The search for new investment outlets in greater China goes on and, after the explosion of investment in the wine market, we now have keen interest in the philately market as stamp collecting develops a reputation as a desirable pastime among the new rich.

Last week China's rarest regularly-issued stamp – the 1897 Red Revenue Small One Dollar – went for HK$6.9 million (€690,000) at auction in Hong Kong. This compares to a presale estimate of HK$6.5 million (€650,000).

Record-breaking auction
The 2,800 lot sale at Interasia Auctions from the China, Hong Kong and Asian stamp auctioneers brought HK$71,851,540 (€7,135,116), smashed its pre-sale estimate of HK$50 million (€5 million), making it the year's largest stamp auction by dollar-volume in Hong Kong, as well as the largest auction of Chinese stamps anywhere in the world in 2013.

Of particular interest was a group of five 1884-1885 Taiwan envelopes from a family correspondence to Germany that brought a record total of HK$11,615,000 (€1,153,411).

"The popularity and eight-figure result for the Taiwan envelopes, with bidders from three continents vying for them, were truly staggering," said Dr Jeffrey Schneider, director of Interasia Auctions and an international expert in Chinese and Asian philately.

“We were so excited by these that we gave them special presentation, with detailed explanations of their historical and philatelic contexts as well as researching the sender’s career,” he said.

“Fierce competition for rarities and record-breaking sales reflect the economic growth of mainland China and its emergence as an economic superpower, with stamp collecting holding a place both as a sophisticated and fashionable hobby, as well as a store of value and alternative investment.”