• <b>Results from Bonhams’ sale of <i>Fine Books & Manuscripts Featuring Exploration and Travel</i></b>
    <b>Bonhams, Sep. 26:</b> Columbus. De Insulis nuper in mari Indico repertis. Basel, 1494. SOLD for $751,500
    <b>Bonhams, Sep. 26:</b> Cook in Tahiti. [Playbill]. [Germany, c.1840.] SOLD for $6,250
    <b>Bonhams, Sep. 26:</b> Aa, Pieter van der. Naaukeurige versameling der gedenk-waardigste zee en land-reysen. Leyden, 1706-8. SOLD for $35,000
    <b>Bonhams, Sep. 26:</b> Dürer. Underweysung der messung [and two more]. Nuremberg, 1525-8. SOLD for $175,000
    <b>Bonhams, Sep. 26:</b> Cortes, Hernan. A Pleito signed by Antonio de Mendoza in the case of Hernan Cortes. 1542. SOLD for $8750
    <b>Results from Bonhams’ <i>The Air and Space Sale</i></b>
    <b>Bonhams, Sep. 27:</b> Russian Kholod 5D67 HFL Rocket Engine. SOLD for $25,000
    <b>Bonhams, Sep. 27:</b> Neil Armstrong Apollo Era Training Glove. SOLD for $50,000
    <b>Bonhams, Sep. 27:</b> Full Scale Sputnik-1 EMC/EMI Lab Model. SOLD for $847,500
    <b>Bonhams, Sep. 27:</b> SOLRAD GREB Spy Satellite Engineering Dummy. SOLD for $10,000
    <b>Bonhams, Sep. 27:</b> Soviet LK-3 Lunar Lander Model. SOLD for $25,000
  • <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 Early Unpublished Darwin letter on the races of man.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>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b><br><i>The Centenary Edition of the Works of Ian Fleming</i>, one of 26 lettered sets, 18 volumes, London, 2008. $25,000 to $30,000.
    <b>Swann Auction Galleries Nov 14:</b> William Faulkner, <i>The Marble Faun</i>, first edition, signed & inscribed to Dorothy Wilcox by Faulkner & Phil Stone, Boston, 1924. $18,000 to $25,000.
    <b>Swann Auction Galleries Nov 14:</b> Maurice Sendak, <i>Where the Wild Things Are</i>, first edition, signed & inscribed to William Archibald, New York, 1963. $10,000 to $15,000.
    <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b> Anne Frank, <i>Het Achterhuis</i>, first edition, in first state jacket, Amsterdam, 1947. $12,000 to $18,000.
    <b>Swann Auction Galleries Nov 14:</b> Roald Dahl, <i>Charlie and the Chocolate Factory</i>, first edition, signed, New York, 1964. $6,000 to $9,000.
    <b>Swann Auction Galleries Nov 14:</b><br>Ray Bradbury, <i>Fahrenheit 451</i>, first limited edition bound in Johns-Manville Quinterra, New York, 1953. $7,000 to $10,000.
    <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b> Benjamin Graham, <i>The Intelligent Investor</i>, first edition, in original dust jacket, New York, 1949. $4,500 to $6,000.
    <b>Swann Auction Galleries Nov 14:</b> Anna Sewell, <i>Black Beauty</i>, first edition, inscribed, London, 1877. $7,000 to $10,000.
    <b>Swann Auction Galleries Nov 14:</b> Arthur Conan Doyle, <i>A Study in Scarlet</i>, first American edition, Philadelphia, 1890. $6,000 to $9,000.
    <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b> James Fenimore Cooper, <i>The Last of the Mohicans</i>, first edition, two volumes, Philadelphia, 1826. $5,000 to $7,500.
    <b>Swann Auction Galleries Nov 14:</b> Amelia Earhart, <i>20 hrs. 40 mins. Our Flight in Friendship</i>, limited first edition, signed, New York, 1928. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 14:</b> Philip K. Dick, <i>World of Chance</i>, first edition, signed, London, 1956. $3,000 to $4,000.
  • <b>Sotheby’s Paris: Books & Manuscripts. 30 October 2017</b>
    <b>Sotheby’s Paris, Oct. 30:</b> MARCEL PROUST. Du côté de chez Swann. Grasset, 1913. First edition. One of 5 copies on Japan paper, inscribed by the author to Louis Brun. Est. €400,000 - 600,000
    <b>Sotheby’s Paris, Oct. 30:</b> Saint-Exupéry. <i>25 Autograph Illustrated Letters to his Friend Charles Sallès</i>. Est. €30,000-50,000
    <b>Sotheby’s Paris, Oct. 30:</b> French Revolution, 1793. Déclaration des droits de l’Homme. 2,55 x 1,30m. A monumental wallpaper poster of the 1793 version, with hand-colored highlights. Unique copy. Est. €100,000 - 150,000
    <b>Sotheby’s Paris, Oct. 30:</b> GIAMBATTISTA PIRANESI. <i>Vedute di Roma</i>, 1748-1775. 107 etchings. An exceptional copy, printed and bound before 1780. Est. €50,000 - 80,000
    <b>Sotheby’s Paris, Oct. 30:</b> Picasso, Pablo -- Fernando de Rojas. LA CÉLESTINE. [PARIS, EDITIONS DE L'ATELIER CROMMELYNCK, 1971.] One of the 30 copies hors commerce (n° X). 66 original etchings by Picasso. Signed. Est. €30,000 - €35,000

