Rare Book Monthly

Articles - July - 2012 Issue

A Case for Buying from Dealers

L-5 jersey city and albany railway, 1875

A prospectus for the Jersey City and Albany Railway 1875

Buying books, manuscripts, maps and ephemera is no great task.  There are millions of items available today.  Finding material that is highly relevant to a collecting strategy and requiring that price roughly equal value is oh so much more difficult, buying from dealers who most often have such material  - at prices that provide a reasonable chance to someday sell for a profit  - even more of a challenge.
  

Locating common material is often easy and does not require the help of knowledgeable dealers.  For run-of-the-mill rarities listing sites and eBay provide thousands of opportunities.  Learning to differentiate between common and uncommon rarities and to sort them by relevance to your collecting focus however is an art learned slowly.  As a collector I’m focused on material relating to the Hudson Valley, in particular to people, places and things on both sides of the Hudson River between New York and Albany, an at once difficult to collect subject and also the subject of thousands, invariably tens of thousands of items.  Finding the right material is the challenge and experienced dealer perspective very useful.

For help I turned recently to two dealers, Bill Reese and Peter Luke, who routinely encounter the material I want.  Bill is of course the New Haven dealer and leader in the Americana field in the United States.  Peter, doing business as Peter Luke Antiques, Ephemera, Old and Rare Books, is a long experienced, deeply knowledgeable dealer whose home in the Hudson Valley in New Baltimore an hour south of Albany, gives him a window on the flow of the local material I most value.  Both have a practiced eye.

The easy logic is that dealers are often expensive and some sellers on listings sites and many sellers on eBay cheap.  Following that line of thinking I would buy more from the inexpensive sources and I in fact do.  This however ignores the value of dealer perspective.  What is rare?  What is important, what is “good condition for issue”?  Dealers see a great deal of material and some develop a sense of ‘relative condition’, an important criteria when it’s necessary to pay up.  Paying them for this perspective is part of the calculation in making them offers, deciding what to offer or accept often a tough call.  For these calculations I rely on the AED’s current value and probability of reappearance calculations as the basic measure of value and rarity and its very effective.

My collecting focus of course also needs to be on target.  An unfocused collection I build will sell but may disappoint just as a laser-like focus on an out-of-favor area may also fail financially.  Of course choosing a subject exclusively for its potential for profit may meet financial criterion but be unsatisfying.  Every collector has to balance these factors.  I long ago came down on the side of collecting passion and have worked hard to have my collection make sense and do this by considering every possibility and rejecting most.  If this sounds like I’m denying myself my wife will be quick to say “I haven’t seen that yet.”  My collection of early and interesting material relating to the Hudson Valley approaches, and probably exceeds, 3,000 items. 

The collection is large because I’ve been open to the possibilities the Internet has provided.  When speaking with dealers I explain that I collect narrowly and deeply.  As to minutia I consider it all.  And it turns out only institutions and very focused collectors want the deep detail I pursue so I’m constantly considering appealing material that few others want.  Items I want may start on eBay at $200 but 4 or 5 unsuccessful auctions later I buy them for $40.  This keeps prices within reason.

This may also limit the collection’s ultimate value because if there is no market now for much of what I buy, who is to say there will be a market for it in future?  I’m certain there will be but am less certain when.   Why so?  Because such focused collecting becomes important often only when it becomes very complete and has been explained.  Most collections are never complete and many of them fall into the hands of heirs who view such hard to understand aggregations as impediments to selling the real estate and therefore dispose of them quickly for a small fraction of their actual value.  In other words such collections are a little bit dangerous.  They can become important, and valuable, when complete.  They are otherwise often indistinguishable from the boxes of rubble that every collector, dealer and library has.

