Rare Book Monthly

Articles - February - 2018 Issue

Auction Prices for Books and Paper Dipped by 1% in 2017

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Prices at auction for lots in the books and paper field took a modest dip in 2017. The median price slipped from $270 to $267, or 1.1%. It nearly wiped out last year's almost as modest 1.5% increase. On the other hand, the average price dropped more sharply, from $2,011 to $1,859, but this is not a very meaningful figure. It takes only one or two books at several millions to greatly skew the average price, and 2017 was a year without any blockbuster sales.

 

The number of lots sold at auction increased by 5.8% last year. There were 312,154 lots we tracked sold in 2017, vs. 295,143 in 2016. That is an increase of about 17,000 lots sold. Around 12,000 more lots were offered, indicating an increase in the sell-through rate as well. The sales rate for 2017 was 74.7%, vs. 72.7% the previous year. A 2% increase in the sell-through rate is substantial, and perhaps the small decrease in the median price reflects a willingness to take a little less to make a sale.

 

The percentage of books sold by price range was identical to 2016. Once again, 24% of the lots were priced below $100, 79% below $1,000. At the other end, 21% were above $1,000, 6% above $5,000, and 3% above $10,000.

 

The ratio of lots sold over the high estimate to lots sold below the low estimate was almost unchanged. A total of 58% of the lots sold went for more than the high estimate, while only 24% sold for under the low estimate. However, if you add lots unsold to the ones sold below the low estimate, the numbers are virtually identical. There were 179,958 lots that sold either below the low estimate or not at all, and 179,920 that sold above the high estimate. That is 44% of all lots offered for each, leaving 12% that were priced correctly!

 

The fourth quarter of the year has traditionally been the busiest time of year, though in 2016, the second quarter matched the fourth in terms of lots offered. In 2017, the auction houses reverted to form, with 34.3% of all lots offered in the fourth quarter vs. 28.9% in the second quarter. That was just as well as the sell-through rate was 74.9% for the fourth quarter vs. only 70.8% for the second quarter. As is usually the case, November was the busiest month. There were 56,656 lots offered, or 13.6% of the lots offered for the year. Sell-through was a robust 77%. August was again the slowest month, with just 17,676 lots offered, or only 4.2% of the total. However, the sell-through rate for August was the highest of the year at 80%. That is a surprise considering most people are expected to be on vacation.

 

Again following form, the highest median prices were achieved at the various branches of Sotheby's and Christie's. Highest overall, at an even $10,000, was the New York branch of Sotheby's. However, if prices at that level are a bit rich for the average buyer, there were 11 auction houses that offered more than 1,000 lots where the median was under $100. For the lowest of the low, check out the sales at the Lancaster Mennonite Historical Society. They won't break your budget, with a median of $12. In other words, half of their sold items went for less than $12. 98% sold for under $100. As for volume of lots sold, the runaway leader is Heritage Auctions' Dallas location. They sold 92,718 lots. The distant runner up was Kiefer Buch of Germany with 10,459.

 

Last month, we reported on the top 500 most expensive lots sold at auction in 2017. That report can be found by clicking here.

