• <b>19th Century Shop.</b> A patriot who fought with George Washington Superb Daguerreotype of Baltus<br>Stone at age 101 (1846).
    <b>19th Century Shop.</b> Edward Curtis portrait of Honovi, Walpi Snake Priest "Honovi was one of the author's principal informants" (1910).
    <b>19th Century Shop.</b> The Execution of the Lincoln Assassination Conspirators by Alexander Gardner (1865).
    <b>19th Century Shop.</b> Harriet Beecher Stowe, Catharine Beecher, Henry Ward Beecher, and the other siblings with their father Lyman Beecher. By Mathew Brady (1850s).
    <b>19th Century Shop.</b> From Slaves to World-Famous Entertainers Millie-Christine, "The Two-Headed Nightingale" (c. 1868-71)
    <b>19th Century Shop.</b> Goldfield, Nevada Photograph Collection Fabled Western Mining Boomtown (1905-1906)
    <b>19th Century Shop.</b> Tycoon-Collector Benjamin Richardson poses with his great-grandson as appeared in parade.
    <b>19th Century Shop.</b> Alexander Gardner portrait of Lincoln the only known copy, ex-John Hay (1863).
    <b>19th Century Shop.</b> Magnificent Niagara Falls album with a strong provenance (1867).
    <b>19th Century Shop.</b> Spectacular American West Album From Yosemite to Salt Lake City to San Francisco.
  • <b>Bonhams September 21:</b> Lot 14. Darwin, Charles. 1809-1882. <i>On the Origin of Species by Means of Natural Selection... 1859.</i>. US$ 60,000-80,000.
    <b>Bonhams September 21:</b> Lot 46. Smith, Adam. 1723-1790. <i>An Inquiry into the Nature and Causes of the Wealth of Nations.</i> US$ 70,000-90,000.
    <b>Bonhams September 21:</b> Lot 224. CIVIL WAR. Gardner's Photographic Sketch Book of the War [1865-1866]. US$ 120,000-180,000.
    255 — add to caption: First Edition, Subscriber’s Copy
    <b>Bonhams September 21:</b> Lot 270. Serra, Junipero. 1713-1774, ET AL. Pangua, Francisco. Letter in Spanish, 1775. US$ 60,000-90,000.
    <b>Bonhams September 21:</b> Lot 77. Apple 1 Motherboard, with label "Apple Computer 1 / Palo Alto. Ca. Copyright 1976." US$ 300,000-500,000.
    <b>Bonhams September 21:</b> Lot 46. The 1934 Nobel Prize Medal for Physiology or Medicine. Presented to George Minot. US$ 200,000-300,000.
    <b>Bonhams September 21:</b> Lot 39. Darwin, Charles. 1809-1882. Autograph Letter Signed ("Ch. Darwin"). US$ 70,000-90,000.
    <b>Bonhams September 21:</b> Lot 4. Lubieniecki, Stanislaw. 1623-1675. <i>[Theatri Cometici pars posterior] Historia Cometarum...</i> US$ 25,000-35,000.
    <b>Bonhams September 21:</b> Lot 3. Vera rare George III mahogany and engraved brass orrery. US$ 200,000-250,000.
  • <b>Sotheby's Paris, De la bibliothèque Stéphane Mallarmé, 15 October.</b>
    <b>Sotheby's Paris</b>: Lot 163. Stéphane Mallarmé. An autograph manuscript for <i>Un coup de Dés jamais n'abolira le Hasard</i>. [Avril Ou Début MAI 1897]. Est. 500,000-800,000 EUR.
    <b>Sotheby's Paris</b>: Lot 109. Manet, Edouard - Edgar Allan Poe - Stéphane Mallarmé. <i>Le Corbeau. The Raven. 1875</i>. Est 80,000-120,000 EUR.
    <b>Sotheby's Paris</b>: Lot 152. Edgar Degas. <i>Portrait of Stéphane Mallarmé and Auguste Renoir</i>, [16 Décembre 1895]. Est. 40,000-60,000 EUR.
    <b>Sotheby's Paris</b>: Lot 15. Baudelaire, Charles. <i>Les Fleurs du Mal. Paris, Poulet-Malassis et De Broise, 1861.</i> <br>Est. 80,000 - 120,000 EUR.
    <b>Sotheby's Paris, De la bibliothèque Stéphane Mallarmé, 15 October.</b>
    <b>Sotheby's Paris</b>: Lot 137. Mallarmé, Stéphane. Vers Sur un Galet D'Honfleur. [Eté 1892 OU Été 1894.] Est. 5,000-8,000 EUR.
    <b>Sotheby's Paris</b>: Lot 48. Gide, André - Maurice Denis. <i>Le Voyage d'Urien. Paris, Librairie de L’Art indépendant, 1893.</i> Est. 20,000-30,000 EUR.
    <b>Sotheby's Paris</b>: Lot 103. Mallarmé, Stéphane - Edgar Allan Poe. Manuscripts Autographs. [1870-1875 ET 1869]. Est. 80,000-120,000 EUR.
    <b>Sotheby's Paris</b>: Lot 107. [Revue - Stéphane Mallarmé] La Derniere Mode. Gazette du monde et de la famille. Est. 40,000-60,000 EUR.
    <b>Sotheby's Paris, De la bibliothèque Stéphane Mallarmé, 15 October.</b>
    <b>Sotheby's Paris</b>: Lot 110. Mallarmé, Stéphane - Edouard Manet. <i>L’après midi d'un Faune. Églogue. Paris, 1876.</i> Est. 30,000-50,000 EUR.
    <b>Sotheby's Paris</b>: Lot 160. Mallarmé, Stéphane. Premier état D'un Un Coup De Dés Jamais N'Abolira Le Hasard. Manuscrit Autographe. [1897].<br>Est. 60,000-80,000 EUR.
    <b>Sotheby's Paris</b>: Lot 164. Mallarmé, Stephane. 6 jeux d’épreuves Pour un Coup De Dés Jamais N'Abolira Le Hasard De l’édition définitive chez Vollard. Est. 100,000-150,000 EUR.
    <b>Sotheby's Paris</b>: Lot 198. [Méry Laurent] <i>Liber Amicorum De Méry Laurent</i>. 1875-Fin Des Années 1890]. Est. 50,000-80,000 EUR.

