• <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>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> KNIGHT, HILARY. The Original Portrait of Eloise that Hung at the Plaza Hotel. $100,000 to 150,000
    <b>Bonhams, Dec 5:</b> WARHOL, ANDY. "Iced Lemon Delight," an Original Watercolor Presented to Hilary Knight's cat, Phoebe $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> SENDAK, MAURICE. <i>Where the Wild Things Are.</i> PRESENTATION COPY, INSCRIBED with drawing to Hilary Knight in the month following publication. $10,000 to 15,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> NOLAND, KENNETH. Original circle painting, untitled, acrylic and ink on cloth, for cover of monograph $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> TOULOUSE-LAUTREC. <i>Histoires Naturelles,</i> 1899. With 22 original lithographs. $10,000 to 15,000
    <b>Bonhams, Dec 5:</b> SHAKESPEARE, WILLIAM. <i>A Collection of Poems,</i> [1711]. The first authoritative and complete collected Sonnets.$15,000 to 20,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> LONDON, JACK. <i>The Call of the Wild.</i> 1903. First edition, first state jacket. $2,000 to 3,000
    <b>Bonhams, Dec 5:</b> FROST, ROBERT. Autograph Manuscript of "Build Soil," 12 pp, 1932-1936. $15,000 to 20,000
    <b>Bonhams, Dec 5:</b> GOULD, GLENN. Glenn Gould's extensively annotated copy of Bach's Goldberg Variations $100,000 to 150,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> PLATH, SYLVIA. EARLY Autograph Letter Signed, about her beginnings as a writer, Northampton, MA, 1951. $7,000 to 10,000
    <b>Bonhams, Dec 5:</b> HOUDINI, HARRY. A collection of 11 cast iron shackle and lock items from Houdini's personal collection. $20,000 to 30,000
    <b>Bonhams, Dec 5:</b> M4 ENGIMA MACHINE, with very rare RARE HYDRA KEY ENVELOPE. $400,000 to 600,000
  • <center><b>Sotheby’s New York<br>Fine Books & Manuscripts Online<br>Ending December 17</b>
    <b>Sotheby’s Online, Now - Dec 17:</b> SHAKESPEARE, WILLIAM. <i>Mr. William Shakespeares Comedies, Histories, and Tragedies…</i> The Second Impression. 1632. $100,000 to $150,000
    <b>Sotheby’s Online, Now - Dec 17:</b> GEORGE CURZON, 1ST MARQUESS CURZON OF KEDLESTON. “Curzon Tiger Hunt.” [India: circa 1901]. 120 albumen photographs. $3,000 to $5,000
    <b>Sotheby’s Online, Now - Dec 17:</b> (CASSADY, NEAL). Kerouac, Jack. <i>On the Road.</i> New York: Viking Press, 1957. Inscribed. $10,000 to $15,000
    <b>Sotheby’s Online, Now - Dec 17:</b> VEGA, JOSEPH PENSO DE LA. <i>Confusion de Confusiones. Dialogos curiosos entre un Philosopho agudo, un Mercader discrete...</i> Amsterdam, 1688. $200,000 to $300,000
    <b>Sotheby’s Online, Now - Dec 17:</b> RACKHAM, ARTHUR — [WILLIAM SHAKESPEARE]. "The Moon Like to a Silver Bow New-Bent in Heaven," original illustration for <i>A Midsummer Night's Dream.</i> $12,000 to $18,000
  • <center><b>Sotheby’s New York<br>Fine Autograph Letters and Manuscripts from a Distinguished Private Collection: Part II<br>December 13, 2018</b>
    <b>Sotheby’s NY, Dec 13:</b> Sibelius, Jean. Autograph manuscript of “Spagnuolo” for piano, boldly signed “Jean Sibelius.” $20,000 to $30,000
    <b>Sotheby’s NY, Dec 13:</b> Verdi, Giuseppe. Fourteen largely unpublished autograph letters signed to Alessandro Lanari, the “Napoleon of Impresarios.” $100,000 to $150,000
    <b>Sotheby’s NY, Dec 13:</b> Jefferson, Thomas. Autograph letter signed ("Th: Jefferson") to William Lee, Monticello, 26 August 1816. $20,000 to $30,000
    <b>Sotheby’s NY, Dec 13:</b> Whitman, Walt. Signed carte-de-visite photograph by Benjamin Gurney, 1875. $1,000 to $1,500
    <b>Sotheby’s NY, Dec 13:</b> Wilde, Oscar. Autograph letter signed ("Oscar Wilde"). 8 pages on 2 bifolia of different sizes, with ink sketch on the first page. $25,000 to $30,000

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>Swann Auction Galleries Dec 13:</b> Adrian Reland, <i>Imperium Japonicum,</i> first European map to use Sino-Japanese characters, Amsterdam, circa 1740. $1,000 to $1,500.
