Prices realised - stamps auction 2007 by David Feldman

Prices Realised April 15-21, 2007

Lot 30093 - Estimated for e 3’200, realised e 38’240

A phenomenal result! Thousands of lots, thousands of bidders, thousands of bids - it was an extraordinary week. The internet proved to be a full participant as lot after lot was fought over and often won by a bidder far from Geneva physically, but connected in real time. There was applause, drama, anticipation and sometimes joy, as only one bidder could end up with any given lot. We have shown as never before that there is a vast market for important collections and lots offered intact. We have demonstrated anew our experience in marketing and promotion, including that of unusual areas and highly specialised subjects. We therefore extend an invitation to would-be-vendors, we welcome your consignments for our next sale (to be held in early October). We will bring our expertise to bear, and we anticipate excellent results. At David Feldman, we work very hard to achieve the maximum possible result for every vendor. To us, results matter - YOUR results - and this listing of prices achieved, documents that!

From Lot 10014 - Estimated for e 15’000-30’000, realised e 89’625 a new WORLD RECORD for modern India

David Feldman SA, 175 route de Chancy, P.O. Box 81, CH-1213 Onex, Geneva, Switzerland Tel: +41 22 727 07 77, Fax: +41 22 727 07 78, E-mail: admin@davidfeldman.com, Web site: www.davidfeldman.com Representation in 25 cities on all 5 continents

David Feldman April 15-21, 2007 Auction:

Outstanding Results Throughout An unprecedented surge in demand pushed activity and prices to unprecedented levels, with intense bidding from all over the world. The frenetic pace culminated in an exceptional total result for the week of auctions that began April 15 and ended April 21. Six different catalogues presented nearly 5’000 total lots, a panoply of material that encompassed the world of philately. Strong bids from multitudes of bidders resulted in a memorable week of auctions, with prices pushed for lot after lot to new peaks.

rare proofs and multiples leading the way. A strip of six of the Penny Black tied to piece soared to e38’240 (about £26’000) and a used block of six on piece fetched e43’020 (about £29’250) while an Ormond Hill die proof in ultramarine overprinted “Specimen” sold for e31’070 (about £21’125, well over its present catalogue value) to an internet bidder after intense competition. Among more modern issues, the popular Seahorse £1, in a mint corner margin example, brought e5,258 (about £3’575) - typical

Internet Bidding Statistics

I) Turnover: amount adjudicated to Internet bidders:

II) Bids winning:

Number of lots bought on the Web:

Max. number of Internet bids on a single lot:

Max. number of different Web bidders on a single lot

Max. amount for a single lot adjudicated on the Web

e70’000

III) Bids not winning:

Number of lots with Internet bids sold in the room:

Max. number of Internet bids on a single lot:

Max. number of different Web bidders on a single lot

IV) Web bidders:

Number of different Web bidders:

254

Number of succesful Web bidders:

207

Number of bidders countries:

Several room bidders noted that the internet has finally become an increasingly important factor, with internet bidders holding their own against telephone bidders, agents and others physically present in the auction room. According to a representative of Core Technologies, who provide the software for internet bidding, at least 250 different bidders were connected during some portion of the auctions, bid on an important percentage of the lots, and won a significant part of the total lots. A session of over 500 lots of Great Britain saw prices surpass recent London levels for choice material, with

e1’901’895 757 27

466 24 6

of the results for key stamps throughout the session. Another session of British Commonwealth saw prices nearing or surpassing catalogue values for choice material, and strong activity for high-quality sections of Canada & BNA, Cape of Good Hope and other areas. The dispersal of the unique archive of the Courvoisier company of Switzerland, who had printed stamps for over 80 countries world-wide, was intensely contested by a room full of bidders including auction agents, telephone bidders and dozens internet bidders. Lot after lot soared to two, three, four or even higher multiples of the estimates

as collectors of thematics vied against country specialists and dealers. The highlight of the sale was a lot of 59 imperforate proofs and essays of the 1948 Gandhi issue of India, which opened at e22’000 and was the subject of bidding by no less than 6 telephone bidders, several internet bidders and several agents. Step by step, the price climbed relentlessly, and the lot was hammered down for e89’625 (about $121’890) to sustained applause. Similar levels prevailed for items from popular areas; for example a collection of Papua New Guinea issues of 1962-82, estimated at e4’000 - 8’000, ended in a battle between telephone and internet bidders at e33’460 (about $45’500) and a collection of Vatican City, estimated at e10’000 - 20’000, went to a telephone bidder against agent and other floor bids for e57,360 (about $78’000). A specialised auction of Thailand, including Royal Mail from the 18th and 19th centuries, included a mint example of the 1882-5 32c «B» overprint of the British P.O. at Bangkok - one of only 20 printed - which made e23’900, and hundreds of lots of blocks, covers and postal stationery which saw strong activity for the more unusual items. The relatively small but important sale of Switzerland was rich with large collections offered intact, several of which easily exceeded the catalogue estimates after solid bidding. Europe and Colonies material was highlighted by France and Colonies, which sold well, and by a fresh offer of Romania which followed in the footsteps of David Feldman’s record-breaking offer last December. Once again, collectors vied with each other for important stamps and covers. For example, an 1854 first issue 54 parale used, estimated at e5’500, sold for e19’120 (about $ 26’000 versus a Scott catalogue value of $2’250) and a cover franked by three of the 1869 25 bani, sent to England, had been estimated at e2’600 and realised over e10’000. Among the Overseas lots, a strong section of United States material drew many bids from there via the internet as well as from agents and collectors present in the auction room. The 1869 15c type II and 24c inverted centers, used, together brought e30’475 (about $41’500) and an attractive block of four of the 1915 50c Franklin (Scott no. 440) opened well over its estimate and was finally hammered down for e9’560 (about $13’000) against a Scott catalogue value of $5’200. A section of thematics, featuring Olympics and Polar material, went well, with unusual material (programmes, tickets, signed memorabilia) leading the way.

The company’s semi-annual auction of Rarities of the World included an exhibit-mounted collection of Argentina which brought e149’375 (about $203’000); the famous Cape of Good Hope 4d Black triangular climbed to e35’850 (about £24’400) in a duel between auction agents, and the unique 1870 French “boule de moulins” cover to Paris forwarded to Russia was picked up by a telephone bidder for e69’310 - just a few of many great realisations throughout that sale. The final sessions of the week were Collections, Large Lots & Estates. Collectors and dealers from every continent had come to view; some had spent a week or more. Lot after lot was hammered down at multiples of its printed estimates; lot after lot was the subject of intense rivalry both in the room and over the internet. The highlight of the day’s sessions came near the end, when an investment holding of Peoples Republic of China came under the hammer. Opening at e120’000 (the high estimate), it soon soared past e200’000 and then e300’000 until only two bidders remained - and the hammer finally dropped at e406’300 (about $552’500, exceeding Scott catalogue value of about $520’000). Bidders and staff agreed that it had been an extraordinary week, one of the strongest auctions anyone could remember anywhere. The next David Feldman auctions are scheduled for early October 2007, and potential vendors are requested to contact the staff as soon as possible, as catalogues will be closing in mid-July at the latest. Specialised sections of Sweden and of classic Brazil are already on hand, and the company hopes to bring its unrivaled mix of expertise and promotion to bear on every property consigned for October. For more information, please contact our Head Quaters as per address below - you’ll find we are friendly, flexible and highly motivated to help you obtain great results by way of auction, private treaty or outright sale. Note: The enclosed prices do not include buyer’s premium (except for the lots illustrated herein) or other charges. Lots not included in the list were withdrawn or did not bring a bid. Prices may include lots bought back under reserve. We regret if there are any errors or omissions herein, and we cannot be responsible for any consequences which might arise or ensue therefrom.

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

The Courvoisier Archive Prices are in Euros

From Lot 10000 - Estimated for e 3’400-7’000, realised e 16’730

10000 10001 10002 10003 10004 10005 10006 10007 10008 10009 10010 10011 10012 10013 10014 10015 10016 10018 10019 10020 10021 10022 10023 10024 10025 10026 10027 10028 10029 10030 10031 10032 10033 10034 10035 10036 10037

14000 900 4200 1300 8000 7500 900 7000 3500 4200 8000 4200 2800 40000 75000 500 18000 3000 1100 1300 2200 6000 4600 6000 1300 6000 3400 28000 12000 5500 5500 7500 8500 3800 3800 1400 2200

10038 10039 10040 10041 10042 10043 10044 10045 10046 10047 10048 10049 10050 10051 10052 10053 10054 10055 10056 10057 10058 10059 10060 10061 10062 10063 10064 10065 10066 10067 10068 10069 10070 10071 10072 10073 10074

8000 2800 1400 3000 1600 500 2200 6000 220 2000 1000 2200 480 1400 480 1700 1400 300 6000 420 2000 1700 2200 1100 500 3200 2400 6000 700 1000 1100 1000 1100 1800 1600 650 1500

From Lot 10028 - Estimated for e 4’000-8’000, realised e 33’460 to an Internet bidder.

