Rare Book Monthly

Articles - June - 2012 Issue

Trends in Book Auction Prices Updated

Auction-trends-chart

Mild recovery now a year old

AE has updated its “Trends in Book Auction Prices” providing evidence the muted recovery, as measured by median lot realizations, that took hold in March 2009 continues to find traction today.   The median lot value in April was $369, up from the low of $350 made in April 2010 but far below the high of $482 achieved in March 2008.  These results suggest the market will continue to recover at a modest rate for at least another year.

Some distortion in the numbers may be due to more material being diverted into the rooms.  If a dealer’s sales are soft the ready option is always to send expendables into the rooms.  Probably weighing down prices overall is the increasing volume of material on offer.  This past April close to a hundred sales took place.  Five years ago this was an unthinkable number.

At the same time the houses seem to be requiring lower reserves if not estimates.  The business makes money north of 70% and the 12-Month Moving Average of Sell Through is now reflecting a 2% decline from the previous 70%.  The rate of sale is probably the most crucial metric for a house in determining its strategy.

Within these statistics there is another story, the relationship between auction and dealer sales.  We have no hard data on dealer sales but believe that auction hammer prices [to which auction commission must be added] are barely 50% of dealer retails before discounts.

Taken together, this is probably what the recovery in the rare book trade looks like in a world economy that takes its temperature every 24 hours and keeps asking “Am I okay?”

The answer is a qualified yes.