Rare Book Monthly

Articles - May - 2015 Issue

The difference between being anti-dealer and pro-collector

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Collectors live in their own world / image taken outside the MOMA by B. McKinney

I recently heard that an ABAA commentator, Greg Gibson, mentioned [actually I think reiterated] that the Americana Exchange and its successor, the Rare Book Hub, are anti-dealer.  This is not the case.

 

We are pro-collector and I’m sorry if this offends anyone in the trade.  But I will remind you that without collectors there will not be any trade.  You are dependent on those who read your catalogues, take your advice and buy what you offer.  And collectors want to do this, within reason

 

But when the disparity between auction realizations and dealer asking prices becomes too great it encourages collectors to consider buying at auction.  From my experience I’d say they do this reluctantly.  For many, collecting is a passion but it’s not one they devote themselves to full time.  Buying from dealers is more time-efficient, buying at auctions potentially less costly but more work.  When the difference is small I think collectors usually buy from dealers.  When the difference increases so too does the tendency to bid at auction.  Book collectors are not dumb although Mr. Gibson in a recent blog posting wants to suggest some are.

 

Here is an excerpt from Mr. Gibson’s recent column about the New York Book Fair.

 

All the things I'd seen and heard [at the book fair] needed to be considered, digested, put in perspective.

 

Most remarkable was a story told to me by a colleague with whom I'd done a great deal of business over the years.

 

He had a wealthy, impulsive, and very skittish customer who had become convinced that all dealers were, to a greater or lesser degree, stacking the deck against their customers, and that auctions were the only fair and transparent market.

It makes sense intuitively – people competing openly against one another rather than trusting any single individual. As Forbes Magazine put it: 

 

Auctions, in theory anyway, determine price and possession in accordance with the laws of supply and demand, and adhere, again in theory, to some measure of transparency: if you want something, you just pay more for it than anyone else will, and the price—but not the purchaser—will be a matter of public record.  Gallerists, by contrast, unilaterally determine a sale price, and then anoint a buyer, based on their own arcane calculations of what’s best for their artists, their clients, or themselves.

 

Substitute “book dealers” for “gallerists” and eliminate “artists,” and you have a succinct summary of the mindset of my colleague's skittish customer. Certainly, auction rooms have been vigorously promoting this view, and venues like Rare Book Hub, for example, publicize auction houses while suggesting that private dealers are inefficient and obsolescent, if not downright untrustworthy.

 

But back to my colleague and the wary customer. Inevitably, as his high opinion of auction houses solidified, the customer began buying exclusively at auction. My colleague had a great deal of interesting material to offer this fellow (some of which he'd bought from me) but was completely frustrated by the customer's steadfast refusal to deal with a “middleman.”

