• <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>Book of hours, manuscript on vellum. Around 1520. Est: € 15,000
    <b>Ketterer Rare Books, May 22:</b><br>H. Schedel, <i>Liber chronicarum</i>. 1493. Est: € 60,000
    <b>Ketterer Rare Books, May 22:</b><br><i> Biblia germanica</i>. 1475/1476.<br>Est: € 140,000
    <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>A. Ortelius, <i>Theatrum orbis terrarum</i>. 1574. Est: € 26,000
    <b>Ketterer Rare Books, May 22:</b><br>L. de Varthema, <i>Die ritterlich und lobwirdig Rays</i>. 1515. Est: € 15,000
    <b>Ketterer Rare Books, May 22:</b><br>J. H. van Linschoten, <i>His Discours of Voyages</i>. 1598. Est: € 70,000
    <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>J. G. Stedman, <i>Narrative of Surinam</i>. 1806. Est: € 8,000
    <b>Ketterer Rare Books, May 22:</b><br>A. von Menzel, <i>Armeewerk Friedrichs d. Gr.</i> 1850-1860. Est: € 50,000
    <b>Ketterer Rare Books, May 22:</b><br>G. Heym, <i>Umbra Vitae</i>. 1924.<br>Est: € 8,000
    <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>Master binding by G. Levitzky. 1914. Est: € 2,500
    <b>Ketterer Rare Books, May 22:</b><br>R. Char, <i>A la santé du serpent</i>. 1954. Est: € 8,000
    <b>Ketterer Rare Books, May 22:</b><br>Nam June Paik, <i>Fluxus Testament</i>. 1975. Est: € 18,000
  • <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Ackermann, Rudolph—Uwins, Thomas. A collection of 240 drawings for Rudolph Ackermann's <i>Repository of Arts</i> magazine, 1809-1828. £20,000 – 30,000
    <b>Sotheby’s London, 9 May:</b> Blaeu, Willem Janszoon, and Joan. <i>Theatrum Orbis Terrarum, Sive Atlas Novus in Quo Tabulae et Descriptiones Omnium Regionum.</i> 1640-1654. £100,000 – 150,000
    <b>Sotheby’s London, 9 May:</b> Mercator, Gerard and Jodocus Hondius. <i>L’Atlas ou Méditations Cosmographiques de la Fabrique du Monde et Figure Diceluy.</i> 1613. £60,000 – 80,000
    <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Speed, John. <i>The Theatre of the Empire of Great Britain, Presenting an Exact Geography of the Kingdom of England, Scotland, Ireland and the Isles Adjoyning...</i> £100,000 – 150,000
    <b>Sotheby’s London, 9 May:</b> Wit, Frederick De. [General Atlas], With The Engraved Title For Atlas Maior. Amsterdam, [C.1688-1696]. £50,000 – 70,000
    <b>Sotheby’s London, 9 May:</b> Kuntz, Joh. Rudolph. <i>[Abbildungen Königlich Württembergischer Gestütts-Pferde von Orientalischen Racen.</I> Stuttgart: Ebner 1823–1824]. £30,000 – 40,000
    <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Lawrence, T.E. Ivory Silk Thawb, Or Under-Robe, Presented by Lawrence of Arabia to a family friend. £10,000 – 15,000
