• <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> Ruffed Grous, Plate 41. John James Audubon from <i>Birds of America</i>. Double Elephant Folio. First Edition Engravings with Original Hand Color. $45,000 – 60,000
    <b>Arader Galleries, Mar. 25:</b> Rosate Spoonbill, Plate 321. John James Audubon from <i>Birds of America</i>. Double Elephant Folio. First Edition Engravings with Original Hand Color. $110,000 – 150,000
    <b>Arader Galleries, Mar. 25:</b> American White Pelican, Plate 311. John James Audubon. First Edition Robert Havell Aquatint Engraving with Original Hand Color From <i>Birds of America</i> Double Elephant Folio.<br>$100,000 – 140,000
    <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> Jaguar, Plate 101. John James Audubon. $12,000 – 16,000
    <b>Arader Galleries, Mar. 25:</b> <i>Birds of Asia</i>. John Gould (1804-1881). London: Taylor and Francis for the Author, 1850-83. $80,000 – 130,000
    <b>Arader Galleries, Mar. 25:</b> <i>The Birds of Europe</i>. John Gould (1804-1881). London: by Richard and John E. Taylor, published by the Author 1832-37. $60,000 – 90,000
    <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> <i>The Birds of Great Britain</i>. John Gould (1804-1881). London: Taylor and Francis for the author, [1862]-1873.<br>$30,000 - 45,000
    <b>Arader Galleries, Mar. 25:</b> <i>The Natural History of Carolina, Florida and the Bahama Islands</i>. Mark Catesby (1682/83–1749). London: [1729-] 1731-1743 [-1747].<br>$275,000 – 350,000
    <b>Arader Galleries, Mar. 25:</b> <i>Dell’arcano del mare</i> [Books 1-4]. Robert Dudley (1573-1649). Firenze: Francesco Onofri, 1646. $50,000 - 70,000.
    <b>Arader Galleries, March 25, 2017: Spring 2017 Auction</b>
    <b>Arader Galleries, Mar. 25:</b> <i>Cartes Generales de Toutes les Parties du Monde</i>. Nicholas Sanson D’Abbeville (1600-1667). Paris: The Author and Pierre Mariette, 1658 [but 1659]. $20,000 - 30,000
    <b>Arader Galleries, Mar. 25:</b> <i>A Map of the Inhabited Part of Virginia, containing the whole of the Province of Maryland with Part of Pennsylvania, New Jersey and North Carolina.</i> Joshua Fry and Peter Jefferson.<br>$150,000 – 300,000
    <b>Arader Galleries, Mar. 25:</b> <i>Voyage dans l’Interieur de l’Amerique du Nord execute pendant les annees 1832, 1833 et 1834.</i> BODMER, Karl (illustrator) - Prince Maximilian zu Wied-Neuwied. $525,000 – 750,000
  • <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Malcolm X, typed manuscripts for the <i>LA Herald Dispatch</i> column "God's Angry Men," 1957.<br>$200,000 to $300,000.
    <b>Swann Auction Galleries Mar. 30:</b> Frederick Douglass, Autograph Letter Signed to George Alfred Townsend, Washington, 1880.<br>$40,000 to $60,000.
    <b>Swann Auction Galleries Mar. 30:</b> Carte-de-visite album featuring a previously unrecorded image of Harriet Tubman, 1860s.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Collection of documents from the Montgomery Improvement Association, Alabama, 1955-63. $20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30:</b> Martin Luther King, Jr., working draft of the "Letter from Birmingham Jail," Alabama, 1963. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar. 30:</b> <i>Benjamin Bannaker's Almanac</i> for 1795, Baltimore. $30,000 to $40,000.
    <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Collection of 41 letters addressed to Rebecca Primus, 1854-72.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30:</b> Abby Fisher, <i>What Mrs. Fisher Knows About Old Southern Cooking</i>, first edition, San Francisco, 1881.<br>$10,000 to $15,000.
    <b>Swann Auction Galleries Mar. 30:</b> Victor H. Green, <i>The Negro Motorist Green-Book for 1941</i>, New York, 1940. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar. 30:</b> Toni Morrison, <i>The Bluest Eye, </i>reviewer's copy, New York, 1971. $4,000 to $6,000.
  • <b>Forum Auctions: Modern Literature. March 23, 2017</b>
    <b>Forum Auctions, Mar. 23: </b> Childers (Erskine). The Riddle of the Sands, first edition, 1903. £200 – 300
    <b>Forum Auctions, Mar. 23: </b> Kipling (Rudyard). Songs for Youth, first edition, signed by the author, [1924]. £150 – 200
    <b>Forum Auctions, Mar. 23: </b> Lawrence (D.H.). The Paintings of D.H. Lawrence, 1929; and 6 others, Lawrence (7). £150 – 200
    <b>Forum Auctions: Modern Literature. March 23, 2017</b>
    <b>Forum Auctions, Mar. 23: </b> [Plath (Sylvia)] "Victoria Lucas". The Bell Jar, contemporary fiction edition, 1964. £150 – 200
    <b>Forum Auctions, Mar. 23: </b> [Rolfe (Frederick William)] "Baron Corvo". Hadrian the Seventh, A Romance, first edition, first issue, 1904; and 4 others, Corvo (5).<br>£150 – 200
    <b>Forum Auctions, Mar. 23: </b> Rowling (J.K.). The Tales of Beedle the Bard, first edition, signed presentation inscription from the author with holographic sticker, 2008.<br>£500 – 700
    <b>Forum Auctions: Modern Literature. March 23, 2017</b>
    <b>Forum Auctions, Mar. 23: </b> Vonnegut (Kurt). Cat's Cradle, first English edition, 1963. £200 – 300
    <b>Forum Auctions, Mar. 23: </b> Ardizzone (Edward). Tim and Lucy Go To Sea, signed by Edward Ardizonne, 1975; and 4 others from the series, also signed (5). £300 – 400
    <b>Forum Auctions, Mar. 23: </b> Potter (Beatrix). [The Derwentwater Sketchbook], one of 250 copies, 1984. £150 – 200
    <b>Forum Auctions: Modern Literature. March 23, 2017</b>
    <b>Forum Auctions, Mar. 23: </b> Rackham (Arthur, illus.), Wagner (Richard). The Rhinegold & The Valkyrie, first trade edition, 1910. £150 – 200
    <b>Forum Auctions, Mar. 23: </b> Ashendene Press. Specimen Pages of Two Type-Faces Cut for the Ashendene Press, 1933. £150 – 200
    <b>Forum Auctions, Mar. 23: </b> Nonesuch Press. Herodotus. The History..., one of 675 copies, small folio, Nonesuch Press, 1935. £150 – 200
  • <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

