First session - Wednesday, December 17th 2025 - 3 pm
Antichi Stati - Lombardo Veneto | lots 1-65
Antichi Stati - Modena | lots 66-111
Antichi Stati - Napoli e Province Napoletane | lots 112-261
Antichi Stati - Parma | lots 262-318
Antichi Stati - Stato Pontificio | lots 319-525
Antichi Stati - Romagne | lots 526-539
Antichi Stati - Sardegna | lots 540-697
Antichi Stati - Sicilia | lots 698-756
Antichi Stati - Toscana | lots 757-885
Vie di mare | lots 886-888

Second session - Thurday, December 18th 2025 - 10 am
Regno d'Italia | lots 889-1521
Repubblica Sociale Italiana - Luogotenenza | lots 1522-1646
Repubblica Italiana | lots 1647-1789
Trieste A e B, Emissioni Locali e Autonome, C.L.N., Corpo Polacco | lots 1790-1913

Third session - Thurday, December 18th 2025 - 2.30 pm
Occupazioni I Guerra Mondiale - Terre Redente | lots 1914-2040
Occupazioni II Guerra Mondiale | lots 2041-2127
Uffici Postali all'Estero | lots 2128-2188
Colonie e Possedimenti | lots 2189-2544
San Marino e Vaticano | lots 2545-2774
Europa | lots 2775-2858
China | lots 2859-2881
Oltremare | lots 2882-2899
Lotti e collezioni | lots 2900-3134

Offers:
You can send your offers, which must be sent to us strictly by 12:00 am on Tuesday, December 16th 2025, using the attached form or downloadable from our website:
- by e-mail to orders@ferrarioaste.com
- by fax to +39 02 49.53.57.22

It is possible to participate in the Live Auction, via direct Internet, as a spectator or as a bidder, on the following pages you will find the instructions for registration. It is also possible to participate by telephone in our auction session. Interested customers are invited to contact our offices by mail or fax by Tuesday, December 16th, indicating the lots of interest and their telephone number (with this request, the lot is obviously booked at the basic price).

Vision of the Lots
Exclusively by appointment only, at our headquarters in Milan, in Via Vallazze 78.
Before the auction: from 9th to 16th December 2025 from 10.00 am to 6.00 pm, saturday and sunday excluded.
During the auction: December 17th and 18th, from 9.30 am until the conclusion of the Auction.

The images of all single lots are visible on our website www.ferrarioaste.com

Unsold Lots:
Unsold lots will be available until Friday, 9th January 2025, at the base price plus our commission of 23%.

Auction Place:
Given the stringent regulations relating to gatherings, the use of a protective mask will be mandatory. Presence in the room during the auction will be limited and a seat reservation will be required in the previous days.You can also participate from home via the Live Internet Auction, on the next page you will find all the instructions for registration.

Venue:
Our HQ

Ferrario Aste S.r.l.

Via Vallazze, 78 - 20131 Milan (IT)
tel. +39 02 49.53.57.20 - Fax +39 02 49.53.57.22 P. IVA 08778990963 info@ferrarioaste.com - www.ferrarioaste.com

Contacts:
You can write to us at the following e-mail addresses:
- info@ferrarioaste.com for any request for information relating to the material
- ordini@ferrarioaste.com for yours bids
- amministrazione@ferrarioaste.com for any aspect relating to payment and / or billing

During the viewing of lots and the auction sessions we will always be reachable also at the number 331.20.75.742.

Payments:
Payment extensions are granted to be agreed before the auction. We accept the following payment methods:

- Bank transfer, at the following coordinates:
Ferrario Aste S.r.l.
BANCA INTESA SANPAOLO Filiale 01876
IBAN: IT50 B030 6909 4001 0000 0071 505
BIC/SWIFT: BCITITMM

- ATM, at the auction venue or our offices

- Credit Card (Visa and Mastercard)

- Cash, within the limits of the law

- Bank check and / or cashier's check

- Pay Pal (with a 3,5% surcharge on the total invoice for management fees)