• <b>19th Century Shop.</b> CURTIS, EDWARD. <i>Original glass plate photograph, Honovi – Walpi Snake Priest, prepared by Curtis for the printing of The North American Indian</i>, c.1910
    <b>19th Century Shop.</b> (AMERICAN WEST.), Watkins, Taber, Savage, and others. <i>Magnificent Album of Mammoth Photographs of the American West, with other subjects various</i>, ca. 1865-1880s
    <b>19th Century Shop.</b> DARWIN, CHARLES. <i>Darwin Family Photograph Album</i>. Down, Kent, 1871-1879
    <b>19th Century Shop.</b> (SECRET SERVICE). <i>The photographic archive, papers, and relics of William Kennoch, Secret Service Agent</i>. Various places, 1870s and 1880s
    <b>19th Century Shop.</b> (AMERICAN REVOLUTION). <i>Daguerreotype Portrait of Baltus Stone, the earliest photo of a Revolution veteran,</i> 1846
  • <b>Swann Auction Galleries Dec 1:</b> Friedrich Nietzsche, <i>Also Sprach Zarathustra</i>, Leipzig, 1908. Sold for $15,000.
    <b>Swann Auction Galleries Dec 1:</b> Gustav Klimt, <i>Das Werk</i>, Vienna & Leipzig, 1918. Sold for $60,000.
    <b>Swann Auction Galleries Nov 17:</b> Arthur Middleton, manuscript notes from Congress, Philadelphia, 1782. Sold for $55,000.
    <b>Swann Auction Galleries Nov 17:</b> Joseph Smith, <i>The Book of Mormon</i>, first edition, Palmyra, 1830. Sold for $67,500.
    <b>Swann Auction Galleries Nov 10:</b><br>L. Frank Baum, <i>The Wonderful Wizard of Oz</i>, first edition & issue, Chicago & New York, 1900. Sold for $23,750.
    <b>Swann Auction Galleries Nov 10:</b> Mark Twain, <i>The Adventures of Tom Sawyer</i>, first American edition, Hartford, 1876. Sold for $13,750.
    <b>Swann Auction Galleries Nov 1:</b> George Washington, Partly-printed Document Signed as Commander-in-Chief, 1783. Sold for $13,750.
    <b>Swann Auction Galleries Nov 1:</b> Album with more than 130 Civil War-era signatures, including 18 presidents, 1864-2010. Sold for $60,000.
    <b>Swann Auction Galleries Oct 18:</b><br>Sir Isaac Newton, <i>Opticks</i>, first edition & issue, London, 1704. Sold for $87,500.
    <b>Swann Auction Galleries Oct 18:</b> Euclid, <i>Elementa geometriae</i>, first edition, Venice, 1482. Sold for $62,500.
    <b>Swann Auction Galleries Oct 18:</b> William Shakespeare, <i>The Winters Tale</i>, first edition, London, 1623. Sold for $25,000.
    <b>Swann Auction Galleries Oct 25:</b> Edward Ruscha, set of 14 first editions, 1963-78. Sold for $45,000.
  • <b>Dorothy Sloan Rare Books:<br>La Invasíon Norteamericana and the Mexican-American War.<br>December 15 & 16, 2016</b>
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> [ARTILLERY]. KITCHEN, D.C. <i>Record of the Wyoming Artillerists.</I> Tunkhannock, Pennsylvania: Alvin Day Printer, 1874. $2,000-4,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> UNITED STATES AND MEXICAN BOUNDARY COMMISSION. EMORY, William Hemsley. <i>Report of the United States and Mexican Boundary Survey, Made under the Direction of the Secretary of the Interior…</i><br>$3,000-6,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> RICHARDSON, William H. <i>Journal of William H. Richardson, a Private Soldier in the Campaign of New and Old Mexico…</i>. Baltimore: John H. Woods, 1848. $3,000-6,000
    <b>Dorothy Sloan Rare Books:<br>La Invasíon Norteamericana and the Mexican-American War.<br>December 15 & 16, 2016</b>
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> GARCÍA CONDE, Pedro. <i>Carta geografica general de la Republica Mexicana…</i> $30,000-60,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> EMORY, William Hemsley. <i>Map of Texas and the Countries Adjacent: Compiled in the Bureau of the Corps of Topographical Engineers; From the Best Authorities…</i> [Washington, 1844]. $7,500-15,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> THORPE, Thomas Bangs. <i>Our Army at Monterey. Being a Correct Account of the Proceedings and Events which Occurred to the “Army of Occupation”…</i> Philadelphia, 1847. $400-800
    <b>Dorothy Sloan Rare Books:<br>La Invasíon Norteamericana and the Mexican-American War.<br>December 15 & 16, 2016</b>
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> <i>The Rough and Ready Songster: Embellished with Twenty-Five Splendid Engravings, Illustrative of the American Victories in Mexico…</i> New York; St. Louis, Mo [ca. 1848].<br>$500-1,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> CURRIER, Nathaniel (publisher). <i>The Brilliant Charge of Capt. May At the Battle of Resaca de la Palma (Palm Ravine) 9th of May…</i> $150-300 
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> [RINGGOLD, SAMUEL]. WYNNE, James. <i>Memoir of Major Samuel Ringgold, United States Army: Read Before the Maryland Historical Society, April 1st, 1847.</i> Baltimore, 1847. $500-1,000
    <b>Dorothy Sloan Rare Books:<br>La Invasíon Norteamericana and the Mexican-American War.<br>December 15 & 16, 2016</b>
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> [TAYLOR, ZACHARY]. <i>Life of General Taylor from the Best Authorities.</i> New York: Nafis and Cornish; St. Louis, Mo.: Nafis, Cornish & Co., 1847.<br>$500-1,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> TILDEN, Bryant Parrott, Jr. <i>Notes on the Upper Rio Grande, Explored in the Months of October and November, 1846, on Board the U.S. Steamer Major Brown…</i> Philadelphia, 1847.<br>$5,000-10,000
    <b>Dorothy Sloan Books Dec. 15 & 16:</b> [WORTH, WILLIAM J.]. <i>Life of General Worth; To Which is Added a Sketch of the Life of Brigadier-General Wool.</i> New York: Nafis & Cornish; St. Louis, Mo.: Nafis, Cornish & Co., 1847.<br>$200-400