    <b>Sotheby’s London, 9 May:</b> Blaeu, Joan. <i>Archipelagus Orientalis Sive Asiaticus</i>. Amsterdam: Joan Blaeu, [1659]. £200,000 – 250,000
    <b>Sotheby’s London, 9 May:</b> Blaeu, Joan. <i>Asiae Descriptio Novissima</i>. Amsterdam: Joan Blaeu, [1659]. £60,000 – 80,000
    <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Japanese bird paintings—(Rinchô Zu). A Pair Of Painted Scrolls of Birds. [Japan, Late 18th Or Early 19th Century]. £25,000 – 35,000
    <b>Sotheby’s London, 9 May:</b> Huang, Qianren. Da Qing Wannian Yitong Tianxia Quantu [Complete Map of the Whole Unified Country of the Great Qing]. [1803]. £80,000 – 120,000
    <b>Sotheby’s London, 9 May:</b> Sôkaku or Ryôsei Jôkei. Da Ming Sheng Tu, [Map of (China Under) The Great Ming Dynasty]. (1691 Or 1711). £80,000 – 120,000
  • <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Ernest Hemingway, Autograph Letter Signed "Love / Mr. Papa," to Marlene Dietrich, Cuba, 1952. $20,000 to $30,000.
    <b>Swann Auction Galleries May 4:</b> Alexis de Tocqueville, Autograph Letter Signed, on the publication of <i> Democracy in America </i>, 1837. $10,000 to $15,000.
    <b>Swann Auction Galleries May 4:</b> Thomas Hart Benton, Autograph Manuscript, draft of <i>The Mechanics of Form Organization in Painting</i>, with sketches, 1926. $20,000 to $30,000.
    <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Elliot Erwitt, photograph of Kennedy & Eisenhower, signed by both,<br>c. 1960. $10,000 to $15,000.
    <b>Swann Auction Galleries May 4:</b> John Adams, Partly-printed Document Signed, as President, countersigned by Secretary of State Timothy Pickering, 1798. $4,000 to $6,000. 
    <b>Swann Auction Galleries May 4:</b> Graphite drawing of Albert Einstein, signed by him & the artist, S.N. Swamy, 1950. $7,000 to $10,000.
    <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Pyotr Ilyich Tchaikovsky, Autograph Musical Quotation Signed, London, 1888. $7,000 to $10,000.
    <b>Swann Auction Galleries May 4:</b> Thomas Jefferson, Partly-printed vellum Document Signed, as President, countersigned by Secretary of State James Madison, 1809. $4,000 to $6,000.
    <b>Swann Auction Galleries May 4:</b> Agatha Christie, Autograph Manuscript notebook with early drafts for numerous novels, Baghdad, circa 1948. $4,000 to $6,000.
    <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Claude Monet, Autograph Letter Signed to Desmond Fitzgerald, in French, 1889. $4,000 to $6,000.
    <b>Swann Auction Galleries May 4:</b> Photograph of Fidel Castro, Signed & Inscribed, in Spanish, 1955. $3,500 to $5,000.
    <b>Swann Auction Galleries May 4:</b> Frederick Stuart Church, archive of 17 illustrated Autograph Letters Signed to Evander Schley, 1905-11. $5,000 to $7,500.

