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David Feldman

world leading stamp auctioneers

www.davidfeldman.com

Prices Realised Geneva Auction

December 3, 2006 “Quality remains long after price has been forgotten” - Robson Lowe's famous saying was the subtext for the intense, often hectic competition among collectors, dealers, agents, telephone bidders and a large contingent of live internet bidders gathered for the most important offer of Classic Romania in decades. The semi-annual sale of Rarities of the World with the "Saint Louis" Mauritius brought excellent results throughout, as did Egypt Postal History from the famous "Nile" exhibit collection.

Next auctions: Geneva March 27-31, 2007 Presently in preparation: The Courvoisier Archives Important Great Britain Specialised Thailand Scandinavia Rarities All World, Collections & Estates

The finest known examples of Romania n° 1: Lot 20000 - Estimate € 70'000

Lot 20004 - Estimate € 26'000

Realised € 154'000

Realised € 59'250

Do you know ?

- David Feldman has auctioned more Grand Prix and Large Gold Medal Collections than any other auction company in the history of philately ?

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

- David Feldman holds the important Highest Prices for many of 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

December 2006

DAVID FELDMAN December 3, 2006 Specialised Geneva Auctions Bring New Record Price Levels Once or twice a generation, a true "benchmark" collection of a classic area appears at auction. Such a holding was the "Tomasini" Romania, a Grand Prix collection not seen for over twenty years, featuring important rarities some of which had not been on the market in over 40 years. It captured the imagination and fervor of buyers from across Europe and around the world, often surprising those present.

The first lot set the tenor of the auction: The first stamp of Romania, the 27 parale of the famous "Bulls," in mint condition and unquestionably the finest known example, had been estimated at Euro 50'000 to 70'000 and soared to Euro 154'000 (all results herein include buyer's commission) in a protracted battle among several bidders. This contrasts with a Scott catalogue value of just $19'000!

Lot after lot, nearly every estimate was matched or exceeded, especially for the rarest items. Among other "Bulls," the superb mint 54 parale brought Euro 54'500 (catalogue value $4'250), the mint 81 parale went for Euro 142'200 (catalogue value $21'000) and the 108 parale reached Euro 42'660 (catalogue $14'000). Similar levels prevailed for the used and the covers; for example, a 108 parale on cover from Piatra, estimated for Euro 40'000 to 60'000, opened at Euro 60'000 and finally stopped at Euro 142'200.

The famous "Large Journal" franked by 8 of the 32 known examples of the Second Issue 5 parale on bluish paper, which had previously graced the Schwartz and Burrus collections, had been estimated at Euro 500'000 to 750'000. If it sold, it would be the world record price for any Central or Eastern European item. Anticipation was high as it opened at Euro 500'000 and went up slowly, step by step, to a final result of Euro 829'500 - or well over US $1 million, ranking it within the club of the "World's Greatest Rarities."

The rest of the Romania auction continued with similar results throughout. David Feldman stated, "Our efforts to produce an intelligent and beautiful catalogue worthy of the connoisseurship evident throughout this collection have certainly been rewarded.

The new price levels for the previously under-valued classics of Romania are an example of how proper promotion coupled with extraordinary material will bring exceptional results. Innovation, expertise and world-wide presence set to task with excellent material is an ideal formula - one which has rewarded us with world records time and again."

The company's semi-annual auction of "Rarities of the World" included a large section of classic Mauritius, another of "Via Panama" postal history, as well as stamps, covers and collections from Afghanistan to USA. A cancelled block of four of the Cape of Good Hope 1d "Woodblock," ex Dale-Lichtenstein, brought Euro 40'300 (low estimate Euro 20'000) while two first

issue covers from Reunion brought Euro 52'000 and 57'000 respectively. Among the Panama lots, an 1860 cover from the Danish West Indies to Hawaii via Panama, and franked with the 3c Arms stamp, opened at Euro 7'000 and brought Euro 23'700. A specialised collection of the Brooke family issues of Sarawak, 1869-1909, estimated at Euro 200'000, sold for Euro 284'400 as one lot. A large multiple of the first printing of the Switzerland "Basle Dove" was estimated at Euro 120'000 and sold for Euro 171'825.

Mauritius classics continued the trend set in David Feldman's June auction, with prices for attractive stamps often exceeding catalogue values. For example, the 2d "Sherwin" (SG no. 40), with a catalogue value of $10'000 and estimated at Euro 5'000, sold after intense bidding for Euro 17'750, and an unused 1d Dardenne litho (SG no. 41a) opened at Euro 9'000 and sold for Euro 21'330.

The final section of the auctions, comprising the second portion of the famous "Nile" collection of Egypt postal history, also saw strong realisations for the top items, especially for mixed frankings and for Egypt used abroad.