Lot

Result

10075 10076 10077 10078 10079 10080 10081 10082 10083 10084 10085 10086 10087 10088 10089 10090 10091 10092 10093 10094

1400 700 1100 700 320 8000 1200 1100 5500 1000 2000 1900 1100 1200 3600 1000 700 600 3200 1600

Lot 10121 10122 10123 10124 10125 10126 10127 10128 10129 10130 10131 10132 10133 10134 10135 10136 10137 10138 10139 10140

Result 3600 15000 1200 7000 13000 16000 11000 14000 1300 5000 4200 1400 1100 9000 7500 4200 1600 950 850 16000

April 15-21, 2007 Lot

Result

10167 10168 10169 10170 10171 10172 10173 10174 10175 10176 10177 10178 10179 10180 10181 10182 10183 10184 10185 10186

2200 2800 1000 1000 1100 900 1900 2600 1000 1800 300 1400 650 500 3400 1300 480 1000 800 600

From Lot 10014 - Estimated for e 15’000-30’000, realised e 89’625 - a new WORLD RECORD for modern (post-Independence) India lot

10095 10096 10097 10098 10099 10100 10101 10102 10103 10104 10105 10106 10107 10108 10109 10110 10111 10112 10113 10114 10115 10116 10117 10118 10119 10120

* indicates lot was offered differently than as described in catalogue

1000 1400 2200 2200 1300 10000 2200 1400 2400 1000 3200 2400 1500 1600 1100 1700 1800 500 2400 1100 11000 8500 5000 4200 8500 3000

10141 10142 10143 10144 10145 10146 10147 10148 10149 10150 10151 10152 10153 10154 10155 10156 10157 10158 10159 10160 10161 10162 10163 10164 10165 10166

4800 3000 6500 6500 2800 4000 4000 2600 3800 10000 6000 4200 3800 5000 5000 8000 4000 2400 5500 3200 44000 44000 5500 13000 2200 850

10187 10188 10189 10190 10191 10192 10193 10194 10195 10196 10197 10198 10199

800 3200 1800 1500 3800 6500 11000 2000 3200 7500 2900 600 1600

Lot 10200 10201 10202 10203 10204 10205 10206 10236 10237 10238 10239 10240 10241 10242 10243 10244 10245 10246 10247* 10248 10249 10250 10251 10252 10253 10254 10255 10256 10257 10258 10259 10260 10261 10262 10263 10264 10265 10266 10267 10268 10269 10270 10271 10272 10273* 10274 10275 10276

Result 5500 600 7500 750 1300 6500 11000 4600 2800 3800 550 4000 9000 2200 3600 7000 2400 4800 7000 2600 4600 4000 3800 2400 22000 420 2200 24000 28000 2800 48000 2000 4600 7500 7500 5500 3200 2600 6500 8000 5500 10000 300 1000 5500 4200 1600 8000

From Lot 10130 - Estimated for e 1’000-2’000, realised e 5’975

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

Lot

April 15-21, 2007

Result Lot

Result

Thailand Specialised Prices are in Euros

From Lots 10161 - 10162 Total estimates e 7’400-15’000, realised e 105’160

10277 10278 10279 10280 10281 10282 10283 10284 10285 10286 10287 10288 10290 10291 10292 10293 10295 10296

1500 2800 7000 4200 1500 480 2200 1300 7000 1500 200 6500 7000 8000 500 2200 5500 13000

10297 10298 10300 10301 20000 20001 20002 20003 20004 20005 20006 20007 20008 20009 20010 20011 20012 20013

30000 20000 260 3000 12000 700 460 300 420 150 8500 6500 7000 18000 19000 7000 2600 8000

20015 20016 20017 20018 20020 20021 20022 20023 20024 20025 20029 20030 20031 20032 20033 20034 20035

8000 13000 5000 30000 9500 8000 7500 8000 30000 1200 1800 1500 1800 20000 1500 800 170

The Courvoisier Archive Total Result Presale Estimate: e446’410 Total Realisation: e1’454’757

At David Feldman SA, we have sold more Large Gold & Grand Prix collections than any other auction company, ever.

20036 20037 20038 20039 20040 20041 20042 20043 20044 20045 20046 20047 20048 20049 20050 20051 20052 20053 20054

3600 1300 1500 1300 800 1900 750 14000 650 500 410 550 750 750 420 700 2000 750 700

20081 20082 20083 20084 20085 20086 20087 20088 20089 20090 20093 20094 20095 20096 20097 20100 20101 20102 20103

1900 2000 1200 2600 3200 2800 650 500 4800 3200 700 280 700 420 2000 650 550 1100 160

Lot 20032, sold for e 23’900

20135 20136 20137 20139 20140 20143 20144 20145 20146 20148 20149

1000 200 360 500 220 650 220 500 120 340 140

From Lot 20009 - Thailand Royal Mail - Estimated for e 15’000-20’000, realised e 21’510

20055 20056 20057 20058 20059 20061 20062 20063 20064 20065 20066 20067 20068 20070 20071 20072 20073 20074 20075 20076 20077 20078 20079 20080

3000 1900 1300 2600 1400 1200 500 700 480 400 320 320 600 3800 700 7000 1500 2000 1600 2400 2400 400 2400 2800

Prices do not include buyer’s 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

20104 20105 20106 20107 20108 20109 20110 20111 20113 20114 20117 20118 20119 20120 20122 20123 20124 20125 20127 20128 20129 20130 20133 20134

600 950 320 95 6000 2200 460 950 1200 5000 650 3200 2600 240 1400 1300 700 3700 1700 460 9500 340 400 850

20150 20153 20154 20155 20156 20158 20159 20160 20161 20162 20163 20164 20165 20168 20169 20170 20171 20172 20173 20176 20177 20178 20179 20182

600 650 650 750 2800 190 950 1000 1900 2800 1100 500 1500 3200 950 2400 320 1400 700 380 280 750 750 5500

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

Lot

Lot 20032, estimated for e 15’000, realised e 16’730

20183 20184 20185 20186 20187 20188 20189 20190 20191 20195 20196 20198

1900 460 460 320 320 2200 2000 1900 480 1400 3000 440

20216 20217 20218 20219 20220 20221 20222 20223 20224 20227 20228 20230

1000 380 2400 1800 900 1500 4000 4600 1200 220 340 220

20231 20232 20233 20235 20238 20239 20240 20241 20242 20243 20244 20246

240 3400 7000 1000 650 380 460 220 280 220 200 300

Lot 20108, estimated for e 5’500, realised e 7’170

20199 20200 20201 20202 20203 20205 20206 20207 20208 20209 20210 20211 20212 20213 20214 20215

1900 900 280 1800 2000 2400 380 8000 9000 850 650 2400 3000 3400 360 380

Lot 20218, estimated for e 800, realised e 2’868

Lot 20222, estimated for e 4’600, realised e 2’868

April 15-21, 2007

Result Lot

Result

From Lot 20262, estimated for e 2’000, realised e 3’585

20247 20248 20249 20253 20254 20256 20257 20260 20261 20262 20263 20264 20265 20266 20267 20268 20269 20270 20271 20273 20274 20275 20276 20277 20278 20279 20280 20281 20282 20284 20289 20290 20292 20293 20294 20295 20296

1100 500 1600 400 480 300 120 220 190 3000 130 650 550 440 360 320 280 550 120 900 1100 400 1500 750 850 180 500 400 500 500 1100 220 800 360 1500 420 260

20302 20303 20304 20307 20309 20310 20311 20312 20313 20314 20319 20320 20321 20323 20324 20325 20326 20327 20328 20329 20330 20331 20332 20333 20334 20335 20336 20337 20340 20341 20342 20343 20344 20345 20346 20347 20348

2200 420 130 1500 3200 850 1500 1000 750 1200 1400 1500 1400 850 1800 3600 500 2600 6000 3200 3400 4000 6500 4200 1300 2600 6000 420 850 320 650 950 150 7500 5500 550 280

20349 20350 20351 20352 20353 20354 30000 30001 30002 30004 30005 30006 30007 30008 30009 30011 30012 30013 30014 30015 30017 30018 30019 30020 30021 30022 30023 30025 30026 30027 30028 30029 30030 30031 30032 30033 30034

13000 2400 1200 3000 1600 1200 400 150 1200 440 190 600 800 55 9000 110 600 1200 220 800 100 700 1500 1600 200 130 200 650 1800 2800 850 1100 1100 4000 1100 1400 1500

At David Feldman SA, we have sold more Large Gold & Grand Prix collections than any other auction company, ever.

