Prices realised Stamps Auction

David Feldman

world leading stamp auctioneers

www.davidfeldman.com

Prices Realised

November 29 - December 3, 2005 The latest David Feldman SA series of auctions (held November 29 – December 3) brought spirited bidding from clients present in the room, whether in person, over telephone links, by agents, or (importantly) over the internet.

In a week of auctions that combined specialised collections (from Persia to Switzerland, Australian States to Greece, Egypt to Classic postal history worldwide), the trend was clear: material fresh to the marketplace was in high demand, and the prices reflected this.

Several sections doubled or trebled the pre-sale estimates overall, and individual lots ­throughout the sale often soared to astonishing levels.

50012 Est. 30’000 Result 42’900

Next auctions Washington - May 31, Geneva - June 7-11, 2006 Presently in preparation Greece ‘The Collection’ Part VII Grand Prix Egypt Persia Rarities All World & Collections

Do you know ?

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

Rarities & Collections of the World

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

Distinguished items and Specialised Collections are eagerly sought for this auction and the June 2006 General Sale.

If you have a suitable item, please contact us as soon as possible.

Special conditions can be considered.

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

Dec 2005

Autumn 2005 Auctions: A Firm Market, Strong Results The latest David Feldman SA series of auctions (held November 29 – December 3) brought spirited bidding from clients present in the room, whether in person, over telephone links, by agents, or (importantly) over the internet. In a week of auctions that combined specialised collections (from Persia to Switzerland, Australian States to Greece, Egypt to Classic postal history worldwide), the trend was clear: material fresh to the marketplace was in high demand, and the prices reflected this.

Persia (featuring the Hassan Shaida postmarks collection) started things off on Tuesday, and attracted intense competition both in the room and over the internet, including numerous lots fought over by bidders in Iran and in the USA (the Iranians usually won), and nearly every lot far exceeded its pre-auction estimate.

The first portion of the famous "Nile" Collection of Egypt postal history saw several outstanding realisations as well, and the same was true of rare and aesthetically pleasing items from throughout the Middle East.

"The Collection VI" of Large Hermes Heads brought together a special sales room in Athens with the auction room in Geneva, and the results continued the strong results of previous portions of this fabulous collection.

Europe & Colonies, offered on Thursday, saw fantastic results for First Issue covers, matched or exceeded by similar material in the Overseas portion of the auction.

France & Colonies sold well, as did Italy and particularly Italian States.

Among the Overseas lots, Latin America was one of the strongest portions of the sale (including in the Collections sessions) as important stamps and covers (many of which had not been on the market in 40 years) brought outstanding levels from collectors world-wide.

Asian material, including early covers of China, Japan and Korea, was strong (as these Prices Realised will attest).

Friday evening's offer of the "Rarities of the World" portion of the auction included the Richard Shaefer collection of Switzerland Combination Covers with stamps of other countries (which brought some strong bids from collectors of countries other than Switzerland).

Among the many highlights of the "Rarities" sale was an important collection of Foreign Offices in Egypt postal history, sold as one lot (see Prices Realised for Lot 60002).

The Collections, Lots & Estates sessions, which comprised the Saturday day-time auction, featured numerous lots rich with nice stamps or interesting covers from several dealer stocks, and brought fierce action in the auction room, as lot after lot soared to multiples of the pre-auction estimates. Even here, the internet was a factor with numerous bidders "logged in" and bidding (and sometimes succeeding against strong floor competition).

In fact, the internet was so much a presence throughout the week that some commented that this ready connection from anywhere in the world would have been sorely missed had it been absent. Well over 200 bidders from nearly 40 countries were able to participate, hear the live audio and take part, and thus win as many lots as if they had been present in the auction room – for indeed they were, in real time!

David Feldman, chairman of the company, commented, "Collectors should take advantage of the strong market for fresh material, choice classics and interesting covers.

With every auction, we see an almost insatiable demand, particularly for nice collections offered intact, which often sell for more than they would have if broken down. Of course, 'showpiece' items from every area, which appeal to both connoisseurs and exhibitors, are always strong, as are truly rare items regardless of price levels."

British Commonwealth, offered Friday, included a strong showing of Australian States postal history, and bids came fast and furious from the internet, the telephone, the mail and from bidders in a linked sales room in Melbourne, where the participants could hear what was going on in Geneva and bid in "real time."

The next David Feldman SA auctions are set for Washington DC in May 2006 (a special auction of Rarities including exceptional collections offered as single lots) and for Geneva in early June. Consignments for these sales close at the end of February 2006, and the staff at David Feldman SA invite anyone who would like to take advantage of their outstanding catalogues, friendly service and inviting terms to contact the company today (by mail, phone, internet, fax or in person).

A special session of Switzerland, offered in its own special catalogue as the last part of the auction on Saturday evening, brought collectors and dealers from both the French and the German speaking parts of the country for a feast of rare stamps and covers.

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 Web site: www.davidfeldman.com

David Feldman November - December 2005 Auctions - Geneva, Switzerland

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

GREECE 10000 10001

2000 8500

Lot 10028 10029 10030 10031 10032

Result 38000 1400 1500 700 1800

Lot

Result

10055 380 10056 8500 10057 360 10058 460 10059 2800 10060 2000 10061 1300 10062 260 10063 850 10064 135000 10065 200 10066 22000 10068 140 10069 260 10070 1600 10073 3200 10075 1000 10076 500 10077 550 10078 220 10080 1100

Lot 10086 10087 10088 10089 10090 10091 10093 10094 10095 10096 10097 10098 10099 10101 10102 10103 10104 10105 10106 10107 10108

Result 180 300 550 3600 850 360 140 3800 12000 900 400 120 22000 900 1800 3600 8000 950 500 600 350

Geneva, Dec, 2005

Lot 10114 10116 10118 10119

Result 220 1100 950 500

300 650 55 75 6500 550 700 280 460 600 1100 1600 6500 7500 240 850 100 1100

10033 360 10034 350 10035 17000 10036 800 10037 420 10038 24000 10039 9500 10040 4400 10041 5000 10043 4400 10044 120000 10045 2200 10046 18000 10047 150 10048 2000 10049 340 10050 950 10051 480

10044 Est. 80’000 Result 142’200 10081 10082 10083 10084 10085

750 500 6000 2400 440

10109 10110 10111 10112 10113

400 650 180 1900 1400

10120 10122 10123 10124 10125

10028 Est. 30’000 Result 45’030 10024 10025 10026

600 380 1800

10052 10053 10054

400 600 1000

10126 10127 10128 10129

Result 260 300 1400 650

10095 Est. 4’000 Result 14’220

10001 Est. 5’000 Result 10’073 10002 10003 10004 10005 10006 10007 10008 10009 10010 10011 10013 10015 10018 10019 10020 10021 10022 10023

Lot

10056 Est. 3’600 Result 10’073

12000 1100 600 65000 360

10130 10132 10133 10134 10135 10136 10137 10138 10139 10141 10142 10144 10145 10146 10147 10148 10149 10150 10151 10152 10153 10155 10156 10157 10158 10159 10160 10161 10162 10163 10164 10165 10166 10167 10168 10169 10170 10171

460 380 360 300 700 340 3000 5500 420 340 2000 400 280 100 1800 600 190 380 550 360 3800 440 220 3000 1800 750 2200 1200 1100 2000 20000 1100 400 400 1200 650 320 360

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, Dec, 2005

Lot

Result

Lot

Result

EGYPT

10099 Est. 6’000 Result 26’070

10120 Est. 1’500 Result 14’220

20000 20001 20002 20003 20005 20006 20007 20009 20010 20011 20012 20013 20015 20016 20017 20018 20019 20020 20021 20022 20023

