Stamp auctioneer Phila China, which started life in a wine bar at the top of the Island Shangri-La hotel, fetched two world record prices at its 10th auction last month.
One was an 1865 Hong Kong 96cents olive-bistre - of which only 40 mint copies are known - that sold for HK$920,000 (including 15 per cent buyer's premium). The other was an 1865 Shanghai Large Dragon stamp, issued three years after Hong Kong's first stamps and 25 years after the world's first stamp, Britain's penny black of 1840. It was expected to fetch $100,000 to $150,000, but went for $805,000, a world record for its type.
Phila China's four auctions in the past year have grossed a total of more than $40 million.
Founding director Anna Lee said her idea for conducting auctions came in 1999 when Sotheby's closed its world-wide philatelic auction arm.
Phila China, which now has permanent premises of 3,000 square feet in Central, is committed to holding four international auctions a year.
Ms Lee's inspiration for stamp auctions came from the awareness of a niche for serious collectors of stamps and covers of China in all periods - including Hong Kong, Macau and Taiwan - in which her company specialises.
'For stamp collectors, still the emphasis lies on classic and middle-period material. All new and modern issues bear no specific significance to the auction business,' stresses Ms Lee, while reflecting on the high bidding prices. 'Of course this might change as time goes by, but with all aspects of collecting, the degree of rareness often remains the key factor in determining value.'
