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NOR T H A ME RIC A N F UR AUC T IONS

NAFA NEWS

maY 2014

Over 5.4 million mink sold - President's message - Significant Court Victories Over Animal Rights Extremism - Fur Farmers Celebrate in The Netherlands - DENNIS BASSO - NAFA 2014 Top lots & auction reports - Investing in your future

65 Skyway Ave. Toronto, ON  M9W 6C7  Canada  | tel: +1.416.675.9320  |  fax: +1.416.675.6865  |  www.nafa.ca


President's message Dear Rancher, NAFA closed its May mink sale last week amid extremely challenging conditions which resulted in a near perfect-storm of external factors that have come together to create a much more problematic marketplace. As each international auction has progressed this season, the buying community has begun to approach its purchases with greater caution in an attempt to find a market level. As our valuable consignor, it is important for you to know that NAFA is doing everything it can to ensure your product remains the coveted commodity that it has always been, despite this market correction. There are many factors that are creating this lack of confidence and uncertainty in our market. China and Russia did not experience a cold winter this past season. Within China, the pelt importation issues with the arrest and detention of members of the Chinese fur trade has continued to hamper the market. At the same time, real estate values in China are declining and banks there are tightening up their credit lines significantly. Coinciding with this, we have the political issues within Russia itself. As a result, there remains a significant carryover of finished garments and pelt inventory that were purchased last season at historically high prices. The combined effect of all of these issues has created a tight money problem within the buying community However, to compound the problem, was the unprecedented use of buyer incentives in the first February European auction to induce buyers to purchase goods as a means to address their liquidity issues. With a deposit of 25 percent, buyers were allowed to purchase with up to seven months or more to clear the goods. Operating under these incentives, buyers were purchasing goods on speculation, which has ultimately resulted in the creation of a false market. This false market also caused producers themselves to believe that the market would continue to support the expansion of mink production. Given these developments, it was difficult to anticipate such a sudden change in the marketplace. All these factors have brought about a sudden and significant lack of confidence within the trade as to the true value of mink pelts. All of this has contributed to a market drop in every auction since the beginning of this year, with prices declining, for the most part, 15 to 20 percent in each auction. The important factor for our producers to know is the staff and management of NAFA have successfully navigated these difficult waters before and so will we once again. Your company is strong and together we will work to return to a more prosperous market as soon as possible. • NAFA is in a strong financial position – for years, we have managed our balance sheet with careful pragmatism, wise spending and sensible savings. During the more prosperous years of soaring prices and unquenchable demand from buyers, NAFA was vigilant and prudent; a mitigation strategy was planned to deal with this eventual turn in the market. • NAFA’s assortments are the best in the world representing the finest mink in the world. We have always worked with our producers to ensure the assortments meet their expectations. As we move forward, we will continue to adjust these assortments to ensure they benefit both our producers and buyers. • NAFA’s auctions have always attracted the most buyer attendance of any North American auction. This past auction, registered buyer attendance approached 400, to include some 46 Greek buyers, a record for a May auction. Though this attendance is down from the record numbers in 2013, it was a strong representation of the world trade given the very difficult turn of events in the market since February. • NAFA’s clearance levels from our February auction are impressive, despite the downturn in the marketplace. 83 percent of the goods purchased in February have been paid for. It is vitally important to you, our producers, to clear inventories at a time like this and ensure the strength of your company. NAFA will continue to diligently work to clear all of our goods as quickly and efficiently as possible.

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This new fur market will still have to be experienced with all of its unfortunate realities. It will ultimately lead to a reduction in production, which is needed to alleviate the problem of supply and demand and getting production back in line with market demand is key in any market recovery. But at the same time, this will still cause hardship for so many of you who have worked so tirelessly to produce such a high quality and internationally recognized product. Despite the challenging marketplace, NAFA’s mandate was to move your product into the marketplace to help create cashflow for you. In this very difficult market, we achieved close to 100 percent in sales of most mink color types and sizes. Thus far, this means we were also able to achieve clearances of nearly 90 percent of our producers crop. Overall, in the May auction, we sold 5.4 million mink. This is a significant accomplishment in a market that can only be described as tenuous at best. Looking ahead, the remainder of 2014 is expected to be more of a struggle. NAFA will remain fiscally responsible, strong and diligent in its efforts to restore confidence to the market. Our niche marketing efforts will continue and our robust labeling program will assist us in attracting buyers to our auctions As always, we wish you the very best in the summer season. Sincerely,