The combination cover with the 10 piastre first issue with stamps of Italy, posted through the Italian P.O. at Alexandria, opened at Euro 30'000 and sold for Euro 65'175, while two covers with Egypt 2nd issue 1pi values used from Greece, and showing Greek 20 lepta values added as postage dues, brought Euro 3'800 and 4'000 respectively.

In fewer than 500 lots, this auction series with three deluxe catalogues achieved outstanding results. The comprehensive David Feldman Spring auction is planned for the end of March 2007, and consignments are invited until the middle of January.

Already on hand are the Courvoisier Archives, an important Great Britain specialised exhibit collection, rare Thailand stamps and postal history, France & Colonies, Scandinavia in depth - and more is arriving daily!

The company invites anyone who may be interested in consigning stamps, covers, collections or estates to contact them promptly so that the items can be properly described and promoted before the catalogues close in mid-January 2007.

David Feldman Auctions’ web site (www.davidfeldman.com) has complete catalogues and prices realised available for download as PDF files, as well as special offers of lots and collections available for outright sale by Private Treaty.

David Feldman SA PHILATELISTS w A UCTIONEERS 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

David Feldman - December 3, 2006 Auctions - Geneva, Switzerland

PRICES REALISED (€)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

10006 Est. € 20-30'000 Result € 40'300

RARITIES OF THE WORLD 10002 10003 10005 10006 10007 10008 10009 10010 10011 10013

4000 12600 4200 34000 2200 5000 1900 3600 2800 11000

10014 10015 10016 10018 10020 10021 10022 10023 10025 10026

50000 10000 2200 1600 4400 1600 4200 5500 2800 2800

10028 10030 10032 10033 10034 10035 10038 10039 10040 10041

2000 2200 8000 3800 6500 4200 3800 4400 18000 44000

Lot 10042 10043 10044 10045 10047 10048 10049 10050 10051 10052 10054 10055 10056 10058 10059 10060 10061 10064 10065 10066 10067 10068 10069 10072 10073

10042 Est. € 30-40'000 Result € 56'880

10065 Est. € 6-10'000 Result € 23'700 Prices listed 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, December 2006

Lot

48000 3000 4000 6000 2600 8500 24000 40000 2400 2500 6500 15000 8000 20000 7000 1100 5500 3000 20000 5000 5000 3400 2200 13000 3000

Result

Lot

Result

10087 Est. € 120'000 Result € 171'825

10074 10075 10076 10081 10082 10083 10085 10086 10087 10089 10090 10091 10092 10093 10097 10098 10102 10103 10104 10105 10106 10107 10108 10109 10110 10112 10114 10114A 10115 10116 10117 10118

2800 9500 2800 170000 200000 240000 9000 2200 145000 1000 5000 2200 2200 14000 8500 9000 36000 11000 13000 60000 120000 26000 8000 26000 13000 2600 22000 17000 13000 1300 85000 20000

10119 10120 10121 10122 10123 10124 10125 10126 10127 10128 10129 10130 10132

16000 10000 15000 4200 18000 24000 10000 70000 11000 20000 9000 13000 7000

10106 Est. € 60'000 Result € 142'200

10117 - UNIQUE! Result € 100'725

PRICES REALISED (€)

David Feldman SA

Geneva, December 2006

In this Fall's auction of Rarities of the world, we offered several notable specialised collections, including: The “Grand Prix” Sarawak Exhibit Collection

Lot 10081 Estimate € 200'000

Lot 10082 Estimate € 200'000

Lot 10083 Estimate € 200'000 REALISED € 722'850 PROVING YET AGAIN THAT AT DAVID FELDMAN,

RESULTS MATTER

10102 Est. € 20-30'000 Result € 42'660

10114 Est. € 10'000 Result € 26'070

10121 Est. € 5-8'000 Result € 17'775

10123 Est. € 7'500 Result € 21'330

10109 Est. € 10-15'000 Result € 30'810 Prices listed 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 (€)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Geneva, December 2006

Lot

20015 Est. € 70'000 Result € 142'200

20004 Est. € 16-26'000 Result € 59'250

CLASSIC ROMANIA 20000 20001 20002 20003 20004 20005 20006 20007 20008 20009 20010 20011 20012 20013 20014 20015 20016 20017 20018 20019 20020 20021 20022 20023

130000 55000 80000 60000 50000 32000 46000 19000 30000 28000 18000 20000 19000 20000 8500 120000 80000 70000 60000 36000 120000 75000 13000 34000

20006 Est. € 20'000 Result € 54'510

20024 20025 20026 20027 20028 20029 20030 20031 20032 20034 20035 20036 20037 20038 20039 20040 20041 20042 20043 20044 20045 20046 20047 20048 20050 20052 20053 20054 20055 20056 20058 20059 20060 20061 20062 20063 20064

22000 19000 7500 700000 26000 65000 1400 400 1100 70000 700 700 380 7000 10000 3000 3000 1300 1200 4000 850 750 340 600 24000 4200 4000 1000 1700 1400 300 220 1100 1200 950 40000 34000

