Despite the bleak domestic investment climate before the Spring Festival, a series of major auctions in Hong Kong at the end of January brought unexpected excitement, much like a “lucky rabbit†that ran with great momentum. In addition to Sotheby’s notable cellar wine sales, SPINK’s rare stamp and banknote auctions also captured the attention of collectors worldwide.
On January 23, a Hong Kong Queen Victoria stamp—specifically the 96 olive-brown issue—sold for HK$6.4 million, marking it as the most expensive Hong Kong stamp ever auctioned in Hong Kong. According to Olivier Stocker, CEO of Spokker Group, the stamp had already drawn interest from several prominent collectors even before the auction. On auction day, many key Asian collectors were present. The winning bid was placed via phone, and the buyer's identity remains undisclosed. Although the stamp was estimated between HK$8 million and HK$12 million during the preview, Stocker expressed satisfaction with the result, calling it a “desolate†but successful sale.
From February 26 to 28, another major stamp auction will take place in Hong Kong by Interasia Auctions. Known for hosting multiple stamp sales in the region, this event will feature early stamps, souvenir sheets, and error tickets. “The value of these philatelic items often runs into millions,†said Stocker. Over the past decade, Chinese fine stamps have seen a dramatic rise in value, with some that sold for hundreds of thousands in the 1990s now reaching millions. “We’re living in the era of ‘stamp millionaires,’†he added.
Taiwanese collector Chen Yu, who has been involved in stamp collecting since 1988, began his collection around 2000 and has always focused on niche categories. However, he warns that as mainland collectors become more active in the art market, the stamp market must remain cautious. “We need to carefully select our areas of interest to avoid a repeat of the 1991 situation, when the market suddenly cooled down.â€
Misprints are highly sought after. “The unique appeal of the Hong Kong Queen Victoria 96 olive-brown set lies in its misprinted color and incorrect watermark,†explained Stocker. Issued in 1862, the first batch of Hong Kong stamps included 96 different denominations, all in brown-gray. In May 1864, De La Rue printed an additional 96 pre-printed stamps, but due to a mistake, they ended up in olive-brown and had the wrong watermark. These were quickly introduced in early 1865 but were soon replaced by the correct version. Only about 40 of these stamps are known to exist today, and this particular lot has been collected by top international names, including George Burghard from New York, Ryohei Ishikawa from Japan, and Chen Zhuojian from Hong Kong.
Due to their rarity, these early olive-brown stamps can be compared in value to the "small-valued" stamps from the Chinese mainland. Both are rare and highly prized. “Error tickets are always in high demand because of their scarcity,†said Chen Yu. “But not all errors are valuable. It depends on the nature of the mistake and whether it creates a collectible topic.â€
At Interasia’s upcoming auction in late February, a red New China period stamp featuring workers, peasants, and soldiers smiling while holding “Mao Quotations†in their hands is expected to draw significant attention. This stamp, part of the “Red†series, is currently one of the hottest items in the New China Top Ten Mail series. “There have been many examples of errors in New China stamps, such as the red ‘National River’ stamp, which sold for HK$3.68 million in 2009,†noted Jeffrey Schneider, a stamp expert.
Chen Yu added that not all error tickets offer substantial returns. “It depends on how significant the error is and whether it’s rare or widely available.†He emphasized that only those that were officially recalled or had very limited distribution tend to hold long-term value.
Early and late-issue stamps are also a highlight of the upcoming Hong Kong auctions. The “Red Print Stamped Short Print†(commonly known as “Xiaofenâ€) from the late 19th century is expected to attract serious collectors. These early stamps, especially the “red ink temporary stamps,†were used before the official postal system was established. Their value has skyrocketed over the years, with some selling for over HK$5 million in recent years.
Olivier Stocker believes that both Western and Chinese collectors have long shown strong interest in early stamps, making them a stable category. “With increased enthusiasm from mainland collectors, prices have steadily risen. Many top international collectors today are from China,†he said.
Chen Yu is more optimistic about the long-term potential of early stamps compared to the current hot New China Top Ten series. “Early stamps have already sold for over a million yuan, and their historical significance is increasingly recognized. Early Qing and early People’s Republic stamps have strong international appeal. Collectors like the Yaxing collection, which dates back to 1878, show that early stamps have a broad and diverse collector base, reducing the risk of market bubbles.â€
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