• <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop:</b> Exodus 10:10 to 16:15. Complete Biblical scroll sheet in Hebrew, a Torah scroll panel. Middle East, ca. 10th or 11th century.
    <b>19th Century Shop:</b> Copernicus Refuted. (Astronomy.). Scientific manuscript of a course of studies at Collège de la Trinité, Lyon. 1660s.
    <b>19th Century Shop:</b> Israel’s War of Independence and the Early Days of the IDF. 58 photographs presented to Israel Ber, IDF officer and later convicted spy.
    <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop:</b> Early Unpublished Darwin letter on the races of man. Autograph Letter Signed [to Henry Denny]. Down, Kent, June 1, [1844].
    <b>19th Century Shop:</b> Classic Image of American Slavery. Kimball, M. H. <i>Emancipated Slaves</i>. New York: George Hanks, 1863.
    <b>19th Century Shop:</b> (Underground Railroad.) Scaggs, Isaac. Important Runaway Slave Poster: $500 Reward Ran away, or decoyed from the subscriber…
  • <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries Mar 30:</b> Carte-de-visite album featuring a previously unrecorded image of Harriet Tubman, 1860s. Sold for $161,000.
    <b>Swann Auction Galleries Jun 7:</b> Hovhannes Amira Dadian, first world atlas in Armenian, Venice, 1849. Sold for $37,500.
    <b>Swann Auction Galleries May 16:</b> T.E. Lawrence, <i>Seven Pillars of Wisdom</i>, privately printed edition, inscribed, London, 1926. Sold for $62,500.
    <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries, Feb 14:</b> 22 large-format photographs from NASA missions, 1965-84. Sold for $43,750.
    <b>Swann Auction Galleries Mar 21: </b> Charles M. Schulz, <i>Here Comes the Big Polar Bear</i>, pen & ink, 4-panel Peanuts comic strip, 1957. Sold for $12,500.
    <b>Swann Auction Galleries May 4:</b> Elliott Erwitt, photograph of JFK & Eisenhower, signed by both, 1960. Sold for $32,500.
    <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries, Mar 9:</b> John Milton, <i>Paradise Lost</i>, first edition, London, 1668. Sold for $22,500.
    <b>Swann Auction Galleries Mar 30:</b> Frederick Douglass, Autograph Letter Signed to George Alfred Townsend, Washington, 1880. Sold for $100,000.
    <b>Swann Auction Galleries, Jan 26:</b> <i>Les Maîtres de l'Affiche</i>, 5 volumes, Paris, 1896-1900. Sold for $47,500.
    <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries May 16:</b> James Joyce, <i>Ulysses</i>, first edition, number 724 on handmade paper, Paris, 1922. Sold for $33,750.
    <b>Swann Auction Galleries, Mar 9:</b> Single leaf of the Gutenberg Bible, Mainz, 1455, in a copy of Newton's <i>A Noble Fragment</i>. Sold for $52,500.
    <b>Swann Auction Galleries Apr 27:</b> The Book of Mormon, first edition, Palmyra, NY, 1830. Sold for $52,500.
  • <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Voyages and Travel] Churchill's Voyages 1732 - Complete in 6 Volumes.<br>$5,000 - $7,500.
    <b>Cowan’s, June 5-26:</b> [Illustrated] Alice by Salvador Dali, Signed and Limited. $3,000 - $5,000
    <b>Cowan’s, June 5-26:</b> [Literature] The Little Prince - Signed/Limited First French Edition, 1943; #61 of 260. $5,000 - $7,500
    <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Literature] Gone With The Wind, 1st in DJ, May, 1936. $1,500 - $2,500
    <b>Cowan’s, June 5-26:</b> [Literature - Modern Firsts] Rare Henry Miller, Tropic of Cancer, Obelisk Press Paris - 1934. $2,000 - $3,000
    <b>Cowan’s, June 5-26:</b> [[Sporting - Fishing] Rare - Lee Sturges, Salmon Fishing New Brunswick, 1 of 50 Printed - 7 Original Etchings.<br>$4,000 - $6,000
    <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Voyages and Travel - Maritime] Rare Ledyard Account of Cook's Last Voyage, 1783 Hartford, Howes "d".<br>$10,000 - $15,000
    <b>Cowan’s, June 5-26:</b> [Illustrated - Maxfield Parrish] Knave of Hearts, Scribner's, 1st Hardback Edition, 1925 Parrish Illustrations.<br>$750 - $1,000
    <b>Cowan’s, June 5-26:</b> [Bible - Illustrated - Cartography) Massive Dutch Bible, 1682, Contemporary Colored Maps, Working Brass Clasps. $2,500 - $3,500
    <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Women Suffrage - Civil Rights - Autographs] A Unique Extra-Illustrated Life of Susan B. Anthony. $15,000 - $20,000
    <b>Cowan’s, June 5-26:</b> [18th Century French Manuscript] Unpublished History of Belle-Isle-En-Mer, 1754 With Watercolor Illustration.<br>$10,000 - $15,000
    <b>Cowan’s, June 5-26:</b> [Illustrated - Children's - Movable] Wonderful 19th Century Lothar Meggendorfer Moveable Book. $750 - $1,000
  • <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Walter Gibson's Complete Run of The Shadow. 48 bound volumes, 1931-44. $8,000-12,000
    <b>Potter & Potter Auctions July 8:</b><br> Frederic Shoberl, The World in Miniature: Hindoostan. 6 volumes. $2,000-4,000
    <b>Potter & Potter Auctions July 8:</b><br> A Rare Copy of the Earliest Chicago Newspaper to Report on the Great Fire of 1871. $6,000-8,000
    <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Broadside Proclamation by Mayor Roswell B. Mason for the Preservation of Good Order Following the Great Fire of 1871. Chicago. $4,000-6,000
    <b>Potter & Potter Auctions July 8:</b><br> Peter Force Engraving of the Declaration of Independence. One page. Scarce and highly collectable. $15,000-20,000
    <b>Potter & Potter Auctions July 8:</b><br> John Quincy Adams. The Jubilee of the Constitution. A Discourse. First edition. Inscribed. 1839. $3,000-5,000
    <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Cuban Revolution: Expedicion y Desembarco del “Granma.” Havana, ca. 1959. With portraits of the Castro brothers & Che Guevara. $150-250
    <b>Potter & Potter Auctions July 8:</b><br> Osuna Ramos. A group of 28 photographs of the Mexican Revolution & aftermath in Mexico City, 1910-1920. 4½ x 6”. $400-600
    <b>Potter & Potter Auctions July 8:</b><br> Charles Bukowski. Hot Water Music. First edition with original signed painting. 1983. $2,000-4,000
    <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Alan Ginsberg. Five Page Autographed Letter. Signed. February 10, 1971. $3,000-5,000
    <b>Potter & Potter Auctions July 8:</b><br> Andy Warhol’s Children’s Book. Featuring 12 color illustrations. Signed 5 times. 1983. $5,000-7,000
    <b>Potter & Potter Auctions July 8:</b><br> Albrecht Durer. The Martyrdom Saint John the Evangelist. Woodcut, 1511 edition. $1,000-2,000

