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%
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 156: Cornelis de Jode, Americae pars Borealis, double-page engraved map of North America, Antwerp, 1593.
Swann, Dec. 9: Lot 206: John and Alexander Walker, Map of the United States, London and Liverpool, 1827.
Swann, Dec. 9: Lot 223: Abraham Ortelius, Typus Orbis Terrarum, hand-colored double-page engraved world map, Antwerp, 1575.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 233: Aaron Arrowsmith, Chart of the World, oversize engraved map on 8 sheets, London, 1790 (circa 1800).
Swann, Dec. 9: Lot 239: Fielding Lucas, A General Atlas, 81 engraved maps and diagrams, Baltimore, 1823.
Swann, Dec. 9: Lot 240: Anthony Finley, A New American Atlas, 15 maps engraved by james hamilton young on 14 double-page sheets, Philadelphia, 1826.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 263: John Bachmann, Panorama of the Seat of War, portfolio of 4 double-page chromolithographed panoramic maps, New York, 1861.
Swann, Dec. 9: Lot 265: Sebastian Münster, Cosmographei, Basel: Sebastian Henricpetri, 1558.
Swann, Dec. 9: Lot 271: Abraham Ortelius, Epitome Theatri Orteliani, Antwerp: Johann Baptist Vrients, 1601.
Swann Maps & Atlases, Natural History & Color Plate Books December 9, 2025
Swann, Dec. 9: Lot 283: Joris van Spilbergen, Speculum Orientalis Occidentalisque Indiae, Leiden: Nicolaus van Geelkercken for Jodocus Hondius, 1619.
Swann, Dec. 9: Lot 285: Levinus Hulsius, Achtzehender Theil der Newen Welt, 14 engraved folding maps, Frankfurt: Johann Frederick Weiss, 1623.
Swann, Dec. 9: Lot 341: John James Audubon, Carolina Parrot, Plate 26, London, 1827.
SD Scandinavian Art & Rare Book Auctions The Odfjell Collection Polar – History – Ornithology – Colour Plate Books Ending December 4th
Scandinavian Art & Rare Books Auctions, Dec. 4: ROALD AMUNDSEN: «Sydpolen» [ The South Pole] 1912. First edition in jackets and publisher's slip case.
Scandinavian Art & Rare Books Auctions, Dec. 4: AMUNDSEN & NANSEN: «Fram over Polhavet» [Farthest North] 1897. AMUNDSEN's COPY!
Scandinavian Art & Rare Books Auctions, Dec. 4: ERNEST SHACKLETON [ed.]: «Aurora Australis» 1908. First edition. The NORWAY COPY.
Scandinavian Art & Rare Books Auctions, Dec. 4: ERNEST SHACKLETON: «The heart of the Antarctic» + SUPPLEMENT «The Antarctic Book», 1909.
Scandinavian Art & Rare Books Auctions, Dec. 4: SHACKLETON, BERNACCHI, CHERRY-GARRARD [ed.]: «The South Polar Times» I-III, 1902-1911.
SD Scandinavian Art & Rare Book Auctions The Odfjell Collection Polar – History – Ornithology – Colour Plate Books Ending December 4th
Scandinavian Art & Rare Books Auctions, Dec. 4: [WILLEM BARENTSZ & HENRY HUDSON] - SAEGHMAN: «Verhael van de vier eerste schip-vaerden […]», 1663.
Scandinavian Art & Rare Books Auctions, Dec. 4: TERRA NOVA EXPEDITION | LIEUTENANT HENRY ROBERTSON BOWERS: «At the South Pole.», Gelatin Silver Print. [10¾ x 15in. (27.2 x 38.1cm.) ].
Scandinavian Art & Rare Books Auctions, Dec. 4: ELEAZAR ALBIN: «A natural History of Birds.» + «A Supplement», 1738-40. Wonderful coloured plates.
Scandinavian Art & Rare Books Auctions, Dec. 4: PAUL GAIMARD: «Voyage de la Commision scientific du Nord, en Scandinavie, […]», c. 1842-46. ONLY HAND COLOURED COPY KNOWN WITH TWO ORIGINAL PAINTINGS BY BIARD.
Scandinavian Art & Rare Books Auctions, Dec. 4: JAMES JOYCE: «Ulysses», 1922. FIRST EDITION IN ORIGINAL WRAPPERS.
Sotheby’s Book Week December 9-17, 2025
Sotheby’s, Dec. 11: Darwin and Wallace. On the Tendency of Species to form Varieties..., [in:] Journal of the Proceedings of the Linnean Society, Vol. III, No. 9., 1858, Darwin announces the theory of natural selection. £100,000 to £150,000.
