| Lot | Sym. | Lot Description | Est/Cat | Realized |
| 216 | 3c 1851 Progressive Shade Study (11). 201 used stamps hinged on album pages, the pages arranged by month of use as ascertained from the postmarks (all started out on cover before being included in this guide), many are four-margined copies, only a very few identified by color but the arrangement tells a clear story of progression, 150 stamps are plated, few faults to be expected, overall Fine-Very Fine and rare study which would be difficult to duplicate | E. 750-1,000 | 800.00 |