2400 440 320 600 1800 850 1700 3000 1500 850 2200 2800 1200 1200 3400 2400 1300 750 3200 220 280

20000 Est. 600 Result 2’844 20034 20035 20036 20037 20038 20039 20040 20041 20042 20043

2200 7500 36000 16000 13000 14000 650 800 1400 4800

20036 Est. 20'000 Result 42’660

20057 20058 20059 20060 20061 20062 20063 20064 20065 20066

4800 800 2200 500 700 440 600 13000 3000 9500

20054 Est. 15'000 Result 22’515

10124 Est. 50’000 Result 77’025

10172 10173 10174 10175 10177 10178 10179 10180 10181 10182 10183 10184 10185

1500 480 1100 6000 4000 900 1100 240 950 7000 550 5000 750

10187 10190 10191 10192 10193 10194 10195 10196 10198 10199 10200 10201 10202

3600 4400 8500 5500 1800 2600 1200 1800 7500 360 1900 400 300

20037 Est. 8'000 Result 18’960 20024 20025 20026 20027 20028 20029 20030 20031 20032 20033

3000 1800 850 2800 10000 360 2200 7000 6500 1500

20044 20045 20047 20048 20049 20050 20051 20052 20054 20056

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

440 9000 800 1800 460 2200 1600 2600 19000 1200

20064 Est. 4'000 Result 15’405 20067 20068 20069 20071

7500 1300 3000 3400

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

ALL WORLD

Lot 30041 30042 30043

Result 340 850 850

Lot 30089 30090 30091

Result 220 75 440

30117 Est. 5’000 Result 23’700 30000 30001 30002 30003 30004 30005 30006 30007 30008 30009 30010 30011 30012 30013 30014 30015 30016 30018 30019 30021 30022 30023 30024 30026 30027 30028 30029 30030 30031 30032 30033 30034 30035 30037 30038 30040

1600 1500 1500 1200 1700 360 380 700 650 800 2800 4200 850 2400 1400 220 300 300 500 420 400 320 1400 300 750 160 460 1100 850 1900 2800 360 160 130 130 1500

30044 30045 30046 30047 30048 30049 30050 30052 30053 30054 30056 30057 30060 30061 30062 30063 30064 30066 30068 30069 30070 30071 30072 30074 30075 30076 30078 30079 30080 30082 30083 30084 30085 30086 30087 30088

320 320 110 130 80 3200 340 5500 700 340 260 550 280 220 320 280 550 800 200 240 300 240 200 220 110 280 220 300 80 7500 5000 850 750 460 150 500

30092 30093 30094 30096 30097 30098 30099 30100 30102 30104 30105 30106 30109 30110 30111 30112 30113 30114 30115 30116 30117 30118 30119 30120 30123 30124 30125 30128 30129 30131 30132 30135 30136 30138 30140 30142

360 7500 460 460 2000 750 480 700 550 90 340 1000 1400 1000 1000 950 320 700 280 3800 20000 1400 2600 1800 1400 300 1200 300 300 300 110 380 700 1800 280 150

Lot 30143 30144 30145 30146 30147 30150 30152 30154 30155 30156 30158 30159 30160 30161 30162 30163 30165 30166 30169 30170 30175 30176 30177 30178 30180 30182 30184 30185 30186 30188 30189 30191 30194 30195 30196 30197 30199 30201 30202 30203 30204 30205 30206 30207 30208 30209 30210 30213 30215 30218 30221 30222 30224 30225 30227 30228 30229 30230

Result 110 300 340 700 50 1400 380 700 650 600 170 190 950 480 600 300 700 500 220 950 320 280 300 320 150 300 700 460 460 200 1000 200 220 320 400 420 800 360 1000 500 170 480 120 700 220 850 950 260 750 350 950 220 950 260 500 10000 850 75

Geneva, Dec, 2005

Lot 30233 30234 30235 30236 30238 30239 30242 30243 30244 30245 30246 30249 30250 30251 30253 30254 30255 30256 30257 30258 30261 30264 30269 30270 30271 30272 30276 30279 30281 30282 30285 30286 30287 30288 30290 30294 30298 30302 30304 30306 30307 30308 30309 30310 30315 30316 30320 30321 30322 30323 30324 30325 30326 30327 30328 30330

Result 1600 200 170 1000 500 200 2000 140 950 2000 240 1400 1900 400 320 320 500 420 600 550 600 500 1400 340 950 320 130 440 150 280 280 900 440 500 950 750 2200 1400 80 340 240 360 800 300 340 60 240 380 1000 900 200 220 750 200 130 220

Lot 30331 30333 30335 30339 30340 30341 30342 30343 30344 30345 30347 30348 30350 30351 30352 30358 30360 30364 30367 30369 30370 30371 30372 30373 30374 30376 30377 30378 30379 30381 30382 30383 30384 30386 30387 30388 30390 30391 30392 30393 30394 30395 30397 30398 30399 30400 30401

Result 1200 3400 2200 2200 320 1000 900 850 2000 950 2200 1900 650 750 300 200 300 550 340 1400 1500 400 550 360 800 1800 220 1800 320 2200 440 130 180 150 480 480 950 300 550 1100 400 220 200 2000 150 340 500

30449 Est. 15'000 Result 18’960

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

30509 Est. 4’000 Result 10’073 30402 30403 30404 30405 30406 30407 30408 30409 30410 30411 30412 30414 30415

850 1200 190 130 340 320 750 650 90 420 240 160 170

30450 30451 30452 30453 30454 30456 30457 30458 30459 30460 30461 30462 30463

380 900 190 480 750 480 650 2600 380 360 750 850 380

30483 30485 30487 30488 30489 30492 30493 30494 30496 30497 30498 30499 30500

700 3000 1700 1100 3600 280 260 2000 40 1700 3800 16000 800

30513 Est. 4’600 Result 11'850 30416 30417 30420 30424 30425 30427 30428 30432 30438 30440 30441 30443 30444 30445 30446 30447 30448

90 220 200 360 320 240 300 600 380 360 240 380 200 300 1800 800 380

30464 30465 30466 30467 30468 30469 30471 30472 30473 30474 30475 30477 30478 30479 30480 30481 30482

1500 420 300 1200 420 550 340 800 100 120 220 120 1000 4400 600 650 1000

30502 30503 30504 30505 30507 30508 30509 30510 30511 30512 30513 30514 30515 30516 30517 30518 30519

550 440 6500 500 1500 7000 8500 3400 1500 3800 10000 3400 1800 100 1100 320 1800

Lot 30520 30521 30522 30523 30524 30526 30528 30529 30530 30533 30534 30537 30538 30539 30540 30541 30542 30543 30545 30547 30548 30549 30551 30552 30554 30555 30556 30558 30560 30561 30562 30563 30564 30565 30567 30568 30569 30570 30571 30572 30573 30574 30576 30578 30579 30580 30581 30582 30583 30584 30585 30586 30587 30588 30589 30590 30591 30592

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 500 440 2400 1600 260 200 280 280 600 2600 1900 260 1400 440 850 360 700 700 1200 1400 1000 1500 360 300 460 280 4000 800 380 300 500 1500 1300 360 1000 1700 280 2000 1200 110 190 550 380 30 220 750 1300 220 140 420 320 340 300 460 850 1100 550 340

Geneva, Dec, 2005

Lot 30593 30594 30595 30596 30597 30598 30599 30600 30601 30602 30603 30604 30605 30606 30607 30609 30610 30611 30612 30613 30614 30615 30616 30617 30618 30619 30620 30621 30622 30623 30624 30625 30627 30628 30629 30631 30632 30633 30634 30635 30636 30637 30638 30640 30642 30643 30644 30646 30647 30649 30650 30651 30652 30653 30654 30655 30656 30657

