Rare Book Monthly

Articles - April - 2010 Issue

The Buoys of Summer

Abaa-ny

The ABAA NY Book Fair

By Bruce McKinney

We are going to learn a great deal over the next few months about the tone and direction of the increasingly separate iconic and traditional rare book, manuscript and ephemera markets. They have been moving in diverging for some time. Great examples of rare and unique items have been selling for substantial prices while no less rare but less known and less coveted material has gone unsold or brought lower than expected prices. As the market has become increasingly transparent the many now see what the few have long known and it is changing what people buy and how much they pay. We are living through a time of significant change: the re-pricing of the market. The iconic category looks safe, pedestrian rarities risky, the in-between the subject of endless interpretation. The market is fragmenting. In New York in April over 7 days, April 8th through the 14th, are two book fairs, an exhibit and nine auctions. Many questions about the market will be answered.

The immediate cause of the weakened collectibles market is the damaged economy but increasing transparency and increasingly unified markets functioning in real also make this a generational change.

The current state of the market is evident in the monthly graphs we prepare for the auctions section of the Americana Exchange (click here). Since January 2008 median lot realizations of books, manuscripts and ephemera have fallen almost 25%, from $470 to $370 and the trend suggests continuing weakness.

Today the price of material is being recalibrated and auctions are the venue. The distinction between iconic and collectible is subjective and the stakes high for inclusion because auction realizations signal that the broader market is breaking down while the top remains healthy, even robust. Events this month will clarify where the dividing line between iconic and collectible falls. Highly collectible material should continue to do well while lesser materials continue to leak value.

The stakes are high.

Over the past three decades prices have risen at different rates according to category. Maps and manuscripts have done particularly well while books with maps or images, the uniquely bound and signed copies have emerged as a class apart from otherwise fine copies. But along the way many lesser copies were over-promoted and sold privately for prices that could be achieved only away from public scrutiny. In the auction rooms along-the-way and today even more so, such material has tended to underperform and to outright fail if estimates were geared to prices paid rather than to current valuation. In the present market such material achieves substantially less in the auction rooms not only because the market is weaker but because such material falls outside the iconic category and probably never belonged there. For such material this is the day of reckoning.

The question then becomes how dealers will handle such material going forward. It's an important question because they own more of it than anyone else. Three years ago a marginal book might have justified a $3,000 asking price. Today that same book at auction will achieve $1,000 and be cited as evidence that the market is weak. But is the market weak or are institutions and collectors simply getting smarter? For many dealers how they handle such material may well determine their relationships with collectors and institutions who are quickly learning and once burned, never forget.

If you live in the New York area or are interested to make the trip in April, over the weekend of the 9th to 11th there's the ABAA Fair and, over the entire week, April 8 to 14, a panoply of events. The Manhattan Vintage Book & Ephemera Show - The Shadow Show runs the same weekend and 9 auctions are scheduled. Swann will sell the The Otto Penzler Collection of British Espionage and Thriller Fiction on the 8th and Early Printed Books on the 12th. Bonhams offers a sale on Space History on the 13th including a vintage plane designed by Glenn Curtiss. Sotheby's offers photographs on the 13th and The James Copley Library [part 1] on the 14th. Christie's sells Photographs from the Collection of Patricia McCabe along with other material on the 14th and 15th.

