Rare Book Monthly

Articles - October - 2009 Issue

A Perspective on the Market

Mart

Auctions are revaluing your inventory


By Bruce McKinney

A look at the titles of the most recent book, manuscript and ephemera sales indicates the increasing presence of prints, drawings, maps and decorative illustrations in sales that just a decade or two ago were dominated by books. Just as images have emerged as highly collectible and highly sought-after at the dealer level so too have they emerged in the auction rooms with increasing frequency.

In the current recovering market they are assuming a somewhat greater role as both consignors and auction houses seem more certain of a warm reception for images and books of images than they are about books generally. Experience is establishing that the market for desirable images is remaining relatively strong through the downturn.

The market for books is of course much larger but so too are the available numbers and this is causing a narrowing of the definition of 'collectible' books to those that are both rare and important. Books that don't sell get re-estimated or withdrawn and if they fall too far simply fall out of the valuable and collectible range. This narrowing is visibly taking place in the auction rooms as bidders, in the presence of estimates they view as too high, stand back to see if interesting material reaches the reserves. In Europe about 80% are; in the United States about 65%. In a market rapidly adjusting to changing bidder/buyer expectations the percentage of lots sold tells a great deal about the state of the market. The overall market has achieved a 74% sell through over the past six years. While the percentage differences may not seem large they are important. The auction market, over the past 15 years, had gown accustomed to high reserves that attracted only single bidders who often bid against consignors and no one else. In the downturn such consignment strategies are exposed as bidders, sensing a change in momentum, bid more conservatively.

The picture on the listing sites is less clear but some discounting appears to be taking hold. Because collectible material is often somewhat unique it is very difficult to judge price appropriateness. Ultimately, if a dealer's inventory does not sell, the market is rendering an opinion although it is never entirely clear if the issue is the economy, the price or more attractive alternative purchases. Recently I ran across an appealing item on eBay with a low starting price and, as it turned out, a high hidden reserve. When I checked on Abe a comparable copy was offered at 25% of the eBayer's reserve. I bought the Abe copy. This experience is a reminder that prices are always in flux and that it's always worth the effort to check alternatives.

The most complex issue will remain the shifting dividing line between important enough to offer at auction and not. Images are gaining in the auction calculus, highly collectible material is holding its own, the vast majority of lesser collectibles are holding on, hoping for an upturn.

