Rare Book Monthly

Articles - September - 2011 Issue

The Fall Approaches

The season

The season opens with high hopes

Heading into fall buyers and sellers will be meeting head one in a series of auctions that will illuminate the strength and direction of the market.  A great deal is at stake.  As has been the case all year auction houses are handling increasing volume while recently experiencing a marginally lower percentage of completed sales [see charts].  A reasonable conclusion is that reserves are bit higher than buyers are comfortable to reach.  The why is less certain.  One interpretation is that the market, while orderly, is having trouble absorbing increasing volume.  Another is that the economy is weighing on the market.  Both are probably true and their interaction hard to gauge.  Simultaneously the median lot price continues to rise – suggesting that while the percentage of lots has declined those items that are selling are realizing higher prices.  This supports the argument that many dealers make – that quality, rarity and importance sell.  Unfortunately there is more to the market than high spots and the important middle market, defined, as $500 to $4,000, is selectively weak.  Some of this weakness owes to improving value and relevance analysis but the underlying issue is simply availability.  Material in the middle market is often not as rare or significant as once thought.

This may lead to a paradoxical shift in values with premium material increasing in value while a wide swath of [1] collectible but relatively common and [2] important but thinly supported material decline.  Pricing, which has been somewhat arbitrary for decades, may be facing energetic rebuttal in the market place.  What is known is that 70% of spending in dollar terms is made by 20% of the population and that they tend to purchase luxury material.  

Into all this uncertainty the auctions approach.  On September 15th the Eric Caren collection How History Unfolds on Paper, Part I will be sold at Swann.  The Caren sale, which I write about elsewhere in this month’s issue of AE Monthly, is a difficult sale for serious collectors to ignore.  It includes intriguing material relating to signal events.  Eric has a marvelous eye and has commissioned Swann to sell, in three sections over the next two years, many unique pieces relating to history, most of it American.  It’s complexity is such that a review of its index [see attached] may well be the best way to see it, that of course and AE’s auction lot search.

And because this sale is composed of “mixed media,” that is many forms of works on paper including photographs, broadsides, newspapers, pamphlets and books, it taps into some of the strongest sectors in collecting today.  Such material deserves to do well.

Another sale in October will provide us with perspective on how a more narrowly focused collection does.  It’s the Robert H. and Donna L. Jackson Collection of the 19th century and includes both printed and manuscript material, much of it unique.  It is an important collection.

Between these two single owner sales and the many other auctions to be conducted this fall we will live through the changing alchemy of collectibles on paper.  On the other side we will know more.  What we know going in is that some very appealing material is coming up.  How the market will treat this material remains to be seen.

So the title of this article is the fall ahead.  Is it the autumn season or something else?   We’ll know soon enough.


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

Although you seem to draw the lines at price still that is not the sole determinant of rarity or importance. It may not even be the omst important


