Dear Fellow Collectors,

Re: 1 November 2007 Auction in Hong Kong

The total realisation of HK$35,319,088 far surpassed that of any previous auction we have held, bringing the auction total for the year to HK$57,496,588.

The undoubted highlight of the auction was the Anna-Lisa and Sven-Eric Beckeman collection of the 1897-1941 Imperial and Republic of China issues, of which most of the rare and unusual material had not been on the market for the last 20-40 years. A packed room with collectors, agents and a bank of telephone bidders contributed to prices well beyond the realm of expectations.

There has never been a more comprehensive assembly of the essays and proofs of the 1897 lithographed issue than that in the Beckeman collection. Divided into 25 lots, this exquisite artwork brought HK$1,476,600 against a pre-sale estimate of HK$499,500. The pristine mint interpanneau block of twelve of the lithographed $2 more than quadrupled the pre-sale estimate, soaring to HK$920,000, while the unique horizontal pair of the same value imperforate vertically brought HK$517,500. This pattern continued with the Chinese Imperial Post Coiling Dragon issue. The unique set of working die proofs from the Day Books of Waterlow & Sons estimated at $200,000 was eventually knocked down at HK$1,100,000 (HK$1,265,000 including the buyer's premium). The inverts, too, reached new price levels. The magnificent corner example of the Hall of Classics $2 was HK$977,500, the 1923 2c. on 3c. finished at HK$862,500, and the very rare 3c. on 4c. saw vigorous competition at HK$1,495,000. All were records for these stamps. The American Bank Note Co. 1941 Dr. Sun Yat-sen with centre inverted realised HK$920,000.

The afternoon session saw strong prices for the China, as the Large Dragon cancellations were in great demand. Already in the morning, a sheet corner example of the imperforate Elephant essay fetched HK$552,000. Particularly noteworthy among the Red Revenues was an extensive section of reconstructions and large blocks, some with sheet numbers, which proved to be very popular. The only recorded unused example of the 1907 1 cent + 1 cent green reply paid postal stationery double card folded at right became the most expensive issued China stationery card offered at auction when it sold to an agent for HK$575,000. Among the unissued rarities of People's Republic of China, the 1956 Views of Peking 8f. orange with background rays of sunlight unused realised HK$483,000. The incredibly rare 1958 5th International Student's Union Congress 22f. with error of inscription unused sold for HK$552,000. The Hong Kong Queen Victoria perf. 12½ 4c. on cover from Canton to France further demonstrated the importance of quality, when it was knocked down to a discerning collector for HK$200,000 (HK$230,000). Tibet and Mongolia attracted keen interest, as many stayed until the 12:30AM conclusion of the auction to attempt to acquire some of this unusual and seldom seen postal history.

Our next auction is scheduled for July 26, 2008, and we already have a number of exciting properties in house.

Why not take advantage of this exceptional market and our expertise and unique marketing skills by consigning your collection or rarities to what promises to be another noteworthy auction.