20065 20066 20067 20068 20069 20071 20072 20073 20074 20075 20076 20077 20078 20079 20081 20082 20083 20084 20085 20086 20087 20088 20089 20090 20091 20092 20093 20094 20095 20096 20097 20099 20100 20101 20102 20103 20104

4200 1200 600 400 10000 300 3400 650 1800 1700 42000 3200 2200 1800 1800 1500 1300 4200 1400 3200 950 7500 600 600 1500 300 360 260 1100 17000 1000 550 2200 1200 550 26000 19000

20105 20108 20109 20110 20113 20114 20115 20116 20118 20119 20120 20121 20122 20123 20125

Prices listed 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

480 550 240 6000 900 3600 1600 9500 300 1800 440 10000 7000 4200 750

20126 20127 20128 20129 20130 20131 20132 20133 20134 20135 20136 20138 20139 20140 20141

Result

Lot

Result

20029 Est. € 20'000 Result € 77'025 190 220 1200 1000 300 260 280 1500 1300 1200 950 420 380 120 550

20143 20145 20146 20147 20148 20150 20151 20152 20153 20154 20155 20157 20159 20160 20161

700 300 440 1300 300 600 600 3200 19000 420 300 220 550 1300 400

20020 Est. € 40-60'000 Result € 142'200

20076 Est. € 16'000 Result € 49'770

PRICES REALISED (€)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Geneva, December 2006

Lot

Result

Lot

Result

20254 20255 20256 20257 20258 20259 20260 20261 20262 20263 20264 20266 20267 20268 20269 20270 20271 20272 20273 20274 20275 20276 20278 20279 20280 20283 20284 20285 20286

1600 4600 11000 850 10000 260 700 340 1700 1200 120 4800 1000 6500 1900 1300 4000 1700 400 28000 4800 1600 280 4600 1300 10000 26000 8000 8000

20162 Est. € 100'000 Result € 130'350 20162 20163 20165 20166 20169 20170 20175 20176 20177 20178 20179 20180 20181 20182 20183 20184 20185 20186 20187 20188 20189 20190 20191 20192 20194 20195 20196

110000 7000 260 2200 2400 340 380 220 190 180 220 300 170 1400 650 1800 240 150 160 150 950 900 950 320 1700 2400 2400

20197 20198 20199 20200 20201 20202 20203 20204 20205 20206 20207 20208 20209 20210 20211 20212 20214 20215 20216 20217 20218 20219 20220 20221 20222 20223 20224

160 950 550 260 900 260 150 180 120 130 800 1100 6500 1100 500 6000 1100 500 340 700 900 600 300 14000 6000 3800 1500

20225 20226 20227 20228 20229 20230 20231 20232 20233 20234 20235 20236 20237 20238 20239 20240 20241 20242 20243 20244 20246 20247 20248 20249 20250 20251 20253

340 1400 340 240 1900 950 13000 2000 9500 1700 1600 17000 480 900 500 130 600 28000 1300 2200 190 2400 800 480 1200 1300 1300

20274 Est. € 10'000 Result € 33'180

20284 Est. € 26'000 Result € 30'810

Prices listed 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 (€)

David Feldman SA

Lot

Result

Lot

Result

Lot

Result

Lot

Result

Geneva, December 2006

Lot

30028 30029 30030 30031 30032 30033 30034 30035 30036 30037 30038 30039 30040 30041 30042

Result

Lot

Result

13000 7000 2600 2600 2000 2200 1600 14000 55000 500 1100 2400 700 9500 4600

30043 30044 30045 30046 30047 30048 30049 30050 30051 30052 30053 30054 30055 30056 30058

3600 1500 11000 900 4200 14000 1300 3000 3400 3200 12000 6500 14000 700 1200

30021 (FDC) Est. € 10-15'000 Result € 18'960

EGYPT POSTAL HISTORY The “Nile” Collection, part II 30000 30001 30002 30003 30004 30005 30008 30009

2600 460 950 1100 500 1300 1800 600

30010 30011 30012 30013 30014 30015 30017 30018

280 200 7000 1900 2200 1300 500 1800

30020 30021 30022 30023 30024 30025 30026 30027

1300 16000 5000 2200 1600 1500 1500 1100 Used from Alexandretta

30048 Est. € 2'500 Result € 16'590 30059 30060 30061 30062 30063 30064 30065 30066 30067 30068 30070 30071 30073 30074 30075 30076 30077

2600 3800 12000 950 420 550 6500 1500 3600 650 3800 750 3600 900 1300 8000 19000

30036 Est. € 20-35'000 Result € 65'175 Prices listed 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

World Record Result!

20027 - The Famous “Large Journal” - Estimate € 500-750'000 Result € 829'500

Highest price ever for Classic Romania Take advantage of our expert cataloguing, innovative promotion, world-wide presence and long-standing leadership in obtaining world record results. When you are ready to sell, choose David Feldman as your reliable partner in the world of 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