Rare Book Monthly

Articles - February - 2009 Issue

Reality Returns to Bookselling

Decession

The next few years will be difficult


By Bruce McKinney

The median price of books, manuscripts and ephemera, measured across more than 220,000 lots sold at auction in 2008, fell 21% from 2007. The decline, which mostly occurred in the second half, saw the median price for the year fall to levels consistent with 2003 while masking a larger decline that, if sustained in 2009, will carry realizations back to levels last seen in 2000. Dealers and auction houses generally expect further retrenchment and auction houses are lowering estimates and reserves in response. Note: Median price is the midpoint of prices paid and differs from average price that is disproportionately affected by single high value transactions.

Reality in 2009 will now work itself out in public - mainly in the auction rooms where six-hundred fresh lots are posted each day. Should realizations continue to fall such experience will lead to lower expectations. It's a potentially slow and uneven process that may take several years as many online sellers will probably prefer to wait for recovery rather than adjust to a downturn they hope is temporary. They may wait a long time. Even when the economy was strong only a small percentage of old and rare books listed on line sold in any year. In recession, sell-through will further decline. At auction 70 to 76% of all listed items have sold over the past five years.

In what is shaping up as a tumultous year the spreads between auction realizations and online listed prices, which generally have run at a 3 to 2 ratio [$100 on a listing site, $67 at auction], may increase to 2 to 1 [$100 on a listing site versus $50 at auction]. In this scenario auction realizations decline while listing prices, at least short term, hold.

While the book business has unique problems it is also part of the real economy and the economy will be weak for an extended period. This is the eleventh sustained economic downtown [10 recessions, 1 depression] since 1900 * and looks to be neither garden-variety recession nor an absolute depression. Mike Stillman calls it a "decession" or, if you prefer, "repression" and it looks to be five years more or less. The Nobel laureate Paul Krugman, who teaches at Princeton and writes for the New York Times, has recently conveyed a sense of possible abyss. Frank Rich adds this: "While its become a Beltway cliche that America's new young president has yet to be tested, it is past time for us to realize that our own test is also about to begin." The economy is going to get tough and how much room there will be in the lifeboats for books is uncertain.

