As to the unindicted co-conspirator, the Internet listing sites that are transforming collecting, Peter Luke, the Albany dealer offered, the volume isn’t always a bad thing. The not-so-long-ago unobtainable can now occasionally be found. “It makes the search more exciting.”
Among the dealers there seemed agreement that prices move both ways although I neither sought nor found any consensus on how this works. I have seen dealers reducing some prices but for most things they may come down only by discussion. That leaves it to the buyer to ask for price justification and I know, from discussions with book buyers that the majority is uncomfortable to negotiate. That isn’t a good thing in a period of declining prices because the would-be buyer may simply move on without a purchase or discussion.
I also asked all for their sense of the future. Those on the information side seem relaxed, if harried, by the billowing demands for help with “where do I look.” On the collector and collectible side it’s more complex. Fair value is a moving target, the rare, unusual and important moving up and the more common and the unappreciated, coming down. For years an underlying assumption was that even if one overpaid, in time the price would rise and make the purchase ‘right.’ Today everyone on the ‘object side’ knows the world has changed. Prices, for some material, are definitely coming down, a reality more daunting for dealers than collectors because collectors have two hundred items and dealers ten thousand and more. For collectors the short-term answer is increasingly: buy at auction. For dealers the challenge is to somehow reflect the declining fundamentals in the broader market so to remain competitive with auctions. Today auction realizations, with some notable exceptions, are barely running half of what listed prices suggest.
That answer is for another day. After all, the discussion and dinner was only three hours.
Bonhams, Dec. 8-18: Autograph Letter Signed ("Martinus Luther") to His Friend the Theologian Gerhard Wiskamp ("Gerardo Xantho Lampadario"). $100,000 - $150,000.
Bonhams, Dec. 8-18: An Exceptionally Fine Copy of Austenís Emma: A Novel in Three Volumes. $40,000 - $60,000.
Bonhams, Dec. 8-18: Presentation Copy of Ernest Hemmingwayís A Farewell to Arms for Edward Titus of the Black Mankin Press. $30,000 - $50,000.
Bonhams, Dec. 8-18: Autograph Manuscript Signed Integrally for "The Songs of Pooh," by Alan Alexander. $30,000 - $50,000.
Bonhams, Dec. 8-18: Autograph Manuscript of "Three Fragments from Gˆtterd‰mmerung" by Richard Wagner. $30,000 - $50,000.
Bonhams, Dec. 8-18: Original Preliminary Artwork, for the First Edition of Snow Crash. $20,000 - $30,000.
Bonhams, Dec. 8-18: Autograph Letter Signed ("T.R. Malthus") to Economist Nassau Senior on Wealth, Labor and Adam Smith. $20,000 - $30,000.
Bonhams, Dec. 8-18: History of the Peloponnesian War by Thucydides Finely Bound by Michael Wilcox. $20,000 - $30,000.
Bonhams, Dec. 8-18: First Edition of Lewis and Clark: Travels to the Source of the Missouri River and Across the American Continent to the Pacific Ocean. $8,000 - $12,000.
Bonhams, Dec. 8-18: Original Artwork for the First Edition of Neal Stephenson's Groundbreaking Novel Snow Crash. $100,000 - $150,000.
Bonhams, Dec. 8-18: A Complete Set Signed Deluxe Editions of King's The Dark Tower Series by Stephen King. $8,000 - $12,000.
Bonhams, Dec. 8-18: Autograph Letter Signed ("John Adams") to James Le Ray de Chaumont During the Crucial Years of the Revolutionary War. $8,000 - $12,000.
Sotheby’s Book Week December 9-17, 2025
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.
Heritage Auctions Rare Books Signature Auction December 15, 2025
Heritage, Dec. 15: John Donne. Poems, By J. D. With Elegies on the Author's Death. London: M[iles]. F[lesher]. for John Marriot, 1633.
Heritage, Dec. 15: Edgar Rice Burroughs. Tarzan of the Apes.
Heritage, Dec. 15: F. Scott Fitzgerald. Tender is the Night. A Romance.
Heritage, Dec. 15: Jerry Thomas. How to Mix Drinks, or the Bon-Vivant's Companion, Containing Clear and Reliable Directions for Mixing All the Beverages Used in the United States…
![<b>Heritage, Dec. 15:</b> John Donne. <i>Poems, By J. D. With Elegies on the Author's Death.</i> London: M[iles]. F[lesher]. for John Marriot, 1633.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/8caddaea-4c1f-47a7-9455-62f53af36e3f.jpg "<b>Heritage, Dec. 15:</b> John Donne. <i>Poems, By J. D. With Elegies on the Author's Death.</i> London: M[iles]. F[lesher]. for John Marriot, 1633.")
