Cambi Casa d’Aste, in collaboration with Ferrario Aste, announces the Live Philately Auction, taking place in a single session on Wednesday, July 23, 2025, at 2:30 PM, at the Cambi headquarters in Via San Marco 22, Milan. The sale features an exceptional selection of stamps and historical letters that reflect the excellence of both Italian and international philatelic collections.

During the preview exhibitions — from Monday, July 14 to Friday, July 18 at Via Vallazze 78 (9:30 AM–1:00 PM and 2:00 PM–6:00 PM) and from Monday, July 21 to Wednesday, July 23 at Via San Marco 22 (10:00 AM–7:00 PM) — the entire catalogue will be available for viewing to admire the rare items in person.

Among the most notable lots is Lot 92, a horizontal strip of four 3 cent. “Pontifical 1869” stamps and a pair of 2 cent. stamps, affixed on a cover from Bracciano dated December 13, 1869. Despite some defects, this is the largest known multiple franking of this stamp — previously unrecorded and from the important Emilio Diena Collection. Authenticity is certified by Ferrario and Diena. Estimate: €14,000–18,000.

Lot 105 features a “Pontifical forged for postal use” 5 baj pink from Bologna, second type (F3), in mint condition with original gum. Of the three known examples, this is the only one that retains its original gum, making it an absolute rarity. Certified by Sorani. Estimate: €20,000–30,000.

Another gem is Lot 180, a ½ grano dark orange (Plate I, Naples paper) on the full copy of the newspaper “L’interprete”, sent from Messina on November 12, 1859. Beautifully preserved, signed by Emilio Diena and certified by Enzo Diena and Ferrario. Estimate: €7,500–10,000.

Lot 200 offers a fascinating monovalue multiple franking from the Sicily issues during the 1860 siege of Messina: a block composed of one slate-grey and five violet examples, affixed on a letter sent from Messina to Genoa on July 2. The item, signed by G. Oliva and A. Diena, and certified by E. Diena, Colla, and Sorani, is a unique exhibition piece. Estimate: €10,000–20,000.

Lot 274 relates to the Provisional Government of Tuscany, 1860: a spectacular monovalue multiple franking with five 40 cent. carmine stamps, two of which show marginal defects, on a letter from Livorno dated December 23. Signed by Grioni, Chiavarello, and A. Diena, and certified by Ferrario. Estimate: €8,000–12,000.

Among the post-Unification issues, Lot 301 includes a rare block of four 40 cent. “De La Rue” stamps (L20), printed in London in 1863. Upper right sheet corner, full original gum: a “perfect” piece, reviewed by Vaccari, Bolaffi, Diena, and Ferrario. Estimate: €15,000–25,000.

Of particular interest to specialists is Lot 309: an exceptional collection of documents from the Turin Banknote Printing Works sent to De La Rue in London between March and April 1868, including a price list, color trials, and correspondence. A unique, exhibition-worthy set. Estimate: €7,500–10,000.

Among the finest 20th-century issues is Lot 341, a 1.75 lire brown King Victor Emmanuel III stamp from 1929, perforated 13¾, mint with original gum, excellent centering, and above-average freshness. Certified by A. Diena and Ferrario. Estimate: €8,500–12,500.

Lot 366 presents a complete set of postage due stamps of the Kingdom of Italy (1, 2, and 10 lire, “brown numerals”), issued between 1870 and 1874, with intact gum and in flawless condition, certified by Alberto and Raffaele Diena and Ferrario. Estimate: €7,500–10,500.

For collectors of semi-official issues, Lot 388 offers the complete set (50/57) of the National Agencies for War Invalids Assistance stamps, issued in 1924, in excellent condition, certified by Ferrario and Bolaffi. Estimate: €8,000–12,000.

Another rarity is found in Lot 468, a complete set of the 1941 Ljubljana Airmail issue, overprinted “R. Commissariato” in various fonts: only 42 complete sets are known, many of them without gum or defective. Certified by A. Diena, Ferrario, and Diena. Estimate: €10,000–15,000.

Lot 524 is truly unique: a vertical strip of five 25 cent. red-brown “Colonial Turns” stamps from 1922, each with a different overprint (Tripolitania, Cyrenaica, Jubaland, Eritrea, Somalia). An incredible one-of-a-kind item (10 printings per colony). Certified by E. Diena and Ferrario. Estimate: €12,000–15,000.

Finally, Lot 608 offers over eighty postal documents (letters, forms, telegrams) from the Italian colonies under British occupation between 1945 and 1952, including EAF, BMA, and BA values, collected in an elegant album. A rare ensemble, ideal for meaningful philatelic development. Estimate: €10,000–15,000.

San Marino - Segnatasse 1931 - Mascherine, Serie Completa (32/46)

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