• <center><b> The Library of Pierre Bergé<br>Auction Pierre Bergé & Associés<br>in association with Sotheby’s<br>Paris-Hôtel Drout<br>December 14, 2018<br><br>New York Exhibition<br>Oct. 16 to Oct. 20</b>
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> BARTHOLOMEUS ANGLICUS. <i>Le Proprietaire des choses.</i> Lyon, [circa 1484]. 150 000 / 200 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> MONTAIGNE, Michel de. <i>Essais.</i> Bordeaux, 1580. 400 000 / 500 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> PROUST, Marcel. <i>Du côté de chez Swann.</i> Paris, 1914 [1913]. 600 000 / 800 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> MONSTRELET, Enguerrand de. <i>Le Premier [-Tiers] Volume des Cronicques.</i> Paris, circa 1503.<br>300 000 / 400 000 €
  • <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: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Shackleton, Ernest. <i>Aurora Australis.</i> Printed at the sign of 'The Penguins'; East Antarctica, 1908. $70,000 to $100,000
    <b>Bonhams, Sep. 25:</b> Shackleton, Ernest. <i>South Polar Times.</i> 1st edition, limited issue. from the library of Michael Barne. $20,000 to $30,000
    <b>Bonhams, Sep. 25:</b> General Washington's <i>Proceedings of a General Court Martial... of Major General Lee.</i> Philiadelphia, 1778. 100 copies printed for Congress. BOUND WITH: ...Court Martial... of St Clair and ...Schuyler. $25,000 to $35,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> <i>The Voice of the People.</i> Boston, 1754. Rare pamphlet on the Excise Tax. Nathaniel Sparhawk's copy. $4,000 to $6,000
    <b>Bonhams, Sep. 25:</b> Autograph Letter Signed ("S.L. Clemens"), offering extensive hard-earned advice on writing, 5 pp, 1881. $30,000 to $50,000
    <b>Bonhams, Sep. 25:</b> After Fra Egnazio Danti. <i>L'Ultime Parti not:e nel Indie Occid:ntli" [The last known parts of the Western Indies].</i> Painted Map of California, Western Mexico, and Japan. $70,000 to $100,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Ptolemaeus, Claudius. <i>Geographie opus nouissima...</i> 1513. The most important edition of Ptolemy, containing the Admiral's Map. $250,000 to $350,000
    <b>Bonhams, Sep. 25:</b> De Arellano, Don Alonso. Manuscript, his <i>"Relación mui singular y circunstanciada... Capitán del Patax San Lucas,"</i> manuscript copy from the Sir Thomas Phillips collection. $50,000 to $80,000
    <b>Bonhams, Sep. 25:</b> Purchas, Samuel. <i>Purchas his Pilgrimes.</i> First edition. With John Simth's engraved map of Virginia. $70,000 to $100,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Lewis, Meriwether. Contemporary manuscript true copy of his final power of attorney, 1809. $8,000 to $12,000
    <b>Bonhams, Sep. 25:</b> <i>A New Method of Macarony Making, as Practiced at Boston in North America.</i> Mezzotint. London, 1774. $5,000 to $7,000
    <b>Bonhams, Sep. 25:</b> <i>Scientific Base Ball Pitching: A Treatise on the Pitcher, Pitching, Origin and Philosophy of the Curve.</i> Chicago, 1897. $2,000 to $3,000
  • <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> Aegidius Sadeler (Flemish, 1570-1629), engraving on laid paper "Madonna and Child in a Landscape", after a drawing by Albrecht Durer. $800 to $1,200
    <b>William Bunch Auctions, Oct. 29:</b> Anders Zorn (Swedish, 1860-1920), drypoint etching on paper "On Hemso Island", 1917, pencil signed. $400 to $600
    <b>William Bunch Auctions, Oct. 29:</b> Joseph Pennell (American, 1860-1926), etching on paper "Setting Up Columns", pencil signed. $200 to $300
    <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> William Lee Hankey (British, 1869-1952), drypoint etching on paper "Affection", pencil signed. $200 to $300
    <b>William Bunch Auctions, Oct. 29:</b> William Walcot (English, 1874-1943), drypoint etching on paper "Lower Broadway, New York", 1924, pencil signed. $200 to $300
    <b>William Bunch Auctions, Oct. 29:</b> Auguste Brouet (French, 1872-1941), color etching "La Pirouette", pencil signed, ed 111/250. $400 to $600
    <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> Thomas Hart Benton (American, 1889-1975), lithograph on paper "The Boy", pencil signed. $2,000 to $3,000
    <b>William Bunch Auctions, Oct. 29:</b> John Stockton de Martelly (American, 1903-1979), lithograph on paper "Looking at the Sunshine", pencil signed, original AAA certificate. $400 to $600
    <b>William Bunch Auctions, Oct. 29:</b> Jacques Hnizdovsky (Ukrainian-American, 1915-1985), woodcut on paper "Moppet", pencil signed and dated 1965, ed 118/250. $400 to $600