Michael D. Mengar, President & CEO

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Significant Court Victories Over Animal Rights Extremism In the world of animal rights extremism and farming, there is some good news to report on two fronts. First, this week it was learned that the parent company of Ringling Brothers & Bailey Circus reached a final settlement with the Humane Society. The American Society for the Prevention of Cruelty to Animals (ASPCA) and other animal rights groups first sued the circus operator, Feld Entertainment Inc., in 2000 and alleged that Asian elephants were being abused in violation of the Endangered Species Act. A federal judge dismissed the case for lack of standing in 2009 and said the animal rights groups paid a former employee at least $190,000 to secure his participation as a plaintiff in the litigation. A federal appeals court upheld the dismissal of the suit in 2011. Feld Entertainment then filed a $20 million racketeering lawsuit against the ASPCA and other animal rights groups, claiming they engaged in bribery, obstruction of justice and other acts. The company says the latest settlement brings the total it recovered to more than $25 million, the equivalent of its legal fees. This is a significant step forward in the on-going court battles with extremists.

Fur Farmers Celebrate in The Netherlands The second victory occurred this week in The Netherlands. A court in the Hague overturned a new law that would have banned the breeding of animals for fur. The law would have had a serious financial impact on breeders and would have set a dangerous precedent for the fur farming industry in Europe The legislation to phase out fur farming was passed by the senate at the end of 2012, three years after it was agreed to by the lower house. The Netherlands has approximately 160 fur farms and is producing five million pelts a year and it employs 1,400 people. This ruling overturns the legislation and opens the door to continued fur farming.

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DENNIS BASSO CREATES SUPER GLAMorous BLACK NAFA WRAP Each year NAFA invites a designer to create a very unique garment in Black NAFA Mink to serve as the signature piece of their international marketing campaign. In the ten short years since the Black NAFA label was launched, Black NAFA has come to be recognized as the finest quality of mink in the world and designers have come to covet the opportunity to work with this most precious of minks. Dennis Basso, renowned New York designer, has accepted NAFA’s invitation to create the garment that will become the focal point of the 2014/15 NAFA print campaign. “Designing with Black NAFA Mink creates a high quality, luxuriously classic feel and from this I will create a modern silhouette”, he announced. Basso is a maestro of fur creation. His business began with the selling of pelts in 1983 and shortly thereafter he launched the first fur collection under his own name brand. From that moment he captured the attention of fashion media and celebrities. In 2002 Basso was inducted into the prestigious Council of Fashion Designers of America and five years later debuted his first prêt-à-porter collection at Mercedes Benz Fashion Week in New York. The ensuing years found Basso entering the world of haute couture and establishing himself as one of America’s premier designers. The Dennis Basso label is now a multi national luxury brand. The flagship store is located on Madison Avenue in New York and the collection is featured in Harrods in London and Tsum in Moscow. Fur boutiques can also be found in Aspen and Vail, Colorado. The beauty of Black NAFA Mink is timeless and universal. In the hands of a master furrier like Basso, innovation adds another dimension. Basso declared his inspiration for the Black NAFA signature garment as an “experimentation in personal styling. This piece was designed around the concept of convertible luxury.” This unique Black NAFA Mink garment will make its public debut in August in Moscow.

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NA FA 2 0 14 Top lot s &

John & Twan Van Ansem with Tolis Gogo

Richard, Linda & Bob Zimbal with Jindo.

Mike & Kyle Patrick with Langiotti


auc t i o n r eports black Male NAP - 1/1X 4X0

The top lot of Black NAFA — Male was purchased by Tassos Langiotis for LANGIOTTI. Produced by Patrick Collection.

