31855 31856 31857 31858 31859 31860 31861 31863 31864 31865

300 650 800 280 280 3000 4200 110 140 200 100 420 700 190 200 250 220 480 10000 9000 1700 2200 3200 3200 1600 240 160 150 650 160 2400 200 360 250 150 220 550 340 800 160 300 260 700 380 5000 280 360 700 550 1000 260 1200 240 6000 220 400 320 550

31866 31867 31868 31869 31871 31872 31873 31874 31875 31876 31877 31878 31880 31881 31882 31883 31884 31885 31887 31888 31889 31890 31891 31892 31893 31896 31897 31898 31899 31900 31901 31902 31903 31904 31905 31906 31907 31908 31909 31910 31911 31912 31913 31914 31918 31919 31920 31921 31922 31923 31924 31927 31928 31929 31931 31932 31934 31938

800 1100 1600 2400 1400 1500 3200 440 3000 260 260 800 750 440 650 750 420 240 500 650 380 5200 5600 400 400 700 600 950 2800 1200 750 650 340 650 750 1900 950 850 950 150 460 420 200 1800 1000 650 1600 180 650 11000 1800 1400 750 1800 3600 1500 1600 2000

31355 Est. 6’000 Result 26’070 31551 31552 31553 31554 31555 31557 31561 31570 31576 31577 31579 31580 31581 31582 31583 31584 31585 31586 31587 31589 31593 31594 31596 31599 31600 31603 31604 31605 31606 31607 31608 31609 31610 31612 31613 31615 31620 31621 31622 31623

14

1200 300 700 750 800 950 200 800 600 1200 13000 1400 1400 4800 400 340 460 280 600 440 460 1200 200 3000 420 5500 220 950 700 320 300 320 280 550 850 1100 1500 8000 1000 1200

31624 31625 31629 31630 31632 31633 31635 31636 31637 31638 31639 31640 31642 31644 31645 31649 31650 31651 31652 31654 31655 31656 31661 31662 31663 31664 31665 31666 31667 31668 31669 31670 31672 31673 31676 31677 31678 31679 31680 31682

1800 220 1200 320 7000 550 1700 300 950 8000 1600 600 550 400 700 260 440 13000 4000 550 2800 1300 480 340 320 220 17000 9000 3800 420 400 300 240 4200 440 900 1200 1300 850 440

31685 31686 31688 31689 31690 31691 31692 31693 31695 31697 31698 31699 31700 31701 31702 31703 31704 31706 31707 31709 31710 31711 31712 31713 31714 31715 31716 31717 31718 31719 31720 31721 31722 31724 31725 31726 31727 31728 31729 31731

Geneva, May, 2005

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

40000 Est. 5000 31940 31941 31943 31944 31945 31946 31948 31949 31950 31953 31955 31956 31957 31963 31965 31966 31967 31969 31974 31983 31984 31985 31987 31988 31989 31990

4000 220 750 360 400 400 850 380 420 500 460 1700 700 750 2000 600 650 200 380 400 280 320 3400 1500 320 1600

31991 31992 31993 31994 31995 31996 31997 31998 31999 32000 32001 32002 32003 32004 32005 32006 32007 32008 32009 32010 32011 32012 32013 32014 32015 32016

Result

Lot

Result

Result 7’700 2200 1700 3600 260 300 600 320 650 1600 150 280 280 650 440 1100 260 4600 550 700 460 2600 460 1900 190 5500 950

32017 32018 32019 32020 32022 32023 32024 32025 32026 32028 32029 32030 32031 32032 32033 32034 32035 32036 32039 32040

3000 800 800 550 700 6000 4600 600 480 5500 1700 16000 1700 2800 220 1100 1000 120 380 800

Lot 40003 40004 40005 40006 40007 40008 40009 40010 40011 40012 40013 40015 40016 40017 40019 40021 40022 40024 40025 40027 40028 40029 40031 40032 40033 40034 40035 40036 40037 40040 40041 40042 40043 40044 40046 40047 40048 40050 40051 40052 40055 40056

