• <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> Ruffed Grous, Plate 41. John James Audubon from <i>Birds of America</i>. Double Elephant Folio. First Edition Engravings with Original Hand Color. $45,000 – 60,000
    <b>Arader Galleries, Mar. 25:</b> Rosate Spoonbill, Plate 321. John James Audubon from <i>Birds of America</i>. Double Elephant Folio. First Edition Engravings with Original Hand Color. $110,000 – 150,000
    <b>Arader Galleries, Mar. 25:</b> American White Pelican, Plate 311. John James Audubon. First Edition Robert Havell Aquatint Engraving with Original Hand Color From <i>Birds of America</i> Double Elephant Folio.<br>$100,000 – 140,000
    <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> Jaguar, Plate 101. John James Audubon. $12,000 – 16,000
    <b>Arader Galleries, Mar. 25:</b> <i>Birds of Asia</i>. John Gould (1804-1881). London: Taylor and Francis for the Author, 1850-83. $80,000 – 130,000
    <b>Arader Galleries, Mar. 25:</b> <i>The Birds of Europe</i>. John Gould (1804-1881). London: by Richard and John E. Taylor, published by the Author 1832-37. $60,000 – 90,000
    <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> <i>The Birds of Great Britain</i>. John Gould (1804-1881). London: Taylor and Francis for the author, [1862]-1873.<br>$30,000 - 45,000
    <b>Arader Galleries, Mar. 25:</b> <i>The Natural History of Carolina, Florida and the Bahama Islands</i>. Mark Catesby (1682/83–1749). London: [1729-] 1731-1743 [-1747].<br>$275,000 – 350,000
    <b>Arader Galleries, Mar. 25:</b> <i>Dell’arcano del mare</i> [Books 1-4]. Robert Dudley (1573-1649). Firenze: Francesco Onofri, 1646. $50,000 - 70,000.
    <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> <i>Cartes Generales de Toutes les Parties du Monde</i>. Nicholas Sanson D’Abbeville (1600-1667). Paris: The Author and Pierre Mariette, 1658 [but 1659]. $20,000 - 30,000
    <b>Arader Galleries, Mar. 25:</b> <i>A Map of the Inhabited Part of Virginia, containing the whole of the Province of Maryland with Part of Pennsylvania, New Jersey and North Carolina.</i> Joshua Fry and Peter Jefferson.<br>$150,000 – 300,000
    <b>Arader Galleries, Mar. 25:</b> <i>Voyage dans l’Interieur de l’Amerique du Nord execute pendant les annees 1832, 1833 et 1834.</i> BODMER, Karl (illustrator) - Prince Maximilian zu Wied-Neuwied. $525,000 – 750,000
  • <b>Seth Kaller:</b> “America the Beautiful”
    <b>Seth Kaller:</b> George Washington, Tongue-in-Cheek, Writes James McHenry About His Wife or Mistress—But Funding the Continental Army is the Real Topic
    <b>Seth Kaller:</b> Young’s Map of the United States
    <b>Seth Kaller:</b> President Lincoln & His Most Profitable Client, the Illinois Central Railroad
    <b>Seth Kaller:</b> Lincoln Thanks Former Pro-Slavery and Newly Republican Congressman for a Fiery Anti-Slavery Speech at a Philadelphia Campaign Rally
    <b>Seth Kaller:</b> “A Visit From St. Nicholas” - great association copy inscribed by Clement C. Moore
    <b>Seth Kaller:</b> Einstein Agrees to Allow “a Short Book on the Hydrogen Bomb” to Use His Statement Made on Eleanor Roosevelt’s TV Show
    <b>Seth Kaller:</b> The Building Blocks of Albert Einstein’s Creative Mind
    <b>Seth Kaller:</b> A Unique Manuscript Map of Block Island Sound Including Fisher’s and Gardiner’s Islands, the Hamptons, and Montauk Point
    <b>Seth Kaller:</b> J.R.R. Tolkien Writes his Proofreader with a Lengthy Discussion of the Lord of the Rings, Including Criticism of Radio Broadcasts of his Work
    <b>Seth Kaller:</b> Six Benjamin Franklin Signed Receipts – Including his Earliest Obtainable Autograph — Acknowledging a Donation to the Famous Library Company He Founded, and Five Payments for His Pennsylvania Gazette
    <b>Seth Kaller:</b> Sherman Dishes on Lincoln & Thomas, Meade, Sheridan, Halleck & Grant
  • <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> BROWNING, ELIZABETH BARRETT. Autograph Manuscript Initialed ("E.B.B."), being the working notebook for the poems contained in <i>The Seraphim and Other Poems</i>. $400,000 to 600,000
    <b>Bonhams Mar. 9:</b> WILDE, OSCAR. Two leaves, pp 31-34, from the first appearance of <i>The Picture of Dorian Gray in Lippincott's Monthly Magazine for July, 1890</i>, with Wilde's autograph revisions. $40,000 to 60,000
    <b>Bonhams Mar. 9:</b> SHAKESPEARE, WILLIAM. <i>Comedies, Histories and Tragedies; Published according to the true Originall Copies. Second Impression. [THE SECOND FOLIO.]</i> $200,000 to 300,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> KENNEDY, JOHN FITZGERALD. Photograph Signed ("John F. Kennedy") and Inscribed, 8 x 10 inch gelatin silver print, of Senator Kennedy and Miss Barelli, at the swearing of the secretarial oath for Miss Barelli. $1,200 to 1,800
    <b>Bonhams Mar. 9:</b> COOPER, JAMES FENIMORE. Autograph Manuscript, being Chapter XXVII of <i>Afloat and Ashore</i>. $15,000 to 20,000
    <b>Bonhams Mar. 9:</b> IRVING, WASHINGTON. Autograph Manuscript, being Chapter 20 from Volume IV of <i>The Life of George Washington</i>. $20,000 to 30,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> VERNE, JULES. Autograph Manuscript Signed ("Jules Verne"), being the complete short story "<i>Une fantaisie de docteur Ox</i>". $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> ALCHEMY. <i>[The Crowning of Nature, or Coronatio Naturae.]</i> Original alchemical manuscript on paper, ruled in red, with watermark of the arms of Schieland. $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> DE JODE, CORNELUS. 1568 - 1600. <i>Quivirae Regnu, Cum Alija Versus Borea</i>. [Antwerp: Arnoldum Coninx, 1593]. $7,000 to 10,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> HOOKER, JOSEPH DALTON. <i>The Rhododendrons of Sikkim-Himalaya; Being an Account, Botanical and Geographical, of the Rhododendrons Recently Discovered in the Mountains of Eastern Himalaya</i>… $7,000 to 10,000
    <b>Bonhams Mar. 9:</b> CATLIN, GEORGE. <i>North American Indian Portfolio. Hunting scenes and amusements of the Rocky Mountains and prairies of America. From drawings and notes of the author, made during eight years' travel.</i> $20,000 to 30,000
    <b>Bonhams Mar. 9:</b> LINCOLN, ABRAHAM. HESLER, ALEXANDER. Platinum print, 8 3/4 x 6 3/4 in, of a beardless Lincoln, 1860.<br>$2,000 to 3,000
  • <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> <i>The First American Magna Carta. English Liberties.</i> Boston, 1721.
    <b>19th Century Shop.</b> Babbage presentation to Peel, the man who killed the Difference Engine 1832
    <b>19th Century Shop.</b> The Stamp Act. 1765
    <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> Central Park Photographs by Prevost 1862
    <b>19th Century Shop.</b> Salem Witch Trials. Wonders of the Invisible World 1693
    <b>19th Century Shop.</b> Mammoth print of Millie-Christine, "The Carolina Twins" c. 1868

