• <b>Sotheby's NY May 25.</b> Thomas Lynch, Jr., Signer of the Declaration from South Carolina: Document signed in full ("Thomas Lynch Junr").
    <b>Sotheby's NY May 25.</b> Thomas Jefferson, letter signed as Secretary of State. ("TH: JEFFERSON").
    <b>Sotheby's NY May 25.</b> Thomas Jefferson, the first U.S. Naturalization Act, signed as Secretary of State.
    <b>Sotheby's NY May 25.</b> Miniature edition of the Emancipation Proclamation printed for distribution to Union troops.
    <b>Sotheby's NY May 25.</b> General George Meade’s statement on the victory at Gettysburg, printed on the battlefield. July 4, 1863.
    <b>Sotheby's NY May 25.</b> Abraham Lincoln, letter signed, seeking the counsel of Navy Secretary Welles on the appropriate response to the Fort Pillow Massacre.
  • <b>19th Century Shop.</b> DARWIN, CHARLES. Iconic signed Darwin photograph "I like this photograph much better than any other which ..."
    <b>19th Century Shop.</b> DARWIN, CHARLES. <i>Autograph Letter Signed</i>. Early Unpublished Darwin letter on the races of man.
    <b>19th Century Shop.</b> WRIGHT, WILBUR. Experiments and Observations in Soaring Flight. Journal of the Western Society of Engineers 8, no. 4 (August, 1903).
    <b>19th Century Shop.</b> EINSTEIN, ALBERT. <i>The Meaning of Relativity.</i> FIRST EDITION IN ENGLISH. Signed and dated Oxford 1931.
    <b>19th Century Shop.</b> GARDNER, ALEXANDER. Antietam Bridge, Maryland. "One of the memorable spots in the history of the war."
  • Christie's London: SHAKESPEARE, William. <i>Comedies, Histories, and Tragedies</i>, Edited by John Heminger (D. 1630) and Henry Condell<br>(D. 1627). £800,000–£1,200,000
    Christie's London: SHAKESPEARE, William. <i>Comedies, Histories, and Tragedies. Published According to the True Orginal Copies.</i> The Second Impression. £180,000–£250,000
    Christie's London: SHAKESPEARE, William. <i>Comedies, Histories, and Tragedies. Published According to the True Orginal Copies. </i>The Third Impression. £300,000–£400,000.
    Christie's London: SHAKESPEARE, William. <i>Comedies, Histories, and Tragedies. Published According to the True Orginal Copies. </i> The Fourth Edition. £15,000–£20,000
  • <b>Swann Auction Galleries May 26: Maps & Atlases, Natural History & Color Plate Books.</b>
    <b>Swann Auction Galleries May 26:</b> Isaak de Graaf, manuscript map of Java, ink & watercolor on vellum, 1743. $180,000 to $220,000.
    <b>Swann Auction Galleries May 26:</b> Maria Sibylla Merian, <i>Histoire générale des insectes de Surinam</i>,<br>72 hand-colored plates, Paris, 1771. $60,000 to $90,000.
    <b>Swann Auction Galleries May 26:</b> James Gillray, <i>The Plumb-pudding<br>in danger</i>, hand-colored etching, London, 1805. $8,000 to $12,000.
    <b>Swann Auction Galleries May 26: Maps & Atlases, Natural History & Color Plate Books.</b>
    <b>Swann Auction Galleries May 26:</b> Visscher, Composite atlas with 73 maps in original hand-color in full, Amsterdam, after 1716.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries May 26:</b> Mahmud Raif Efendi, <i>Cedid atlas tercümesi</i>, 25 hand-colored maps, Istanbul, 1803-1804.<br>$40,000 to $60,000.
    <b>Swann Auction Galleries May 26:</b> John James Audubon, <i>The Birds of America</i>, 7 volumes, 1839-44. $30,000 to $50,000.
    <b>Swann Auction Galleries May 26: Maps & Atlases, Natural History & Color Plate Books.</b>
    <b>Swann Auction Galleries May 26:</b><br>A.B. Frost, <i>Shooting Pictures</i>, 12 chromolithographs, New York, 1895. $4,000 to $6,000.
    <b>Swann Auction Galleries May 26:</b> John Senex, <i>A New General Atlas</i>,<br>33 engraved maps & town plans, London, 1721. $10,000 to $15,000.
    <b>Swann Auction Galleries May 26:</b> Elihu Barker & Mathew Carey, <i>A Map of Kentucky from Actual Survey</i>, Philadelphia, circa 1794.<br>$10,000 to $15,000.

