Rare Book Monthly

Articles - January - 2011 Issue

A Sale that Confirms

Ae-12

AE: The American Experience

On December 2nd Bonhams in New York and via simulcast in San Francisco, conducted the sale of "The American Experience 1630 - 1890".  As the consignor I can confirm it was an experience.  The sale was presented as an unreserved mirror-on-the-market event and everyone seemed to see the results differently.  As Shakespeare might have said, "the mirror always lies" or tries to.  For myself it was confirmation of the efficacy of 'the-auction-as-event' approach and evidence of the endemic market weakness that prevails today.  In succinct terms the sale brought a 20% premium on its full original cost.   More than 200 registered to bid, 34 of which were new bidders at Bonhams.  Thirty-seven spent more than $10,000.  The overall bidding pool represented 29 American states and 8 countries.  The house issued a superb catalogue, offered it widely,  and advertised the sale extensively.  A series of videos were issued.  All that could be done was done.   The outcome was very good but the results, given the support Bonhams provided, may be difficult to duplicate.        

 

The sale worked while suggesting comparative weakness.  The highly valuable and rarest material sold well as it has elsewhere throughout the downturn, common rarities less well.  The threshold between 'safe and supported' material probably rose to more than $5,000.  A decade ago it was $1,000, as recently as three years ago around $2,500. 

 

During much of the past decade such material has been listed by dealers at somewhat higher prices, reflecting the general strength of the rarest books that have been trending up over the past twenty years.  However, in this sale, when exposed to public reappraisal without reserves the community that buys, sells and collects often stepped aside to let items change hands for substantially less than what they themselves asked years ago.  This suggests two possibilities.  Prices may not so much have fallen as been exposed as inflated.   Alternatively prices may have risen with the market but now fall at different rates, the middle of the market demonstrably weaker than the first tier.  As to which view is more accurate it's unclear and probably irrelevant.  When I was acquiring the material I believed the prices made sense.  That the market's view changes is unsurprising.  Neither is dealer pricing infallible.  In buying primarily from Bill Reese I didn't know then what I know now - that he often bids at auction on items he sold.  In this sale which brought $4.058 million he was the largest buyer by lots and dollar volume.  Every collector should have such a dealer.         


Posted On: 2011-01-01 00:00
User Name: arader

Congratulations on your successful sale Bruce.

This is a great essay that was very useful to read.

What I would like to read next would be your v


Posted On: 2011-01-09 00:00
User Name: jaysnider

Bruce, first of all, congratulations on building a tremendous collection. I appreciate your analysis, and I'm sure this was bittersweet.
I'd like t


Posted On: 2011-01-10 00:00
User Name: MiRIAMGREEN

William Reese is to be commended for stepping up and gathering back your book inventory purchased from him, like the Oriental rug dealer tha


