Rare Book Monthly

Articles - January - 2010 Issue

Acquiring in the Dark, Selling in the Light


Jefferson: An internet collector if alive today

By Bruce McKinney

The world of books, manuscripts and ephemera enters a new stage and you can tell it is life changing by the anxiety it causes. What continues to emerge is clarity on the buy-side that is as comforting to buyers as it is discomforting to sellers because it clarifies price, value and rarity. It turns buyers into negotiators and introduces skepticism into relationships that have long been characterized by trust. As a consequence dealers increasingly encounter buyers who know not just the material but its pricing history and expect to acquire it within a logical price range consistent with condition. Such an approach is essential for the collector who pursues a passion and wishes, if not expects, their collection[s] to make economic sense - if not by comparison to stock market investing, at least as a repository of value that can eventually return to the market or be gifted for its tax benefit. Of course, if such purchases are financially unimportant, the acquirer may all but ignore references to fair or appropriate valuation. Most committed collectors however do not intend to waste money, nor do they have unlimited resources, so the emergence of valuation tools significantly alters collector attitude about price. The significance of this change is increased by the steep decline in prices since the 4th quarter of 2008.

Because prices, at auction, for books, manuscripts and ephemera have generally fallen by a third over the past sixteen months the scale of negotiation has moved from the "gentleman's 10%" into the realm of the traditional dealer discount: 20% and beyond. The difference is substantial though there are no rules about it and often no easy way to tell who is discounting, and how much.

The challenge to know who and what is negotiable is significant because perhaps 10% of dealer material has already been reduced, in some cases substantially, while most other dealers have held firm, believing their prices may be possibly high but only when judged in the short term. Even then, among those reducing prices, these reductions are not typically uniform. In other words some inventory may be negotiable while other material is not. As well, for some dealers, their costs may be uncomfortably close to current valuation and this affects their willingness to negotiate. From the acquirer's perspective a seller's cost is irrelevant but it's important to dealers, many of whom refuse to take losses irrespective of current valuation. This creates a mine field for buyers and a dilemma for dealers. What is appropriately priced? Dealers resolve this to some extent with negotiation.

These days the coded language to establish the scale of negotiation is "would you consider an offer?" That's the open door to larger discounts. If a dealer has already reduced their prices they'll explain their position immediately. If they have not they may be willing to talk. While the market is down this approach will be both common and effective. When dealers sense the market is recovering the range of negotiation will narrow.

