Rare Book Monthly

Articles - February - 2009 Issue

Reality Returns to Bookselling

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After 2000, increases in home value based on easy money replaced job creation as the fundamental driver in the US economy. And for a while it was possible to periodically refinance real estate to 'borrow' the gain without incurring tax. It was too good to be true. The bubble has since burst and real estate valuation is now trying to find traction at 60 to 70% of peak values. The government is committed to saving homeowners from default. Nevertheless, foreclosures will peak over the next three years. To lessen the crisis primary mortgages will probably fall below 4% later this year.

For book, manuscript and ephemera dealers the issues are further complicated by the un-braided nature of economic priority and its impact on demand. All purchases are not equal. Food, medicine and mortgages come first and books, manuscripts and ephemera somewhere after. For the bookseller who depends on selling for a livelihood, there may be limited options for inducing buyers to purchase other than to offer pricing concessions. The standard approach - lowering prices - however is difficult to use because most booksellers list on sites with thousands of others – where there are often multiple copies in varying condition and where all pricing reference is to other listed copies rather than to present value [auction] calculations. Hence a book listed at $800 on line may transact at auction for $300 but internet buyers not know this. For the seller the dilemma is whether to price based on online competition or against auction realizations and there is no easy answer. Certainly, collectors are moving toward market-based pricing but how many and how quickly, is unclear. Nevertheless, to put bread on the table, some dealers may need to lower prices on-line and hope to do it in a way that attracts buyer interest without incurring seller retaliation. Their reference may be exclusively to other listed copies but it may not be competitive enough to induce the 'auction aware' to buy. If everyone cuts prices no comparative advantage is achieved and theoretically everyone loses. No matter how you figure, it's going to take more sales to make the same income in 2009. How long the downturn lasts is an open question. That books, manuscripts and ephemera though are uniquely vulnerable in this downturn is beyond question for several reasons:

[1] High speed online access, cheap computers and ultra fast online databases everyday link more disparate book inventories into what is becoming essentially a single online search of an ever increasing quantity of material. Excessive availability and selection dilute demand even in the best of times. [2] The world's interest in and need for physical copies is also declining as the next generation looks past physical objects to ultra-fast deep searching of primary text. For many, efficient access to content obviates need for the object. A portion of the buying public will simply disappear. Future generations may read more words but certainly fewer books and inevitably come to see us as the last stone-age barbarians in a world in which the human expectation about information changes so fundamentally it actually restructures thought. [3] The very nature of collecting is changing. It is turning out that books, among the many forms of printed material have been collected, not because they have been preferred, but because they have been possible. As the internet and sprawling databases bring broadsides, pamphlets and ephemera within a single search, books face an additional dilution of demand. This is already very clear on eBay and is spreading into the auction rooms. There are, conservatively estimated, ten million ephemera. Pre-1925 books probably total less than 400,000 titles and editions.

So even without an economic down-turn the book business has faced an uncertain future as millions of printed objects that recently had higher commercial value face increasing competition both from other copies and other collectible forms. In a world of supply and demand, the supply increases, the demand decreases and in some cases simply morphs into new collecting directions.