Sotheby’s, Dec. 11: J.K. Rowling. Harry Potter and the Philosopher's Stone, 1997, first edition, hardback issue, inscribed by the author pre-publication. £100,000 to £150,000.
Sotheby’s, Dec. 11: Wolfgang Amadeus Mozart. Autograph sketchleaf including a probable draft for the E flat Piano Quartet, K.493, 1786. £150,000 to £200,000.
Sotheby’s, Dec. 12: Hooke, Robert. Micrographia: or some Physiological Descriptions of Minute Bodies made by Magnifying Glasses. London: James Allestry for the Royal Society, 1667. $12,000 to $15,000.
Sotheby’s, Dec. 12: Chappuzeau, Samuel. The history of jewels, first edition in English. London: T.N. for Hobart Kemp, 1671. $12,000 to $18,000.
Sotheby’s, Dec. 12: Sowerby, James. Exotic Mineralogy, containing his most realistic mineral depictions, London: Benjamin Meredith, 1811, Arding and Merrett, 1817. $5,000 to $7,000.
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> ROALD AMUNDSEN: «Sydpolen» [ The South Pole] 1912. First edition in jackets and publisher's slip case.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/0a99416d-9c0f-4fa3-afdd-7532ca8a2b2c.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> ROALD AMUNDSEN: «Sydpolen» [ The South Pole] 1912. First edition in jackets and publisher's slip case.")
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> AMUNDSEN & NANSEN: «Fram over Polhavet» [Farthest North] 1897. AMUNDSEN's COPY!](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/a077b4a5-0477-4c47-9847-0158cf045843.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> AMUNDSEN & NANSEN: «Fram over Polhavet» [Farthest North] 1897. AMUNDSEN's COPY!")
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> ERNEST SHACKLETON [ed.]: «Aurora Australis» 1908. First edition. The NORWAY COPY.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/6363a735-e622-4d0a-852e-07cef58eccbe.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> ERNEST SHACKLETON [ed.]: «Aurora Australis» 1908. First edition. The NORWAY COPY.")
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> SHACKLETON, BERNACCHI, CHERRY-GARRARD [ed.]: «The South Polar Times» I-III, 1902-1911.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/3ee16d5b-a2ec-4c03-aeb6-aa3fcfec3a5e.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> SHACKLETON, BERNACCHI, CHERRY-GARRARD [ed.]: «The South Polar Times» I-III, 1902-1911.")
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> [WILLEM BARENTSZ & HENRY HUDSON] - SAEGHMAN: «Verhael van de vier eerste schip-vaerden […]», 1663.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/d5f50485-7faa-423f-af0c-803b964dd2ba.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> [WILLEM BARENTSZ & HENRY HUDSON] - SAEGHMAN: «Verhael van de vier eerste schip-vaerden […]», 1663.")
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> TERRA NOVA EXPEDITION | LIEUTENANT HENRY ROBERTSON BOWERS: «At the South Pole.», Gelatin Silver Print. [10¾ x 15in. (27.2 x 38.1cm.) ].](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/fb024365-7d7a-4510-9859-9d26b5c266cf.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> TERRA NOVA EXPEDITION | LIEUTENANT HENRY ROBERTSON BOWERS: «At the South Pole.», Gelatin Silver Print. [10¾ x 15in. (27.2 x 38.1cm.) ].")
![<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> PAUL GAIMARD: «Voyage de la Commision scientific du Nord, en Scandinavie, […]», c. 1842-46. ONLY HAND COLOURED COPY KNOWN WITH TWO ORIGINAL PAINTINGS BY BIARD.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/a7c0eda0-9d8b-43ac-a504-58923308d5a4.jpg "<b>Scandinavian Art & Rare Books Auctions, Dec. 4:</b> PAUL GAIMARD: «Voyage de la Commision scientific du Nord, en Scandinavie, […]», c. 1842-46. ONLY HAND COLOURED COPY KNOWN WITH TWO ORIGINAL PAINTINGS BY BIARD.")
![<b>Sotheby’s, Dec. 11:</b> Darwin and Wallace. On the Tendency of Species to form Varieties..., [in:] <i>Journal of the Proceedings of the Linnean Society,</i> Vol. III, No. 9., 1858, Darwin announces the theory of natural selection. £100,000 to £150,000.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/00d5fd41-2542-4a80-b119-4886d4b9925f.png "<b>Sotheby’s, Dec. 11:</b> Darwin and Wallace. On the Tendency of Species to form Varieties..., [in:] <i>Journal of the Proceedings of the Linnean Society,</i> Vol. III, No. 9., 1858, Darwin announces the theory of natural selection. £100,000 to £150,000.")