Rare Book Monthly

Articles - January - 2015 Issue

Looking Ahead

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Cartoon by Rex F. May

Paul Krugman in his book The Conscience of a Liberal, published in 2007, describes the economic history of America since the Civil War as a succession of changing perspectives on taxation. This led me to wonder if tax rates, which are unusually low today, are having an impact on book collecting and rare book valuation.

The Gilded Age that emerged in the 1870s and that lasted until the Great Depression was a time where wealth was highly concentrated, easily maintainable, and not taxed on the top 10% of taxpayers at unusually onerous rates.  During the Depression, after FDR became President, his goal became to radically shift wealth back to the masses though the gradual escalation of tax rates. This lead over the next three decades to greatly elevated tax rates on the wealthy, eventually topping out at nearly 80% around 1955. Twenty-five years later, Ronald Reagan undid this high tax paradigm, replacing it with a two-tiered approach that reduced the rates for all taxpayers but particularly reduced the rates on high incomes.  These tax cuts, now embedded in the American tax system, continue to vastly favor the wealthy.  As a result, the percentage of assets held by those with the highest income has soared while income earned by the middle class has eroded. 

In a comparison between tax rates and rare book pricing as expressed in AE’s auction outcomes over the past 150 years, it is difficult to correlate prices and tax rates in the United States in any of these periods, at least in part because other events consistently intervened; in particular, the Great Depression followed by World War Two, both extraordinary economic periods of stimulus, with the war years also a period of enforced personal saving.  Post WW2, these earnings surged into the economy providing a solid ten years of economic stimulus and creating an enormous middle class that often used the GI Bill to attend college, thus supporting and encouraging institutions to build monumental libraries with vast and important special collections that over the next fifty years would dominate rare book acquisition.

Today such broad based rare book acquisition is in decline, many institutions now maintaining but no longer aggressively building their collections. Their focus has shifted to gifts, narrowing collections and repurposing facilities. 

Since the early eighties in addition to lower tax rates we also have seen the rise of the Internet, the extraordinary connectivity tool that makes inventories and the contents of printed material accessible.  Both aspects have transformed the world of old and rare books.  Whether declining tax rates or increasing access is the most important factor is unclear.  Databases such as Abe Books now warehouse the descriptions and prices of material from all over the world – permitting in a few keystrokes the searching of more than a hundred million books that are available for purchase.  As well, Google Books and others now provide full access to the texts of out of copyright material. 

These changes have then led to a redefining of what is rare and also made it appropriate to ask librarians if their job is to provide fully searchable text or the original printed texts.  About ten years ago librarians by a margin of 70/30 said their job was to provide the searchable text.  A few years ago the numbers shifted to 85/15, and one well-placed dealer said the numbers were shifting to 90/10.  The role of rare books is changing.

The cost to maintain such collections is also rising, while the flow of visitors is declining.  The costs of rising security, preservation, and personnel are now being gauged against traffic that is falling as researchers increasingly use electronic access to full texts rather than make time consuming and sometimes expensive trips to view printed copies first hand.

This will eventually lead to the dismantling of many library collections. Not all, but many will be redistributed within the library world and/or sold to dealers or sent to auction.  The cost of maintaining such libraries is becoming too high to justify the many related and unavoidable expenses that are attendant to such collections so it seems a certainty that many will be disposed.   But the stages of acquisition, holding, refocusing, and dispersal will be measured in decades, not years.  Most of what will happen will happen well into the future, and the reasons seem less to do with economic periods than with increased information and changing technologies that recalculate the access/ownership equation and increasingly favor access over object.  This suggests a tsunami of new collectors will be needed over the next twenty years to offset library outflows, something I think is achievable because collecting possibilities have probably never been better. 

But how do we make the case to the book collectors of tomorrow once they are identified?  It will require every hand; the booksellers associations, the auctions, the listing sites, the libraries, and the rare book research sites all to play their part.  Those involved with old and rare books understand its power.  The challenge is to convey that power.  

In 2015, and in the years ahead, we need to make that case clearly and with conviction.  It will be an act of kindness to them and to ourselves.

