NAFA News February 2015

FEBRUARY 2015

NORT H A MERICAN F UR AUC T IONS

65 SKYWAY AVE. TORONTO, ON M9W 6C7 CANADA | TEL: +1.416.675.9320 | FAX: +1.416.675.6865 | WWW.NAFA.CA

NAFA NEWS

OVER 1,000 BUYERS ACTIVELY BID AT NAFA’SJANUARY SALE IN TORONTO & WORLDWIDE

2 President's MessageDear Rancher,

After a disappointing market drop in 2014 and continued challenges and market uncertainty leading into the 2015 auction season, we can say with confidence that we are very pleased with the results of our January sale.

The hard work of the NAFA team in collecting, sorting and promoting our products to the world fur trade has truly paid off, and was a major factor in filling the auction room.

Over 3 million ranched mink were sold 100% at advancing prices for all color phases and types. Black NAFA, Demi-Browns, Pastels, and Mahoganies sold very well under strong competition, and our Unique Mutation collection also sold exceptionally well, with Violets and Lavenders achieving prices not seen since 2013.

These mink were purchased predominantly by China, demonstrating the incredible buying power of the largest fur market in the world. This power was felt both at our Toronto headquarters, and through on-line auction participation via remote bidding rooms across the major fur-buying areas of the region.

NAFA’s world leading on-line auction coverage allowed the number of active buyers through auction brokers to exceed 1,000 at this sale. These efforts have had a major impact on filling the buying void left by the lack of Russian and Greek buying power at this point.

Furthermore, significant buyer solicitation efforts were made in China in the fall of 2014, where 15 NAFA staff, senior executives, and agents participated in over 10 different events throughout China’s major fur markets. During these events, every opportunity was taken to advise buyers and brokers in this market that cutting-edge on-line services would be provided to accommodate this important buying community.

Although the season is still early, we’re off to a very positive start. We’re happy to see that these results from our first auction of the year are bringing confidence back to our trade.

As we move forward, again, with cautious optimism, we are sensitive to the current market conditions and the situation in Russia, as well as to the lingering concern that virtually the entire trade is focusing on one market – China.

In response to this, we are committed to enhancing services to this market, and NAFA’s dedicated international marketing team has a mandate to focus on soliciting new buyers and identifying emerging markets, and will be doing so on an ongoing basis.

We will continue to monitor the marketplace and agent feedback carefully, and keep you updated on key markets around the world via our web and print publications.

We have 345 years of tradition, excellent service, and experience behind us. Despite market fluctuations, we will persevere and are more than able to weather the storm. Although the scenarios and players may be new, the challenges are not.

All in all, NAFA’s January auction was a success for both buyers and sellers, and we would like to thank all who participated. We look forward to seeing you again in March.

Sincerely,

Michael D. Mengar, President & CEO

3 Over 1,000 Buyers Actively Bid at NAFA’s January Sale in Toronto and Worldwide

In a true testament to the global nature of the fur market and NAFA's continued commitment to coordinate with customers from around the world, we’re pleased to announce that over 1,000 buyers actively bid at NAFA's January 2015 sale. In addition to 400+ buyers at the Toronto auction house, a signifi cant number of buyers participated in the auction remotely.

Despite over 7,000 miles and a 13-hour time difference, hundreds of NAFA customers in China participated in the live auction via their brokers.

At least 12 organized bidding rooms were established in locations spread across the concentrated fur-buying areas of China, including Tonger’pu, Yuyao, Haining and more. Although gatherings of this kind have happened in China in the past, remote participation has never reached this scale, or with this level of interest and infl uence.

Remote buyers were able to work from marked catalogues, provided by their Broker, and were able to provide real-time bidding instructions to their brokers in the bustling Toronto auction room via phone and instant message.

In anticipation of the January sale, NAFA took steps to incorporate a system with more than enough power and web capability to provide excellent service and ease of access to our auction online. A backup service was in place in case of Internet Service Provider (ISP) interruptions or network issues, and both our IT team and our China agents worked diligently during the sale as a support network, to address and resolve any connectivity confl icts immediately.

The success and strength of this exciting NAFA initiative is refl ected in the prices achieved during the course of the sale.

NAFA will continue to develop and update software technology, and to design programs to ensure uninterrupted service and ease of access to our customers – no matter where they are. We’re committed to improving the ability for remote buyers to actively bid on NAFA offerings.

NAFA Sells Record Setting Number of Top Lots in January Sale

Kicking off 2015, our January auction produced very strong prices across the board. In addition to this, NAFA sold a record setting 24 Top Lots - the highest number in our history.