Result 240 650 6000 800 2800 1800 1400 850 1100 280 950 1900 4800 300 400 2200 800 1400 1500 550 360 1300 240 280 550 750 360 360 550 360 1500 550 600 700 950 160 750 460 750 500 140 260 850 150 6000 750 220 650 850 280 2800 600 1600 320 700 1200 420 240

Lot 30658 30659 30660 30661 30662 30664 30665 30668 30669 30674 30677 30682 30683 30684 30685 30690 30691 30692 30693 30694 30695 30698 30701 30702 30703 30704 30705 30706 30707 30708 30709 30711 30712 30713 30714 30715 30716 30717 30718 30719 30721 30723 30724 30725 30726 30728 30729 30730 30731 30732 30733 30734 30735 30736 30737 30740 30741 30742

Result 300 190 120 380 220 600 380 2400 280 280 2000 500 750 1300 280 1500 460 1100 1200 1200 260 360 650 150 800 260 10000 320 190 1200 650 200 300 220 4000 12000 3400 380 2800 1400 950 2400 75 3200 320 240 1600 100 1100 950 150 320 480 280 550 3200 500 260

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

30790 Est. 1’500 Result 10’073 30743 30744 30745 30746 30747 30748 30749 30750 30751 30752 30753 30754 30755 30756 30757 30758 30759 30760 30761 30763 30765 30766 30767 30768 30769 30771 30772 30773 30774 30775 30777 30778 30779 30780 30781 30782 30783 30784 30785 30786 30787 30788 30789 30790 30791

340 800 2200 1300 3000 460 600 500 1600 340 500 500 480 500 1400 220 400 460 950 550 320 800 2800 420 200 900 460 340 7500 110 1300 1400 400 480 1100 150 1300 1800 3400 750 1400 1200 420 8500 1400

30793 30794 30795 30796 30797 30798 30799 30800 30801 30802 30803 30804 30805 30806 30807 30808 30810 30811 30812 30813 30814 30815 30816 30817 30818 30819 30820 30821 30822 30823 30825 30826 30829 30831 30832 30833 30834 30836 30837 30838 30839 30840 30841 30842 30843

1100 950 800 1500 650 1400 750 800 1000 300 240 200 700 200 550 3600 550 1000 480 1500 1400 500 5000 3000 1600 420 3200 2800 1500 750 900 1200 4400 400 2400 160 950 1400 320 650 260 500 500 2200 3200

30844 30845 30846 30847 30848 30849

1000 2800 320 900 1000 1100

Lot 30883 30884 30885 30886 30887 30888 30891 30892 30893 30894 30897 30898 30899 30900 30904 30905 30906 30907 30908

Result 220 4000 2400 2800 4200 1500 1300 5500 1500 440 1100 190 150 550 700 700 160 8500 320

Geneva, Dec, 2005

Lot 30940 30944 30945 30949 30950 30951 30952 30953 30954 30955 30956 30958 30959 30960 30961 30962 30963 30964 30965

Result 550 300 5000 500 1400 850 850 550 190 360 200 300 260 850 2000 380 800 260 380

30907 Est. 3’000 Result 10’073 30850 30851 30852 30853 30854 30855 30856 30857 30858 30859 30860 30861 30862 30863 30864 30865 30866 30867 30868 30869 30870 30871 30872 30874 30876 30879 30880

150 1900 600 1200 3000 1300 2000 800 2200 900 150 600 280 220 380 650 500 300 700 400 180 200 550 1000 1200 550 1000

30909 30910 30911 30912 30913 30914 30915 30916 30917 30920 30921 30922 30923 30924 30925 30926 30927 30928 30929 30931 30932 30933 30934 30936 30937 30938 30939

4600 240 1400 1400 220 1200 100 150 750 220 280 170 2000 1600 850 650 700 420 160 100 320 90 4000 240 260 360 550

30966 30967 30968 30969 30970 30971 30972 30973 30974 30975 30977 30978 30979 30980 30981 30982 30983 30985 30986 30990 30991 30992 30993 30994 30995 30996 30997

1000 85 1000 500 280 280 170 360 2200 850 300 700 600 600 700 550 800 1000 300 650 1300 240 6500 320 190 800 280

Lot 30998 30999 31000 31002 31003 31004 31005 31006 31007 31008 31009 31010 31011 31012 31013 31014 31015 31016 31017 31018 31019 31020 31021 31022 31023 31024 31025 31027 31028 31029 31030 31031 31033 31036 31037 31038 31039 31040 31041 31042 31043 31044 31045 31046 31047 31049 31050 31051 31052 31053 31054 31055 31056 31057 31058 31059 31060 31061

Result 3000 420 700 600 460 320 2000 3800 300 1600 1500 280 220 700 1600 2400 2200 1900 850 150 2200 2200 200 600 550 2000 240 1500 750 480 950 2800 500 140 1100 800 1100 1100 500 1400 550 420 600 800 3000 280 480 380 1200 2800 200 750 400 480 240 4800 750 420

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

31112 Est. 2’500 Result 8’888 31062 31063 31064 31065 31067 31068 31069 31070 31071 31074 31075 31077

240 550 800 900 360 320 300 600 360 2200 2700 1000

31078 31079 31080 31081 31082 31084 31085 31086 31087 31088 31089 31090

950 1500 550 480 4000 2400 2600 3000 650 1100 10000 2400

31091 31092 31093 31094 31095 31096 31097 31098 31099 31100 31101 31102

460 480 2200 1500 220 150 240 360 300 480 400 440

31118 Est. 1’500 Result 7’703

Lot 31103 31104 31105 31106 31107 31108 31109 31110 31111 31112 31114 31115 31116 31117 31118 31119 31120 31121 31123 31124 31125 31126 31127 31128 31130 31131 31132 31134 31136 31137 31140 31141 31143 31144 31145 31146 31147 31148 31149 31151 31152

31123 Est. 3’000 Result 7’703 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 420 110 150 1100 110 550 360 320 1200 7500 100 5500 280 1400 6500 6000 1700 500 6500 950 500 2400 480 500 420 1200 320 220 750 2000 700 1100 440 4000 4000 550 420 420 380 480 380

Geneva, Dec, 2005

Lot 31153 31154 31155 31156 31157 31158 31159 31160 31161 31162 31163 31164 31165 31166 31167 31169 31172 31173 31174 31175 31176 31182 31183 31184 31185 31186 31187 31188 31189 31191 31193 31194 31195 31197 31198 31199 31200 31201 31205 31206 31209 31210 31211 31212 31213 31214 31215 31216 31217 31218 31220 31221 31222 31223 31224 31225 31226 31227

Result 340 280 650 320 340 460 480 250 500 950 240 280 500 2200 3000 440 250 190 240 460 480 480 500 900 2600 300 460 1000 2000 220 2400 460 420 320 260 80 300 180 1000 3200 5000 2200 220 800 4600 120 1400 1500 450 500 400 2200 1400 1100 3400 6000 460 850

Lot 31228 31230 31231 31232 31233 31234 31235 31236 31237 31238 31239 31241 31242 31244 31245 31248 31250 31252 31255 31256 31258 31259 31261 31262 31263 31264 31265 31266 31267 31269 31270 31273 31274 31275 31278 31279 31280 31281 31282 31283 31284 31285 31286 31287 31288 31289 31290 31291 31292 31293 31294 31295 31296 31298 31301 31302 31303 31305

