• <b>Swann Auction Galleries Feb 25:<br>Art & Storytelling: Photographs<br>& Photobooks</b>
    <b>Swann Auction Galleries Feb 25:</b> Marcus A. Root, "<i>General Tom Thumb</i>" with parents, daguerreotype, circa 1846. $30,000 to $40,000.
    <b>Swann Auction Galleries Feb 25:</b> William Saunders, <i>Sketches of Chinese Life and Character</i>, album with 50 hand-colored photographs, 1871-72. $25,000 to $35,000.
    <b>Swann Auction Galleries Feb 25:</b> Wilson A. Bentley, album of 25 microphotographs from glass<br>plate negatives, 1888-1927.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Feb 25:<br>Art & Storytelling: Photographs<br>& Photobooks</b>
    <b>Swann Auction Galleries Feb 25:</b> Hilla & Bernhard Becher, <i>Anonyme Skulpturen, Eine Typologie technischer Bauten</i>, first edition inscribed, Düsseldorf, 1970. $1,200 to $1,800.
    <b>Swann Auction Galleries Feb 25:</b> Edward Ruscha, four seminal artist's books in original dust jackets.<br>$1,500 to $2,500.
    <b>Swann Auction Galleries Feb 25:</b> Typological set of more than 100 photographs of WWII fighter planes, 1942-45. $400 to $600.
    <b>Swann Auction Galleries Feb 25:</b><br>Roy DeCarava and Langston Hughes, <i>The Sweet Flypaper of Life</i>, first edition signed by authors, New York, 1955. $500 to $750.
  • <b>Bonhams Fine Books and Manuscripts, February 14th, 2016.</b>
    <b>Bonhams Feb 14th:</b> Lot 9. HIERONYMUS. C.340-420. <i>Epistolae. WITH: Lupus de Oliveto. Regula Monachorum ...</i> US$ 20,000-30,000.
    <b>Bonhams Feb 14th:</b> Lot 47. FROST, A.B. 1858-1921. Shooting Pictures. New York: Charles Scribner's Sons.<br>US$ 10,000-15,000.
    <b>Bonhams Feb 14th:</b> Lot 53. PICASSO, PABLO, RAOUL HAUSMANN, et al. ILIAZD, ed. Poesie de mots inconnus. 1949. US$ 8,000-12,000.
    <b>Bonhams Feb 14th:</b> Lot 64. BRIGGS, HENRY. 1561-1630. <i>The North Part of America</i>. [London: 1625]. Engraved by R. Elstracke. US$ 8,000-12,000.
    <b>Bonhams Feb 14th:</b> Lot 79. COPERNICUS, NICOLAUS. De revolutionibus orbium coelestium. 1566. US$ 80,000-120,000.
    <b>Bonhams Feb 14th:</b> Lot 80. DARWIN, CHARLES. On the Origin of Species by Means of Natural Selection, or the Preservation of ... US$ 70,000-90,000.
    <b>Bonhams Feb 14th:</b> Lot 87. NEWTON, ISAAC, SIR. Autograph Manuscript in Latin and English [n.p., early 1670s}. US$ 100,000-150,000
    <b>Bonhams Feb 14th:</b> Lot 93. Dr. Kary Mullis' 1993 Nobel Prize in Chemistry, awarded to him for the invention of the Polymerase Chain Reaction. US$ 450,000-550,000.
    <b>Bonhams Feb 14th:</b> Lot 96.<br>CLEMENS, SAMUEL. Autograph Manuscript, nearly complete chapter 30 of <i>A Tramp Abroad</i>, c.1879.<br>US$ 20,000-30,000.
    <b>Bonhams Feb 14th:</b> Lot 105. GOLF. [MATHISON, THOMAS. d.1754.]<br><i>The Goff</i>. An Heroi-Comical Poem.<br>US$ 40,000-60,000.