These items elicited fierce competition among buyers throughout the week, and highlighted the best of NAFA’s extensive and intercontinental assortment.

The popularity of these items is a testament to NAFA’s exposure worldwide, and to the efforts made in identifying new and emerging markets. We are proud of the prestige and excitement that our Top Lots have come to mean to many of our buyers, and our consignors.

For more details, please see the Auction Report pages.

PURCHASED BY

In order to maximum the auction results without creating speculative buying, NAFA announced the most highly competitive sales terms for the January sale. All buyers could take advantage of an extended payment offer for our January auction that was based on the crucial condition of a 35% deposit paid by Prompt Date. Given market conditions, NAFA felt that this level of deposit would both protect the auction house from any downside pricing risks and yet still encourage buyers to purchase skins. NAFA further complemented the January auction’s competitive selling terms with a 1% rebate on hammer price for goods fully paid for on Prompt Date. This additional proposal has been greatly appreciated by the trade and will likely be used by many buyers on goods purchased at our January auction.

All this was made possible by NAFA’s strong balance sheet that is based on a steadily growing equity balance, including our solid 2014 operating profit. Further, in 2014, NAFA also took steps to vastly improve and expand its bank credit lines, thereby giving the company all the financial resources it needs to compete today, tomorrow and into the future in the international fur trade, thereby also delivering the best possible auction results to our consignors.

4 NAFA’s Competitive Selling Terms for the January 2015 Auction

In the past two seasons NAFA has extended its ranch fox collection considerably, with increased consignments of different varieties of ranch fox from Europe, especial ly from Poland. The overal l col lection has benefitted hugely from the increased numbers, which not only have enlarged strings but also increased diversity throughout the ranch fox collection. The extended and improved collection of ranch foxes makes NAFA an increasingly important player in the global market for fox skins.

A number of international buyers in the global fur trade have included not only wild fur and mink, but also ranch fox on their shopping lists. This is where NAFA fits in perfectly, offering almost any fur variety in the world, which makes NAFA the outlet of choice for fur buyers around the world.

NAFA was conservative in selling the relatively small January collection of Silver Fox, which consisted only of reconsigned goods. NAFA’s outstanding collection of fresh ranch fox will be offered on our March auction. Increased numbers of ranch fox will be offered during the course of the next two months, which will most likely unfold the price structure of this item.

NAFA Gains Market Share of Ranch Fox

A message from Herman Jansen, Managing Director

NAFA’s limited offering January 2015 wild fur sale, which included coyote, raccoon, muskrat, red fox and beaver, received mixed results.

• Muskrats sold 100%, predominantly to China, at price levels easier than our September Sale.

• Beaver sold approximately 65% with a limited quantity of heavier, better quality shearing types selling reasonably well, while commercial quality, long haired types sold at disappointing levels.

• Red fox sold 70% with premiums being paid by the trim trade for better qualities and colors, while commercial qualities and flatter sections were met with resistance.

• Raccoon were mainly withdrawn, primarily due to uncertainty created by the current political and economic conditions in Russia.

Looking ahead to our March Sale, other than articles impacted by the lack of Russian support, we expect most wild fur articles will see satisfactory results. Trimming goods such as coyote and red fox, and high fashion goods like fisher and sable, should be in good demand and sell well. Shorthaired articles should benefit from the increased price of ranched mink and improved demand from China.

Given the current market conditions and the situation in Russia, our wild fur promotional department will concentrate on the articles that previously had sold into this market, and we will develop our selling policy based on conditions at that time.

5 Wild Fur Market Update

A Story of NAFA’s Heritage: The People, The Places, The Culture

In the year 1670, the Hudson’s Bay Company (HBC), our ancestor, was created to offer the finest furs from North America to the worlds fashion community. The HBC operated out of London, UK; Montreal, New York and Toronto from 1670 to 1992, after which time it became North American Fur Auctions, operating out of this building and carrying on a 345 year tradition.

Around the auction house, we showcased a gallery of images and artifacts in and around our entrance and cafeteria, exploring our past and our present.

We’re in the process of reconnecting with our roots, and of building this campaign. As we move forward, we’d like to invite you on this journey with us.

More updates coming soon.

BLUE IRIS FEMALEBLUE IRIS MALEThe top lot of Blue Iris Female Mink was purchased by Taerim Fur of South Korea. Produced by Jefferson-Mueller-Moyle-Smieja-Gamroth.

The top lot of Blue Iris Male Mink was purchased by LANGIOTTI. Produced by Jefferson-Mueller-Moyle-Smieja-Gamroth.

