• <b>Sotheby’s in collaboration with Binoche & Giquello: BIBLIOTHÈQUE R. ET B. L. LIVRES ILLUSTRÉS ROMANTIQUES [and] EDITIONS ORIGINALES ROMANTIQUES.<br>Paris 10 October
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> GRANDVILLE --- DE FOE. Aventures de Robinson Crusoë. 1840. 43 original dip pen drawings by Grandville. 25.000 – 35.000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> GRANDVILLE. Advertising poster for Un Autre Monde. 1844. 7.000 – 9.000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> GRANDVILLE. Un autre monde. 1844. Pristine copy in editor binding. 20.000 – 30.0000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> GRANDVILLE. Original drawing [c. 1845]. 88 x 95 mm. 3.000 – 4.000 €
    <b>Sotheby’s in collaboration with Binoche & Giquello: BIBLIOTHÈQUE R. ET B. L. LIVRES ILLUSTRÉS ROMANTIQUES [and] EDITIONS ORIGINALES ROMANTIQUES.<br>Paris 10 October
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> BALZAC. Mémoires de deux jeunes mariées. 1842. Empress Marie-Louise’s copy. 12.000 –<br>15.000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> DUMAS. Henri III et sa cour. 1829 – Stockolm, Fontainebleau et Rome. 1830. Inscribed to tragic actrice Mlle George, bound by Touvenin. 35.000 – 45.000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> DUMAS. Les Trois mousquetaires. 1844. First edition. Rare copy in period binding. 50.0000- 80.000 €
    <b>Sotheby’s in collaboration with Binoche & Giquello: BIBLIOTHÈQUE R. ET B. L. LIVRES ILLUSTRÉS ROMANTIQUES [and] EDITIONS ORIGINALES ROMANTIQUES.<br>Paris 10 October
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> HUGO. Unpublished autograph notebook, for Juliette Drouet. 1834. 70.000 – 90.000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> HUGO. Gibet de Montfaucon. 1847. Original drawing. 288 x 367 mm. 80.000 – 120.000 €
    <b>Binoche & Giquello/Sotheby’s<br>10 Oct:</b> Stendhal. Le Rouge et le noir. 1831. 2 vol. First edition. Superb copy in period binding. 30.000 – 50.000 €
  • <b>Consignments now invited<br>History of Science & Technology<br>December 12th, 2017</b>
    NEWTON, ISAAC. <i>Opticks</i>. London, 1704. Presentation copy to Edmund Halley. Sold for $1,330,000
    Apple Computer Contract & Dissolution of Contract, signed by Jobs, Wozniak, & Wayne. Sold for $1,594,500
    DARWIN, CHARLES. Autograph Manuscript page from the manuscript of <i>On the Origin of Species</i>. Sold for $250,000

Rare Book Monthly

Articles - February - 2012 Issue

Looking Back at Book Prices in 2011

Imhofprayer

The Imhoff Prayerbook, sold by Christie's for over $2.5 million, was the most expensive book of 2011

The last few years have been economically trying for just about everyone, and book selling certainly hasn't been immune. While precisely what is happening to dealers is impossible to know (most don't talk), auction results are public. And the auction results show a modest recovery in the book market, though some may be surprised. But, numbers don't lie.

The most important number is the median price at auction, the midpoint of all prices for the year. It cannot be easily distorted by a handful of very expensive items. For 2011, that number was $378. That figure is almost identical to that of 2009, and represents a bump off the low point, sometime in 2010. It may not feel like a banner year in the trade as prices are still down substantially from the high water mark in 2007. That year, the median was $486. Nevertheless, it is a step in the right direction, a bounce off of the lows. It is something to build upon.

The percentage of lots that sold for over $1,000 was also up. From 25% in 2010 it rose to 27% in 2011. At the peak in 2007, it reached 33%.

The sell through rate was virtually flat, acceptable so long as the median price is not falling. The previous year it was 68.4%, while for 2011 it was 68.1%. At the peak, in 2007, that number was almost 75%, so we still have a ways to go, but hopefully that, too, is a number that has bottomed and will work its way back to a normal 70%-75%.

Perhaps another telling figure is the percentage of lots that sold over and under their estimates. In 2010, 46% of those lots which sold went for more than the high estimate, 30% for less than the low estimate. Last year, the ratio was 46%-31%. That is almost unchanged. This is a sign that the market has stabilized, auction houses are able to make estimates that are met in similar percentages year to year. When the market was growing, in 2007, the ratio was 49%-27%, more sales surprising to the upside, but when market prices collapsed in 2009, the ratio was only 44%-32%. All in all, the numbers indicate to us at worst a stable market in 2011, and possibly a small turn upward.

