Rare Book Monthly

Articles - November - 2011 Issue

The Market Recovers - a Bit

Chart red line

A break in the fall or a recovery?

While the market simmers, caught between continuing economic uncertainty and desire for appealing material, auction realizations continue to recover from the lows achieved in April when the market bottomed after a three-year decline.  Since then the market, as reflected in median auction realizations, has signaled recovery.  The news out of Europe, on Main Street and Wall Street in America, is emotion filled and flailing between end-of-the-world and beginning of the next pronouncements but for the rare book business it is increasingly looking like a soft bottom was achieved six months ago.  For collectible works on paper the worst may be over.

There are two caveats.  This success, to some extent, is being achieved at the expense of the ‘percentage of lots sold’ that has weakened as prices, apparently driven by higher reserves, are rising.  Motivated sellers could further weaken this trend if/as they elect to pursue a higher percentage of lots sold.

The market today is still 25% off the high achieved in March 2008.  Should the market bottom have been reached in April it was, at that point, off 27%.  Finally, there appears to be a large volume of material waiting in the wings to be sold.  If the flow of material, into the rooms, increases, prices will face renewed downward pressure.  The market appears to be firming but is thin.

For potential sellers questions abound.  If I sell quickly I can sell some material for better prices but may be left with 40% of the consignment unsold.  If I choose to sell most or all the material my reserves will be lower and some prices therefore lower.  The math probably looks like this:

With higher reserves            60% sells at prices we’ll call 100% 

With medium reserves 75% sells at prices we’ll call 95%

With low reserves 90% sells at prices we’ll call 90%

Rare Book Monthly

  • <b>Swann Auction Galleries, May 12:</b> <i>Westvaco–Inspirations for Printers,</i> 3 volumes, 1938-61. $200 to $300.
    <b>Swann Auction Galleries, May 12:</b> Proef van Letteren, <i>Welk gegooten worden in de Nieuwe Haerlemsche Lettergietery,</i> 1768. $3,000 to $4,000.
    <b>Swann Auction Galleries, May 12:</b> Paul Klee, <i>Bauhaus Ausstellung Juli – Sept.,</i> Weimar, 1923. $4,000 to $6,000.
    <b>Swann Auction Galleries, May 12:</b> Michel Seuphor & Jozef Peeters, <i>Het Overzicht Nos.</i> 22-23-24, Antwerp, 1922. $3,000 to $4,000.
    <b>Swann Auction Galleries, May 12:</b> Wolfrum & Co., <i>Modern Graphik, Serie I…,</i> complete portfolio, 1909. $1,200 to $1,800.
    <b>Swann Auction Galleries, May 12:</b> <i>Gravure et Fonderie deC. Derriey: Specimen-Album,</i> Paris, 1862. $5,000 to $7,500.
  • <b><center>Sotheby’s<br>Science: Books and Manuscripts<br>15-25 May 2021</b>
    <b>Sotheby’s, 15-25 May:</b> Mary Anning. Autograph letter signed, to William Buckland, 24 November 1834. £50,000 to £70,000.
    <b>Sotheby’s, 15-25 May:</b> Bolyai. <i>Scientiam spatii absolute veram exhibens,</i> Maros Vásárhelyi, 1832-1833, 2 volumes, half calf. £50,000 to £70,000.
    <b>Sotheby’s, 15-25 May:</b> Vesalius.<br><i>De humani corporis fabrica,</i> Basel, 1555, modern crushed burgundy morocco. £15,000 to £20,000.
    <b><center>Sotheby’s<br>Science: Books and Manuscripts<br>15-25 May 2021</b>
    <b>Sotheby’s, 15-25 May:</b> Copernicus.<br><i>De revolutionibus orbium coelestium,</i> Nuremberg, 1543, later boards, Rostock duplicate. £70,000 to £100,000.
    <b>Sotheby’s, 15-25 May:</b> Payan-Dumoulin. Profusely illustrated manuscript of fossils, France, c.1875-1979. £15,000 to £20,000.
    <b>Sotheby’s, 15-25 May:</b> Albert Einstein. Autograph letter signed, to his son Albert, 4 November [1915]. £10,000 to £15,000.
  • <center><b>Forum Auctions<br>Images of Angling:<br>The David Beazley Collection<br>of Angling Prints<br>Online Sale<br>20th May 2021</b>
    <b>Forum Auctions, May 20:</b> Alken (Henry), after. Salmon Fishing; Fishing in a Punt; Pike Fishing, three works, 1820. £600 to £800.
    <b>Forum Auctions, May 20:</b> Early Images of Angling.- Hollar (Wenceslaus) Angling; River Fishing; and Salmon Fishing, after Francis Barlow, 3 engravings, [c. 1671]. £500 to £700.
    <b>Forum Auctions, May 20:</b> Rolfe (Henry Leonidas). <i>Studies of Fresh Water Fish,</i> 1851. £500 to £700.
    <center><b>Forum Auctions<br>Images of Angling:<br>The David Beazley Collection<br>of Angling Prints<br>Online Sale<br>20th May 2021</b>
    <b>Forum Auctions, May 20:</b> Morland (George), After. A Party Angling; The Anglers' Repast, a pair, mezzotints, 1789. £400 to £600.
    <b>Forum Auctions, May 20:</b> Pollard (James), After. Bottom Fishing; Anglers Packing Up, etchings with aquatint, 1831. £400 to £600.
    <b>Forum Auctions, May 20:</b> Angling's Age of Romance.- Sayer (Robert, publisher) & J. Bennett. The Angelic Angler, mezzotint, 1781; and another. £300 to £400.
    <center><b>Forum Auctions<br>Images of Angling:<br>The David Beazley Collection<br>of Angling Prints<br>Online Sale<br>20th May 2021</b>
    <b>Forum Auctions, May 20:</b> Fishing Satire.- London.- Roberts (Piercy). Patience at Paddington or angling in the Junction Canal, etching after Woodward, 1807; together with Woodward's 'Angling at Sadler's Wells', and another, 1794. £300 to £400.
    <b>Forum Auctions, May 20:</b> Fishing Satire - Cats Fishing.- Seymour (Robert). Waltonizing or - Green-land Fisherman, [c. 1830s]; together with 3 lithographs of cats fishing, [c. 1830s]. £300 to £400.
    <b>Forum Auctions, May 20:</b> Fishing Portraits.- Zoffany (Johan), After. Master James Sayer, at the age of 13, mezzotint by Richard Houston, 1772. £300 to £400.
    <center><b>Forum Auctions<br>Images of Angling:<br>The David Beazley Collection<br>of Angling Prints<br>Online Sale<br>20th May 2021</b>
    <b>Forum Auctions, May 20:</b> Wilkinson (Norman). Come to Britain for Fishing, lithographic poster, [c. 1947]. £300 to £400.
    <b>Forum Auctions, May 20:</b> Scottish Fishing.- Heath (William). Sporting in the Scottish Isles no. III. Salmon Fishing, 1835; and another. £150 to £200.
    <b>Forum Auctions, May 20:</b> Simpson (Joseph). The Border Angler, drypoint, [c. 1927]. £150 to £200.

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