 

So my colleague went into partnership with a prominent auction house, which purchased an interest in the material he had intended to offer to his customer. This material will be featured in a forthcoming auction. The wary customer will get the catalog, of course, and he'll also get a friendly call from the auction house, doing him the favor of alerting him to some interesting material that will be coming up for sale. Presumably the customer will purchase the material - probably at prices considerably in advance of what my colleague would have sold it for – completely satisfied that he'd cut out the middleman (my colleague) and had made his purchases in the most open and transparent market.

 

It's just a story, I know. Typical of the juicy tidbits one picks up at a book fair. But here's the takeaway:

 

While it is easy to point to the Internet as the major game changer in our trade over the past few decades, the rise of the auction houses has been every bit as disruptive to what once passed for the norm. Auctioneers have been wildly successful in promoting themselves as the only fair and transparent venue, and now that they've gained dominance they've begun to squeeze – with buyer's premiums up to 25% and with an ownership stake in more and more of the material being offered for sale. When I started in this business in the 1970s, established dealers could routinely expect calls from estate lawyers, collectors, or institutions interested in selling material. The times they are a changin'.

 

In Mr. Gibson’s account a collector that buys only at auction is victimized by a dealer and auction house that collude to get the collector to pay more at auction than they would privately.  What he is actually suggesting is that some collectors are stupid.  I would submit that dealers who think collectors are fools will struggle, as customers can sense when dealers think of them this way.

 

There may have been a time when, to collect, dealers were absolutely essential but by and large they are less so today.  They are now part of the mix, an important pillar but today only one of them.  Auctions loom large because the disparity between dealer prices and auction realizations has grown so extreme. 

 

For those that miss this point while they are actively collecting, they often, at the end of their careers, ask dealers if they can sell their purchases back.  They sometimes can but often encounter limited interest.  It’s at this juncture that we at RBH are most often asked for advice.

 

Two questions dominate these conversations.  “Can we help them sell their books?”  To this question we always listen, irrespective whether they are a member or not and then suggest possibilities.

 

The second question is “how can I tell if my material is valuable?”  Typically we send them to Abebooks for a first look.  If the material is valuable they can call us back to discuss membership.  At other times, when only one or two books are involved we simply run the searches for them at no charge.

 

The issue of where to sell is often complex.  Alternatives are discussed, suggestions sometimes made.  The process is relatively quick although sometimes painful because what new buyers will pay is not necessarily as much as what was earlier paid.  We offer this advice entirely based on what is best for the client.  They may or may not be members but we accept no consideration from either side.

 

My main goal with the Rare Book Hub has been to build a bridge to the next generation of collectors.  The changing dynamics of the field, the enormous databases at easy reach and the prolific increase of auction houses and auction events are all outgrowths of increasing electronic capability, increasing knowledge, and wider collecting choices.  It is not my goal to protect the world as it was.  It is to secure a place in the emerging world for the book collector so to preserve this extraordinary adventure.  Many dealers are working just as hard to build a bridge to the future.  I know.  I buy from them.   

 

So you’ll get no apologies here.

 

And a note about the image.  While in New York Jenny and I visited the MOMA.  Later, standing outside I noticed through the front windows a couple inside deep in thought and discussion.  Not wanting to invade their privacy but wishing to capture their intensity I took several shots at an oblique angle and managed to capture their intensity and the reflected complex world on the street.  This to me is what it is like to be a collector.  Collectors live in worlds of their own construction.  They are precious and important.  To see a larger version of the image click on it.

 

Editors Note:  Since publishing this piece we have received a comment from Kol Shaver of Zephyr Used & Rare Books and include it here..

