• <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>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>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>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

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>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
  • <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>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>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>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>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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