Rare Book Monthly

Articles - May - 2005 Issue

Converting Old Prices To Current Value&#58; Finally A Tool


Want to see what has really happened to the value of this book? Read on.

By Michael Stillman

Figuring out the value of a book is probably the most vexing issue facing booksellers and collectors alike. Not that there is any lack of data. Books have been auctioned in the open market for over three centuries. Knowledgeable booksellers have been placing prices on them for at least that long. There is an enormous wealth of information. The problem is that many of these valuations are old. How can we use this enormous body of pricing data when the ravages of inflation and changing taste have made them seemingly meaningless?

The answer is to convert these old prices into current values. We need a scale, something akin to what the Consumer Price Index does for a loaf of bread. Such a scale could translate the price a bookseller or auction placed on that book years ago into today's dollars. It would bring those old prices up to date. Now updated prices would not necessarily establish current value. Some books will have appreciated more than others in the intervening years. Nevertheless, it would tell you on average what that old price equals today. It will tell you the value that bookseller or auction placed on your book. In a world where accurate pricing information is very hard to find, this would be a major step.

At the AE, we have been compiling an enormous database (the AE Bibliographic Database) of priced records, primarily from auctions and top booksellers of many generations. Now approaching a million strong, and growing rapidly by the day, these records give us a unique window into book pricing over the past century. Now we have sorted and selected through these reams of data to generate a scale that reflects the yearly trends in book pricing. So far, the scale takes us back to 1914, but in time it will go even farther. Once the scale was created, it became possible to apply it back to each individual record to determine what that old price means in terms of today's dollars. "Book dollars," if you will, for this scale is based not on the price of bread but on the price of books. It is, so to speak, the Consumer Price Index of books.