BLACK NAFA

SILVER

LABELLED

VSL

$101.17

$78.49

$93.62

$76.97

NAP - 2/2X 4X0

OFFERED 539,211

% SOLD 94%

TOP $1920.00

BLACK NAFA

SILVER

LABELLED

VSL

$94.12

$75.29

$90.31

$72.03

3X0

$91.62

$70.28

$86.19

$73.50

3X0

$82.78

$67.60

$80.67

$65.15

00

$79.94

$60.83

$75.43

$65.09

00

$72.07

$57.26

$69.48

$52.21

0

$67.27

$49.74

$61.37

$50.83

0

$56.04

$45.65

$54.69

$41.85

1

$56.18

$39.38

$48.61

$39.29

1

$44.38

$37.93

$43.30

$36.62

Overall Average

$78.96

$57.63

$72.97

$62.55

Overall Average

$69.82

$56.67

$67.67

$53.50

NAP - 3

5 Star

4 Star

Labelled

VSL

NAP - 4

5 Star

4 Star

Labelled

VSL

4X0

$67.00

$60.00

$63.32

$55.00

4X0

$57.00

$56.00

$56.55

$51.00

3X0

$60.50

$57.44

$59.34

$46.13

3x0

$51.59

$48.36

$50.61

$45.00

00

$50.10

$44.10

$48.16

$40.60

00

$42.89

$35.94

$40.92

$37.00

0

$36.54

$34.84

$35.97

$30.00

0

$32.46

$28.91

$30.96

$28.00

1

$30.51

$24.97

$28.35

$26.00

1

$27.42

$24.28

$26.06

$22.31

2

$23.00

$20.23

$22.03

$18.72

Overall Average

$41.25

$35.02

$39.11

$34.75

Overall Average

$44.16

$40.10

$42.72

$36.84

black Female NAP - 1/1X

OFFERED 538,707

The top lot of Black NAFA — Female was purchased by Jindo Co., Ltd. for Jindo, of Seoul, Korea. Produced by Zimbal Mink.

BLACK NAFA

SILVER

LABELLED

VSL

NAP - 2/2X

BLACK NAFA

% SOLD 93%

SILVER

TOP $1,650.00

LABELLED

VSL

0

$64.35

$44.10

$55.92

$48.55

0

$61.77

$43.96

$55.47

$45.02

1

$58.24

$41.49

$53.78

$43.98

1

$54.97

$39.10

$50.86

$39.03

2

$53.72

$33.07

$47.78

$33.49

2

$46.62

$33.37

$44.01

$30.56

3

$38.77

$25.14

$33.85

$25.05

3

$33.31

$26.67

$32.02

$21.92

4

$29.29

$19.72

$24.76

$18.95

4

$24.14

$19.27

$23.26

$17.28

Overall Average

$52.78

$33.85

$47.05

$36.67

Overall Average

$47.01

$35.07

$44.34

$32.54

NAP - 3

5 Star

4 Star

Labelled

VSL

NAP - 4

5 Star

4 Star

Labelled

VSL

0

$39.00

$31.82

$36.01

$30.33

0

$31.00

$25.00

$28.34

$23.00

1

$34.64

$24.08

$30.30

$23.83

1

$26.13

$20.15

$23.29

$21.00

2

$24.95

$19.39

$22.51

$18.37

2

$22.28

$16.74

$20.61

$17.16

3

$18.92

$15.03

$16.70

$16.00

3

$17.61

$13.66

$15.53

$13.19

4

$16.00

$13.36

$14.88

$13.00

Overall Average

$22.78

$17.39

$20.61

$18.12

Overall Average

$26.68

$19.36

$23.32

$20.17

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OFFERED 36,582

blue iris Male

GOLD $83.31 $85.54 $83.55 $72.63

SILVER $68.63 $68.08 $62.22 $52.25

LABELLED $77.20 $80.70 $73.83 $57.45

VSL $61.75 $63.31 $55.55 $44.18

Overall Average

$83.69

$60.12

$73.11

$55.09

OFFERED 38,989

The top lot of Blue Iris Mink — Female was purchased by ER Fur Trading Co-op. for Guy Laroche Furs. Produced by Zimbal Mink.

