• <b>Swann Auction Galleries June 5:</b> Charles Addams, <i>Penguin Convention,</i> watercolor, cover for <i>The New Yorker,</i> 1977. $15,000 to $20,000.
    <b>Swann Auction Galleries June 5:</b> Ludwig Bemelmans, <i>Agreed! No whiskey anywhere is more deluxe than Walker's DeLuxe,</i> pen, ink & watercolor, 1957. $10,000 to $15,000.
    <b>Swann Auction Galleries June 5:</b> Charles Schulz, <i>Do you like Beethoven?,</i> pen & ink, 9-panel <i>Peanuts</i> comic, 1970. $20,000 to $30,000.
    <b>Swann Auction Galleries June 5:</b> Russell Tandy, <i>The Secret in the Old Attic,</i> watercolor & gouache, cover for <i>Nancy Drew,</i> 1944. $15,000 to $25,000.
    <b>Swann Auction Galleries June 5:</b> Arthur Rackham, <i>Danaë & the Infant Perseus,</i> watercolor, ink & wash, for Hawthorne's <i>A Wonder Book,</i> 1922. $10,000 to $15,000.
    <b>Swann Auction Galleries June 5:</b> Tom Lovell, <i>I believe in magic too,</i> oil on canvas, published in <i>Woman's Home Companion,</i> 1947. $7,000 to $10,000.
    <b>Swann Auction Galleries June 5:</b> Enoch Bolles, <i>With Love...,</i> watercolor & gouache, cover for <i>Wow!</i> magazine, 1931. $7,000 to $10,000.
    <b>Swann Auction Galleries June 5:</b><br>Rick Meyerowitz & Maira Kalman, <i>New Yorkistan,</i> pen, ink & watercolor sketch for a <i>New Yorker cover,</i> 2001. $10,000 to $15,000.
    <b>Swann Auction Galleries June 5:</b> Jessie Willcox Smith, <i>Touching,</i> watercolor for <i>The Five Senses</i> by Angela M. Keyes, 1911. $12,000 to $18,000.
    <b>Swann Auction Galleries June 5:</b> Edward Gorey, <i>ABA 75,</i> watercolor & ink, cover for <i>Publisher's Weekly,</i> 1975. $5,000 to $7,500.
    <b>Swann Auction Galleries June 5:</b> Aubrey Beardsley, <i>Shelter,</i> pen & ink, for <i>Bon-Mots,</i> 1892. $8,000 to $12,000.
    <b>Swann Auction Galleries June 5:</b> Tedd Arnold, <i>I think it was three days ago...,</i> colored pencil & watercolor, for <i>Parts,</i> 1996. $4,000 to $6,000.
  • <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Hammett (Dashiell). <i>The Maltese Falcon,</i> FIRST EDITION. A very good copy of this most influential detective fiction novel. £8,000 to £12,000
    <b>Chiswick Auctions, May 30:</b> Hemingway (Ernest). <i>In Our Time,</i> FIRST EDITION, NUMBER 137 OF 170 COPIES on Rives handmade paper. £15,000 to £18,000
    <b>Chiswick Auctions, May 30:</b> Hemingway (Ernest). <i>A Farewell to Arms,</i> FIRST EDITION, inscribed by the author to Mike Murphy, a Hemingway biographer and scholar. £4,000 to £6,000
    <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Kerouac (Jack). <i>On the Road,</i> FIRST EDITION, New York, Viking, 1957. £2,000 to £3,000
    <b>Chiswick Auctions, May 30:</b> Ransome (Arthur). <i>Swallows and Amazons,</i> FIRST EDITION, ownership inscription to half title. Only 2,000 copies of the first edition printed. £3,000 to £4,000
    <b>Chiswick Auctions, May 30:</b> Sewell (Anna). <i>Black Beauty: His Grooms and Companions. The Autobiography of a Horse. Translated from the original Equine,</i> FIRST EDITION, engraved frontispiece. £3,000 to £4,000
    <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Capa (Robert). <i>Omaha Beach D-Day, June 6th, 1944,</i> gelatine silver print, printed under the direct supervision of Cornell Capa, 40 x 50.5 cm. £3,000 to £5,000
    <b>Chiswick Auctions, May 30:</b> Cartier-Bresson (Henri). 'Loudres – Pilgrims Assemble', silver print, stamps and annotations on verso, very slight scratch, 170 x 240 mm, 1950. £2,000 to £3,000