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result Lot

Result

GB & British Commonwealth Prices are in Euros

Lot 30079 - Estimated for e 6’500, realised e 20’315

30035 30036 30037 30038 30039 30040 30041 30042 30043 30044 30045 30046 30047 30048 30049 30050 30051 30052 30053 30054 30055 30056 30057 30058 30059 30060 30061 30062 30063 30064 30065

800 160 100 2200 2100 480 1700 550 1300 1300 900 400 2000 800 480 4600 350 600 550 1300 950 260 4000 150 7500 110 550 2200 190 900 650

30066 30067 30068 30069 30070 30071 30072 30073 30074 30075 30076 30077 30078 30079 30080 30081 30082 30083 30084 30085 30086 30087 30088 30089 30090 30091 30092 30093 30094 30095 30096

260 420 280 360 340 360 380 340 950 550 260 500 9500 17000 42000 2200 2400 650 15000 2400 16000 2600 4400 4000 3000 1000 2200 32000 190 220 5500

Lot 30080 - Estimated for e 6’500, realised e 50’190

30097 30098 30099 30100 30101 30102 30103 30104 30105 30106 30107 30108 30109 30110 30111 30112 30113 30114 30115 30116 30117 30118 30119 30120 30121 30122 30123 30124 30125 30126 30127

Lot 30093 - Estimated for e 3’200, realised e 38’240

280 380 480 320 2200 1300 7000 340 650 1200 440 1400 1200 3200 900 2600 800 180 3600 240 550 180 2400 140 460 150 850 440 340 180 440

30128 30129 30130 30131 30132 30133 30134 30135 30136 30137 30138 30139 30140 30141 30142 30143 30144 30145 30146 30147 30148 30149 30150 30151 30152 30153 30154 30155 30156 30157 30158

2000 500 320 800 200 130 700 220 440 180 650 180 600 1300 200 190 800 150 3200 220 11000 1600 650 320 1300 700 380 6000 240 1400 1300

30148, Est. e 2’600 realised e 13’145

Prices do not include buyer’s 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

April 15-21, 2007 Lot

Result Lot

30159 30160 30161 30162 30163 30164 30165 30166 30167 30168 30169 30170 30171 30172 30173 30174 30175 30176 30177 30178 30179 30180 30181 30182 30183 30184 30185 30186 30187 30188 30189 30190 30191 30192 30193 30194 30195 30196 30197 30198 30199 30200 30201 30202 30203 30204 30205 30206 30207 30208 30209

1700 700 2600 320 1600 360 700 800 170 320 380 550 460 1300 460 420 1800 3800 190 1000 1300 1800 1700 460 700 400 950 650 650 700 650 1300 1700 300 1600 2000 950 340 140 440 480 220 500 4200 2000 850 600 2000 900 1700 170

30159, Est. e 170 realised e 2’032

30210 30211 30212 30213 30214 30215 30216 30217 30218 30219 30220 30221 30222 30223 30224 30225 30226 30227 30228 30229 30230 30231 30232 30233 30234 30235 30236 30237 30238 30239 30240 30241 30242 30243 30244 30245 30246 30247 30248 30249 30250 30251 30252 30253 30254 30255 30256 30257 30258 30259 30260

Result 420 260 1400 1400 460 280 220 6000 190 4000 140 36000 340 1800 900 1600 130 130 120 1700 1600 360 140 1800 4600 480 650 1100 600 170 320 240 190 500 3400 7000 7500 460 6500 600 6500 6500 320 600 3200 260 9000 14000 440 420 4800

30202, Est. e 260 realised e 5’019

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Lot 30221 - Estimated for e 6’500, realised e 43’020

30261 30262 30263 30264 30266 30267 30268 30269 30270 30271 30272 30273 30274 30275 30276 30277 30278 30279 30280 30281 30282 30283 30284 30285 30286 30287 30288 30289 30290 30291 30292 30293 30294 30295 30296 30297 30298

3200 10000 20000 950 900 380 500 280 480 170 4000 260 280 3200 460 750 420 3000 2200 700 850 380 400 900 420 700 650 650 750 900 380 1400 260 300 9000 1400 420

30299 30300 30301 30302 30303 30304 30305 30306 30307 30308 30309 30310 30311 30312 30313 30314 30315 30316 30317 30318 30319 30320 30321 30322 30323 30324 30325 30326 30327 30328 30329 30330 30331 30332 30333 30334 30335

800 1100 14000 800 400 1400 2000 6500 6000 3200 550 550 360 2200 8500 260 480 1700 1100 700 2600 1800 1300 1400 800 2400 4200 11000 700 6000 2400 2200 20000 1400 3600 1500 2500

Lot 30262 - Estimated for e 1’000, realised e 11’950

Lot

Result

Lot

Result Lot

300 300 11000 130 260 750 800 460 22000 6500 8000 26000 4200 110 12000 11000 26000 220 170 190 500 200 320 8000 1700 2800 2600 2600 280 460 140 650 1650 150 220 600 460

30375 30377 30378 30379 30380 30381 30382 30383 30384 30385 30392 30393 30395 30396 30397 30398 30399 30400 30403 30404 30405 30406 30407 30408 30410 30411 30412 30413 30414 30418 30419 30421 30423 30427 30428 30429 30434

Result Lot

Result

Lot 30466 - Estimated for e 6’500, realised e 9’560

Lot 30262 - Estimated for e 5’500, realised e 31’070

30336 30337 30338 30340 30341 30342 30343 30344 30345 30346 30347 30348 30349 30350 30351 30352 30353 30354 30355 30356 30357 30358 30360 30361 30362 30363 30364 30365 30366 30367 30368 30369 30370 30371 30372 30373 30374

April 15-21, 2007

320 130 200 240 550 90 140 70 1400 700 220 650 200 220 130 360 850 260 4800 600 340 360 480 220 3200 160 180 220 120 260 480 550 100 500 440 220 420

30331, Est. e 4’600 30346, Est. e 1’000 realised e 23’900 realised e 7’768

30437 30442 30443 30445 30451 30452 30453 30455 30456 30457 30458 30459 30460 30461 30462 30463 30464 30465 30466 30467 30468 30470 30471 30472 30473 30475 30476 30480 30481 30482 30483 30484 30485 30489 30490 30491 30492 30493 30495 30496 30497 30499 30500 30503 30504 30505 30506

360 220 320 220 750 4200 480 130 120 400 800 2200 750 750 750 2400 5500 1300 8000 4400 2600 420 190 190 75 320 360 80 100 700 170 240 260 340 700 200 480 220 280 3000 300 240 180 1000 320 1400 2800

30507 30508 30509 30511 30512 30513 30514 30515 30516 30520 30521 30522 30523 30524 30525 30526 30527 30528 30529 30530 30531 30532 30533 30534 30535 30536 30537 30538 30539 30540 30541 30542 30544 30545 30546 30547 30548 30550 30551 30552 30554 30556 30558 30559 30561 30562 30563

650 800 360 200 420 800 1600 850 240 180 200 170 2400 600 480 180 650 6500 230 150 360 400 140 460 130 1100 380 460 120 60 380 3200 800 190 4400 2600 80 700 700 420 460 220 110 750 110 750 550

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result Lot

Result

April 15-21, 2007 Lot

Result Lot

Lot 30638 - Estimated for e 100, realised e 526

Lot 30546 - Estimated for e 1’600, realised e 5’258

30564 30568 30571 30572 30573 30574 30576 30581 30582 30583 30585 30586 30587 30588 30589 30590 30591 30592 30593 30594 30595 30596 30598 30602 30603 30604 30606

420 160 1100 190 130 440 4000 100 400 160 160 400 2400 450 1400 300 160 3800 50 130 120 75 650 2400 1200 340 240

30625, Est. e 2’000 realised e 3’346

30607 30608 30609 30610 30611 30613 30614 30615 30616 30617 30618 30619 30623 30625 30626 30627 30628 30629 30630 30631 30633 30634 30635 30636 30637 30638 30639 30640 30641 30642 30643 30644

300 1100 480 1700 1100 2400 240 800 100 600 360 1200 420 2800 150 1400 1200 700 1500 460 2200 320 650 650 550 440 240 400 400 440 3400 340

30645 30646 30648 30650 30651 30652 30654 30655 30656 30658 30659 30660 30661 30662 30663 30664 30666 30669 30673 30674 30677 30678 30679 30680 30681 30682 30683 30684 30685 30686 30687 30688 30689 30690 30691 30692

420 460 1200 750 550 700 260 2300 1600 320 1700 460 800 800 260 500 220 380 200 480 700 360 750 240 240 320 480 400 100 1400 110 80 140 280 550 220

30693 30694 30695 30696 30697 30698 30699 30702 30703 30704 30705 30706 30707 30708 30709 30710 30711 30712 30713 30714 30715 30716 30717 30718 30719 30720 30721 30722 30723 30724 30725 30726 30727 30728 30729 30730

420 80 360 110 6000 80 220 380 160 1500 240 100 85 850 150 650 650 220 140 8000 440 4200 400 110 700 750 360 2200 800 500 19000 5000 460 450 1600 480