% SOLD 100%

GOLD $56.57 $57.59 $51.54 $34.40

SILVER $41.40 $41.33 $35.81 $27.11

LABELLED $50.70 $52.64 $44.41 $28.34

VSL $42.36 $39.66 $31.96 $21.44

Overall Average

$54.31

$36.36

$46.76

$35.50

The top lot of Mahogany Mink — Male was purchased by P.J. Zeitlin & Co. Ltd. for Huasi Agriculture Development Co. Ltd., of Beijing, China. Produced by Walt Brown.

OFFERED 325,788

% SOLD 100%

GOLD $74.09 $69.37 $66.30 $57.22 $46.66 $41.14

SILVER $68.00 $62.93 $59.24 $48.87 $42.10 $35.12

LABELLED $73.14 $67.70 $65.01 $55.41 $45.13 $38.82

VSL $68.00 $64.00 $59.38 $54.70 $43.92 $35.27

NAP - 2/2X 5X0 4x0 3x0 00 0 1

GOLD $65.48 $62.38 $54.28 $46.66 $39.93 $38.17

SILVER

Overall Average

$59.67

$50.29

$57.46

$55.29

Overall Average

NAP - 3 4x0 3x0 00 0 1

5 Star $54.97 $46.68 $40.20 $36.09 $31.58

4 Star $50.36 $44.81 $38.20 $29.62 $28.30

Labelled $53.10 $45.96 $39.44 $33.28 $30.35

VSL $48.84 $42.94 $35.35 $27.97 $22.27

Overall Average

$41.68

$38.19

$40.32

$36.62

TOP $300.00

$55.95 $48.86 $42.74 $35.16 $35.61

LABELLED $65.48 $60.73 $52.71 $45.71 $38.89 $37.32

VSL $62.59 $59.48 $48.31 $39.70 $31.75 $34.90

$49.47

$44.85

$48.27

$44.03

NAP - 4 4X0 3x0 00 0 1

5 Star $52.45 $45.78 $39.80 $34.50

4 Star $49.70 $42.17 $35.71 $31.14 $27.71

Labelled $50.25 $42.60 $36.08 $31.28 $23.17

VSL $41.29 $36.34 $30.26 $25.00 $19.62

Overall Average

$40.33

$35.55

$35.27

$29.51

The top lot of Mahogany Mink — Female was purchased by P.J. Zeitlin & Co. Ltd. for Huasi Agriculture Development Co. Ltd., of Beijing, China. Produced by Walt Brown.

OFFERED 292,015

% SOLD 93%

NAP - 1/1X 00 0 1 2 3

GOLD $51.65 $48.63 $43.98 $36.34 $30.16

SILVER $46.00 $42.72 $37.76 $30.07 $22.92

LABELLED $50.82 $46.13 $42.50 $34.38 $27.16

VSL $48.06 $43.91 $39.90 $31.12 $24.82

NAP - 2/2X 00 0 1 2 3

GOLD $45.56 $42.45 $37.54 $31.32 $24.00

SILVER

Overall Average

$39.85

$32.31

$37.52

$36.06

Overall Average

NAP - 3 00 0 1 2 3

5 Star $34.00 $31.09 $27.10 $23.08 $17.46

4 Star $26.64 $23.94 $20.35 $15.51

Labelled $34.00 $28.50 $25.41 $21.56 $16.60

VSL $29.00 $25.76 $22.57 $18.70 $14.99

Overall Average

$23.57

$21.21

$22.34

$20.21

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TOP $250.00

Size 0 1 2 3

NAP - 1/1X 5X0 4x0 3x0 00 0 1

mahogany FEMale

TOP $92.00

Size 4X0 000 00 0

blue iris FEMale

mahogany Male

% SOLD 100%

TOP $230.00

$38.92 $34.13 $27.75 $24.27

LABELLED $45.56 $41.56 $35.87 $30.40 $24.07

VSL $42.07 $39.07 $31.76 $25.65 $20.31

$32.26

$30.70

$31.78

$28.77

NAP - 4 0 1 2 3

5 Star $26.69 $20.00 $16.65 $15.00

4 Star $23.21 $18.60 $16.45 $14.56

Labelled $23.13 $18.77 $16.28 $14.54

VSL $19.21 $17.07 $14.96 $13.28

Overall Average

$18.01

$17.40

$17.34

$15.49


demi BROWN Male

The top lot of Demi Brown Mink — Male was purchased by Tolis Gogos for Abel Furs Trading LLC., of Dubai, UAE. Produced by Dittrich / Unicorn.

