Rare Book Monthly

Articles - May - 2006 Issue

The More Things Change the More They Remain the Same

Pict.c.

Collectors and dealers are uncertain.


By Bruce McKinney

From the first book listings posted on line ten years ago dealers have been anxious that they were, like Alice in Wonderland, going into a hole with an unknown destination. They were attracted by the buying opportunities but concerned their customers would find them too and so developed a strategy of buying on the net while ignoring its existence to their customers. In time dealers started to post material as the listing sites emerged as significant selling opportunities. By 2000 Abe, the largest of the used book sites, declared it had 5,700 listing dealers, a number that today is 13,500 to go with their present estimate of more than 80,000,000 books listed.

In the same year, 2000, eBay the online auction, by then well established but with its explosive growth ahead, was listing 200,000 books every day and selling half of them every seven days, a percentage that anecdotally continues to look right even as their listings have grown to 500,000. In just a few years [1996-1999] these two selling forms emerged as substantial alternatives to the bookstores and mail order dealers that dominated bookselling for decades. In fact it wasn't only the how and where of bookselling that was changing. It also became possible to see the number of copies available. What had been impossible to know now became hard to miss: there was far more inventory than collectors imagined and asking prices often bore no relationship to rarity. In short: prices were arbitrary, often illogical, frequently high, their justification illusory.

It also shouldn't have been surprising. Markets are not willingly efficient. They are lions that respond only to the whip. In the world of printed materials the whip is auctions and their customer the buyer who has found information inconsistent and sought more efficient ways to buy. The auction's consignors are collectors and their families now looking to sell, who receiving no satisfactory offers from dealers, increasingly send material to traditional auctions and post on eBay. There the new generation of collectors has become their buyers.

It is these unfolding events that now underpin the struggle to define the future form of the market. It is the "take my word for it" approach of traditional book selling versus the emerging "bid and ask" model that eBay and traditional auctions are rapidly turning into the principal selling form in the field.

For traditional auctions AE provides the only comprehensive on line coverage. In 2005 we found that $439 million of material changed hands and on eBay we estimate $400 million in the category was transacted. On listing sites that handle old and used material we believe $550 million was sold in the category: almost $1.4 billion in total.