Lot 30714 - Estimated for e 3’200, realised e 9’560

Prices do not include buyer’s 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

Lot 30725 - Estimated for e 8’000, realised e 22’705

30731 30732 30733 30734 30735 30736 30737 30738 30739 30740 30741 30742 30743 30744 30745 30746 30747 30748 30749 30750 30751 30752 30753 30754 30755 30756 30757 30758 30759 30760 30763 30765 30766 30767 30768 30770

480 1200 170 2200 2200 170 130 300 100 300 75 1100 200 950 1200 440 2800 2600 75 1100 140 240 850 1000 900 500 400 400 340 340 360 240 600 2600 380 220

30771 30772 30773 30774 30777 30778 30780 30781 30782 30785 30789 30790 30791 30792 30793 30795 30797 30800 30802 30805 30806 30807 30808 30809 30810 30812 30813 30814 30815 30816 30817 30818 30819 30820 30821 30823

240 180 500 420 800 700 120 100 130 550 480 550 300 160 120 260 200 420 900 2200 200 480 320 320 100 150 240 190 110 100 120 300 160 140 220 80

Lot 30748 - Estimated for e 550, realised e 3’107

PRICES REALISED (e)

David Feldman SA Lot

Result

30824, Est. e 1’700 realised e 2’868

30824 30825 30826 30827 30828 30830 30831 30832 30833 30834 30835 30838 30840 30841 30842 30843 30844 30845 30846 30847 30848 30849 30850 30851 30855 30856 30859 30861 30862 30863 30864 30868 30870 30872 30873 30874 30875 30876 30877 30878 30879 30880 30881 30883 30884 30886 30887 30889 30890 30892

2400 200 500 600 300 1300 480 440 480 440 280 700 320 750 1700 85 300 150 650 300 380 750 400 1400 110 280 170 520 260 320 90 100 320 190 200 240 170 1600 460 240 240 170 200 180 220 380 950 150 320 240

Lot

Result

Lot

Result

30893 30895 30896 30897 30898 30899 30900 30901 30902 30903 30904 30905 30906 30907 30908 30909 30910 30911 30913 30914 30915 30916 30917 30918 30919 30920 30921 30922 30923 30924 30925 30926 30927 30928 30930 30933 30934 30936 30937 30938 30940 30941 30943 30946 30947 30948 30949 30950 30951 30952 30953 30954 30955 30956 30957 30958 30959 30960 30961 30962 30963

260 500 280 240 110 280 320 170 160 900 1900 600 220 140 700 95 220 400 180 110 600 360 380 340 160 180 280 220 200 110 800 260 140 220 2800 1500 240 220 140 160 3000 850 600 1200 1000 90 180 95 130 400 650 190 950 75 100 100 140 950 190 120 55

30964 30965 30966 30967 30968 30969 30970 30971 30972 30974 30975 30976 30978 30979 30980 30981 30982 30983 30984 30985 30986 30987 30988 30989 30990 30991 30992 30993 30994 30995 30996 30997 30998 30999 31000 31001 31002 31003 31004 31006 31007 31008 31011 31012 31013 31015 31016 31017 31018 31019 31020 31021 31022 31023 31024 31025 31026 31027 31028 31029 31030

75 300 130 500 140 130 950 160 280 420 600 500 380 160 110 550 380 170 480 480 320 160 160 700 170 140 200 140 190 190 1300 550 130 130 200 180 110 220 1400 550 260 190 95 220 95 220 170 80 140 110 160 120 600 320 900 300 100 300 300 420 3800

Lot

April 15-21, 2007

Result Lot

Result

Lot 30904 - Estimated for e 1’200, realised e 2’270

31031 31032 31033 31034 31035 31037 31038 31040 31042 31043 31045 31046 31047 31048 31049 31050 31051 31052 31053 31056 31057 31058 31061 31063 31064 31065 31066 31067 31068

2000 3600 600 120 1100 1100 1000 2600 220 140 110 320 950 85 160 140 550 260 150 400 240 750 550 130 380 300 190 420 750

31069 31070 31071 31072 31073 31074 31075 31076 31077 31078 31079 31080 31081 31082 31083 31084 31087 31088 31089 31090 31091 31092 31093 31094 31095 31096 31097 31098 31100

1000 240 300 110 1300 320 320 1300 700 110 190 850 5000 100 90 120 600 220 1400 320 800 380 600 600 1100 2800 2800 650 1100

31101 31103 31104 31105 31107 31109 31110 31112 31114 31115 31116 31117 31118 31119 31120 31122 31123 31124 31125 31126 31127 31128 31130 31131 31132 31133 31134 31135 31136

3600 8000 6500 5500 150 340 1100 850 400 65 320 8000 1700 9000 5500 1000 950 1300 380 800 500 320 900 460 2800 1300 110 380 220

Lot 31103 - Estimated for e 3’000, realised e9’560

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result Lot

Lot 31225 - Estimated for e 2’000, realised e 7’767

31137 31138 31139 31140 31141 31142 31143 31144 31148 31149 31150 31151 31152 31154 31155 31158 31163 31164 31165 31166 31168 31169 31170 31172 31173 31174 31179 31180 31181 31182 31183 31187 31188

1200 950 1100 190 300 120 550 120 360 220 300 180 300 80 240 480 110 110 160 2400 800 1400 170 260 190 300 110 600 550 700 1100 190 190

31189 31190 31191 31192 31193 31194 31195 31196 31197 31198 31199 31200 31201 31202 31203 31204 31205 31206 31208 31209 31210 31212 31213 31215 31216 31218 31220 31221 31222 31223 31225 31226 31227

Lot 31119 - Estimated for e 4’000, realised e 10’755

95 600 480 480 380 420 300 360 240 130 110 140 150 110 110 1500 400 360 380 420 1700 300 200 550 260 260 150 140 60 190 6500 1400 130

31228 31229 31230 31231 31232 31233 31234 31239 31241 31242 31243 31244 31245 31247 31249 31250 31251 31252 31253 31258 31259 31260 31262 31263 31264 31265 31266 31268 31269 31270 31271 31272 31273 31274 31275 31278 31279 31281 31282 31283 31284 31285 31286 31287 31288 31289

April 15-21, 2007

Result

Lot

Result Lot

Result

Lot 31263 - Estimated for e 2’600, realised e 5’736

150 240 110 200 1200 1700 550 440 550 2900 3000 3800 1200 750 320 1300 550 10000 800 300 400 1200 240 4800 500 320 500 180 2200 100 750 1300 200 60 460 1400 650 850 20 550 550 220 800 300 180 150

31290 31292 31293 31294 31296 31297 31298 31301 31302 31304 31305 31306 31307 31308 31311 31312 31313 31314 31315 31316 31317 31320 31321 31322 31323 31324 31325 31326 31327 31328 31329 31330 31333 31334

190 320 260 650 120 360 110 220 220 200 240 100 130 220 130 3400 1700 140 140 110 130 280 110 280 900 1600 400 300 550 440 360 120 1400 420

Prices do not include buyer’s 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

31335 31336 31337 31339 31340 31342 31343 31344 31345 31347 31348 31349 31350 31351 31352 31353 31354 31355 31356 40000 40001 40003 40004 40006 40007 40009 40011 40012 40015 40016 40017 40018 40019 40020

650 480 120 190 300 8500 800 1700 1200 440 140 1100 160 2800 550 120 320 100 100 170 280 460 600 7000 460 1500 180 400 170 550 380 600 100 190

40021 40025 40026 40027 40028 40032 40033 40034 40037 40040 40043 40044 40046 40049 40050 40051 40052 40053 40056 40058 40059 40060 40062 40063 40064 40065 40066 40067 40068 40069 40070 40071 40073 40074

200 360 750 1700 300 160 1800 110 300 650 190 220 800 850 320 3000 650 340 140 280 320 420 700 1600 1500 3000 440 600 300 420 190 950 1300 50

Lot 31118 - Estimated for e 1’600, realised e 2’032

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

1200 950 4400 1200 1200 2000 130 260 850 120 240 120 150 550 600 700 700 320 240 1100 280 700 800 150 260 260 1000 700 16000 280 110 420 240 340 280 3200 2400 1500 160 190

40186 40187 40188 40189 40190 40191 40194 40195 40196 40197 40198 40201 40202 40203 40204 40205 40207 40209 40210 40211 40212 40213 40215 40216 40220 40221 40222 40223 40224 40225 40226 40227 40229 40230 40231 40232 40233 40234 40235 40236 40237 40238 40239

200 650 480 180 110 100 900 260 2700 480 160 500 500 2200 850 320 1400 150 300 400 2200 8500 70 550 100 460 320 500 150 340 950 2200 320 120 160 190 190 180 800 180 3200 900 950

Europe & Colonies Prices are in Euros

40075 40077 40081 40084 40085 40086 40087 40088 40089 40090 40091 40092 40093 40094 40096 40097 40098 40099 40100 40101 40102 40103 40104 40105 40106 40107 40108 40109 40110 40111 40112 40113 40117 40118 40119 40120 40121 40124 40127 40128