Rare Book Monthly

  • <b>Bonhams, Jun 13 results:</b> Darwin, Charles. <i>On the Origin of Species.</i> Presentation Copy. Sold for $500,075.
    <b>Bonhams, Jun 13 results:</b> Darwin, Charles. Autograph Letter Signed, 3 pp, negotiating the 2nd American edition with Appleton. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Hemingway, Ernest. Autograph Letter Signed, 8 pp, Paris, 1924, to his father discussing Bullfighting, Stories, and his new baby. Sold for $25,075.
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Corialanus.</i> London, 1623. 1st printing [Extracted from the First Folio]. Sold for $50,075.
    <b>Bonhams, Jun 13 results:</b> Swift, Jonathan. <i>Gulliver's Travels.</i> London, 1726. 1st edition, Teerink's A edition, fine, large copy. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Fitzroy, Robert. Autograph Letter Signed to agent Thomas Stilwell, informing him of the progress of H.M.S. Beagle. Sold for $17,575.
    <center><b>Bonhams<br> Property from the Collection of Nicole and William R. Keck II</b>
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Sonnets.</i> 1901. 2 volumes. Printed on vellum and illuminated by Ross Turner, bound by Trautz-Bauzonnet. Sold for $13,825.
    <b>Bonhams, Jun 13 results:</b> Beardsley, Aubrey. <i>The Birth, Life, and Acts of King Arthur.</i> 1893-94. 2 volumes. Contemporary painted vellum gilt by Chivers. Sold for $5,325.
    <b>Bonhams, Jun 13 results:</b> Assisi, St. Francis. <i>The Canticle of Brother Sun.</i> Illuminated on vellum, for the Grolier Society. Sold for $7,575.
    <b>Bonhams, Jun 13 results:</b> Rackham, Arthur. <i>Peter Pan in Kensington Gardens.</i> 1/500 copies signed by Rackham. Sold for $4,825.
    <b>Bonhams, Jun 13 results:</b> Proust, Marcel. <i>Du coté de chez Swann.</i> 1st edition, 1st issue. Inscribed by Proust. Sold for $8,825.
  • <b>Christie’s London, Jul. 9:</b> Pushkin, Alexander. <i>Evgenii Onegin. A novel in verse.</i> A first edition of the most important work in Russian literature in its original parts, 1825–32. £120,000 to £160,000
    <b>Christie’s London, Jul. 9:</b> Gogol, Nikolai. <i>Evenings on a Farm near Dikanka.</i> A rare first edition of Gogol's first masterpiece, 1831–32. £70,000 to £100,000
    <b>Christie’s London, Jul. 9:</b> Darwin, Charles Robert. <i>On the Origin of Species by Means of Natural Selection.</i> First edition, owned and read by two contemporaries of Darwin. London: John Murray, 1859. £140,000 to £200,000
    <b>Christie’s London, Jul. 9:</b> Galilei, Galileo. <i>Sidereus Nuncius.</i> First edition, announcing the first astronomical discoveries made with the telescope. Venice: Tommaso Baglioni, [March] 1610. £300,000 to £500,000
    <b>Christie’s London, Jul. 9:</b> The seal of Wulfric. England, first half 11th century. £70,000 to £100,000
    <b>Christie’s London, Jul. 9:</b> Bible, <i>Ezechiel</i> in Latin. [Northern Italy, 5th century]. £120,000 to £180,000
    <b>Christie’s London, Jul. 9:</b> Blaeu, Jan and Willem Blaeu. <i>Grooten Atlas [Atlas Major]</i>. Amsterdam: Johannes Blaeu, 1664. £450,000 to £650,000
    <b>Christie’s London, Jul. 9:</b> Petites Heures of Charles VIII use of Paris, in Latin. An exquisite Hours illuminated by the Master of the Chronique Scandaleuse. [Paris, 1490s]. £300,000 to £500,000
  • <b>Christie’s Paris:</b> Blaise Cendrars and Fernand Léger, <i>La Fin du monde filmée par l’ange N.-D.,</i> Paris, Editions de la Sirène, 1919
    <b>Christie’s Paris:</b> André Breton, <i>Second manifeste du Surréalisme,</i> Paris, Editions Kra, 1930
    <b>Christie’s Paris:</b> Paul Eluard and Pablo Picasso, <i>La Barre d’appui,</i> Paris, Editions « Cahiers d’Art », 1936
    <b>Christie’s Paris:</b> Blaise Cendrars and Fernand Léger, <i>La Fin du monde filmée par l’ange N.-D.,</i> Paris, Editions de la Sirène, 1919
    <b>Christie’s Paris:</b> Hans Bellmer, <i>Die Puppe,</i> Paris, G.L.M., 1936
    <b>Christie’s Paris:</b> Salvador Dali, <i>La femme visible,</i> Paris, Editions Surréalistes, 1930
  • <b>Swann Auction Galleries:</b> Ian Fleming, <i>Goldfinger,</i> first edition, inscribed to Sir Henry Cotton, MBE, London, 1959. Sold for $25,000.
    <b>Swann Auction Galleries:</b> Joseph Brant, Mohawk Chief, ALS, writing after pledging support to King George III against American rebels, 1776. Sold for a record $35,000.
    <b>Swann Auction Galleries:</b> Sonia Delaunay, <i>Ses Peintures</i> . . ., 20 pochoir plates, Paris, 1925. Sold for a record $13,750.
    <b>Swann Auction Galleries:</b> Diana, Princess of Wales, 6 autograph letters signed to British <i>Vogue</i> editor, 1989-92. Sold for $10,400.
    <b>Swann Auction Galleries:</b> Alexander Hamilton, ALS, as Secretary of the Treasury covering costs of the new U.S. Mint, 1793. Sold for $12,500.
    <b>Swann Auction Galleries:</b> Benjamin Graham & David L. Dodd, <i>Security Analysis,</i> first edition, inscribed by Graham to a Wall Street trader, NY, 1934. Sold for $20,000.
    <b>Swann Auction Galleries:</b> George Barbier & François-Louis Schmied, <i>Personnages de Comédie,</i> Paris, 1922. Sold for $9,375.
    <b>Swann Auction Galleries:</b> Alphonse Mucha, <i>Ilsée, Princesse de Tripoli,</i> Paris, 1897. Sold for a record $13,000.
    <b>Swann Auction Galleries:</b> Ralph Waldo Emerson, <i>The Dial,</i> first edition of the reconstituted issue, Emerson’s copy with inscriptions, Cincinnati, 1860. Sold for a record $3,250.

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