Emotionally Satisfying Investments: Works on Paper
- by Bruce E. McKinney
If dealers acquire a hundred books, they make their money on six and shelve the rest. The remainder is in most cases going to lose value. Many dealers understand this and are reducing prices to reflect what they see online. This helps but few expect this inventory to change hands soon. There is simply too much of it and more are posted every day. It seems likely this imbalance will not be resolved until prices drop enough to induce buyers to step in. Until then the market will have a sell-side bias.
One way to reduce inventory risk is to emphasize more valuable material and many dealers are doing this. But given that dealers may hold inventory for five or ten years, the possibility for protracted decline, even among the materials thought to be strong, represents significant risk. The response of some: shorten inventory. It makes sense, but if practiced widely wipes out the sell-back-to-dealers strategy that has sustained the market for lower value collectible books for three generations. There may simply be too much risk to pay much anymore.
We do know something about why the market is weakening.
[1] We have never experienced the surplus of material we are seeing today. The listing sites are packed and more material, stored for decades, stuffed into attics and basements, is coming out. It turns out that belief in the value of books is an old and widely held idea. No one threw books away and now they are here to haunt us.
[2] The content of many old books is now on line in Google Books. Did you want the book or its content? If its the content its much easier [and free] to run full text searches on line. You can of course then try to locate a copy but more often than not Google Books seems to answer questions and dampen interest in actual copies.
Koller, Mar. 25: KAFKA, FRANZ, SCHRIFTSTELLER. Eigenh. Brief mit Unterschrift. Prag, 20. Oktober [19]15. CHF 30,000-40,000.
Koller, Mar. 25: EINSTEIN, ALBERT. Zwei eigenhändige Briefe an Ernst Gabor Straus, unterschrieben "A.E" bzw. "A. Einstein". [Princeton], [19]45. und [1950]. CHF 30,000-40,000.
Koller, Mar. 25: HORTENSE DE BEAUHARNAIS, MUTTER VON NAPOLEON III. Album aus ihrem Besitz mit 69 Aquarellen und Pinselzeichnungen in Sepia oder Grau… CHF 14,000-18,000.
Koller, Mar. 25: ZOOLOGIE - ORNITHOLOGIE - Seligmann, Johann Michael. Verzameling van uitlandsche en zeldzaame Vogelen. Teile 1-8 (von 9) in 2 Bänden. Mit 421 prächtig altkolorierten Kupfertafeln. CHF 14,000-20,000
Koller, Mar. 25: BOTANIK - Berlèse, Lorenzo und Johann Jakob Jung. Iconographie du genre camellia... 3 Bände. Mit 300 Farbstichtafeln "a la poupée.” Paris, [1839-]1841-1843. CHF 12,000-18,000.
Forum Auctions Natural History: The remaining stock of Antiquariaat Junk, 1899-2026 25 March 2026
Forum, Mar. 25: Botany.- Andrews (H.C.) Coloured Engravings of Heaths, 4 vol. in 2, first edition, [1710,--94]-1802-1809-[1830]. £10,000 - £15,000.
Forum, Mar. 25: Butterflies.- Cramer (Pierre) and Caspar Stoll. De Uitlandsche Kapellen voorkomende in de drie Waereld-Deelen…,, 5 vol., Amsterdam & Utrecht, 1779-91. £8,000 - £12,000.
Forum, Mar. 25: Voyages.- Darwin (Charles) and others. Narrative of the Surveying Voyages of His Majesty's Ships Adventure and Beagle, 3 vol. in 4, including Appendix to vol.2, first edition, 1839. £8,000 - £12,000.
Forum, Mar. 25: Butterflies.- de Graaf (Willem Diederik Vincent). [Inlandsche Kapellen in beeld], 170 fine original watercolours, [Enkhuizen], [1800-40]. £8,000 - £12,000.
Forum Auctions Natural History: The remaining stock of Antiquariaat Junk, 1899-2026 25 March 2026
Forum, Mar. 25: Birds.- Dresser (Henry Eeles). A History of the Birds of Europe, 9 vol., including supplement, first edition, by the author, 1871-96. £6,000 - £8,000.
Forum, Mar. 25: Zoology.- Felines.- Elliot (Daniel Giraud). A Monograph of the Felidæ or Family of the Cats, first edition, for the Subscribers, by the Author, [1878]-1883. £25,000 - £30,000.
Forum, Mar. 25: Birds.- Frisch (Johann Leonard). Vorstellung der Vögel Deutschlandes, 2 vol., first edition, Berlin, Friedr. Wilhelm Birnsteil, [1736]-1763. £40,000 - £60,000.
Forum, Mar. 25: Birds.- Gould (John). The Birds of Great Britain, 5 vol., first edition, by the author, 1862-1873. £30,000 - £40,000.
Forum Auctions Natural History: The remaining stock of Antiquariaat Junk, 1899-2026 25 March 2026
Forum, Mar. 25: Pomology.- France.- Poiteau (A.) Pomologie Française. Recueil des Plus Beaux Fruits cultivés en France, 4 vol., Paris, 1846. £30,000 - £40,000.
Forum, Mar. 25: Botany.- [Robin (Jean)]. Histoire des Plantes, nouvellement trouvées en l'Isle Virgine…,, 1620; with Geoffrey Linocier L'Histoire des plantes, second edition, 1619-20. £3,000 - £4,000.
Forum, Mar. 25: Asia.- Japan.- Siebold (P.F. von). Nippon. Archiv zur Beschreibung von Japan, 7 parts in 6 vol., first edition, Leyden, [1832]-1852. £35,000 - £45,000.
Forum, Mar. 25: Asia.- Valentijn (Francois). Oud en Nieuw Oost-Indiën..., 5 vol. in 8, first edition, Dordrecht [&] Amsterdam, 1724-26. £8,000 - £12,000.
Forum, Mar. 25: Botany.- Australia.- Redouté (P.J.).- Ventenat (Étienne Pierre). Jardin de la Malmaison, 2 vol.,, Paris, 1803-04[-05]. £30,000 - £40,000.
![<b>Forum, Mar. 25:</b> Botany.- [Robin (Jean)]. <i>Histoire des Plantes, nouv...](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/9a2a2dbe-8edf-4091-9a08-800f7aba747e.jpg "<b>Forum, Mar. 25:</b> Botany.- [Robin (Jean)]. <i>Histoire des Plantes, nouvellement trouvées en l'Isle Virgine…,</i>, 1620; with Geoffrey Linocier <i>L'Histoire des plantes,</i> second edition, 1619-20. £3,000 - £4,000.")
