Despite the sluggish domestic investment climate before the Spring Festival, a series of major auctions in Hong Kong at the end of January turned out to be surprisingly strong. These events were like "rare rabbits" that caught everyone's attention—unexpected and full of energy. Alongside Sotheby’s notable cellar wine sales, SPINK’s rare stamp and currency auctions also attracted significant interest from collectors. On January 23, a Hong Kong Queen Victoria stamp, known as the "96 Olive-Brown" issue, was 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, several industry collectors had already shown interest before the auction, and many prominent Asian stamp enthusiasts attended in person. The winning bid came via phone, but 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 final result, calling it a "desolate" yet successful sale. From February 26 to 28, another major stamp auction will take place in Hong Kong, hosted by Interasia Auctions. This time, they’ll feature multiple early stamps, souvenir sheets, and error tickets. According to Stocker, these items often carry valuations in the millions. Over the past decade, Chinese fine stamps have seen a dramatic rise in value, with some that once sold for hundreds of thousands in the 1990s now fetching millions. “We’re living in the era of ‘stamp millionaires,’” he said. Taiwanese collector Chen Yu, who has been involved in stamp collecting since 1988, started his collection around 2000 and insists on focusing only on niche areas. 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 categories and avoid repeating the situation of 1991, when the market suddenly cooled down.” Mistakes are highly sought after in the stamp world. The unique feature of the Hong Kong Queen Victoria 96 Olive-Brown stamp lies in its incorrect olive-brown color and flawed watermark. In 1864, De La Rue printed an additional batch of stamps, which ended up with the wrong color and watermark due to a mistake. These misprints were not corrected in time and were eventually released in 1865, but only briefly. Only about 40 of these stamps are believed to exist globally, making them extremely rare. This particular four-stamp sheet was collected by renowned international collectors such as George Burghard from New York, Ryohei Ishikawa from Japan, and Chen Zhuojian from Hong Kong. Due to their scarcity, these early olive-brown stamps are considered comparable in value to China’s “small-value” stamps. Misprinted or error stamps are highly valued because of their rarity. “The key is whether the mistake is significant enough to become a topic of interest and whether the number of such errors is limited,” said Chen Yu. “Only those that were officially recalled or had very few copies in circulation hold real value.” At the upcoming Interasia Auction in late February, a red New China period stamp featuring workers, peasants, and soldiers singing “Mao Quotations” will draw attention. Known as part of the “Red” series, this stamp is currently one of the hottest in the market. “There have been many error stamps in the history of New China stamps. One famous example was a red stamp that was quickly recalled upon release. In 2009, a similar red stamp with a face value of just 8 cents sold for HK$3.68 million,” said Jeffrey Schneider, a stamp expert. Not all error stamps hold great value, however. “It depends on how significant the error is and whether it can generate interest,” Chen Yu explained. “If the error is minor or there are too many copies, it may not appreciate much.” Early and late issues have always been popular among collectors. The “Red Print Stamped Short Print” (commonly known as “Xiaofen”) from the late 19th century will be a highlight at the upcoming Hong Kong auction. These early stamps, issued during the Qing Dynasty and the Republican era, are among the most sought-after in the market. “Early stamps have long been a favorite among both Western and Chinese collectors,” said Olivier. “With the growing enthusiasm of mainland collectors, prices have steadily increased. Many top international collectors today are from China.” He noted that a red ink stamp from 1907 recently sold for over HK$5 million in Hong Kong. Chen Yu believes that early stamps have a stronger long-term outlook than the current hot New China Top Ten series, such as the Wen Wuzhen stamps. “Many early stamps have sold for over a million yuan, and their historical value is increasingly recognized. Early Qing and early People’s Republic stamps have broader international appeal. Collectors like the Yaxing collection, which dates back to 1878, have helped establish the value of these pieces. With a long history of circulation and a large base of collectors, early stamps are less likely to face market bubbles or crashes.”

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