The leading auction house in terms of number of lots offered in 2011 was easily the German auctioneer Kiefer Buch und Kunstauktionen. Their 26,118 was more than double runners-up Bubb Kuyper of Holland with 12,403, and Bloomsbury of London at 12,049. Kiefer puts up some massive auctions, and while the sell-through rate was under 50%, they still led in terms of lots sold with 11,352. Bloomsbury was next with 8,860.

National Book Auctions of Ithaca, New York, achieved the highest sell-through rate at 99%. Dirk Soulis Auctions of Lee's Summit, Missouri, followed at 96%.

The highest median price went to the London, King Street location of Christie's at $18,288. Three others made it to five figures, all branches of Sotheby's. New York had a median of $11,250, Paris of $10,275, and London of $10,140. The highest median for an auction house not named Christie's or Sotheby's was Bonham's in Dubai at $5,040, although the volume there was very light.

The highest average sale also went to the London King's Street location of Christie's at a whopping $64,334. After that came Sotheby's in London at $31,621 and Sotheby's New York at $27,386.

Large numbers certainly impress, but for those of more modest means, those five figure medians may not be the right place to buy. Seven houses had median prices under $100, including National Book of Ithaca, Keys Fine Arts of Norwich, Antiquarian Auctions of Capetown, Knotty Pine of West Swanzey, Clars of Oakland, JMW of Kingston, and Poulin of Fairfield. Another ten had medians in the $100-$200 range, including Ferraton and Alain & Evelyne Morel de Westgaver, both of Brussels, Oger et Camper and Rossini, each of Paris, Dirk Soulis of Lee's Summit, Burgersdijk & Niermans of Leiden, Bubb Kuyper of Haarlem, Kiefer of Pforzheim, Rupert Toovey of West Sussex, and even Heritage at their New York location. There are lots of places where average collectors can bid. National Book combined the lowest median of $41 and lowest average of $78 with the highest sell-through rate of 99%. Whatever you bid there, if no one else challenges you, you are going to get it. Of the 5,394 items offered, only 27 returned to their shelves.

November was once again the busiest month for book auctions, but May is now a very close second. Interestingly, volume in September, usually a fairly slow month, shot up this year. Fall is always the busiest time of the year, but it looks like more houses are now trying to get a jump on the season. The slowest months were January, July and August. August was not only the slowest month, but had the lowest median and average prices as well. The highest prices were achieved in October and November.

So ends our review of another year gone by. Already, we have now moved through the first 1/12th of 2012, and here is wishing a prosperous year of buying and selling for booksellers and collectors alike.

AE's detailed auction charts may be found by clicking this link.