NAP - 1/1X 5x0 4x0 3x0 2x0 0 1

GOLD $62.41 $58.84 $54.03 $45.87 $38.68 $30.31

SILVER $59.25 $56.31 $49.63 $42.54 $32.88

LABELLED $61.37 $58.13 $52.66 $45.08 $36.85 $30.31

VSL $56.82 $54.54 $49.48 $39.15 $31.39 $23.73

Overall Average

$51.35

$48.88

$50.67

$45.96

NAP – 2/2x 6x0 5x0 4x0 3x0 2x0 0 1

5 Star $60.60 $56.32 $52.49 $46.21 $39.75 $33.99 $27.00

4 Star $60.00 $54.99 $51.00 $45.06 $38.98 $32.74 $26.91

Labelled $60.22 $55.27 $51.24 $45.39 $39.21 $33.32 $26.97

VSL $58.00 $55.15 $51.93 $46.15 $38.82 $30.24 $24.85

Overall Average

$40.60

$42.54

$41.74

$42.13

demi BROWN female

OFFERED 684,154

% SOLD 96%

TOP $310.00

NAP - 2/2X 6x0 5x0 4x0 3x0 2x0 0 1

GOLD $62.00 $62.53 $56.70 $50.66 $43.28 $34.00 $27.74

SILVER $63.00 $55.13 $50.83 $45.90 $35.44 $28.65

LABELLED $62.64 $58.13 $54.43 $49.29 $41.19 $32.85 $27.74

VSL $58.57 $55.58 $52.02 $45.53 $36.34 $28.27 $23.63

Overall Average

$47.93

$44.46

$46.88

$44.51

NAP - 3 5x0 4x0 3x0 2x0 0 1

5 Star $55.00 $50.00 $45.16 $37.58 $32.77 $26.50

4 Star $54.38 $49.40 $42.85 $35.94 $30.82 $24.96

Labelled $53.74 $49.11 $43.41 $36.23 $31.12 $25.25

VSL $50.60 $44.94 $40.82 $32.34 $26.57 $20.93

Overall Average

$40.06

$38.89

$39.12

$35.42

NAP - 4 5x0 4x0 3x0 00 0 1

GOLD $50.83 $47.00 $43.01 $35.97 $29.53 $23.31

SILVER $49.00 $42.85 $34.96 $28.36 $22.62

LABELLED $48.14 $46.30 $41.68 $34.76 $28.44 $22.59

VSL $47.56 $44.00 $37.18 $31.73 $24.25 $18.96

Overall Average

$35.49

$35.16

$34.72

$31.80

OFFERED 652,557

The top lot of Demi Brown Mink — Female was purchased by P.J. Zeitlin & Co. Ltd. for Robert Girme, of Hong Kong. Produced by Dittrich / Unicorn.