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

  • <b>Swann Auction Galleries Nov 8:</b> Kurt Vonnegut, archive of 12 letters, signed to his family, 6 illustrated, 1930s-40s. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Allen Ginsberg, 11 autograph manuscripts, including 10 drafts of poems & a page of notes, circa 1948. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Joan Miró, illustrated autograph note signed to MoMA Director of Exhibitions & Publications, 1959. $6,000 to $9,000.
    <b>Swann Auction Galleries Nov 8:</b> Carl Gustav Jung, typed letter signed to a colleague, 1948. $3,000 to $4,000.
    <b>Swann Auction Galleries Nov 8:</b> Gustav Mahler, ALS, arranging a meeting during his historic visit to New York, circa 1908. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Mark Twain, ALS, explaining the target of his new book, 1902. $3,000 to $4,000.
    <b>Swann Auction Galleries Nov 8:</b> Charles Dickens, ALS, accepting an invitation in the voice of a <i>Martin Chuzzlewit</i> character, 1843. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 8:</b> Jacob Lawrence, illustrated greeting card signed, 1960. $2,000 to $3,000.
    <b>Swann Auction Galleries Nov 8:</b> Robert E. Lee, ALS, to the colonel of the Kanawha Valley volunteers, boosting morale, 1861. $15,000 to $25,000.
  • <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> SHACKLETON, Ernest Henry, Sir. <i>Aurora Australis. Printed at the Winter Quarters of the British Antarctic Expedition, 1907, During the Winter Months of April, May, June, July, 1908.</i> $60,000 to $80,000
    <b>Leslie Hindman, Oct 31:</b> HUMBOLDT, Alexander von, and Aime J. A. BONPLAND. <i>Vues des Cordillères, et monumens des peuples indigènes de l'Amérique.</i> Paris, 1810. $30,000 to $40,000
    <b>Leslie Hindman, Oct 31:</b> COOK, James, Captain. [Collected Voyages]. London: Strahan and Cadell, 1773, 1777, 1784. First editions of the second and third voyages. $20,000 to $30,000
    <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> DARWIN, Charles. <i>A Narrative of the Surveying Voyages of His Majesty's Ships Adventure and Beagle, between the years 1826 and 1836.</i> $20,000 to $30,000
    <b>Leslie Hindman, Oct 31:</b> SPILBERGEN, Joris van (1568-1620). <i>Speculum orientalis occidentalisque Indiae navigationum.</i> Leiden: Nicolaus van Geelkercken, 1619. $20,000 to $30,000
    <b>Leslie Hindman, Oct 31:</b> DRAKE, Francis, Sir. <i>Sir Francis Drake Revived. Who is or may be a Pattern to stirre up all Heroicke and active Spirits of these Times…</i> London, 1653 [i.e. 1652]. $10,000 to $15,000
    <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> SHACKLETON, Ernest Henry, Sir, Louis C. BERNACCHI, and Apsley George Benet CHERRY-GARRARD, editors. The South Polar Times. London, 1907-1914. $10,000 to $15,000
    <b>Leslie Hindman, Oct 31:</b> ANSON, George. <i>A Voyage round the World, In the Years 1740...</i> 1744. London: John and Paul Knapton for the author, 1748. $8,000 to $12,000
    <b>Leslie Hindman, Oct 31:</b> HERRERA Y TORDESILLAS, Antonio de. <i>Description des Indes Occidentales, Qu'on appelle aujourdhuy Le Nouveau Monde...</i> Amsterdam: Michel Colin, 1622. $8,000 to $12,000
    <b>Leslie Hindman Auctioneers: The Adventure & Exploration Library of Steve Fossett. October 31, 2018</b>
    <b>Leslie Hindman, Oct 31:</b> NOORT, Olivier van. <i>Description du Penible Voyage fait entour de l'univers ou globe terrestre...</i> Amsterdam: Cornille Nicolas, 1610. $5,000 to $7,000
    <b>Leslie Hindman, Oct 31:</b> LEO AFRICANUS, Johannes. <i>A Geographical Historie of Africa, Written in Arabicke and Italian.</i> London: George Bishop, 1600. $4,000 to $6,000
    <b>Leslie Hindman, Oct 31:</b> SCHOUTEN, Willem Corneliszoon. <i>Journal ou Description du Merveilleux Voyage de Guillaume Schouten, Hollandois natif de Hoorn, fait es années 1615, 1616, & 1617.</i> 1619. $4,000 to $6,000

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