    <b>Chiswick Auctions, May 30:</b> Carroll, Lewis [Dodgson, Charles Lutwidge]. <i>The Nursery Alice,</i> FIRST EDITION, a very rare inscribed, dedication copy. £8,000 to £10,000
    <b>Chiswick Auctions: Modern First Editions, Illustrated Books & Limited Editions. May 30, 2018</b>
    <b>Chiswick Auctions, May 30:</b> Potter (Beatrix). <i>The Tale of Peter Rabbit,</i> FIRST EDITION, FIRST PRINTING, limited to 250 copies [with] the FIRST PUBLISHED EDITION. £12,000 to £15,000
    <b>Chiswick Auctions, May 30:</b> Wells (H. G.). <i>War of the Worlds,</i> original Danish manuscript, the text written out in block script ink, with over 620 original drawings in ink and watercolour. £1,800 to £2,200
    <b>Chiswick Auctions, May 30:</b> Toulouse-Lautrec (Henri de).- Clemenceau (Georges). <i>Au Pied de Sinai,</i> NUMBER 104 OF 355 COPIES, with the suite of 10 lithographs by Henri de Toulouse-Lautrec in 2 states. £1,500 to £2,000
  • <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> VAN ORLEY, Richard. "Les avantures de Telemaque fils d'Ulÿsse &c." Set of 86 superb ink drawings. 45,000 to 60,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> Gojôraku Tôkaidô [or] Tôkaidô meisho fukei. Processional Tôkaido drawn by Prof. Moro, coloured prints in one set of 100 sheets]. 15,000 to 18,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> DURAS, Marguerite. <i>Moderato cantabile.</i> Original lithographs by André Minaux. 22 lithographs. 4,000 to 4,500 €
    <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> ADAMS, Georges. A pair of 18-inch English globes. [London], s.n., [1766]. ORIGINAL GLOBES by Georges Adams dedicated to King George III. 9,000 to 12,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> BLAEU, Joan. <i>[Atlas maior, sive cosmographia blaviana, qua solum, salum, coelum, accuratissime describuntur]. Geographia, quae est cosmographiae Blaviana pars prima [...].</i> 250,000 to 350,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> VAN DER MEULEN, Adam Frans. <i>[Vues, marches, entrées, passages et autres sujets servant à l'histoire de Louis XIV].</i> 35,000 to 50,000 €
    <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> GALILEI, Galileo. <i>Galileo a Madama Cristina di Lorena</i> (1615). Precious copy of one of the most famous and popular miniature books. 2,500 to 3,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> Biblia Vulgata. Latin. [France, last quarter 13th c.] 8,000 to 12,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> Horae. Use of Rome. Latin (and a few French rubrics). [Hainaut (Mons or Valenciennes), c. 1490]. 40,000 to 50,000 €
    <b>Arenberg Auctions: May 25 and<br>May 26, 2018</b>
    <b>Arenberg Auctions, May 25 & 26:</b> GARSIAS, Paulus. <i>[Determinationes magistrales contra conclusions Joannis Pici Mirandulae].</i> (Rome, E. Silber, 15 October 1489). 12,000 to 15,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> LORRIS, Guillaume de; MEUNG, Jean de. <i>Le rommant de la Rose nouuellement reueu et corrige oultre les precedentes impressions</i> [ed. Guillaume Michel]. 3,000 to 4,000 €
    <b>Arenberg Auctions, May 25 & 26:</b> LA FONTAINE, Jean de. <i>Fables choisies, mises en vers.</i> Paris, Desaint & Saillant, Durand. De l'imprimerie de Charles-Antoine Jombert, 1755<br> [- 1759]. 10,000 to 12,000 €
  • <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> Book of Hours. Workshop Vrelant, around 1460-70. Est: € 30,000
    <b>Ketterer Rare Books, May 28:</b> J. J. Marinoni, <i>De Astronomica specula,</i> 1745. Est: € 12,000