180 200 190 550 60 4200 750 75 700 160 280 600 90 220 320 170 70 1700 260 190 100 800 2600 240 340 240 260 750 460 280 16000 1200 650 900 170 140 6000 750 130 360

40129 40130 40132 40133 40135 40136 40137 40138 40139 40140 40141 40142 40143 40144 40145 40146 40147 40148 40149 40151 40152 40153 40155 40158 40160 40161 40162 40163 40164 40165 40166 40173 40174 40175 40177 40178 40179 40181 40182 40183

France to Bolivia, Lot 40164 - Estimated for e 3’000, realised e 19’120

Lot

April 15-21, 2007

Result Lot

Result

Ballon Monté to Riga, Lot 40237 Est. e 1’700, realised e 3’824

40241 40242 40244 40245 40246 40247 40249 40250 40256 40257 40258 40261 40262 40263 40264 40266 40267 40269 40271 40272 40273 40275 40276 40277 40279 40281 40282 40283 40284 40285 40286 40287 40289 40290 40291 40292 40294 40295 40296 40299 40300 40302 40304 40305 40306 40307

600 2400 2000 1600 160 100 2000 280 340 260 700 2000 850 300 3000 160 260 220 1000 1200 1400 1100 1500 1400 600 1000 380 650 800 400 2200 2600 2000 190 220 140 260 280 55 1500 8500 4600 1700 280 220 300

40308 40309 40310 40311 40312 40313 40314 40315 40316 40317 40318 40319 40321 40322 40323 40324 40325 40327 40328 40329 40330 40331 40332 40333 40335 40336 40337 40338 40339 40340 40343 40344 40346 40348 40352 40353 40354 40355 40356 40357 40358 40360 40361 40362 40364 40365

340 190 500 20000 200 95 300 260 110 320 140 95 260 500 1000 650 1900 140 380 360 160 1500 160 400 50 650 110 420 1200 850 65 340 170 140 950 340 3200 2800 2500 2700 1800 150 500 180 2800 1400

40366 40367 40368 40370 40371 40372 40374 40375 40376 40378 40379 40380 40381 40383 40385 40386 40387 40388 40389 40392 40393 40400 40401 40402 40403 40404 40405 40406 40408 40410 40413 40417 40418 40421 40424 40427 40428 40429 40434 40435 40436 40441 40442 40443 40446 40449

300 480 550 150 130 950 1500 400 10000 70 300 900 130 1200 380 150 100 200 120 420 480 320 150 160 130 380 140 25 500 220 100 850 360 700 420 300 280 200 90 120 140 240 150 120 100 320

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result Lot

Lot 40364 - Estimated for e 1’600, realised e 3’346

40450 40451 40452 40453 40456 40458 40459 40463 40464 40466 40467 40469 40471 40476 40481 40483 40486 40490 40491 40492 40494 40497 40500 40503

200 260 360 160 65 140 170 200 110 1100 850 75 140 650 750 180 100 280 360 100 200 260 180 180

40504 40507 40508 40509 40510 40514 40516 40517 40518 40521 40522 40523 40527 40528 40530 40535 40536 40537 40538 40539 40540 40541 40542 40543

800 320 200 1800 320 160 160 300 950 420 340 280 180 360 550 180 170 1200 200 300 110 260 400 3000

40544 40545 40547 40549 40550 40551 40554 40555 40556 40558 40561 40562 40563 40564 40565 40567 40568 40569 40570 40572 40577 40578 40580 40582

Lot 40376 - Estimated for e 2’000, realised e 11’950

400 180 1500 500 900 950 260 360 360 1400 170 1000 50 240 130 1300 750 420 360 3800 190 750 40 480

40583 40584 40585 40586 40587 40591 40592 40597 40598 40600 40603 40605 40606 40607 40609 40610 40612 40613 40616 40618 40619 40620 40621 40622 40624 40625 40626 40627 40628 40629 40630 40631 40632 40633 40634 40635 40636 40637 40638 40639 40640 40641 40642 40643 40644 40645 40646 40647 40648 40649 40650 40651 40652 40653 40654 40655 40656 40657 40658 40659 40660

Result 90 70 1300 100 360 380 2200 160 280 240 320 160 700 240 130 900 1000 480 2000 900 800 750 700 1100 950 750 320 65 120 280 200 1000 650 650 575 200 800 220 400 120 260 80 850 320 95 260 260 120 70 45 700 170 220 65 50 20 340 70 280 150 160

Prices do not include buyer’s 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

April 15-21, 2007 Lot 40661 40662 40664 40665 40666 40667 40669 40670 40671 40672 40673 40674 40677 40678 40679 40680 40681 40682 40683 40684 40685 40686 40687 40692 40696 40697 40698 40699 40700 40701 40704 40705 40706 40708 40709 40712 40714 40715 40716 40717 40719 40720 40721 40722 40723 40724 40725 40726 40727 40728 40729 40730 40731 40732 40733 40734 40735 40736 40737 40738 40739

Result Lot 400 30 650 1200 140 550 300 240 30 1200 240 600 140 700 55 50 170 260 400 550 360 120 130 180 110 650 4600 260 150 50 900 750 130 240 200 65 80 1100 190 110 320 420 300 440 110 600 340 360 400 55 550 240 260 300 150 750 700 340 200 2100 600

40740 40741 40742 40743 40744 40746 40749 40750 40751 40752 40754 40757 40760 40761 40763 40764 40765 40766 40769 40770 40771 40772 40774 40775 40776 40777 40778 40779 40780 40782 40786 40787 40788 40790 40791 40792 40793 40794 40796 40797 40799 40800 40801 40804 40807 40808 40811 40813 40815 40817 40829 40833 40837 40838 40841 40843 40845 40846 40848 40849 40850

Result 150 110 70 260 550 100 2000 200 150 240 110 420 600 140 250 750 420 460 180 500 260 180 380 220 240 160 900 360 220 280 65 1200 75 420 460 650 500 400 220 900 750 400 360 160 400 650 240 950 130 600 500 1800 440 340 100 850 550 130 240 120 400

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

Lot 40913 - Estimated for e 4’000, realised e 5’019

40851 40852 40853 40854 40855 40856 40857 40858 40859 40860 40861 40862 40863 40865 40867 40868 40870 40871 40872 40875 40876 40880 40882 40883 40884 40886 40888 40889 40890 40893 40896 40897 40898 40899 40900 40903 40904 40905 40906 40907 40908 40909 40910 40911 40912

1500 700 850 240 160 240 260 3600 420 1000 440 1000 850 1400 260 2000 160 320 280 110 400 550 700 260 200 500 110 550 1000 950 800 850 100 240 400 320 320 480 950 750 380 550 440 220 1100

40913 40914 40915 40920 40921 40922 40923 40924 40925 40926 40927 40928 40929 40931 40935 40936 40937 40939 40940 40941 40942 40945 40946 40947 40949 40950 40951 40952 40953 40955 40956 40958 40959 40960 40961 40963 40965 40966 40967 40969 40970 40971 40972 40975 40976

4200 50 160 380 550 750 70 330 280 420 380 380 320 480 1400 140 65 160 160 80 1900 110 100 400 50 50 130 150 100 320 340 1100 850 160 360 1100 160 950 700 340 320 220 260 100 1200

40977 40978 40979 40982 40983 40984 40985 40986 40987 40988 40990 40991 40992 40993 40994 40995 40997 40998 40999 41000 41001 41002 41004 41005 41006 41007 41009 41010 41011 41012 41014 41015 41016 41017 41018 41019 41020 41021 41022 41023 41024 41025 41026 41027 41028

500 160 220 4000 16000 26000 18000 12000 1100 600 380 380 1200 500 300 460 460 1500 380 750 1050 950 5500 2600 750 260 900 440 950 1700 300 550 950 2000 300 800 2000 220 200 16000 500 250 150 600 750

Lot 41029 41031 41032 41033 41034 41035 41036 41037 41038 41039 41040 41041 41042 41043 41044 41045 41046 41048 41049 41050 41051 41055 41056 41057 41058 41060 41061 41062 41063 41064 41065 41066 41067 41068 41069 41070 41071 41072 41073 41074 41075 41076 41077 41078 41079 41080

April 15-21, 2007

Result Lot 700 500 480 340 260 160 340 320 260 190 280 900 420 950 170 1800 1800 1600 2400 1600 650 320 300 220 500 1400 170 1300 600 7500 360 360 9000 3400 8500 1200 220 7500 420 1500 850 170 260 10500 320 1200

Result Lot

Result

Lot 40983 - Estimated for e 5’500, realised e 19’120

Lot 40986 - Estimated for e 6’500, realised e 14’340

41081 41082 41083 41084 41085 41086 41087 41088 41089 41092 41093 41094 41095 41096 41098 41099 41100 41101 41102 41107 41108 41114