Result 2800 2800 380 1400 1800 300 750 900 850 550 500 460 400 900 600 3800 400 1900 750 380 3800 130 190 340 340 160 950 800 280 400 220 160 6000 4800 70 200 1900 1800 1400 750 650 480 950 950 600 300 1300 460 1200 700 1100 420 420 1500 550 320 4200 1300

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

31427 31428 31429 31430 31431 31432 31433 31435 31436 31437 31438 31439 31440 31441 31443

31384 Est. 3'000 Result 20’145 31306 31308 31309 31310 31311 31313 31314 31315 31316 31318 31319 31320 31321 31322 31323 31324 31325 31326 31327 31331 31333 31334 31335 31336 31337 31338 31339 31340 31341 31342 31343 31344 31345 31347 31348 31349 31350 31351 31352 31353 31355 31357 31358

10

170 460 320 600 5000 220 320 190 160 200 550 340 280 320 420 440 600 500 280 1100 500 550 360 1000 3800 3800 300 280 1900 950 5000 2800 10000 3600 800 4400 3800 3400 900 950 1200 22000 1800

31359 31360 31361 31362 31363 31364 31365 31366 31368 31369 31370 31372 31374 31376 31377 31378 31379 31381 31382 31383 31384 31385 31386 31387 31388 31389 31390 31391 31392 31393 31394 31395 31396 31397 31398 31399 31400 31401 31402 31403 31404 31405 31406

500 900 750 300 3000 6500 2400 240 280 480 4000 650 950 600 700 120 400 6500 650 15000 17000 3200 280 240 150 300 400 850 950 1800 400 420 300 1700 3000 700 480 600 700 600 150 900 70

Lot

Result 1300 300 500 360 380 480 300 550 1500 650 650 600 2400 1800 5500

Geneva, Dec, 2005

Lot 31464 31465 31467 31468 31470 31474 31475 31476 31480 31482 31483 31484 31485 31488 31489

Result 700 4000 3800 4200 1300 650 300 380 460 260 500 320 2400 550 360

Lot

Result

31528 31529 31531 31532 31533 31534 31535 31536 31538 31541 31542 31543 31548 31549 31550

900 1000 800 650 500 480 700 700 2600 380 600 850 1400 550 1500

31551 31552 31553 31554 31557 31560 31561 31562 31564 31568 31569 31571 31572 31574 31575 31576 31577 31581 31582 31586 31587 31588 31589 31590 31591 31592 31593 31594 31595 31596

550 1200 1000 1600 420 650 420 1300 400 3200 1600 800 500 800 800 800 700 2600 1500 1500 2200 1400 440 220 600 30000 1400 10000 11000 2200

31421 Est. 5'000 Result 10’665 31407 31408 31409 31410 31411 31412 31414 31416 31417 31420 31421 31422 31423 31424 31425 31426

2400 480 280 460 4400 3200 950 5000 360 6500 9000 850 1100 500 2000 1400

31444 31445 31446 31448 31449 31451 31452 31453 31455 31456 31458 31460 31461 31462 31463

3200 6000 7500 6500 320 480 3400 600 400 900 850 1400 950 3000 750

31446 Est. 3'000 Result 8'888

31490 31491 31492 31494 31495 31496 31498 31499 31500 31501 31502 31503 31504 31505 31507 31508 31509 31512 31515 31516 31517 31518 31519 31520 31521 31522 31523 31524 31525 31526

480 4200 280 400 950 1600 300 380 650 420 320 300 320 600 420 1000 850 800 300 1200 500 600 260 800 240 650 650 650 1600 500

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

31607 Est. 8'000 Result 18’960 31597 31599 31600 31601 31602 31605 31606 31607 31608 31609 31610 31612 31613 31614 31616 31617 31618 31620 31622 31625 31627 31628 31630 31632 31636 31637 31640 31642 31643 31644 31645 31646 31647 31650 31652 31654 31656 31657 31658 31662 31663 31664 31665

1300 1400 1100 1400 3000 2200 800 16000 8000 6000 1500 4800 1000 150 150 6500 4800 3200 2200 550 190 7000 4600 8000 700 90 1400 1000 550 1900 220 900 850 110 500 2600 120 190 2200 550 320 170 2000

31666 31667 31668 31669 31673 31674 31675 31676 31677 31678 31679 31680 31681 31682 31683 31685 31687 31689 31691 31692 31693 31694 31695 31696 31700 31701 31702 31703 31704 31705 31706 31707 31708 31709 31711 31713 31717 31718 31719 31721 31723 31724 31726

110 300 110 3800 120 2600 1000 900 1400 900 1000 1000 3000 3200 320 1500 700 320 320 190 850 850 2000 950 2800 220 6500 1700 1400 110 500 800 750 240 1400 4000 320 360 280 1100 1100 120 190

31727 31728 31730 31731 31732 31733 31734 31735 31736 31738 31739 31741 31743 31744 31745 31747 31748 31752 31753 31754 31755 31756 31757 31758 31759 31762 31763 31764 31765 31766 31767 31768 31769 31770 31771 31772 31773 31774 31775 31776 31777 31778 31779

240 340 460 380 650 420 550 440 480 1500 1400 220 280 1400 5000 280 280 2000 4600 8000 2400 3200 7500 6000 950 750 180 750 140 480 340 420 320 180 1200 9500 200 190 220 4200 220 200 220

Lot 31780 31781 31782 31783 31784 31785 31786 31787 31788 31789 31790 31791 31792 31793 31794 31795 31796 31797 31798 31799 31800 31801 31802 31803 31804 31805 31807 31808 31809 31810 31811 31812 31813 31814 31815 31816 31817 31819 31820 31821 31822 31823 31824 31825 31826 31827 31828 31829 31830 31832 31833 31834 31835 31836 31837 31838 31839 31840

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 190 3200 160 240 300 180 240 200 200 260 420 170 240 200 400 240 150 200 220 200 200 260 180 280 240 220 200 180 150 420 170 190 180 180 900 220 200 220 180 180 200 140 220 300 190 220 850 150 260 460 130 180 200 150 200 180 180 200

Geneva, Dec, 2005

Lot

Result

31841 420 31842 220 31843 130 31844 200 31845 180 31846 320 31847 160 31848 180 31849 180 31850 220 31851 260 31852 1100 31853 420 31854 180 31855 180 31856 130 31857 130 31858 180 31859 150 31860 500 31861 480 31862 200 31863 240 31864 1400 31865 1200 31866 500 31867 2600 31868 600 31869 750 31870 400 31871 2000 31872 280 31873 280 31874 1800 31875 480 31877 3600 31878 850 31879 1400 31880 300 31881 360 31882 360 31882A 24000 31883 360 31884 460 31885 900

Lot

Result

31886 180 31887 260 31888 320 31889 170 31890 200 31891 220 31892 320 31893 260 31894 280 31895 220 31895A 36000 31895B 22000 31896 500 31897 320 31898 160 31899 220 31900 100 31901 95 31902 100 31903 900 31904 7000 31905 360 31906 1100 31907 200 31908 800 31909 300 31910 360 31911 400 31912 550 31915 240 31916 360 31917 200 31918 240 31920 500 31922 320 31923 11000 31924 650 31925 300 31926 800 31927 2200 31928 600 31929 4000 31930 3600 31931 220 31932 400

31867 Est. 900 Result 3’081

11

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

31895B Est. 12'000 Result 26’070 31933 31934 31935 31936 31937 31940

550 320 320 500 400 420

31977 31978 31979 31980 31981 31982

800 400 1200 2800 280 850

32014 32015 32016 32017 32018 32019

220 550 260 800 300 1500

31923 Est. 7'500 Result 13’035 31942 31946 31947 31948 31949 31950 31952 31954 31955 31956 31957 31958 31959 31961 31962 31963 31964 31965 31967 31968 31971 31972 31973 31974 31975 31976