Size GOLD SILVER 5 Star LABELLED VSL4x0 $94.40 $87.18 $92.65 $87.02000 $97.97 $85.53 $74.73 $94.49 $85.3200 $76.40 $75.92 $63.84 $76.29 $71.730 $63.79 $58.01 $49.52 $62.87 $55.911 $53.41 $49.07 $52.47 $43.98

Overall Average $76.88 $74.47 $63.36 $76.36 $70.32

Size GOLD SILVER 5 Star LABELLED VSL00 $67.00 $67.000 $64.65 $57.91 $47.30 $63.28 $54.541 $59.54 $53.61 $46.35 $58.03 $48.942 $49.93 $44.53 $39.67 $48.75 $39.253 $39.67 $35.44 $30.00 $38.83 $33.56

Overall Average $52.01 $47.02 $40.36 $50.89 $42.40

OFFERED % SOLD TOP 51,236 100% $230.00

OFFERED % SOLD TOP 62,958 100% $170.00

January 2015 Auction Report

The top lot of Black NAFA — Male was purchased by Tolis Gogos for Abel Furs Trading LLC., of Dubai, UAE. Produced by Zimbal Mink.

BLACK MALE

NAP - 1/1X BLACK NAFA SILVER LABELLED VSL4X0 $98.50 $96.29 $98.09000 $92.52 $85.40 $91.80 $85.0400 $79.87 $74.65 $79.21 $75.240 $69.41 $67.25 $68.71 $64.221 $62.41 $56.28 $61.24 $54.59

Overall Average $80.21 $72.08 $78.73 $72.05

NAP - 1/1X BLACK NAFA SILVER LABELLED VSL0 $68.18 $63.55 $66.25 $63.611 $63.08 $57.14 $62.06 $58.282 $53.34 $47.26 $52.65 $47.083 $41.48 $39.18 $41.08 $39.38

Overall Average $54.73 $51.23 $54.18 $51.18

NAP - 2/2X BLACK NAFA SILVER LABELLED VSL4X0 $94.17 $94.91 $94.29 $89.54000 $85.80 $80.29 $84.59 $82.5700 $74.80 $67.66 $73.37 $72.780 $62.70 $51.69 $60.02 $61.451 $54.11 $45.00 $51.58 $51.71

Overall Average $77.49 $69.51 $75.77 $75.05

NAP - 2/2X BLACK NAFA SILVER LABELLED VSL0 $67.15 $60.69 $65.81 $61.301 $62.59 $55.47 $61.43 $55.132 $52.21 $46.31 $51.11 $44.493 $39.77 $37.23 $39.17 $36.45

Overall Average $54.01 $47.30 $52.75 $47.82

NAP - 3 5 Star 4 Star LABELLED VSL00 $59.40 $55.00 $58.780 $46.00 $46.00

Overall Average $58.05 $55.00 $57.65

NAP - 3 5 Star 4 Star LABELLED VSL0 $51.00 $51.002 $36.00

Overall Average $51.00 $51.00 $36.00

NAP - 4 5 Star 4 Star LABELLED VSL5X0 $63.00 $63.004X0 $58.00 $58.00000 $55.00 $55.00

Overall Average $57.19 $57.19

The top lot of Black NAFA — Female was purchased by Dino Salagiannis for ego of Kastoria, Greece. Produced by Patrick Collection.

BLACK FEMALE

OFFERED % SOLD TOP 257,489 100% $1,450.00

OFFERED % SOLD TOP 261,130 100% $920.00

The top lot of Mahogany Mink — Male was purchased by HAAH FUR, of China. Produced by Zimbal Mink.

The top lot of Pearl Mink — Male was purchased by Sotiris Vogiatzis for EFD Papadopoulos Furs of Kastoria, Greece. Produced by Unicorn.

The top lot of Mahogany Mink — Female was purchased by LUCHINO of Tong'erpu, China. Produced by Zimbal Mink.

The top lot of Pearl Mink — Female was purchased by HAAH Fur of Tong'erpu, China. Produced by Unicorn.