Rare Book Monthly

  • <b>Sotheby’s: The Library of John & Suzanne Bonham. 26 September in London. Viewing 22-25 September</b>
    Sotheby’s London, Sep. 26:</b> Churchill, Winston S. Two Typed Letters Signed, regarding the British North Greenland Expedition (1952-54). £3,000 to £4,000
    Sotheby’s London, Sep. 26:</b> Bernatz, Johann Martin. <i> Scenes in Ethiopia</i>. London: F.G. Moon, 1852. First edition. £6,000 to £8,000
    Sotheby’s London, Sep. 26:</b> Captain Lawrence Edward Grace Oates. Collection comprising (among other things): documents and pamphlets. £1,500 to £1,800
    <b>Sotheby’s: The Library of John & Suzanne Bonham. 26 September in London. Viewing 22-25 September</b>
    Sotheby’s London, Sep. 26:</b> Darwin, Charles, and Philip Parker King, and Robert FitzRoy. <i> Narrative of the Surveying Voyages of His Majesty's Ships Adventure and Beagle Between the Years 1826 and 1836…</i> £15,000 to £20,000
    Sotheby’s London, Sep. 26:</b> Spratt, Thomas A.B., and Edward Forbes. <i>Travels in Lycia, Milyas, and the Cibyratis</i>. London: John Van Voorst, 1847. £800 to £1,200
    Sotheby’s London, Sep. 26:</b> Richardson, John. <i>Arctic Searching Expedition: A Journal of a Boat-Voyage Through Rupert's Land and the Arctic Sea, In Search of Sir John Franklin</i>. £6,000 to £8,000
  • <b>Swann Auction Galleries Sep 28:</b> Printed & Manuscript Americana</b>
    <b>Swann Auction Galleries Sep 28:</b> Broadside proclaiming the end of the Revolutionary War, NH, 1783. $20,000 to $30,000. 
    <b>Swann Auction Galleries Sep 28:</b> Manuscript medical journal kept by physicians aboard Continental Navy vessels, 1777-88. $20,000 to $30,000.
    <b>Swann Auction Galleries Sep 28:</b> Manuscript notes on sermons heard at Boston's First Church & Old South Church, 1684-1703. $8,000 to $12,000.
    <b>Swann Auction Galleries Sep 28:</b> Printed & Manuscript Americana</b>
    <b>Swann Auction Galleries Sep 28:</b> Missionary archive of Samuel W. and Gideon H. Pond, MN, 1833-93. $30,000 to $40,000. 
    <b>Swann Auction Galleries Sep 28:</b> Captain's journal of a mutinous whaling journey, South Pacific, 1839-46. $8,000 to $12,000.
    <b>Swann Auction Galleries Sep 28:</b> <i>McClees' Gallery of Photographic Portraits ... of the Thirty-Fifth Congress</i>,Washington, 1859. $10,000 to $15,000.
    <b>Swann Auction Galleries Sep 28:</b> Printed & Manuscript Americana</b>
    <b>Swann Auction Galleries Sep 28:</b> Juan de Ugarte, manuscript report on first 16 months of California missions, Mexico, 1699. $12,000 to $18,000
    <b>Swann Auction Galleries Sep 28:</b> Cyanotype albums depicting the construction of the Williamsburg Bridge, New York City, 1897-1903. $4,000 to $6,000.
    <b>Swann Auction Galleries Sep 28:</b> Unrecorded broadside from occupied New York, 1778. $3,000 to $4,000.
    <b>Swann Auction Galleries Sep 28:</b> Printed & Manuscript Americana</b>
    <b>Swann Auction Galleries Sep 28:</b> <i>The Honolulu Merchants' Looking-Glass</i>, first edition, San Francisco, 1862. $6,000 to $9,000.
    <b>Swann Auction Galleries Sep 28:</b> Honorius Philoponus, <i>Nova Typis Transacta Navigatio</i>, first edition, Linz, 1621. $5,000 to $7,500.
    <b>Swann Auction Galleries Sep 28:</b> The Book of Mormon, first edition, Palmyra, NY, 1830. $10,000 to $15,000.
  • <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop:</b> Exodus 10:10 to 16:15. Complete Biblical scroll sheet in Hebrew, a Torah scroll panel. Middle East, ca. 10th or 11th century.
    <b>19th Century Shop:</b> Copernicus Refuted. (Astronomy.). Scientific manuscript of a course of studies at Collège de la Trinité, Lyon. 1660s.
    <b>19th Century Shop:</b> Israel’s War of Independence and the Early Days of the IDF. 58 photographs presented to Israel Ber, IDF officer and later convicted spy.
    <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop:</b> Early Unpublished Darwin letter on the races of man. Autograph Letter Signed [to Henry Denny]. Down, Kent, June 1, [1844].
    <b>19th Century Shop:</b> Classic Image of American Slavery. Kimball, M. H. <i>Emancipated Slaves</i>. New York: George Hanks, 1863.
    <b>19th Century Shop:</b> (Underground Railroad.) Scaggs, Isaac. Important Runaway Slave Poster: $500 Reward Ran away, or decoyed from the subscriber…
  • <b>Bonhams, Sep. 26:</b> Cook in Tahiti. [Playbill]. [Germany, c.1840.] $3,000 - $5,000
    <b>Bonhams, Sep. 26:</b> Roberts' Sketches in Egypt and Nubia. London, 1846-9. $20,000 - $30,000
    <b>Bonhams, Sep. 26:</b> Breydenbach. Peregrinatio in terram sanctam. Mainz, 1486. $100,000 - $150,000
    <b>Bonhams, Sep. 26:</b> Dürer. Underweysung der messung [and two more]. Nuremberg, 1525-8. $150,000 - $200,000
    <b>Bonhams, Sep. 26:</b> Whitman. Autograph Manuscript [in] The Complete Writings. One of 32 sets. $8,000 - $12,000
    <b>Bonhams, Sep. 26:</b> Columbus. De Insulis nuper in mari Indico repertis. Basel, 1494. $700,000 - $1,000,000