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Rare Book Monthly

  • <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Shackleton, Ernest. <i>Aurora Australis.</i> Printed at the sign of 'The Penguins'; East Antarctica, 1908. $70,000 to $100,000
    <b>Bonhams, Sep. 25:</b> Shackleton, Ernest. <i>South Polar Times.</i> 1st edition, limited issue. from the library of Michael Barne. $20,000 to $30,000
    <b>Bonhams, Sep. 25:</b> General Washington's <i>Proceedings of a General Court Martial... of Major General Lee.</i> Philiadelphia, 1778. 100 copies printed for Congress. BOUND WITH: ...Court Martial... of St Clair and ...Schuyler. $25,000 to $35,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> <i>The Voice of the People.</i> Boston, 1754. Rare pamphlet on the Excise Tax. Nathaniel Sparhawk's copy. $4,000 to $6,000
    <b>Bonhams, Sep. 25:</b> Autograph Letter Signed ("S.L. Clemens"), offering extensive hard-earned advice on writing, 5 pp, 1881. $30,000 to $50,000
    <b>Bonhams, Sep. 25:</b> After Fra Egnazio Danti. <i>L'Ultime Parti not:e nel Indie Occid:ntli" [The last known parts of the Western Indies].</i> Painted Map of California, Western Mexico, and Japan. $70,000 to $100,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Ptolemaeus, Claudius. <i>Geographie opus nouissima...</i> 1513. The most important edition of Ptolemy, containing the Admiral's Map. $250,000 to $350,000
    <b>Bonhams, Sep. 25:</b> De Arellano, Don Alonso. Manuscript, his <i>"Relación mui singular y circunstanciada... Capitán del Patax San Lucas,"</i> manuscript copy from the Sir Thomas Phillips collection. $50,000 to $80,000
    <b>Bonhams, Sep. 25:</b> Purchas, Samuel. <i>Purchas his Pilgrimes.</i> First edition. With John Simth's engraved map of Virginia. $70,000 to $100,000
    <b>Bonhams: Exploration and Travel, Featuring Americana, Part I. September 25, 2018</b>
    <b>Bonhams, Sep. 25:</b> Lewis, Meriwether. Contemporary manuscript true copy of his final power of attorney, 1809. $8,000 to $12,000
    <b>Bonhams, Sep. 25:</b> <i>A New Method of Macarony Making, as Practiced at Boston in North America.</i> Mezzotint. London, 1774. $5,000 to $7,000
    <b>Bonhams, Sep. 25:</b> <i>Scientific Base Ball Pitching: A Treatise on the Pitcher, Pitching, Origin and Philosophy of the Curve.</i> Chicago, 1897. $2,000 to $3,000
  • <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> Aegidius Sadeler (Flemish, 1570-1629), engraving on laid paper "Madonna and Child in a Landscape", after a drawing by Albrecht Durer. $800 to $1,200
    <b>William Bunch Auctions, Oct. 29:</b> Anders Zorn (Swedish, 1860-1920), drypoint etching on paper "On Hemso Island", 1917, pencil signed. $400 to $600
    <b>William Bunch Auctions, Oct. 29:</b> Joseph Pennell (American, 1860-1926), etching on paper "Setting Up Columns", pencil signed. $200 to $300
    <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> William Lee Hankey (British, 1869-1952), drypoint etching on paper "Affection", pencil signed. $200 to $300
    <b>William Bunch Auctions, Oct. 29:</b> William Walcot (English, 1874-1943), drypoint etching on paper "Lower Broadway, New York", 1924, pencil signed. $200 to $300
    <b>William Bunch Auctions, Oct. 29:</b> Auguste Brouet (French, 1872-1941), color etching "La Pirouette", pencil signed, ed 111/250. $400 to $600
    <center><b>William Bunch Auctions<br>October Fine Art and Prints<br>October 29, 2018</b>
    <b>William Bunch Auctions, Oct. 29:</b> Thomas Hart Benton (American, 1889-1975), lithograph on paper "The Boy", pencil signed. $2,000 to $3,000
    <b>William Bunch Auctions, Oct. 29:</b> John Stockton de Martelly (American, 1903-1979), lithograph on paper "Looking at the Sunshine", pencil signed, original AAA certificate. $400 to $600
    <b>William Bunch Auctions, Oct. 29:</b> Jacques Hnizdovsky (Ukrainian-American, 1915-1985), woodcut on paper "Moppet", pencil signed and dated 1965, ed 118/250. $400 to $600
  • <b>Swann Auction Galleries Oct 16:</b> Jean de Mandeville, <i>Reysen und Wanderschafften durch das Gelobte Land,</i> Strassburg, 1488. $15,000 to $25,000.
    <b>Swann Auction Galleries Oct 16:</b> Titus Livius, <i>Las Quatorze Decadas,</i> Zaragoza, 1520. $3,000 to $5,000.
    <b>Swann Auction Galleries Oct 16:</b> Printed <i>Book of Hours</i> with 20 full-page illustrations, Paris, 1509. $6,000 to $9,000.
    <b>Swann Auction Galleries Oct 16:</b> Jean La Fontaine, <i>Fables Choisies, mises en Vers,</i> first editions, Paris, 1668. $10,000 to $15,000.
    <b>Swann Auction Galleries Oct 16:</b> Giovanni Boccaccio, <i>De las mujeres illustres en romance,</i> Zaragoza, 1494. $20,000 to $30,000.
    <b>Swann Auction Galleries Oct 16:</b> Giovanni Boccaccio, third edition of the first published work of female biography, Louvain, 1487. $15,000 to $25,000.
    <b>Swann Auction Galleries Oct 16:</b> José González Cabrera Bueno, <i>Navegación Especulativa, y Práctica,</i> Manila, 1734. $8,000 to $12,000.
    <b>Swann Auction Galleries Oct 16:</b> Andreas Vesalius, <i>Icones Anatomicae,</i> Munich, Bremer Press, 1934. $4,000 to $6,000.
    <b>Swann Auction Galleries Oct 16:</b> Joseph Boneta y Laplana, <i>Gritos del Purgatorio, y Medios para acallarlos,</i> Manila, 1711. $4,000 to $6,000.
  • <center><b> The Library of Pierre Bergé<br>Auction Pierre Bergé & Associés<br>in association with Sotheby’s<br>Paris-Hôtel Drout<br>December 14, 2018<br><br>New York Exhibition<br>Oct. 16 to Oct. 20</b>
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> BARTHOLOMEUS ANGLICUS. <i>Le Proprietaire des choses.</i> Lyon, [circa 1484]. 150 000 / 200 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> MONTAIGNE, Michel de. <i>Essais.</i> Bordeaux, 1580. 400 000 / 500 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> PROUST, Marcel. <i>Du côté de chez Swann.</i> Paris, 1914 [1913]. 600 000 / 800 000 €
    <b>The Library of Pierre Bergé, NY exhibition 10/16 to 10/20:</b> MONSTRELET, Enguerrand de. <i>Le Premier [-Tiers] Volume des Cronicques.</i> Paris, circa 1503.<br>300 000 / 400 000 €
  • <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>

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