12

320 300 650 700 200 1000 280 260 440 300 300 150 750 5500 340 260 220 180 150 400 150 220 900 220 650 360

31983 31984 31985 31988 31989 31991 31993 31994 31995 31997 31998 31999 32000 32001 32002 32003 32004 32005 32006 32007 32008 32009 32010 32011 32012 32013

1500 700 850 1200 100 550 100 440 5500 2400 650 5500 3200 2200 650 500 420 550 420 170 360 280 200 220 600 950

32020 32021 32022 32023 32024 32025 32026 32027 32028 32030 32031 32032 32036 32037 32038 32039 32040 32041 32042 32048 32049 32050 32051 32052 32054 32055

320 220 440 1800 1800 2000 300 190 400 600 650 380 100 3800 240 480 150 110 600 240 360 700 220 400 480 550

32056 32057 32060 32061 32063 32064 32065 32066 32068 32069 32071 32072 32073 32074 32075 32076 32077 32078 32080 32081 32082 32083 32084 32085 32086 32087 32088 32089 32090 32091 32092 32093 32094

420 100 400 320 220 650 2200 950 1400 1200 550 480 380 280 550 380 380 100 1900 650 500 440 300 130 400 950 460 1000 700 400 2600 2800 300

Geneva, Dec, 2005

Lot Result 32095 1200 32096 400 32097 400 32098 100 32099 2400 32100 220 32103 480 32104 300 32106 1700 32107 1200 32108 550 32109 1300 32110 180 32111 150 32114 750 32115 550 32116 2600 32119 220 32120 2800 32124 8500 32126 7500 32127 700 32128 3000 32129 5500 32130 4200 32132 650 32133 1800 32134 1300 32135 550 32136 600 32137 950 32138 220 32139 800 32140 700 32141 500 32144 800 32145 1000 32146 200 32147 220 32148 320 32149 3000 32150 1300 32151 1400 32153 1300

Lot 32154 32155 32156 32157 32159 32160 32161 32163 32164 32165 32166 32167 32169 32171 32172 32173 32174 32175 32176 32177 32178 32180 32181 32182 32183 32184 32185 32186 32187 32188 32189 32190 32191 32192 32193 32194 32195 32196 32197 32198 32199 32200 32201 32202

Result 6500 1500 1000 900 500 150 300 340 440 170 1500 950 4600 750 460 280 160 550 480 480 420 1400 500 160 200 150 300 1100 1300 300 2600 950 3000 900 1200 850 600 1800 400 950 3000 750 1300 7000

32169 Est. 500 Result 5’451

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 32203 32204 32205 32206 32208 32209 32210 32211 32212 32213 32214 32215 32216 32217 32218 32219 32220 32221 32222 32223 32224 32225 32226 32227 32228 32229 32230 32231 32232 32233 32234

Result 1200 1300 1800 600 2400 900 9000 150 750 150 420 750 220 300 800 280 4200 460 550 850 260 440 10000 2800 240 2600 900 650 1700 2800 700

Lot 32235 32237 32238 32240 32242 32243 32244 32245 32246 32247 32248 32252 32253 32254 32255 32256 32258 32259 32264 32265 32266 32267 32268 32271 32272 32274 32275 32276 32277 32278 32279

Result 50 220 1100 1400 95 420 120 280 380 380 220 140 140 360 190 600 480 240 320 1000 90 650 650 750 800 180 180 280 180 320 600

32191 Est. 1'500 Result 3’555

Lot 32280 32281 32282 32283 32286 32287 32288 32289 32292 32293 32294 32295 32296 32297 32298 32300 32301 32302 32303 32305 32306 32307 32308 32309 32310 32312 32313 32315 32316 32317 32318 32319 32321 32322 32323 32324 32325 32327 32328 32329 32330 32331 32332

32202 Est. 4'000 Result 8’295

Result 190 650 220 360 500 500 650 130 800 1100 850 480 260 300 280 1400 260 360 380 950 600 200 420 460 150 2200 500 600 600 550 600 600 340 550 260 1400 340 800 600 1000 850 600 320

Lot 32334 32335 32336 32340 32341 32343 32344 32345 32349 32350 32351 32352 32354 32355 32356 32357 32358 32359 32360 32361 32363 32364 32365 32366 32367 32368 32369 32370 32371 32372 32373 32374 32375 32376 32377 32378 32379 32380 32381 32383 32384 32385 32386 32387 32389 32391 32392 32393 32394 32395 32396 32397 32398 32399 32400 32401 32402 32403

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 650 1200 200 3800 500 400 1700 420 2600 4800 30000 6000 480 380 220 220 480 6500 4200 600 280 650 300 300 400 650 500 700 320 480 420 550 260 500 600 480 550 400 3000 800 480 320 320 1000 420 260 1900 6000 1500 2200 2800 1500 4800 900 10000 750 1900 600

Geneva, Dec, 2005

Lot

Result

Lot

Result

32226 Est. 2'000 Result 11’850 32404 32405 32406 32407 32408 32409 32410 32411 32414 32415 32418 32419 32420 32421 32422 32423 32425 32428 32429 32430 32431 32432 32433 32434 32436 32439 32440 32443 32444 32445 32446 32447 32448 32449 32450 32451 32452 32454 32455 32458 32459 32460 32461 32463 32464 32465 32466

3800 380 650 500 3800 1200 1000 420 420 3400 650 400 600 1000 650 700 400 3200 1400 650 1800 1900 1500 3000 2400 1400 1200 400 600 320 480 380 650 1500 550 2200 220 170 420 800 1900 110 1500 650 900 650 650

32467 950 32468 320 32469 280 32470 460 32471 800 32472 1800 32473 1100 40000 80000 40000A 125000 40001 650 40002 1600 40003 800 40005 900 40006 650 40007 480 40008 650 40009 4400 40011 950 40012 950 40013 850 40014 200 40015 1600 40016 2400 40017 600 40018 800 40019 1400 40020 700 40021 150 40022 300 40023 420 40024 1100 40025 2800 40026 1000 40027 6000 40028 600 40029 700 40030 1200 40031 1200 40032 900 40033 700 40034 3200 40035 550 40036 1000 40037 750 40038 950 40039 650 40040 4200

13

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

40041 4800 40042 8500 40043 800 40044 1800 40045 750 40046 2600 40047 1400 40048 1500 40049 3400 40050 600 40051 400 40051A 6000 40052 1300 40053 950 40054 2800 40054A 4400 40055 3000 40056 1300 40057 5000 40058 1400 40059 850 40060 650 40061 850 40062 1000 40063 1200 40064 750 40065 220 40066 1500 40067 3600 40068 7000 40069 1400 40070 650 40071 480 40072 500 40073 360 40074 2400 40075 950 40076 320 40077 1500 40078 10000 40079 850 40080 950 40081 2800 40082 400 40083 750 40084 300 40085 850 40086 320 40087 420 40089 8500 40090 550 40091 850 40092 440 40093 5500 40094 1400 40095 600 40096 380 40097 700

14

Lot 40098 40099 40100 40101 40102 40103 40104 40105 40106 40108 40109 40110 40111 40112 40114 40115 40116 40117 40118 40118A 40119 40120 40121 40123 40124 40125 40126 40127 40128 40129 40130 40131 40132 40133 40134 40135 40136 40137 40138 40139 40140 40141 40142 40143 40144 40145 40146 40147 40148 40149 40150 40151 40152 40153 40154 40155 40156 40157