Rare Book Monthly

Articles - February - 2016 Issue

Are Books a Good Investment? This Investment Advisor Thinks They Are

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First editions of The Grapes of Wrath can vary widely in price depending on which printing.

A few weeks back, an investment firm in London caused some stir when they published a list of book prices and their increase in values over the past two decades. The gains were quite impressive. Perhaps a few booksellers who have not found it all that easy in recent years to turn high volumes of expensive sales were pleased to hear the good news. Then again, some may have been surprised. Stanley Gibbons Investment, a firm that specializes mostly in investments in stamps and coins, reported books had increased in value by 398% over the past twenty years, and 8.8% per year over the past ten years. We found that last decade particularly surprising as it included some very difficult economic times.

 

Gibbons created their index using 30 books. It should be noted that these are generally important books. The list contains names like Hemingway, Tolkien, Wells, Orwell, Eliot, Joyce, Kerouac, Milne, Salinger, Rand, Fleming and Steinbeck. Only one item of nonfiction was included, from economist John Maynard Keynes. All authors were from the 20th century. This is a fairly targeted field within the category of rare and antiquarian books.

 

It is not clear how their prices were determined – from actual sales, offering prices, something else? Presumably, copies compared were reasonably similar – same editions, each "of a certain condition" (their words), "the dust jacket still intact." We also do not know whether this list was randomly generated, or pre-selected in accordance with some bias or expectations.