Rare Book Monthly

Articles - October - 2007 Issue

The Declining Value of Inventory

Progress

Nothing remains the same.


By Bruce McKinney

In the biblical story of Noah and the ark the emphasis is always placed on the miracle of survival. A male and female of each animal are marched up into the boat to float for forty days [and nights] and to repopulate the earth once the flood has passed. No reference in the story is made to how anyone or anything feels about being left off the boat. Well, these days, in the book business, the ark is being loaded and inevitably Noah is always deciding he still has too much. In the meantime the water is rising. At least that's the way it is in the world of collectible books. For many booksellers there is no room in the ark.

Recently I spoke with a dealer who has hundreds of thousands of items online. He uses triage software to price his material a penny or two cheaper than other listings of the same item. In this way he has shifted from self-determined to market determined pricing. It makes sense if selling books is the absolute goal. The market decides.

Selling collectible and used books are of course not the same thing. Neither is the dividing line between them fixed. It is relentlessly shifting and the shift has been negative because material is flowing onto the net in record numbers and its turning out that what often used to be considered unobtainable is now available in multiple copies.

The math is easy. Here is a balanced market.

Copies
--------------- = 1
Collectors


When there are more collectors than copies the value of copies is firm and rising. When the number of copies is greater than collectors the value is weak and falling.

