• <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>
  • <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> ACCADEMIA ERCOLANENSE DI ARCHEOLOGIA. <i>Ornati delle Pareti</i>, Naples 1796. £2,000 to £3,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> AMERICAS. <i>Il Gazzettiere Americano…</i>, Livorno, 1763. £2,000 to £3,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> BARROW, John. <i>Travels in China…</i>, London, 1804. £600 to £800
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> BENOIST, Felix. <i>Album de L'Ile de Jersey</i>…, Paris & Nantes, 1870. £1,500 to £2,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> GAIL, Wilhelm. <i>Erinnerungen aus Spanien,</i> Munchen, [ca. 1837]. £1,800 to £2,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> HANCARVILLE, Pierre d'. <i>Recherches sur l'origine…,</i> London, Appleyard, 1785. £1,5000 to £2,000
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> HULLEY, T. <i>Six Views of Cheltenham.</i> London, R. Ackerman, 1813. £800 to £1,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> JEFFERSON, Thomas. <i>Notes on the state of Virginia</i>…, London, 1787. £12,000 to £18,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> LEWIS, John F. <i>Lewis's illustrations of Constantinople…,</i> London, McLean, 1837. £3,000 to £4,000
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> MARQUARD, Johann. <i>Tractatus politico-juridicus,</i> Frankfurt, 1662. £1,800 to £2,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> MAUND, Benjamin. <i>The botanic garden,</i> London, 1825-42. £1,500 to £2,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> Willughby, Francis; John Ray (ed.). <i>Ornithologiæ libri tres</i>. London, John Martyn, 1676. £1,500 to £2,000
  • <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>Sotheby’s Online, June 18 - 28:</b> Lewis, Meriwether, and William Clark. <i>History of the Expedition Under the Command of Captains Lewis and Clark, To the Sources of the Missouri…</i> 1814, first edition. $100,000 to $150,000
    <b>Sotheby’s Online, June 18 - 28:</b> Poe, Edgar Allan. <i>Tales.</i> New York: Wiley And Putnam, 1845. First edition, first printing, first issue. $70,000 to $100,000
    <b>Sotheby’s Online, June 18 - 28:</b> Dürer, Albrecht, and Johann Stabius. [Map of the World as a Sphere.] [Vienna,] 1781 (From Woodblocks Cut In 1515). $120,000 to $180,000
    <b>Sotheby’s Online, June 18 - 28:</b> Ferdinand, Franz — Lala Deen Dayal [Photographer]. VISIT OF H.I. & H.R. THE ARCHDUKE FRANZ FERDINAND OF AUSTRIA ESTE TO HYDERABAD (DECCAN), JANUARY 1893. $4,000 to $6,000
    <b>Sotheby’s Online, June 18 - 28:</b> Lincoln, Abraham. Manuscript Letter Signed ("Yours Truly A. Lincoln") as Sixteenth President to Secretary of the Navy Gideon Welles Regarding William Johnson. $200,000 to $300,000

Rare Book Monthly

Articles - June - 2005 Issue

Following Up a 25-Year-Old Book Investment Scheme

Fedwards

Rare book investment portfolio proposal.


By Michael Stillman

Books are purchased primarily for two reasons, reading and collecting. While the first purpose is the main reason they are published in the first place, it is generally a one-time shot. Read it once and its usefulness has been depleted. However, collecting has a permanence. It gives books a long term, and likely increasing, value. And once something has these attributes, a third purpose raises its head: investing. Most people who collect books for the sheer love of them are probably aware of this secondary purpose. Still, it isn't often that books are collected solely for investing. Once in awhile, they are, and a chance encounter with a 25-year-old pamphlet gives us an opportunity to look back on such a scheme.

While digging through boxes of old auction catalogues being prepped for the Americana Exchange Database*, we chanced upon a pamphlet produced by Francis Edwards, Ltd., of London, around 1980. Before we continue, we need to point out that this is not the same Francis Edwards of today. Francis Edwards today is again a traditional antiquarian bookseller, just as the firm was for more than a century before this pamphlet was printed. This pamphlet dates from a brief period between the 1978 sale by the Edwards family to venture capitalists to its early 1980s purchase by the current owners. The firm of Francis Edwards is now back to selling books in the British book town of Hay-on-Wye, as well as in London, as it has done through most of its existence since founded by Mr. Edwards in 1855.

During the brief venture capital period around 1980, the firm published this pamphlet, Rare Books for the Collector From the Investor's View, Francis Edwards Limited, Creating a Portfolio. Basically, the plan worked like this. You would invest a sum of money, minimum GPB (British pounds) 500, with the firm. This, they explained, was "the minimum feasible sum which will permit a balanced portfolio of titles across subjects, authors and countries." Then, "specialists identify titles which in their opinion will provide good appreciation over a period of several years." The purchaser could take physical possession of these books if he liked, or store and insure them with Edwards for 2% per year. They could be sold at any time, but the firm explained that this "scheme" (their words, not mine) was designed for those expecting to hold the books for "3 to 5 years."

Rare Book Monthly

  • <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>Sotheby’s London: Medieval and Renaissance Manuscripts and Continental and Russian Books.<br>July 3, 2018</b>
    <b>Sotheby’s London, July 3:</b> The Breviary of Marie (1344-1404), Duchess of Bar, Daughter of Bonne of Luxembourg and King John II (the Good) of France, Franciscan Use, in Latin with a few rubrics in French [France (Paris), c.1360]. £500,000 to £700,000
    <b>Sotheby’s London, July 3:</b> John Chrysostom, Homilies on Matthew’s Gospel, in Greek [Byzantine Empire (Constantinople), late 9th century]. £200,000 to £300,000
    <b>Sotheby’s London, July 3:</b> Bible, with prologues and interpretations of Hebrew Names, in Latin [France (Paris), c.1250]. £80,000 to £120,000
    <b>Sotheby’s London: Medieval and Renaissance Manuscripts and Continental and Russian Books.<br>July 3, 2018</b>
    <b>Sotheby’s London, July 3:</b> Euclides. Elementa Geometriae [Translated by Adelardus Bathoniensis, Edited by Johannes Campanus]. Vicenza: Leonardus Achates de Basilea and Guilielmus de Papia, [13 May Or 20 June] 1491. £40,000 to £60,000
    <b>Sotheby’s London, July 3:</b> Apocalypsis Sancti Johannis. Single Leaf from a Block Book [Schreiber's Edition III]. [The Netherlands, C. 1465-1470]. £15,000 to £20,000
    <b>Sotheby’s London, July 3:</b> Seneca, Lucius Annaeus. Opera Philosophica. Epistolae [Edited by Blasius Romerus]. Treviso: Bernardus De Colonia, 1478. £20,000 to £30,000

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