Rare Book Monthly

Articles - June - 2009 Issue

A Market Under Pressure

12.mo

Market Weakness



By Bruce McKinney

The Books, Manuscripts and Ephemera market at auction, as evidenced by both declining prices and percentage of lots sold, continues to be under extreme pressure. In the rooms, the bubble that saw median lot price rise from $410 to $485 between October 2006 and January 2008 has now dropped back to $400 with no evidence to suggest the correction is over. Not so many decades ago auctions regularly sold 90% or more of lots offered. Over the past five years auctions have struggled to complete even 80%, as the percentage of lots sold fell from 78% to 70%. This has occurred because consignors are demanding higher reserves than bidders feel is justified. Many other lots sell at the consignor's reserve [their minimum acceptable bid] with only a single bidder up against the often hidden reserve. Consequently, many lots go unsold and the overall percentage of lots sold declines. Such an approach has the perverse effect of significantly distorting market value even as sales are recorded. As well, from 1999 to 2007 the Americana Exchange, while recording well over 1.5 million auction lots, recorded a 28% increase current valuation followed by a 20% reduction in 2008. The price index today is the same as 2003. During the same period the dollar's purchasing power declined by 17%.

While it is difficult to say what an acceptable 'sell' rate is, historically it's been much higher than it is today. When this weakness is factored in the numbers look less promising.

That said, auction houses are independent, make policies, describe material, and promote sales each in unique combinations and as a result achieve unique outcomes. In the AED auction indexes that we maintain and update monthly, sell through rates are established for both individual houses and the field as a whole. In these indexes 45% of the houses have consistently achieved sell through rates of at least 80%. This suggests that high reserves are a strategy for obtaining consignments and are employed by only about half of the houses.

Sell though rates overall have been declining for some time as the "12 Month Sell Through Moving Average" graph shows. During the July 2007 – January 2008 period the percentage of lots sold actually rose but for the period January 2004 to April 2009 the percentage of lots sold fell from 77% to 70%. These results are subject to interpretation.