 

What struck us was that our own sense of the market is that it has not grown at quite such a spectacular rate. So, we looked at our own index. The Rare Book Hub has compiled a database of over 6 million auction records from the past century and a half, with a particular concentration over the last 15 years. A few million books, covering everything offered at auction, it would seem, might give a better view of the overall market than 30 books from noted 20th century fiction writers. Indeed, these numbers were significantly different from those compiled by Gibbons. They show the average price of books at auction has doubled, rather than quadrupled since 1995. More significantly, they have shown virtually no movement in the past ten years, as opposed to appreciating 8.8% per year.

 

This is not because prices have stayed flat for ten years. The first two years of this period showed significant gains. Then there was 2008. We cannot forget 2008, however much we might like. Prices tumbled the year of the Great Recession, and inched down a little more the following two years before starting their journey upward again. When all was said and done, prices were virtually the same as they had been ten years earlier.

 

Now, our method of comparison may elicit a few questions too. Gibbons was presumably comparing exact same books, the ideal way to compare prices. However, their sample was tiny and not representative of books in general. Our sample did not contain exactly the same books year to year. However, we believe that, as with polling, when a sample is large enough, it will all balance out. Our samples for each year included several hundred thousand books.

 

We next took a look at a few of the books Gibbons estimated to see whether their estimates were consistent with auction realizations. We looked at average prices in 2015 and 1995 (sometimes a year before and/or after too to get a representative sample). For the most part, Gibbons' estimates for gains were somewhat more generous, but in the ballpark. We used first editions, very good or better condition, but without special attributes such as inscriptions. Here are our comparisons.

 

Gibbons showed the largest gain of their 30 selections over the past 20 years belonged to Animal Farm, George Orwell's barnyard tale first published in 1945. Gibbons used British pounds, which we have converted to U.S. dollars for comparison sake. They showed a gain of 2,597%, from $289 to $7,800. Our records indicated a gain of 1,885%, from $228 to $4,300. One might surmise Gibbons used only copies even better than our very good-plus since prices were higher, or perhaps they used prices from venues other than auctions. While Gibbons showed a greater rate of appreciation, which one might expect from the best of the best copies, there is nothing wrong with 1,885%. Animal Farm was a great investment in 1995. The Dow Jones average appreciated 250% over the same time period.

 

Gibbons' fifth greatest appreciation belonged to Casino Royale, the first James Bond book by Ian Fleming. Anything by Fleming is likely to have been a good deal as his Bond series has become notably collectible in recent years. Gibbons showed an appreciation of 874% for Casino Royale, from $3,800 in 1995 to $36,995 today. We showed an almost identical appreciation, though again with somewhat lower prices. The auction records gave us an appreciation of 868%, from $3,096 to $29,969.

 

The final title we examined was #10 on their list, John Steinbeck's 1939 tale of the Great Depression, The Grapes of Wrath. Here we did not match Gibbons' results. They showed an increase of 527%, from $1,497 to $9,383. We could only manage a return of 83%, from $1,467 to $2,683. Why the difference? There are two possible explanations, one specific to this title, another more general. First editions of The Grapes of Wrath have the same variable as Gone With The Wind – there were a whole mess of printings of the first edition. There were 11 printings of the first edition, the first ten of which may be unclear without seeing the book as they are all dated 1939. The first printing is very valuable, the drop off steep from there. Most listings did not specify the issue. Gibbons' estimates may rely primarily on first issues. The 1995 auction records, perhaps, contained more unidentified first issues than did the 2015 listings. This is why book evaluation is part art as well as science. There are many variables, some of which can easily be overlooked if you are not expert.

 

Then there is the valuation issue that affects almost all 20th century books. It is not much of a stretch to repeat the joke that 90% of a book's value is determined by its dust jacket. No one is paying much attention to less than very good-plus copies of the book, but condition of dust jackets are all over the place. They do not hold up so well, it being rare to find one on a book 85 years old without some sort of problems. A few tears, chips, missing pieces from a dust jacket can have a major impact on a book's value. Gibbons speaks of dust jackets being "still intact," but that leaves a lot of room for variation.

