• <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> VAN ORLEY, Richard. "Les avantures de Telemaque fils d'Ulÿsse &c." Set of 86 superb ink drawings. 45,000 to 60,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> Gojôraku Tôkaidô [or] Tôkaidô meisho fukei. Processional Tôkaido drawn by Prof. Moro, coloured prints in one set of 100 sheets]. 15,000 to 18,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> DURAS, Marguerite. <i>Moderato cantabile.</i> Original lithographs by André Minaux. 22 lithographs. 4,000 to 4,500 €
    <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> ADAMS, Georges. A pair of 18-inch English globes. [London], s.n., [1766]. ORIGINAL GLOBES by Georges Adams dedicated to King George III. 9,000 to 12,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> BLAEU, Joan. <i>[Atlas maior, sive cosmographia blaviana, qua solum, salum, coelum, accuratissime describuntur]. Geographia, quae est cosmographiae Blaviana pars prima [...].</i> 250,000 to 350,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> VAN DER MEULEN, Adam Frans. <i>[Vues, marches, entrées, passages et autres sujets servant à l'histoire de Louis XIV].</i> 35,000 to 50,000 €
    <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> GALILEI, Galileo. <i>Galileo a Madama Cristina di Lorena</i> (1615). Precious copy of one of the most famous and popular miniature books. 2,500 to 3,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> Biblia Vulgata. Latin. [France, last quarter 13th c.] 8,000 to 12,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> Horae. Use of Rome. Latin (and a few French rubrics). [Hainaut (Mons or Valenciennes), c. 1490]. 40,000 to 50,000 €
    <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> GARSIAS, Paulus. <i>[Determinationes magistrales contra conclusions Joannis Pici Mirandulae].</i> (Rome, E. Silber, 15 October 1489). 12,000 to 15,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> LORRIS, Guillaume de; MEUNG, Jean de. <i>Le rommant de la Rose nouuellement reueu et corrige oultre les precedentes impressions</i> [ed. Guillaume Michel]. 3,000 to 4,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> LA FONTAINE, Jean de. <i>Fables choisies, mises en vers.</i> Paris, Desaint & Saillant, Durand. De l'imprimerie de Charles-Antoine Jombert, 1755<br> [- 1759]. 10,000 to 12,000 €
  • <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Marc Chagall. <i>Daphnis & Chloé</i>. Paris, Tériade, 1961. 42 original lithographs. One of the 10 copies for the collaborators. 80,000-120,000 €
    <b>Sotheby’s Paris, May 24:</b> [Marcel Proust] — Gaston Gallimard. Very important letters to Marcel Proust. 1912-1922. 100,000-150,000 €
    <b>Sotheby’s Paris, May 24:</b> JESUITS. <i>Relation de ce qui s’est passé en la Nouvelle France en 1635</i> […] 1672. Period calf binding. Very rare set of letters about life in the French territories among warring Indian tribes. 12,000-18,000 €
    <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Gustave Flaubert. <i>Madame Bovary</i>. Paris, Michel Lévy Frères, 1857. One of the few deluxe copies, with inscription to Adolphe Gaïffe and a letter. 30,000-50,000 €
    <b>Sotheby’s Paris, May 24:</b> A. von Humboldt. <i>Essai politique sur le Royaume de la Nouvelle Espagne.</i> Paris, 1811. Period binding. Complete with the large California/Mexico map. 10,000-15,000 €
    <b>Sotheby’s Paris, May 24:</b> [Affaire Dreyfus] — Georges Clemenceau. <i>Démosthène</i>. Paris, Plon-Nourrit et Cie, 1926. Exceptional copy with an inscription to Mathieu Dreyfus, Alfred Dreyfus’ brother. 8,000-<br>12,000 €
    <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Guillaume Apollinaire. <i>Les trois Don Juan</i>. 1914. Unpublished inscription to Madeleine Pagès and 2 original drawings. 25,000-35,000 €
