Freeman’s, June 30. Thomas Jefferson’s “Birth of the New Nation” letter, carried to Paris with the Treaty of Peace, by a Jewish patriot. $100,000-200,000.
Freeman’s, June 30. “The rockets’ red glare.” A British midshipman’s log recording the bombardment of Fort McHenry. $60,000-80,000.
Freeman’s, June 30. The Critical Promotion of a Naval Hero, Oliver Hazard Perry Commission signed by James Madison, 1812. $40,000-60,000.
Freeman’s, June 30. Born in the USA: First Day of Printing in the United States, July 4, 1776. $15,000-25,000.
Freeman’s, June 30. One of the Earliest Printed Announcements of American Independence, in the Exceedingly Rare Original Wrappers, 1776. $10,000-15,000.
Freeman’s, June 30. "The Two Big Guns of the N.Y. Yanks": A Striking Type 1 Press Photograph of Lou Gehrig's Hands. $8,000-12,000.
Freeman’s, June 30. A Unique Contemporary Manuscript Account of Joseph Smith's Final Words to His Followers, the Day Before his Violent Death. $8,000-12,000.
Freeman’s, June 30. The State of Minnesota Officially Certifies the Fourteenth Amendment to the Constitution Of the United States. $8,000-12,000.
Freeman’s, June 30. Extraordinarily Large Manuscript Petition Signed by a Who's Who of Colonial New York to Queen Anne from the Colony of New York. $8,000-12,000.
Freeman’s, June 30. Mickey Mantle's First Cover: The Earliest Front-Page Newspaper Image of Mickey Mantle, "Something Good from Joplin". $8,000-12,000.
Freeman’s, June 30. A Call to Arms in the Months Following the Declaration of Independence: An Early Continental Army Recruitment Poster. $6,000-9,000.
Freeman’s, June 30. Samuel Jones, the Statesman Behind the Newly Discovered "Jones Declaration": His Annotated Set Used in His Working Law Library. $6,000-9,000.
Sotheby's Book Week 2 June - 9 July
Sotheby’s, June 25: Smith, Adam. The Wealth of Nations, on its 250th anniversary. $180,000 to $250,000.
Sotheby’s, June 17: Fontana, Lucio. Concetto Spaziale. 1967. Leporello en papier doré. Bel exemplaire signé. €4,000 to $€,000.
Sotheby’s, June 25: Fitzgerald, F. Scott. "So we beat on, boats against the current, borne back ceaselessly into the past”. $150,000 to $200,000.
Sotheby’s, June 25: Washington, George (as First President). Washington decries “an ostentatious imitation, or mimickry of Royalty” in his Presidency. $250,000 to $500,000.
Sotheby’s, June 17: Lope de Vega. Rare manuscrit autographe signé de la préface dédicatoire de "El Cardenal de Belen" (le cardinal de Bethléem), pièce composée en 1610. €40,000 to €60,000.
June 23rd, 24th & 25th 2026
Fonsie Mealy’s, June 23-25: Medical Incunabula: Petit (Jean)publisher & Kerver (Thielman)printer. Regimen Sanitatis Salernitanum, sm. 8vo, Paris [1498]
Fonsie Mealy’s, June 23-25: Hugo (Victor) [Wraxall (Lascelles)]. Les Miserable, 3 vols., 8vo, L. (Hurst & Blackett) 1862, First Authorized English Translation (copyright).
Fonsie Mealy’s, June 23-25: Shelley (Mary Wollstonecraft). Frankenstein: or The Modern Prometheus, 8vo, 2 vols. in one, L. (G. & W.B. Whittaker, Ave-Maria-Lane) 1823.
June 23rd, 24th & 25th 2026
Fonsie Mealy’s, June 23-25: Cuisine: Anon. Cookery, Pastry, and Sweet Meats in three Books, Alphabetically Digested, 8vo 1710.
Fonsie Mealy’s, June 23-25: Lambert (Aylmer Bourke). A Description of the Genus Pinus, with Directions Relative to the Cultivation…, 2 vols. Sm. folio L. (Messrs. Weddell) 1832.
Fonsie Mealy’s, June 23-25: Botany: Curtis (William). Flora Londinensis: or Plates and Descriptions of such Plants as Grow Wild in the Environs of London, 2 vols. folio, London (B. White) 1777 – 1798.
June 23rd, 24th & 25th 2026
Fonsie Mealy’s, June 23-25: Le Moire (J.M.) Maple Leaves, Canadian History and Quebec Scenery (Third Series) 8vo Quebec (Hunter, Rose & Co.) 1865. First Edn.