Rare Book Monthly

  • <b>Bonhams: Sale Results from <i>Exploration and Travel, Featuring Americana, Part I.</i> September 25, 2018</b>
    <b>Bonhams, Sep. 25 results:</b> Shackleton, Ernest. <i>Aurora Australis.</i> Printed at the sign of 'The Penguins'; East Antarctica, 1908. Sold for $97,500
    <b>Bonhams, Sep. 25 results:</b> Shackleton, Ernest. <i>South Polar Times.</i> 1st edition, limited issue. from the library of Michael Barne. Sold for $25,000
    <b>Bonhams, Sep. 25 results:</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. Sold for $87,50
    <b>Bonhams: Sale Results from <i>Exploration and Travel, Featuring Americana, Part I.</i> September 25, 2018</b>
    <b>Bonhams, Sep. 25 results:</b> <i>The Voice of the People.</i> Boston, 1754. Rare pamphlet on the Excise Tax. Nathaniel Sparhawk's copy. Sold for $8,750
    <b>Bonhams, Sep. 25 results:</b> Autograph Letter Signed ("S.L. Clemens"), offering extensive hard-earned advice on writing, 5 pp, 1881. Sold for $37,500
    <b>Bonhams, Sep. 25 results:</b> Lewis, Meriwether. Contemporary manuscript true copy of his final power of attorney, 1809. Sold for $7,500
    <b>Bonhams, Sep. 25 results:</b> <i>A New Method of Macarony Making, as Practiced at Boston in North America.</i> Mezzotint. London, 1774. Sold for $6,875
    <b>Bonhams, Sep. 25 results:</b> <i>Scientific Base Ball Pitching: A Treatise on the Pitcher, Pitching, Origin and Philosophy of the Curve.</i> Chicago, 1897. Sold for $3,750
  • <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 Nov 8:</b> Kurt Vonnegut, archive of 12 letters, signed to his family, 6 illustrated, 1930s-40s. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Allen Ginsberg, 11 autograph manuscripts, including 10 drafts of poems & a page of notes, circa 1948. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Joan Miró, illustrated autograph note signed to MoMA Director of Exhibitions & Publications, 1959. $6,000 to $9,000.
    <b>Swann Auction Galleries Nov 8:</b> Carl Gustav Jung, typed letter signed to a colleague, 1948. $3,000 to $4,000.
    <b>Swann Auction Galleries Nov 8:</b> Gustav Mahler, ALS, arranging a meeting during his historic visit to New York, circa 1908. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Mark Twain, ALS, explaining the target of his new book, 1902. $3,000 to $4,000.
    <b>Swann Auction Galleries Nov 8:</b> Charles Dickens, ALS, accepting an invitation in the voice of a <i>Martin Chuzzlewit</i> character, 1843. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Jacob Lawrence, illustrated greeting card signed, 1960. $2,000 to $3,000.
    <b>Swann Auction Galleries Nov 8:</b> Robert E. Lee, ALS, to the colonel of the Kanawha Valley volunteers, boosting morale, 1861. $15,000 to $25,000
  • <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>
  • <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> SHACKLETON, Ernest Henry, Sir. <i>Aurora Australis. Printed at the Winter Quarters of the British Antarctic Expedition, 1907, During the Winter Months of April, May, June, July, 1908.</i> $60,000 to $80,000
    <b>Leslie Hindman, Oct 31:</b> HUMBOLDT, Alexander von, and Aime J. A. BONPLAND. <i>Vues des Cordillères, et monumens des peuples indigènes de l'Amérique.</i> Paris, 1810. $30,000 to $40,000
    <b>Leslie Hindman, Oct 31:</b> COOK, James, Captain. [Collected Voyages]. London: Strahan and Cadell, 1773, 1777, 1784. First editions of the second and third voyages. $20,000 to $30,000
    <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> DARWIN, Charles. <i>A Narrative of the Surveying Voyages of His Majesty's Ships Adventure and Beagle, between the years 1826 and 1836.</i> $20,000 to $30,000
    <b>Leslie Hindman, Oct 31:</b> SPILBERGEN, Joris van (1568-1620). <i>Speculum orientalis occidentalisque Indiae navigationum.</i> Leiden: Nicolaus van Geelkercken, 1619. $20,000 to $30,000
    <b>Leslie Hindman, Oct 31:</b> DRAKE, Francis, Sir. <i>Sir Francis Drake Revived. Who is or may be a Pattern to stirre up all Heroicke and active Spirits of these Times…</i> London, 1653 [i.e. 1652]. $10,000 to $15,000
    <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> SHACKLETON, Ernest Henry, Sir, Louis C. BERNACCHI, and Apsley George Benet CHERRY-GARRARD, editors. The South Polar Times. London, 1907-1914. $10,000 to $15,000
    <b>Leslie Hindman, Oct 31:</b> ANSON, George. <i>A Voyage round the World, In the Years 1740...</i> 1744. London: John and Paul Knapton for the author, 1748. $8,000 to $12,000
    <b>Leslie Hindman, Oct 31:</b> HERRERA Y TORDESILLAS, Antonio de. <i>Description des Indes Occidentales, Qu'on appelle aujourdhuy Le Nouveau Monde...</i> Amsterdam: Michel Colin, 1622. $8,000 to $12,000
    <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> NOORT, Olivier van. <i>Description du Penible Voyage fait entour de l'univers ou globe terrestre...</i> Amsterdam: Cornille Nicolas, 1610. $5,000 to $7,000
    <b>Leslie Hindman, Oct 31:</b> LEO AFRICANUS, Johannes. <i>A Geographical Historie of Africa, Written in Arabicke and Italian.</i> London: George Bishop, 1600. $4,000 to $6,000
    <b>Leslie Hindman, Oct 31:</b> SCHOUTEN, Willem Corneliszoon. <i>Journal ou Description du Merveilleux Voyage de Guillaume Schouten, Hollandois natif de Hoorn, fait es années 1615, 1616, & 1617.</i> 1619. $4,000 to $6,000

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