MAHOGANY MALE

PEARL MALE

MAHOGANY FEMALE

PEARL FEMALE

NAP - 1/1X GOLD SILVER LABELLED VSL5X0 $96.20 $96.20 $88.004X0 $89.14 $86.00 $88.93 $85.53000 $83.56 $79.32 $83.22 $77.9300 $73.02 $67.05 $72.47 $68.380 $64.47 $60.43 $63.98 $58.221 $58.91 $58.91

Overall Average $77.59 $71.09 $77.03 $73.34

NAP - 1/1X GOLD SILVER LABELLED VSL4X0 $109.47 $108.21 $108.86 $110.00000 $99.29 $100.76 $99.93 $101.3300 $87.13 $84.11 $85.57 $84.000 $75.56 $73.46 $74.19 $73.00

Overall Average $95.38 $92.22 $93.83 $96.05

NAP - 1/1X GOLD SILVER LABELLED VSL00 $76.42 $76.42 $68.000 $66.80 $61.00 $66.36 $62.761 $60.05 $56.70 $59.78 $55.622 $49.00 $46.12 $48.79 $45.413 $42.33 $42.33 $37.00

Overall Average $56.53 $53.82 $56.33 $53.11

NAP - 1/1X GOLD SILVER LABELLED VSL0 $78.59 $76.86 $77.53 $75.701 $70.94 $65.70 $68.32 $65.562 $55.24 $52.31 $53.47 $53.91

Overall Average $70.20 $66.43 $68.12 $65.03

NAP - 2/2X GOLD SILVER LABELLED VSL4X0 $80.58 $77.61 $79.74 $76.29000 $73.73 $69.88 $73.09 $69.2800 $64.41 $61.91 $63.88 $59.270 $55.06 $50.42 $53.98 $51.981 $42.69 $42.69

Overall Average $66.20 $63.34 $65.61 $62.79

NAP - 2/2X GOLD SILVER LABELLED VSL4X0 $106.44 $105.60 $106.02 $102.55000 $96.09 $94.25 $95.26 $93.5800 $81.13 $77.92 $79.84 $76.990 $70.98 $62.91 $66.94 $63.381 $63.75 $63.75 $54.65

Overall Average $83.39 $79.41 $81.63 $77.59

NAP - 2/2X GOLD SILVER LABELLED VSL0 $60.28 $55.63 $59.18 $54.501 $54.03 $48.09 $52.74 $48.462 $44.38 $40.23 $43.50 $39.883 $37.31 $37.31 $32.67

Overall Average $49.39 $45.09 $48.49 $44.97

NAP - 2/2X GOLD SILVER LABELLED VSL0 $72.10 $71.41 $71.71 $68.041 $62.50 $59.18 $60.97 $59.922 $51.97 $49.73 $51.07 $49.123 $39.32 $39.32

Overall Average $56.57 $56.78 $56.66 $55.39

NAP - 3 5 Star 4 Star Labelled VSL4X0 $66.98 $64.40 $66.14 $68.33000 $57.51 $53.79 $56.13 $55.6900 $48.71 $44.98 $47.33 $47.720 $40.37 $38.96 $39.88 $40.52

Overall Average $49.99 $46.93 $48.89 $49.07

NAP – 3 5 Star 4 Star LABELLED VSL000 $84.00 $84.00 $82.0000 $70.45 $68.89 $68.24 $67.020 $59.41 $56.61 $56.37 $59.981 $50.00 $50.00

Overall Average $61.61 $64.68 $62.76 $64.86

NAP - 3 5 Star 4 Star LABELLED VSL0 $45.77 $35.35 $41.051 $39.72 $33.28 $36.91 $39.352 $31.82 $28.46 $30.43 $29.24

Overall Average $35.82 $30.93 $33.74 $33.09

NAP – 3 GOLD SILVER LABELLED VSL0 $57.26 $57.261 $55.25 $48.91 $50.87 $52.772 $48.51 $46.07 $46.83 $41.79

Overall Average $50.93 $47.82 $48.75 $44.92

NAP - 4 5 Star 4 Star LABELLED VSL4X0 $57.69 $57.69 $56.00000 $54.00 $52.51 $53.07 $52.0000 $45.00 $41.58 $43.11 $42.890 $34.47 $32.32 $33.40 $31.38

Overall Average $43.03 $42.83 $42.91 $42.06


Overall Average $55.66 $55.66 $48.00

NAP - 4 5 Star 4 Star Labelled VSL0 $32.00 $32.001 $24.00 $26.00 $25.22 $24.002 $19.50 $20.24 $19.93 $19.00

Overall Average $21.11 $23.08 $22.31 $20.83


Overall Average $40.29 $40.29 $37.59

OFFERED % SOLD TOP 149,283 100% $185.00

OFFERED % SOLD TOP 64,625 100% $240.00

OFFERED % SOLD TOP 150,695 100% $195.00

OFFERED % SOLD TOP 74,717 100% $260.00

LAVENDER FEMALE

LAVENDER MALE

The top lot of Lavender Female Mink was purchasedby Maurizio Braschi for Boutique Braschi, Madinat Souk, Dubai. Produced by Pavek-Gamroth.