    <b>Bonhams, Sep. 26:</b> The Dr. Hendon M. Harris Jr. Korean Atlas Collection. [Korea; c.1700 to c.1890.] $35,000 - $50,000
    <b>Bonhams, Sep. 26:</b> Aa, Pieter van der. Naaukeurige versameling der gedenk-waardigste zee en land-reysen. Leyden, 1706-8. $8000 - $12,000
    <b>Bonhams, Sep. 27:</b> Russian Kholod 5D67 HFL Rocket Engine. $25,000 - $40,000
    <b>Bonhams, Sep. 27:</b> Neil Armstrong Apollo Era Training Glove. $8,000 - $12,000
    <b>Bonhams, Sep. 27:</b> Large Lunar Near Side Chart, Signed by 20th Century Surface Explorers. $20,000 - $25,000
    <b>Bonhams, Sep. 27:</b> Annotated Photo Album Detailing Alexander Graham Bell's Experiments with Tetrahedral Kites. $50,000 - $80,000
  • <b>Announcing a new Books for Sale platform hosted by Biblio!</b>
    <b>List your books simultaneously on Rare Book Hub and Biblio!</b>
  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Cook (Captain James).- Webber (John) and Marie Catherina Prestel. Four views in the South Seas [bound with] <i>Atlas to accompany Captain James Cook's account of his voyages...</i> £4,000 to £6,000
    <b>Forum Auctions, Sep. 27:</b> Knight (Joseph). <i>On the cultivation of the plants belonging to the natural order of Proteeae</i>, 1809. £2,000 to £3,000
    <b>Forum Auctions, Sep. 27:</b> India & China.- Sonnerat (Pierre). <i>Voyage aux Indes Orientales et a la Chine, fait par ordre du roi, depuis 1774 jusqu'en 1781</i>. £20,000 to £30,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Mongolia.- Pallas (Peter Simon). <i>Sammlungen Historischer Nachrichten uber die Mongolischen Volkerschaften.</i> £15,000 to £20,000 
    <b>Forum Auctions, Sep. 27:</b> America.- Warre (Henry). <i>Sketches in North America</i>, 1848. £4,000 to £6,000
    <b>Forum Auctions, Sep. 27:</b> Atlases.- <i>English Pilot (The). The Fourth Book. Describing The West-Indian Navigation, from Hudson's Bay to the River Amazones...</i> £4,000 to £6,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Greece.- Lear (Edward). <i>Views of the Seven Ionian Isles</i>, signed presentation copy from the author to Evelyn Baring, 1863. £3,000 to £4,000
    <b>Forum Auctions, Sep. 27:</b> Lear (Edward).- [Gray (John Edward)]. <i>Gleanings from the Menagerie and Aviary at Knowsley Hall</i>, 1846. £7,000 to £10,000
    <b>Forum Auctions, Sep. 27:</b> Flamsteed (John). <i>Historiae Coelestis</i>, first edition,1712. £20,000 to £30,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Flamsteed (John). <i>Atlas Coelestis</i>, 1781. £10,000 to £15,000
    <b>Forum Auctions, Sep. 27:</b> Conjuring Posters.- The Steens, American Mystifiers: Originators of Silent Transmission. broadside poster, [probably 1890-1900]. £300 to £500
    <b>Forum Auctions, Sep. 27:</b> Tyndale's Bible.- Bible, English. The newe Testament, Richard Jugge, 1552; sold not subject to return. £10,000 to £15,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Cook (Captain James).- Webber (John) and Marie Catherina Prestel. Four views in the South Seas [bound with] <i>Atlas to accompany Captain James Cook's account of his voyages to the Pacific Ocean in the years 1776-1780.</i>
    <b>Forum Auctions, Sep. 27:</b> Knight (Joseph). <i>On the cultivation of the plants belonging to the natural order of Proteeae</i>, 1809. £2,000 to £3,000
    <b>Forum Auctions, Sep. 27:</b> India & China.- Sonnerat (Pierre). <i>Voyage aux Indes Orientales et a la Chine, fait par ordre du roi, depuis 1774 jusqu'en 1781</i>. £20,000 to £30,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Mongolia.- Pallas (Peter Simon). <i>Sammlungen Historischer Nachrichten uber die Mongolischen Volkerschaften.</i> £15,000 to £20,000 
    <b>Forum Auctions, Sep. 27:</b> America.- Warre (Henry). <i>Sketches in North America</i>, 1848. £4,000 to £6,000
    <b>Forum Auctions, Sep. 27:</b> Atlases.- <i>English Pilot (The). The Fourth Book. Describing The West-Indian Navigation, from Hudson's Bay to the River Amazones...</i> £4,000 to £6,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Greece.- Lear (Edward). <i>Views of the Seven Ionian Isles</i>, signed presentation copy from the author to Evelyn Baring, 1863. £3,000 to £4,000
    <b>Forum Auctions, Sep. 27:</b> Lear (Edward).- [Gray (John Edward)]. <i>Gleanings from the Menagerie and Aviary at Knowsley Hall</i>, 1846. £7,000 to £10,000
    <b>Forum Auctions, Sep. 27:</b> Flamsteed (John). <i>Historiae Coelestis</i>, first edition,1712. £20,000 to £30,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2017</b>
    <b>Forum Auctions, Sep. 27:</b> Flamsteed (John). <i>Atlas Coelestis</i>, 1781. £10,000 to £15,000
    <b>Forum Auctions, Sep. 27:</b> Conjuring Posters.- The Steens, American Mystifiers: Originators of Silent Transmission. broadside poster, [probably 1890-1900]. £300 to £500
    <b>Forum Auctions, Sep. 27:</b> Tyndale's Bible.- Bible, English. The newe Testament, Richard Jugge, 1552; sold not subject to return. £10,000 to £15,000

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