Rare Book Monthly

Articles - June - 2005 Issue

Following Up a 25-Year-Old Book Investment Scheme

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How accurate were these results? Thanks to the million records in the AE Database and our new current value estimating tool*, we can go back and look at the past. Samples of purchases and sales of these titles in roughly the same time period indicate these figures are in the ballpark. There is nothing to indicate they fudged the gains. These books were outstanding. However, whether these books were indicative of the market as a whole is another question. Auction results from these two decades indicate that on average, prices were rising from 3 to 6 fold by the end of the 1970s, depending on whether you purchased in 1960 or not until the middle 1960s. It was a very good time for books. Edwards' numbers were a bit exaggerated, at least compared to the market as a whole. Whether this reflects superior choices on their part, or selective memory, I cannot say. However, if the exact figures were perhaps somewhat misleading, the general impression was right. This was a period in which it was far superior to invest in books than in stocks.

But that was looking at the past. It was as easy as it was irrelevant to tell people in 1980 what was the best investment to have made in 1960. What happened to people who invested in books in 1980? We know that this particular scheme did not last, but what if it had? What kind of returns might people have experienced?

Perhaps this is a good time to recall the apocryphal story about Joseph Kennedy, who when given some stock tips by his shoeshine shortly before the market collapse of 1929, sold all of his holdings. His reasoning was that once little guys like this started pouring their money into the market, the end was near. Nothing nearly so dramatic happened with books. In fact, they continued to do quite well in the decades ahead. However, on a comparative basis, the heyday was over. Our indices show that books as whole grew another three to four times in value over the following two decades. There is nothing wrong with that return. However, if you sold your stocks to buy books, you would have been disappointed. After 15 years in the doldrums, the stock market was poised for one of its greatest bull runs ever, just as Edwards was encouraging investors to put their money in books. Not even that dark day in October, 1987, nor the bursting of the bubble at the end of the century, would make this anything less than a phenomenal run. Certainly, there were areas where investors were hurt. Late '90s internet stock investors received some painful doses of reality, but those who took a more conservative approach, such as investing in the Dow Jones Industrials in 1980, were handsomely rewarded. After a 15-year run in which the Dow Jones advanced not at all, over the next 20 years it would grow to more than ten times its 1980 value. In fact, the growth in the Dow proved to be almost exactly the same as the atypical Edwards eleven described in their pamphlet grew over the preceding 20 years. As we said, there was nothing wrong with the returns achieved by rare books during this period. However, part of their premise, that books appreciate more rapidly than stocks, proved to be false over the following two decades.