1000 2800 500 440 2000 3400 950 900 1200 500 5000 2000 160 850 380 500 170 500 1500 700 240 700

41116 41117 41118 41119 41120 41121 41123 41124 41125 41126 41127 41128 41130 41131 41132 41134 41135 41136 41137 41138 41140 41144

280 280 1500 1500 190 600 440 180 4800 360 3200 110 200 320 190 110 900 700 220 500 4800 700

Lot 41004 - Estimated for e 2’000, realised e 6’573

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result Lot

Lot 41023 - Estimated for e 6’500, realised e 19’120

Lot 41069 - Estimated for e 2’600, realised e 10’157

41145 41146 41155 41167 41168 41173 41174 41175 41176

3200 170 550 1300 550 850 260 460 850

41177 41178 41179 41180 41181 41182 41183 41186 41187

190 550 400 200 750 600 700 320 440

41189 41190 41191 41194 41197 41198 41199 41200 41202

Lot 41072 - Estimated for e 5’500, realised e 8’962

190 1900 190 2400 200 170 1200 1900 1200

41203 41204 41205 41206 41211 41212 41213 41214 41215 41216 41217 41219 41222 41223 41224 41225 41226 41227 41229 41230 41231 41232 41233 41234 41235 41238 41239 41240 41241 41243 41244 41245 41246 41247 41248 41249 41251 41252 41253 41258 41259 41260 41261 41265 41266 41267 41268 41269 41270 41272 41273 41276 41277 41278 41280 41282 41283 41284 41285

Result 550 400 460 950 480 460 400 240 220 600 1300 500 190 950 4600 320 1100 120 1300 600 6500 110 240 170 380 480 300 750 750 280 360 1250 850 950 110 360 2600 100 700 400 650 260 140 360 1600 800 100 500 1600 340 550 240 150 260 55 1500 900 1600 2400

Prices do not include buyer’s 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

April 15-21, 2007 Lot

Result Lot

Result

Overseas

Prices are in Euros 41286 41287 41288 41289 41290 41291 41292 41294 41295 41298 41299 41300 41301 41302 41303 41304 41306 41309 41312 41315 41316 41317 41318 41319 41321 41322 41323 41326 41327 41328 41329 41330 41331 41333 41334 41335 41336 41337 41339 41341 41342 41343 41346 41347 41348 41349 41350 41353 41354 41355 41356 41357 41358 41359 41361 41362 41363 41364

700 1800 260 950 600 2200 240 260 550 260 300 950 650 120 480 320 360 110 8500 170 650 550 300 420 260 460 300 550 500 550 260 320 260 550 600 1000 700 260 220 280 100 70 220 160 150 200 360 300 280 140 340 220 200 1100 80 7500 1200 2800

41365 41366 41367 41368 41369 41370 41371 41372 41373 41374 41375 41376 41380 41381 41382 41388 41389 41390 41391 41392 41393 41394 41395 41396 41397 41398 41399 41400 41403 41404 41406 41407 41409 41411 41412 41415 41416 41417 41418 41420 41422 41424 41425 41429 41430 41431 41432 41433 41434 41436 41437 41438 41440 41441 41442 41445 41449 41450

2900 1700 460 550 1300 300 200 300 340 420 2100 200 600 160 1000 160 100 160 360 220 170 160 300 190 260 260 300 300 80 100 260 240 380 950 400 300 420 320 360 130 80 400 150 280 220 240 2000 400 400 200 320 500 130 130 300 800 900 21000

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

Lot 41224 - Estimated for e 3’200, realised e 5’497

41451 41452 41453 41455 41456 41457 41458 41459 41461 41463 41464 41467 41468 41469 41470 41473 41474 41475 41478 41481 41482 41483 41484 41485 41486 41487 41489 41490 41492 41493 41495 41496 41497 41499

160 180 1800 320 1600 200 300 240 2200 850 600 320 500 220 320 260 700 700 1200 3000 700 260 700 1200 130 220 240 220 850 1200 100 190 100 110

41500 41501 41502 41503 41504 41505 41506 41507 41508 41512 41513 41514 41515 41516 41517 41518 41519 41520 41521 41522 41523 41524 41525 41526 41527 41528 41529 41530 41531 41532 41533 41534 41535 41536

240 190 120 700 300 1000 1400 400 380 3600 8500 3800 280 240 130 480 220 240 380 2200 850 400 190 650 550 380 260 260 260 200 340 750 600 600

41538 41539 41540 41541 41542 41544 41545 41546 41547 41548 41549 41550 41551 41554 41555 41556 41557 41561 41563 41564 41568 41570 41571 41572 41573 41574 41575 41576 41577 41578 41579 41580 41581 41582

Lot 41359 - Estimated for e 550, realised e 1’315

110 850 150 800 1800 1600 1700 550 260 4200 100 110 700 1200 300 260 190 90 750 140 140 80 320 220 130 460 50 360 340 1100 240 220 3000 240

Lot 41583 41584 41585 41586 41587 41588 41589 41590 41591 41592 41593 41594 41595 41596 41597 41598 41599 41600 41601 41602 41603 41604 41605 41607 41608 41612 41613 41614 41615 41616 41617 41618 41619 41620 41621 41623 41624 41625 41626 41627 41629 41630 41631 41633 41634 41635 41637 41638 41639 41640 41641 41642 41643 41644 41645 41646 41647 41648 41649 41650 41652

April 15-21, 2007

Result Lot 700 200 300 400 1400 1100 800 650 800 600 650 440 400 500 700 130 1100 500 440 420 240 260 500 1200 380 220 420 1600 300 460 1700 7500 18000 420 500 1100 3200 900 900 260 2000 8000 360 1100 1900 1200 240 130 260 1100 180 2000 1500 2400 440 440 2400 1200 220 220 140

Result Lot

Result

From Lot 41432 - Estimated for e 900, realised e 2’390

41653 41654 41655 41656 41658 41661 41662 41663 41664 41665 41667 41669 41670 41671 41672 41673 41674 41675 41676 41677 41678 41679 41680 41681 41682 41683 41684 41685 41686 41687 41689 41691 41693 41694 41695 41696 41697 41699 41700

220 200 140 190 1700 380 380 500 170 220 360 480 200 300 150 550 100 950 700 2200 260 190 440 1500 13000 6000 3600 140 550 420 110 950 800 85 240 280 260 1000 220

41701 41702 41704 41705 41706 41707 41708 41709 41710 41711 41712 41713 41714 41715 41716 41717 41718 41719 41720 41721 41722 41723 41724 41725 41726 41727 41728 41731 41732 41733 41734 41736 41737 41738 41739 41740 41742 41743 41744

180 550 130 130 180 120 100 90 85 75 90 70 160 65 400 140 100 120 40 100 200 750 300 95 340 110 220 90 220 130 1300 120 220 200 460 850 280 180 140

Lot 41450 - Estimated for e 6’500, realised e 25’095

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot 41591, sold for e 956

41745 41746 41747 41749 41750 41751 41752 41753 41754 41755 41756 41757 41758 41763 41764 41765 41766 41767 41768 41769 41770 41773 41775 41776 41777 41778 41779 41784 41786 41787 41789 41792 41794 41795

95 170 100 260 550 85 220 360 160 170 320 340 360 750 750 600 600 500 600 750 1800 460 170 380 300 850 500 75 850 170 320 200 130 180

Lot

Result

Lot

Lot 41619, sold for e 21’510

41797 41798 41799 41800 41801 41802 41803 41806 41809 41810 41811 41814 41815 41816 41818 41819 41820 41821 41822 41823 41824 41825 41827 41828 41829 41830 41831 41832 41833 41834 41835 41836 41837 41839

340 200 130 700 380 120 2600 300 300 500 550 550 360 180 160 220 48 60 100 95 110 120 220 140 90 80 65 150 55 220 2400 600 550 100

Result Lot

Result

Lot 41626, sold for e 1’076

41840 41841 41843 41844 41848 41849 41850 41852 41853 41854 41855 41860 41861 41862 41863 41864 41865 41866 41867 41868 41869 41870 41873 41874 41875 41876 41878 41879 41880 41881 41882 41884 41885 41886

170 260 42 44 36 140 420 110 750 110 60 900 75 320 42 120 410 220 70 80 40 75 40 160 110 260 160 220 160 120 300 25 180 150

41887 41888 41889 41890 41891 41895 41896 41897 41898 41899 41900 41907 41910 41911 41912 41913 41915 41916 41917 41918 41919 41920 41922 41926 41927 41928 41929 41931 41932 41933 41934 41935 41937 41938

320 70 220 190 70 70 95 110 110 100 800 1400 9500 460 340 90 120 100 200 160 3400 70 110 300 85 400 750 85 300 65 1000 260 800 300

Lot 41770, sold for e 2’151

Prices do not include buyer’s 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