% SOLD 97%

TOP $260.00

NAP - 1/1X 00 0 1 2 3

GOLD $42.89 $39.58 $36.95 $30.10 $23.10

SILVER $40.00 $37.09 $32.74 $25.88

LABELLED $42.61 $38.92 $36.14 $29.39 $23.10

VSL $39.01 $37.53 $33.31 $26.16 $19.59

NAP - 2/2X 00 0 1 2 3

GOLD $41.47 $37.96 $34.17 $28.16 $20.71

SILVER $37.00 $34.32 $30.28 $24.03 $18.00

LABELLED $39.67 $36.89 $33.13 $27.10 $20.05

VSL $35.82 $34.83 $31.05 $23.75 $16.87

Overall Average

$36.32

$33.55

$35.77

$33.00

Overall Average

$33.65

$30.32

$32.72

$30.90

NAP - 3 00 0 1 2 3

5 Star $34.50 $31.46 $27.11 $22.86 $18.27

4 Star $31.57 $26.58 $24.10 $20.16 $16.24

Labelled $30.63 $27.36 $24.84 $21.14 $16.93

VSL $26.80 $23.80 $21.29 $17.19 $13.06

NAP - 4 00 0 1 2 3

5 Star $28.00 $25.81 $21.43 $17.75 $15.28

4 Star $25.58 $21.00 $19.53 $17.48 $15.40

Labelled $26.28 $21.74 $19.67 $17.41 $15.26

VSL $20.46 $18.48 $16.64 $14.44 $12.01

Overall Average

$25.45

$23.28

$23.85

$20.03

Overall Average

$19.28

$18.31

$18.28

$15.18

Page 8


OFFERED 23,376

palomino Male SIZE 4X0 000 00 0 Overall Average

OFFERED 16,476

palomino feMale

SIZE 0 1 2 3 Overall Average

GOLD $61.66 $58.83 $40.87 $29.47 $52.70 OFFERED 128,942

pastel Male

SIZE 5X0 4X0 000 00 0 Overall Average

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

GOLD $79.94 $78.60 $77.33 $67.29 N/A $74.74 OFFERED 105,271

pastel feMale

SIZE 00 0 1 2 3 Overall Average

GOLD $64.10 $61.48 $46.79 $33.78 $56.11 OFFERED 128,942

Pearl Male NAP - 1/1X 5X0 4x0 3x0 00 0 1 Overall Average

GOLD $82.53 $76.11 $68.82 $62.06 $51.38 $38.85 $62.77

SILVER

NAP - 3 4x0 3x0 00 0 1 Overall Average

5 Star $65.21 $62.37 $57.56 $45.69 $36.34 $52.69

4 Star

Pearl FEMale

$74.69 $66.10 $58.33 $45.29 $62.32

$59.42 $56.05 $39.12 $31.14 $46.57

GOLD $58.00 $52.20 $48.13 $39.21 $29.40 $45.14

SILVER $56.00 $53.00 $46.17 $37.94

Page 9NAP - 3 0 1 2 3 Overall Average

5 Star $39.26 $33.95 $30.01 $25.94 $30.58

SILVER $70.78 $65.29 $50.91 $61.89

TOP $80.00

LABELLED $72.29 $67.50 $57.57 $46.29 $62.76

% SOLD 100%

SILVER $57.16 $39.30 $24.00 $38.47

TOP $69.00

LABELLED $59.71 $51.61 $34.20 $29.47 $47.83

% SOLD 100%

SILVER $73.70 $60.12 $48.86 $40.42 $55.79

VSL $41.15 $38.03 $32.84 N/A $38.30 TOP $270.00

LABELLED $79.94 $77.03 $69.97 $56.43 $40.42 $65.64

% SOLD 100%

SILVER $40.79 $39.04 $38.16 $27.21 $22.47 $33.16

VSL $71.58 $58.61 $52.67 $40.00 $56.73

VSL $86.08 $77.68 $68.06 $54.74 $44.90 $64.05 TOP $92.00

LABELLED $40.79 $54.81 $50.07 $35.09 $27.04 $44.04

% SOLD 100%

VSL $45.51 $37.23 $37.51 $27.70 $20.35 $33.96 TOP $84.00

LABELLED $82.53 $75.44 $68.20 $61.32 $50.63 $38.85 $62.68

VSL $74.68 $70.16 $62.85 $54.22 $44.00 $32.64 $59.38

NAP - 2/2X 5X0 4x0 3x0 00 0 1 Overall Average

GOLD $81.38 $75.29 $67.86 $61.06 $49.95 $40.96 $64.25

SILVER $77.00 $70.67 $64.19 $54.79 $38.76 $30.00 $57.38

LABELLED $80.69 $73.91 $67.01 $59.77 $44.72 $37.92 $62.54

$67.70 $59.84 $53.99 $44.08 $33.73 $54.37

Labelled $64.18 $58.28 $54.63 $40.83 $34.21 $49.42

VSL $67.38 $51.12 $41.95 $35.38 $30.45 $42.09

NAP - 4 4x0 3x0 00 0 1 Overall Average

5 Star

4 Star $58.79

Labelled $58.79 $49.41 $41.99 $34.68 $28.35 $39.85

VSL $47.00 $41.00 $34.21 $28.94 $23.53 $33.35

The top lot of Pearl Mink — Female was purchased by Yannis Beinis for Karen Rizzi Pellicce, of Dubai, UAE. Produced by Dittrich / Unicorn.