Rare Book Monthly

  • <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> BROWNING, ELIZABETH BARRETT. Autograph Manuscript Initialed ("E.B.B."), being the working notebook for the poems contained in <i>The Seraphim and Other Poems</i>. $400,000 to 600,000
    <b>Bonhams Mar. 9:</b> WILDE, OSCAR. Two leaves, pp 31-34, from the first appearance of <i>The Picture of Dorian Gray in Lippincott's Monthly Magazine for July, 1890</i>, with Wilde's autograph revisions. $40,000 to 60,000
    <b>Bonhams Mar. 9:</b> SHAKESPEARE, WILLIAM. <i>Comedies, Histories and Tragedies; Published according to the true Originall Copies. Second Impression. [THE SECOND FOLIO.]</i> $200,000 to 300,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> KENNEDY, JOHN FITZGERALD. Photograph Signed ("John F. Kennedy") and Inscribed, 8 x 10 inch gelatin silver print, of Senator Kennedy and Miss Barelli, at the swearing of the secretarial oath for Miss Barelli. $1,200 to 1,800
    <b>Bonhams Mar. 9:</b> COOPER, JAMES FENIMORE. Autograph Manuscript, being Chapter XXVII of <i>Afloat and Ashore</i>. $15,000 to 20,000
    <b>Bonhams Mar. 9:</b> IRVING, WASHINGTON. Autograph Manuscript, being Chapter 20 from Volume IV of <i>The Life of George Washington</i>. $20,000 to 30,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> VERNE, JULES. Autograph Manuscript Signed ("Jules Verne"), being the complete short story "<i>Une fantaisie de docteur Ox</i>". $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> ALCHEMY. <i>[The Crowning of Nature, or Coronatio Naturae.]</i> Original alchemical manuscript on paper, ruled in red, with watermark of the arms of Schieland. $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> DE JODE, CORNELUS. 1568 - 1600. <i>Quivirae Regnu, Cum Alija Versus Borea</i>. [Antwerp: Arnoldum Coninx, 1593]. $7,000 to 10,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> HOOKER, JOSEPH DALTON. <i>The Rhododendrons of Sikkim-Himalaya; Being an Account, Botanical and Geographical, of the Rhododendrons Recently Discovered in the Mountains of Eastern Himalaya</i>… $7,000 to 10,000
    <b>Bonhams Mar. 9:</b> CATLIN, GEORGE. <i>North American Indian Portfolio. Hunting scenes and amusements of the Rocky Mountains and prairies of America. From drawings and notes of the author, made during eight years' travel.</i> $20,000 to 30,000
    <b>Bonhams Mar. 9:</b> LINCOLN, ABRAHAM. HESLER, ALEXANDER. Platinum print, 8 3/4 x 6 3/4 in, of a beardless Lincoln, 1860.<br>$2,000 to 3,000
  • <b>Seth Kaller:</b> “America the Beautiful”
    <b>Seth Kaller:</b> George Washington, Tongue-in-Cheek, Writes James McHenry About His Wife or Mistress—But Funding the Continental Army is the Real Topic
    <b>Seth Kaller:</b> Young’s Map of the United States
    <b>Seth Kaller:</b> President Lincoln & His Most Profitable Client, the Illinois Central Railroad
    <b>Seth Kaller:</b> Lincoln Thanks Former Pro-Slavery and Newly Republican Congressman for a Fiery Anti-Slavery Speech at a Philadelphia Campaign Rally
    <b>Seth Kaller:</b> “A Visit From St. Nicholas” - great association copy inscribed by Clement C. Moore
    <b>Seth Kaller:</b> Einstein Agrees to Allow “a Short Book on the Hydrogen Bomb” to Use His Statement Made on Eleanor Roosevelt’s TV Show
    <b>Seth Kaller:</b> The Building Blocks of Albert Einstein’s Creative Mind
    <b>Seth Kaller:</b> A Unique Manuscript Map of Block Island Sound Including Fisher’s and Gardiner’s Islands, the Hamptons, and Montauk Point
    <b>Seth Kaller:</b> J.R.R. Tolkien Writes his Proofreader with a Lengthy Discussion of the Lord of the Rings, Including Criticism of Radio Broadcasts of his Work
    <b>Seth Kaller:</b> Six Benjamin Franklin Signed Receipts – Including his Earliest Obtainable Autograph — Acknowledging a Donation to the Famous Library Company He Founded, and Five Payments for His Pennsylvania Gazette
    <b>Seth Kaller:</b> Sherman Dishes on Lincoln & Thomas, Meade, Sheridan, Halleck & Grant
  • <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> <i>The First American Magna Carta. English Liberties.</i> Boston, 1721.
    <b>19th Century Shop.</b> Babbage presentation to Peel, the man who killed the Difference Engine 1832
    <b>19th Century Shop.</b> The Stamp Act. 1765
    <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> Central Park Photographs by Prevost 1862
    <b>19th Century Shop.</b> Salem Witch Trials. Wonders of the Invisible World 1693
    <b>19th Century Shop.</b> Mammoth print of Millie-Christine, "The Carolina Twins" c. 1868

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