As we noted, not all updated prices will reflect current values because of differing rates of appreciation. However, this brings us to a second, and maybe even more important use for these updated prices. The ability to convert old prices into current values will tell you how fast a book is appreciating relative to other books, which is just a polite way of saying whether it has been a good or a poor investment. Think about that. If a book sold for $100 fifty years ago, and sold for $200 yesterday, it's been a terrible investment. Most books have far more than doubled in fifty years. But, if that book sold for the equivalent of $100 in today's "book dollars" fifty years ago, and $200 today, that is a book which is appreciating at twice the normal rate. Converting old prices to current values enables you to see which books are good investments, which are not so good. Now, if your interest in books is strictly for the pleasure they bring you, then you need read no further. If at least part of your motivation in buying books revolves around money, then please continue.

Rare Book Monthly

  • <b>AUCTIONATA Oct 14th:</b> Lot 52. Charles Schulz, Original Peanuts Snoopy Baseball Strip, U.S.A, 1964. Starting price $16,000.
    <b>AUCTIONATA Oct 14th:</b> Lot 6.<br>Maurice Sendak (1928-2012), 'Max, Where the Wild Things Are', Pen & Ink, 2012. Starting price $1,500.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 13.<br>Leo Rijn after Dr. Seuss, Cowfish Maquette, U.S.A, 1998. Signed on stand. Starting price $1,000.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 17.<br>Dr. Seuss, Untitled, Color Pen & Ink, C. 1940. Signed ‘Dr Seuss’ lower left. Starting price $4,000.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 19.<br>Dr. Seuss, ‘I wonder how I offended George…’ Pen & Ink, C. 1930. Starting price $7,500.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 29.<br>Disney Studios, 'Queen, Snow White', Concept Sketch, U.S.A., C. 1937. Starting price $3,000.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 30.<br>Marc Davis, 'Sleeping Beauty in a Meadow', Production Cel, 1959. Signed. Starting price $1,200.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 50.<br>Charles Schulz, Original Peanuts Daily Strip, USA, 1966. Signed 'Schulz'. Starting price $10,000.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 58.<br>Chuck Jones, Signed, hand-painted Production Cels from Duck Dodgers, 1952. Starting price $4,500.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 77.<br>Stan Lee, Marvel Studios, Bishop,<br>X-Men, Production Cel, C.1995. <br>Starting price $240.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 79.<br>Warner Bros, 'New Adventures of Superman', C. 2000. Production Cel. Starting price $300.00.
    <b>AUCTIONATA Oct 14th:</b> Lot 84.<br>Tim Burton, Mayor from Nightmare Before Christmas, C. 1993. Starting price $1,500.00.
  • <b>Swann Auction Galleries Oct 22:</b> Autographs
    <b>Swann Auction Galleries Oct 22:</b> Autograph letter signed by Confederate President Jefferson Davis to Senator John William Clark Watson, Richmond, 1865. $10,000 to $15,000.
    <b>Swann Auction Galleries Oct 22:</b> Autograph poem by John Quincy Adams from an album kept by Abby Smith, w. inscription signed by her grandfather, John Adams, 1820s. $10,000 to $15,000.
    <b>Swann Auction Galleries Oct 22:</b> Typed letter signed by Theodore Roosevelt to assemblyman Michael A. Schapp, New York, 1913. $10,000 to $15,000.
    <b>Swann Auction Galleries Oct 22:</b> Autographs
    <b>Swann Auction Galleries Oct 22:</b> Autograph letter signed by Richard Wagner to Hofkapellmeister Max Seifriz, Zürich, 1853. $7,000 to $10,000.
    <b>Swann Auction Galleries Oct 22:</b> Photograph signed and inscribed by Pyotr Ilyich Tchaikovsky to librettist Paul Collin, 1888. $6,000 to $9,000.
    <b>Swann Auction Galleries Oct 22:</b> <i>Katalog der Wiener Kunstschau</i> signed and inscribed by Egon Schiele, 1916. $6,000 to $9,000.
    <b>Swann Auction Galleries Oct 22:</b> Autographs
    <b>Swann Auction Galleries Oct 22:</b> Letter signed by Mohandas K. Gandhi to Dr. John Haynes Holmes, Sevagram, 1940. $5,000 to $7,500.
    <b>Swann Auction Galleries Oct 22:</b> Photograph signed and inscribed by Marilyn Monroe to Dulce Brito, circa 1957. $4,000 to $6,000.
    <b>Swann Auction Galleries Oct 22:</b> Two typed letters signed by William Faulkner, Los Angeles, 1943. $4,000 to $6,000.

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