The impact of "reserves" seems to be weighing heavily on the market. We know this because if 45% of the auction houses can consistently sell 80% of their lots we can assume the other houses could also if not for minimum prices they have agreed to impose [often secretly] upon bidders. Such reserves are not uncommon but when they cause auction sell-through rates to precipitously decline they are clearly interfering with the market's ability to reprice material appropriately. Of course when prices are rising few auction houses says no. In a down market it's particularly important to let the chips fall when demand is declining. We are in such a period today and the adjustment will be more protracted if prices are held artificially high. They will in time adjust and no auction house, while catering to consignors, can afford to alienate buyers with obscured reserves that mislead them into paying above market prices.

Rare Book Monthly

  • <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Ireland - Patrick Pearse & The Easter Rising. The Order of Surrender, typed and signed (“P. H. Pearse”) and dated, 1916. £80,000 to £120,000
    <b>Bonhams Jun 14:</b> Portolan chart of the Mediterranean, centered on Sicily. Manuscript on vellum, 1637. £40,000 to £60,000
    <b>Bonhams Jun 14:</b> Goya Y Lucientes (Francisco José de). [Tauromaquia] <i> De las diferentes suertes y actitudes del arte de lidiar los toros…</i> 33 etched and aquatint plates. £15,000 to £20,000
    <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Magna Carta. Engraved Facsimile of the 1215 Magna Carta, engraved by John Pine and printed on vellum, 1733. £10,000 to £15,000
    <b>Bonhams Jun 14:</b> Swift (Jonathan). <i> Travels into Several Remote Nations of the World ... by Lemuel Gulliver</i>, 4 parts in 2 vol., first edition, Teerink's "A" edition, 1726. £10,000 to £15,000
    <b>Bonhams Jun 14:</b> Darwin (Charles), Robert Fitzroy and Philip Parker King. <i>Narrative of the Surveying Voyages of His Majesty's Ships Adventure and Beagle, Between the Years 1826 and 1836…</i>, 1839. £10,000 to £15,000
    <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Rackham (Arthur). Cinderella, in rags, standing at a window, within a framework of mice, mystical creatures and plants, from "Cinderella", [1919]. £8,000 to £12,000
    <b>Bonhams Jun 14:</b> Royal Family - St George's Chapel and Princess Charlotte. Papers of John Fisher, successively Bishop of Exeter and Bishop of Salisbury, overseer of the redecoration of St George's Chapel… £8,000 to £10,000
    <b>Bonhams Jun 14:</b> Hemingway (Ernest). <i>Fiesta [The Sun Also Rises]</i>, first English edition, Jonathan Cape, [September 1927]. £6,000 to £8,000
    <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Barlaeus (Caspar). <i> Rerum per octennium in Brasilia</i>, first edition, Amsterdam, Joannes Blaeu, 1647. £6,000 to £8,000
    <b>Bonhams Jun 14:</b> Repton (Humphry and J. Adey). <i>Fragments on the Theory and Practice of Landscape Gardening…</i>, first edition, 1816. £5,000 to £7,000
    <b>Bonhams Jun 14:</b> United States - Photography. "360 Photos of American Scenery. Collected by Norman Selfe on the Spots Represented in 1884", [1880s]. £4,000 to £6,000
  • <b>Pierre Bergé and Associés in association with Sotheby’s:<br>De la musique avant toute chose… June 28, 2017</b>
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Roland de Lassus. [Songs and madrigals]. Album gathering three collections of secular music for tenor. 15.000-20.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Richard Wagner. <i>Die Meistersinger von Nürnberg.</i> Original edition corrected and annotated by Wagner. 60.000-80.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Claude Debussy. <i>La Damoiselle élue</i>. Lyrical poem, after D.-G. Rossetti. Limited edition of 160 copies. 6.000-8.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s:<br>De la musique avant toute chose… June 28, 2017</b>
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Stéphane Mallarmé. Handwritten notebook made by Geneviève Mallarmé. No place or date [circa 1910]. 10.000-15.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Henri Sauguet. <i>Les Forains</i>. Ballet. Reduction for piano. Original edition. 20.000-30.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Athanasius Kircher. <i>Musurgia Universalis sive Ars Magna Consoni et Dissoni in X. Libros digesta.</i> 1650. 30.000-40.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s:<br>De la musique avant toute chose… June 28, 2017</b>
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> François Villon, & Clément Marot. <i>Les Œuvres de François Villon de Paris, Reviewed and gathered by Clement Marot.</i> 15.000-20.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Rainer Maria Rilke. <i>Larenopfer</i> (Offrande aux dieux Lares). The second collection of Rainer Maria Rilke, containing ninety poems. 6.000-8.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Paul Éluard. <i>Capitale de la douleur.</i> One of the most beautiful poetic collections from the first surrealist wave. 15.000-20.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Pierre de Ronsard. <i>Les Amours</i> ... newly augmented by him, and commented by Marc Antoine de Muret. 40.000-60.000 €

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