Rare Book Monthly

Articles - January - 2010 Issue

Acquiring in the Dark, Selling in the Light

Jefferson

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>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 372: Martin Luther King Jr. March for Freedom Now! Placard. Chicago, 1960. 28 x 22”. $3,000 to $6,000
    <b>Potter & Potter Auctions, July. 28:</b> Lot 567: Warhol, Andy. Tate Gallery Exhibition Booklet, Signed on the Cover by Warhol. Tate Gallery, 1971. $700 to $900
    <b>Potter & Potter Auctions, July. 28:</b> Lot 72: Mitchell, Margaret. <i>Gone With the Wind.</i> New York: The Macmillan Co., 1936. First edition, first issue. $4,000 to $5,000
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 468: Photo Archive Documenting the 1930s—50s Chicago Jazz and Night Club Scene. A significant collection. $2,000 to $4,000
    <b>Potter & Potter Auctions, July. 28:</b> Lot 143: Dr. Seuss. <i>Oh Say Can You Say.</i> 1979, First Edition, Signed. $200 to $300
    <b>Potter & Potter Auctions, July. 28:</b> Lot 285: [Maps] Thomas G. Bradford. <i>A Comprehensive Atlas, Geographical, Historical & Commercial.</i> Boston: William D. Ticknor, 1835. First Edition. $1,600 to $1,800
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 69: Herman Melville. <i>Moby Dick, or The Whale</i>. New York: Random House, 1930. First Kent Trade Edition. $400 to $600
    <b>Potter & Potter Auctions, July. 28:</b> Lot 295: John James Audoban. Group of 148 Lithographs from the Birds of America. Philadelphia: J.T. Bowen, ca. 1840s. $600 to $800
    <b>Potter & Potter Auctions, July. 28:</b> Lot 54: Langston Hughes. <i>One-Way Ticket.</i> New York: Alfred A. Knopf, 1949. First edition. $300 to $500
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. July 28, 2018</b>
    <b>Potter & Potter Auctions, July. 28:</b> Lot 7: Ray Bradbury. <i>The Martian Chronicles.</i> With a Wine Label Signed by Bradbury. Garden City: Doubleday, 1950. First edition $300 to $500
    <b>Potter & Potter Auctions, July. 28:</b> Lot 121. Frank L Baum. <i>The Wonderful Wizard of Oz.</i> Chicago: George M. Hill Co., 1899, 1900. First Edition. $4,000 to $5,000.
    <b>Potter & Potter Auctions, July. 28:</b> Lot 369. [Declaration of Independence] Peter Force Engraving of the Declaration of Independence. One page; 29 x 26”. From the "American Archives" 1837-1853 series of books. $15,000 to $20,000
  • <b>Swann Auction Galleries:</b> Luis de Lucena, <i>Arte de Ajedres,</i> first edition of the earliest extant manual on modern chess, Salamanca, circa 1496-97. Sold for $68,750.
    <b>Swann Auction Galleries:</b> Carte-de-visite album with 83 images of prominent African Americans & abolitionists, circa 1860s. Sold for $47,500.
    <b>Swann Auction Galleries:</b> Gustav Klimt, <i>Das Werk,</i> Vienna & Leipzig, 1918. Sold for $106,250.
    <b>Swann Auction Galleries:</b> Man Ray, <i>[London Transport] – Keeps London Going,</i> 1938. Sold for $149,000.
    <b>Swann Auction Galleries:</b> Thomas Jefferson, Letter Signed, to Major-General Nathanael Greene, promising reinforcements against Cornwallis, 1781. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Nicolas de Fer, <i>L’Amerique Divisee Selon Letendue de ses Principales Parties,</i> Paris, 1713. Sold for $30,000.
    <b>Swann Auction Galleries:</b> Russell H. Tandy, <i>The Secret in the Old Attic,</i> watercolor, pencil & ink, 1944. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Ernest Hemingway, <i>Three Stories & Ten Poems,</i> first edition of the author's first book, Paris, 1923. Sold for $23,750.