The top lot of Lavender Male Mink was purchased by Ouyasaidi Fur of China. Produced by Pavek-Gamroth.

Size GOLD LABELLED VSL4x0 $144.00 $144.00 $106.00000 $134.33 $134.33 $109.9600 $117.74 $117.74 $101.350 $99.50 $99.50 $74.571 $78.37 $78.37

Overall Average $116.98 $116.98 $99.24

Size GOLD LABELLED VSL1 $88.44 $88.44 $67.142 $77.27 $77.27 $57.823 $57.51 $57.51 $44.44

Overall Average $77.42 $77.42 $59.00

OFFERED % SOLD TOP 4,451 100% $230.00

OFFERED % SOLD TOP 11,956 100% $170.00

The top lot of Demi Brown Mink — Male was purchased by KN Fur of Kastoria, Greece. Produced by David Dittrich.

The top lot of Demi Brown Female Mink was purchased by HAAH Fur of China. Produced by David Dittrich.

DEMI BROWN MALE

DEMI BROWN FEMALE

NAP - 1/1X GOLD SILVER LABELLED VSL5X0 $98.00 $98.00 $88.004X0 $88.96 $82.11 $85.97 $80.94000 $80.62 $75.85 $78.11 $73.7600 $69.80 $64.87 $67.54 $65.620 $57.19 $57.00 $57.08 $55.081 $50.00 $50.00 $43.01

Overall Average $76.36 $71.12 $73.85 $69.69

NAP - 1/1X GOLD SILVER LABELLED VSL00 $68.00 $68.00 $63.680 $62.83 $57.00 $60.76 $55.981 $53.71 $50.10 $52.19 $50.182 $44.13 $42.94 $43.82 $39.00

Overall Average $54.72 $51.08 $53.39 $50.73

NAP - 2/2X GOLD SILVER LABELLED VSL4X0 $79.73 $77.90 $78.62 $76.67000 $70.32 $70.00 $70.19 $70.6300 $63.78 $59.70 $62.34 $57.430 $52.88 $50.92 $52.43 $50.00

Overall Average $64.86 $65.91 $65.26 $66.29

NAP - 2/2X GOLD SILVER LABELLED VSL0 $56.42 $52.81 $54.14 $50.881 $50.50 $46.88 $49.03 $47.392 $46.53 $41.74 $45.12 $40.11

Overall Average $49.83 $47.59 $48.89 $45.70

NAP – 2/2x 5 Star 4 Star LABELLED VSL4X0 $77.51 $73.67 $73.79 $73.08000 $69.40 $66.03 $66.44 $65.4200 $57.64 $55.25 $55.66 $55.530 $48.00 $46.13 $46.81 $46.271 $38.00 $35.49 $36.71 $34.48

Overall Average $57.80 $59.26 $59.05 $59.14

NAP - 2/2X 5 Star 4 Star LABELLED VSL0 $53.78 $52.17 $51.83 $50.581 $50.34 $44.01 $45.67 $43.262 $42.14 $36.08 $38.32 $36.003 $30.48 $28.31 $28.91 $28.00

Overall Average $48.05 $43.44 $44.68 $42.54

NAP - 3 5 Star 4 Star LABELLED VSL4X0 $65.00 $63.85 $63.50 $63.00000 $57.65 $57.17 $56.82 $57.6000 $47.56 $45.34 $45.77 $45.650 $36.96 $37.36 $37.05 $36.641 $30.16 $29.54 $29.53 $29.34

Overall Average $48.69 $47.92 $48.25 $48.78

NAP - 4 5 Star 4 Star LABELLED VSL4X0 $60.00 $56.99 $56.20 $52.68000 $55.34 $51.27 $51.36 $48.5100 $43.91 $40.96 $41.20 $38.850 $33.65 $31.70 $31.65 $29.521 $26.40 $25.29 $25.23 $24.01

Overall Average $47.04 $43.50 $44.06 $41.55

NAP - 3 5 Star 4 Star LABELLED VSL0 $43.46 $41.56 $41.87 $40.351 $38.07 $36.11 $36.63 $33.902 $30.64 $28.06 $28.99 $27.133 $25.00 $23.60 $24.10 $22.17

Overall Average $35.30 $33.83 $34.29 $31.96

OFFERED % SOLD TOP 540,327 100% $250.00

OFFERED % SOLD TOP 557,661 100% $180.00

NAP - 4 5 Star 4 Star LABELLED VSL0 $37.47 $33.97 $34.31 $33.251 $32.37 $30.76 $30.87 $29.122 $27.62 $25.31 $25.81 $24.753 $20.81 $18.87 $19.20 $18.97

Overall Average $30.11 $28.27 $28.52 $26.71

The top lot of Pastel Mink — Male was purchased by AUSIKAZHIWEN FUR, of Tong'erpu, China. Produced by Springbrook-Labonte.