    <b>Sotheby’s Paris, May 24:</b> Marcel Duchamp. <i>L.H.O.O.Q. shaved</i>. [New York, 1965]. One of the 100 deluxe signed copies. With an autographed envelope. 15,000-20,000 €
    <b>Sotheby’s Paris, May 24:</b> Francis Bacon — Michel Leiris. <i>Miroir de la tauromachie</i>. [Paris], Daniel Lelong, [1990]. With 4 signed lithographs. 40,000-60,000 €
    <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Gilbert & George. <i>The Red Sculpture Album</i>. [Londres, Gilbert & George], 1975. One of the 100 existing copies, signed by both of the artists, comprised of 11 original photographs. 10,000-15,000 €
    <b>Sotheby’s Paris, May 24:</b> Pablo Picasso — Honoré de Balzac. <i>Chef-d’œuvre inconnu</i>. Paris, Ambroise Vollard, 1931. One of the 65 deluxe copies on Japan paper, with an extra suite of the etchings. 35,000-<br>45,000 €
    <b>Sotheby’s Paris, May 24:</b> Marcel Proust. <i>Les Sources sur Loir</i>. Ca 1907-1908. Handwritten manuscript. Rough draft of one of the more beautiful passages of Swann’s Way. 30,000-50,000 €
  • <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> BRETON (André). <i>Arcane 17.</i> New York, Brentano's, 1944. One of the 25 first copies with the original etching signed by Roberto Matta. 6000 to 8000 €
    <b>ALDE, May 30:</b> HÉRON DE VILLEFOSSE (René). <i>La Rivière enchantée.</i> Paris, Bernard Klein, 1951. One of the 25 first copies on japon with an original watercolored drawing signed by Léonard Foujita. 60,000 to 80,000 €
    <b>ALDE, May 30:</b> ILIAZD. <i>Pirosmanachvili 1914.</i> Paris, Le Degré quarante et un, 1972. Dry point signed by Pablo Picasso. 5,000 to 6,000 €
    <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> JARRY (Alfred). <i>Ubu Roi.</i> Paris, Tériade, 1966. 13 lithographs by Joan Miró. 6,000 to 8,000 €
    <b>ALDE, May 30:</b> LEIRIS (Michel). <i>Vivantes cendres, innommées.</i> Paris, Jean Hugues, 1961. 13 original etchings by Alberto Giacometti. 12,000 to 15,000 €
    <b>ALDE, May 30:</b> MATISSE (Henri). <i>Jazz.</i> Paris, Tériade, 1947. 20 original pochoirs by Henri Matisse. 100,000 to 120,000 €
    <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> PAULHAN (Jean). <i>De Mauvais sujets.</i> Paris, Les Bibliophiles de l’Union Française, 1958. 10 etchings by Marc Chagall. 5,000 to 6,000 €
    <b>ALDE, May 30:</b> RONSARD (Pierre de). Layout for the book <i>Florilège des Amours.</i> Paris, Albert Skira, 1948. 128 lithographs, with many corrections by hand by Henri Matisse. 80,000 to 100,000 €
    <b>ALDE, May 30:</b> TING (Walasse). <i>1¢ life.</i> Bern, E.W. Kornfeld, 1964. One of the 100 deluxe copies with the 62 lithographs signed by the 28 artists. 15,000 to 20,000 €
    <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> SUGIMOTO (Hiroshi). <i>Time exposed.</i> Kyoto, Kyoto Shoin Co. Ltd., 1991. 51 offset lithographs. 10,000 to 12,000 €
    <b>ALDE, May 30:</b> SZAFRAN (Sam). Black and brown ink original drawing. 550 x 410 mm. 5,000 to 6,000 €
    <b>ALDE, May 30:</b> KIPLING (Rudyard). <i>La Chasse de Kaa.</i> Paris, Javal et Bourdeaux, 1930. 115 colored woodcuts by Paul Jouve. 5,000 to 6,000 €
  • <b>Christie’s 29 May:</b> MARE-BONNARD. Les Pastorales de Longus, or Daphnis et Chloé. Paris, 1902. Exceptional copy with a magnificent binding by André Mare. €50,000 to €70,000
    <b>Christie’s 29 May:</b> REDOUTE – L’HERITIER. Stirpes novae, illustratae iconibus. Paris [1784-1791]. Great paper copy with additional color touches on several plates. €10,000 to €15,000
    <b>Christie’s 29 May:</b> TOULOUSE-LAUTREC – IBELS – MONTORGUEIL. Le Café -Concert. Paris, [1893]. Famous Belle Epoque illustrations by Toulouse-Lautrec and Ibels. €5,000 to €7,000
    <b>Christie’s 29 May:</b> MANET – MALLARME – POE. Le Corbeau. The Raven. Paris, 1875. First edition of Mallarmé’s translation. Inscribed by Manet and Mallarmé to Gambetta. €60,000 to €80,000