 

One thing we can say with certainty is that if you bought a first printing in 1939 and kept it in fine condition, you made a killing. These estimates imply an increase of value between 97,500% and 341,200%, though if the condition is pristine it is likely even more. The original price was $2.75.

 

In announcing the index, Gibbons stated, "The index will help guide investors and collectors looking to build a rare book portfolio as part of a long-term investment strategy." Have they made their case? Hindsight is wonderful, but was the explosion in interest in Fleming, the spectacular increases for Animal Farm, obvious in 1995? Why didn't I keep the comics books I owned as a youngster if this is all so obvious? Gibbons' 20 years after-the-fact selections were very good, but would they have chosen this list to follow in 1995, or would there have been more duds? I can tell you which stocks you should have bought in 1995, but I can't tell you which stocks you should buy in 2016. Remember, our comparison of all auction results to some of Gibbons' selected titles showed their books significantly outperformed the market as a whole. How do you know which are the right ones to choose? If rare books are to be part of your long-term investment strategy, you need to be very familiar with the books you select, understand pricing, have good insight as to where the market is likely to go in the years ahead, and not be risk averse.

 

This brings me back to a statement made by Arnoud Gerits, President of ILAB (International League of Antiquarian Booksellers) a few years back. "The International League of Antiquarian Booksellers does not encourage collecting books for investment purposes," the League's President said. "The reason for collecting is love and interest in the subject, the author, the period, what the book represents, the love and desire to own the original or best edition of a particular book... If, and I say if, it is an investment, than it is a long-term investment, a savings account, and you use money that you’re sure you won’t be needing for a long, long time, and nobody guarantees you anything. If you’re looking for a quick return on investment, forget it. The bottom-line is: don’t buy them as an investment: it is the wrong angle to look at books."

 

Unless you have exceptional insight into book values, Mr. Gerits is, in my opinion, correct. It is undoubtedly possible to make money investing in books, but it surely is not easy. However, the inspiration for most people to collect books is that they love them, not because it is an investment. We spend lots of money on things we like without expecting to make a profit. In fact, we usually expect a loss. No one buys a new car, television, or electronic gadget expecting to make a profit. Other pleasurable expenses, such as fine dining or a vacation, will leave you with nothing but memories. Anyone who refuses to take a vacation because it isn't a profitable financial investment is throwing away much of the enjoyment in life, simply to have a larger bank account at the end when they can no longer use it. Penny wise.

 

Books, perhaps, fit most logically into the same category as real estate. You buy a house because you love it, you will enjoy living there. Still, you want to come out financially whole when you sell. So you buy what you want, but with a certain amount of care. You may pass up the perfect home for one that is just very good because the very good house is in a highly desirable neighborhood, the "perfect" one in an area where values are falling. Investment quality should not be the primary consideration, but it shouldn't be ignored either. You should be able to enjoy your books in a way you will never enjoy your stock certificates, but still have no regrets at the end.