Fonsie Mealy’s, June 23-25: The Earliest Extant Printed House Contents Sale Catalogue in Ireland: Baillie, Auctioneer, Abby Street. A Catalogue of the Goods and Stock of the late Edward Wingfield…
Fonsie Mealy’s, June 23-25: William III King of England. Autograph Letter Signed ("William R") to an unnamed correspondent [possibly Charles-Henri de Lorraine] discussing his strategy against the French forces during the siege of Namur.
June 23rd, 24th & 25th 2026
Fonsie Mealy’s, June 23-25: [Austen (Jane) (1785-1817]. Pride and Prejudice, 3 vols. sm. 8vo, L. (T. Egerton) 1813.
Fonsie Mealy’s, June 23-25: Heaney (Seamus). Ugolino, sm. folio D. (Dolmen) 1979, Limited Edn. No. 78/125 Copies, Signed by Seamus Heaney, Louis le Brocquy, Liam Miller and Andrew Carpenter.
Fonsie Mealy’s, June 23-25: Voltaire (F.M. Avouet de). Petits Ouvrages, attribues a M. de Voltaire, sm. folio manuscript, dated 1776, containing 9 works.
Bonhams, June 14-23: Franklin D. Roosevelt Presentation Gold Pocket Watch. Estimate: $20,000 - 30,000
Bonhams, June 14-23: Presentation Copy of the First Issue of the Lincoln Douglas Debates Signed by Abraham Lincoln in Pencil to a Sangamon County Illinois Republican. Estimate: $150,000 - 250,000
Bonhams, June 14-23: A Senate Resolution Signed in the Tense Days After the Union's Humiliating Defeat at the First Battle of Bull Run. Estimate: $80,000 - $120,000
Bonhams, June 14-23: Seven Passages to a Flight, an Artists Book with a Story Quilt by Faith Ringgold, the Publisher's Own Copy. Estimate: $80,000 - 120,000
Bonhams, June 14-23: A New Charter for Virginia, A Response to the First Armed Rebellion in the American Colonies. Estimate: $15,000 - 25,000
Bonhams, June 14-23: Earliest obtainable printing of the Bill of Rights. Estimate: $8,000 - 12,000
Bonhams, June 14-23: Edward Curtis Orotone. Estimate: $7,000 - 9,000
Bonhams, June 14-23: Owned by Jacqueline Kennedy Onassis: A Butter or Dessert Plate from FDR's State Dinner Service. Estimate: $3,000 - 5,000
Bonhams, June 14-23: An Early Large-Format Plan of the City of Washington. Estimate: $1,500 - 2,500
Bonhams, June 14-23: Containing the First Map to Name the Hudson River. Estimate: $20,000 - 30,000
Bonhams, June 14-23: America's First Major Novelist, a Complete Chapter in Autograph Manuscript by James Fenimore Cooper. Estimate: $15,000 - 20,000
Bonhams, June 14-23: The Only Full-Length Book by Jefferson, with the Justly Famous Map. Estimate: $12,000 - 18,000
Emotionally Satisfying Investments: Works on Paper
- by Bruce E. McKinney
Books, manuscripts, maps and ephemera: a steep drop in prices on an inflation adjusted basis
As to why ILAB would take this position there are three possible reasons –
[1] They recognize the market has declined and wish to avoid disputes with future collectors who buy from ILAB members believing their purchases are investments and later find out they were not.
[2] Historically dealers have bought back material that was sold by the trade. In suggesting that books, apparently irrespective of value, are baubles rather than gems, they set the stage for declining to buy back material at anything but a steep discount.
[3] Or Mr. Gerits may view the current economic environment as one that requires a restatement of the financial prospects for future collectors because circumstances may be radically different. For decades it has been possible to buy, own and resell ten to 25 years later and achieve a positive financial outcome. Mr. Gerits seems to be suggesting collectors ought not have this expectation.
To test this I used the Americana Exchange Database of 3.2 million records to create charts showing year-by year-changes in median values, adjusted for inflation, from 1914 to the present, to see if the financial underpinnings of collecting are changing. Click on the image on this page,
In looking at these charts I can see why the president of ILAB would not call rare books an investment. We are currently in the deepest decline in collectible book prices in a hundred years. Close up, looking at online listings and material posted at auction it doesn’t feel so bad but from a distance it doesn’t look good. Prices have gone up and down over the decades but books have usually maintained parity with other things. During the depression, the second worst downturn for books in the past one hundred years, prices were down for almost all forms of assets and books suffered correspondingly and in time recovered correspondingly. Recently, in what we now see is a far worse downturn in book valuation, books are uniquely suffering. They are dropping relative to other things, the drop is substantial and the prospect unlikely for this trend to reverse anytime soon. We know this because auction realizations are coming down, not because dealers are necessarily lowering prices. If dealer prices do not adjust Mr. Gerits’ admonition is well taken.
