Rare Book Monthly

Articles - January - 2011 Issue

A Sale that Confirms

Ae-12

AE: The American Experience

On December 2nd Bonhams in New York and via simulcast in San Francisco, conducted the sale of "The American Experience 1630 - 1890".  As the consignor I can confirm it was an experience.  The sale was presented as an unreserved mirror-on-the-market event and everyone seemed to see the results differently.  As Shakespeare might have said, "the mirror always lies" or tries to.  For myself it was confirmation of the efficacy of 'the-auction-as-event' approach and evidence of the endemic market weakness that prevails today.  In succinct terms the sale brought a 20% premium on its full original cost.   More than 200 registered to bid, 34 of which were new bidders at Bonhams.  Thirty-seven spent more than $10,000.  The overall bidding pool represented 29 American states and 8 countries.  The house issued a superb catalogue, offered it widely,  and advertised the sale extensively.  A series of videos were issued.  All that could be done was done.   The outcome was very good but the results, given the support Bonhams provided, may be difficult to duplicate.        

 

The sale worked while suggesting comparative weakness.  The highly valuable and rarest material sold well as it has elsewhere throughout the downturn, common rarities less well.  The threshold between 'safe and supported' material probably rose to more than $5,000.  A decade ago it was $1,000, as recently as three years ago around $2,500. 

 

During much of the past decade such material has been listed by dealers at somewhat higher prices, reflecting the general strength of the rarest books that have been trending up over the past twenty years.  However, in this sale, when exposed to public reappraisal without reserves the community that buys, sells and collects often stepped aside to let items change hands for substantially less than what they themselves asked years ago.  This suggests two possibilities.  Prices may not so much have fallen as been exposed as inflated.   Alternatively prices may have risen with the market but now fall at different rates, the middle of the market demonstrably weaker than the first tier.  As to which view is more accurate it's unclear and probably irrelevant.  When I was acquiring the material I believed the prices made sense.  That the market's view changes is unsurprising.  Neither is dealer pricing infallible.  In buying primarily from Bill Reese I didn't know then what I know now - that he often bids at auction on items he sold.  In this sale which brought $4.058 million he was the largest buyer by lots and dollar volume.  Every collector should have such a dealer.         


Posted On: 2011-01-01 00:00
User Name: arader

Congratulations on your successful sale Bruce.

This is a great essay that was very useful to read.

What I would like to read next would be your v


Posted On: 2011-01-09 00:00
User Name: jaysnider

Bruce, first of all, congratulations on building a tremendous collection. I appreciate your analysis, and I'm sure this was bittersweet.
I'd like t


Posted On: 2011-01-10 00:00
User Name: MiRIAMGREEN

William Reese is to be commended for stepping up and gathering back your book inventory purchased from him, like the Oriental rug dealer tha