    <b>Swann Auction Galleries:</b> Walker Evans, <i>River Rouge Plant,</i> silver print, 1947. Sold for $57,500.
  • <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>
  • <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> SHAKESPEARE, WILLIAM. <i>The Tragedie of Julius Caesar.</i> London, 1623. 1st appearance in print, Complete from the First Folio. Sold for $175,000
    <b>Bonhams, June 12 results:</b> Ernst, Max. <i>Mr. Knife and Miss Fork</i>. Paris, 1932. DELUXE EDITION. Sold for $15,625
    <b>Bonhams, June 12 results:</b> Cage, John. Autograph musical leaf from his Concert for Piano and Orchestra, NY, 1958. Sold for $18,750
    <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Einstein, Albert. Signed Passport Photo for his US citizenship application. Bermuda, 1935. Sold for $17,500
    <b>Bonhams, June 12 results:</b> Verard, Antoine. Illuminated printed Book of Hours. Paris, 1507. Sold for $7,500
    <b>Bonhams, June 12 results:</b> Wetterkurzschlussel. German Weather Report Codebook - for Enigma use. Berlin, 1942. Sold for $225,000
    <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Morelos y Pavon, Jose Maria. Autograph letter signed to El Virrey Venegas, February 5, 1812. Sold for $6,250
    <b>Bonhams, June 12 results:</b> Milne, A.A. Complete set of <i>Winnie-the-Pooh</i> books. 4 volumes. All first issue points. London, 1924-1928. Sold for $5,250
    <b>Bonhams, June 12 results:</b> A 48-star American Flag, battle worn flown at Guadalcanal and Peleliu, 1942-1944. Sold for $35,000
    <b>Bonhams, June 12 results:</b> Locke, John. Autograph Letter Signed mourning the death of his friend, William Molyneaux, 2 pp, October 27, 1698. Sold for $20,000
  • <b>Doyle, online only: Angling Books from the Collection of Arnold "Jake" Johnson. July 13-24, 2018</b>
    <b>Doyle, online only Jul 13-24:</b> Zane Grey, Inscribed photograph album depicting Grey and party at Catalina, fishing, and in Arizona. $700 to $1,000
    <b>Doyle, online only Jul 13-24:</b> Eric Taverner, Salmon Fishing...London: Seeley, Service & Co., 1931. $600 to $900
    <b>Doyle, online only Jul 13-24:</b> The Gentleman Angler. $300 to $500
    <b>Doyle, online only: Angling Books from the Collection of Arnold "Jake" Johnson. July 13-24, 2018</b>
    <b>Doyle, online only Jul 13-24:</b> Ken Robinson, Flyfishers' Progress. [London: The Flyfishers' Club, 2000. $200 to $300
    <b>Doyle, online only Jul 13-24:</b> G. H. Lacy, North Punjab Fishing Club Angler's Handbook. Calcutta: Newman & Co., 1890. $300 to $500
    <b>Doyle, online only Jul 13-24:</b> J. Harrington Keene, Fly-Fishing and Fly-Making for Trout, etc. New York, 1887. $200 to $300
    <b>Doyle, online only: Angling Books from the Collection of Arnold "Jake" Johnson. July 13-24, 2018</b>
    <b>Doyle, online only Jul 13-24:</b> Arthur Macrate, The History of The Tuna Club, Avalon, Santa Catalina Island, California, 1948. $400 to $600
    <b>Doyle, online only Jul 13-24:</b> Joseph D. Bates Jr. Streamer Fly Tying and Fishing. Harrisburg, PA: The Stackpole Company, 1966. $800 to $1,200
    <b>Doyle, online only Jul 13-24:</b> Paul Schmookler and Ingrid V. Sils. Rare and Unusual Fly Tying Materials: A Natural History. $300 to $500
    <b>Doyle, online only Jul 13-24:</b> Herbert Hoover, Fishing For Fun - And To Wash Your Soul. New York: Random House, 1963. $400 to $600

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