Just wanted to let you know that I read with great interest your oblique reply to some dealers in the trade about Americana Exchange/Rare Book Hub’s impact on the world of book collecting. My colleagues and I here in the Pacific Northwest have continually emphasized that we cannot separate the antiquarian book & ephemera collecting world into collectors and dealers — we’re all in this together, and we as dealers must continually strive to quest for and present the most interesting and important material we can find. This definitely involves buying and selling material at auction, and I suspect that a “significant” client’s move to buying exclusively at auction has more to do with their own development as a collector, and much less to do with the dealer from which they have been purchasing. Great customers will continually come and go as their collecting interests change, they face challenges of divorce, death in the family, or even something as simple as buying a house — often all taking place unbeknownst to their regular bookseller. Obviously we rare book dealers view anyone’s waning interest as suspect because our passion burns continually, so we must continually expand our areas of interest, hunt for unique material, and more importantly fulfill our obligation to educate our clients, and place the material we’re offering for sale within its’ historic context. The number of association copies, archives on the verge of being broken up, manuscripts unrecognized by anyone other than a specialist, and author’s copies which have languished unnoticed for centuries create an ongoing necessary requirement for booksellers questing for new knowledge and material -- I once catalogued for B&L Rootenberg a copy of the Kepler’s Rudolphine Tables, 1st edition, which turned out to be one of the few copies Kepler had taken with him to the Frankfurt Book Fair direct from the printing press, with corrections in his own hand, something entirely unnoticed by a significant German auction house from which it was purchased.

 

Kol Shaver

Zephyr Used & Rare Books

P.O. Box 55

Vancouver, WA 98666

+1 360 695-7767

zephyr@worldaccessnet.com

http://www.abebooks.com/home/zephyrbooks/

 


Posted On: 2015-05-01 16:55
User Name: Bkwoman

I don't find RBH anti-dealer at all. I find them helpful to dealers by disseminating information about book "stuff" that is both interesting and educational. In my store, I have found that people often call with collections that their dearly departed parents had and they wish to sell. There is a lot of that now as my generation is dying off at a rapid rate and the newer generations aren't buying book at the same speed as their parents. Many just want whatever price they can get for Pop's books, but there are few that have some book knowledge and are appalled that theirs Dad's precious collection isn't worth nearly what he paid for it. At that point, I explain that when Dad bought those books, there were four copies available, now there are 400 online beginning at $1 or $2 and that I cannot pay a huge amount for a book. Some stalk off in a tizzy, but most usually "get it" when I explain that, and if they have something really valuable, I offer a good price. It is the new world of bookselling, thanks to Amazon and their denizens.


Posted On: 2015-05-02 15:41
User Name: tenpound

Bruce:
Thanks for keeping this always interesting discussion going. I'll stand by my observations - I they're self evident - but must note that I usually preface my "McKinney is anti-dealer" rants by praising the database you've created. It's far and away the most useful tool available to dealers, and the reason I maintain my subscription to RBH.
Greg Gibson


Posted On: 2015-05-05 19:33
User Name: Fattrad1

Bruce,

I was present at the Book Club of California when you made many "anti-dealer" comments, your bias is quite obvious.

As per book prices and what is "best" for the collector, it is likely a combination of both dealer and auction acquisitions. The prices of common and scarce books has been declining for a number years, the factors involved being total supply and total demand and certainly the use of technology in pricing research. Bruce, try explaining to book buyers that a book they paid $25 for just three years ago is now worth nothing, suitable only for fire starting.


Posted On: 2015-05-05 19:49
User Name: Fattrad1

Oh, let's not forget about the honesty of the auctions houses, past evidence shows there isnt's very much honesty:

http://www.wsj.com/articles/SB972859186218996499


Posted On: 2015-05-05 19:51
User Name: Fattrad1

Terribly sorry that the link does not pass through, here is the headline:

Sotheby's, Christie's File Final Papers In Settlement of Class-Action Lawsuit


Posted On: 2015-05-06 17:45
User Name: AE244154

I have publicly stated that the sound basis for collecting is to understand from the outset what will someday be released [and how] and to be aware of what prices at the exit are likely to be a decade out. When a collector understands probable ‘exit’ value it then gives them some idea of what they can pay to acquire material today. In my experience this then frees them to collect with abandon. Reciprocally, absent a way to assure them selves that their collecting is financially prudent they tend to buy less though they want to buy more. In other words, honesty is its own reward.