April 15-21, 2007 Lot 41939 41944 41945 41946 41947 41948 41949 41950 41952 41953 41954 41955 41956 41958 41960 41961 41962 41963 41965 41966 41967 41968 41971 41972 41973 41974 41975 41976 41977 41978 41979 41980 41981 41982 41984 41985 41986 41988 41989 41991 41992 41993 41994 41996 41997 41998 41999 42000 42001 42002 42003 42004 42005 42006 42007 42008 42009 42010 42011 42012

Result Lot 650 280 220 220 100 280 260 190 200 120 110 150 440 360 380 500 1500 110 750 220 1800 900 220 300 2200 1500 360 170 420 260 460 360 460 480 360 200 420 360 300 500 280 600 320 420 320 320 280 220 1000 280 80 600 340 340 750 600 550 260 360 550

42013 42015 42016 42017 42019 42020 42022 50000 50001 50002 50003 50004 50005 50006 50007 50008 50009 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 50048 50049 50050 50051 50052

Result 400 320 700 220 150 240 320 850 650 1300 1400 3600 260 280 55000 12000 4600 300 5500 2000 1900 1400 3800 1400 1300 220 750 850 550 1000 600 420 1100 1800 260 1800 460 2200 650 6500 900 950 600 850 1600 550 1600 3000 800 440 750 3200 2600 1100 4200 220 3000 700 3000 1200

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Collections, Lots & Estates Prices are in Euros

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 50083 50084 50085 50086 50087 50088 50089 50090 50091 50092 50093 50094 50095

650 700 800 850 6500 700 1000 1400 420 600 5500 7000 2200 220 650 650 2200 2000 750 260 1700 650 550 2000 850 750 480 1900 3000 2800 340 3800 1300 850 400 200 360 600 1200 1700 24000 240 1100

50096 50097 50098 50099 50100 50101 50102 50103 50104 50105 50106 50107 50108 50109 50110 50112 50113 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

280 180 1150 220 1000 240 650 130 190 550 900 1500 100 1300 2400 420 340 380 1400 900 80 2200 2300 280 420 550 1800 300 2000 550 19000 4200 1700 440 550 4800 5500 60 400 340 80 320 2700

Lot

Result

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 50165 50166 50167 50168 50169 50170 50171 50172 50173 50175 50176 50177 50178 50179 50180 50181 50182 50183 50184 50185 50186

1300 200 280 1600 36000 1400 22000 420 22000 9000 1900 420 260 2000 550 500 1200 1400 700 2000 460 6500 2000 2800 260 800 320 1700 2200 7500 3400 600 1400 320 200 8500 500 280 1550 120 320 1400 750 500 1100 800

From Lot 50217, sold for e 22’705

Lot

April 15-21, 2007

Result Lot

Result

From Lot 50144, sold for e 43’020

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 50227 50228 50229 50230 50231 50232 50233

300 140 170 1300 900 110 300 140 750 240 1500 850 1600 1100 3600 130 650 2200 2600 3600 420 1100 420 200 34000 320 340 4000 1200 750 1000 440 6000 9500 420 3000 700 3000 550 850 240 220 420 1200 260 2800 800

50234 50235 50237 50238 50239 50240 50241 50242 50243 50244 50245 50246 50247 50248 50249 50250 50251 50252 50253 50254 50255 50256 50257 50258 50259 50260 50261 50262 50264 50265 50266 50267 50268 50269 50270 50271 50272 50273 50274 50275 50276 50277 50278 50279 50280 50281 50282

260 1100 420 1200 3200 2600 650 220 800 140 2400 1800 4400 240 5500 4700 1700 3800 1200 2400 1150 2800 1200 550 650 650 650 1200 1300 440 240 600 4800 9000 650 1600 10000 380 420 300 1700 1600 14000 9500 2800 800 1100

50283 50284 50285 50286 50287 50288 50289 50290 50291 50292 50293 50294 50295 50296 50297 50298 50299 50300 50301 50302 50303 50304 50305 50307 50308 50309 50310 50311 50312 50313 50314 50315 50316 50317 50318 50319 50320 50321 50322 50323 50324 50325 50326 50327 50328 50329 50330

300 220 1500 380 1800 3400 5500 320 2200 1200 600 850 700 700 250 1100 1400 4000 650 750 1500 4600 3600 650 650 750 2600 200 380 1200 1800 1000 1200 550 1100 2400 800 3600 2200 2000 650 310 1300 1400 1200 260 150

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

From Lot 50278 - Estimated e 5’000 to 8’000, realised e 16’730

50331 50332 50333 50334 50335 50336 50337 50338 50339 50340 50341 50342 50343 50344 50345 50346 50347 50348 50349 50350 50351 50352 50353 50354 50355 50356 50357 50358 50359 50360 50361 50362 50363 50364

400 480 1100 1500 700 6000 240 4500 750 4600 6500 4200 6500 6000 3400 1600 2400 4000 3400 320 700 550 480 4200 2800 4600 13000 8500 11500 220 1100 120 300 500

50365 50366 50367 50368 50369 50370 50371 50372 50373 50374 50375 50376 50377 50378 50379 50380 50381 50382 50383 50384 50385 50386 50387 50388 50389 50390 50391 50392 50393 50394 50395 50396 50397 50398

260 320 100 320 460 650 360 12000 380 2400 2800 420 1600 1100 900 1600 1900 1000 160 1500 2600 1400 1500 800 900 7000 1700 12000 6000 14000 1700 420 1800 1700

Lot

Result Lot

50400 50401 50403 50404 50405 50406 50407 50408 50409 50410 50411 50412 50413 50414 50415 50417 50418 50419 50420 50421 50422 50423 50424 50425 50426 50427 50428 50429 50430 50431 50432 50433 50434 50435 50436 50437 50438 50439 50440 50441 50442 50443 50444

260 320 1600 1200 440 2600 700 1500 2200 950 1000 1100 1200 500 650 1300 2200 220 800 1100 7000 4600 1100 2800 6000 6000 1100 1700 650 750 6000 800 30000 3200 3000 480 380 7000 4200 1900 4000 150 240

From Lot 50288 - Estimated for e 400 to 700, realised e 4’063

Result

April 15-21, 2007 Lot

Result Lot

Result

From Lot 50357 - Estimated e 4’000 to 7’000, realised e 15’535

50445 50446 50447 50448 50449 50450 50451 50452 50453 50454 50455 50456 50457 50458 50459 50460 50461 50462 50463 50464 50465 50466 50467 50468 50469 50470 50471 50472 50473 50474 50475 50476 50477 50479 50481 50482 50483 50484 50485 50486 50487 50488 50489 50490 50491 50492 50493 50494 50495 50496 50497 50498

110 2600 500 600 420 190 300 260 320 360 400 460 340 240 900 500 2800 420 500 85 550 500 420 200 900 850 1700 8500 400 150 420 1500 750 550 1200 6500 1300 3200 3000 650 2400 2400 11000 300 1600 650 1300 440 1500 300 2000 800

Prices do not include buyer’s 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

50499 50500 50501 50502 50504 50505 50506 50507 50508 50509 50510 50511 50512 50513 50514 50515 50517 50518 50519 50520 50521 50522 50523 50525 50526 50527 50528 50529 50530 50531 50532 50533 50534 50535 50536 50537 50538 50539 50540 50541 50542 50543 50544 50545 50546 50547 50548 50549 50550 50551 50552 50553

14000 1100 800 300 1450 440 1100 1400 2400 500 1200 600 1200 700 1300 3600 700 600 14000 1200 2400 9500 1100 440 800 3000 2000 4600 1900 11000 700 3400 320 2800 1300 13000 950 650 1800 1500 3000 3800 1600 4200 1600 1300 2400 200 1800 1900 380 1900

50554 50555 50556 50557 50558 50559 50560 50561 50562 50563 50564 50565 50566 50567 50568 50569 50570 50571 50572 50573 50574 50575 50576 50577 50578 50579 50580 50581 50582 50583 50584 50585 50586 50587 50588 50589 50590 50591 50592 50593 50594 50595 50596 50597 50598 50599 50600 50601 50602 50603 50604 50605

200 900 340 10000 800 2000 4000 6500 4600 20000 200 1300 320 400 600 3600 850 5500 220 2200 2000 1000 2000 1800 1300 3600 5000 800 1900 900 1200 2800 190 1600 360 380 140 650 280 650 280 1200 1000 800 440 130 6000 700 280 3600 3000 1200

PRICES REALISED (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

From Lot 50642 - Estimated e 2’000 to 3’000, realised e 10’157

50606 50607 50608 50609 50610 50611 50612 50613 50614 50615 50616 50617 50618 50619 50620 50621 50622 50624 50625

650 3600 320 1200 800 150 3400 1900 7500 8500 6000 1700 14000 25000 16000 26000 280 240 15000

50626 50627 50628 50629 50630 50631 50632 50633 50634 50635 50636 50637 50638 50639 50640 50641 50642 50643 50644