The top lot of Palomino Mink — Male was purchased by Aristos Trading company AG for Meng Ge Shi, of Haining, China.Produced by Venus.

The top lot of Pastel Mink — Female was purchased by Maurizio Braschi for Gorsky By Braschi, Montreal and New York. Produced by Springbrook-Labonte.

The top lot of Palomino Mink — Female was purchased by SUNGJINFUR, of South Korea. Produced by Venus.

PASTEL MALE

PALOMINO MALE

PASTEL FEMALE

PALOMINO FEMALE

NAP - 1/1X GOLD SILVER LABELLED VSL

5x0 $129.36 $126.94 $128.15 $120.684x0 $123.02 $120.09 $121.90 $116.98000 $109.93 $112.37 $110.56 $107.8600 $101.69 $98.00 $100.99 $96.750 $82.35 $73.90 $78.41

Overall Average $112.17 $112.34 $112.22 $112.40

Size GOLD SILVER LABELLED VSL

4X0 $122.21 $120.27 $121.09 $115.55000 $115.30 $113.71 $114.57 $111.1700 $97.62 $91.96 $95.73 $96.10

Overall Average $111.73 $113.30 $112.48 $108.32


00 $95.30 $86.00 $91.44 $87.030 $92.65 $82.91 $89.64 $84.501 $84.12 $77.89 $82.79 $76.792 $72.88 $71.37 $72.56 $62.26

Overall Average $86.18 $80.46 $84.66 $82.08

Size GOLD SILVER LABELLED VSL

0 $78.71 $81.42 $80.07 $74.721 $76.78 $72.47 $74.86 $67.51

Overall Average $77.58 $77.39 $77.48 $71.02


4X0 $111.78 $109.08 $110.97 $100.83000 $105.23 $103.03 $104.60 $97.4400 $93.42 $85.10 $91.41 $79.180 $82.38 $82.38 $66.42

Overall Average $100.01 $97.82 $99.45 $87.49

Size 5 Star 4 Star LABELLED VSL

3x0 $54.40 $53.66 $46.0000 $45.82 $45.62 $41.470 $43.37 $42.62 $35.151 $33.81 $33.81 $30.48

Overall Average $44.38 $44.13 $37.82


0 $74.78 $71.72 $73.60 $68.761 $72.06 $65.94 $70.15 $60.402 $62.65 $55.68 $61.18 $48.00

Overall Average $69.39 $65.39 $68.20 $58.28

Size 5 Star 4 Star Labelled VSL

1 $43.04 $43.04 $37.042 $35.56 $35.56 $34.313 $30.47 $30.47 $25.37

Overall Average $36.39 $36.39 $33.39

NAP – 3 GOLD SILVER LABELLED VSL

4X0 $96.00 $94.06 $94.90 $84.93000 $87.06 $82.18 $84.87 $79.4300 $73.75 $69.24 $71.99 $57.030 $56.70 $50.77 $53.39 $50.27

Overall Average $76.06 $72.09 $74.31 $66.05

NAP – 3 GOLD SILVER LABELLED VSL

0 $65.50 $61.84 $63.68 $55.451 $58.70 $54.56 $57.19 $52.712 $49.22 $47.21 $48.46 $41.50

Overall Average $55.55 $52.91 $54.52 $47.98

NAP - 4 5 Star 4 Star LABELLED VSL

4X0 $62.27 $62.27000 $62.84 $62.84 $59.3700 $57.00 $57.00 $46.790 $47.40 $47.40 $39.88

Overall Average $55.17 $55.17 $47.72


0 $53.00 $53.00 $43.811 $43.28 $43.282 $37.71 $40.00 $37.89 $34.96

Overall Average $41.15 $40.00 $40.52 $38.67

OFFERED % SOLD TOP 99,201 100% $210.00

OFFERED % SOLD TOP 18,916 100% $240.00

OFFERED % SOLD TOP 87,136 100% $195.00

OFFERED % SOLD TOP 12,535 100% $210.00

The top lot of Sapphire Male Mink was purchased by J&K Furs of China. Produced by Bogus Fur Farm.

The top lot of Sapphire Female Mink was purchased by Aristos Trading Company AG for Guangshou City Runsen Fur Garment Co. Ltd. Produced by Trimberger-Smieja-Stansell.