Historically, in the book business, sales rather than prices decline. In commercial fields that informally set prices based on observation of competitors' prices the variable is time and the rare book business, which is anathema to lowering prices, simply hunkers down. In this economic downturn that strategy is almost certainly not going to work because the economy, in recovery, will experience inflation that returns dollars that buy significantly less. After all binges there are then the headaches.

Rare Book Monthly

  • <b>Doyle, Apr. 26:</b> THE PAPERS OF BREVET MAJOR GENERAL JOHN GROSS BARNARD (1815-1882), Chief Engineer of the Army of the Potomac. Estimate: $75,000-100,000
    <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
    <b>Doyle, Apr. 26:</b> WILLIAM FADEN, A Plan of New York Island, with part of Long Island, Staten Island & East New Jersey. London: 1776. Estimate: $5,000-8,000
    <b>Doyle, Apr. 26:</b> MAX BEERBOHM, Lord Curzon delivering an oration. Original drawing with collage. London, 1912. Est: $2,000-3,000
    <b>Doyle, Apr. 26:</b> AMERICAN REVOLUTION, Recueil des Loix Constitutives des Colonies Angloises. A Philadelphie, et se vend a Paris: Cellot & Jombert, 1778. First collected edition in French. Estimate: $500-800
    <b>Doyle, Apr. 26:</b> WILLIAM TECUMSEH SHERMAN, Confederate General Joseph Johnston's copy of Sherman's General Orders No. 65 announcing the final agreement of Surrender, 27 April 1865. Est: $4,000-6,000
    <b>Doyle, Apr. 26:</b> JOHN KEATS, Lamia, Isabella, the Eve of Saint Agnes and Other Poems. London: Taylor and Hessey, 1820. First edition of Keats’s third book.. Estimate: $5,000-7,000
    <b>Doyle, Apr. 26:</b> M. T. Cicero's Cato Major, or his discourse of Old-age: With Explanatory Notes. Philadelphia: Benjamin Franklin, 1744. Est: $5,000-8,000
    <b>Doyle, Apr. 26:</b> WINSTON S CHURCHILL, History of the English Speaking Peoples. London: Cassell, 1956-58. First editions. Est: $1,500-2,500
  • <b>Auction Pierre Bergé & associés in association with Sotheby’s: Important Books and Manuscripts from the Library of Jean A. Bonna from the 15th to the 20th Century. Sale on April 26, 2017. Exhibition in London March 28-30</b>
    <b>Sotheby’s Paris, Apr. 26:</b> Galileo, <i>Discorsi e Dimostrazioni matematiche.</i> Leyde, Elzevier, 1638. Original edition: only known copy of the first state. €700,000 – 900,000
    <b>Sotheby’s Paris, Apr. 26:</b> Fables illustrated by Benjamin Rabier. Paris, Tallandier, without date [ca. 1910]. Superb binding doubled in vellum decorated with painted and mosaic decors by André Mare illustrating four fables. €10,000 – 15,000
    <b>Sotheby’s Paris, Apr. 26:</b> Gustave Flaubert, draft for the preface of the <i>Memoir for the defense of Madame Bovary</i>, 15-30 January 1857. Exceptiona signed autograph manuscript. €40,000 – 60,000
    <b>Auction Pierre Bergé & associés in association with Sotheby’s: Important Books and Manuscripts from the Library of Jean A. Bonna from the 15th to the 20th Century. Sale on April 26, 2017. Exhibition in London March 28-30</b>
    <b>Sotheby’s Paris, Apr. 26:</b> Boccace, <i>The Book of Praise and the Virtue of the Noble and Cleric Ladies.</i> Verard, 1493. First edition of the French version attributed to Laurent de Premierfait. €40,000 – 60,000
    <b>Sotheby’s Paris, Apr. 26:</b> Exceptional set of 15 original bindings by Jean de Gonet, on rare editions illustrated by Picasso, Matisse, Miro or original editions of Bataille or Radiguet.
  • <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
  • <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

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