From this you may assume that I have primarily bought at auction but this has not been the case. Or that when I bid I bid on my own. Neither is that the case. Collections are complicated and benefit from expert perspective and they are ultimately often the result of collaboration; the collector and his dealer.

As to honesty, there are deficits every day somewhere in the field. Overall I believe the field has become more transparent making it possible for collectors to feel more confident. Such clarity does not infringe the honest dealer’s or the honest auction house’s ability to sell.


Posted On: 2015-05-09 12:48
User Name: LDRB

The top three changes that have impacted me, as a dealer, are;
1) Internet
2) Auction Houses
3) Collector to Collector selling

Rare Book Hub (RBH) has since day one been collector interest focused . If you offer any item to any collector (dealer, auction house, hobbyist, collector) RBH is a critical, important and informative resource and will continue to be even more as time goes on.

RBH has and will continue to educate, inform and tell collectors what is happening in the collecting world.

The fact is, a collector buying the same or similar scarce or rare item from an auction house in the vast majority of cases, will pay much more. One of the reasons the biggest buyer group at auctions are probably dealers who are buying at "wholesale".

RBH is the messenger and should not be shot.

I think every dealer has needed to redefine their role and relationship with collectors (private and institutional) since RBH first started.

One result of this redefining is a number of dealers are partly of fully becoming an auction house as well as a dealer in their growth or survival strategy. As RBH clearly points out, many auction houses sell 80% to 100% of their items. Any dealer getting sales or turns is critical for survival however, sales and turns are not happening to past levels for most dealers generally speaking.

There are many other strategies like the one above we dealers have to consider such as truly buying and offering more rare and unique items, better and more creative presentation of items being offered, reducing the price gap for items in our inventory that are more common and especially when these items are offered elsewhere (dealers, auctions) for much less. This brings be to another strategy greatly frowned upon in the trade but one collectors embrace more and more - making offers to the listed retail price. While I do not encourage this approach, I do not get upset when a collector asks if we can do better because there is a similar item for less. In fact dealers ask more any collectors for greater discounts for no other reason than to make a potentially greater profit. Point is if I as a dealer ask for a greater discount from another dealer and I accept this, why would I not respond to a collectors discounted offer giving a reasonable rationale?

RBH is pro collector period. They will I'm sure, if I know Bruce, will continue to do so and offer even more facts, and information to collectors who will then decide who and where to buy from. As a dealer I have accepted RBH's role since day one and have tried very hard to develop ideas, strategy and tactics to respond to the much more well informed collector today and tomorrow and improve what and how I offer items.

Thinking in terms of the collector has always been a key strategy for me because I come from a collector and marketing background. In fact one of the first tactics employed when I became a dealer was registering the trade made in USA and Canada of "Helping Collectors Collect"®

Debating whether RBH is anti-dealer is off strategy for me. However, there maybe benefits to collectors is reading various points-of-view for the information offered that allows them to decide who and where to add to their collection.

Duncan McLaren
Lord Durham Rare Books


Posted On: 2015-05-13 18:55
User Name: Fattrad1

AE244154,

Your recent comment seems to emphasize the collector estimating future values of his/her collection, I would suggest that they would have greater success predicting stock market values.


Posted On: 2015-05-20 00:30
User Name: DorothySloan

A little bit of history: When Bruce first started Americana Exchange (yes, I am partial to the original name), most dealers were hesitant to share their work. I was both dealer and auctioneer at the time, and I am glad to say that I was the first person in the trade to give all my private treaty and auction catalogues to Bruce for posting. The more information we share, the better all aspects of the trade and appraisals will be.
Dorothy Sloan
www.dsloan.com


Posted On: 2015-05-23 22:58
User Name: reginald

Many auctioneers in the UK have a minimum designated amount per lot, typically £3- 5K.
Therefore if they want to make up a sale they have to enter books at this price, even if they
know there's only a slim chance of selling.Of course this distorts the market.The auctioneers have to create a sale, so being unable to lower their minimum lot price require only one bid that reaches reserve.Whether it is justified is another matter,but does it matter? The client, the private or institutional purchaser whatever they have paid, go home happy, believing they have paid the right price in the open market.Little do they realise they might have been bidding
against a reserve that was set at the auctioneer's discretion which had little to do with the lot value, and far more to do with the auctioneers' accountants.