Rare Book Monthly

  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. March 22, 2018</b>
    <b>Forum Auctions, Mar. 22:</b> Jenner (Rev. George Charles). <i>The Evidence at Large...Respecting Dr Jenner's Discovery of Vaccine Inoculation,</i> presentation copy from Edward Jenner to Rev. Rowland Hill, 1805. £4,000 to £6,000
    <b>Forum Auctions, Mar. 22:</b> Houdini (Harry).- Maggi (Girolamo). <i>De tintinnabulis liber postumus...de equuleo liber,</i> Harry Houdini's copy, Amsterdam, H. Wetstein, 1689. £600 to £800
    <b>Forum Auctions, Mar. 22:</b> Meyer (Henry Leonard). Coloured Illustrations of British Birds, and their Eggs , 7 vol. in 2 plus Illustrations of British Birds, 4 vol., 1842-50 and [1835-51]. £5,000 to £7,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. March 22, 2018</b>
    <b>Forum Auctions, Mar. 22:</b> Dickens (Charles). <i>An Entirely New Romantic Drama, in Three Acts, by Mr. Wilkie Collins, called The Frozen Deep,</i> 1857. £3,000 to £4,000
    <b>Forum Auctions, Mar. 22:</b> Lighthouses and Islands of Ireland, c. 125 drawings, 1867. £6,000 to £8,000
    <b>Forum Auctions, Mar. 22:</b> Shelley (Lady Jane). Diary, 1853 & 1860. £1,500 to £2,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. March 22, 2018</b>
    <b>Forum Auctions, Mar. 22:</b> Scottish Binding.- The Holy Bible, Containing the Old and New Testaments, bound in contemporary brown polished calf decorated with the figure of a Chinese spearman, by ?James Scott of Edinburgh, 1778. £2,000 to £3,000
    <b>Forum Auctions, Mar. 22:</b> Greene (Graham). <i>The Man Within,</i> first edition, signed by the author, 1929. £4,000 to £6,000
    <b>Forum Auctions, Mar. 22:</b> Mellan (Claude, 1598-1688). The Holy Face, or the Veil of St Veronica, [c. 1649 and later]. £800 to £1,200
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. March 22, 2018</b>
    <b>Forum Auctions, Mar. 22:</b> Desaguliers (John Theophilus). <i>A Dissertation concerning Electricity,</i> W. Innys, and T. Longman, 1742. £2,000 to £3,000
    <b>Forum Auctions, Mar. 22:</b> Le Jeune (Paul). <i>Relation de se qui s'est passé en la Nouvelle France en l'anné 1636 enuoyée au R.Pere Provincial de la Compagnie de Iesus en la Province de France,</i> 1637. £2,000 to £3,000
    <b>Forum Auctions, Mar. 22:</b> Stumpf (Johann Rudolph). <i>Gemeiner loblicher Eydgnoschafft Stetten, Landen und Völckern Chronicwirdiger thaaten beschreibung, </i> Zurich, Froschauer, 1586. £3,000 to £4,000
  • <b>Swann Auction Galleries Mar 22: Autographs</b>
    <b>Swann Auction Galleries Mar 22:</b> George Washington, Letter Signed to General James Clinton, preparing for the Sullivan-Clinton Campaign, 1778. $25,000 to $35,000.
    <b>Swann Auction Galleries Mar 22:</b> Thomas Jefferson, Letter Signed, to Major-General Nathanael Greene, promising to send reinforcements against Cornwallis, 1781. $15,000 to $25,000.
    <b>Swann Auction Galleries Mar 22:</b> Thomas Edison, Autograph Letter Signed, to Western Union President William Orton, 1878. $10,000 to $20,000.
    <b>Swann Auction Galleries Mar 22: Autographs</b>
    <b>Swann Auction Galleries Mar 22:</b> William, Bishop of Coventry, vellum charter granting the church of Rochdale to the Cistercian Abbey of Stanlaw, in Latin, 1222. $3,500 to $5,000.
    <b>Swann Auction Galleries Mar 22:</b> FDR, Photograph Signed & Inscribed, framed with wood removed from the White House roof, 1927. $2,500 to $3,500.
    <b>Swann Auction Galleries Mar 22:</b> Jean Dubuffet, archive including many letters written while painting in NYC, 1951-72. $4,000 to $6,000.
    <b>Swann Auction Galleries Mar 22: Autographs</b>
    <b>Swann Auction Galleries Mar 22:</b> Mohandas K. Gandhi, Autograph Letter Signed, describing the source of his patience, 1939. $4,000 to $6,000.
    <b>Swann Auction Galleries Mar 22:</b> Lithograph portrait of Albert Einstein by Hermann Struck, signed by both, 1923. $4,000 to $6,000.
    <b>Swann Auction Galleries Mar 22:</b> Charles The Bold, Duke of Burgundy, Letter Signed to Johann IV of Nassau, in French, 1470. $3,000 to $4,000.
    <b>Swann Auction Galleries Mar 22: Autographs</b>
    <b>Swann Auction Galleries Mar 22:</b> Jean Cocteau, Autograph Letter Signed, in French, 1919. $3,000 to $4,000.
    <b>Swann Auction Galleries Mar 22:</b> Louis Armstrong, two Autograph Letters Signed to Erich Kauffmann, his lip salve purveyor, 1965-70. $1,500 to $2,500.
    <b>Swann Auction Galleries Mar 22:</b> Wernher von Braun, Autograph Letter Signed to Jonathan Cross, 1975. $5,000 to $7,500.
  • <b>Bonhams: Fine Books and Manuscripts. March 9, 2018</b>
    <b>Bonhams, Mar. 9:</b> BEETHOVEN, LUDWIG VAN. Autograph Manuscript sketch-leaf part of the score of the Scottish Songs, "Sunset" Op. 108 no 2. [Vienna, February 1818]. Inscribed by Alexander Wheelock Thayer. $80,000 to $120,000
    <b>Bonhams, Mar. 9:</b> Violin belonging to Albert Einstein, presented to him by Oscar H. Steger, 1933. $100,000 to $150,000
    <b>Bonhams, Mar. 9:</b> EINSTEIN, ALBERT. Autograph Letter Signed ("Papa") to his son Hans Albert, discussing his involvement with the atomic bomb, September 2, 1945. $100,000 to $150,000
    <b>Bonhams: Fine Books and Manuscripts. March 9, 2018</b>
    <b>Bonhams, Mar. 9:</b> HAMILTON, ALEXANDER. Autograph Letter Signed, to Baron von Steuben, with extensive notes of Von Steuben's aide Benjamin Walker, June 12, 1780. $10,000 to $15,000
    <b>Bonhams, Mar. 9:</b> NEWTON, ISAAC. Autograph Manuscript in Latin, being detailed instructions on making the philosopher's stone. 8 pp. 1790s. $200,000 to 300,000
    <b>Bonhams, Mar. 9:</b> 1869 Inauguration Bible of President Ulysses S. Grant. $80,000 to $120,000
  • <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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