Rare Book Monthly

Articles - July - 2014 Issue

The Bookseller's Dilemma: the world is changing

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Collectors: a committed older audience

The Bookseller’s dilemma: the world is changing

 

Problems in bookselling have long been understood.  Shops closing, books going online, loss of face-to-face contact, rising quantities, aging dealers, fewer new dealers and changing collecting perspectives are all factors in a once sedentary field that now evolves in real time.  In effect, the old world has become old hat and a disappearing hat at that.

 

Some fifteen years ago, a few dealers, sensing that the long-term impact of exponentially rising online book listings would eventually alter valuations negatively, began to adjust and reduce inventories.  Online listings and prices nevertheless continued to increase, with prices declining significantly only after the financial collapse of 2008.  As late as 2007, these concerns seemed overblown among the many who believed declining prices were a cyclical problem that would disappear with the next economic recovery.  But then came 2008, the watershed year that saw dealer cash flows and personal net worth broadly reduced by the Wall Street meltdown.

 

This decline coincided with the realization that the flow of material onto the net would continue even in the face of increasing competition and declining prices.  The cause?  Diminishing alternatives for selling and the easy ability to list.  Anyone could offer and, in time, it seemed almost everyone did.

 

For the prospective buyer, the rising volume and flexibility of emerging mega-databases such as Amazon and Abe Books provided fair approximations of the long sought “world wide search,” that is the single search that sees almost every copy everywhere.  These databases also provided new opportunities to see that some old books are very common, others rare, and some very overpriced.

 

Easily identified, illogical pricing lead to comparisons with auction realizations, and from these comparisons trends emerged.  Valuable and important material, according to the auction records, continued to be strong, but not outlandish, while the less wanted and less rare material generally weakened.  For the best material, as would be expected, online listings firmed while for the less expensive material that underperformed at auction, prices generally held to their pre-2008 asking prices.  The consequence of the increasing divergence between the best and the more mundane was that the serious book buying audience became more open to buying at auctions, from an estimated 10% of the rare book buying audience ten years ago to roughly 30% today, building an audience large enough to support increases in the number of auction houses, the number of sales and the number of lots – to the point where today auction volume is constant enough to support daily searches with the expectation of regularly finding appealing material.

 

For listing sites, the increasingly illogically high listing prices for mid- and lower-level material raised significant issues about listing site credibility.  If, on the one hand, you have moderating prices in the auction rooms and much higher prices for the same material online, it becomes easier, even incumbent, on prospective buyers to try the auction route.  Interestingly, most buyers have for years expressed a preference to buy from dealers, but there is an apparent limit to the listing site – auction price spread, and during the past 5 years, it was temporarily breached.  The challenge for dealers and listing sites then has become reducing that difference given a large spread makes the auctions look attractive.  Logically, this shouldn’t be difficult.  Auction prices, which for years fell, recovered 7% last year and, if such increases continue, they’ll once again make the listing sites competitive.

 

Dealers, of course, are also free to reduce prices, but in practice, if they cut prices only to have others cut theirs, they gain no comparative advantage and may earn the animosity of other sellers.  Alternatively, they can price consistently with other online sellers and potentially find their prices high compared to auction realizations.   For buyers who don’t follow auctions, of course, this is not a problem.  For those that do, and they tend to be the largest buyers, high prices tend to leave a bad impression.  And such impressions matter, for second chances are rare because among buyers it is assumed that dealers employ a consistent logic.  If prices are high in one context there is a tendency to think the dealer’s prices are generally high.  Sellers, it turns out, are auditioning every day and, in my experience, too often think it is only the material that is important.  That is not my experience.

 

For those who sell, telling a book’s story in a compelling way is very important because prospective buyers read descriptions as a way to understand both the material specifically and the dealer generally.  Dealers who do it well over a career develop a gravitas that adds value to the material, a fact we know because their connection to the material will be mentioned in subsequent descriptions and, I believe, aid in the sale.  We are used to regarding collector provenance as important.  Dealer provenance is equally significant. 

 

Getting the price right is obviously crucial.  Some sellers tend to airbrush flaws, better dealers tend to avoid flawed material altogether, but no one buys and sells only perfect copies.  Repair history is not always disclosed, but if asked, the serious seller will usually explain the issues they have dealt with and price the material consistent with its condition.  For the buyer, asking the right questions is important.

