Rare Book Monthly

Articles - July - 2011 Issue

A Book Still Worth Reading:  Anatomy of an Auction

Anatomy-3

The garden of good and evil

Whether through incompetence, or the auctioneer’s criminal complicity, - a possibility given the magnitude of their failure and the documented inclusion of several unidentified non-bidding participants in the ring, the stage was set for a ring, composed of some eighty complicit dealers, to agree among themselves to have only one representative of their coterie bid on each item.  To avoid the impression of ‘ringing’ they gave the responsibility for bidding to a group of shills in exchange for a share of the certain to be realized profits that would arise from the subsequent private re-auctions to be held by the conspirators once the original sale was completed.  To establish the highest price any of the ringers would pay, the premium above the original auction price to be shared by all conspirators equally, a series of after-auctions was held.  To ensure the ring bought all books its members wanted they when necessary ran up outside bidders to prices approaching retail, in this way killing outside interest in continuing to bid.  The auction house’s incompetence in description and weak promotion did the rest.

The books in the original sale brought £3,714 of which the ring paid £3,161 for 447 lots.  They ignored the rubbish and in other cases made competitors pay dearly.  Then in four subsequent rounds of private bidding ring members bid and paid in an additional £15,981 to establish the final prices and ultimate winners for the 447 lots and then divided the excess premium equally for the first two rounds of post-sale bidding and then proportionately to the ever smaller pools competing for the most valuable material.  The fact that records were kept and that Arthur and Janet Freeman carefully researched and told the story in 1990 is why it comes down to us today.  Their account confirms the ring’s collusion and conveniently calculates its scale.  What the ring paid £3,161 to acquire they immediately re-priced among themselves at £19,142, the original winning auction bids of £3,161 pounds and their additional premium of £15,981.  In doing this they thwarted the consignor and the auctioneers causing the books to pass to them for only 16.5% of what they immediately after agreed to pay. 

Rare Book Monthly

  • <b>Seth Kaller:</b> Leaves from<br>George Washington's Own Draft <br>of His first Inaugural Address. An Extraordinary Rarity!
    <b>Seth Kaller:</b> Declaration of Independence: Benjamin Tyler 1818 - First Print with Facsimile Signatures.
    <b>Seth Kaller:</b> Thomas Jefferson Signed Act of Contress Authorizing Alexander Hamilton to Complete Famous Portland Maine Lighthouse.
    <b>Seth Kaller:</b> Emanuel Leutze. Silk Flag Banner designed by Leutze, created by Tiffany & Co., and presented to Gen. John A. Dix, 1864.
    <b>Seth Kaller:</b> The "greatest of early American maps … a masterpiece" (Corcoran). Thomas Holme.
    <b>Seth Kaller:</b> Lincoln Summons His Cabinet for a Historic Meeting to Discuss Compensated Emancipation.
    <b>Seth Kaller:</b> Albert Einstein. Autograph Letter Signed. Einstein Counsels His Son ... Meaning of Life.
    <b>Seth Kaller:</b> Normal Rockwell. Painting/Drawing Signed. Rockwell's "Barbeshop Quartet", 1936.
    <b>Seth Kaller:</b> Frederick Douglass. Autograph Letter Signed to unknown correspondent. Washington, D.C.
    <b>Seth Kaller:</b> Harry Truman. Autograph Manuscript Notebook for Kansas City Law School Night Class.
    <b>Seth Kaller:</b> Robert E. Lee. Autograph Letter Signed, June 11, 1782. Hours after the Battle of Culpeper Court House, Lee Escapes Again.
    <b>Seth Kaller:</b> George Washington. Letter Signed, as Commander-in-Chief, Continental Army, to Elias Dayton, Headquarters, [Newburgh, N.Y.], June 11, 1782.
  • <b>Swann Auction Galleries Aug 3: Vintage Posters</b>
    <b>Swann Auction Galleries Aug 3:</b><br>Henri de Toulouse-Lautrec,<br><i>The Chap Book</i>, 1896.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Henri de Toulouse-Lautrec,<br><i>Troupe de Mlle Églantine</i>, 1896.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Philippe Henri Noyer, <br><i>Limonade Brault</i>, 1938. <br>$4,000 to $6,000.
    <b>Swann Auction Galleries Aug 3:</b> <br><i>The Great Men of the World</i>,<br>designer unknown, circa 1945-46. <br>$7,000 to $10,000.
    <b>Swann Auction Galleries Aug 3: Vintage Posters</b>
    <b>Swann Auction Galleries Aug 3:</b><br>James Montgomery Flagg,<br><i>Wake Up, America!</i>, 1917.<br>$4,000 to $6,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Alfred F. Burke, <i>Share / Jewish <br>Relief Campaign</i>, circa 1915.<br>$3,000 to $4,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Ludwig Hohlwein, <i>Marke Pkz / <br>Burger - Kehl & Co.</i>, circa 1911. <br>$8,000 to $12,000.
    <b>Swann Auction Galleries Aug 3:</b> <br>Gian Emilio Malerba,<i> E.A. Mele / Modo e Novita per Signora</i>, circa 1900. $7,000 to $10,000.
  • <b>19th Century Shop.</b> (DEMOCRATIC CONVENTION, Chicago, 1968). <i>Collection of papers of John M. Bailey, Chairman of the Democratic National Committee, concerning the convention</i>. Various places, 1968.
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    <b>19th Century Shop.</b> KEY, FRANCIS SCOTT. <i>A Celebrated Patriotic Song, the Star Spangled Banner.</i> 1814.
    <b>19th Century Shop.</b> [COLUMBUS, CHRISTOPHER, Amerigo Vespucci ..] Bernardus Albingaunensis .. Dialogo nuperrime edito Genue in 1512.
    <b>19th Century Shop.</b> (WATKINS, TABER &c.). <i>An album of 32 photographs of the Yosemite and American West Various places</i>, c. 1890s
    <b>19th Century Shop.</b> (BATTLE OF CONCORD.) <i>Powder horn used by Minuteman Oliver Buttrick at the Battle of Concord</i>, April 19, 1775.
    <b>19th Century Shop.</b> (CIVIL WAR.) <i>An Extraordinary Confederate Photograph and Autograph Album of Dr. R. L. C. White</i>, 125 original mounted salt prints. 1859-61.
  • 20 Jul 2016, starts at 1pm EDT, NY
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    <b>Bonhams Jul 20: </b> Flown SOYUZ-3 space navigation indicator with unflown on-ground transformer. <br>US$ 30,000-40,000
    <b>Bonhams Jul 20: </b> Flown on SOYUZ 9<br>An exhaustive manuscript on life in space. [Trans: On-Board Flight Journal for Spacecraft Soyuz-9, 1970]. US$ 6,000-9,000
    <b>Bonhams Jul 20: </b> SOYUZ 18? Flown Navigation Celestial Globe. Soyuz 18 lasted from May 24-July 26, 1975. US$ 30,000-40,000
    20 Jul 2016, starts at 1pm EDT, NY
    <b>Bonhams Jul 20: </b> Flown Space Suit from ISS Expidition 6. Worn by Flight Engineer Don Pettit on his dramitic return to earth. US$ 25,000-35,000
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    <b>Bonhams Jul 20: </b> Michael Collins' Flown Crew-Signed Apollo 11 Emblem. One of the very few Armstrong signed mission artifacts. US$ 50,000-70,000
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