• <b>Swann Auction Galleries June 21:</b> Thomas Paine, Autograph Letter Signed to Ira Allen, on a rendezvous at the Boston–a Paris café for political exiles, 1790s. $10,000 to $15,000.
    <b>Swann Auction Galleries June 21:</b> Paul Revere, Autograph Document Signed, certifying the discharge of a captain from his regiment, 1779. $12,000 to $18,000.
    <b>Swann Auction Galleries June 21:</b> Pay order to express rider Jonathan Park to warn Congress of arriving British warships, 1776. $20,000 to $30,000.
    <b>Swann Auction Galleries June 21:</b> Thomas Jefferson, Autograph Letter Signed to Thomas Sim Lee, stating that the government is not authorized to intervene in the Citizen Genêt affair, 1793. $20,000 to $30,000.
    <b>Swann Auction Galleries June 21:</b> George Washington, Letter Signed to Nathanael Greene, suggesting a way to obtain money for the Continental Army, 1780. $15,000 to $25,000.
    <b>Swann Auction Galleries June 21:</b> Andrew Jackson, Autograph Letter Signed to Senator John H. Eaton, on the Seminole Wars & Spain’s duplicity, 1819. $12,000 to $18,000.
    <b>Swann Auction Galleries June 21:</b> Harry S. Truman, Photograph Signed and Inscribed, showing a false newspaper headline about the 1948 presidential election. $12,000 to $18,000.
    <b>Swann Auction Galleries June 21:</b> Benjamin Franklin, vellum Document Signed, as President of the Supreme Executive Council of PA, 1786. $8,000 to $12,000.
    <b>Swann Auction Galleries June 21:</b> Henry Dearborn, two Autograph Manuscript items including a drawing of Bunker’s Hill, unsigned, 1818. $6,000 to $9,000.
    <b>Swann Auction Galleries June 21:</b> Andrew Jackson, <i>A New Map of the United States,</i> lithograph, circa 1828. $3,000 to $4,000.
  • <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> General George Custer's Officer, James McLean Steele, 1868-1869 Diary. $30,000 - $50,000
    <b>Cowan’s, June 22:</b> Exceptionally Rare Anti-Slavery Broadside, “A Crusade Against Slavery”. $4,000 - $6,000
    <b>Cowan’s, June 22:</b> Revolutionary War General Richard Montgomery, Exceptionally Rare War-Date ANS. $4,000 - $6,000
    <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> Albumen Photograph of the "Scouts of the Plains," from Cody's Personal Collection. $8,000 - $10,000
    <b>Cowan’s, June 22:</b> Jefferson Davis, CDV, Signed and Dated to his Imprisonment in Fortress Monroe. $4,000 - $6,000
    <b>Cowan’s, June 22:</b> Robert E. Lee, CDV Signed Twice. $2,000 - $4,000
    <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> “Si Clack: Co. Q, 100th Indiana Vols.,” Written & Illustrated by Civil War Veteran, P.M. Radford. $2,500 - $3,500
    <b>Cowan’s, June 22:</b> General Meade Inspecting the 5th Corps, Civil War-Era Sketch by Alfred R. Waud. $2,000 - $3,000
    <b>Cowan’s, June 22:</b> Rare Huey Newton Black Panther Party Poster. $3,000 - $5,000
    <b>Cowan’s Auctions: American History - Premier Auction. June 22, 2018</b>
    <b>Cowan’s, June 22:</b> Lloyd's New Political Chart, 1861. $800 - $1,200
    <b>Cowan’s, June 22:</b> William J. Ferguson, “Our American Cousin” Cast Member, Lincoln Assassination Archive. $8,000 - $10,000
    <b>Cowan’s, June 22:</b> Albert Einstein, Signed Photograph in his Favorite Leather Jacket. $2,000 - $4,000
  • <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>
  • <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> 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

Auction Update Review

Nopreview

Christies does the Heavy Lifting

Seven Sales Archived

Seven sales - three in the United States, two in England and two in Continental Europe - were archived this past week. Two thousand two hundred and ninety-four lots were offered and 2,294 sold for a very robust sell-through rate of 79.5%. Overall they also achieved 84.5% of their aggregate high estimate. The impression taken is that auctions are estimating conservatively and buyers bidders bidding aggressively. It suggests they on the buy-side are increasingly comfortable with descriptions and estimates - boding well for continuing strength. Because weekly averages reflect overall trends but specific lots and sales are subject to consignor, house and bidder issues there will always be bargains even when prices are high and overpriced material even when the market is low. The auction market is improving but we are probably two to three years away from transparency becoming the norm. It will happen.

There is an increasingly strong case being voiced in support of rising inflation. The story goes that the Federal Reserve, in the United States, is sufficiently concerned about deflation to be willing to invest via a program dubbed QE2, to encourage prices higher. For all manner of objects, be they houses [the Fed's principal concern], commodities and objects of value such as rare books, manuscripts, maps and ephemera, the thinking is that inflation will reduce the value of money therefore adjusting all prices higher. Books, as an inflation hedge, has been one of the sophisticated arguments made by leading dealers for many years and the Federal Reserve seems to be agreeing. Overall, for a field that experienced steep price declines over the past three years, strength in the auctions rooms signals that the worst is behind us. If Dr. Bernanke is a book collector he should be happy.

In early December the field will be the subject of open heart surgery [without benefit of anesthesia] as "The American Experience", an interesting collection of 314 lots is sold at Bonham's in New York both without reserve and with very complete information about source, date and price paid. No doubt, within hours of completion, analysis will be posted online. I'm more than interested myself as I'm the consignor. I believe the market is somewhere between recovering and strong. This sale will give those of us with a stake in the field a firsthand perspective. Absolutely unreserved sales are unusual over the past thirty years. They are certainly riveting.

Swann alone among the seven sales archived this week exceeded the aggregate high estimate- reaching 102%. They did it while selling 190 of 200 lots for $263,887. Neither consignors nor buyers can really ask for more. And most of the other sales also did well. Dominic Winter sold 78% of its lots for 97% of the high estimate for their two sales on the 10th and 11th, and Christies reached 84% of its aggregate high estimate in Paris on the 9th - selling $1.5 million of "Important Livres Anciens." For auctions to estimate low and prices go high its takes confident bidders. It's encouraging to believe that bidders are becoming self-confident. Recoveries are built on confidence.

Bruce McKinney
AE

  • <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
  • <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