• <b>Swann Auction Galleries Sep 29: Illustration Art</b>
    <b>Swann Auction Galleries Sep 29:</b><br>Earl Moran, <i>Lady in the Light (Marilyn Monroe at Age 20),</i> oil, 1979.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Man Ray, <i>La Femme Portative,</i> pen and ink, 1937. $15,000 to $20,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Dr. Seuss, <i>Tadd and Todd,</i> ink and watercolor, published in Redbook, 1950. $12,000 to $18,000.
    <b>Swann Auction Galleries Sep 29: Illustration Art</b>
    <b>Swann Auction Galleries Sep 29:</b><br>Charles Addams, <i>Noisy Neighbor,</i> watercolor, ink & wash, for The New Yorker, 1951. $10,000 to $15,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Gilbert Gaul, <i>Battle of New Orleans,</i> oil. $8,000 to $12,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Rockwell Kent, <i>Rockwell / Alaska MCMXVIII,</i> pen and ink, frontispiece for <i>Wilderness,</i> 1970.<br>$7,000 to $10,000.
    <b>Swann Auction Galleries Sep 29: Illustration Art</b>
    <b>Swann Auction Galleries Sep 29:</b><br>Haddon Sundblom, <i>The Arrangement,</i> oil, published in Ladies' Home Journal, 1938. $6,000 to $9,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Maurice Sendak, <i>Kiko’s Ferryboat,</i> pen, ink and watercolor, 1965. $5,000 to $7,500.
    <b>Swann Auction Galleries Sep 29:</b><br>Jack Kirby, <i>Captain America: The Rocks are Burning!,</i> ink over graphite, 1976. $5,000 to $7,500.
    <b>Swann Auction Galleries Sep 29: Illustration Art</b>
    <b>Swann Auction Galleries Sep 29:</b><br>Arnold Lobel, <i>Frog and Toad Building a Snowman,</i> pencil, 1976.<br>$4,000 to $6,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Garth Williams, <i>Pet and Bunny,</i> pencil, for <i>Little House on the Prairie,</i> 1953. $4,000 to $6,000.
    <b>Swann Auction Galleries Sep 29:</b><br>Ludwig Bemelmans, <i>Does Chef Find the Pheasant Pleasant?,</i> watercolor and ink, circa 1950s.<br>$4,000 to $6,000.
  • <b>19th Century Shop.</b> (DEMOCRATIC CONVENTION, Chicago, 1968). <i>Collection of papers of John M. Bailey, Chairman of the Democratic National Committee, concerning the convention</i>. Various places, 1968.
    <b>19th Century Shop.</b> (ARMSTRONG, NEIL.) VERNE, JULES. <i>A Trip to the Moon.</i> New York: F. M. Lupton, September 9, 1893. Signed by Neil Armstrong, first man to walk on the moon.
    <b>19th Century Shop.</b> KEY, FRANCIS SCOTT. <i>A Celebrated Patriotic Song, the Star Spangled Banner.</i> 1814.
    <b>19th Century Shop.</b> [COLUMBUS, CHRISTOPHER, Amerigo Vespucci ..] Bernardus Albingaunensis .. Dialogo nuperrime edito Genue in 1512.
    <b>19th Century Shop.</b> (WATKINS, TABER &c.). <i>An album of 32 photographs of the Yosemite and American West Various places</i>, c. 1890s
    <b>19th Century Shop.</b> (BATTLE OF CONCORD.) <i>Powder horn used by Minuteman Oliver Buttrick at the Battle of Concord</i>, April 19, 1775.
    <b>19th Century Shop.</b> (CIVIL WAR.) <i>An Extraordinary Confederate Photograph and Autograph Album of Dr. R. L. C. White</i>, 125 original mounted salt prints. 1859-61.
  • <b>Sotheby’s Paris: The Hunting Library of the Counts du Verne. 5 October.</b> The Largest Collection of Hunting and Falconry To Appear on the Market for the Last Thirty Years.
    <b>Sotheby's Paris Oct. 5:</b> Jacques du Fouilloux. <i>La Vénerie</i>. Poitiers, 1561. Est. €100.000 – 150.000
    <b>Sotheby's Paris Oct. 5:</b> Gaston Phébus. <i>Déduits de la chasse des bestes sauvaiges et des oyseaux de proye</i>. Paris, circa 1507. Est. €150.000 – 200.000
    <b>Sotheby's Paris Oct. 5:</b> Pierre et François de Gommer. <i>L’Autoursserie</i>. Chaalons, 1594. Est. €30.000 – 50.000
    <b>Sotheby’s Paris: The Hunting Library of the Counts du Verne. 5 October. The Largest Collection of Hunting and Falconry To Appear on the Market for the Last Thirty Years.
    <b>Sotheby's Paris Oct. 5:</b> Pierre Landry. <i>Quatre scènes de chasse à courre.</i> Paris, circa 1680. Est. €2.000 – 3.000
    <b>Sotheby's Paris Oct. 5:</b> Conte Henri de Vibraye - Baron Karl Reille. <i>La chasse à courre.</i> Paris, 1951. Est. €3.000 – 5.000
    <b>Sotheby's Paris Oct. 5:</b> Duc de Brissac - Paul Jouve. <i>Chasse.</i> Paris, 1956. Est. €30.000 – 50.000
  • <b>Seth Kaller:</b> Leaves from<br>George Washington's Own Draft <br>of His first Inaugural Address. An Extraordinary Rarity!