Rare Book Monthly

  • <b>Swann Auction Galleries Aug 3: Vintage Posters</b>
    <b>Swann Auction Galleries Aug 3:</b><br>Henri de Toulouse-Lautrec,<br><i>The Chap Book</i>, 1896.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Henri de Toulouse-Lautrec,<br><i>Troupe de Mlle Églantine</i>, 1896.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Philippe Henri Noyer, <br><i>Limonade Brault</i>, 1938. <br>$4,000 to $6,000.
    <b>Swann Auction Galleries Aug 3:</b> <br><i>The Great Men of the World</i>,<br>designer unknown, circa 1945-46. <br>$7,000 to $10,000.
    <b>Swann Auction Galleries Aug 3: Vintage Posters</b>
    <b>Swann Auction Galleries Aug 3:</b><br>James Montgomery Flagg,<br><i>Wake Up, America!</i>, 1917.<br>$4,000 to $6,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Alfred F. Burke, <i>Share / Jewish <br>Relief Campaign</i>, circa 1915.<br>$3,000 to $4,000.
    <b>Swann Auction Galleries Aug 3:</b><br>Ludwig Hohlwein, <i>Marke Pkz / <br>Burger - Kehl & Co.</i>, circa 1911. <br>$8,000 to $12,000.
    <b>Swann Auction Galleries Aug 3:</b> <br>Gian Emilio Malerba,<i> E.A. Mele / Modo e Novita per Signora</i>, circa 1900. $7,000 to $10,000.
  • <b>19th Century Shop.</b> KEY, FRANCIS SCOTT. <i>A Celebrated Patriotic Song, the Star Spangled Banner.</i> 1814.
    <b>19th Century Shop.</b> [COLUMBUS, CHRISTOPHER, Amerigo Vespucci ..] Bernardus Albingaunensis .. Dialogo nuperrime edito Genue in 1512.
    <b>19th Century Shop.</b> SHAKESPEARE, WILLIAM. <i>Comedies, Histories, and Tragedies. Published according to the true originall copies,</i> 1632.
    <b>19th Century Shop.</b> (WATKINS, TABER &c.). <i>An album of 32 photographs of the Yosemite and American West Various places</i>, c. 1890s
    <b>19th Century Shop.</b> (BATTLE OF CONCORD.) <i>Powder horn used by Minuteman Oliver Buttrick at the Battle of Concord</i>, April 19, 1775.
    <b>19th Century Shop.</b> (CIVIL WAR.) <i>An Extraordinary Confederate Photograph and Autograph Album of Dr. R. L. C. White</i>, 125 original mounted salt prints. 1859-61.
  • 20 Jul 2016, starts at 1pm EDT, NY
    <b>Bonhams Jul 20: </b> Full scale vintage <i>Sputnik-1</i> EMC/EMI Lab Model, with live transmitter. US$ 10,000-15,000
    <b>Bonhams Jul 20: </b> Flown SOYUZ-3 space navigation indicator with unflown on-ground transformer. <br>US$ 30,000-40,000
    <b>Bonhams Jul 20: </b> Flown on SOYUZ 9<br>An exhaustive manuscript on life in space. [Trans: On-Board Flight Journal for Spacecraft Soyuz-9, 1970]. US$ 6,000-9,000
    <b>Bonhams Jul 20: </b> SOYUZ 18? Flown Navigation Celestial Globe. Soyuz 18 lasted from May 24-July 26, 1975. US$ 30,000-40,000
    20 Jul 2016, starts at 1pm EDT, NY
    <b>Bonhams Jul 20: </b> Flown Space Suit from ISS Expidition 6. Worn by Flight Engineer Don Pettit on his dramitic return to earth. US$ 25,000-35,000
    <b>Bonhams Jul 20: </b> Original Gemini 133P Trainer Assembly Five Part Electrical System & Attitude Maneuver ... US$ 60,000-90,000
    <b>Bonhams Jul 20: </b> Lunar Rover Development. Collection of 11 vintage gelatin silver prints and 4 vintage NASA lithographs. <br>US$ 2,000-3,000.
    <b>Bonhams Jul 20: </b> Lunar Orbiter I. The first image of the earth as seen from the moon. Gelatin silver print. August 23, 1966. US$ 2,500-3,500
    20 Jul 2016, starts at 1pm EDT, NY
    <b>Bonhams Jul 20: </b> Michael Collins' Flown Crew-Signed Apollo 11 Emblem. One of the very few Armstrong signed mission artifacts. US$ 50,000-70,000
    <b>Bonhams Jul 20: </b> Flown Apollo 11 Navigational Chart. Taken to Lunar surface mapping the start of the <br>first manned lunar descent. <br>US$ 25,000-35,000
    <b>Bonhams Jul 20: </b> FFlown Apollo 11 Flight Plan Sheetmission Day One. Some of the first words and data values written by Neil Armstrong. US$ 18,000-25,000
    <b>Bonhams Jul 20: </b> Apollo 12 - Alan Bean in the Ocean of Storms. Signed and inscribed by Bean. <br>US$ 2,000-3,000
  • <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.

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