• <b>Fonsie Mealy Auctioneers: Rare Books, Literature & Sporting Collectibles. May 30, 2017</b>
    <b>Fonsie Mealy May 30:</b> Joyce (James), An Original Manuscript Page of text from <i>Finnegan’s Wake</i>, the opening of the Anna Livia Plurabelle section. €7,500-10,000
    <b>Fonsie Mealy May 30:</b> Joyce (James), <i>Chamber Music,</i> 1907. First Edition of his First Book, First Issue. €1,500-2,000
    <b>Fonsie Mealy May 30:</b> Lady Gregory’s Copy Signed by W.B. Yeats, Cuala Press: Yeats (W.B.), <i>Poems Written in Discouragement</i>, 1913. Limited to 50 Copies Only. €2,500-4,000
    <b>Fonsie Mealy Auctioneers: Rare Books, Literature & Sporting Collectibles. May 30, 2017</b>
    <b>Fonsie Mealy May 30:</b> A Twentieth Century Masterpiece: O’Brien (Flann), <i>At Swim-Two-Birds</i>, 8vo, 1939. First Edn. €1,750-2,500
    <b>Fonsie Mealy May 30:</b> The Missing Log of the H.M.S. Liffey Manuscript Journal, 1867. €1,500-2,000
    <b>Fonsie Mealy May 30:</b> Exceptionally Rare First Publication: Gregory (Augusta Lady), <i>Over the River: An appeal for aid to a poor parish in South London</i>. 1887. €1,000-1,500
    <b>Fonsie Mealy Auctioneers: Rare Books, Literature & Sporting Collectibles. May 30, 2017</b>
    <b>Fonsie Mealy May 30:</b> Ex. Rare Irish Broadsheet: An Irish Perspective on the Execution of Louis XVI, 1793 Broadsheet with engraving of the event, headed: “Massacre of the French King.” €500-700
    <b>Fonsie Mealy May 30:</b> Original Manuscript Poem, Heaney (Seamus), <i>The Schoolbag</i>. In Memoriam John Hewitt. Signed and dated November 8 1991. €1,000-1,500
    <b>Fonsie Mealy May 30:</b> Sowerby (J.E.), <i>English Botany; or Coloured Figures of British Plants</i>. Ed. by J.T. Boswell Syme. 10 vols, with 1696 hand-coloured plates. €750-1,000
    <b>Fonsie Mealy Auctioneers: Rare Books, Literature & Sporting Collectibles. May 30, 2017</b>
    <b>Fonsie Mealy May 30:</b> Collection of Signed First Editions incl. Francis (Dick), <i>Nerve</i> (London 1964); <i>For Kicks</i> (London 1965); <i>Forfeit</i> (London 1968). €400-500
    <b>Fonsie Mealy May 30:</b> Le Carre (John), <i>The Spy who came in from the Cold</i>, 8vo, 1963, First Edn., with author’s signature tipped in on t.p. €350-500
    <b>Fonsie Mealy May 30:</b> Adams (Richard), <i>Watership Down</i>, 8vo, 1976, First Illustrated Edn., Signed on f.e.p. by Author & Artist, and also signed by Artist on hf. title. €200-300
  • <b>Bonhams: Fine Books and Manuscripts, Including Illustration Art. June 7, 2017</b>
    <b>Bonhams June 7:</b> The 1936 Nobel Prize Medal for Physics, Presented to Victor Franz Hess for His Discovery of Cosmic Radiation. $300,000 to $500,000
    <b>Bonhams June 7:</b> Sangorski & Sutcliffe: Jewelled Binding. Byron, Lord [George Gordon]. An illuminated manuscript on vellum, being Byron's <i>Ode to Napoleon.</i> $40,000 to $60,000
    <b>Bonhams June 7:</b> Ruscha, Ed. Complete Set of 16 Artist's Books by Ed Ruscha. Various Places: Various Publishers, 1968-1973. All first printings, seven signed or with early inscriptions. $70,000 to $90,000
    <b>Bonhams: Fine Books and Manuscripts, Including Illustration Art. June 7, 2017</b>
    <b>Bonhams June 7:</b> McKenney, Thomas L. and James Hall. <i>History of the Indian Tribes of North America.</i> Fine and unsophisticated subscriber's copy in early state. $40,000 to $60,000
    <b>Bonhams June 7:</b> Williams, Thomas Lanier ("Tennessee Williams"). Producer Charles K. Feldman's file on the production of <i>The Glass Menagerie</i>(Warner Bros., 1950). $30,000 to $50,000