16000 400 3800 400 1900 600 9500 850 1200 300 1000 700 500 400 600 3000 8500 2300 700

50645 50646 50647 50648 50649 50650 50651 50652 50653 50654 50655 50656 50657 50658 50659 50660 50661 50662 50663

460 2800 600 1300 1700 400 4000 600 500 2000 220 8000 750 360 4200 200 1400 4800 1100

From Lot 50722 Estimated e 100’000, realisede 403’300

Lot 50664 50665 50666 50667 50668 50669 50670 50671 50674 50675 50677 50678 50679 50680 50681 50682 50683 50684 50685 50686 50687 50688 50689 50690 50691 50692 50693 50694 50695 50696 50697 50698 50699 50700 50701 50702 50704 50705 50706 50707 50708 50709 50710 50712 50713 50714 50715 50716 50717 50718 50719 50720 50721 50722 50723 50724 50725 50726 50727 50728 50729

April 15-21, 2007

Result Lot 7500 2100 31000 1500 800 1500 12000 420 13000 10000 2200 240 190 260 1300 600 500 200 480 650 300 800 750 160 3800 2200 1100 130 1250 7000 700 1400 750 1800 4000 15000 2200 2000 800 200 1200 600 1300 750 600 280 550 700 150 1200 750 20000 24000 340000 1100 650 3600 7000 20000 3200 1300

50730 50731 50732 50733 50736 50737 50738 50739 50740 50741 50742 50743 50744 50745 50746 50747 50748 50749 50750 50751 50752 50753 50757 50758 50759 50761 50762 50763 50764 50765 50766 50767 50768 50769 50770 50771 50772 50773 50774 50775 50776 50777 50778 50779 50780 50781 50782 50783 50784 50786 50787 50788 50789 50790 50791 50792 50793 50794 50795 50796 50797

Result Lot 28000 550 650 550 2200 420 2200 340 750 1000 850 5000 320 280 200 320 750 2000 240 750 400 1200 110 550 950 800 1000 1000 400 480 11000 900 5000 500 260 100 420 1200 750 950 1400 360 650 650 550 320 380 4000 160 1200 700 220 1400 1500 2000 1700 2200 1000 750 1250 1100

Result

50799 50800 50801 50802 50803 50804 50805 50806

1100 500 1200 3200 500 600 950 850

80000 80001 80002 80003 80004 80005 80006 80008 80013 80014 80017 80019 80020 80022 80024 80025 80026

600 500 300 1000 280 380 260 320 280 340 480 1300 240 460 140 320 360

Prices do not include buyer’s 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 (e)

David Feldman SA Lot

Result

Lot

Result

Lot

Result

Lot

Result Lot

From Lot 60003, intact exhibit collection of Argentina 1862-68 issues, sold for e 149’375

Rarities of the World Prices are in Euros

60001 60002 60003 60004 60005

10000 4000 125000 12000 6000

60006 60007 60008 60009 60010

4200 12000 30000 28000 4000

Lot 60069, sold for e 13’145

60011 60012 60014 60015 60016 60017 60019 60020 60021 60022

5500 2200 8000 6000 6000 19000 30000 58000 19000 2600

April 15-21, 2007

60023 60024 60025 60028 60029 60032 60034 60035 60036 60037

70000 7500 17000 26000 5000 5500 6000 22000 5500 5500

Result Lot

60038 60041 60042 60043 60047 60049 60050 60051 60052 60054 60055 60056 60057 60058 60060 60061

Lot 50722, sold for e 35’850

2000 10000 12000 16000 16000 175000 18000 18000 10000 1700 2100 1500 5500 10000 11000 3200

Result

Lot 50722, sold for e 33’460

60062 60063 60064 60066 60068 60069 60070

22000 2800 12500 4600 20000 11000 9000

Lot 60064, sold for e 14’937

We are proud to announce that 254 bidders coming from the following 46 countries participated via Internet in the auction: ©Live Auction Software Powered by Core Technologies Inc. info@coretech.cc

Western Europe Belgium Channel Islands France Germany Ireland Luxemburg Netherland United Kingdom

Southern Europe Cyprus Greece Italy Malta Portugal Spain Turkey

Northern Europe Denmark Finland Norway Sweden

Far East

North America USA Canada

China Hong Kong Japan Macau Singapore Taiwan Thailand

©Live Auction Software Powered by Core Technologies Inc. info@coretech.cc Central and South America Brazil Costa Rica Mexico

Central and Eastern Europe Austria Czech Republic Hungary Poland Romania Russia Switzerland Yugoslavia

Other Asia India Africa Kenya South Africa Middle East Egypt Israel Australasia Australia New Zealand

PRICES REALISED (CHF)

David Feldman SA Lot

Result

Lot

Result

Switzerland/Schweiz/Suisse 70001 70002 70003 70004 70005 70006 70007 70008 70009 70010 70011 70012 70013 70014 70015 70016 70017 70018 70019 70020 70021 70022

Prices in CHF 700 70023 110 70024 190 70025 150 70026 850 70027 1300 70028 3800 70029 1000 70030 4600 70031 470 70032 750 70033 550 70034 700 70035 500 70036 650 70037 750 70038 4000 70039 2400 70040 1000 70041 750 70042 575 70043 3800 70044

600 900 1700 1700 1000 220 700 750 850 320 700 700 240 550 2400 150 190 480 60 260 700 600

Lot

Result

70045 70046 70047 70048 70049 70050 70051 70052 70053 70054 70055 70056 70057 70058 70059 70060 70061 70062 70063 70064 70065 70066 70067 70068

360 420 360 800 220 160 240 110 240 360 460 280 300 160 90 120 420 320 1800 1100 700 2400 150 220

Lot 70069 70070 70072 70074 70075 70076* 70077 70078 70079 70080 70081 70082 70083 70084 70085 70086 70088 70089 70090 70091 70092 70093 70095 70096

April 15-21, 2007

Result Lot 260 100 160 600 130 420 400 300 1200 1700 190 200 220 440 700 145 2000 170 320 420 190 300 1000 300

70097 70098 70099 70100 70101 70102 70103 70104 70105 70106 70107 70108 70109 70110 70111 70112 70113 70114 70115 70116 70117 70118 70119 70120

Result Lot 320 440 400 950 40000 38000 7500 40000 10000 5500 340 2600 1200 2000 1600 3600 2000 4800 1900 3600 320 3400 1600 100

70121 70122 70123 70124 70125 70126 70127 70128 70129 70130 70131 70132 70133 70134 70135 70136 70137 70138 70139 70140 70141 70142 70143 70144

Result 1900 2600 3600 3600 320 1000 3200 3000 120 460 2400 220 120 100 20000 440 160 600 3200 1600 4000 5500 100 2600

A selection of items from Lot 70102, Estimated CHF 30’000/40’000 - Realised CHF 45’410

A selection of items from Lot 70101, Estimated CHF 30’000/50’000 - Realised CHF 47’800

Did you know that in our auctions, intact collections draw intense interest and bids, often selling for much more than if they had been offered as several individual lots?

* indicates lot was offered differently than as described in catalogue

Prices do not include buyer’s 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

Special offer 0% commission*

Distinguished items are eagerly sought for our October 2007 offer of

Rarities of the World * As a special offer uniquely our October 2007 auction and especially to welcome new consignors, we accept a 0% vendor commission on suitable lots for this auction if received by June 30, 2007

At David Feldman, RESULTS MATTER Each catalogue is typical of the presentation, preparation and philatelic knowledge we bring to EVERY property consigned to us for sale through our semi-annual auctions. Our knowledgeble staff of philatelists and other specialists work to create a true “labour of love” which showcases in an appropriate manner EVERY rarity, specialised collection and large lot, based on over 40 years’ experience in the philatelic marketplace.

The “Crown Jewel” of Philately, the famous “Bordeaux Cover,” franked by the complete 1847 “Post Office” issue of Mauritius, sold through our auctions in 1993 for US $5 million — the all-time world’s record for ANY philatelic item!

If YOU have a property which may be for sale in the future, please contact us. Every auction company trumpets “high prices,” but we have set - and hold - world record prices in every area of philately, from individual rarities to large lots but also small lots. If you want to be sure of obtaining a great result for your great philatelic property, do not hesitate to let us get to work for you. Our auction series each Spring and Autumn feature a separate catalogue of Rarities (often including highly specialised collections offered intact), large lots and estates, plus stamps and postal history from the world over, with separate specialised auction catalogues as warranted. Items for inclusion in our Autumn auctions must reach us by late June, and for our Spring auctions by mid-January. We can arrange to meet your at your home or office, as our staff travels extensively. Besides, we have representatives in 25 countries, on every continent, world-wide. If results matter to you (and we are sure that they do), call or write to us so that we can begin to work together, as your “reliable partner,” towards the intelligent presentation and promotion of your collection, exhibit or other philatelic treasures.