Result 700 460 850 1000 400 320 300 200 300 200 550 340 380 320 1100 1000 800 600 1100 420 600 480 750 650 1900 320 380 360 650 550 600 460 600 440 190 750 190 65 500 650 240 360

Geneva, May, 2005

Lot 40057 40058 40059 40060 40061 40063 40064 40065 40066 40067 40071 40072 40073 40075 40076 40077 40078 40079 40080

Result 280 650 280 240 280 220 380 220 480 400 420 500 360 340 750 120 800 500 700

40076 Est. 400

Lot 40081 40082 40083 40084 40086 40088 40091 40092 40093 40095 40096 40098 40100 40101 40103 40104 40105 40106 40107

Result 320 320 200 340 260 420 460 700 900 280 500 130 500 700 340 420 700 360 320

Result 889

Illustrated Envelopes 40000 40002

6500 550

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

40158 Est. 1000

Result 3’555

15

PRICES REALISED (CHF)

David Feldman SA

Lot 40109 40110 40111 40113 40114 40115 40117 40118 40121 40122 40123 40124 40126 40128 40129 40132 40134 40135 40136 40137 40139 40141 40145 40146 40147 40148 40150 40151 40152 40153 40154 40155 40156 40157 40158 40159 40160 40162 40163 40164 40165 40166 40168 40169 40170 40171 40172 40173 40174 40178 40179 40180 40181 40182 40183 40184 40185 40186

16

Result 1500 340 300 1000 460 400 500 550 750 500 700 600 650 440 600 500 800 1400 500 200 750 2000 300 750 1100 950 300 320 500 280 6000 120 100 1100 3000 400 1100 1500 2800 1200 2200 1300 220 420 260 220 240 1600 340 1700 600 650 1300 400 300 1500 1900 6000

Lot

Result

Lot

Result

40163 Est. 1000 40187 40188 40191 40192 40195 40197 40198 40199 40201 40202 40203 40209 40210 40211 40214 40215 40216 40217 40219 40220 40225 40228 40229 40232 40234

5000 900 8000 1500 6000 500 380 400 300 320 300 280 420 550 400 850 400 400 700 600 360 300 340 460 650

Collections 50000 50001 50002 50003 50004 50005 50006 50007 50008 50009

5500 1600 2600 1200 950 2200 2600 1200 25000 550

50010 50011 50012 50013 50014 50015 50016 50017 50018 50019 50020 50021 50022 50023 50024 50025 50026 50027 50028 50029 50030 50031 50032 50033 50034 50035 50036 50037 50038 50039 50040 50041 50042 50043 50044 50045 50046 50047

Lot

Result

Lot

Result

Lot

100 110 340 280 5000 800 1000 2000 3400 3400 130 280 550 8500 8000 200 240 1100 150 950 19000 2600 900 360 550 300 320 500 2000 4000 3200 750 550 650 300 500 160 80

50087 50088 50089 50090 50091 50092 50093 50094 50095 50096 50097 50098 50099 50100 50101 50102 50103 50104 50105 50106 50107 50108 50109 50110 50111 50112 50113 50114 50115 50116 50117 50118 50119 50120 50121 50123 50124 50125 50126 50127 50128 50129 50130 50131 50132 50133 50134 50135 50136 50137 50138 50139 50140 50141 50142 50143 50144 50145

3200 360 220 280 1000 240 440 4800 19000 1900 320 600 480 340 7000 7500 22000 14000 3200 650 1300 4400 2200 2600 1500 100 110 1400 320 3200 3400 1600 800 3200 2400 600 420 500 900 500 800 3200 2400 4400 950 900 1600 750 1100 130 7000 800 650 8000 1700 500 2600 2100