    <b>Swann Auction Galleries Dec 13:</b> John Overton, <i>A New & Most Exact Map of America,</i> hand colored, London, 1671. $6,000 to $9,000.
    <b>Swann Auction Galleries Dec 13:</b> John James Audubon, <i>The Birds of America & Quadrupeds of North America,</i> together in 10 matching octavo bindings. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 13:</b> Cornelis de Jode, <i>Hemispheriu ab Aequinoctiali Linea,</i> Antwerp, 1593. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 13:</b> Currier & Ives, <i>Across the Continent,</i> New York, 1868, formerly in the collection of Thomas Winthrop Streeter. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 13:</b> Frederick Sander, <i>Reichenbachia, Orchids Illustrated & Described,</i> in four volumes, St. Albans, 1888-94. $5,000 to $7,500.
    <b>Swann Auction Galleries Dec 13:</b> Color woodblock map of Uraga and Edo Bay showing the course of Commodore Perry’s Black Ship squadron, Japan, circa 1854. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 13:</b> Manuscript report on the arrival of Commodore Matthew Perry, with 2 portraits of Perry & Commander H. A. Adams, Japan. $2,500 to $3,500.
    <b>Swann Auction Galleries Dec 13:</b> Edward Lear, <i>Castello di Melfi in Basilicata,</i> ink, graphite & watercolor, 1847. $3,000 to $5,000.
    <b>Swann Auction Galleries Dec 13:</b> Abraham Ortelius, <i>Islandia,</i> Antwerp, 1603. $3,500 to $5,500.
    <b>Swann Auction Galleries Dec 13:</b> Philippe Vandermaelen, North American volume of the first atlas to use lithography, Brussels, 1827. $6,000 to $9,000.
    <b>Swann Auction Galleries Dec 13:</b> Joseph Frederick Wallet Des Barres, <i>A Chart of the Coast,</i> from the <i>Atlantic Neptune,</i> London, 1780. $18,000 to $22,000.
  • <b>Arenberg Auctions: Rare Books, Manuscripts, Maps, and Works on Paper. December 14 & 15, 2018</b>
    <b>Arenberg Auctions, Dec 14-15:</b> LÉOPOLD II of Belgium. Autograph letter signed to Ferdinand de Lesseps. (Brusselss, 30th of August 1881. € 500 / 600
    <b>Arenberg Auctions, Dec 14-15:</b> Unique collection of c. 280 satirical postcards on Léopold II of Belgium.<br>€ 3.000 / 3.500
    <b>Arenberg Auctions, Dec 14-15:</b> Horae, use of Rouen, c. 1475.<br>€ 22.000 / 30.000
    <b>Arenberg Auctions: Rare Books, Manuscripts, Maps, and Works on Paper. December 14 & 15, 2018</b>
    <b>Arenberg Auctions, Dec 14-15:</b> <i>Sensuyt la tresplaisante hystoire du preux et vaillant Guerin de Montglaue</i> [...]. € 6.000 / 8.000
    <b>Arenberg Auctions, Dec 14-15:</b> SCUTENAIRE, Louis. <i>Mes inscriptions.</i> 1945-1963. € 1.000 / 1.200
    <b>Arenberg Auctions, Dec 14-15:</b> Études Gèographiques [puzzle].<br>€ 70 / 100
    <b>Arenberg Auctions: Rare Books, Manuscripts, Maps, and Works on Paper. December 14 & 15, 2018</b>
    <b>Arenberg Auctions, Dec 14-15:</b> Unique series of fifty 19th-c. Persian miniatures. € 1.500 / 2.500
    <b>Arenberg Auctions, Dec 14-15:</b> SIXTUS IV. <i>De sanguine Christi et De potentia Dei,</i> 1474. € 4.500 / 6.000
    <b>Arenberg Auctions, Dec 14-15:</b> Joan Miró, lithographies. € 200 / 300
    <b>Arenberg Auctions, Dec 14-15:</b> MERIAN, Anna Maria Sibylla. [Metamorphosis of a brown butterfly]. € 4.000 / 5.000
  • <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> WETZEL, CHARLES M. American Fishing Books. $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> BISSELL, ALFRED E., <i>In Pursuit of Salar.</i> $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> <i>The Settler and Sportsman in Anticosti.</i> $400 to $600
    <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> CARLETON, HENRY GUY, <i>Advice to Young Anglers.</i> $300 to $500
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> ROBINSON, ROLAND EVANS, <i>Forest and Stream Fables. By Awahsoose the Bear.</i> $300 to $500
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SAWADA, KEN, <i>The Art of the Classic Salmon Fly.</i> $300 to $500
    <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SOUTHARD, CHARLES ZIBEON, <i>The Evolution of Trout and Trout Fishing in America.</i> $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SOUTHARD, CHARLES ZIBEON, <i>Trout Fly-Fishing in America.</i> $400 to $600

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