    <b>Bonhams June 7:</b> Lee, Harper. Archive of correspondence including 35 autograph letters signed (mostly "Harper", but a few "H", "H.L." or "Nelle Harper"). $25,000 to $35,000
    <b>Bonhams: Fine Books and Manuscripts, Including Illustration Art. June 7, 2017</b>
    <b>Bonhams June 7:</b> Tocqueville, Alexis de. <i>De la Démocratie en Amérique.</i> First editions of both parts of Tocqueville's classic <i>Democracy In America</i>. $20,000 to $30,000
    <b>Bonhams June 7:</b> Complete set of all periodical publications of The Royal Geographical Society 1831-1948, comprising 203 volumes with thousands of plates and maps, many folding. $20,000 to $30,000
    <b>Bonhams June 7:</b> Alchemy. Loewens and Richard. <i>Universal Medicin ex regulo stellato.</i> Original alchemical manuscript written in German and Latin, ink on paper. $15,000 to $20,000
    <b>Bonhams: Fine Books and Manuscripts, Including Illustration Art. June 7, 2017</b>
    <b>Bonhams June 7:</b> Bray, Anna Eliza. <i>Life of Thomas Stothard, R.A. with Personal Reminiscences.</i> Remarkable 10-volume collection of Stothard's work, expansively extra-illustrated. $12,000 to $18,000
    <b>Bonhams June 7:</b> Algren, Nelson. Producer Charles Feldman's extensive production archive of <i>Walk on the Wild Side</i> (Columbia 1962). $12,000 to $18,000
    <b>Bonhams June 7:</b> Elliot, Daniel Giraud. <i>The New and Heretofore Unfigured Species of the Birds of North America.</i> First edition, one of only 200 copies printed. $10,000 to $15,000
  • <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
  • <b>Skinner Fine Books & Manuscripts: Books & Manuscripts Online Auction. May 23 - June 2, 2017</b>
    <b>Skinner Auction May 23 - Jun 2:</b> Andrew Wyeth, an archive of 43 unpublished letters. $80,000-120,000 [lot 1106]
    <b>Skinner Auction May 23 - Jun 2:</b> Abraham Lincoln, signed document granting pensions to surviving Revolutionary War Veterans, 1865. $60,000-80,000 [lot 1058]
    <b>Skinner Auction May 23 - Jun 2:</b> Forlani Map of North America, 1566. $40,000-60,000 [lot 1555]
    <b>Skinner Fine Books & Manuscripts: Books & Manuscripts Online Auction. May 23 - June 2, 2017</b>
    <b>Skinner Auction May 23 - Jun 2:</b> <i>Journal des Dames et des Modes</i>, 1912-1914. $4,000-6,000 [lot 1294]
    <b>Skinner Auction May 23 - Jun 2:</b> Book of Hours, Use of Rouen, late 14th Century. $30,000-40,000 [lot 1162]
    <b>Skinner Auction May 23 - Jun 2:</b> Schedel, World Map, 1493. $5,000-7,000 [lot 1589]
    <b>Skinner Fine Books & Manuscripts: Books & Manuscripts Online Auction. May 23 - June 2, 2017</b>
    <b>Skinner Auction May 23 - Jun 2:</b> Sir Isaac Newton’s copy of <i>Le Grand’s Institutio Philosophiae</i>, 1675. $5,000-7,000 [lot 1308]
    <b>Skinner Auction May 23 - Jun 2:</b> Muhammad Mu'min Husaini’s Tuhfat al-Mu'minin, 17th century Persian medical manuscript on paper. $4,000-6,000 [lot 1118]
    <b>Skinner Auction May 23 - Jun 2:</b> Persian Calligraphy, an album. $4,000-6,000 [lot 1119]
    <b>Skinner Fine Books & Manuscripts: Books & Manuscripts Online Auction. May 23 - June 2, 2017</b>
    <b>Skinner Auction May 23 - Jun 2:</b> Edgar Allan Poe, <i>Tales</i>, New York: Wiley & Putnam, 1845. $3,00-5,000 [lot 1361]
    <b>Skinner Auction May 23 - Jun 2:</b> English New Testament, Douay-Rheims, 1582, first edition. $10,000-15,000 [lot 1154]