SAPPHIRE MALE

SAPPHIRE FEMALE


4X0 $119.24 $119.24000 $113.61 $109.56 $112.58 $103.8800 $96.36 $95.89 $96.28 $90.610 $85.63 $80.61 $84.37 $81.85

Overall Average $98.83 $95.88 $98.21 $92.57


0 $82.32 $82.32 $71.001 $84.84 $74.41 $82.74 $67.142 $70.50 $60.14 $68.67 $56.293 $56.46 $56.46 $45.00

Overall Average $75.20 $66.63 $73.75 $60.23


4X0 $107.32 $107.32 $106.46000 $101.67 $98.41 $100.85 $98.1900 $87.07 $83.47 $86.30 $82.970 $77.64 $74.26 $76.98 $67.53

Overall Average $88.53 $85.50 $87.89 $86.24


0 $72.07 $70.88 $71.43 $68.061 $70.85 $66.39 $69.76 $63.662 $59.42 $57.00 $58.90 $52.193 $48.44 $46.98 $47.89 $42.18

Overall Average $62.37 $59.44 $61.62 $55.88

The top lot of Silverblue Male mink was purchased by Huaman Fur of China. Produced by Venus.

The top lot of Silverblue Female mink was purchased by Meijiaxue Fur of China. Produced by Venus.

SILVERBLUE MALE

SILVERBLUE FEMALE


6X0 $126.68 $126.68 $128.005X0 $123.36 $123.36 $125.064X0 $116.16 $110.00 $114.98 $118.90000 $103.03 $103.03 $106.7900 $85.15 $85.15 $83.52

Overall Average $107.76 $110.00 $107.93 $112.52


00 $75.03 $75.03 $75.960 $73.65 $73.65 $68.991 $67.17 $67.17 $63.382 $56.22 $56.22 $53.00

Overall Average $70.36 $70.36 $67.38


6X0 $122.00 $122.00 $118.165X0 $122.69 $127.21 $126.26 $120.644X0 $113.71 $112.75 $113.02 $108.02000 $103.23 $98.36 $99.69 $96.1500 $85.30 $79.86 $82.98 $77.201 $62.00 $62.00

Overall Average $91.29 $100.01 $96.39 $96.51


00 $75.49 $75.49 $71.250 $72.96 $70.32 $70.98 $64.361 $65.69 $61.38 $62.50 $56.332 $49.88 $49.88 $48.44

Overall Average $68.37 $61.08 $62.39 $58.01

NAP – 3 5 Star 4 Star LABELLED VSL

4X0 $77.18 $73.53 $69.01000 $69.78 $67.41 $65.7500 $62.48 $53.35 $52.33 $50.280 $50.00 $50.00 1 $46.65 $46.65

Overall Average $52.13 $63.22 $60.37 $58.67

NAP – 3 5 Star 4 Star LABELLED VSL

0 $61.10 $61.10 $62.881 $56.00 $56.80 $56.74 $51.712 $46.47 $46.47 $43.27

Overall Average $56.00 $53.15 $53.25 $50.16

NAP - 4 5 Star 4 Star LABELLED VSL0 $50.37 $50.37 $51.011 $44.94 $43.58 $44.752 $36.30 $35.18 $35.82

Overall Average $41.48 $40.26 $42.49

OFFERED % SOLD TOP 23,665 100% $240.00

OFFERED % SOLD TOP 25,827 100% $200.00

OFFERED % SOLD TOP 67,674 100% $230.00

OFFERED % SOLD TOP 45,673 100% $190.00

POLAR FEMALE

POLAR MALE Size GOLD LABELLED VSL

4x0 $101.59 $101.59 $100.00000 $82.16 $82.16 $86.0000 $66.00 $66.00 $62.00

Overall Average $87.71 $87.71 $85.89

Size GOLD LABELLED VSL00 $84.96 $84.96 $66.000 $69.98 $69.98 $56.00

Overall Average $78.50 $78.50 $56.05

OFFERED % SOLD TOP 1,357 100% $106.00

OFFERED % SOLD TOP 1,520 100% $86.00

VIOLET FEMALE

VIOLET MALE

The top lot of Violet Female Mink was purchased by Aristos Trading Company AG for Haining Hongfeng Fur Co. Ltd., of China. Produced by Zimbal Mink.