    <b>Ketterer Rare Books, May 28:</b> C. S. Lewis, <i>The Chronicles of Narnia,</i> 1950-56. Est: € 7,500
    <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> G. W. Knorr, <i>Regnum florae,</i> 1750. Est:<br>€ 15,000
    <b>Ketterer Rare Books, May 28:</b> A. M. S. Boethius, <i>De philosophico consolatu,</i> 1501. Est: € 8,000
    <b>Ketterer Rare Books, May 28:</b> J. Joyce, <i>Ulysses,</i> 1922. Est: € 5,000
    <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> Ornaments by H. Vogeler, 1900. Est:<br>€ 4,000
    <b>Ketterer Rare Books, May 28:</b> <i>Biblia Germanica,</i> 1490. Est: € 15,000
    <b>Ketterer Rare Books, May 28:</b> F. M. Regenfuss, <i>Auserlesne Schnecken und Muscheln,</i> 1758. Est: € 18,000
    <b>Ketterer Kunst Hamburg: Rare Books Auction on May 28th</b>
    <b>Ketterer Rare Books, May 28:</b> Einband Henry van de Velde, 1929. Est: € 4,000
    <b>Ketterer Rare Books, May 28:</b> <i>Hortus Sanitatis,</i> 1517. Est: € 12,000
    <b>Ketterer Rare Books, May 28:</b> R. Crevel and J. Miró, 1957. Est: € 3,500

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>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 31, 2018</b>
    <b>Forum Auctions, May 31:</b> Simcoe (John Graves). Plan of the Province of Upper Canada with part of the Adjacent Countries, manuscript map… with numerous contemporary annotations. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> Ramusio (Giovanni Battista). <i>Delle Navigationi et Viaggi,</i> 3 vol., mixed edition, 3 double-page engraved maps and 7 folding woodcut maps, Venice, Giunti, 1613. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> Dickens (Charles). <i>A Christmas Carol,</i> first edition, first issue, Chapman & Hall, 1843. £6,000 to £8,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 31, 2018</b>
    <b>Forum Auctions, May 31:</b> Book of Hours. Hours of the Virgin [Use of Rome] in Latin, miniature illuminated manuscript on vellum with 6 full-page miniatures and 6 large initials with borders, Flanders, [2nd quarter of 15th century]. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> G.K. Chesterton archive. Collection of poems, drawings, letters and cards sent to Enid Simon, 1920s. £6,000 to £8,000
    <b>Forum Auctions, May 31:</b> Pasternak (Boris). <i>Doktor Zhivago</i> original typescript, 2 vol., with manuscript corrections and insertions by the author, the George Katkov copy, c.1956. £100,000 to £150,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 31, 2018</b>
    <b>Forum Auctions, May 31:</b> Tolkien (J.R.R.). <i>The Hobbit,</i> first edition, first impression, 1937. £20,000 to £30,000
    <b>Forum Auctions, May 31:</b> Milton (John). <i>Paradise Lost & Paradise Regain'd,</i> 2 vol., one of 10 copies printed on vellum, Cresset Press, 1931. £8,000 to £12,000
    <b>Forum Auctions, May 31:</b> Electricity and the vacuum.- Guericke (Otto von). <i>Experimenta nova (ut vocantur) Magdeburgica de Vacuo Spatio,</i> first edition; bound with <i>Philosophia Universa de Microcosmo</i>. £12,000 to £16,000
    <b>Forum Auctions, May 31:</b> [The Holy Land, Syria, Idumea, Arabia, Egypt & Nubia ...], vignette title and 42 plates from the deluxe subscriber's edition, 1842-1849 (43). £7,000 to £10,000
  • <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> BRETON (André). <i>Arcane 17.</i> New York, Brentano's, 1944. One of the 25 first copies with the original etching signed by Roberto Matta. 6000 to 8000 €