Today there is a relentless flow of fresh material into the market and a sense that there is probably much more to come. This translates into a weak market:

3 or more Copies
------------------ = 3
1 Collector


In a strong market it looks like this

1 copy every 2 to 5 years
--------------------------------- = > 1
Multiple Collectors

The anecdotal evidence suggests that for an increasingly large population of titles and editions the number of copies online is always increasing while the number of buyers for them at a minimum is not increasing as fast. Many believe the number of collectors is falling. I doubt that but understand it can feel that way. It's almost certain that collectors and collecting passion are not keeping pace with the tsunami of material flooding the market. The question is whether this is an aberration or evidence of a fundamental change in collecting interest. In other words, is it a recession or depression?

To me the market looks unstable but healthy. Material is flowing to market on listings sites, in shops, at shows, on line, at auction and eBay. And what used to be difficult to see is now hard to miss. There are lots and lots of copies. They have been around but have never been so visible.

Efficient markets adjust price to compensate for over-supply and books are no exception. The trick today is to understand importance, availability and appropriate price and not to over-charge if you are a dealer and not to over-pay if you are a collector.

This will turn out to be the most exciting time in the collecting of books, manuscripts, and ephemera in the past 500 years. It will some day have a name and both buyers and sellers will reminisce about how difficult it was. In the meantime we have to get through it. Both buyers and sellers are adjusting to a world pregnant with information. The revolution is underway, the way forward a thin light in a tunnel that some believe is a train bearing down but which I personally believe is a new world at hand.