Rare Book Monthly

  • <b>Bonhams Fine Books and Manuscripts, February 14th, 2016.</b>
    <b>Bonhams Feb 14th:</b> Lot 9. HIERONYMUS. C.340-420. <i>Epistolae. WITH: Lupus de Oliveto. Regula Monachorum ...</i> US$ 20,000-30,000.
    <b>Bonhams Feb 14th:</b> Lot 47. FROST, A.B. 1858-1921. Shooting Pictures. New York: Charles Scribner's Sons.<br>US$ 10,000-15,000.
    <b>Bonhams Feb 14th:</b> Lot 53. PICASSO, PABLO, RAOUL HAUSMANN, et al. ILIAZD, ed. Poesie de mots inconnus. 1949. US$ 8,000-12,000.
    <b>Bonhams Feb 14th:</b> Lot 64. BRIGGS, HENRY. 1561-1630. <i>The North Part of America</i>. [London: 1625]. Engraved by R. Elstracke. US$ 8,000-12,000.
    <b>Bonhams Feb 14th:</b> Lot 79. COPERNICUS, NICOLAUS. De revolutionibus orbium coelestium. 1566. US$ 80,000-120,000.
    <b>Bonhams Feb 14th:</b> Lot 80. DARWIN, CHARLES. On the Origin of Species by Means of Natural Selection, or the Preservation of ... US$ 70,000-90,000.
    <b>Bonhams Feb 14th:</b> Lot 87. NEWTON, ISAAC, SIR. Autograph Manuscript in Latin and English [n.p., early 1670s}. US$ 100,000-150,000
    <b>Bonhams Feb 14th:</b> Lot 93. Dr. Kary Mullis' 1993 Nobel Prize in Chemistry, awarded to him for the invention of the Polymerase Chain Reaction. US$ 450,000-550,000.
    <b>Bonhams Feb 14th:</b> Lot 96.<br>CLEMENS, SAMUEL. Autograph Manuscript, nearly complete chapter 30 of <i>A Tramp Abroad</i>, c.1879.<br>US$ 20,000-30,000.
    <b>Bonhams Feb 14th:</b> Lot 105. GOLF. [MATHISON, THOMAS. d.1754.]<br><i>The Goff</i>. An Heroi-Comical Poem.<br>US$ 40,000-60,000.
    <b>Bonhams Feb 14th:</b> Lot 113. JOYCE, JAMES. 1882-1941. <i>Ulysses</i>. First Edition, Presentation Copy, Signed and Inscribed by Joyce on the half-title. US$ 40,000-60,000.
    <b>Bonhams Feb 14th:</b> Lot 120. LONDON, JACK. Autograph Manuscript of the short story "Flush of Gold". US$ 40,000-60,000.
    <b>Bonhams Feb 14th:</b> Lot 135. STEINBECK, JOHN. Autograph Manuscript of an unpublished short story. US$ 35,000-45,000.
    <b>Bonhams Feb 14th:</b> Lot 149. GERONIMO. BARRETT, S.M., ed. Geronimo's Story of His Life. 1906. US$ 12,000-18,000.
    <b>Bonhams Feb 14th:</b> Lot 165.<br>ENOLA GAY. LEWIS, ROBERT A. An official pilot's log, 1942 to 1946.<br>US$ 50,000-80,000.
  • <b>Old World Auctions (Feb 3-17):</b><br>Lot 14. Blaeu,<i>Nova Totius Terrarum Orbis Geographica ac Hydrographica Tabula</i>, 1635. Est. $14000-$16000
    <b>Old World Auctions (Feb 3-17):</b><br>Lot 305. Arrowsmith, <i>Texas: The Rise, Progress, and Prospects of the Republic of Texas</i>, 1841. Est. $18000-$20000
    <b>Old World Auctions (Feb 3-17):</b><br>Lot 256. Thackara, <i>Plan of the City<br>of Washington in the Territory of Columbia</i>, 1792. Est. $13000-$16000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 188. Browne/Senex, A New<br>Map of Virginia Mary-land, 1719. <br>Est. $5500-$6500
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 47. Cellarius, <i>Scenographia Systematis Copernicani</i>, 1708.<br>Est. $2400-$3000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 6. Ortelius, <i>Typus Orbis Terrarum</i>, 1571. Est. $7000-$8500
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 413. De Medina, <i>Mundo Novo,</i> 1554. Est. $7000-$9000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 37. Jansson, <i>Histoire des Grands Chemins de l'Empire Romain</i>, 1736. Est. $3000-$3750
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 798. Le Rouge, <i>Atlas Nouveau Portatif a l'Usage des Militaires</i>, 1748. Est. $2400-$3000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 60. Munster, <i>Tabula Novarum Insularum</i>, 1559. Est. $5500-$7000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 122. Morden, <i>A New Map of the English Empire in America</i>, 1695. <br>Est. $14000-$16000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 291. J.J. Stoner, Niagara-Falls, <br>N.Y., 1882. Est. $1600-$1900
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 797. Sanson, <i>Die Gantze Erd-Kugel</i> ... Europa, Asia, Africa und America, 1679. Est. $8000-$10000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 799. Lotter/Lobeck, Atlas Geographicus Portatilis, 1760.<br>Est. $1600-$1900
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 808. Railroad Companies, [<i>Manuscript Railroad Atlas</i>], 1890.<br>Est. $1000-$1500
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 800. Pinkerton, <i>A Modern Atlas</i>, 1815. Est. $8000-$10000
  • <b>19th Century Shop.</b> LINCOLN, ABRAHAM. <i>A superb collection of manuscripts signed by Lincoln and relics related to Lincoln’s death</i>. Washington, 1864-1865
    <b>19th Century Shop.</b> Rare Relic of the Underground Railroad (1857). <i>$500 Reward Ran away ...</i>
    <b>19th Century Shop.</b> CARTER, SUSANNAH. <i>The Frugal Housewife,</i> (1772) the second American cookbook, plates by Paul Revere.
    <b>19th Century Shop.</b> SCHIRRA, WALTER M.. Icon of the American Space Program. <i>A Complete Set of Schirra’s Flight Log Books (1947-69).</i>
    <b>19th Century Shop.</b> A fine pair of daguerreotypes, one a black nurse holding a white baby, the other the white parents. Maryland, c. 1853.
    <b>19th Century Shop.</b> The Internet. (COMPUTERS.) CERF, VINTON & KAHN, ROBERT. <i>"A Protocol for Packet Network Intercommunication" in IEEE Transactions on Communications.</i>
  • <b>Swann Auction Galleries Feb 25:<br>Art & Storytelling: Photographs<br>& Photobooks</b>
    <b>Swann Auction Galleries Feb 25:</b> Marcus A. Root, "<i>General Tom Thumb</i>" with parents, daguerreotype, circa 1846. $30,000 to $40,000.
    <b>Swann Auction Galleries Feb 25:</b> William Saunders, <i>Sketches of Chinese Life and Character</i>, album with 50 hand-colored photographs, 1871-72. $25,000 to $35,000.
    <b>Swann Auction Galleries Feb 25:</b> Wilson A. Bentley, album of 25 microphotographs from glass<br>plate negatives, 1888-1927.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Feb 25:<br>Art & Storytelling: Photographs<br>& Photobooks</b>
    <b>Swann Auction Galleries Feb 25:</b> Hilla & Bernhard Becher, <i>Anonyme Skulpturen, Eine Typologie technischer Bauten</i>, first edition inscribed, Düsseldorf, 1970. $1,200 to $1,800.
    <b>Swann Auction Galleries Feb 25:</b> Edward Ruscha, four seminal artist's books in original dust jackets.<br>$1,500 to $2,500.
    <b>Swann Auction Galleries Feb 25:</b> Typological set of more than 100 photographs of WWII fighter planes, 1942-45. $400 to $600.
    <b>Swann Auction Galleries Feb 25:</b><br>Roy DeCarava and Langston Hughes, <i>The Sweet Flypaper of Life</i>, first edition signed by authors, New York, 1955. $500 to $750.

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