    <b>Bonhams Feb 14th:</b> Lot 113. JOYCE, JAMES. 1882-1941. <i>Ulysses</i>. First Edition, Presentation Copy, Signed and Inscribed by Joyce on the half-title. US$ 40,000-60,000.
    <b>Bonhams Feb 14th:</b> Lot 120. LONDON, JACK. Autograph Manuscript of the short story "Flush of Gold". US$ 40,000-60,000.
    <b>Bonhams Feb 14th:</b> Lot 135. STEINBECK, JOHN. Autograph Manuscript of an unpublished short story. US$ 35,000-45,000.
    <b>Bonhams Feb 14th:</b> Lot 149. GERONIMO. BARRETT, S.M., ed. Geronimo's Story of His Life. 1906. US$ 12,000-18,000.
    <b>Bonhams Feb 14th:</b> Lot 165.<br>ENOLA GAY. LEWIS, ROBERT A. An official pilot's log, 1942 to 1946.<br>US$ 50,000-80,000.
  • <b>Old World Auctions (Feb 3-17):</b><br>Lot 14. Blaeu,<i>Nova Totius Terrarum Orbis Geographica ac Hydrographica Tabula</i>, 1635. Est. $14000-$16000
    <b>Old World Auctions (Feb 3-17):</b><br>Lot 305. Arrowsmith, <i>Texas: The Rise, Progress, and Prospects of the Republic of Texas</i>, 1841. Est. $18000-$20000
    <b>Old World Auctions (Feb 3-17):</b><br>Lot 256. Thackara, <i>Plan of the City<br>of Washington in the Territory of Columbia</i>, 1792. Est. $13000-$16000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 188. Browne/Senex, A New<br>Map of Virginia Mary-land, 1719. <br>Est. $5500-$6500
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 47. Cellarius, <i>Scenographia Systematis Copernicani</i>, 1708.<br>Est. $2400-$3000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 6. Ortelius, <i>Typus Orbis Terrarum</i>, 1571. Est. $7000-$8500
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 413. De Medina, <i>Mundo Novo,</i> 1554. Est. $7000-$9000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 37. Jansson, <i>Histoire des Grands Chemins de l'Empire Romain</i>, 1736. Est. $3000-$3750
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 798. Le Rouge, <i>Atlas Nouveau Portatif a l'Usage des Militaires</i>, 1748. Est. $2400-$3000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 60. Munster, <i>Tabula Novarum Insularum</i>, 1559. Est. $5500-$7000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 122. Morden, <i>A New Map of the English Empire in America</i>, 1695. <br>Est. $14000-$16000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 291. J.J. Stoner, Niagara-Falls, <br>N.Y., 1882. Est. $1600-$1900
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 797. Sanson, <i>Die Gantze Erd-Kugel</i> ... Europa, Asia, Africa und America, 1679. Est. $8000-$10000
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 799. Lotter/Lobeck, Atlas Geographicus Portatilis, 1760.<br>Est. $1600-$1900
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 808. Railroad Companies, [<i>Manuscript Railroad Atlas</i>], 1890.<br>Est. $1000-$1500
    <b>Old World Auctions (Feb 3-17):</b> <br>Lot 800. Pinkerton, <i>A Modern Atlas</i>, 1815. Est. $8000-$10000