    <b>ALDE, May 30:</b> HÉRON DE VILLEFOSSE (René). <i>La Rivière enchantée.</i> Paris, Bernard Klein, 1951. One of the 25 first copies on japon with an original watercolored drawing signed by Léonard Foujita. 60,000 to 80,000 €
    <b>ALDE, May 30:</b> ILIAZD. <i>Pirosmanachvili 1914.</i> Paris, Le Degré quarante et un, 1972. Dry point signed by Pablo Picasso. 5,000 to 6,000 €
    <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> JARRY (Alfred). <i>Ubu Roi.</i> Paris, Tériade, 1966. 13 lithographs by Joan Miró. 6,000 to 8,000 €
    <b>ALDE, May 30:</b> LEIRIS (Michel). <i>Vivantes cendres, innommées.</i> Paris, Jean Hugues, 1961. 13 original etchings by Alberto Giacometti. 12,000 to 15,000 €
    <b>ALDE, May 30:</b> MATISSE (Henri). <i>Jazz.</i> Paris, Tériade, 1947. 20 original pochoirs by Henri Matisse. 100,000 to 120,000 €
    <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> PAULHAN (Jean). <i>De Mauvais sujets.</i> Paris, Les Bibliophiles de l’Union Française, 1958. 10 etchings by Marc Chagall. 5,000 to 6,000 €
    <b>ALDE, May 30:</b> RONSARD (Pierre de). Layout for the book <i>Florilège des Amours.</i> Paris, Albert Skira, 1948. 128 lithographs, with many corrections by hand by Henri Matisse. 80,000 to 100,000 €
    <b>ALDE, May 30:</b> TING (Walasse). <i>1¢ life.</i> Bern, E.W. Kornfeld, 1964. One of the 100 deluxe copies with the 62 lithographs signed by the 28 artists. 15,000 to 20,000 €
    <b>ALDE: May 30, 2018. Books by painters, original bindings, photography, prints and drawings, illustrated books.</b>
    <b>ALDE, May 30:</b> SUGIMOTO (Hiroshi). <i>Time exposed.</i> Kyoto, Kyoto Shoin Co. Ltd., 1991. 51 offset lithographs. 10,000 to 12,000 €
    <b>ALDE, May 30:</b> SZAFRAN (Sam). Black and brown ink original drawing. 550 x 410 mm. 5,000 to 6,000 €
    <b>ALDE, May 30:</b> KIPLING (Rudyard). <i>La Chasse de Kaa.</i> Paris, Javal et Bourdeaux, 1930. 115 colored woodcuts by Paul Jouve. 5,000 to 6,000 €
  • <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Marc Chagall. <i>Daphnis & Chloé</i>. Paris, Tériade, 1961. 42 original lithographs. One of the 10 copies for the collaborators. 80,000-120,000 €
    <b>Sotheby’s Paris, May 24:</b> [Marcel Proust] — Gaston Gallimard. Very important letters to Marcel Proust. 1912-1922. 100,000-150,000 €
    <b>Sotheby’s Paris, May 24:</b> JESUITS. <i>Relation de ce qui s’est passé en la Nouvelle France en 1635</i> […] 1672. Period calf binding. Very rare set of letters about life in the French territories among warring Indian tribes. 12,000-18,000 €
    <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Gustave Flaubert. <i>Madame Bovary</i>. Paris, Michel Lévy Frères, 1857. One of the few deluxe copies, with inscription to Adolphe Gaïffe and a letter. 30,000-50,000 €
    <b>Sotheby’s Paris, May 24:</b> A. von Humboldt. <i>Essai politique sur le Royaume de la Nouvelle Espagne.</i> Paris, 1811. Period binding. Complete with the large California/Mexico map. 10,000-15,000 €
    <b>Sotheby’s Paris, May 24:</b> [Affaire Dreyfus] — Georges Clemenceau. <i>Démosthène</i>. Paris, Plon-Nourrit et Cie, 1926. Exceptional copy with an inscription to Mathieu Dreyfus, Alfred Dreyfus’ brother. 8,000-<br>12,000 €
    <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Guillaume Apollinaire. <i>Les trois Don Juan</i>. 1914. Unpublished inscription to Madeleine Pagès and 2 original drawings. 25,000-35,000 €
    <b>Sotheby’s Paris, May 24:</b> Marcel Duchamp. <i>L.H.O.O.Q. shaved</i>. [New York, 1965]. One of the 100 deluxe signed copies. With an autographed envelope. 15,000-20,000 €
