Classic Latin America

News, commentary and opinion on Central and South American philately

Colombian air post rarities under the hammer

Colombia SCADTA stamp
Colombia 1920, 10c SCADTA” – Fuselage and Tail of Biplane

One of the most iconic and distinctive series of stamps in Latin American philately are the nine colourful labels used by CCNA (Compania Colombiana de Navegacion Aerea) in 1920.

These beautiful designs have an almost cartoon like appearance and were originally designed as promotional labels for the Curtiss Aeroplane Company. Used to supplement the regular domestic postage for the Cartagena to Barranquilla flight, the labels were used in very limited numbers and have always been actively sought by collectors.

Together with a comprehensive collection of early Colombian air post issues, Siegel auctioned the Barry P. Fletcher collection in a dedicated sale last week. A mere 136 lots garnered a sales value of $280,000 plus premium.

The star lot was the unique unsurcharged SCADTA ‘Condor on Cliff’ on cover which was hammered down for $55,000.

Readers wishing to take a deeper dive into these fascinating issues should take a look at Barry Fletcher’s dedicated website www.barry-fletcher.com which provides a comprehensive background.

El Salvador finally makes it to London

El Salvador proof
The presentation was primarily on the pre-stamp period but also included some very nice early proofs

After a mere 148 years, the RPSL finally got to put on a display of El Salvador on 9th November.

Guillermo Gallegos had come from over from Mexico to present “The Prestamp Period of El Salvador” with a twelve-frame display covering the colonial period through until the end of the pre-stamp Republican period.

Much of the collection is referenced in Guillermo’s eponymous book that was published by the Collector’s Club of Chicago in 2015.

The display was rounded off by the inclusion of a selection of 19th century American Bank Note and Hamilton Bank Note die proofs and colour trials. Perhaps outside the title of the exhibit but a rarely seen selection of early Salvadorian material (and a personal favourite).

Guillermo is also actively involved with AFISAL (Asociación Filatélica Salvadoreña www.elsalvadorphilately.org ) and is working on a second title to cover the early issues of Salvadorian philately. For those wishing to explore further, the society maintains a digital library of its in house journal El Faro and its successor The El Salvador Philatelist, all published in English.

Brasilia 2017 – is this the future for major stamp exhibitions?

Brasilia 2017 Stamp Exhibition logo

If I’ve read one article on “how do we attract more collectors to the hobby?”, I must have read it a hundred times. And no stamp exhibition escapes the post-event commentary on “how many visitors really attended?”, “how did it compare to last time?” and “what do we need to do better to encourage greater participation?”.

I think Brazil may have the answer.

Coleccionar 2017 (Collecting 2017) was a six day event that was designed to attract a wide spectrum of visitors in a single space, including:

  • An exhibition of museum quality classic cars
  • An exhibition of banknotes and coins
  • A rare orchid show
  • Artisan handicraft collections with porcelain, fabric, ceramic and wood
  • Concerts, performances and cultural activities

Oh, and it also included Brasilia 2017, a major international stamp show under the patronage of the FIP (Fédération Internationale de Philatélie). With 2800 exhibit frames, a further 400 organised by the Brazilian Federation of Philately and the usual blend of international and national auction houses and dealers, this was quite an event.

Latin American awards sweep the board

Naturally the show attracted a significant number of Latin American competitors with a good spread of fine material displayed from across the continent. The regional bias was reflected in the results www.f-i-p.ch/wp-content/uploads/BRASILIA-2017-Results-by-Medal.pdf with six of the nine FIP Championship Class medals going to South and Central American entries and in the Large Golds, half of the eighteen awards went to Latin American exhibits.

What this innovative show has done so well is to gather a diverse selection of interests under one roof, exposing visitors to events that they may not have made the effort to visit in isolation. By creating a ‘collecting event’ this then opens up the possibilities of cross-promotion and interest to a much wider audience.

Of course this needs far more organization and co-ordination than a single event but the rewards could be substantial, with the potential to vastly increase footfall and reduce costs through shared expenditure.

Let’s see if the idea catches on.

Brian Moorhouse RIP

Brian Moorhouse

Brian Moorhouse, the renowned Latin America expert and dealer, died on 15th July.

I last saw him at his September auction, seemingly as fit as a fiddle and with no indication that this was on the cards. This will come as a sizable shock to the philatelic community, not least to the thousands of collectors he will have interacted with over his 45 year career.

Moorhouse certificates are recognized as the gold standard in Latin American philately and his name accompanies many of the key philatelic items from Central and South America. He leaves a significant legacy but also a large void that will be next to impossible to fill.

His wife, Mimi, has put up a condolences page on www.brianmoorhouse.com. It is already starting to fill up with comments, recollections and condolences from well wishers around the world.