Rare Book Monthly

Articles - June - 2005 Issue

Following Up a 25-Year-Old Book Investment Scheme

Edwards11

These eleven books averaged over a 1,000% return in 14-17 years.


The books would be held in the investor's portfolio. "Should a collector want an item currently in an investor's portfolio the investor would be informed of the fact and the proposed price." It is not stated how collectors would be made aware of what books were held in the Edwards portfolio, though presumably this was addressed. Edwards' commission is not stated, but we can also presume there was one of these. These were questions the prudent investor would undoubtedly ask before turning over a sum of money.

Ultimately, the "scheme" failed. In an email response, Greg Coombes, the current Chief Executive of Francis Edwards, said the portfolio scheme led to a great furor in the book world, including an article in a trade publication. There are undoubtedly some readers out there, longer involved in the book trade than I, who remember this incident. Coombes explained that the firm believed some of the comments were actionable, and took the matter to court. Between what was likely disappointing results in gaining investors and costs of litigation, which proved unsuccessful, the company failed. Present ownership purchased the venerable firm out of receivership in the fall of 1982, and restored it to its traditional bookselling role.

Our point is not to stir up old controversies. Whatever the issues were then, we do not care. However, it can be interesting to look back at this proposal with the benefit of hindsight. Why might this scheme have looked appealing at the time, and were the expectations on which it was based realized in the years ahead, or did the scheme fall short? Those are the interesting questions, as undoubtedly it is just a matter of time before conditions bring about a new plan based on similar assumptions.

It is not surprising that a plan like this would be offered in 1980. Investors were searching for ways to achieve returns which would outpace rising inflation. The stock market had been dead for years. The Dow Jones Industrial Average closed 1980 virtually the same as it closed 1965. So what better time to show investors what books had done over the same period? Edwards produced a chart of 11 items, purchased in the early 1960s and sold in the late 1970s. There was a 1791 Boswell's Life of Johnson, a 1690 first edition of Locke's Essay Concerning Humane Understanding, D.H. Lawrence's 1915 The Rainbow, and eight others. Returns ranged from a low of 271% to a high of 1,946%. That's a low of 271%. Compare that to a flat stock market. The average return was over 1,000%. Not bad for around 15 years.

Rare Book Monthly

  • <b>Cowan's Books and Maps: Timed Online Auction, Open, Bid Now!</b>
    <b>Cowan's Books and Maps: </b> Lot 30. <i>Adventures of Huckleberry Finn</i>, First Edition. Est $1000-$1500. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 46. Explorations for a Pacific Railroad Route, 13 Vols. EST $2,000-$3,000. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 47. <br>The Novels and Stories of Willa Cather, Autograph Edition. Nos 1-13.<br>EST $4,000-$6,000. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 14. <br><i>The Glory of New York by Joseph Pennell</i>, Bruce Rogers Design. <br>EST $1,000-$2,000. BID NOW!
    <b>Cowan's Books and Maps: Timed Online Auction, Open, Bid Now!</b>
    <b>Cowan's Books and Maps: </b> Lot 31. <i>Little Women</i>, First Edition. Boston: Roberts Brothers, 1868-1869.<br>Est $800-$1000. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 63. <br><i>Isis Unveiled: A Master-Key to the Mysteries of Ancient and Modern ...</i><br>Est $1500-$3000. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 76. <i>Sanson's Atlantis Insula</i> (Nicolas, 1600-1667; Guillaume, 1633-1703). Est $1000-$2000. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 85. <i>White's County and District Map<br>of the State of West Virginia, 1875</i>.<br>Est $2500-$5000. BID NOW!
    <b>Cowan's Books and Maps: Timed Online Auction, Open, Bid Now!</b>
    <b>Cowan's Books and Maps: </b> Lot 5.<br><i>A Confession of Faith</i>, Early Connecticut Imprint Regarding<br>the Saybrook Platform, 1760.<br>Est $200-$300. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 78. Senex, John. <i>Map of Louisiana and of the River Mississipi</i> [sic]. [England]. 1719. Est $2000-$3000. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 69. Lot of Children's Chapbooks and Fiction, Plus. Est $150-$300. BID NOW!
    <b>Cowan's Books and Maps: </b> Lot 11. Dard Hunter <i>Papermaking Pilgrimage to Japan, Korea and China</i>. 1936.<br>Est $1500-$2500. BID NOW!
  • <b>19th Century Shop.</b> LINCOLN, ABRAHAM. <i>A superb collection of manuscripts signed by Lincoln and relics related to Lincoln’s death</i>. Washington, 1864-1865
    <b>19th Century Shop.</b> Rare Relic of the Underground Railroad (1857). <i>$500 Reward Ran away ...</i>
    <b>19th Century Shop.</b> CARTER, SUSANNAH. <i>The Frugal Housewife,</i> (1772) the second American cookbook, plates by Paul Revere.
    <b>19th Century Shop.</b> SCHIRRA, WALTER M.. Icon of the American Space Program. <i>A Complete Set of Schirra’s Flight Log Books (1947-69).</i>
    <b>19th Century Shop.</b> A fine pair of daguerreotypes, one a black nurse holding a white baby, the other the white parents. Maryland, c. 1853.
    <b>19th Century Shop.</b> The Internet. (COMPUTERS.) CERF, VINTON & KAHN, ROBERT. <i>"A Protocol for Packet Network Intercommunication" in IEEE Transactions on Communications.</i>

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