 

So where to sell?  By this point, dealers have tried most listing options, but few have found substantial success beyond the largest sites.  Those who have succeeded have been both aggressive and patient.  They can’t make buyers buy, but they can keep buyers from crossing them off their lists.  Ultimately, buyers have to contact dealers, and hopefully, when their paths cross, the offers they receive are compelling.  Today, they have to be.

 

For dealers, this is a substantial adjustment because the number of copies available and auction history now influence prices that were once exclusively set by sellers.    Until a few years ago, prices posted online were primarily determined by the prices of other copies of the same book posted on the same site.  Today, it is more complicated because of the rising percentage of buyers bidding at auction.  In effect, dealers have to have strategies for selling to two different constituencies that are prepared to pay different prices, the traditional book buyer and the auction bidder.  Lots of luck bridging the difference - because if you price high you lose the auction buyer, and if you price to be in a logical relationship to auction prices, you leave margin on the table.

 

Auctions have always been part of the field, but they were, for most of the past 250 years, a dealers’ only market that froze out retail bidders.  Since 1980, auctions have moved into the retail sphere and become competitors with dealers, uneasily coexisting with them since.  Understanding what auctions are selling and their bidding protocols requires concentration and dealers, who when asked, will have plenty of disaster stories to temper auction enthusiasm.  Nevertheless, auction houses have smoothed out their processes.  Variables such as reserves, version and condition skew outcomes, but for many titles there are today a series of auction realizations that together confirm value.  Both American Book Prices Current and the Americana Exchange Database provide extensive auction history.  Dealers currently have no comparable validation for their pricing and, in my view, need one.

 

Many fields, arguably most fields, now employ some pricing calculators and comparisons, their principal purpose being to quell doubts and encourage transactions. In our case, we also provide estimated current value.  This information, I believe, facilitates transactions by confirming importance, rarity and value.

 

Were dealer prices and auction realizations the same, the single variable for dealers would be condition, but dealers routinely price higher.  Our discussions with collectors suggest they expect to pay dealers more, and the threshold of upper valuation seems to be 30%.  When dealer prices move beyond that, as happened over the past five years when auction realizations declined and dealer prices generally held steady, we now know buyers shift their attention to auctions.

 

For evidence of this I look to the number of lots reported on AE over the past decade, those offered and those sold as well as total turnover:

 

Year    Total Lots       Lots Sold         Ave. Price       Median P.       Total Sales

2013   358662          257290          $2,422.00       $328               $623,156,380

2012   310489          221248          $2,803.00       $351               $620,158,144

2011   244840          166903          $2,285.00       $378               $381,373,355

2010   218017          149075          $2,257.00       $339               $336,462,275

2009   207521          139,759         $2,955.00       $376               $412,987,845

2008   220798          156,839         $2,589.00       $384               $406,056,171

2007   204898          153179          $3,476.00       $486               $532,450,204

2006   203330          153310          $2,557.00       $423               $392,013,670

2005   161950          119714          $2,745.00       $420               $328,614,930

2004   114262             86717         $2,965            .00       $413               $257,115,905

 

The trends seem strong and convincing, but I have heard the statement that lot volume was always high but simply unreported.  That, to some extent, is true, but in my view does not explain the scale of the year over year increases that are continuing.  Chief among the sellers are the dealers themselves who are aging and facing both regular year over year cash flow needs and end of career issues.  One way or another, thousands of dealers are going to convert their books, manuscripts, maps and ephemera into cash over the next ten years.  Some material will go to auction.  The vast majority will be sold online, potentially at reduced prices.

 

And some are not waiting.  In Australia, many rare and used book dealers conduct auctions themselves.  It’s tolerated, but not universally accepted by other dealers.  In Canada in the rare book trade, you can be a dealer or an auction house but you cannot be both.  Nevertheless, some do both.  In France, many dealers conduct auctions, but in England they don’t.  Bit by bit, auctions, including eBay, are working their way into the mix.  But for the broad mass of material, auctions are not going to be the important venue.  The listing sites are.

 

There, in single clicks, enormous quantities of listings are sorted in tiny fractions of a second.  It is there that the field will prosper or suffer given that is where acquirers regularly look.  The proof of the listing sites’ success is visible in their pricing for the best of them are not cheap.  For the thousands of dealers that use them, they have to be finding success or they wouldn’t be continuing.

