• <b>Sotheby’s Online, June 18 - 28:</b> Lewis, Meriwether, and William Clark. <i>History of the Expedition Under the Command of Captains Lewis and Clark, To the Sources of the Missouri…</i> 1814, first edition. $100,000 to $150,000
    <b>Sotheby’s Online, June 18 - 28:</b> Poe, Edgar Allan. <i>Tales.</i> New York: Wiley And Putnam, 1845. First edition, first printing, first issue. $70,000 to $100,000
    <b>Sotheby’s Online, June 18 - 28:</b> Dürer, Albrecht, and Johann Stabius. [Map of the World as a Sphere.] [Vienna,] 1781 (From Woodblocks Cut In 1515). $120,000 to $180,000
    <b>Sotheby’s Online, June 18 - 28:</b> Ferdinand, Franz — Lala Deen Dayal [Photographer]. VISIT OF H.I. & H.R. THE ARCHDUKE FRANZ FERDINAND OF AUSTRIA ESTE TO HYDERABAD (DECCAN), JANUARY 1893. $4,000 to $6,000
    <b>Sotheby’s Online, June 18 - 28:</b> Lincoln, Abraham. Manuscript Letter Signed ("Yours Truly A. Lincoln") as Sixteenth President to Secretary of the Navy Gideon Welles Regarding William Johnson. $200,000 to $300,000
  • <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>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Ortelius. Theatrum orbis terrarum. Antwerp, 1570. FIRST EDITION. $50,000 to $80,000
    <b>Bonhams, June 12:</b> Shakespeare, William. The Tragedie of Julius Caesar. London, 1623. 1st appearance in print, Complete from the First Folio. $50,000 to $70,000
    <b>Bonhams, June 12:</b> Ernst, Max. Mr. Knife and Miss Fork. Paris, 1932. DELUXE EDITION. $12,000 to $18,000
    <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Cage, John. Autograph musical leaf from his Concert for Piano and Orchestra, NY, 1958. $10,000 to $15,000
    <b>Bonhams, June 12:</b> Einstein, Albert. Signed Passport Photo for his US citizenship application. Bermuda, 1935. $8,000 to $12,000
    <b>Bonhams, June 12:</b> Verard, Antoine. Illuminated printed Book of Hours. Paris, 1507. $8,000 to $12,000
    <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Wetterkurzschlussel. German Weather Report Codebook - for Enigma use. Berlin, 1942. $20,000 to $30,000
    <b>Bonhams, June 12:</b> Morelos y Pavon, Jose Maria. Autograph letter signed to El Virrey Venegas, February 5, 1812. $7,000 to $10,000
    <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Milne, A.A. Complete set of Winnie-the-Pooh books. 4 volumes. All first issue points. London, 1924-1928. $6,000 to $9,000
    <b>Bonhams, June 12:</b> A 48-star American Flag, battle worn flown at Guadalcanal and Peleliu, 1942-1944. $10,000 to $15,000
    <b>Bonhams, June 12:</b> Locke, John. Autograph Letter Signed mourning the death of his friend, William Molyneaux, 2 pp, October 27, 1698. $7,000 to $10,000
  • <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> General George Custer's Officer, James McLean Steele, 1868-1869 Diary. $30,000 - $50,000
    <b>Cowan’s, June 22:</b> Exceptionally Rare Anti-Slavery Broadside, “A Crusade Against Slavery”. $4,000 - $6,000
    <b>Cowan’s, June 22:</b> Revolutionary War General Richard Montgomery, Exceptionally Rare War-Date ANS. $4,000 - $6,000
    <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> Albumen Photograph of the "Scouts of the Plains," from Cody's Personal Collection. $8,000 - $10,000
    <b>Cowan’s, June 22:</b> Jefferson Davis, CDV, Signed and Dated to his Imprisonment in Fortress Monroe. $4,000 - $6,000
    <b>Cowan’s, June 22:</b> Robert E. Lee, CDV Signed Twice. $2,000 - $4,000
    <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> “Si Clack: Co. Q, 100th Indiana Vols.,” Written & Illustrated by Civil War Veteran, P.M. Radford. $2,500 - $3,500
    <b>Cowan’s, June 22:</b> General Meade Inspecting the 5th Corps, Civil War-Era Sketch by Alfred R. Waud. $2,000 - $3,000
    <b>Cowan’s, June 22:</b> Rare Huey Newton Black Panther Party Poster. $3,000 - $5,000
    <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> Lloyd's New Political Chart, 1861. $800 - $1,200
    <b>Cowan’s, June 22:</b> William J. Ferguson, “Our American Cousin” Cast Member, Lincoln Assassination Archive. $8,000 - $10,000
    <b>Cowan’s, June 22:</b> Albert Einstein, Signed Photograph in his Favorite Leather Jacket. $2,000 - $4,000

Rare Book Monthly

Articles - December - 2008 Issue

What Happened to the American Discount?

Currency

Collapsing US dollar from Exchange-Rates.org.


By Michael Stillman

These have been tough times for booksellers, American ones in particular. The advent of intense competition as a result of online listing sites and eBay has changed the face of bookselling over the past decade. Many traditional booksellers, particularly those with bricks and mortar stores, were forced to close their doors. As if this wasn't enough, the collapsing economy, first in America, but now spreading across the world, came at an already difficult time for the trade. Now, as the economy sinks deeper into recession, discretionary spending, a synonym for book buying, slides along with it.

However, through the difficult times of the past few years, there has been one bright side for the American bookseller. The collapsing US dollar has made books sold by Americans relatively cheap in Europe. Strong euros and British pounds enabled Europeans to buy books priced in dollars for a song, or at least, a comparative bargain. Many American booksellers took advantage of this situation to increase their overseas sales, even as domestic ones languished. Don't look now, but something has been happening the past few months that threatens this last refuge of prosperity for the American bookseller.