50146 3200 50147 950 50148 300 50149 460 50150 1600 50151 1200 50152 550 50153 8500 50154 2600 50155 650 50155A 6000 50156 380 50157 340 50158 950 50159 2400 50160 750 50161 38000 50162 10000 50163 4200 50164 1400 50165 900 50166 2000 50167 650 50168 800 50169 800 50172 2600 50173 300 50174 200 50175 700 50176 320 50177 650 50178 2800 50179 2000 50180 6000 50181 1400 50182 1200 50183 1500 50184 3200 50185 2600 50186 150 50187 950 50188 1800 50189 1000 50190 1600 50191 160 50192 1100 50193 4800 50194 1000 50195 420 50197 1400 50198 550 50199 1000 50200 2600 50201 950 50202 140 50203 480 50204 5500 50205 1200

Result 3’320

3600 3400 650 3200 550 320 2800 3800 3200 5000 18000 2800 1100 1300 1300 2200 1800 1000 700 2600 1300 1000 1400 1000 400 2800 12000 2400 6500 3600 800 700 550 2000 400 700 1100 5000

50048 50049 50050 50051 50052 50053 50054 50055 50056 50057 50058 50059 50060 50061 50062 50063 50064 50065 50066 50067 50068 50069 50070 50071 50072 50073 50074 50075 50076 50077 50078 50079 50080 50081 50082 50084 50085 50086

Geneva, May, 2005

Result

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

50206 50207 50209 50210 50211 50212 50213 50214 50215 50216 50217 50218 50219 50221 50222 50224 50225 50226 50227 50228 50229 50230 50231 50232 50234 50235 50236 50237 50238 50239 50240 50241 50242 50243 50244 50246 50247 50248 50249 50250 50251 50252 50253 50254 50255 50256 50257 50258 50260 50261 50262 50263 50264 50265 50266 50267 50268 50269

600 220 550 950 1400 950 600 500 240 280 600 650 200 300 550 800 1500 800 280 1200 1400 280 440 280 400 3200 190 270 440 1000 2400 1100 280 600 1600 2000 7000 5500 3200 2800 9000 2800 16000 17000 1300 1100 2600 550 1700 240 1600 2100 1300 380 480 320 2800 170

50270 550 50271 4600 50272 4000 50273 14000 50274 1700 50275 480 50276 2200 50277 2200 50278 650 50279 1100 50280 5500 50282 650 50283 1000 50284 1200 50285 16000 50286 1400 50287 2000 50288 260 50289 1400 50290 500 50291 600 50294 850 50295 1200 50296 600 50298 1200 50299 2400 50300 700 50301 950 50302 550 50303 2400 50304 400 50305 13000 50306 1600 50307 1400 50308 480 50309 9000 50310 900 50310A 1100 50311 1900 50312 1000 50313 4000 50314 380 50315 1200 50316 700 50317 1700 50318 900 50319 650 50320 850 50321 1000 50322 7000 50323 3000 50324 600 50325 800 50326 6000 50327 400 50328 1200 50329 850 50330 550

Lot

Result

Lot

50331 50332 50333 50334 50335 50336 50337 50338 50339 50340 50341 50342 50343 50344 50345 50346 50347 50348 50349 50350 50351 50352 50353 50354 50356 50357 50358 50359 50360 50361 50362 50363 50364 50365 50366 50367 50368 50369 50370 50371 50372 50373 50374 50375 50376 50377 50378 50379 50380 50382 50383 50384 50385 50386 50387 50388 50389 50390

1200 700 1100 2200 750 260 2200 850 3800 3000 8500 980 420 420 320 1200 1500 11000 750 550 1700 2200 1100 280 420 1800 7000 650 4600 300 600 9500 400 1400 420 360 550 340 1800 280 280 1100 850 600 1800 800 1700 9000 2000 2000 2200 2200 400 1300 220 700 650 1800

50391 2600 50392 1400 50393 1800 50394 1900 50395 100 50395A 1500 50400 190 50401 10000 50402 2400 50403 600 50404 1200 50405 180 50406 280 50407 800 50408 380 50409 420 50410 1100 50411 3200 50412 360 50413 1000 50414 650 50415 380 50416 850 50418 360 50419 1000 50420 600 50421 3400 50422 2800 50423 420 50424 1300 50425 1100 50426 1200 50427 1100 50429 1500 50430 8500 50431 1500 50434 700 50435 550 50436 1900 50437 500 50438 240 50439 20000 50440 800 50444 500 50448 800