Rare Book Monthly

  • <b>ALDE, Feb. 26:</b> Leon TOLSTOÏ. <i>Anna Karenina.</i> Moscou, 1878. First and full edition of the Russian novel, in the author’s language.<br>Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Mark TWAIN. <i>Adventures of Huckleberry Finn (Tom Sawyer's comrade).</i> New York, 1885. First American edition.<br>Est. 5 000 / 6 000 €
    <b>ALDE, Feb. 26:</b> Walt WHITMAN. <i>Leaves of Grass.</i> Brooklyn, New York, 1856. Second edition gathering 32 poems. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Karen BLIXEN. <i>Out of Africa.</i> Londres, 1937. First edition in the UK, before Danish translation and American release.<br>Est. 1 500 / 2 000 €
    <b>ALDE, Feb. 26:</b> Ernest HEMINGWAY. <i>A Farewell to Arms.</i> New York, 1929. First edition with $2.50 on the dust and A on the copyright page.<br>Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Ulysses.</i> Paris, Shakespeare and Company, 1922. First edition published by Sylvia Beach. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Dubliners.</i> Londres, 1914. First edition. Nice copy in publisher’s cardboard. Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> Franz KAFKA. 8 novels in German first edition, published in München, Leipzig and Berlin 1916-1931. Est. from 300 / 400 to 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> David Herbert LAWRENCE. <i>Lady Chatterley's Lover.</i> Florence, 1928. Privately printed first edition. Est. 4 000 / 5 000 €
    John STEINBECK. <i>The Grapes of Wrath.</i> New York, 1939. First edition. Nice copy with $2.75 on the cover. Est. 1 000 / 1 200 €
  • <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> Harriet Tubman Cabinet Card by H.S. Squyer, Auburn, NY, 1892. $10,000 to $15,000
    <br>Cowan’s, Feb. 20:</b> Scarce <i>Events of the Tulsa Disaster,</i> First Edition, 1922. $4,000 to $6,000
    <br>Cowan’s, Feb. 20:</b> Unpublished CDV of Frederick Douglass by Benjamin F. Smith, 1864. $3,000 to $5,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> California Imprint of <i>President Lincoln's Emancipation Proclamation</i> Broadside, 1864. $10,000 to $15,000
    <br>Cowan’s, Feb. 20:</b> John C.H. Grabill Cabinet Card of Buffalo Soldier Wearing Buffalo Coat, ca 1886. $8,000 to $10,000
    <br>Cowan’s, Feb. 20:</b> Rare <i>What Mrs. Fisher Knows About Old Southern Cooking,</i> 2nd Cookbook Published by African American. $6,000 to $8,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> Frederick Douglass Walking Stick, 1888. $3,000 to $5,000
    <br>Cowan’s, Feb. 20:</b> Only Known Slave Narrative Published Independently in California, <i>Life and Adventures of James Williams.</i> $2,000 to $4,000
    <br>Cowan’s, Feb. 20:</b> Rare First Edition of History of Black Literature, Abbé Grégoire <i>De La Littérature des Nègres</i>. $2,500 to $3,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> African American Soldier and Medal of Honor Winner Christian A. Fleetwood CDV, PLUS. $8,000 to $10,000
    <br>Cowan’s, Feb. 20:</b> Jack Johnson vs. Jim Jeffries Pennant, 1910 Reno, Nevada. $2,000 to $4,000
    <br>Cowan’s, Feb. 20:</b> Joe Gans Photograph at 1906 Goldfield, Nevada Fight by Percy Dana. $600 to $800
  • <b>Swann Auction Galleries Feb 20:</b> Jane Austen, <i>Sense and Sensibility: A Novel, By a Lady,</i> 3 volumes, London, 1811. $30,000 to $40,000.
    <b>Swann Auction Galleries Feb 20:</b> Virginia Woolf, <i>Kew Gardens,</i> limited edition, signed by Woolf & Bell, London, 1927. $5,000 to $7,500.
    <b>Swann Auction Galleries Feb 20:</b> <i>[Arabian Nights],</i> Calcutta II version, 4 volumes, Calcutta & London, 1839-1842. $12,000 to $18,000.
    <b>Swann Auction Galleries Feb 20:</b> Princess Diana, 6 ALS to <i>Harper’s Bazaar</i> editor, anticipating Christie’s sale of her dresses for charity, 1995-97. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Jane Austen, <i>Emma,</i> first edition, London, 1816. $15,000 to $20,000.
    <b>Swann Auction Galleries Feb 20:</b> Hirohito & Nagako, Emperor & Empress of Japan, 2 photographs signed, showing Nagako in kimono & obi bearing the imperial seal. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Princess Diana, 6 autograph letters signed to <i>Harper’s Bazaar</i> editor Elizabeth Tilberis, anticipating Christie’s announcement of a sale of her dresses for charity, 1995-97. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Sarojini Naidu, complete galley proof of <i>The Broken Wing</i> signed with several holograph pages & an autograph letter signed to writer Edmund Gosse, 1916. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Fernando Pessoa, <i>Mensagem,</i> first edition, presentation copy, signed & inscribed, Lisbon, 1934. $5,000 to $7,500.
    <b>Swann Auction Galleries Feb 20:</b> Graham Greene, <i>The Basement Room,</i> first edition, Greene’s personal copy, signed with annotations throughout, London, 1935. $4,000 to $6,000.
    <b>Swann Auction Galleries Feb 20:</b> Abraham Lincoln, partly-printed document signed, call for troops issued during America’s first national draft just days before the NYC draft riots, 1863. $15,000 to $25,000.
    <b>Swann Auction Galleries Feb 20:</b><br><i>Les Chansons de Bilitis</i> by Pierre Louÿs, illustrated by George Barbier & F.L. Schmied, Paris, 1922. $8,000 to $12,000.
  • <b>Bonhams, Mar. 6:</b> Helvelius. Two Autograph Letters Signed to Francis Aston, Royal Society Secretary, noting his feud with Robert Hooke, 5 pp total, 1685. $70,000 to $100,000.
    <b>Bonhams, Mar. 6:</b> Newton, Isaac. Autograph manuscript on God, 4 pp, c.1710, "In the beginning was the Word...."?$100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> Beethoven's Ninth Symphony. First edition, first issue. Untrimmed copy in contemporary boards. $30,000 to $50,000.
    <b>Bonhams, Mar. 6:</b> Lincoln, Abraham. Signed photograph, beardless portrait with Civil War provenance. $80,000 to $120,000.
    <b>Bonhams, Mar. 6:</b> IMPEACHMENT. Original engrossed copy of the first Andrew Johnson impeachment resolution vote. $120,000 to $180,000.
    <b>Bonhams, Mar. 6:</b> Mucha, Alphonse. 11 original pencil drawings for?<i>Andelicek z Baroku,</i> "Litte Baroque Angel," Prague, 1929. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Einstein, Albert. Annotated Galley Proofs for <i>The Meaning of Relativity.</i> 1921. $25,000 to $35,000.
    <b>Bonhams, Mar. 6:</b> Silverstein, Shel. Original maquette for <i>The Giving Tree,</i> 34 original drawings. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Roth, Philip. Typed Manuscript with substantial autograph corrections for an unpublished sequel to <i>The Breast.</i> $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Taupin, Bernie. Autograph Manuscript, the original draft of lyrics for Elton John's "Candle in the Wind," 2 pp, 1973. $100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> HARVEY, WILLIAM. <i>De Motu Cordis et Sanguinis in Animalibus Anatomica Exercitatio.</i> Padua: 1643. $12,000 to $18,000.
    <b>Bonhams, Mar. 6:</b> CESALPINO, ANDREA. <i>Peripateticarum Quaestionum Libri Quinque.</i> Venice: 1571. $30,000 to $40,000.

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