 

Their fees, in some cases, approach traditional auction rates.  Whatever the fees, if business is good, such fees will be less an issue, but for many, the business is difficult.  Sales are sparse, prices low and commissions high.  It would help if listing fees were lower, but to lower them, dealers will need to support an alternative approach, a low cost, high traffic specialist listing site for those who sell printed collectibles.  Such a site could make it easier for collectors to find material and facilitate interaction between buyers and sellers.  Theoretically, the seller would keep close to 100% of the proceeds.  This is a big order, but can be achieved.  The display features also need to be consistently first class, the speed fast, and the ongoing buyer/seller interaction captured in the site records.  In principle, this makes sense; in practice, organizing dealers is like herding cats, except that dealers are more independent.

 

In approaching listings, for dealers, the goal should be to provide entirely transparent offers.  By this I mean a complete history of each listing from first day posted, alternations to price along the way, inquiries and offers made and turned down.  Subsequent transaction prices and later re-listings will add to the unfolding story, in time becoming engrossing reading and compelling information that will clarify why dealer involvement is often very important. 

 

As a case in point, I sold at auction in 2009 and 2010 two collections, one early-printed materials and the other western Americana, and included source, date and price information.  I was rewarded with a wide following and a surfeit of bidders.  Most material was sold without meaningful reserves, and, in my view, provided proof that clear information is a substantial aphrodisiac.  Those two sales raised $7.4 million.  Such history is attractive to buyers and no doubt will help revitalize the field. 

 

But many dealers will be reluctant to be so clear, particularly those long used to obscuring their material’s history, I suspect, to hide markups and sources.  During the modern era, skilled dealers made plenty of money, but today, wading into the age of transparency, I believe they face the need to reintroduce the book history they set aside years ago because its inclusion will enhance salability.  It will also be painful and the more honest, rendering the less organized unable to do it.

 

While we wait for significant long-term changes, there are strategies that are effective in the short term.  Dealers should list on more sites and include more images.  At least some of the listing sites should be structured to send their listings into the search engines.  Dealers should refrain from periodically removing and reloading their inventory because it breaks the links that search engines create to make material searchable on Google and the like.  Those who issue catalogues and are AE members should submit them for review in AE Monthly.

 

And experiment on eBay.  Many have tried and some succeeded.  Buyers run tens of thousands of searches there every day.  Capturing their attention is an art.

 

And be open to blogging.  Few dealers have the stamina to write for years to develop a following.  But it can be worthwhile.

 

In time an alphanumeric identification number that is separately and permanently assigned by a knowledgeable but disinterested third party, possibly a single library, a group of libraries or an association, will be the basis for collectible material to be understood and tracked over time.  An item, once an ID number has been assigned and the item indelibly marked, may disappear from the market and later reappear, its prior history on file to be easily and quickly undated.  Such a system will track material hundreds of years into the future, eliminating much uncertainty and creating a strong intellectual and financial basis for collecting.  The effects will be enormous and continuing.  The transition will require the best minds, the best hearts and probably five years.

 

And can it happen?  Yes, and it should.

 

It will start with a few dealers creating a transparent flow of information.  Some listing sites will cooperate and others won’t.  From the buyer’s perspective, such detailed listings will be magnetic and the books, so enrolled, in time worth appreciably more than comparable unmarked copies, particularly those among the first ten thousand examples to be numbered.  Two or three dealers will not be able to change the world, but fifty very serious dealers and one or more major libraries will.

 

For my part, as a collector, I will support the effort by favoring participating dealers.  As managing partner of AE, we will make our resources available.  Dealers are not an option, they are a necessity.

 

 


Posted On: 2014-07-02 18:44
User Name: tenpound

Interesting ideas, Bruce. And a much more balanced article on the trade than your last one. One question, though: Aren't "moderating prices in the auction rooms" offset by increasingly greedy - now up to 25% - buyer's premiums?


Posted On: 2014-07-03 16:19
User Name: Fattrad1

Bruce,

I believe that most booksellers now view the prices posted on the major listing sights just as they few the view the prices on the stock exchanges.....................constantly changing. The auction market offers the occasional value when bidders fail to show up. You also fail to mention the past bankruptcies of famous auction houses and the other legal problems they have faced.

You are correct about the direction of prices of common or scarce books, but that is merely a function of supply and demand, fewer collectors and more titles coming to market. Oh, I could introduce you to numerous young booksellers under the age of forty, the industry is safe and sound.