NAP - 1/1X 00 0 1 2 3 Overall Average

Page 9

GOLD $73.08 $68.51 $60.50 $46.29 $63.07

% SOLD 100%

$51.28 $44.33 $36.29 $30.00 $41.55 OFFERED 105,271

$42.55 $34.00 $40.29 % SOLD 100%

VSL

TOP $220.00

$43.76

LABELLED $57.41 $52.26 $47.85 $38.99 $29.40 $44.95

VSL $55.00 $50.26 $43.94 $34.96 $25.00 $42.49

NAP - 2/2X 00 0 1 2 3 Overall Average

GOLD $55.00 $51.73 $47.10 $38.07 $29.01 $44.37

SILVER $52.98 $52.82 $47.40 $33.65 $27.11 $44.79

LABELLED $53.70 $52.00 $47.19 $36.78 $28.67 $44.49

VSL $51.41 $48.79 $42.61 $33.07 $24.85 $41.03

4 Star $32.00 $28.68 $26.17 $21.00 $27.45

Labelled $36.85 $29.52 $26.41 $25.23 $28.28

VSL $28.91 $27.64 $25.67 $22.18 $26.45

NAP - 4 0 1 2 3 Overall Average

5 Star $32.00 $27.02 $25.43 $21.82 $24.91

4 Star $28.00

Labelled $29.74 $24.17 $22.87 $21.82 $23.42

VSL $26.00 $19.81 $18.73 $15.88 $19.28

$25.00 $25.92


OFFERED 13,003

sapphire Male

The top lot of Sapphire Mink — Male was purchased by Philippe Debourcieu for MSV Italia SRL, of Milan, Italy. Produced by Zimbal Mink.

SIZE 4X0 000 00 0 Overall Average

OFFERED 13,921

sapphire feMale

SIZE 0 1 2 3 Overall Average

GOLD $70.14 $74.06 $65.15 $42.00 $70.44 OFFERED 71,067

Silverblue Male

SIZE 5X0 4X0 000 00 0 Overall Average

GOLD $79.06 $74.32 $68.60 $59.43 $48.77 $66.28 OFFERED 51,649

Silverblue feMale

The top lot of Silver Blue — Female was purchased by Sotiris Vogiatzis for EFD Papadopoulos Furs, of Kastoria, Greece. Produced by Dittrich / Unicorn.