Rare Book Monthly

  • <b>Swann Auction Galleries Sep 27:</b> Franklin H. Brown, <i>State Sovereignty, National Union,</i> Chicago, 1860. $6,000 to $9,000.
    <b>Swann Auction Galleries Sep 27:</b> Thomas Paine, <i>The American Crisis,</i> Fishkill, NY, December 1776. $25,000 to $35,000.
    <b>Swann Auction Galleries Sep 27:</b><br>The Aitken Bible, Philadelphia, 1781. $20,000 to $30,000.
    <b>Swann Auction Galleries Sep 27:</b> Francisco Loubayssin de Lamarca, probable first edition of the first novel set in the Spanish New World, Paris, 1617. $15,000 to $25,000.
    <b>Swann Auction Galleries Sep 27:</b> Juan de la Anunciación, <i>Sermonario en lengua mexicana,</i> first edition, first book of sermons in Nahuatl, Mexico, 1577. $30,000 to $40,000.
    <b>Swann Auction Galleries Sep 27:</b> Maturino Gilberti, <i>Thesoro spiritual en lengua de Mechuacá,</i> first edition, Mexico, 1558. $15,000 to $25,000.
    <b>Swann Auction Galleries Sep 27:</b> Commission of William O. Stoddard as secretary to the president, signed by Lincoln, Washington, 1861. $7,000 to $10,000.
    <b>Swann Auction Galleries Sep 27:</b> <i>Clay and Frelinghuysen,</i> flag banner, circa 1844. $8,000 to $12,000.
    <b>Swann Auction Galleries Sep 27:</b> Daguerreotype of a man believed to be Frederick Granger Williams Smith, son of Joseph Smith, circa late 1850s. $10,000 to $15,000.
    <b>Swann Auction Galleries Sep 27:</b> John C. Wolfe, <i>Portrait of Abraham Lincoln,</i> oil on board in period wooden frame, circa 1860s. $12,000 to $18,000.
    <b>Swann Auction Galleries Sep 27:</b> Francis W. Winton, manuscript on pow-wows with indigenous Canadians, 1881. $15,000 to $25,000.
    <b>Swann Auction Galleries Sep 27:</b> Family letters from two young daguerreotype artists, 1826-79. $10,000 to $15,000.
  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2018</b>
    <b>Forum Auctions, Sep. 27:</b> Cartwright (George). <i>A Journal of Transactions and Events, during a Residence of nearly Sixteen Years on the Coast of Labrador...,</i> first edition, with A.L.s. from the author, 1792. £4,000 to £6,000
    <b>Forum Auctions, Sep. 27:</b> Swift (Jonathan). <i>Travels into Several Remote Nations of the World,</i> 2 vol., first edition, Teerink's "A" edition, Printed for Benj. Motte, 1726. £15,000 to £20,000
    <b>Forum Auctions, Sep. 27:</b> Fourier (Jean Baptiste Joseph). <i>Theorie Analytique de la Chaleur,</i> first edition, Paris, chez Firmin Didot, 1822. £6,000 to £8,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2018</b>
    <b>Forum Auctions, Sep. 27:</b> Boccaccio (Giovanni). <i>Genealogiae Deorum,</i> additions by Dominicus Silvester and Raphael Zovenzonius, Venice, Vindelinus de Spira, 1472. £10,000 to £15,000
    <b>Forum Auctions, Sep. 27:</b> Mary I. Letter signed at the head "Marye the Quene" to Lord Paget, 1 page, 7th June 1556. The recall from exile of nine persons opposed to the Marian regime. £10,000 to £12,000
    <b>Forum Auctions, Sep. 27:</b> Nelson (Horatio). Autograph Letter signed "Horatio Nelson" and written to Francis Drake, British Minister at Genoa, discussing the disposition of his "Cruizers" near Genoa. £6,000 to £8,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2018</b>
    <b>Forum Auctions, Sep. 27:</b> Darwin (Charles). Unpublished Autograph Letter signed to Walter Raleigh Browne, playing down his scientific knowledge of comparative anatomy, 1881. £6,000 to £8,000
    <b>Forum Auctions, Sep. 27:</b> Murphew (J.). <i>The fair in an uproar, or, the dancing-doggs.</i> As they perform in Mr. Pinkeman's New Opera in Bartholomew Fair, 1707. £1,500 to £2,000
    <b>Forum Auctions, Sep. 27:</b> Chaucer (Geoffrey). <i>The Workes,</i> by [Nicholas Hill for] Thomas Petit, dwellyng in Paules churche yarde at the sygne of the Maydens heed, 1550. £7,000 to £10,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 27, 2018</b>