Rare Book Monthly

  • <b>Bonhams: Results from Fine Books and Manuscripts on March 9, 2018</b>
    <b>Bonhams, Mar. 9:</b> BEETHOVEN, LUDWIG VAN. Autograph Manuscript sketch-leaf part of the score of the Scottish Songs, "Sunset" Op. 108 no 2. [Vienna, February 1818]. Inscribed by Alexander Wheelock Thayer. SOLD for $131,250
    <b>Bonhams, Mar. 9:</b> Violin belonging to Albert Einstein, presented to him by Oscar H. Steger, 1933. SOLD for $516,500
    <b>Bonhams, Mar. 9:</b> EINSTEIN, ALBERT. Autograph Letter Signed ("Papa") to his son Hans Albert, discussing his involvement with the atomic bomb, September 2, 1945. SOLD for $106,250
    <b>Bonhams: Results from Fine Books and Manuscripts on March 9, 2018</b>
    <b>Bonhams, Mar. 9:</b> HAMILTON, ALEXANDER. Autograph Letter Signed, to Baron von Steuben, with extensive notes of Von Steuben's aide Benjamin Walker, June 12, 1780. SOLD for $16,250
    <b>Bonhams, Mar. 9:</b> NEWTON, ISAAC. Autograph Manuscript in Latin, being detailed instructions on making the philosopher's stone. 8 pp. 1790s. SOLD for $275,000
    <b>Bonhams, Mar. 9:</b> 1869 Inauguration Bible of President Ulysses S. Grant. SOLD for $118,750
  • <b>Fonsie Mealy Auctioneers:<br>Rare & Collectors’ Sale. May 2, 2018</b>
    <b>Fonsie Mealy, May 2:</b> Extremely Fine Copy of Fantasy Classic. Tolkien (J.R.R.) <i>The Hobbit, or There and Back Again,</i> L. (George Allen & Unwin Ltd. Museum Street) 1937. €20,000 to €30,000
    <b>Fonsie Mealy, May 2:</b> Incunabula. [Sirectus, Antonius] O’Fihely (Maurice)Abp. <i>Formalitates de Mente Doctoris Subtilis Scoti Nec Non Stephai Burlifer cum novis additionibus…</i> Venice 14th December 1051 (ie. 1501). €3,000 to €4,000
    <b>Fonsie Mealy, May 2:</b> Original Book Illustrations by Pamela Leonard. Illustrations: Regan (Peter) Touchstone, 8vo D. (Mount Salas Press) 1989. €3,500 to €4,500
    <b>Fonsie Mealy Auctioneers:<br>Rare & Collectors’ Sale. May 2, 2018</b>
    <b>Fonsie Mealy, May 2:</b> [Petit (Jean), Prevel (Jean) & Gregory (Pope)] [Gregorius]. <i>Compendium Textuale Compillationis decretalium Gregorri noni sine qua…</i>, Paris [Dec. 1524]. €350 to €500
    <b>Fonsie Mealy, May 2:</b> Excessively Rare – V. Fine Copy. [Mac Mahon]. <i>Jus Primatiale Armacanum, In Omnes Archiepiscopos, Episcopos, et Universum Clerum</i>… [n.p.] 1728. €750 to €1,000
    <b>Fonsie Mealy, May 2:</b> Madden (R.R.). <i>Travels in Turkey, Egypt, Nubia and Palestine in 1824, 1825, 1826 and 1827,</i> 2 vols. 1822. €500 to €700
    <b>Fonsie Mealy Auctioneers:<br>Rare & Collectors’ Sale. May 2, 2018</b>
    <b>Fonsie Mealy, May 2:</b> Early English Herbal. Gerarde (John). The Herball or General History of Plants, thick folio L. (John Norton) 1597. €700 to €1,000
    <b>Fonsie Mealy, May 2:</b> The Tehran World War 2 Conference Photograph: [Tehran Conference 1943] An important and iconic Group Photograph showing Churchill, Roosevelt and Stalin. €80 to €120
    <b>Fonsie Mealy, May 2:</b> Natural History Specimens from Jersey Jersey Islands: Westacton [Mrs Acton] Collection of 53 original dried examples of Seaweed collected in Jersey, c. 1860. €300 to €400
    <b>Fonsie Mealy Auctioneers:<br>Rare & Collectors’ Sale. May 2, 2018</b>
    <b>Fonsie Mealy, May 2:</b> Plyglot Bible: Hutteri (Eliae). <i>Biblia Sacra, Ebraice, Chaldaice, Graece, Latinae, Germanice, Sclavonice.</i> Lg. folio Nurimberg 1599. €250 to €350
    <b>Fonsie Mealy, May 2:</b> The American Invasion 1888: “First Ever G.A.A. Hurling Match in America” Medal: G.A.A., The Invaders, 1888. €2,000 to €3,000
    <b>Fonsie Mealy, May 2:</b> “Babe” Ruth and the G.A.A. G.A.A. & Baseball: A unique and early Sporting Association. An original Spalding B12 Baseball Bat. €4,000 to €6,000
  • <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>Swann Auction Galleries Apr 26:</b> Jacques-Émile Ruhlmann, wallpaper sample book, circa 1919. $15,000 to $25,000.
    <b>Swann Auction Galleries Apr 26:</b> Archive from a late office of the Breuer & Smith architectural team, New York, 1960-70s. $3,500 to $5,000.
    <b>Swann Auction Galleries Apr 26:</b> William Morris, <i>The Story of the Glittering Plain or the Land of Living Men,</i> illustrated by Walter Crane, Kelmscott Press, Hammersmith, 1894. $2,500 to $3,500.
    <b>Swann Auction Galleries Apr 26:</b> Gustave Doré, <i>La Sainte Bible selon la Vulgate,</i> Tours, 1866. $15,000 to $25,000.
    <b>Swann Auction Galleries Apr 26:</b> Gustav Klimt & Max Eisler, <i>Eine Nachlese,</i> complete set, Vienna, 1931. $15,000 to $25,000.
    <b>Swann Auction Galleries Apr 26:</b><br>Eric Allatini & Gerda Wegener, <i>Sur Talons Rouges,</i> with original watercolor by Wegener, Paris, 1929. $5,000 to $7,500.
    <b>Swann Auction Galleries Apr 26:</b><br>C.P. Cavafy, <i>Fourteen Poems,</i> illustrated & signed by David Hockney, London, 1966. $5,000 to $7,500.
    <b>Swann Auction Galleries Apr 26:</b> Jean Midolle, <i>Spécimen des Écritures Modernes...</i>, Strasbourg, 1834-35. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 26:</b><br>E.A. Seguy, <i>Floréal: Dessins & Coloris Nouveaux,</i> Paris, 1925. $3,000 to $4,000.

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