• <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
  • <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> ACCADEMIA ERCOLANENSE DI ARCHEOLOGIA. <i>Ornati delle Pareti</i>, Naples 1796. £2,000 to £3,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> AMERICAS. <i>Il Gazzettiere Americano…</i>, Livorno, 1763. £2,000 to £3,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> BARROW, John. <i>Travels in China…</i>, London, 1804. £600 to £800
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> BENOIST, Felix. <i>Album de L'Ile de Jersey</i>…, Paris & Nantes, 1870. £1,500 to £2,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> GAIL, Wilhelm. <i>Erinnerungen aus Spanien,</i> Munchen, [ca. 1837]. £1,800 to £2,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> HANCARVILLE, Pierre d'. <i>Recherches sur l'origine…,</i> London, Appleyard, 1785. £1,5000 to £2,000
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> HULLEY, T. <i>Six Views of Cheltenham.</i> London, R. Ackerman, 1813. £800 to £1,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> JEFFERSON, Thomas. <i>Notes on the state of Virginia</i>…, London, 1787. £12,000 to £18,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> LEWIS, John F. <i>Lewis's illustrations of Constantinople…,</i> London, McLean, 1837. £3,000 to £4,000
    <center><b>TIMED ONLINE AUCTION<br>June 11 - 25, 2018</b></center>
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> MARQUARD, Johann. <i>Tractatus politico-juridicus,</i> Frankfurt, 1662. £1,800 to £2,200
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> MAUND, Benjamin. <i>The botanic garden,</i> London, 1825-42. £1,500 to £2,000
    <b>Mayfair Book Auctions, Jun 11 - 25:</b> Willughby, Francis; John Ray (ed.). <i>Ornithologiæ libri tres</i>. London, John Martyn, 1676. £1,500 to £2,000
  • <b>Sotheby’s Online, June 18 - 28:</b> Lewis, Meriwether, and William Clark. <i>History of the Expedition Under the Command of Captains Lewis and Clark, To the Sources of the Missouri…</i> 1814, first edition. $100,000 to $150,000
    <b>Sotheby’s Online, June 18 - 28:</b> Poe, Edgar Allan. <i>Tales.</i> New York: Wiley And Putnam, 1845. First edition, first printing, first issue. $70,000 to $100,000
    <b>Sotheby’s Online, June 18 - 28:</b> Dürer, Albrecht, and Johann Stabius. [Map of the World as a Sphere.] [Vienna,] 1781 (From Woodblocks Cut In 1515). $120,000 to $180,000
    <b>Sotheby’s Online, June 18 - 28:</b> Ferdinand, Franz — Lala Deen Dayal [Photographer]. VISIT OF H.I. & H.R. THE ARCHDUKE FRANZ FERDINAND OF AUSTRIA ESTE TO HYDERABAD (DECCAN), JANUARY 1893. $4,000 to $6,000
    <b>Sotheby’s Online, June 18 - 28:</b> Lincoln, Abraham. Manuscript Letter Signed ("Yours Truly A. Lincoln") as Sixteenth President to Secretary of the Navy Gideon Welles Regarding William Johnson. $200,000 to $300,000

Rare Book Monthly

Articles - May - 2010 Issue

Auction Reports: Coming of Age

Ar-

More information on the auction experience

By Bruce McKinney

The weekly auction reports, introduced a year ago, have been revised. Members who have signed up for the free weekly reports will see a revised report when they receive the next issue on Sunday evening. Casual observers can see the same reports in the Upcoming Auctions section of AE by selecting Recent Weekly Auction Reports. New reports are emailed Sunday evenings at 9:00 pm PST and posted in the Upcoming Auctions section at the same time. A link to sign-up is provided at the end of this article.

The revised report, for those who look into the details of specific auctions by selecting Click Here to View Top Ten Lots by Sale Price, will find four new fields highlighted in yellow in the auction summary that provide detailed information about overall performance. Buyers logically focus on specific lots but all items offered are also part of specific events and their overall performance varies widely from house to house, from event to event. Deconstructing results provides evidence of the current market as well as clues to how each auction approaches their business. These new fields provide more information about these differences.

Under the umbrella of 'auction' - variation between houses is the norm, but houses tend to be internally consistent even as they adjust to changing circumstances - so understanding how they did provides evidence about how they'll do. In many cases the past is proscriptive. About this you'll have your own opinion. In recognizing the changes that houses make you'll gain insight into how they view the market. Because auctions provide a steady drumbeat of sales there's a close to real time continuum of data that provides the best evidence available about the current state of the market. But you do have to sort it out yourself because the book business is a braided tapestry, 19th century fiction a world apart from 18th century science, 20th century poetry several time zones away from early travel and voyages.

In issuing weekly reports we have for the past year focused on success rates, that is the lots sold. The market is recovered sufficiently that we can more clearly identify the proportion of lots unsold and add an important statistic: total sales as a % of high estimate. This is a telling number. Houses that accept or themselves impose reserves above current market value will tend to have a lower percentage of lots sold and also achieve a lower percentage of total receipts as measured by Total Sales as a % of High Estimate. If reserves are high fewer lots will sell and overall performance, as measured by total sales divided by the total high estimate, be lower. It may sound complicated but it reduces itself to a simple number.

A sale and the market will appear to be in balance when an auction achieves 100% of the high estimate. In a rising market that percentage will tend to be above 100%, in a declining market below. This said, these statistics can only be applied to auctions as a group. Specific sales will often be subject to random events that increase or decrease revenue. But taken together, these numbers provide a riveting picture of a selling channel constantly in flux, adjusting to changing demand.

Momentum, the rate of change and its implication for future pricing, is the subject of our ongoing study.

Sign up for free weekly reports.

Click to see the Upcoming Auction Page.

Click to see the most recent Weekly Auction Update.

Click to see an example to the new report.

Rare Book Monthly

  • <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>Sotheby’s London: Medieval and Renaissance Manuscripts and Continental and Russian Books.<br>July 3, 2018</b>
    <b>Sotheby’s London, July 3:</b> The Breviary of Marie (1344-1404), Duchess of Bar, Daughter of Bonne of Luxembourg and King John II (the Good) of France, Franciscan Use, in Latin with a few rubrics in French [France (Paris), c.1360]. £500,000 to £700,000
    <b>Sotheby’s London, July 3:</b> John Chrysostom, Homilies on Matthew’s Gospel, in Greek [Byzantine Empire (Constantinople), late 9th century]. £200,000 to £300,000
    <b>Sotheby’s London, July 3:</b> Bible, with prologues and interpretations of Hebrew Names, in Latin [France (Paris), c.1250]. £80,000 to £120,000
    <b>Sotheby’s London: Medieval and Renaissance Manuscripts and Continental and Russian Books.<br>July 3, 2018</b>
    <b>Sotheby’s London, July 3:</b> Euclides. Elementa Geometriae [Translated by Adelardus Bathoniensis, Edited by Johannes Campanus]. Vicenza: Leonardus Achates de Basilea and Guilielmus de Papia, [13 May Or 20 June] 1491. £40,000 to £60,000
    <b>Sotheby’s London, July 3:</b> Apocalypsis Sancti Johannis. Single Leaf from a Block Book [Schreiber's Edition III]. [The Netherlands, C. 1465-1470]. £15,000 to £20,000
    <b>Sotheby’s London, July 3:</b> Seneca, Lucius Annaeus. Opera Philosophica. Epistolae [Edited by Blasius Romerus]. Treviso: Bernardus De Colonia, 1478. £20,000 to £30,000

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