    <b>Forum Auctions, Sep. 27:</b> Austen (Jane). <i>Emma: A Novel,</i> 3 vol., first edition, 1816. £7,000 to £10,000
    <b>Forum Auctions, Sep. 27:</b> Greene (Graham). <i>Stamboul Train,</i> first edition, first issue, 1932. £8,000 to £12,000
    <b>Forum Auctions, Sep. 27:</b> Churchill.- Fearon (Percy Hutton) "Poy". “Eat More Beef,” pen and ink cartoon with shading in blue pencil, [July 1928]. £400 to £600
  • <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: 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>Bibliothèque R. & B. L. VII :<br>XIXe siècle (1840–1898)<br>First editions – Reviews – Autograph letters and manuscripts<br>Auction in association with Binoche & Giquello on October 9th.</b></center>
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> LAUTRÉAMONT. <i>Les Chants de Maldoror.</i> 1869. First edition, unbound, one of the rare copies dated 1869. €100 000 to €150 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> PAUL VERLAINE. Poème saturnien. March 31st -June 1st, 1885. Autograph poem signed and illustrated. €12 000 to €15 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> STÉPHANE MALLARMÉ. <i>L’Après-midi d’un faune.</i> 1876. Inscribed to Paul Gauguin. €30 000 to €40 000
    <center><b>Bibliothèque R. & B. L. VII :<br>XIXe siècle (1840–1898)<br>First editions – Reviews – Autograph letters and manuscripts<br>Auction in association with Binoche & Giquello on October 9th.</b></center>
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> CHARLES BAUDELAIRE. <i>[La Cloche fêlée,</i> 1851–1855.] Signed autograph manuscript of one of the poems of Les Fleurs du mal. €25 000 to<br>€35 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> STÉPHANE MALLARMÉ. <i>Le Tombeau d’Edgar Poe.</i> Circa 1889. Signed autograph manuscript inscribed to Edmund Gosse. €40 000 to €60 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> GÉRARD DE NERVAL. Manuscrit autographe. 1855. Rare manuscript fragment of Aurelia with corrections. €20 000 to €30 000
    <center><b>Bibliothèque R. & B. L. VII :<br>XIXe siècle (1840–1898)<br>First editions – Reviews – Autograph letters and manuscripts<br>Auction in association with Binoche & Giquello on October 9th.</b></center>
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> PAUL VERLAINE. <i>La Bonne chanson.</i> 1870. First edition. One of 20 copies on Hollande paper in a mosaic binding by Noulhac. €15 000 to<br>€18 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> ARTHUR RIMBAUD. Autograph letter to his sister, July 10, 1891. One of the most beautiful letters by Rimbaud, about his last moments, illustrated with drawings of his leg. €80 000 to €100 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> GUSTAVE FLAUBERT. <i>Salammbô.</i> 1863. First edition. One of 25 copies on Hollande paper, this one inscribed to Théophile Gautier. €30 000 to<br>€40 000
    <center><b>Bibliothèque R. & B. L. VII :<br>XIXe siècle (1840–1898)<br>First editions – Reviews – Autograph letters and manuscripts<br>Auction in association with Binoche & Giquello on October 9th.</b></center>
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> CHARLES BAUDELAIRE. <i>Les Fleurs du mal</i>. 1857. First edition, unbound.<br>€15 000 to €20 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> CHARLES BAUDELAIRE. Barbey d’Aurevilly caricature. Original drawing (208 x 130 mm). 1865.<br>€20 000 to €30 000
    <b>Bibliothèque R. & B. L. VII, Oct. 9:</b> OSCAR WILDE. <i>The Ballad of Reading Goal by C.3.3.</i> 1898 First edition, publisher’s binding, one of 30 on Japan paper. €10 000 to €12 000

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