Rare Book Monthly

  • <b>Auction Pierre Bergé & associés in association with Sotheby’s: Important Books and Manuscripts from the Library of Jean A. Bonna from the 15th to the 20th Century. Sale on April 26, 2017. Exhibition in London March 28-30</b>
    <b>Pierre Bergé & Associés, Apr. 26:</b> Galileo, <i>Discorsi e Dimostrazioni matematiche.</i> Leyde, Elzevier, 1638. Original edition: only known copy of the first state. €700,000 – 900,000
    <b>Pierre Bergé & Associés, Apr. 26:</b> Fables illustrated by Benjamin Rabier. Paris, Tallandier, without date [ca. 1910]. Superb binding doubled in vellum decorated with painted and mosaic decors by André Mare illustrating four fables. €10,000 – 15,000
    <b>Pierre Bergé & Associés, Apr. 26:</b> Gustave Flaubert, draft for the preface of the <i>Memoir for the defense of Madame Bovary</i>, 15-30 January 1857. Exceptiona signed autograph manuscript. €40,000 – 60,000
    <b>Auction Pierre Bergé & associés in association with Sotheby’s: Important Books and Manuscripts from the Library of Jean A. Bonna from the 15th to the 20th Century. Sale on April 26, 2017. Exhibition in London March 28-30</b>
    <b>Pierre Bergé & Associés, Apr. 26:</b> Boccace, <i>The Book of Praise and the Virtue of the Noble and Cleric Ladies.</i> Verard, 1493. First edition of the French version attributed to Laurent de Premierfait. €40,000 – 60,000
    <b>Pierre Bergé & Associés, Apr. 26:</b> Exceptional set of 15 original bindings by Jean de Gonet, on rare editions illustrated by Picasso, Matisse, Miro or original editions of Bataille or Radiguet.
  • <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Malcolm X, typed manuscripts for the <i>LA Herald Dispatch</i> column "God's Angry Men," 1957.<br>$200,000 to $300,000.
    <b>Swann Auction Galleries Mar. 30:</b> Frederick Douglass, Autograph Letter Signed to George Alfred Townsend, Washington, 1880.<br>$40,000 to $60,000.
    <b>Swann Auction Galleries Mar. 30:</b> Carte-de-visite album featuring a previously unrecorded image of Harriet Tubman, 1860s.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Collection of documents from the Montgomery Improvement Association, Alabama, 1955-63. $20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30:</b> Martin Luther King, Jr., working draft of the "Letter from Birmingham Jail," Alabama, 1963. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar. 30:</b> <i>Benjamin Bannaker's Almanac</i> for 1795, Baltimore. $30,000 to $40,000.
    <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Collection of 41 letters addressed to Rebecca Primus, 1854-72.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30:</b> Abby Fisher, <i>What Mrs. Fisher Knows About Old Southern Cooking</i>, first edition, San Francisco, 1881.<br>$10,000 to $15,000.
    <b>Swann Auction Galleries Mar. 30:</b> Victor H. Green, <i>The Negro Motorist Green-Book for 1941</i>, New York, 1940. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar. 30:</b> Toni Morrison, <i>The Bluest Eye, </i>reviewer's copy, New York, 1971. $4,000 to $6,000.
  • <b>Doyle, Apr. 26:</b> THE PAPERS OF BREVET MAJOR GENERAL JOHN GROSS BARNARD (1815-1882), Chief Engineer of the Army of the Potomac. Estimate: $75,000-100,000
    <b>Doyle, Apr. 26:</b> ALVIN LANGDON COBURN. London. With 20 photogravures by Coburn and text by Hilaire Belloc, London and New York: 1909. First edition. Est: $4,000-6,000
    <b>Doyle, Apr. 26:</b> WILLIAM FADEN, A Plan of New York Island, with part of Long Island, Staten Island & East New Jersey. London: 1776. Estimate: $5,000-8,000
    <b>Doyle, Apr. 26:</b> MAX BEERBOHM, Lord Curzon delivering an oration. Original drawing with collage. London, 1912. Est: $2,000-3,000
    <b>Doyle, Apr. 26:</b> AMERICAN REVOLUTION, Recueil des Loix Constitutives des Colonies Angloises. A Philadelphie, et se vend a Paris: Cellot & Jombert, 1778. First collected edition in French. Estimate: $500-800
    <b>Doyle, Apr. 26:</b> WILLIAM TECUMSEH SHERMAN, Confederate General Joseph Johnston's copy of Sherman's General Orders No. 65 announcing the final agreement of Surrender, 27 April 1865. Est: $4,000-6,000
    <b>Doyle, Apr. 26:</b> JOHN KEATS, Lamia, Isabella, the Eve of Saint Agnes and Other Poems. London: Taylor and Hessey, 1820. First edition of Keats’s third book.. Estimate: $5,000-7,000
    <b>Doyle, Apr. 26:</b> M. T. Cicero's Cato Major, or his discourse of Old-age: With Explanatory Notes. Philadelphia: Benjamin Franklin, 1744. Est: $5,000-8,000
    <b>Doyle, Apr. 26:</b> WINSTON S CHURCHILL, History of the English Speaking Peoples. London: Cassell, 1956-58. First editions. Est: $1,500-2,500
  • <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Potter (Beatrix). The Tale of Peter Rabbit, first edition, first issue, [1901]. Part of an extensive, private Beatrix Potter collection. £15,000 - 20,000
    <b>Forum Auctions Mar. 30:</b> Dodgson (Charles Lutwidge). The Hunting of the Snark, first edition, with original printed dust-jacket, 1876.<br>£7,000 - 9,000
    <b>Forum Auctions Mar. 30:</b> Buckland Wright (John). Pervigilium Veneris: The Vigil of Venus, number 1 of 100 copies (Christopher Sandford's copy), Golden Cockerel Press, 1939.<br>£2,000 - 3,000
    <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Kelmscott Press. Keats (John). The Poems, one of 300, orig. vellum, 8vo, Kelmscott Press, 1894. £1,800 - 2,200
    <b>Forum Auctions Mar. 30:</b> Greenhill (Elizabeth).- Morison (Stanley) and Kenneth Day. The Typographic Book, 1450-1935, bound in dark green goatskin by Elizabeth Greenhill, 1963. £6,000 - 8,000
    <b>Forum Auctions Mar. 30:</b> Fitzgerald (F. Scott). The Great Gatsby, first edition, first state dust-jacket, New York, 1925. £25,000 - 35,000
    <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Dionysius, <i>Halicarnassensis</i>. Antiquitates Romanae, Editio princeps, Treviso, Bernardinus Celerius, 24 or 25 February, 1480. £4,000 - 6,000
    <b>Forum Auctions Mar. 30:</b> Canon Law. [Laurentius Puldericus. Breviarum decreti], manuscript in Latin, on paper, [?Germany], [c. 1450].<br>£5,000 - 7,000
    <b>Forum Auctions Mar. 30:</b> Swimming. Percey (William) The Compleat Swimmer: or, the Art of Swimming, first and only edition, by J.C. for Henry Fletcher, 1658. £5,000 - 7,000
    <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Binding with silverwork by Anthony Nelme. The Holy Bible, containing the Old Testament and the New: : newly translated out of the original tongues, Oxford, John Baskett, 1716. £10,000 - 15,000
    <b>Forum Auctions Mar. 30:</b> George IV's copy. Nash (John, architect). The Royal Pavilion at Brighton, one of 10 copies, 1826. £8,000 - 10,000
    <b>Forum Auctions Mar. 30:</b> Blake (William, 1757-1827). "With Dreams upon my bed thou scarest me & affrightest me with Visions", 1825. £700 - 1,000

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