Result 280 280 800 480 480 3800 750 600 600 280 340 750 3000 500 320 1600 420 600 240 10000 10000 650 950 320 140 850 2000 34000 6000 700 600 480 320 750 900 1200 800 160 480 180 380 550 280 280 800 140 600 380 110 600 1700 16000 14000 3600 8500 700 750 600

Lot 40158 40159 40160 40161 40162 40163 40164 40165 40166 40167 40168 40169 40170 40171 40172 40174 40175 40176 40177 40178 40179 40180 40181 40182 40183 40184 40185 40186 40187 40188 40189 40190 40191 40193 40194 40195 40196 40197 40198 40199 40200 40201 40202 40203 40204 40205 40206 40207 40208 40209 40210 40211 40212 40213 40214 40215 40216 40217

Result 9500 190 280 1100 1300 3000 440 1800 2200 700 550 2000 900 9000 7500 4400 190 1300 1600 6000 440 1700 2400 2600 2000 2200 3800 3000 2400 1400 2000 4400 1700 1500 2800 800 3200 4000 850 800 600 3200 1400 2200 1500 5500 900 2200 1300 1800 2200 6500 550 750 3800 400 3600 15000

Lot

Result

40218 3800 40219 2200 40220 550 40221 650 40222 440 40223 220 40224 3600 40225 5000 40226 30000 40227 1800 40228 2400 40229 2600 40230 1100 40231 2400 40232 7000 40233 440 40234 1300 40235 600 40236 480 40237 260 40238 1400 40239 300 40240 300 40241 700 40242 170 40243 220 40244 150 40245 750 40246 160 40247 600 40248 13000 40249 750 40250 850 40251 400 40252 2400 40253 1200 40254 1500 40255 8500 40256 300 40257 420 40258 800 40259 850 40260 1200 40260A 2400 40261 260 40262 700 40263 2400 40264 240 40265 1600 40266 2800 40267 600 40268 1200 40269 1300 40270 1200 40271 1200 40272 800 40273 500 40274 1700

Geneva, Dec, 2005

Lot

Result

40275 1300 40276 120 40277 4800 40278 3000 40279 1700 40280 750 40281 750 40282 5500 40283 280 40284 700 40285 1400 40286 550 40287 800 40288 1300 40289 750 40290 9000 40291 400 40292 240 40293 220 40294 750 40295 5000 40296 2600 40297 120000 40298 4600 40299 10000 40300 14000 40301 12000 40302 1200 40303 6500 40304 750 40305 3200 40306 1900 40307 1900 40308 420 40309 1400 40310 3200 40311 2200 40312 1600 40313 3000 40314 4000 40315 12000 40316 400 40317 460 40318 380 40319 2200 40320 1400 40321 200 40322 1300 40323 2200 40324 3400 40325 500 40326 1500 40328 600 40329 750 40330 7000 40331 3400 40332 1100 40333 700

Lot 40334 40335 40336 40337 40339 40340 40341 40342 40343 40344 40345 40346 40347 40349 40350 40352 40354 40357 40358 40359 40360 40361 40362 40363 40364 40365 40366 40367 40368 40369 40370 40371 40372 40373 40374 40375 40377 40378 40379 40380 40381 40382 40383 40384 40385 40386 40387 40388 40389 40390 40391 40392 40393 40394 40395 40396 40397 40398

Result 600 900 6000 600 1700 1100 320 2600 60 200 500 750 420 550 5000 1500 3000 400 420 2400 1800 3000 4200 600 3200 200 1600 1000 1500 1300 3500 480 320 550 1000 2600 1500 4000 4200 4400 800 380 1200 300 400 420 1400 300 1200 300 400 4400 2000 2600 800 160 2200 750

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

40399 320 40400 3400 40401 800 40403 3000 40404 1600 40405 2600 40406 1800 40408 1800 40409 600 40410 5000 40411 260 40412 8000 40413 500 40414 400 40415 9000 40416 260 40417 3000 40418 260 40419 1400 40420 600 40421 15000 40422 1900 40423 5000 40424 1700 40425 420 40426 360 40427 2200 40428 27000 40429 1400 40430 3200 40430A 7000 40431 1500 40432 3000 40433 4400 40434 4200 40435 300 40436 2800 40437 3200 40438 1600 40439 460 40440 1800 40441 950 40442 1100 40443 950 40444 750 40445 650 40446 1000 40447 850 40448 1700 40449 1400 40450 1100 40451 650 40452 2800 40453 3800 40454 3600 40455 420 40456 460 40457 16000

Lot 40458 40459 40460 40461 40462 40463 40464 40465 40466 40467 40468 40469 40470 40471 40473 40474 40475 40476 40477 40478 40479 40480 40481 40482 40483 40484 40485 40486 40487 40488 40489 40490 40491 40492 40493 40494 40495 40496 40497 40498 40499 40500 40501 40503 40504 40505 40506 40507 40508 40509 40510 40511 40513 40514 40515 40516 40517 40518

Result 2000 6000 950 3800 2600 600 650 3000 180 4400 440 1400 240 1300 750 1500 1500 900 14000 2200 550 750 220 3400 1800 360 200 1200 1400 550 700 90 15000 200 3800 2200 1900 1000 6500 240 600 950 1000 700 3800 9500 1100 1400 360 1600 4400 50 9500 360 7500 4800 2200 1000

Lot 40519 40520 40521 40522 40523 40524 40525 40526 40527 40528 40529 40530 40531 40532 40533 40534 40535 40536 40537 40538 40539 40540 40542 40543 40544 40545 40546 40547 40548 40549 40550 40551 40552 40553 40554 40555 40556 40557 40558 40559 40560 40561 40562 40563 40564 40565 40566 40567 40569 40571 40572 40573 40574 40575 40576 40577 40578 40579

Result 17000 1300 1500 550 600 650 1200 480 400 4000 950 1700 1900 260 5000 5500 1100 1100 1200 360 1200 600 480 400 3200 3200 1300 5000 850 1800 2400 1800 3600 280 500 150 650 280 950 100 130 1000 1700 400 480 1600 550 300 4400 1400 1100 420 10000 340 1200 1100 1600 700

Lot 40580 40581 40582 40583 40584 40585 40586 40587 40588 40589

Result 2800 7500 3600 700 420 650 550 2200 750 1600

Geneva, Dec, 2005

Lot 40602 40603 40604 40605 40606 40607 40608 40609 40610 40611

Result 190 240 4400 1000 700 950 1200 340 1200 1000

Lot

Result

SWITZERLAND 50000 50001 50002 50004 50005 50006

1100 650 850 180 280 1300

50007 Est. 15'000 Result 26’070 40590 40591 40592 40593 40594

4400 2200 300 650 850

40612 40613 40614 40615 40616

850 4800 360 220 220

50007 50008 50009 50010 50011

22000 9500 2200 650 3200

50012 Est. 30'000 Result 40’290 40595 40596 40597 40598 40599 40600 40601

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

800 750 360 650 750 850 300

40616A 10000 40617 440 40618 1000

50012 50013 50014 50015 50016 50017 50018

34000 9500 11000 650 700 1500 6500

15

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

50086 Est. 800 Result 2’015

50089 Est. 1'000 Result 3’792 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 50048 50049 50050 50051 50052 50053 50054

16

700 26000 4200 8000 2200 7000 1400 1200 440 380 750 3000 7000 380 650 1600 3000 2800 1900 550 950 900 130 800 280 260 110 130 160 1300 650 180 70 280 600 2000

Lot 50055 50056 50057 50058 50059 50060 50061 50062 50063 50064 50065 50066 50067 50068 50069 50070 50071 50072 50073 50074 50075 50076 50078 50079 50080 50081 50082 50083 50084 50085 50086 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

