Hong Kong will hold its largest stamp auction at the Park Lane Hotel from Saturday to Monday, with 3,000 lots and a presale estimate of over $6.45 million, according to the organizer.
The auction will include both rare Classic China stamps from the Qing Dynasty (1644-1911) and 600 lots issued at the beginning of the People's Republic of China.
A three-strip of the $5 inverted surcharge from the 1897 Red Revenue series, which is valued at $619,000-710,000, is expected to set a world record to become the most expensive Classic Chinese stamp multiple ever sold at auction.
Another highlight is the unique four-block 1968 "Chairman Mao's Inscription to Japanese Worker Friends," with presale figures estimating it at up to $1,032,000. The issuance of the stamp was cancelled later but a few had been released from a post office in Hebei, according to the organizer. The owner of this stamp, Ng Siong Tee of Singapore once won a Gold Medal at the International Stamp Exhibition in Beijing in 1999, with his own collection of Cultural Revolution (1966-76) issues.
"As a philatelist, we are seeing in the People's Republic stamps a level of interest and excitement that is absolutely breathtaking, with many increasing 200 percent or more in value in the past two or three years in this white-hot market," said Jeffrey Schneider, the founder of Interasia in Hong Kong, the organizer of this auction.
Last year, the two-day auction realized $7.35 million with 1,940 lots for auction.