Rare Book Monthly

Articles - June - 2015 Issue

When Collecting Ends

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At the end of the day

Recently at the New York Book Fair I saw two Albany maps that, although expensive, were very appealing.  I wanted to buy them.  As I often do when considering important material I asked others for their opinion and the endorsements were warm but somewhat cautionary.  This then inadvertently brought into focus what the final years of my collecting may entail, having to say no for no other reason than that there may not be enough time on the clock to overcome the markups I pay to buy.  Long ago I established the theory [and subsequently proved it] that the difference between what many dealers charge and what a collector can expect to recoup at auction ten years later is about a breakeven.  This is of course more complicated than simply paying asking prices and waiting ten years.  Establishing the correct current value is essential because dealer prices range from the occasionally seriously underpriced to the occasionally seriously overpriced.  Understanding actual value is therefore important when buying and the rate of price recovery about 30% per decade.  This means that purchases have to be carefully calculated if among the goals of the collector are both an impressive assembly and financial prudence.

 

Two collections I sent to auction in 2009 and 2010 to Bloomsbury [then in New York] and Bonhams today prospering in New York were very successful.  Between them they raised $7.3 million including about a $900,000 gain.  The average holding period was about 12 years, a few for most of 20 years and others for as few as 5.

 

So now I’m 68 and a high fraction and thinking these last collections of mine, all variations on a New York Hudson River theme, will be sold when I’m 75 +/- a year.  This means I no longer have the option to buy with the expectation of a 10-year hold to bring the price I sell for back into line with the price I pay.  And it’s unsettling because I enjoy collecting.  I have given advice to many to plan to sell in their lifetime, in particular not to expect that partners, widows, widowers, children or executers will do better.  That’s unlikely to happen because collecting is complex and takes years to accomplish.  A collector invests their time because they have the desire and no one else is going to feel the same way or invest the same energy so it is inescapably the collector’s responsibility to dispose.

 

There are of course many ways to do this; by gift [with a tax deduction], by sale to dealers [only the very best collections will qualify] or a library, or sell at auction in which case many decisions will be necessary.  Where to sell all or a part, whether to sell by category, whether to sell via a single house or several depending on their expertise, experience, following and interest; these are all factors to consider.

 

In other words, just when your knowledge and experience are peaking you have to begin to plan your withdrawal.  I suppose it’s like seeing a three-act play.  Even as the first and second acts are superb you can begin to feel the nag of regret for you know there are only so many acts – that this play will end.


Posted On: 2015-06-01 11:09
User Name: periodyssey

Hi Bruce,
This article surprises me. I like quoting your comment that the last words of a collector are "I'll take it." This sentiment, it seems to me, comes much closer to the heart of the collector than your cold calculus. The collector makes sense of history, gathering together objects that have a natural unity but have been dispersed by time. This is often an heroic feat of patience, perseverance, discrimination, and money. And enthusiasm! I suppose if all you care about as a collector is getting a return on value, then your emotionless (and suspect) math is worth considering. But if that is the case, I would suggest investing in stocks instead. Rich West/Periodyssey and Partners in Paper


Posted On: 2015-06-01 16:58
User Name: Bookbones215

Thank you for your article. It is not a pleasant subject. I am a bookseller who started out as a book collector, now in my mid sixties. No kids, and a spouse who knows nothing about book values. Although my passion was ever hardly linked to the economics, my attention has been increasingly been drawn there. I would like to leave some kind of legacy for my wife in the event that I pass before her, which seems likely, looking at the Male vs female mortality rates. Anyway, although my collection is quite small and specific, I am interested in just compensation for the books I have...even though I didn't buy them "as an investment" per se, prudent dealings and cognizance of the marketplace has aided my purchasing decisions. When you say that it is up to collector to dispose of his/her collection, this hit a chord with me. The various venues available to me to sell presents a field I need to explore with care. I was quite surprised and pleased to see that the topic was up for discussion, and thanks again for your POV.


Posted On: 2015-06-02 16:44
User Name: Fattrad1

Bruce,

We booksellers will be anxiously awaiting some investment reporting from collectors, time weighted rate of return, diversified portfolios (genres), currency hedged collections.


Posted On: 2015-06-02 16:53
User Name: Fattrad1

Oh, I am short selling modern literature, predicting future declines, better dump those Gatsby's.


Posted On: 2015-06-02 21:06
User Name: greenbooks497

Great article. I’d love to hear the experiences of those collectors who, at the end of the collecting rainbow, decided to sell or auction their treasures. I’d be particularly interested to hear the delta between their perceived value of the collection and the actual return on the investment. The area that I collect is exceedingly narrow with a limited number of collectors. Many of us are friendly rivals for the same material (emphasis on the friendly). Releasing my rather large fish of a collection into this tiny pond of interested collectors would almost certainly depress prices during the time of the sale a quite sometime thereafter. My case is extreme given the specialist nature of the collection but in today’s interconnected world the risk of flooding a mirco-market (and hence shooting onesself in the financial foot) is very real, and significantly greater than in the pre-Internet era.