That once maligned dollar has suddenly gained surprising strength. It has enabled European and other overseas merchants to become more competitive in the U.S. It is part, though certainly not all of the reason that the price of oil, and with it gasoline, has collapsed so spectacularly over the past couple of months. Unfortunately, the flipside of cheaper foreign goods for Americans is more expensive American goods for foreigners. Those incredibly cheap rare and antiquarian books overseas collectors were buying from American sellers just got more expensive. Actually, they got a lot more expensive. The effective price of books sold by Americans to Europeans has been rising rapidly over the past few months, and yet the American booksellers don't get to see one penny of these increased costs. All they get are the decreased sales that come with increased prices.

Back in 2001, you could only buy $.85 worth of books for 1 euro. Three years ago, a euro still only bought $1.15 worth of American goods. It then began a steady climb, reaching $1.31 two years ago, $1.47 a year ago. By this past July, the value of the Euro had soared to $1.60. In effect, Europeans were getting a 30% discount versus three years ago, almost half off compared to 2001. Then the euro began to tumble compared to the dollar. In a mere four months it dropped from $1.60 to $1.25. To put it another way, Europeans saw the price of books offered by American sellers increase in price by 30% in four months, all because of an adjustment in exchange rates.

While the pattern of the British pound has differed from the euro, it too has suffered a stunning decline. A year ago, it peaked at a value of $2.10 per pound. As recently as July it was still over $2.00. Last month, it sank below $1.50. For the British buyer, that's an increase in cost of American books of 35% in four months.

There may be some consolation for the European bookseller here in that their wares are much less expensive for American collectors than they were this summer. However, one wonders how many American collectors can afford to take advantage of these discounts today.

In time this will all change. No one knows when, and it is likely good advice to hunker down for a while. This could be a long winter. The book trade could look quite different when spring returns, but return it will. Prosperity is just around the corner.

Rare Book Monthly

  • <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> ACCADEMIA ERCOLANENSE DI ARCHEOLOGIA. <i>Ornati delle Pareti</i>, Naples 1796. £2,000 to £3,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> AMERICAS. <i>Il Gazzettiere Americano…</i>, Livorno, 1763. £2,000 to £3,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> BARROW, John. <i>Travels in China…</i>, London, 1804. £600 to £800
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> BENOIST, Felix. <i>Album de L'Ile de Jersey</i>…, Paris & Nantes, 1870. £1,500 to £2,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> GAIL, Wilhelm. <i>Erinnerungen aus Spanien,</i> Munchen, [ca. 1837]. £1,800 to £2,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> HANCARVILLE, Pierre d'. <i>Recherches sur l'origine…,</i> London, Appleyard, 1785. £1,5000 to £2,000
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> HULLEY, T. <i>Six Views of Cheltenham.</i> London, R. Ackerman, 1813. £800 to £1,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> JEFFERSON, Thomas. <i>Notes on the state of Virginia</i>…, London, 1787. £12,000 to £18,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> LEWIS, John F. <i>Lewis's illustrations of Constantinople…,</i> London, McLean, 1837. £3,000 to £4,000
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> MARQUARD, Johann. <i>Tractatus politico-juridicus,</i> Frankfurt, 1662. £1,800 to £2,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> MAUND, Benjamin. <i>The botanic garden,</i> London, 1825-42. £1,500 to £2,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> Willughby, Francis; John Ray (ed.). <i>Ornithologiæ libri tres</i>. London, John Martyn, 1676. £1,500 to £2,000
  • <b>Swann Auction Galleries June 21:</b> Thomas Paine, Autograph Letter Signed to Ira Allen, on a rendezvous at the Boston–a Paris café for political exiles, 1790s. $10,000 to $15,000.
    <b>Swann Auction Galleries June 21:</b> Paul Revere, Autograph Document Signed, certifying the discharge of a captain from his regiment, 1779. $12,000 to $18,000.
    <b>Swann Auction Galleries June 21:</b> Pay order to express rider Jonathan Park to warn Congress of arriving British warships, 1776. $20,000 to $30,000.
    <b>Swann Auction Galleries June 21:</b> Thomas Jefferson, Autograph Letter Signed to Thomas Sim Lee, stating that the government is not authorized to intervene in the Citizen Genêt affair, 1793. $20,000 to $30,000.
    <b>Swann Auction Galleries June 21:</b> George Washington, Letter Signed to Nathanael Greene, suggesting a way to obtain money for the Continental Army, 1780. $15,000 to $25,000.
    <b>Swann Auction Galleries June 21:</b> Andrew Jackson, Autograph Letter Signed to Senator John H. Eaton, on the Seminole Wars & Spain’s duplicity, 1819. $12,000 to $18,000.
    <b>Swann Auction Galleries June 21:</b> Harry S. Truman, Photograph Signed and Inscribed, showing a false newspaper headline about the 1948 presidential election. $12,000 to $18,000.
    <b>Swann Auction Galleries June 21:</b> Benjamin Franklin, vellum Document Signed, as President of the Supreme Executive Council of PA, 1786. $8,000 to $12,000.
    <b>Swann Auction Galleries June 21:</b> Henry Dearborn, two Autograph Manuscript items including a drawing of Bunker’s Hill, unsigned, 1818. $6,000 to $9,000.
    <b>Swann Auction Galleries June 21:</b> Andrew Jackson, <i>A New Map of the United States,</i> lithograph, circa 1828. $3,000 to $4,000.

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