South American stamps continue to appreciate in value

Argentina 20 Peso High Value

“While stamp prices of Europe and North American countries have shown significant weakness over the last five years, South American countries are showing continued appreciation with little or no price erosion during that time”.

So says Richard Lehmann in this month’s ‘American Stamp Dealer and Collector’ magazine.

Lehmann is the founder of StampFinder (www.stampfinder.com) and a columnist for Forbes. His articles tend to explore the more investment-orientated aspects of stamp ownership and take an analytical approach to catalogue pricing data.

For this exercise, Lehmann isolated only those stamps identified in Scott that were issued up to 1950 and had a catalogue value of $25 or more. These are then split out between mint and used before being compared to catalogue prices from five years previously, in this case comparing 2015 against 2010. This then illustrates the appropriate appreciation (or depreciation), like for like comparisons between countries can be undertaken and explanation or speculation is then provided on why specific countries are either up or down.

Whether investing or collecting (not a debate I’m going to get into here) , we should rejoice in that hard cash shelled out on South American stamps has more than held its own over the past five years. As to why is another matter.

Argentina, Uruguay and Colombia show the highest appreciation

Looking at mint examples, Argentina shows the highest appreciation at 57%, followed by Uruguay at 30% and Colombia at 27%. The only two countries to show depreciation are Ecuador (-0.6%) and Peru (-1.5%), whereas the overall increase for the region was 22% based on an analysis universe of 2109 stamps.

Used stamps fared even better with a five-year appreciation of nearly 30%.

Lehmann provides his view on why certain countries may or may not be doing so well, concluding with his view that Venezuela, Argentina, Brazil and Columbia offer the best opportunities for above average growth.

These sorts of analyses are only ever as good as the underlying data and can be picked apart by the cynical. For example, Scott may undertake a thorough price review of some countries over the period but may only skim over others. That said, it is a useful insight into how prices change over time.

And nice to know that the South American market is leading the way…

Footnote: the article was republished by Forbes in December 2017 and can be read in full here www.forbes.com/sites/richardlehmann/2017/12/08/south-american-stamp-show-strength

And the second most expensive Latin American country to collect is…Honduras. And the least expensive? Guatemala. Debate!

Black Honduras

Back in 2000, a Canadian Gentleman by the name of Michel Bégin compiled a database entitled “The Most Affordable Classic Stamps to Collect” and published his findings on the web.

Clearly a man with time on his hands, he manually ploughed through the entire Scott 1840 – 1940 Specialized Catalogue and sorted each country’s listings into price bands to determine the overall cost of collecting a specific country.

Fast forward to 2017 and the website www.germanstamps.net has attempted a similar exercise. This time, Michel 2015/16 has been used as the default catalogue. Data has been accessed electronically rather than manually and the listings now encompass the full 1840-2015 period.

There are two variants of the tables, one for summary country listings and another for detailed (e.g. including states, locals, officials, postage dues, revenues etc). These two tables can then be viewed as either mint or used and as actuals or percentages.

An exercise of this nature is only ever as good as the data upon which it is based and inevitably there will be anomalies that skew or affect the final result. Nevertheless, it is an excellent tool for getting a broad idea of the overall catalogue ‘value’ of a country, understanding the relationship between the number of expensive to low value stamps and how the cost of completing one country relates to another.

How affordable are stamps from Central and South America?

I thought it would be an interesting exercise to just pull out the Latin American constituents to see how they compared against one another.

For example, at the summary level for mint stamps, these are the results.

Latin American stamp values ranked

This exercise throws up some interesting results. For example, the three most expensive countries to collect are:

  1. Mexico (by a significant margin)
  2. Honduras
  3. Colombia

However, Honduras has to be treated as an anomaly due to the hugely disproportionate €150,000 valuation Michel puts on the renowned 1925 ‘Black Honduras’ airmail, of which only one exists. If we eliminate this one stamp then Honduras drops down to 13th place.

As for the three least expensive, the figures give us:

  1. Guatemala (the most inexpensive)
  2. El Salvador
  3. Haiti

El Salvador and Haiti only have two stamps each that catalogue more than €100 with Guatemala having only seven. In comparison, Mexico has 289, Brazil 117 and Colombia 98.

The data can be cut any which way you want and you can have a lot of fun with the tool, dependent on your collecting interests.

How accurate a reflection of Latin American philately the stats provide is up for debate though. Ultimately, it is only as good as the source data, some of which you may decide to question. In many respects it can only be used as a guide for relative rather than actual value.

Certainly, it would be fascinating to see a similar version using Scott (or the rapidly ageing SG) data to see how they compare.