• <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
  • <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.
  • <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

Rare Book Monthly

Articles - February - 2009 Issue

Book Prices Plunged Over 20% in 2008

Hammer

Auction prices for books slipped in 2008.


By Michael Stillman


Book prices at auction tumbled sharply in 2008, as the collectible book market fell victim to the steep economic recession. While sales prices, as opposed to listing prices, tend to be obscure for want of a clear, visible record, AE tracked over 220,000 books and related items at auction last year for its AE Bibliographic Database. Those numbers reveal that the median price at auction dropped over $100, from $486 to $384, a decline of 21%. Part of this was a give back of the previous year's 15% increase. Nevertheless, this is the lowest number in the five years AE has been tracking books at auction, still 7% below the previous low mark of $413 in 2004. While that may sound shocking, The S&P stock index fell to ten-year lows in 2008, and even gasoline retreated to 2003 levels. Books are not as volatile as stocks, oil, or real estate, but they are not immune to market conditions, even if this point is not always so plain to see.

The average price at auction dropped a staggering amount - $887 - from the previous year. However, the average price can be skewed by a few very expensive items. The $21.3 million Magna Carta alone added over $100 to the average price in 2007. The median, or midpoint price of 220,000 items tracked, is not subject to such anomalies and, we believe, more accurately reflects the true state of the market.

While the AE does not have sufficient data from years prior to 2004 to provide specific figures, the past two declines in pricing appeared at the beginning of this decade and the previous one. Those corresponded with the post-internet bubble stock crash and the recession that doomed the first Bush administration. There were others before this, and it appears that some of these may have been in the range of the 20% decline we have just seen. If the market flattens out now, the current recession in the book market will be unpleasant but not that unusual. However, if prices continue to fall in 2009, and the trends through December indicate continued deterioration, it is possible we could see the largest decline since the Great Depression. Our records indicate a decline of over 50% at that time.

Sell through rates also implied softness in the market. That rate was 75% in 2007, and between 2004 and 2007 ranged from 74% to 76%. For 2008, it dropped to 71%. Of those that sold, 47% went for over the high estimate, 29% under the low estimate. That represents a 2% shift downward from the prior year's 49%-27% ratio. When unsold items are added to those sold under the low estimate, it shows that almost 50% of the books and related items offered at auction failed to achieve their low estimate. That number was 45% the previous year. Only 33% of all items offered sold for over the maximum, compared to 37% in 2007.

The highest median and average sales were once again achieved at Sotheby's in New York, with a median of $15,000 and an average of $40,782. Those figures were virtually identical to the previous year, but the number of lots offered was less than half. Sixteen houses achieved medians of over $1,000 per lot, including 4 branches of Christie's and Bonham's, 3 of Sotheby's, and one each of Koller, Bloomsbury, Doyle, Swann, and Artcurial Briest. Of these 16, half were located in America (6 in New York, one each in Los Angeles and San Francisco), 4 in London, 3 in Paris, 1 in Zurich. Kiefer auctions of Germany offered the greatest number of lots - 18,790 - while others offering over 10,000 lots were Bloomsbury in London, Bubb Kuyper of the Netherlands, and Swann's in New York.

Rare Book Monthly

  • <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

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