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What Have You Done for Me Philately? Pricy Stamps in China

China’s growing middle class is already being blamed for driving up wine prices. Now there may a bubble brewing in another Chinese market: stamps. “At an auction in Hong Kong this week, a rare block of four stamps from the Cultural Revolution sold for HK$8,970,000 (US$1.1m) – an all-time record for a Chinese stamp or multiple. Including a 15 percent buyer’s fee, the anonymous buyer paid over US$1.3m for the stamps,” reports the Financial Times. “The key is [the growth of] the Chinese economy,” says Jeffrey Schneider of Interasia Auctions, who handled the sale. “People are looking towards collectibles. With the wealth that’s been established, there’s a lot of disposable income.” (HT: Free Exchange)