Result 480 400 120 480 700 1500 2000 100 130 140 750 400 3000 460 650 1000 420 3400 110 160 1300 420 280 320 200 200 320 1400 700 300 1700 900 130 3200 1700 1700 1400 750 600 220 360 700 1900 1000 950 1200 900 420 1400 900 550 190 120 480 700 2800 1400 220

Lot 50114 50115 50116 50117 50118 50119 50120 50121 50122 50123 50124 50125 50126 50127 50128 50129 50130 50131 50132 50133 50134 50135 50136 50137 50138 50139 50140 50141 50142 50143 50144 50145 50146 50147 50148 50149 50150 50151 50152 50153 50154 50155 50156 50157 50158 50159 50160 50161 50162 50163 50164 50167 50168 50169 50170 50171 50172 50173

Result 150 3400 1300 4200 4200 600 1200 160 850 850 850 70 700 240 1200 190 220 3800 3000 850 100 2400 280 6000 500 440 150 1800 2400 800 850 320 700 1700 120 700 1600 1600 190 380 12000 3800 1600 100 460 800 900 140 190 180 130 460 360 320 340 220 3800 480

Lot 50174 50175 50176 50177 50178 50179 50180 50181 50182 50183 50184 50185 50187 50188 50189 50190 50191 50192 50193 50194 50195 50196 50197 50198 50199 50200 50201 50202 50203 50204 50205 50206 50207 50208 50209 50210 50211 50212 50213 50214 50215 50216 50217 50218 50219 50220 50221 50222 50223 50224 50225 50226 50228 50229 50230 50231 50232 50233

Result 420 600 220 460 1000 220 1500 1500 950 440 220 550 90 1400 130 170 500 130 420 400 550 850 1400 550 1200 3000 1100 1400 850 550 550 650 340 340 190 900 240 850 650 320 220 480 180 190 900 550 220 400 750 420 440 3800 600 650 700 1100 800 750

Geneva, Dec, 2005

Lot 50236 50237 50238 50239 50240 50241 50242 50243 50244 50245 50246 50247 50248 50249 50250 50251 50252 50253 50254 50255 50256 50257 50258 50259 50260 50262 50263 50264 50265 50266 50267 50268 50269 50271 50272 50273 50274 50275 50277 50280 50281 50283 50284 50285 50286 50287 50288

Result 600 300 420 3200 2600 3600 300 300 1600 1200 1200 300 3400 220 220 8500 8500 280 700 220 2000 1600 2200 700 130 420 100 900 600 480 200 260 100 480 100 1300 380 1300 3000 700 140 130 3800 3600 170 1400 1300

Lot 50289 50290 50291 50292 50293 50294 50295 50296 50297 50298 50299 50300 50301 50308 50309 50310 50311 50312 50313 50314 50315 50316 50317 50318 50319 50320 50321 50323 50324 50325 50326 50327 50328 50329 50330 50331 50332 50333 50334 50335 50336 50337 50338 50339 50340 50341 50342

Result 1200 1100 2600 320 500 420 480 550 500 12000 3200 1500 300 400 2200 1600 600 800 440 750 1700 340 300 480 600 1500 950 80 260 220 650 600 1600 1100 2000 320 300 300 140 420 200 120 400 460 750 7500 380

50154 Est. 8'000 Result 14’220

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

50390 50391 50392 50393 50394 50395 50396 50397 50398 50298 Est. 15'000 50399 Result 14’220 50403 50343 1300 50404 50344 1900 50405 50345 400 50406 50346 14000 50347 800 50348 400 50349 2400 50350 7000 50351 340 50352 8500 50353 2400 50354 13000 50355 3200 50356 2600 50357 480 50358 360 50359 750 50360 1300 50361 1400 50362 300 50363 2000 50364 8000 50365 380 50366 1300 50367 1200 50368 950 50369 6500 50370 1500 50371 240 50372 650 50373 280 50374 400 50375 800 50376 1900 50377 420 50378 200 50379 750 50380 2400 50381 150 50382 900 50383 240 50384 340 50385 1800 50386 1100 50387 400 50388 1200 50389 2000

Result 850 750 3400 480 360 2400 1600 100 340 220 240 320 900 420

Lot

Result

RARITIES 60000 55000 60001 19000 60002 260000 60003 32000 60004 8000 60005 11000 60006 7500 60007 6500 60008 15000 60009 5500 60010 4800 60011 30000 60013 18000 60014 6000 60015 18000 60016 5000 60017 38000 60019 32000 60021 26000 60022 14000

Lot 60047 60048 60051 60052 60053

Result 28000 19000 9000 15000 11000

Lot 60059 60060 60062 60063 60064

Result 800 3500 4400 1800 1700

Lot 60089 60090 60091 60092 60093

Result 600 16000 3500 3400 2400

60003 Est. 8'000 Result 37’920

60028 Est. 15'000 Result 37’920 60025 2000 60026 10000 60027 3800 60028 32000 60029 90000 60030 20000 60032 48000 60033 28000 60034 8000 60035 50000 60037 12000 60038 6000 60039 1700 60040 13000 60041 12000 60042 120000 60043 13000 60044 14000 60046 9500

Geneva, Dec, 2005

60055 60056 60057 60058

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

4800 3800 2400 1000

60065 60066 60067 60068 60069 60070 60071 60072 60073 60074 60077 60079 60080 60081 60082 60083 60084 60085 60086 60088

5000 3200 1100 2400 800 600 1600 600 2400 400 600 900 3000 800 850 1200 1400 1100 750 1500

60094 60095 60096 60097 60098 60099 60100 60101 60104 60106 60107 60111 60112 60113 60114

1600 800 850 600 800 1300 800 950 8000 6000 6000 1800 1000 1700 1000

60090 Est. 10'000 Result 18’960

17

PRICES REALISED (CHF)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

PERSIA & MIDDLE EAST 70000 70001 70002 70003 70004 70005 70006 70007 70008 70009 70010 70011 70012 70013 70014 70015 70016 70017 70018 70019 70020 70021 70022 70023 70024 70025 70026 70028 70029 70030 70031 70032 70033 70034 70035 70036 70037 70038 70039 70040 70041

3800 1000 3000 460 260 1900 1900 320 160 1500 650 200 1600 340 240 500 320 1500 360 1100 2600 550 1800 2000 420 650 850 190 460 650 1300 700 480 440 480 600 150 3000 750 380 400

70059 Est. 400 Result 3’792 70042 70043 70044 70045 70046 70047 70048 70049 70050 70051 70052 70053 70054 70055 70056 70057 70058 70059 70060 70061 70062 70063 70064 70065 70067 70069 70070 70071 70072 70073 70074

750 200 700 900 1000 1000 1100 850 1000 1000 2000 550 900 7500 4400 2200 850 3200 420 240 340 240 300 650 2000 400 400 440 380 4200 300

70056 Est. 400 Result 5’214

18

70075 70076 70077 70078 70080 70081 70082 70083 70084 70086 70087 70088 70089 70090 70092 70093 70094 70095 70096 70097 70098 70099 70101 70102 70103 70104 70105 70106 70108 70109 70110 70111 70112 70113 70115 70116 70117 70118 70119 70120 70121 70122 70123 70124

600 1500 420 200 600 3000 440 200 600 400 1700 1700 1700 200 400 800 460 440 650 340 600 320 3400 3000 1300 480 650 1300 550 650 380 800 460 750 200 140 800 700 1200 550 750 600 460 300

Lot 70125 70126 70127 70128 70129 70130 70132 70133 70135 70136 70137 70138 70139 70140 70141 70142 70143 70144 70145 70146 70147 70148 70149

