• <b>Seth Kaller:</b> “America the Beautiful”
    <b>Seth Kaller:</b> George Washington, Tongue-in-Cheek, Writes James McHenry About His Wife or Mistress—But Funding the Continental Army is the Real Topic
    <b>Seth Kaller:</b> Young’s Map of the United States
    <b>Seth Kaller:</b> President Lincoln & His Most Profitable Client, the Illinois Central Railroad
    <b>Seth Kaller:</b> Lincoln Thanks Former Pro-Slavery and Newly Republican Congressman for a Fiery Anti-Slavery Speech at a Philadelphia Campaign Rally
    <b>Seth Kaller:</b> “A Visit From St. Nicholas” - great association copy inscribed by Clement C. Moore
    <b>Seth Kaller:</b> Einstein Agrees to Allow “a Short Book on the Hydrogen Bomb” to Use His Statement Made on Eleanor Roosevelt’s TV Show
    <b>Seth Kaller:</b> The Building Blocks of Albert Einstein’s Creative Mind
    <b>Seth Kaller:</b> A Unique Manuscript Map of Block Island Sound Including Fisher’s and Gardiner’s Islands, the Hamptons, and Montauk Point
    <b>Seth Kaller:</b> J.R.R. Tolkien Writes his Proofreader with a Lengthy Discussion of the Lord of the Rings, Including Criticism of Radio Broadcasts of his Work
    <b>Seth Kaller:</b> Six Benjamin Franklin Signed Receipts – Including his Earliest Obtainable Autograph — Acknowledging a Donation to the Famous Library Company He Founded, and Five Payments for His Pennsylvania Gazette
    <b>Seth Kaller:</b> Sherman Dishes on Lincoln & Thomas, Meade, Sheridan, Halleck & Grant
  • <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>Book of hours, manuscript on vellum. Around 1520. Est: € 15,000
    <b>Ketterer Rare Books, May 22:</b><br>H. Schedel, <i>Liber chronicarum</i>. 1493. Est: € 60,000
    <b>Ketterer Rare Books, May 22:</b><br>Biblia germanica. 1474.<br>Est: € 140,000
    <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>A. Ortelius, <i>Theatrum orbis terrarum</i>. 1574. Est: € 26,000
    <b>Ketterer Rare Books, May 22:</b><br>L. de Varthema, <i>Die ritterlich und lobwirdig Rays</i>. 1515. Est: € 15,000
    <b>Ketterer Rare Books, May 22:</b><br>J. H. van Linschoten, His <i>Discours of Voyages</i>. 1598. Est: € 70,000
    <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>J. G. Stedman, <i>Narrative of Surinam</i>. 1806. Est: € 8,000
    <b>Ketterer Rare Books, May 22:</b><br>A. von Menzel, <i>Armeewerk Friedrichs d. Gr.</i> 1855. Est: € 50,000
    <b>Ketterer Rare Books, May 22:</b><br>G. Heym, <i>Umbra Vitae</i>. 1924. Est: € 8,000
    <b>Ketterer Kunst Hamburg, Rare Books Auction on May 22</b>
    <b>Ketterer Rare Books, May 22:</b><br>Master binding by G. Levitzky. 1914. Est: € 2,500
    <b>Ketterer Rare Books, May 22:</b><br>R. Char, <i>A la santé du serpent</i>. 1954. Est: € 8,000
    <b>Ketterer Rare Books, May 22:</b><br>Nam June Paik, Fluxus Testament. 1975. Est: € 18,000
  • <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Ernest Hemingway, Autograph Letter Signed "Love / Mr. Papa," to Marlene Dietrich, Cuba, 1952. $20,000 to $30,000.
    <b>Swann Auction Galleries May 4:</b> Alexis de Tocqueville, Autograph Letter Signed, on the publication of <i> Democracy in America </i>, 1837. $10,000 to $15,000.
    <b>Swann Auction Galleries May 4:</b> Thomas Hart Benton, Autograph Manuscript, draft of <i>The Mechanics of Form Organization in Painting</i>, with sketches, 1926. $20,000 to $30,000.
    <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Elliot Erwitt, photograph of Kennedy & Eisenhower, signed by both,<br>c. 1960. $10,000 to $15,000.
    <b>Swann Auction Galleries May 4:</b> John Adams, Partly-printed Document Signed, as President, countersigned by Secretary of State Timothy Pickering, 1798. $4,000 to $6,000. 
    <b>Swann Auction Galleries May 4:</b> Graphite drawing of Albert Einstein, signed by him & the artist, S.N. Swamy, 1950. $7,000 to $10,000.
    <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Pyotr Ilyich Tchaikovsky, Autograph Musical Quotation Signed, London, 1888. $7,000 to $10,000.
    <b>Swann Auction Galleries May 4:</b> Thomas Jefferson, Partly-printed vellum Document Signed, as President, countersigned by Secretary of State James Madison, 1809. $4,000 to $6,000.