    <b>Sotheby’s Paris, May 24:</b> Francis Bacon — Michel Leiris. <i>Miroir de la tauromachie</i>. [Paris], Daniel Lelong, [1990]. With 4 signed lithographs. 40,000-60,000 €
    <b>Sotheby’s Books & Manuscripts<br>Marcel Proust – Collection Marie-Claude Mante<br>Auction Paris 24 May 2018</b>
    <b>Sotheby’s Paris, May 24:</b> Gilbert & George. <i>The Red Sculpture Album</i>. [Londres, Gilbert & George], 1975. One of the 100 existing copies, signed by both of the artists, comprised of 11 original photographs. 10,000-15,000 €
    <b>Sotheby’s Paris, May 24:</b> Pablo Picasso — Honoré de Balzac. <i>Chef-d’œuvre inconnu</i>. Paris, Ambroise Vollard, 1931. One of the 65 deluxe copies on Japan paper, with an extra suite of the etchings. 35,000-<br>45,000 €
    <b>Sotheby’s Paris, May 24:</b> Marcel Proust. <i>Les Sources sur Loir</i>. Ca 1907-1908. Handwritten manuscript. Rough draft of one of the more beautiful passages of Swann’s Way. 30,000-50,000 €
  • <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Ortelius. Theatrum orbis terrarum. Antwerp, 1570. FIRST EDITION. $50,000 to $80,000
    <b>Bonhams, June 12:</b> Shakespeare, William. The Tragedie of Julius Caesar. London, 1623. 1st appearance in print, Complete from the First Folio. $50,000 to $70,000
    <b>Bonhams, June 12:</b> Ernst, Max. Mr. Knife and Miss Fork. Paris, 1932. DELUXE EDITION. $12,000 to $18,000
    <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Cage, John. Autograph musical leaf from his Concert for Piano and Orchestra, NY, 1958. $10,000 to $15,000
    <b>Bonhams, June 12:</b> Einstein, Albert. Signed Passport Photo for his US citizenship application. Bermuda, 1935. $8,000 to $12,000
    <b>Bonhams, June 12:</b> Verard, Antoine. Illuminated printed Book of Hours. Paris, 1507. $8,000 to $12,000
    <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Wetterkurzschlussel. German Weather Report Codebook - for Enigma use. Berlin, 1942. $20,000 to $30,000
    <b>Bonhams, June 12:</b> Hemingway, Ernest. Large Photograph, inscribed by Hemingway. Madrid, 1959. $10,000 to $15,000
    <b>Bonhams, June 12:</b> Morelos y Pavon, Jose Maria. Autograph letter signed to El Virrey Venegas, February 5, 1812. $7,000 to $10,000
    <b>Bonhams: Fine Books and Manuscripts. June 12, 2018</b>
    <b>Bonhams, June 12:</b> Milne, A.A. Complete set of Winnie-the-Pooh books. 4 volumes. All first issue points. London, 1924-1928. $6,000 to $9,000
    <b>Bonhams, June 12:</b> A 48-star American Flag, battle worn flown at Guadalcanal and Peleliu, 1942-1944. $10,000 to $15,000
    <b>Bonhams, June 12:</b> Locke, John. Autograph Letter Signed mourning the death of his friend, William Molyneaux, 2 pp, October 27, 1698. $7,000 to $10,000
  • <b>Christie’s 29 May:</b> MARE-BONNARD. Les Pastorales de Longus, or Daphnis et Chloé. Paris, 1902. Exceptional copy with a magnificent binding by André Mare. €50,000 to €70,000
    <b>Christie’s 29 May:</b> REDOUTE – L’HERITIER. Stirpes novae, illustratae iconibus. Paris [1784-1791]. Great paper copy with additional color touches on several plates. €10,000 to €15,000
    <b>Christie’s 29 May:</b> TOULOUSE-LAUTREC – IBELS – MONTORGUEIL. Le Café -Concert. Paris, [1893]. Famous Belle Epoque illustrations by Toulouse-Lautrec and Ibels. €5,000 to €7,000
    <b>Christie’s 29 May:</b> MANET – MALLARME – POE. Le Corbeau. The Raven. Paris, 1875. First edition of Mallarmé’s translation. Inscribed by Manet and Mallarmé to Gambetta. €60,000 to €80,000
  • <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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