Rare Book Monthly

  • <b>Skinner Fine Books & Manuscripts <i>online</i> | May 18-26 | skinnerinc.com</b>
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1051: Keller, Helen (1880-1968) Autograph Letter Signed and Cabinet Card, est. $3,000-5,000
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1108: Washington, George (1732-1799) Military Discharge Signed, Headquarters, Newburgh, New York, 7 June 1783, est. $7,000-9,000
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1131: Bayes, Jessie (1876-1970) Illuminated Manuscript, <i>Six Poems from Gitanjali by Rabindranath Tagore</i>. London, 1917, est. $15,000-17,000
    <b>Skinner Fine Books & Manuscripts <i>online</i> | May 18-26 | skinnerinc.com</b>
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1144: Darwin, Charles (1809-1882) <i>On the Origin of Species by Means of Natural Selection, or the Preservation of Favoured Races in the Struggle for Life</i>. London: Murray, 1859, est. $60,000-80,000
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1170: Fossati, Giorgio (1706-1778) <i>Raccolta di Varie Favole Delineate, ed Incise in Rame</i>. Venice: Carlo Pecora, 1744, est. $5,000-7,000
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1224: Nielsen, Kay (1886-1957) <i>East of the Sun and West of the Moon, Old Tales from the North</i>. London: Hodder & Stoughton, 1914,<br> est. $5,000-7,000
    <b>Skinner Auction | May 18-26:</b> <br>Lot 1284: Audubon, John James (1785-1851) <i>American Flamingo</i>. [from] <i>The Birds of America</i>, New York: Bien, 1860, est. $10,000-15,000
  • <b>Seth Kaller:</b> Leaves from<br>George Washington's Own Draft <br>of His first Inaugural Address. An Extraordinary Rarity!
    <b>Seth Kaller:</b> Declaration of Independence: Benjamin Tyler 1818 - First Print with Facsimile Signatures.
    <b>Seth Kaller:</b> Thomas Jefferson Signed Act of Contress Authorizing Alexander Hamilton to Complete Famous Portland Maine Lighthouse.
    <b>Seth Kaller:</b> Emanuel Leutze. Silk Flag Banner designed by Leutze, created by Tiffany & Co., and presented to Gen. John A. Dix, 1864.
    <b>Seth Kaller:</b> The "greatest of early American maps … a masterpiece" (Corcoran). Thomas Holme.
    <b>Seth Kaller:</b> Lincoln Summons His Cabinet for a Historic Meeting to Discuss Compensated Emancipation.
    <b>Seth Kaller:</b> Albert Einstein. Autograph Letter Signed. Einstein Counsels His Son ... Meaning of Life.
    <b>Seth Kaller:</b> Normal Rockwell. Painting/Drawing Signed. Rockwell's "Barbeshop Quartet", 1936.
    <b>Seth Kaller:</b> Frederick Douglass. Autograph Letter Signed to unknown correspondent. Washington, D.C.
    <b>Seth Kaller:</b> Harry Truman. Autograph Manuscript Notebook for Kansas City Law School Night Class.
    <b>Seth Kaller:</b> Robert E. Lee. Autograph Letter Signed, June 11, 1782. Hours after the Battle of Culpeper Court House, Lee Escapes Again.
    <b>Seth Kaller:</b> George Washington. Letter Signed, as Commander-in-Chief, Continental Army, to Elias Dayton, Headquarters, [Newburgh, N.Y.], June 11, 1782.
  • <b>Bonhams Fine Books and Manuscripts, 8 June 2016, New York</b>
    <b>Bonhams June 8:</b> Lot 1. ARISTOTLE. 384-322 B.C.E. De animalibus [De historia animalium. De partibus animalium. De generatione animalium.] US$ 300,000-500,000.
    <b>Bonhams June 8:</b> Lot 44. ARIOSTO, LUDOVICO. 1474-1533. Orlando Furioso in English Heroical Verse, by John Haringto[n]. [London: Richard Field, 1591.] US$ 70,000-90,000.
    <b>Bonhams June 8:</b> Lot 183. HARRISON, William Henry. Document Signed AS PRESIDENT ("W.H. Harrison"). US$ 40,000-60,000.
    <b>Bonhams June 8:</b> Lot 116. <br>ALI, MUHAMMAD. B.1942. U.S. Passport Signed ("Muhammad Ali") Twice, [Dublin, July 19, 1972].<br>US$ 25,000-35,000.
    <b>Bonhams June 8:</b> Lot 52. Bible In English. [Mearne, Samuel, binder.] The Holy Bible containing the bookes of the Old & New Testament. US$ 25,000-35,000.
    <b>Bonhams June 8:</b> Lot 130. EARHART, Amelia. 1897-1937. Archive of material on the purchase and outfitting of Earhart's Lockheed Electra 10e. US$ 15,000-20,000.
    <b>Bonhams June 8:</b> Lot 85. BURTON, Virginia Lee. 1909-1968. The Little House. Boston: Houghton Mifflin, 1942. US$ 15,000-20,000.
    <b>Bonhams London June 15.</b> Lot 68. CAMERON (Julia Margaret) Kate Keown [No. 5 Of Series of Twelve Lifesized Heads], [1866]. <br>£30,000-50,000.
    <b>Bonhams London June 15.</b> Lot 98. Karl Marx. Das Kapital. Kritik der politischen Oekonomie... Erster Band, FIRST EDITION, 1867.<br>£80,000-120,000.
    <b>Bonhams London June 15.</b> Lot 111. Isaac Newton Autograph manuscript, in English, headed "The Question stated about abstaining from blood". £50,000-70,000.
    <b>Bonhams London June 15.</b> Lot 112. Nobel Prize for discovering isotopes in stable elements, awarded to F.W. Aston in 1922. £200,000-400,000.
    <b>Bonhams London June 15.</b> Lot 140. Kay Nielsen (Prince Bismarck discovering the soldier), 1913. £15,000-20,000.

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