Rare Book Monthly

  • <b>Fonsie Mealy Auctioneers: Rare Books, Literature, Manuscripts, Maps & Works of Art. December 13, 2016</b>
    <b>Fonsie Mealy Dec. 13:</b> Excessively Rare Benjamin Franklin Imprint. Estaugh (John). <i>A Call to the Unfaithful Professors of Truth</i>, Philadelphia: Printed by B. Franklin, 1744. €7,000 – 10,000
    <b>Fonsie Mealy Dec. 13:</b> Original Signed Volume from the Dean Swift's Library. [Swift (Dr. Jonathan)] Grotius (Hugo). <i>De Jure Belli ac Pacis Libri Tres</i>, Amsterdam: (J. Blaeu) 1670. €10,000 – 15,000
    <b>Fonsie Mealy Dec. 13:</b> Cresswell (Samuel Gurney). <i>A Series of Eight Sketches in Colour; together with a Coloured Map of the Route</i>, London: (Day & Son) July 25, 1854.<br>€15,000 – 20,000
    <b>Fonsie Mealy Auctioneers: Rare Books, Literature, Manuscripts, Maps & Works of Art. December 13, 2016</b>
    <b>Fonsie Mealy Dec. 13:</b> Of Legendary Rarity - First Printing of Shakespeare Outside England. Shakespeare (Wm.). <i>The Works of Shakespeare</i> In Eight Volumes. Dublin: 1726.<br>€7,000 – 10,000
    <b>Fonsie Mealy Dec. 13:</b> Lewin (W.). <i>The Birds of Great Britain</i>, 8 vols in 4, with 335 hand-coloured plates, 1795 – 1801. €1,500 – 2,000
    <b>Fonsie Mealy Dec. 13:</b> 18th Century Manuscript Relating to Massachusetts Bay, c. 1750.<br>€350 – 500
    <b>Fonsie Mealy Auctioneers: Rare Books, Literature, Manuscripts, Maps & Works of Art. December 13, 2016</b>
    <b>Fonsie Mealy Dec. 13:</b> Alexander (Wm.). <i>Picturesque Representations of The Dress and Manners of the Chinese</i>, with 50 hand-coloured plates, 1814. €600 – 800
    <b>Fonsie Mealy Dec. 13:</b> Manuscript Estate Atlas - Neville (Arthur Richard). <i>The Estate of Sir John Coghill Bart</i>, 1791. €10,000 – 15,000
    <b>Fonsie Mealy Dec. 13:</b> Unique Collection of Ballads by Brendan Behan Behan. €3,000 – 4,000
    <b>Fonsie Mealy Auctioneers: Rare Books, Literature, Manuscripts, Maps & Works of Art. December 13, 2016</b>
    <b>Fonsie Mealy Dec. 13:</b> Original Manuscript of Edith Somerville's Unpublished Children's Book. Somerville (Edith). <i>GROWLY-WOWLY. Or, The Story of the Three Little Pigs</i>. €3,500 – 5,000
    <b>Fonsie Mealy Dec. 13:</b> Full Set of Cuala Press Broadsides with fine hand-coloured illustrations by Jack B. Yeats, 1908 – 1915. €4,000 – 6,000
    <b>Fonsie Mealy Dec. 13:</b> Eyzinger (Michael). <i>Ad Leonis Belgici Topographicam atque Historicam Descriptionem</i>, [Cologne:] 1586. €3,000 – 4,000
  • <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>Bonhams: History of Science and Technology. December 7, 2016</b>
    <b>Bonhams Dec. 7:</b> EINSTEIN, ALBERT. <i>Die Grundlage der allgemeinen Relativitätstheorie.</i> Leipzig: Johann Ambrosius Barth, 1916.<br>$80,000 – 120,000
    <b>Bonhams Dec. 7:</b> NEWTON, ISAAC. Autograph Manuscript in English, Signed Integrally ("Isaac Newton"). $50,000 – 70,000
    <b>Bonhams Dec. 7:</b> DARWIN, CHARLES. <i>On the Origin of Species by Means of Natural Selection, or the Preservation of Favoured Races in the Struggle for Life</i>. London: John Murray, 1859. $25,000 – 35,000
    <b>Bonhams: History of Science and Technology. December 7, 2016</b>