Jeff Elfont
Swan's Fine Books - an open shop
Walnut Creek, Ca.


Rare Book Monthly

  • <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> Book of Hours. Workshop Vrelant, around 1460-70. Est: € 30,000
    <b>Ketterer Rare Books, May 28:</b> J. J. Marinoni, <i>De Astronomica specula,</i> 1745. Est: € 12,000
    <b>Ketterer Rare Books, May 28:</b> C. S. Lewis, <i>The Chronicles of Narnia,</i> 1950-56. Est: € 7,500
    <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> G. W. Knorr, <i>Regnum florae,</i> 1750. Est:<br>€ 15,000
    <b>Ketterer Rare Books, May 28:</b> A. M. S. Boethius, <i>De philosophico consolatu,</i> 1501. Est: € 8,000
    <b>Ketterer Rare Books, May 28:</b> J. Joyce, <i>Ulysses,</i> 1922. Est: € 5,000
    <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> Ornaments by H. Vogeler, 1900. Est:<br>€ 4,000
    <b>Ketterer Rare Books, May 28:</b> <i>Biblia Germanica,</i> 1490. Est: € 15,000
    <b>Ketterer Rare Books, May 28:</b> F. M. Regenfuss, <i>Auserlesne Schnecken und Muscheln,</i> 1758. Est: € 18,000
    <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> Einband Henry van de Velde, 1929. Est: € 4,000
    <b>Ketterer Rare Books, May 28:</b> <i>Hortus Sanitatis,</i> 1517. Est: € 12,000
    <b>Ketterer Rare Books, May 28:</b> R. Crevel and J. Miró, 1957. Est: € 3,500
  • <b>Archives International Auctions: U.S., Chinese & Worldwide Banknotes, Scripophily & Coins. May 23, 2018</b>
    <b>Archives International, May 23:</b> Chinese-American Bank of Commerce, 1920 "Harbin" Branch Issue Rarity. $5, P-S231s1, S/M#C271-3.5b, Specimen banknote. $25,000 to $35,000
    <b>Archives International, May 23:</b> Deutsch-Asiatische Bank, 1907 "Peking" Branch High Grade Rarity. 5 Taels, P-S280r S/M#T101-11b, Remainder Banknote. $17,000 to $22,000
    <b>Archives International, May 23:</b> Deutsch-Asiatische Bank, 1907, "Tsingtau" Branch Issue Rarity. $1, P-1a S/M#T101-40, Issued banknote. $8,000 to $16,000
    <b>Archives International Auctions: U.S., Chinese & Worldwide Banknotes, Scripophily & Coins. May 23, 2018</b>
    <b>Archives International, May 23:</b> Spanish American War - Three Per Cent Loan of 1898, $20 Bond. Issued and uncanceled. $6,000 to $10,000
    <b>Archives International, May 23:</b> Winnemucca, NV - $5 Ty. 1, The First NB of Winnemucca, Ch# 3575, Fr#1800-1. $3,000 to $5,000
    <b>Archives International, May 23:</b> National Banknote Assortment of Original 1st Charter, Plain Back and Date Back Issues. Lot of 6 notes, Includes Pennsylvania Nationals, First National Bank of Selins Grove, 1865, $1… $3,200 to $4,400
    <b>Archives International Auctions: U.S., Chinese & Worldwide Banknotes, Scripophily & Coins. May 23, 2018</b>
    <b>Archives International, May 23:</b> People's Bank of China, 1950 Issue Banknote. 50,000 Yuan, P-855 KYJ-C157a S/M#C282-, Issued banknote. $7,000 to $12,500
    <b>Archives International, May 23:</b> Pei-Yang Tientsin Bank, ND (ca.1910) Remainder Banknote. $3, P-S2527 S/M#P35-11. $5,000 to $7,000
    <b>Archives International, May 23:</b> Palestine Foundation Fund - Keren Hayesod Specimen Sacrifice Bond 1922. $1,000, Specimen Bond, "For the Up building of Palestine as a Homeland for the Jewish People". $1,500 to $2,500
  • <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>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 31, 2018</b>
