• <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> <i>The First American Magna Carta. English Liberties.</i> Boston, 1721.
    <b>19th Century Shop.</b> Babbage presentation to Peel, the man who killed the Difference Engine 1832
    <b>19th Century Shop.</b> The Stamp Act. 1765
    <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> Central Park Photographs by Prevost 1862
    <b>19th Century Shop.</b> Salem Witch Trials. Wonders of the Invisible World 1693
    <b>19th Century Shop.</b> Mammoth print of Millie-Christine, "The Carolina Twins" c. 1868
  • <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 €
  • <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 - April - 2010 Issue

Exit Strategies - Getting Out (A Bad News - Good News Story)

Halas4-10

What do you do with your books when it's time to exit?


By Susan Halas

As book values slide and taste changes, boomers age, and new technologies play an ever larger role in the book trade - dealers and collectors increasingly ponder their exit strategies. There are lots of ways to get out of the book business, but few are fast, and even fewer it seems are profitable.

This month AE spoke with a wide range of individuals and firms. These were collectors and dealers who either had recently left the trade or were seriously contemplating downsizing, refocusing or completely closing shop. Though almost all were willing to talk about their situations, almost nobody wanted to be quoted for attribution. Given a high degree of confidential information associated with this topic we'll try to hit the highlights without revealing too many of the specific details.

The Bad News

Most AE Monthly readers already know the bad news: As more and more inventory comes to market prices, even for good books in good condition, continue to decline with no sign this trend will end or rebound. On the contrary, indicators are strong that eBooks, Kindle, the wide availability of free on-line content for previously out-of-print titles, print-on demand and other innovations will make even greater inroads into what was once the territory of the printed book and continue to erode book values.

The Train Wreck Scenario

When AE asked for comments on this topic our IN box filled rapidly with train wreck scenarios.

Take for example the dealer who decided to put it all on eBay. Such a deal - he offered thousands of volumes of clean stock at a low starting price with no reserve. Shazam!! It sold. It sold for 10 cents on the dollar. That was not 10 cents on the dollar of retail value, that was 10 cents on the dollar of his original cost!

Then there was the bricks and mortar store in the college town that finally couldn't make it any more. They held a huge liquidation sale which did indeed clear the shelves and brought in enough cash to cover their debts. Prices started at 50% off; each week there were even further reductions until it was 90% off. What was left sold by box and the rest went to Goodwill. They got out in three months and the average selling price for nearly 100,000 volumes came to less than a buck a book.

If that's not grim enough, consider the widow of a long time specialist. She died and left a will saying that her heirs were to have equal shares of her book collection, other collectibles, papers and copyrights. She named a family friend as her executor, a local lawyer who knew nothing about the books or the book business. Her children did know something about the trade but they had very different ideas about what constituted an "equal share."

The body was hardly cold before they were at each other tooth and nail. With lawyer in the middle and the meter running at $250 an hour it took two years to settle the estate. The beneficiaries each got some of what their mother would have wanted them to have, however they still aren't speaking to each other.

Here's what one of the heirs in that drama had to say: "If you're thinking about passing books and other collections on to the next generation give it while you're still alive. If you don't want these things to actually transfer until you die, at least designate book-by-book, picture-by-picture, map-by-map: Who is it for? Who do you want to have it? What is fair? If our mother had made these decisions while she was still alive, it could have been so simple. Instead it was miserable, bitter and expensive."

The Good News

The good news is you can get out, and there are at least a few recent examples of people who have gotten out without taking a beating, but… it takes time, a certain Zen like detachment, and realistic valuation.

What are your books worth? Do you want to sell them one at a time or as a collection? Are you expecting to get as much or more than you paid for each and every one of them? If so you might have an unpleasant surprise in store. Over and over again the sellers who did well pointed out that a very high percentage of the value is usually concentrated in a very small number of items.

Let's say it again: accurately valuing your holdings is critical. That means separating the true high value items from the mid range and the low to no value books. Accurate realistic valuation is the first step toward an exit strategy that maximizes the return for each category. It takes time and planning.

One high profile collector who spoke with AE recently held a profitable auction of some of his books. He shopped many of the major auction houses and went with the one that gave him the best deal. "The well promoted well attended event doesn't just happen," he stressed. "You have to make it happen; you have to be on top of it."

As for the time frame - estimates varied but most took several years. "Take it in six month increments," he advised. "Plan what you're going to do. Know the value of what you have. Auctions aren't for everyone, but auction records are a pretty reliable indicator of value and scarcity."

In his view when the time comes to sell the collection or inventory that features a "collage" approach and includes books as well as many kinds of related materials such as photos, prints, maps, ephemera and other relevant items will bring a higher price and find a better home than the "books only" collection.

He also emphasized the need for a certain amount of critical detachment. "Many of the people I see," he said, "are not really dealers. They're collectors who got into selling as a way to fund their book buying habit. They have a hard time imagining a life without their books. They equate selling with dying. It's not surprising they put it off."

Rare Book Monthly

  • <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

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