Rare Book Monthly

  • <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 372: Martin Luther King Jr. March for Freedom Now! Placard. Chicago, 1960. 28 x 22”. $3,000 to $6,000
    <b>Potter & Potter Auctions, July. 28:</b> Lot 567: Warhol, Andy. Tate Gallery Exhibition Booklet, Signed on the Cover by Warhol. Tate Gallery, 1971. $700 to $900
    <b>Potter & Potter Auctions, July. 28:</b> Lot 72: Mitchell, Margaret. <i>Gone With the Wind.</i> New York: The Macmillan Co., 1936. First edition, first issue. $4,000 to $5,000
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 468: Photo Archive Documenting the 1930s—50s Chicago Jazz and Night Club Scene. A significant collection. $2,000 to $4,000
    <b>Potter & Potter Auctions, July. 28:</b> Lot 143: Dr. Seuss. <i>Oh Say Can You Say.</i> 1979, First Edition, Signed. $200 to $300
    <b>Potter & Potter Auctions, July. 28:</b> Lot 285: [Maps] Thomas G. Bradford. <i>A Comprehensive Atlas, Geographical, Historical & Commercial.</i> Boston: William D. Ticknor, 1835. First Edition. $1,600 to $1,800
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 69: Herman Melville. <i>Moby Dick, or The Whale</i>. New York: Random House, 1930. First Kent Trade Edition. $400 to $600
    <b>Potter & Potter Auctions, July. 28:</b> Lot 295: John James Audoban. Group of 148 Lithographs from the Birds of America. Philadelphia: J.T. Bowen, ca. 1840s. $600 to $800
    <b>Potter & Potter Auctions, July. 28:</b> Lot 54: Langston Hughes. <i>One-Way Ticket.</i> New York: Alfred A. Knopf, 1949. First edition. $300 to $500
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 7: Ray Bradbury. <i>The Martian Chronicles.</i> With a Wine Label Signed by Bradbury. Garden City: Doubleday, 1950. First edition $300 to $500
    <b>Potter & Potter Auctions, July. 28:</b> Lot 121. Frank L Baum. <i>The Wonderful Wizard of Oz.</i> Chicago: George M. Hill Co., 1899, 1900. First Edition. $4,000 to $5,000.
    <b>Potter & Potter Auctions, July. 28:</b> Lot 369. [Declaration of Independence] Peter Force Engraving of the Declaration of Independence. One page; 29 x 26”. From the "American Archives" 1837-1853 series of books. $15,000 to $20,000
  • <b>Swann Auction Galleries:</b> Luis de Lucena, <i>Arte de Ajedres,</i> first edition of the earliest extant manual on modern chess, Salamanca, circa 1496-97. Sold for $68,750.
    <b>Swann Auction Galleries:</b> Carte-de-visite album with 83 images of prominent African Americans & abolitionists, circa 1860s. Sold for $47,500.
    <b>Swann Auction Galleries:</b> Gustav Klimt, <i>Das Werk,</i> Vienna & Leipzig, 1918. Sold for $106,250.
    <b>Swann Auction Galleries:</b> Man Ray, <i>[London Transport] – Keeps London Going,</i> 1938. Sold for $149,000.
    <b>Swann Auction Galleries:</b> Thomas Jefferson, Letter Signed, to Major-General Nathanael Greene, promising reinforcements against Cornwallis, 1781. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Nicolas de Fer, <i>L’Amerique Divisee Selon Letendue de ses Principales Parties,</i> Paris, 1713. Sold for $30,000.
    <b>Swann Auction Galleries:</b> Russell H. Tandy, <i>The Secret in the Old Attic,</i> watercolor, pencil & ink, 1944. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Ernest Hemingway, <i>Three Stories & Ten Poems,</i> first edition of the author's first book, Paris, 1923. Sold for $23,750.
    <b>Swann Auction Galleries:</b> Walker Evans, <i>River Rouge Plant,</i> silver print, 1947. Sold for $57,500.
  • <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: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> SHAKESPEARE, WILLIAM. <i>The Tragedie of Julius Caesar.</i> London, 1623. 1st appearance in print, Complete from the First Folio. Sold for $175,000
    <b>Bonhams, June 12 results:</b> Ernst, Max. <i>Mr. Knife and Miss Fork</i>. Paris, 1932. DELUXE EDITION. Sold for $15,625
    <b>Bonhams, June 12 results:</b> Cage, John. Autograph musical leaf from his Concert for Piano and Orchestra, NY, 1958. Sold for $18,750
    <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Einstein, Albert. Signed Passport Photo for his US citizenship application. Bermuda, 1935. Sold for $17,500
    <b>Bonhams, June 12 results:</b> Verard, Antoine. Illuminated printed Book of Hours. Paris, 1507. Sold for $7,500
    <b>Bonhams, June 12 results:</b> Wetterkurzschlussel. German Weather Report Codebook - for Enigma use. Berlin, 1942. Sold for $225,000
    <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Morelos y Pavon, Jose Maria. Autograph letter signed to El Virrey Venegas, February 5, 1812. Sold for $6,250
    <b>Bonhams, June 12 results:</b> Milne, A.A. Complete set of <i>Winnie-the-Pooh</i> books. 4 volumes. All first issue points. London, 1924-1928. Sold for $5,250
    <b>Bonhams, June 12 results:</b> A 48-star American Flag, battle worn flown at Guadalcanal and Peleliu, 1942-1944. Sold for $35,000
    <b>Bonhams, June 12 results:</b> Locke, John. Autograph Letter Signed mourning the death of his friend, William Molyneaux, 2 pp, October 27, 1698. Sold for $20,000
  • <b>Doyle, online only: Angling Books from the Collection of Arnold "Jake" Johnson. July 13-24, 2018</b>
    <b>Doyle, online only Jul 13-24:</b> Zane Grey, Inscribed photograph album depicting Grey and party at Catalina, fishing, and in Arizona. $700 to $1,000
    <b>Doyle, online only Jul 13-24:</b> Eric Taverner, Salmon Fishing...London: Seeley, Service & Co., 1931. $600 to $900
    <b>Doyle, online only Jul 13-24:</b> The Gentleman Angler. $300 to $500
    <b>Doyle, online only: Angling Books from the Collection of Arnold "Jake" Johnson. July 13-24, 2018</b>
    <b>Doyle, online only Jul 13-24:</b> Ken Robinson, Flyfishers' Progress. [London: The Flyfishers' Club, 2000. $200 to $300
    <b>Doyle, online only Jul 13-24:</b> G. H. Lacy, North Punjab Fishing Club Angler's Handbook. Calcutta: Newman & Co., 1890. $300 to $500
    <b>Doyle, online only Jul 13-24:</b> J. Harrington Keene, Fly-Fishing and Fly-Making for Trout, etc. New York, 1887. $200 to $300
    <b>Doyle, online only: Angling Books from the Collection of Arnold "Jake" Johnson. July 13-24, 2018</b>
    <b>Doyle, online only Jul 13-24:</b> Arthur Macrate, The History of The Tuna Club, Avalon, Santa Catalina Island, California, 1948. $400 to $600
    <b>Doyle, online only Jul 13-24:</b> Joseph D. Bates Jr. Streamer Fly Tying and Fishing. Harrisburg, PA: The Stackpole Company, 1966. $800 to $1,200
    <b>Doyle, online only Jul 13-24:</b> Paul Schmookler and Ingrid V. Sils. Rare and Unusual Fly Tying Materials: A Natural History. $300 to $500
    <b>Doyle, online only Jul 13-24:</b> Herbert Hoover, Fishing For Fun - And To Wash Your Soul. New York: Random House, 1963. $400 to $600

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