    <b>Forum Auctions, May 31:</b> Simcoe (John Graves). Plan of the Province of Upper Canada with part of the Adjacent Countries, manuscript map… with numerous contemporary annotations. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> Ramusio (Giovanni Battista). <i>Delle Navigationi et Viaggi,</i> 3 vol., mixed edition, 3 double-page engraved maps and 7 folding woodcut maps, Venice, Giunti, 1613. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> Dickens (Charles). <i>A Christmas Carol,</i> first edition, first issue, Chapman & Hall, 1843. £6,000 to £8,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 31, 2018</b>
    <b>Forum Auctions, May 31:</b> Book of Hours. Hours of the Virgin [Use of Rome] in Latin, miniature illuminated manuscript on vellum with 6 full-page miniatures and 6 large initials with borders, Flanders, [2nd quarter of 15th century]. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> G.K. Chesterton archive. Collection of poems, drawings, letters and cards sent to Enid Simon, 1920s. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> Pasternak (Boris). <i>Doktor Zhivago</i> original typescript, 2 vol., with manuscript corrections and insertions by the author, the George Katkov copy, c.1956. £100,000 to £150,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 31, 2018</b>
    <b>Forum Auctions, May 31:</b> Tolkien (J.R.R.). <i>The Hobbit,</i> first edition, first impression, 1937. £20,000 to £30,000
    <b>Forum Auctions, May 31:</b> Milton (John). <i>Paradise Lost & Paradise Regain'd,</i> 2 vol., one of 10 copies printed on vellum, Cresset Press, 1931. £8,000 to £12,000
    <b>Forum Auctions, May 31:</b> Electricity and the vacuum.- Guericke (Otto von). <i>Experimenta nova (ut vocantur) Magdeburgica de Vacuo Spatio,</i> first edition; bound with <i>Philosophia Universa de Microcosmo</i>. £12,000 to £16,000
    <b>Forum Auctions, May 31:</b> [The Holy Land, Syria, Idumea, Arabia, Egypt & Nubia ...], vignette title and 42 plates from the deluxe subscriber's edition, 1842-1849 (43). £7,000 to £10,000
  • <b>Swann Auction Galleries June 5:</b> Charles Addams, <i>Penguin Convention,</i> watercolor, cover for <i>The New Yorker,</i> 1977. $15,000 to $20,000.
    <b>Swann Auction Galleries June 5:</b> Ludwig Bemelmans, <i>Agreed! No whiskey anywhere is more deluxe than Walker's DeLuxe,</i> pen, ink & watercolor, 1957. $10,000 to $15,000.
    <b>Swann Auction Galleries June 5:</b> Charles Schulz, <i>Do you like Beethoven?,</i> pen & ink, 9-panel <i>Peanuts</i> comic, 1970. $20,000 to $30,000.
    <b>Swann Auction Galleries June 5:</b> Russell Tandy, <i>The Secret in the Old Attic,</i> watercolor & gouache, cover for <i>Nancy Drew,</i> 1944. $15,000 to $25,000.
    <b>Swann Auction Galleries June 5:</b> Arthur Rackham, <i>Danaë & the Infant Perseus,</i> watercolor, ink & wash, for Hawthorne's <i>A Wonder Book,</i> 1922. $10,000 to $15,000.
    <b>Swann Auction Galleries June 5:</b> Tom Lovell, <i>I believe in magic too,</i> oil on canvas, published in <i>Woman's Home Companion,</i> 1947. $7,000 to $10,000.
    <b>Swann Auction Galleries June 5:</b> Enoch Bolles, <i>With Love...,</i> watercolor & gouache, cover for <i>Wow!</i> magazine, 1931. $7,000 to $10,000.
    <b>Swann Auction Galleries June 5:</b><br>Rick Meyerowitz & Maira Kalman, <i>New Yorkistan,</i> pen, ink & watercolor sketch for a <i>New Yorker cover,</i> 2001. $10,000 to $15,000.
    <b>Swann Auction Galleries June 5:</b> Jessie Willcox Smith, <i>Touching,</i> watercolor for <i>The Five Senses</i> by Angela M. Keyes, 1911. $12,000 to $18,000.
    <b>Swann Auction Galleries June 5:</b> Edward Gorey, <i>ABA 75,</i> watercolor & ink, cover for <i>Publisher's Weekly,</i> 1975. $5,000 to $7,500.
    <b>Swann Auction Galleries June 5:</b> Aubrey Beardsley, <i>Shelter,</i> pen & ink, for <i>Bon-Mots,</i> 1892. $8,000 to $12,000.
    <b>Swann Auction Galleries June 5:</b> Tedd Arnold, <i>I think it was three days ago...,</i> colored pencil & watercolor, for <i>Parts,</i> 1996. $4,000 to $6,000.