Rare Book Monthly

  • <b>Bubb Kuyper Auctions: Sale of Books, Prints and Manuscripts.<br>May 30 – June 2, 2017</b>
    <b>Bubb Kuyper Auctions May 30:</b> Hobson, R.L. <i>A catalogue of Chinese pottery and porcelain in the collection of Sir Percival David</i> (London, 1934). Est. € 8.000-10.000
    <b>Bubb Kuyper Auctions May 30:</b> Chagall, M. <i>Drawings for the bible</i>. (Paris, 1960). Est. € 1.500-2.500
    <b>Bubb Kuyper Auctions May 30:</b> Zwart, P. [N.K.F.]. <i>Delft kabels</i> (Delft, 1933). Est. € 20.000-30.000
    <b>Bubb Kuyper Auctions: Sale of Books, Prints and Manuscripts.<br>May 30 – June 2, 2017</b>
    <b>Bubb Kuyper Auctions May 30:</b> Zwart, P. [N.K.F.]. <i>Normalieënboekje</i> (Delft, 1924-1926). Est. € 30.000-50.000
    <b>Bubb Kuyper Auctions May 30:</b> [Russian children's books]. Mayakovsky, V. Kem byt'? (What to be?) (Moscow, 1932). Est. € 500-700
    <b>Bubb Kuyper Auctions May 30:</b> [Léger, F.]. Cendrars, B. <i>La Fin du Monde filmée par l'Ange</i> N.-D (Paris, 1919). Est. € 2.000-3.000
    <b>Bubb Kuyper Auctions: Sale of Books, Prints and Manuscripts.<br>May 30 – June 2, 2017</b>
    <b>Bubb Kuyper Auctions May 31:</b><br>La Roche, E. <i>Indische Baukunst</i> (Munich, 1921-1922). Est. € 3.000-5.000
    <b>Bubb Kuyper Auctions May 31:</b> Blume, C.L. <i>Flora Javae nec non insularum adjacentium./ Flora Javae nec non insularum adjacentium </i> (Brussels, 1828). Est. € 7.000-9.000
    <b>Bubb Kuyper Auctions May 31:</b> <i>Description de l'Égypte (…) pendant l'expédition de l'armée francaise</i> (Paris, 1820-1829). Est. € 30.000-50.000
    <b>Bubb Kuyper Auctions: Sale of Books, Prints and Manuscripts.<br>May 30 – June 2, 2017</b>
    <b>Bubb Kuyper Auctions May 31:</b><br>La Fontaine, J. de. <i>Fables choisies, mises en vers </i> (Paris, 1756).<br>Est. € 1.500-2.500
    <b>Bubb Kuyper Auctions May 31:</b> [VOC and WIC]. Pelsaert, F. <i>Ongeluckige Voyagie, Van 't Schip Batavia, Nae de Oost-Indien</i> (Amsterdam, 1647).<br>Est. € 40.000-60.000
    <b>Bubb Kuyper Auctions June 2:</b> Goya y Lucientes, F.J. de. <i>La Taureaumachie </i> (Paris, 1876), 40 etchings and aquatints. Est. € 8.000-10.000
  • <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>Swann Auction Galleries Jun 7: Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Jun 7:</b><br>Shaw & Nodder, <i>The Naturalist's Miscellany</i>, complete, London, 1789-1813. $10,000 to $15,000.
    <b>Swann Auction Galleries Jun 7:</b> Samuel Baker, <i>A New and Exact Map of the Island of St. Christopher</i>, London, 1753. $20,000 to $30,000.
    <b>Swann Auction Galleries Jun 7:</b> Henry Briggs, <i>The North Part of America</i>, London, 1625. $8,000 to $12,000.
    <b>Swann Auction Galleries Jun 7: Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Jun 7:</b><br>John James Audubon, <i>Herring Gull</i>, CCXCI, hand-colored plate, London, 1836. $7,000 to $10,000. 
    <b>Swann Auction Galleries Jun 7:</b> Montanus & Ogilby, <i>America: Being the Latest, and Most Accurate Description of the New World</i>, London, 1671. $10,000 to $15,000. 
    <b>Swann Auction Galleries Jun 7:</b> Robert Cruikshank, portfolio of 25 watercolors, London, 1830s. $8,000 to $12,000.
    <b>Swann Auction Galleries Jun 7: Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Jun 7:</b> Group of 55 French watercolors depicting the life and deeds of Napoleon, 1800s. $8,000 to $12,000.
    <b>Swann Auction Galleries Jun 7:</b> Aaron & Samuel Arrowsmith, <i>Chart of the Sandwich Islands</i>, London, 1830. $8,000 to $12,000.
    <b>Swann Auction Galleries Jun 7:</b> Herman Moll, <i>A New and Exact Map of the Dominions of the King of Great Britain</i>, London, 1735. $8,000 to $12,000.
    <b>Swann Auction Galleries Jun 7: Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Jun 7:</b> Jacques-Nicolas Bellin,<i> L'Hydrographie Françoise</i>, Paris, circa 1770. $15,000 to $20,000.
    <b>Swann Auction Galleries Jun 7:</b> Joseph Frederick Wallet Des Barres, <i>Charlestown the Capital of South Carolina</i>, London, 1780. $8,000 to $12,000.
    <b>Swann Auction Galleries Jun 7:</b> Arnold Colom, <i>Pascaarte van Nieu Nederlandt</i>, Amsterdam, circa 1658. $7,000 to $10,000.

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