The top lot of Violet Male Mink was purchased by Aristos Trading Company AG for XueQiu Fur of China. Produced by Zimbal Mink. Size GOLD SILVER 5 Star LABELLED VSL

4x0 $153.27 $153.27 $134.00000 $156.14 $130.00 $97.23 $154.87 $122.2900 $132.96 $118.00 $95.45 $132.51 $103.960 $113.93 $73.74 $113.93 $88.411 $92.00 $92.00

Overall Average $141.41 $125.69 $91.15 $140.91 $110.47

Size GOLD SILVER 5 Star LABELLED VSL0 $115.77 $96.00 $114.15 $94.001 $111.15 $92.00 $67.60 $110.26 $86.802 $80.14 $72.00 $63.02 $79.98 $70.873 $63.59 $50.00 $63.59 $60.00

Overall Average $99.10 $89.29 $63.20 $98.71 $79.96

The top lot of White Mink — Male was purchased by Yannis Beinis for Karen Rizzi Pellicce of Dubai, UAE. Produced by David Dittrich.

The top lot of White Female Mink was purchased by Maurizio Braschi for BRASCHI Boutique Vremena Goda of Moscow. Produced by Unicorn.

WHITE MALE

WHITE FEMALE


5X0 $117.84 $112.00 $115.33 $112.004X0 $109.88 $109.10 $109.61 $109.30000 $98.81 $98.81 $98.81 $99.9900 $85.32 $84.60 $85.18 $84.270 $75.79 $72.59 $75.17 $73.711 $67.00 $62.60 $65.48 $62.00

Overall Average $92.71 $94.84 $93.25 $94.64


00 $82.00 $84.00 $82.93 $76.000 $75.07 $73.99 $74.71 $71.551 $68.14 $65.74 $67.60 $64.042 $58.39 $56.55 $58.14 $53.073 $47.06 $42.67 $46.07 $37.25

Overall Average $64.10 $64.31 $64.14 $60.72


5X0 $116.00 $116.00 $108.004X0 $109.82 $109.25 $109.55 $109.45000 $97.20 $97.16 $97.19 $98.7100 $84.50 $83.44 $84.15 $78.410 $72.52 $70.04 $71.54 $69.741 $62.26 $58.44 $60.34 $58.00

Overall Average $88.96 $87.72 $88.48 $88.25

NAP - 2/2X GOLD SILVER LABELLED VSL00 $76.00 $84.00 $79.03 $73.000 $74.10 $71.50 $73.19 $68.011 $64.99 $64.70 $64.90 $60.022 $55.63 $53.56 $54.99 $49.063 $44.66 $37.07 $42.69 $41.31

Overall Average $59.76 $58.56 $59.40 $55.99

NAP – 2/2x 5 Star 4 Star LABELLED VSL

4X0 $98.00 $98.00 $88.00000 $87.32 $80.58 $84.17 $84.0000 $76.72 $69.70 $72.72 $66.910 $63.39 $53.56 $57.86 $50.361 $46.44 $49.12 $47.75 $46.00

Overall Average $65.44 $58.93 $62.01 $62.48


0 $51.00 $51.001 $50.00 $41.28 $43.462 $43.00 $34.84 $36.67 $40.003 $28.91 $28.91 $32.00

Overall Average $48.49 $34.01 $38.97 $36.45

NAP - 2/2X 5 Star 4 Star LABELLED VSL

0 $71.00 $56.04 $64.13 $60.001 $60.45 $54.96 $57.49 $54.912 $50.71 $48.34 $49.13 $45.593 $38.75 $37.33 $37.95 $35.83

Overall Average $51.46 $46.80 $48.89 $44.87


4X0 $80.00 $62.66 $66.59000 $62.55 $56.32 $58.4300 $55.23 $45.43 $49.210 $58.00 $38.95 $43.89 $40.001 $33.27 $33.27 $39.00

Overall Average $62.63 $48.91 $53.18 $39.25

OFFERED % SOLD TOP 11,956 100% $170.00

OFFERED % SOLD TOP 11,938 100% $260.00

OFFERED % SOLD TOP 150,119 100% $200.00

OFFERED % SOLD TOP 103,951 100% $175.00

NAFA Canada HQ65 Skyway Avenue

Toronto, ON M9W 6C7

T: 416-675-9320F: 416-675-6865

NAFA USA205 Industrial Circle

Stoughton, WI 53589

T: 608-205-9200F: 608-205-9210

NAFA The NetherlandsSprokkelveld 5-6596 DH

Milsbeek, The Netherlands

T: +31 485-514403F: +31 485-518833

[email protected]

NAFA Polandul. Granitowa 10 Łozienica

72-100 Gm. Goleniow, Poland

T: +48 91 350 9520F: +48 91 350 9539

[email protected]

NAFA News February 2015

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