  • <b>Bonhams: Results from Fine Books and Manuscripts on March 9, 2018</b>
    <b>Bonhams, Mar. 9:</b> BEETHOVEN, LUDWIG VAN. Autograph Manuscript sketch-leaf part of the score of the Scottish Songs, "Sunset" Op. 108 no 2. [Vienna, February 1818]. Inscribed by Alexander Wheelock Thayer. SOLD for $131,250
    <b>Bonhams, Mar. 9:</b> Violin belonging to Albert Einstein, presented to him by Oscar H. Steger, 1933. SOLD for $516,500
    <b>Bonhams, Mar. 9:</b> EINSTEIN, ALBERT. Autograph Letter Signed ("Papa") to his son Hans Albert, discussing his involvement with the atomic bomb, September 2, 1945. SOLD for $106,250
    <b>Bonhams: Results from Fine Books and Manuscripts on March 9, 2018</b>
    <b>Bonhams, Mar. 9:</b> HAMILTON, ALEXANDER. Autograph Letter Signed, to Baron von Steuben, with extensive notes of Von Steuben's aide Benjamin Walker, June 12, 1780. SOLD for $16,250
    <b>Bonhams, Mar. 9:</b> NEWTON, ISAAC. Autograph Manuscript in Latin, being detailed instructions on making the philosopher's stone. 8 pp. 1790s. SOLD for $275,000
    <b>Bonhams, Mar. 9:</b> 1869 Inauguration Bible of President Ulysses S. Grant. SOLD for $118,750
  • <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Hammett (Dashiell). <i>The Maltese Falcon,</i> FIRST EDITION. A very good copy of this most influential detective fiction novel. £8,000 to £12,000
    <b>Chiswick Auctions, May 30:</b> Hemingway (Ernest). <i>In Our Time,</i> FIRST EDITION, NUMBER 137 OF 170 COPIES on Rives handmade paper. £15,000 to £18,000
    <b>Chiswick Auctions, May 30:</b> Hemingway (Ernest). <i>A Farewell to Arms,</i> FIRST EDITION, inscribed by the author to Mike Murphy, a Hemingway biographer and scholar. £4,000 to £6,000
    <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Kerouac (Jack). <i>On the Road,</i> FIRST EDITION, New York, Viking, 1957. £2,000 to £3,000
    <b>Chiswick Auctions, May 30:</b> Ransome (Arthur). <i>Swallows and Amazons,</i> FIRST EDITION, ownership inscription to half title. Only 2,000 copies of the first edition printed. £3,000 to £4,000
    <b>Chiswick Auctions, May 30:</b> Sewell (Anna). <i>Black Beauty: His Grooms and Companions. The Autobiography of a Horse. Translated from the original Equine,</i> FIRST EDITION, engraved frontispiece. £3,000 to £4,000
    <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Capa (Robert). <i>Omaha Beach D-Day, June 6th, 1944,</i> gelatine silver print, printed under the direct supervision of Cornell Capa, 40 x 50.5 cm. £3,000 to £5,000
    <b>Chiswick Auctions, May 30:</b> Cartier-Bresson (Henri). 'Loudres – Pilgrims Assemble', silver print, stamps and annotations on verso, very slight scratch, 170 x 240 mm, 1950. £2,000 to £3,000
    <b>Chiswick Auctions, May 30:</b> Carroll, Lewis [Dodgson, Charles Lutwidge]. <i>The Nursery Alice,</i> FIRST EDITION, a very rare inscribed, dedication copy. £8,000 to £10,000
    <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Potter (Beatrix). <i>The Tale of Peter Rabbit,</i> FIRST EDITION, FIRST PRINTING, limited to 250 copies [with] the FIRST PUBLISHED EDITION. £12,000 to £15,000
    <b>Chiswick Auctions, May 30:</b> Wells (H. G.). <i>War of the Worlds,</i> original Danish manuscript, the text written out in block script ink, with over 620 original drawings in ink and watercolour. £1,800 to £2,200
    <b>Chiswick Auctions, May 30:</b> Toulouse-Lautrec (Henri de).- Clemenceau (Georges). <i>Au Pied de Sinai,</i> NUMBER 104 OF 355 COPIES, with the suite of 10 lithographs by Henri de Toulouse-Lautrec in 2 states. £1,500 to £2,000

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