whiTe Male

GOLD $81.65 $81.17 $75.20 $69.65 $78.56

SIZE 00 0 1 2 3 Overall Average

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

NAP - 1/1X 5x0 4x0 3x0 00 0 1 Overall Average

GOLD $84.64 $81.26 $72.13 $60.61 $55.42 $46.89 $67.35

SILVER $88.00 $86.86 $78.55 $65.05 $54.06 $42.00 $72.28

LABELLED $85.00 $82.38 $73.06 $61.23 $55.26 $45.55 $68.08

VSL $81.12 $69.84 $60.54 $51.11 $39.00 $65.55

NAP - 3 4x0 3x0 2x0 0 1 Overall Average

5 Star $69.35 $63.00 $55.00 $44.97 $37.62 $50.75

4 Star $66.00 $62.00 $51.00 $42.00 $34.00 $49.90

Labelled $67.46 $62.65 $53.92 $44.31 $36.61 $50.51

VSL $66.00 $54.00 $50.53 $45.00 $35.00 $46.65

GOLD $53.74 $52.89 $46.81 $34.95 $23.69 $45.41 OFFERED 125,597

SILVER $57.00 $50.70 $43.00

NAP - 3 0 1 2 3 Overall Average

5 Star $50.00 $44.47 $38.14 $29.90 $39.13

LABELLED $81.74 $79.92 $72.22 $63.55 $75.23

% SOLD 100%

SILVER $49.01 $54.97 $48.30 $38.02 $50.10

TOP $82.00

LABELLED $63.89 $68.96 $58.28 $38.83 $63.49

% SOLD 100%

SILVER $73.48 $70.48 $62.36 $51.44 $41.36 $61.36

$40.38

VSL $44.59 $47.33 $35.19 $23.83 $40.99 TOP $88.00

LABELLED $75.60 $72.61 $65.76 $56.36 $45.46 $64.08

% SOLD 100%

SILVER $43.52 $46.00 $41.18 $32.13

VSL $74.39 $66.99 $58.40 $47.32 $60.03

VSL $70.77 $64.87 $57.37 $48.31 $40.27 $57.25 TOP $220.00

LABELLED $50.35 $49.61 $44.10 $33.53 $23.69 $43.10

% SOLD 100%

VSL $46.46 $42.83 $38.13 $27.89 $19.23 $38.05 TOP $320.00

GOLD $85.03 $73.96 $61.80 $51.51 $43.00 $66.21

SILVER $80.68 $73.65 $57.75 $45.46 $40.00 $63.44

LABELLED $83.79 $73.91 $61.28 $50.42 $42.00 $65.69

VSL $79.05 $70.94 $60.85 $44.75 $33.00 $64.08

NAP - 4 4x0 3x0 2x0 0 1 Overall Average

5 Star $65.00 $58.36 $49.60 $38.63 $29.00 $51.76

4 Star $60.00 $49.38 $41.56 $35.42 $33.00 $46.35

Labelled $61.70 $53.45 $45.69 $37.27 $30.80 $49.20

VSL $54.00 $46.55 $33.81 $29.44

whiTe FEMale GOLD $60.27 $56.70 $46.61 $35.27 $52.13

SILVER $82.00 $76.01 $66.98 $61.00 $68.78

TOP $330.00

NAP - 2/2X 4x0 3x0 2x0 00 0 Overall Average

OFFERED 89,929

NAP - 1/1X 0 1 2 3 Overall Average

% SOLD 100%

% SOLD 100%

$37.47 TOP $65.00

$50.21

LABELLED $59.97 $56.30 $46.45 $35.27 $52.02

VSL $53.35 $48.74 $41.12 $36.00 $46.91

NAP - 2/2X 0 1 2 3 Overall Average

GOLD $60.68 $55.35 $47.71 $37.16 $52.43

SILVER $53.22 $50.05 $44.02 $34.00 $48.78

LABELLED $58.62 $54.72 $47.17 $36.99 $51.89

VSL $53.84 $48.71 $40.22 $36.00 $46.50

4 Star $43.00 $37.00 $31.00 $25.00 $33.37

Labelled $46.38 $42.12 $35.96 $28.75 $37.38

VSL $43.00 $37.00 $33.00 $22.00 $33.26

NAP - 4 0 1 2 3 Overall Average

5 Star

4 Star $37.00 $32.00 $27.00 $20.00 $29.69

Labelled $37.00 $31.62 $26.11 $20.00 $28.89

VSL $32.00 $28.00 $23.07 $21.00 $26.02

$31.82 $25.62 $20.00 $28.41

Page 10


NAFA – investing in your future NAFA is investing in your future by ensuring a new generation of technicians are being trained at all of our facilities. The younger technicians working at NAFA will help us prepare for the future. Succession planning is and always will be a part of NAFA’s overall strategic vision.

Auction: September 4th – 7th 2014 Inspection : August 30th – September 3rd NAFA NEWS is published by

North American Fur Auctions 65 Skyway Avenue, Toronto, ON, M9W 6C7, Canada www.nafa.ca

Toronto, ON Tel : 1.416.675.9320 Toll Free : 1.800.745.0693 Fax : 1.416.675.6865

Stoughton, WI Tel : 1.608.205.9200 Toll Free : 1.800.872.3877 Fax : 1.608.205.9210

NAFA NEWS LETTER May 2014  
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