Hong Kong: `Red Monkey` stamps fetch record price

Last Updated: Sunday, August 14, 2011 - 18:23

Hong Kong: A highly sought-after rare set of
"Red Monkey" stamps to celebrate the 1980 Year of the Monkey
was sold for a record $184,000 at a Hong Kong auction Sunday,
the organiser said.

The stamps were originally expected to fetch HK$1.1
million-1.2 million (USD141, 000-154,000) but they were bought
by an Asian collector for HK$1.44 million when the hammer
fell, auction house Zurich Asia said.

The auctioneer said the sale broke a previous world record
when a similar set of the stamps was sold for HK$1.2 million
in the southern Chinese city, a major auction hub thanks to
cash-rich mainland Chinese buyers.

Mainland Chinese are regular buyers of the top lots at
sales of art, jewellery and wine as Hong Kong positions itself
as an auction hub for Asia as well as the gateway to China`s
vast market.

Bureau Report



First Published: Sunday, August 14, 2011 - 18:23

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