    <b>Swann Auction Galleries May 4:</b> Agatha Christie, Autograph Manuscript notebook with early drafts for numerous novels, Baghdad, circa 1948. $4,000 to $6,000.
    <b>Swann Auction Galleries May 4: Autographs</b>
    <b>Swann Auction Galleries May 4:</b> Claude Monet, Autograph Letter Signed to Desmond Fitzgerald, in French, 1889. $4,000 to $6,000.
    <b>Swann Auction Galleries May 4:</b> Photograph of Fidel Castro, Signed & Inscribed, in Spanish, 1955. $3,500 to $5,000.
    <b>Swann Auction Galleries May 4:</b> Frederick Stuart Church, archive of 17 illustrated Autograph Letters Signed to Evander Schley, 1905-11. $5,000 to $7,500.
  • <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Ackermann, Rudolph—Uwins, Thomas. A collection of 240 drawings for Rudolph Ackermann's <i>Repository of Arts</i> magazine, 1809-1828. £20,000 – 30,000
    <b>Sotheby’s London, 9 May:</b> Blaeu, Willem Janszoon, and Joan. <i>Theatrum Orbis Terrarum, Sive Atlas Novus in Quo Tabulae et Descriptiones Omnium Regionum.</i> 1640-1654. £100,000 – 150,000
    <b>Sotheby’s London, 9 May:</b> Mercator, Gerard and Jodocus Hondius. <i>L’Atlas ou Méditations Cosmographiques de la Fabrique du Monde et Figure Diceluy.</i> 1613. £60,000 – 80,000
    <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Speed, John. <i>The Theatre of the Empire of Great Britain, Presenting an Exact Geography of the Kingdom of England, Scotland, Ireland and the Isles Adjoyning...</i> £100,000 – 150,000
    <b>Sotheby’s London, 9 May:</b> Wit, Frederick De. [General Atlas], With The Engraved Title For Atlas Maior. Amsterdam, [C.1688-1696]. £50,000 – 70,000
    <b>Sotheby’s London, 9 May:</b> Kuntz, Joh. Rudolph. <i>[Abbildungen Königlich Württembergischer Gestütts-Pferde von Orientalischen Racen.</I> Stuttgart: Ebner 1823–1824]. £30,000 – 40,000
    <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Lawrence, T.E. Ivory Silk Thawb, Or Under-Robe, Presented by Lawrence of Arabia to a family friend. £10,000 – 15,000
    <b>Sotheby’s London, 9 May:</b> Blaeu, Joan. <i>Archipelagus Orientalis Sive Asiaticus</i>. Amsterdam: Joan Blaeu, [1659]. £200,000 – 250,000
    <b>Sotheby’s London, 9 May:</b> Blaeu, Joan. <i>Asiae Descriptio Novissima</i>. Amsterdam: Joan Blaeu, [1659]. £60,000 – 80,000
    <b>Sotheby’s London: Travel, Atlases, Maps & Natural History. 9 May 2017. Viewing 5 – 8 May.</b>
    <b>Sotheby’s London, 9 May:</b> Japanese bird paintings—(Rinchô Zu). A Pair Of Painted Scrolls of Birds. [Japan, Late 18th Or Early 19th Century]. £25,000 – 35,000
    <b>Sotheby’s London, 9 May:</b> Huang, Qianren. Da Qing Wannian Yitong Tianxia Quantu [Complete Map of the Whole Unified Country of the Great Qing]. [1803]. £80,000 – 120,000
    <b>Sotheby’s London, 9 May:</b> Sôkaku or Ryôsei Jôkei. Da Ming Sheng Tu, [Map of (China Under) The Great Ming Dynasty]. (1691 Or 1711). £80,000 – 120,000

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>Doyle, Apr. 26:</b>  Lewis Morris Rutherfurd, The Moon, From a Negative taken at the Observatory of Mr. L. M. Rutherfurd...May 19, 1874. Est: $5,000-8,000 (Lot 3)
    <b>Doyle, Apr. 26:</b> Alvin Langdon Coburn. London. With 20 photogravures by Coburn and text by Hilaire Belloc, London and New York: 1909. First edition. Est: $4,000-6,000 (Lot 32)
    <b>Doyle, Apr. 26:</b> Lee Friedlander, Newark, New Jersey, 1962 and Albuquerque, New Mexico, 1972.<br>Est: $7,000-9,000 (Lot 50)
    <b>Doyle, Apr. 26:</b> The  papers of Brevet Major General John Gross Barnard (1815-1882), Chief Engineer of the Army of the Potomac. Est: $75,000-100,000 (Lot 160)
    <b>Doyle, Apr. 26:</b> James Joyce, Dubliners, London: Grant Richards, 1914. First edition. Est: $5,000-8,000 (Lot 362)
    <b>Doyle, Apr. 26:</b> George Sand, Group of five volumes inscribed to Henry Harrisse. Est: $4,000-6,000 (Lot 405)
    <b>Doyle, Apr. 26:</b> Thomas More, Sir, Saint [Utopia]: De optimo reip. statu deque nova insula utopia libellus vere aureus… Basel: Froben, March 1518. First Basel edition. Est: $15,000-25,000 (Lot 308)