    <b>Bonhams Dec. 7:</b> NEWTON, ISAAC. <i>The Mathematical Principles of Natural Philosophy.</i> London: Benjamin Motte, 1729.<br>$20,000 – 30,000
    <b>Bonhams Dec. 7:</b> HEISENBERG, WERNER. Autograph Manuscript entitled "<i>Entwicklung der Theorie der Elementarteilche,</i>” [1964].<br>$15,000 – 25,000
    <b>Bonhams Dec. 7:</b> BERNOULLI, DANIEL. <i>Hydrodynamica, sive De viribus et motibus fluidorum commentarii.</i> Strasbourg: Johann Heinrich Decker for Johann Reinhold Dulsecker, 1738. $5,000 – 7,000
    <b>Bonhams: Voices of the 20th Century. December 7, 2016</b>
    <b>Bonhams Dec. 7:</b> [TARKOVSKY, ANDREI ARSENIEVICH.] STRUGATSKY, BORIS AND ARKADY. Typed Manuscript for <i>Stalker</i>, being the director's working script, 1977. $150,000 – 200,000
    <b>Bonhams Dec. 7:</b> HEMINGWAY, ERNEST. Typed Manuscript of "Marlin Off the Morro: A Cuban Letter," n.p., [1933]. $30,000 – 50,000
    <b>Bonhams Dec. 7:</b> SALINGER, JEROME DAVID. 4 Autograph Letters, 2 of which Signed ("Jerry") and 6 Typed Letters, 2 of which Initialed ("J"). $30,000 – 50,000
    <b>Bonhams: Voices of the 20th Century. December 7, 2016</b>
    <b>Bonhams Dec. 7:</b> PASTERNAK, BORIS LEONIDOVICH. Typed Manuscript Carbon, "Doktor Zhivago," with some typed corrections, Moscow, 1948. $30,000 – 50,000
    <b>Bonhams Dec. 7:</b> MILNE, ALAN ALEXANDER. Autograph Manuscript Signed 3 times ("A.A. Milne"), entitled "Peace with Honour: An Enquiry into the War Convention," 1934.<br>$30,000 – 50,000
    <b>Bonhams Dec. 7:</b> FROST, ROBERT. Autograph Manuscript Signed ("Robert Frost"), titled "Gold for Christmas," 1952. $15,000 – 20,000
  • <b>Bloomsbury Auctions: Edward S. Curtis' The North American Indian. December 15, 2016</b>
    <b>Bloomsbury Dec. 15: </b> Lot 200.<br>The North American Indian, vol.I-XIII. £60,000-80,000
    <b>Bloomsbury Dec. 15: </b> Lot 200.<br>The North American Indian, vol.I-XIII. £60,000-80,000
    <b>Bloomsbury Dec. 15: </b> Lot 200.<br>The North American Indian, vol.I-XIII. £60,000-80,000
    <b>Bloomsbury Auctions: Edward S. Curtis' The North American Indian. December 15, 2016</b>
    <b>Bloomsbury Dec. 15: </b> Lot 200.<br>The North American Indian, vol.I-XIII. £60,000-80,000
    <b>Bloomsbury Dec. 15: </b> Lot 200.<br>The North American Indian, vol.I-XIII. £60,000-80,000
    <b>Bloomsbury Dec. 15: </b> Lot 200.<br>The North American Indian, vol.I-XIII. £60,000-80,000
    <b>Bloomsbury Auctions: Edward S. Curtis' The North American Indian. December 15, 2016</b>
    <b>Bloomsbury Dec. 15: </b> Lot 202. Geronimo - Apache. £600-800
    <b>Bloomsbury Dec. 15: </b> Lot 225.<br>A Chief of the Desert - Navaho. £1000-1500
    <b>Bloomsbury Dec. 15: </b> Lot 267.<br>An Oasis in the Bad Lands. £600-800
    <b>Bloomsbury Auctions: Edward S. Curtis' The North American Indian. December 15, 2016</b>
    <b>Bloomsbury Dec. 15: </b> Lot 303.<br>The Scout in Winter - Apsaroke. £800-1200
    <b>Bloomsbury Dec. 15: </b> Lot 320.<br>Sitting Bear - Arikara. £500-700
    <b>Bloomsbury Dec. 15: </b> Lot 475. <br>A Nakoaktok Chief's Daughter. <br>£600-800

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