Rare Book Monthly

  • <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Shackleton, Ernest. <i>Aurora Australis.</i> Printed at the sign of 'The Penguins'; East Antarctica, 1908. $70,000 to $100,000
    <b>Bonhams, Sep. 25:</b> Shackleton, Ernest. <i>South Polar Times.</i> 1st edition, limited issue. from the library of Michael Barne. $20,000 to $30,000
    <b>Bonhams, Sep. 25:</b> General Washington's <i>Proceedings of a General Court Martial... of Major General Lee.</i> Philiadelphia, 1778. 100 copies printed for Congress. BOUND WITH: ...Court Martial... of St Clair and ...Schuyler. $25,000 to $35,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> <i>The Voice of the People.</i> Boston, 1754. Rare pamphlet on the Excise Tax. Nathaniel Sparhawk's copy. $4,000 to $6,000
    <b>Bonhams, Sep. 25:</b> Autograph Letter Signed ("S.L. Clemens"), offering extensive hard-earned advice on writing, 5 pp, 1881. $30,000 to $50,000
    <b>Bonhams, Sep. 25:</b> After Fra Egnazio Danti. <i>L'Ultime Parti not:e nel Indie Occid:ntli" [The last known parts of the Western Indies].</i> Painted Map of California, Western Mexico, and Japan. $70,000 to $100,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Ptolemaeus, Claudius. <i>Geographie opus nouissima...</i> 1513. The most important edition of Ptolemy, containing the Admiral's Map. $250,000 to $350,000
    <b>Bonhams, Sep. 25:</b> De Arellano, Don Alonso. Manuscript, his <i>"Relación mui singular y circunstanciada... Capitán del Patax San Lucas,"</i> manuscript copy from the Sir Thomas Phillips collection. $50,000 to $80,000
    <b>Bonhams, Sep. 25:</b> Purchas, Samuel. <i>Purchas his Pilgrimes.</i> First edition. With John Simth's engraved map of Virginia. $70,000 to $100,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Lewis, Meriwether. Contemporary manuscript true copy of his final power of attorney, 1809. $8,000 to $12,000
    <b>Bonhams, Sep. 25:</b> <i>A New Method of Macarony Making, as Practiced at Boston in North America.</i> Mezzotint. London, 1774. $5,000 to $7,000
    <b>Bonhams, Sep. 25:</b> <i>Scientific Base Ball Pitching: A Treatise on the Pitcher, Pitching, Origin and Philosophy of the Curve.</i> Chicago, 1897. $2,000 to $3,000
  • <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> Aegidius Sadeler (Flemish, 1570-1629), engraving on laid paper "Madonna and Child in a Landscape", after a drawing by Albrecht Durer. $800 to $1,200
    <b>William Bunch Auctions, Oct. 29:</b> Anders Zorn (Swedish, 1860-1920), drypoint etching on paper "On Hemso Island", 1917, pencil signed. $400 to $600
    <b>William Bunch Auctions, Oct. 29:</b> Joseph Pennell (American, 1860-1926), etching on paper "Setting Up Columns", pencil signed. $200 to $300
    <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> William Lee Hankey (British, 1869-1952), drypoint etching on paper "Affection", pencil signed. $200 to $300
    <b>William Bunch Auctions, Oct. 29:</b> William Walcot (English, 1874-1943), drypoint etching on paper "Lower Broadway, New York", 1924, pencil signed. $200 to $300
    <b>William Bunch Auctions, Oct. 29:</b> Auguste Brouet (French, 1872-1941), color etching "La Pirouette", pencil signed, ed 111/250. $400 to $600
    <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> Thomas Hart Benton (American, 1889-1975), lithograph on paper "The Boy", pencil signed. $2,000 to $3,000
    <b>William Bunch Auctions, Oct. 29:</b> John Stockton de Martelly (American, 1903-1979), lithograph on paper "Looking at the Sunshine", pencil signed, original AAA certificate. $400 to $600
    <b>William Bunch Auctions, Oct. 29:</b> Jacques Hnizdovsky (Ukrainian-American, 1915-1985), woodcut on paper "Moppet", pencil signed and dated 1965, ed 118/250. $400 to $600
  • <b>Swann Auction Galleries Oct 16:</b> Jean de Mandeville, <i>Reysen und Wanderschafften durch das Gelobte Land,</i> Strassburg, 1488. $15,000 to $25,000.
    <b>Swann Auction Galleries Oct 16:</b> Titus Livius, <i>Las Quatorze Decadas,</i> Zaragoza, 1520. $3,000 to $5,000.
    <b>Swann Auction Galleries Oct 16:</b> Printed <i>Book of Hours</i> with 20 full-page illustrations, Paris, 1509. $6,000 to $9,000.
    <b>Swann Auction Galleries Oct 16:</b> Jean La Fontaine, <i>Fables Choisies, mises en Vers,</i> first editions, Paris, 1668. $10,000 to $15,000.
    <b>Swann Auction Galleries Oct 16:</b> Giovanni Boccaccio, <i>De las mujeres illustres en romance,</i> Zaragoza, 1494. $20,000 to $30,000.
    <b>Swann Auction Galleries Oct 16:</b> Giovanni Boccaccio, third edition of the first published work of female biography, Louvain, 1487. $15,000 to $25,000.
    <b>Swann Auction Galleries Oct 16:</b> José González Cabrera Bueno, <i>Navegación Especulativa, y Práctica,</i> Manila, 1734. $8,000 to $12,000.
    <b>Swann Auction Galleries Oct 16:</b> Andreas Vesalius, <i>Icones Anatomicae,</i> Munich, Bremer Press, 1934. $4,000 to $6,000.
    <b>Swann Auction Galleries Oct 16:</b> Joseph Boneta y Laplana, <i>Gritos del Purgatorio, y Medios para acallarlos,</i> Manila, 1711. $4,000 to $6,000.
  • <center><b> The Library of Pierre Bergé<br>Auction Pierre Bergé & Associés<br>in association with Sotheby’s<br>Paris-Hôtel Drout<br>December 14, 2018<br><br>New York Exhibition<br>Oct. 16 to Oct. 20</b>
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> BARTHOLOMEUS ANGLICUS. <i>Le Proprietaire des choses.</i> Lyon, [circa 1484]. 150 000 / 200 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> MONTAIGNE, Michel de. <i>Essais.</i> Bordeaux, 1580. 400 000 / 500 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> PROUST, Marcel. <i>Du côté de chez Swann.</i> Paris, 1914 [1913]. 600 000 / 800 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> MONSTRELET, Enguerrand de. <i>Le Premier [-Tiers] Volume des Cronicques.</i> Paris, circa 1503.<br>300 000 / 400 000 €
  • <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>

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