Watch List notes:

RUSSIAN ORDERS, CIVIL WAR and SOVIET UNION, ORDERS OF THE SOVIET REPUBLICS, Award Badge of Honorary Red Commander of the Azerbaijan. Unnumbered. Silver and gold. Red enamels. Screwback. Comes with silver plate and small hallmarked silver nut. C/C 02.05.00 (R5). According to the latest publication (by N.Strekalov/I.Sisolyatin), only 2 such badges have been observed, including this specimen. Excessively Rare. Condition: Red enamel chipping, one of the rivets on reverse broken, still very presentable and of the highest craftsmanship
Ex The New York Sale XXXIII, Baldwin's / Markov / M&M, January 9, 2014, lot 2078, item remaining unpaid by a collector from Kiev, Ukraine

Estimate: $15000