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

Geneva, May, 2005

Lot

Result

Lot

Result

17

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Geneva, May, 2005

Lot

Result

Lot

Result

Rarities 60000 60001 60002 60003 60006 60007 60008 60009 60010 60011 60012 60013 60014 60016 60017

44000 155000 18000 46000 9500 10000 4400 5000 130000 120000 260000 30000 10000 32000 1700

ERRORS AND OMISSIONS EXCEPTED. * = NOT EXACTLY AS DESCRIBED

60010 Est.100’000

60011 Est.100’000

60018 60019 60020 60021 60022

13000 36000 12000 13000 4000

60023 60025 60026 60027 60028 60029

30000 3400 26000 2000 14000 28000

60039 Est.30’000

18

Result 154’050

Result 142’200

60030 60031 60032 60033 60034 60035

Result 47’400

12000 22000 10000 42000 3000 15000

60036 60038 60039 60040 60041 60042

3600 15000 40000 7500 22000 90000

60043 13000 60044 8000 60045 59000 60046 38000 60047 22000 60048 16000 60049 14000 60050 10000 60051 26000 60052 15000 60054 4000 60056 20000 60058 19000 60060 9500 60061 6000 60062 160000 60064 22000 60065 20000 60066 4800 60067 18000 60068 15000 60069 9000 60071 32000

60046 Est. 20’000 Result 45’030

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

Result

Lot

Result

Geneva, May, 2005

Lot

Result

Lot

Result

PLEASE CONSIGN NOW FOR OUR NOVEMBER SALE 2005

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

19

world leading stamp auctioneers

Now accepting:

Top Class & Award Winning Collections Major Rarities & Specialised Postal History All World & General Collections Do you have any item(s) or collection(s) that you may consider selling ? If yes, please indicate & return to address below:

1. Name ...........................................................................................................................................................................................................................................................................................................

Address ..................................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................................................................

Post Code ........................................................................................ Country ..................................................................................................................................................................

Tel ................................................................................................................................................... Fax .................................................................................................................................................

Email .............................................................................................................................................................................................................................................................................................................

2. Item(s) or Collection(s) which you may consider to sell : Description ........................................................................................................................................................................................................................................................................................... ................................................................................................................................................................................................................................................................................................................................. ................................................................................................................................................................................................................................................................................................................................. ..................................................................................................................................................................................

Approx. value

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

3. Cash advance required ? If yes, please state amount ? ...............................................................................................................................................................

4. Preferred dates to visit you ?

5. Any other comments :

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

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

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

David Feldman SA 175, Rte 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

20

Rarities of the World

David Feldman - Official Exhibition Auctioneer Special Auction in Washington D.C. Wednesday, May 31, 2006.

Distinguished items are eagerly sought for this auction and the Autumn 2005 Rarities Sale.

If you have a suitable item, please contact us as soon as possible as these auctions are always limited to a small number of lots.

Special conditions can be considered.

David Feldman SA PHILATELISTS AUCTIONEERS 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

21

man David Finegld ers stamp auctione world lead

series next auctieorin es, Geneva Feldman Gall

5 November, 200

Please consign le to ensure ib as soon as poss optimal d results. n a n o ti ta n e s re p ........ ................ ............ ................ ................

S.A. David Feldman ncy, ha C 175, route de 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 .d w w Website: w

22

David Feldman the only live multi-city auction

GENEVA

LONDON HONG KONG

MOSCOW

PARIS

BRUSSELS 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...”

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.

BOSTON

VIENNA

STOCKHOLM

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

PRICES REALISED (CHF)

GREAT BRITAIN PENNY BLACK FIRST DAY COVER

60042 Est. 50’000

Result 106’650