    <b>Seth Kaller:</b> Declaration of Independence: Benjamin Tyler 1818 - First Print with Facsimile Signatures.
    <b>Seth Kaller:</b> Thomas Jefferson Signed Act of Contress Authorizing Alexander Hamilton to Complete Famous Portland Maine Lighthouse.
    <b>Seth Kaller:</b> Emanuel Leutze. Silk Flag Banner designed by Leutze, created by Tiffany & Co., and presented to Gen. John A. Dix, 1864.
    <b>Seth Kaller:</b> The "greatest of early American maps … a masterpiece" (Corcoran). Thomas Holme.
    <b>Seth Kaller:</b> Lincoln Summons His Cabinet for a Historic Meeting to Discuss Compensated Emancipation.
    <b>Seth Kaller:</b> Albert Einstein. Autograph Letter Signed. Einstein Counsels His Son ... Meaning of Life.
    <b>Seth Kaller:</b> Normal Rockwell. Painting/Drawing Signed. Rockwell's "Barbeshop Quartet", 1936.
    <b>Seth Kaller:</b> Frederick Douglass. Autograph Letter Signed to unknown correspondent. Washington, D.C.
    <b>Seth Kaller:</b> Harry Truman. Autograph Manuscript Notebook for Kansas City Law School Night Class.
    <b>Seth Kaller:</b> Robert E. Lee. Autograph Letter Signed, June 11, 1782. Hours after the Battle of Culpeper Court House, Lee Escapes Again.
    <b>Seth Kaller:</b> George Washington. Letter Signed, as Commander-in-Chief, Continental Army, to Elias Dayton, Headquarters, [Newburgh, N.Y.], June 11, 1782.

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>Bonhams: Fine Books and Manuscripts. Sept. 21, 2016</b>
    <b>Bonhams Sept. 21:</b> WARREN, JOSEPH. Letter Signed ("Jos Warren") as Chairman of the Committee of Safety. Cambridge, MA, June 4, 1775.
    <b>Bonhams Sept. 21:</b> WHITMAN, WALT. Leaves of Grass. Brooklyn, NY: [for the Author], 1855.
    <b>Bonhams Sept. 21:</b> JEFFERSON, THOMAS. Printed Broadside Signed ("Th: Jefferson") as Secretary of State. Philadelphia, February 12, 1793.
    <b>Bonhams Sept. 21:</b> CELLINI, BENVENUTO. 1500-1571. Autograph Letter Signed ("Beto. Cellini"). [Florence, c.1566].
    <b>Bonhams: Fine Books and Manuscripts. Sept. 21, 2016</b>
    <b>Bonhams Sept. 21:</b> NAPOLEON BONAPARTE. Autograph Manuscript. [c.1795].
    <b>Bonhams Sept. 21:</b> DICKENS, CHARLES. Great Expectations. London: Chapman and Hall, 1861.
    <b>Bonhams Sept. 21:</b> REED, JOHN. To the Honourable House of Representatives of the Freemen of Pennsylvania this Map of the City and Liberties of Phiadelphia With the Catalog of Purchasers is Humbly Dedicated.... [Philadelphia]: engraved by James Smit
    <b>Bonhams Sept. 21:</b> ELIOT, THOMAS STEARNS. The Waste Land. New York: Boni and Liveright, 1922.
    <b>Bonhams: Exploration and Travel. Sept. 20, 2016</b>
    <b>Bonhams Sept. 20:</b> PTOLEMAEUS, CLAUDIUS. 2nd Century. Untitled Ptolemaic Map of the World. [Insculptum est per Johane Schnitzer de Armszheim.] [Ulm: Leinhart Holle, July 16, 1482.]
    <b>Bonhams Sept. 20:</b> HONDIUS, JODOCUS THE YOUNGER. 1597-1651; JOHANNES JANSSONIUS, PUBLISHER. 1588-1664; ADRIAAN METIUS, ASTRONOMER; & ABRAHAM GOOS, ENGRAVER. A Pair of Library Globes. Amsterdam: 1623, 1648.
    <b>Bonhams Sept. 20:</b> HAKLUYT, RICHARD. 1553-1616. The Principall Navigations, Voiages, and Discoveries of the English Nations, made by Sea or ouer Land, to the most remote and farthest distant Quarters of the earth at any time within...
    <b>Bonhams Sept. 20:</b> WARRE, HENRY JAMES, SIR. 1819-1898. Sketches in North America and the Oregon Territory. [London]: Dickinson & Co., [1848].
    <b>Bonhams Sept. 20:</b> SPEKE, JOHN HANNING. 1827-1864. Manuscript map, ["Sketch Map of Eastern Africa, Shewing the Various Routes travelled by the Expedition"], 230 x 255 mm, n.p., c.1858.

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