Result 280 340 260 600 6000 190 320 200 280 550 550 400 440 850 260 300 600 280 800 380 600 1000 800

Geneva, Dec, 2005

Lot

Result

Lot

Result

70155 Est. 600 Result 4'977 70155 70156 70157 70158 70160 70161

4200 500 500 400 500 325

70166 70167 70168 70169 70170 70171

1700 420 1500 360 950 1800

70073 Est. 600 Result 4'977 70150 70151 70152 70154

260 400 1400 2600

70162 70163 70164 70165

6000 300 700 480

70172 70173 70174 70175

650 3600 950 360

70101 Est. 600 Result 4'029

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 70176 70177 70178 70179 70180 70182 70183 70185 70186 70187 70188 70189 70191 70192 70193 70194 70195 70196 70197 70198 70199 70202 70203 70204 70205 70206 70207 70208 70209 70216 70217 70218 70220 70222 70223 70225 70226 70228 70229 70231 70232 70233 70234 70235 70236 70237 70238 70239 70240 70242 70243 70244 70245 70246 70247 70248 70249 70250

Result 1200 200 650 600 550 360 550 2200 400 750 2400 900 100 650 150 320 360 2400 650 850 1200 500 150 260 750 320 1000 1500 360 400 150 400 400 160 150 700 400 280 420 150 650 800 550 160 550 2400 1700 260 460 320 1900 2400 380 1000 220 380 320 440

Lot 70251 70252 70254 70255 70260 70261 70262 70263 70266 70267 70268 70271 70272 70273 70274 70276 70277 70279 70280 70281 70282 70284 70285 70289 70290 70292 70293 70294 70295 70296 70297 70299 70301 70310 70311 70319 70320 70321 70322 70323 70324 70331 70332 70333 70334 70335 70336 70337 70338 70339 70340 70341 70342 70343 70344 70345 70346 70347

Result 750 280 110 280 110 160 240 280 160 460 320 280 320 110 1000 360 80 100 100 240 100 100 80 650 850 400 1200 1200 1100 650 600 420 160 400 220 125 125 125 1600 2000 650 2200 1100 1600 2400 550 480 420 1700 380 400 600 700 80 6500 5500 1800 900

Lot 70348 70349 70350 70351 70352 70353 70354 70355 70356 70357 70358 70359 70360 70361 70362 70363 70364 70365 70366 70367 70368 70369 70370 70371 70372 70373 70374 70375 70376 70377 70378 70379 70381 70382 70383 70384 70385 70388 70389 70390 70391 70393 70394 70396 70397 70398 70399 70400 70401 70402 70406 70407 70409 70410 70411 70412 70413 70414

Result 160 3800 1000 1500 3600 700 900 400 650 1500 1200 1800 4400 11000 1500 1300 1400 1200 550 1200 600 160 5000 500 380 300 1200 140 480 340 550 200 320 190 190 240 100 300 3400 190 400 420 1600 650 460 1100 100 400 950 320 240 200 1100 500 500 440 150 1900

Lot 70415 70416 70418 70420 70421 70422 70423 70424 70425 70426 70427 70428 70429 70430 70431 70432 70433 70434 70435 70436 70438 70439 70440 70441 70442 70443 70446 70447 70449 70450 70451 70452 70453 70454 70455 70456 70457 70458 70459 70460 70461 70462 70463 70464 70465 70466 70467 70468 70470 70471 70472 70473 70474 70475 70476 70477 70478 70480

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 1000 500 300 15000 70 950 140 460 100 650 300 300 240 650 750 200 280 460 400 320 340 600 400 1800 750 140 320 180 500 440 340 150 100 320 750 500 600 600 600 190 1800 950 1500 950 220 280 320 420 500 900 420 1300 420 950 280 650 950 300

Geneva, Dec, 2005

Lot 70481 70482 70483 70485 70486 70489 70490 70491 70492 70493 70496 70497 70498 70501 70502 70503 70504 70505 70506 70507 70508 70509 70510 70511 70512 70513 70514 70515 70516 70517 70518 70519 70520 70521 70522 70523 70525 70526 70528 70529 70530 70531 70532 70533 70534 70535 70537 70538 70539 70540 70541 70542 70543 70544 70545 70546 70547 70548

Result 130 800 1200 240 180 360 320 170 420 10000 550 240 650 200 300 750 340 460 8000 700 480 700 550 620 850 2600 700 240 100 150 550 4200 1700 120 1100 600 140 850 420 150 110 200 460 460 440 550 480 300 280 460 600 600 110 750 500 1100 550 200

Lot 70550 70551 70552 70555 70557 70558 70559 70561 70563 70564 70565 70568 70569 70570 70571 70572 70573 70576 70577 70578 70579 70580 70581 70582 70584 70585 70586 70587 70588 70590 70591 70592 70593 70595 70596 70598 70599 70600 70601 70603 70604 70608 70609 70610 70611 70612 70614 70615 70616 70617 70618 70619 70620 70621 70622 70624 70625 70626

Result 110 550 600 380 500 75 180 1100 500 750 140 440 1800 1400 1600 900 950 55 320 480 460 380 400 130 260 320 260 800 160 190 190 140 2800 550 1100 1000 100 300 220 200 140 140 260 220 2600 110 480 500 600 140 380 380 200 280 480 220 180 340

19

PRICES REALISED (CHF)

David Feldman SA

Lot Result 70628 440 70629 80 70630 480 70632 170 70633 420 70634 140 70635 180 70636 260 70637 260 70638 260 70639 120 70640 120 70641 120 70642 300 70643 1500 70644 150 70645 650 70646 500 70647 550 70648 550 70649 1000 70650 360 70652 4000 70653 1300 70654 260 70655 420 70657 300 70659 460 70660 400 70661 440 70662 260 70663 320 70665 400 70666 200 70667 400 70668 300 70671 150 70673 180 70674 600 70676 320 70677 340 70679 220 70680 200 70681 260 70682 360 70683 260 70684 320 70685 340 70686 600 70687 700 70689 500 70691 750 70692 360 70694 200 70695 100 70698 300 70699 550 70701 850

20

Lot 70703 70704 70705 70706 70707 70709 70710 70711 70712 70713 70714 70715 70718 70719 70720 70721 70722 70723 70724 70726 70728 70729 70732 70733 70736 70737 70739 70741 70743 70746 70747 70749 70751 70753 70758 70760 70761 70764 70765 70775 70776 70777 70778 70779 70781 70785 70786 70789 70790 70796 70799 70800 70801 70802 70804 70806 70807 70808

Result 140 100 340 850 100 440 260 160 850 200 1100 600 190 5200 3200 3200 700 190 800 400 320 650 280 300 280 400 300 500 340 130 650 800 300 320 700 220 300 200 120 1200 2200 3200 300 750 220 360 1200 400 100 500 400 120 550 220 300 240 850 850

Lot 70809 70810 70814 70819 70820 70822 70825 70826 70830 70833 70834 70835 70836 70840 70841 70845 70846 70848 70849 70850

Result 900 900 220 300 400 260 360 200 150 900 300 440 400 700 850 1300 700 320 260 300

Lot

Result

Geneva, Dec, 2005

Lot

Result

Lot

Result

70196 Est. 500 Result 2'844

70224 Est. 300 Result 2'844

70349 Est. 300 Result 4'503

70361 Est. 2'000 Result 13'035

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

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 June 2006 General Sale.

If you have a suitable item, please contact us as soon as possible.

Special conditions can be considered.

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

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

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David Feldman the only live multi-city auction

GENEVA

LONDON HONG KONG

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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.

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

Sold as one Lot 60002, 60020, 60023, 60024, 60036, 60054 Est. 212’000 Result 308’100