Rare Book Monthly

  • <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>Sotheby’s New York: The Magnificent Botanical Library of D. F. Allen. October 26, 2017</b>
    <b>Sotheby’s NY, Oct. 26:</b> Redouté, Pierre Joseph, and Claude Antoine Thory. <i>Les Roses</I>. Paris: Firmin Didot, 1817–1824. Est. $225,000 to $325,000
    <b>Sotheby’s NY, Oct. 26:</b> Trew, Jakob Christoph. <i>Hortus Nitidissimis Omnen Per Annum Superbiens Floribus</i>… Nuremberg: Johann Joseph Fleischmann, 1750 [–1786]. Est. $200,000 to $300,000
    <b>Sotheby’s NY, Oct. 26:</b> Trew, Christoph Jakob, and Benedict Christian Vogel. <i>Plantæ Selectæ</i>…[Nuremberg:] 1750–1773; Supplement, [Augsburg:] 1790 [–1792]. Est. $200,000 to $300,000
    <b>Sotheby’s New York: The Magnificent Botanical Library of D. F. Allen. October 26, 2017</b>
    <b>Sotheby’s NY, Oct. 26:</b> Jacquin, Nikolaus Joseph von. <i>Plantarum Rariorum Horti Caesarei Schönbrunnensis Descriptiones Et Icones.</i>Vienna; London; Leiden, 1797–1804. Est. $180,000 to $250,000
    <b>Sotheby’s NY, Oct. 26:</b> Weinmann, Johann Wilhelm. <i>Phytanthoza Iconographia; Sive Conspectus Aliquot Millium, Tam Indigenarum Quam Exoticarum</i>… Regensburg, 1735–1737–1745. Est. $120,000 to $180,000
  • <b>Sotheby’s London: Fine Autograph Letters and Manuscripts from a Distinguished Private Collection. Part I: Music. 26 October 2017</b>
    <b>Sotheby’s London Oct 26:</b> Beethoven, Ludwig van. Autograph Manuscript of the Canon "Ewig Dein" Woo 161, signed at the end ("...[Ewig] Dein...Freund Ludwig Van Beethowen"). Est. £120,000 to £150,000
    <b>Sotheby’s London Oct 26:</b> Brahms, Johannes. Autograph Manuscript of the "Geistliches Wiegenlied", Op.91 No.2, for Contralto, Viola And Piano, the original version of 1864, signed and inscribed at the end by the composer. Est. £200,000 to £250,000
    <b>Sotheby’s London Oct 26:</b> Chopin, Frédéric. Autograph Manuscript of the Opening of the Étude Op.25 No.2, in A-Flat Major, signed and dated ("Paris Ce 28 Avril F. Chopin"). Est. £100,000 to £150,000
    <b>Sotheby’s London: Fine Autograph Letters and Manuscripts from a Distinguished Private Collection. Part I: Music. 26 October 2017</b>
    <b>Sotheby’s London Oct 26:</b> Haydn, Joseph. Autograph Letter Signed ("Jos Haydn[Paraph]"), to the Baden Choirmaster Anton Stoll, 30 July 1802. Est. £20,000 to £30,000
    <b>Sotheby’s London Oct 26:</b> Verdi, Giuseppe. Autograph Working Manuscript of a scene from Ernani. Est. £100,000 to £150,000
    <b>Sotheby’s London Oct 26:</b> Verdi, Giuseppe. Highly Important Series of Thirty-Six Autograph Letters Signed to The Librettist Salvadore Cammarano, written between 1844 And 1851, the greater part unpublished and unrecorded. Est. £250,000 to £300,000

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