Rare Book Monthly

Articles - November - 2011 Issue

A World in Transition:  Make me an Offer Please

Choices

"Make me an offer" will shorten the distance between auctions and fixed price listings.

Not so long ago the book business moved from paper to the net.  The online listing sites were appealing, the costs low and the opportunities attractive.  Initially for most the net was an incremental rather than replacement step and whatever other selling processes were employed they continued to be used.  Ten years later the transition is mostly complete and the success of the listing sites has become their undoing.  Today somewhere above 180 million items are listed and the era of perpetual under-supply has given way to transparent over supply.

Roughly 95% of material on listing sites is every day run-of-the mill useful, if not important, items.  Collectable material fits loosely inside the other five percent ranging from the narrowly appealing to exceptionally rare and valuable.  This material has always existed but only recently become widely visible. The outcome has been a slowdown in sales as more items compete for approximately the same number of buyers.   Collectors and institutions in turn, confronted with many choices, have generally narrowed their purchasing focus.  The depressed and uncertain economy has added to the misery, obscuring for some the underlying fundamental changes that no economic recovery will entirely resolve.   The issue of too much for too few isn’t going away; the field as it was is not the field as it will be.

  

In response both buyers and sellers have sought additional ways to transact, sellers to increase the probability of sale and collectors to obtain ‘market confirmation’ of value.  For this the auction process, subject to some caveats, has been the answer and auction volume, both at traditional venues and on eBay, has been strong.  This, in my opinion, is only the beginning because the volume of material yet to reach the market will require a staccato flow to bring availability and demand into balance, a process that may take a decade to resolve.  For listing sites this presents a challenge to remain relevant.

eBay has for some time provided a tool which if optionally offered by listing sites, will introduce auction-like bargaining into a segment of the market that needs a way to get buyers and sellers into discussion.  The days of the frozen listing, simple descriptions and fixed prices simply aren’t working well enough because, as it stands now, asking prices are frequently too high and sellers reluctant to cut prices without evidence it will increase sales.  Here is what eBay provides.

Here is a hypothetical example.  Nine copies of the same item are listed for prices that generally reflect condition.  The prices aren’t always logically sequenced but they together make sense.  Let’s say the range is from $450 to $900; the range in quality from deplorable to excellent and the patience of at least one of the sellers wearing thin.  The listing site adds an option to post on a listing in this example “Make Me an Offer” as well as search options for listings with this offer.


Rare Book Monthly

  • <b>Swann Auction Galleries Mar 8:<br>Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries Mar 8:</b> Caius Julius Hyginus, <i>Poeticon Astronomicon,</i> first illustrated edition, Venice, 1482. $15,000 to $20,000.
    <b>Swann Auction Galleries Mar 8:</b> Giovanni Botero, <i>Le Relationi Universali... divise in Sette Parti</i>, Venice, 1618. $3,000 to $5,000.
    <b>Swann Auction Galleries Mar 8:</b> <i>L'Escole des Filles</i>, likely third edition of the first work of pornographic fiction in French, 1676. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 8:<br>Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries Mar 8:</b> Illuminated Book of Hours in Latin on vellum, Flanders, early 16th century. $6,000 to $9,000.
    <b>Swann Auction Galleries Mar 8:</b> Johannes Regiomontanus, <i>Calendarium,</i> Venice, 1485. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 8:</b> Pedro de Medina, <i>Libro d[e] gra[n]dezas y cosas memorables de España,</i> Alcalá de Henares, 1566. $3,000 to $5,000.
    <b>Swann Auction Galleries Mar 8:<br>Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries Mar 8:</b><br>Luis de Lucena, <i>Arte de Ajedres,</i> Salamanca, circa 1496-97. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar 8:</b> Andrés Serrano, <i>Los Siete Principes de los Ángeles, válidos de Rey del Cielo,</i> Spain, 1707. $800 to $1,200.
    <b>Swann Auction Galleries Mar 8:</b> Johannes de Sacrobosco, <i>Sphaera mundi,</i> first illustrated edition, Venice, 1478. $15,000 to $20,000.
  • <b>Bonhams, Feb. 11:</b> A Rare 3-rotor German Enigma I Enciphering Machine. $70,000 to $90,000
    <b>Bonhams, Feb. 11:</b> Important collection of correspondence between Werner Heisenberg and Bruno Rossi. $40,000 to $60,000
    <b>Bonhams, Feb. 11:</b> Walt Whitman Autograph manuscript containing his thoughts on death. $20,000 to $30,000
    <b>Bonhams, Feb. 11:</b> David Roberts. <i>Holy Land</i>. Six volumes. 1842-1849. First edition. $15,000 to $25,000
    <b>Bonhams, Feb. 11:</b> Extensive collection of Ray Bradbury's primary works, most signed or inscribed. $15,000 to $20,000
    <b>Bonhams, Feb. 11:</b> Peter Force. Declaration of Independence. $12,000 to $18,000
    <b>Bonhams, Feb. 11:</b> Steinbeck. <i>Grapes of Wrath</i>. A fine copy of the first edition. $10,000 to $15,000
    <b>Bonhams, Feb. 11:</b> Lewis & Clark. <i>Travels to the Source of the Missouri River</i>... First English edition, extra-illustrated. 1814. $10,000 to 15,000
    <b>Bonhams, Feb. 11:</b> Manuscript document signed by Nuno de Guzman relating to Hernan Cortes, 1528. $8,000 to $12,000
    <b>Bonhams, Feb. 11:</b> “Nos los inquisidores..." The first book in English printed West of the Mississippi. [1787]. $5,000 to $8,000.
  • <b>Dominic Winter, March 9:</b> Collection of 131 Herbert Ponting gelatin silver contact prints of Antartica, £6000-8000
    <b>Dominic Winter, March 9:</b> One of several lots of Henri Cartier-Bresson gelatin silver prints, £200-300
    <b>Dominic Winter, March 9:</b> Vintage gelatin silver print of Diego Rivera by Leonard McCombe, £300-500
    <b>Dominic Winter, March 9:</b> Albumen print portrait by Julia Margaret Cameron of Sir John Herschel (April, 1867), £30,000-50,000
    <b>Dominic Winter, March 9:</b> Albumen print by Julia Margaret Cameron, Love, 1864 (from the Norman album), £1000-1500
    <b>Dominic Winter, March 9:</b> Albumen print by Lewis Carroll of Twyford School Eleven (Summer Term, 1859), £1000-1500
    <b>Dominic Winter, March 9:</b> Albumen print portrait by Lewis Carroll of Xie Kitchin as 'Dane' (Oxford, 1873), £500-800
    <b>Dominic Winter, March 9:</b> Calotype print (c1845) by Hill & Adamson of Lady Elizabeth (Rigby) Eastlake, £3000-4000
    <b>Dominic Winter, March 9:</b> Group of 12 waxed paper negatives of Scottish scenes by Thomas Keith, mid-1850s, £3000-5000
    <b>Dominic Winter, March 9:</b> One of 15 lots of Roger Fenton salt prints of his work in the Crimea, mid-1850s, £400-600
    <b>Dominic Winter, March 9:</b> Quarter plate ambrotype (c.1860s) with ethnographic portrait of a woman seated at a table, £400-600
    <b>Dominic Winter, March 9:</b> Rare whole plate thermoplastic union case of the Landing of Columbus (c.1858),part of the John Hannavy collection, £1500-2000
  • <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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