    <b>Doyle, Apr. 26:</b> Johannes Brahms, Autograph letter in German signed "Joh. Brahms.” Est: $4,000-6,000 (Lot 285)
    <b>Doyle, Apr. 26:</b> Kelmscott Press, [Guilelmus, of Tyre, Archbishop]. The History of Godefrey of Boloyne. Hammersmith: Kelmscott Press, 1893. Est: $2,000-3,000 (Lot 270)
    <b>Doyle, Apr. 26:</b> Gilles Robert de Vaugondy, Gilles Didier, Atlas universel...Paris: the author and Boudet, 1757[-58]. Est: $10,000 - $15,000  (Lot 222)
    <b>Doyle, Apr. 26:</b> John Keats, Lamia, Isabella, the Eve of Saint Agnes and Other Poems. London: Taylor and Hessey, 1820. First edition. Est: $5,000-7,000 (Lot 399)
    <b>Doyle, Apr. 26:</b> Specimen book of Schumacher & Ettlinge, between 1870-1895. Original roan-backed boards.. Est: $2,000-3,000 (Lot 195)
  • <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> BROWNING, ELIZABETH BARRETT. Autograph Manuscript Initialed ("E.B.B."), being the working notebook for the poems contained in <i>The Seraphim and Other Poems</i>. $400,000 to 600,000
    <b>Bonhams Mar. 9:</b> WILDE, OSCAR. Two leaves, pp 31-34, from the first appearance of <i>The Picture of Dorian Gray in Lippincott's Monthly Magazine for July, 1890</i>, with Wilde's autograph revisions. $40,000 to 60,000
    <b>Bonhams Mar. 9:</b> SHAKESPEARE, WILLIAM. <i>Comedies, Histories and Tragedies; Published according to the true Originall Copies. Second Impression. [THE SECOND FOLIO.]</i> $200,000 to 300,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> KENNEDY, JOHN FITZGERALD. Photograph Signed ("John F. Kennedy") and Inscribed, 8 x 10 inch gelatin silver print, of Senator Kennedy and Miss Barelli, at the swearing of the secretarial oath for Miss Barelli. $1,200 to 1,800
    <b>Bonhams Mar. 9:</b> COOPER, JAMES FENIMORE. Autograph Manuscript, being Chapter XXVII of <i>Afloat and Ashore</i>. $15,000 to 20,000
    <b>Bonhams Mar. 9:</b> IRVING, WASHINGTON. Autograph Manuscript, being Chapter 20 from Volume IV of <i>The Life of George Washington</i>. $20,000 to 30,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> VERNE, JULES. Autograph Manuscript Signed ("Jules Verne"), being the complete short story "<i>Une fantaisie de docteur Ox</i>". $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> ALCHEMY. <i>[The Crowning of Nature, or Coronatio Naturae.]</i> Original alchemical manuscript on paper, ruled in red, with watermark of the arms of Schieland. $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> DE JODE, CORNELUS. 1568 - 1600. <i>Quivirae Regnu, Cum Alija Versus Borea</i>. [Antwerp: Arnoldum Coninx, 1593]. $7,000 to 10,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> HOOKER, JOSEPH DALTON. <i>The Rhododendrons of Sikkim-Himalaya; Being an Account, Botanical and Geographical, of the Rhododendrons Recently Discovered in the Mountains of Eastern Himalaya</i>… $7,000 to 10,000
    <b>Bonhams Mar. 9:</b> CATLIN, GEORGE. <i>North American Indian Portfolio. Hunting scenes and amusements of the Rocky Mountains and prairies of America. From drawings and notes of the author, made during eight years' travel.</i> $20,000 to 30,000
    <b>Bonhams Mar. 9:</b> LINCOLN, ABRAHAM. HESLER, ALEXANDER. Platinum print, 8 3/4 x 6 3/4 in, of a beardless Lincoln, 1860.<br>$2,000 to 3,000
  • <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> <i>The First American Magna Carta. English Liberties.</i> Boston, 1721.
    <b>19th Century Shop.</b> Babbage presentation to Peel, the man who killed the Difference Engine 1832
    <b>19th Century Shop.</b> The Stamp Act. 1765
    <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> Central Park Photographs by Prevost 1862
    <b>19th Century Shop.</b> Salem Witch Trials. Wonders of the Invisible World 1693
    <b>19th Century Shop.</b> Mammoth print of Millie-Christine, "The Carolina Twins" c. 1868

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