Old World Auctions (June 17): Lot 123. Celebrate 250 Years of Independence with Original Stars and Stripes (1790) Est. $1,400 - $1,700
Old World Auctions (June 17): Lot 20. Keulen's Spectacular Chart of the World Featuring California as an Island (1728) Est. $12,000 - $15,000
Old World Auctions (June 17): Lot 42. Schedel's Ancient World Map with Fantastic Humanoid Creatures (1493) Est. $14,000 - $17,000
Old World Auctions (June 17): Lot 591. Matching Set of 3 Stunning Globe Gores of Eastern Asia from Coronelli's 3.5 Foot Globe (1688) Est. $5,500 - $7,000
Old World Auctions (June 17): Lot 9. Speed's Popular World Map with Allegorical Representations of the Elements (1651) Est. $14,000 - $17,000
Old World Auctions (June 17): Lot 168. First Separate Map of Kansas & Nebraska Territories (1854) Est. $5,500 - $7,000
Old World Auctions (June 17): Lot 43. Only Macrobius Map with Britain Attached to Europe (1515) Est. $800 - $950
Old World Auctions (June 17): Lot 250. Rare Map of Boston and One of the Earliest Maps of the Revolutionary War (1775) Est. $2,000 - $2,300
Old World Auctions (June 17): Lot 79. Schenk's Uncommon Map Featuring Two Figurative Title Cartouches (1696) Est. $1,200 - $1,500
Old World Auctions (June 17): Lot 681. Hand-Colored Image of the Annunciation to the Shepherds (1502) Est. $800 - $950
June 25, 2026
Doyle, June 25: Houdini's biography, boldly signed. $3,000 to $5,000.
Doyle, June 25: A volume from Abraham Lincoln's library, signed just before heading to Washington for his inauguration. $20,000 to $30,000.
Doyle, June 25: A very early Confederate recruiting manual belonging to the chief commissary in Lee's Army. $600 to $800.
Doyle, June 25: Rare hand-colored lithographs of the life of Napoleon. $20,000 to $30,000.
Doyle, June 25: The "Holster Atlas" of the American Revolution. $5,000 to $8,000.
Doyle, June 25: Jewish ceremonies in fine hand-colored engravings. $7,000 to $10,000.
Doyle, June 25: A very rare work on Turkish military costume. $1,000 to $1,500.
June 25, 2026
Doyle, June 25: The most important illustrated work on the Mexican-American War. $10,000 to $15,000.
Doyle, June 25: The finest illustrated book on Afghanistan. $10,000 to $15,000.
Doyle, June 25: Henry Justice Ford St. George rescues the Princess from the horrible Dragon. $2,000 to $3,000.
Doyle, June 25: A rare work of Prussian Army uniforms under Frederick William II, with exquisite hand-colored engravings. $800 to $1,200.
Doyle, June 25: Lenny Bruce typed letter signed to a Village bohemian during his obscenity trials, with a manuscript note and drawing. $300 to $500.
Doyle, June 25: Schiff's scarce Shanghai Sketchbook. $300 to $500.
Doyle, June 25: The first accurate published representation of the American flag. $2,000 to $4,000.
Bonhams, June 14-23: Palm-reading, astrology, and more. Estimate: $2,000 - 3,000
Bonhams, June 14-23: Benjamin Franklin. Sammelband of 45 papers on electricity. Estimate: $8,000 - 12,000
Bonhams, June 14-23: The basis for the whole modern electric-power industry. Estimate: $4,000 - 6,000
Bonhams, June 14-23: Edgar Allen Poe. Poe on Mesmerism. Estimate: $2,500 - 3,500
Bonhams, June 14-23: Reformation - The Architect of Lutheranism on Church Unity and Dissent. Estimate: $100,000 - 150,000
Bonhams, June 14-23: The Rare 3-Paper Offprint Identifying the Double Helix Structure of DNA, Signed by Crick, Wilkins, Wilson, Stokes and Gosling. Estimate: $40,000 - 60,000
Bonhams, June 14-23: Autograph book and Report from the Thirtieth Indian National Congress, featuring the signatures of Mahatma Gandhi, Rabindranath Tagore, and Dadabhai Naoroji. Estimate: $6,000 - 8,000
Bonhams, June 14-23: An Illustrated Miniature Hebrew Prayerbook Manuscript. Estimate: $30,000 - 50,000
Bonhams, June 14-23: Autograph Working Draft of Arthur Conan Doyle's The Death Voyage. Estimate: $30,000 - 50,000
Bonhams, June 14-23: "Perhaps the most celebrated and most beautiful herbal ever published." Estimate: $15,000 - 20,000
Bonhams, June 14-23: Izaak Walton. The Compleat Angler or the Contemplative man's Recreation. Being a Discourse of Fish and Fishing. Estimate: $12,000 - 18,000
Bonhams, June 14-23: A rare product of the Jaquard loom. Estimate: $8,000 - 12,000
