Rare Book Monthly

Articles - July - 2012 Issue

A Case for Buying from Dealers

L-5 jersey city and albany railway, 1875

A prospectus for the Jersey City and Albany Railway 1875

Buying books, manuscripts, maps and ephemera is no great task.  There are millions of items available today.  Finding material that is highly relevant to a collecting strategy and requiring that price roughly equal value is oh so much more difficult, buying from dealers who most often have such material  - at prices that provide a reasonable chance to someday sell for a profit  - even more of a challenge.
  

Locating common material is often easy and does not require the help of knowledgeable dealers.  For run-of-the-mill rarities listing sites and eBay provide thousands of opportunities.  Learning to differentiate between common and uncommon rarities and to sort them by relevance to your collecting focus however is an art learned slowly.  As a collector I’m focused on material relating to the Hudson Valley, in particular to people, places and things on both sides of the Hudson River between New York and Albany, an at once difficult to collect subject and also the subject of thousands, invariably tens of thousands of items.  Finding the right material is the challenge and experienced dealer perspective very useful.

For help I turned recently to two dealers, Bill Reese and Peter Luke, who routinely encounter the material I want.  Bill is of course the New Haven dealer and leader in the Americana field in the United States.  Peter, doing business as Peter Luke Antiques, Ephemera, Old and Rare Books, is a long experienced, deeply knowledgeable dealer whose home in the Hudson Valley in New Baltimore an hour south of Albany, gives him a window on the flow of the local material I most value.  Both have a practiced eye.

The easy logic is that dealers are often expensive and some sellers on listings sites and many sellers on eBay cheap.  Following that line of thinking I would buy more from the inexpensive sources and I in fact do.  This however ignores the value of dealer perspective.  What is rare?  What is important, what is “good condition for issue”?  Dealers see a great deal of material and some develop a sense of ‘relative condition’, an important criteria when it’s necessary to pay up.  Paying them for this perspective is part of the calculation in making them offers, deciding what to offer or accept often a tough call.  For these calculations I rely on the AED’s current value and probability of reappearance calculations as the basic measure of value and rarity and its very effective.

My collecting focus of course also needs to be on target.  An unfocused collection I build will sell but may disappoint just as a laser-like focus on an out-of-favor area may also fail financially.  Of course choosing a subject exclusively for its potential for profit may meet financial criterion but be unsatisfying.  Every collector has to balance these factors.  I long ago came down on the side of collecting passion and have worked hard to have my collection make sense and do this by considering every possibility and rejecting most.  If this sounds like I’m denying myself my wife will be quick to say “I haven’t seen that yet.”  My collection of early and interesting material relating to the Hudson Valley approaches, and probably exceeds, 3,000 items. 

The collection is large because I’ve been open to the possibilities the Internet has provided.  When speaking with dealers I explain that I collect narrowly and deeply.  As to minutia I consider it all.  And it turns out only institutions and very focused collectors want the deep detail I pursue so I’m constantly considering appealing material that few others want.  Items I want may start on eBay at $200 but 4 or 5 unsuccessful auctions later I buy them for $40.  This keeps prices within reason.

This may also limit the collection’s ultimate value because if there is no market now for much of what I buy, who is to say there will be a market for it in future?  I’m certain there will be but am less certain when.   Why so?  Because such focused collecting becomes important often only when it becomes very complete and has been explained.  Most collections are never complete and many of them fall into the hands of heirs who view such hard to understand aggregations as impediments to selling the real estate and therefore dispose of them quickly for a small fraction of their actual value.  In other words such collections are a little bit dangerous.  They can become important, and valuable, when complete.  They are otherwise often indistinguishable from the boxes of rubble that every collector, dealer and library has.

Rare Book Monthly

  • <center><b>Sotheby’s<br>The Passion of American Collectors: Property of Barbara and Ira Lipman<br>Highly Important Printed and Manuscript Americana<br>April 13, 2021</b>
    <b>Sotheby’s, Apr. 13:</b> The first book-form printing of the Declaration of Independence. $250,000 to $350,000.
    <b>Sotheby’s, Apr. 13:</b> (Paine, Thomas) <i>The American Crisis. Number I.</i> "These are the times that try men's souls." $70,000 to $100,000.
    <b>Sotheby’s, Apr. 13:</b> First printing of the Treaty of Paris, with distinguished contemporary provenance. $60,000 to $80,000.
    <center><b>Sotheby’s<br>The Passion of American Collectors: Property of Barbara and Ira Lipman<br>Highly Important Printed and Manuscript Americana<br>April 13, 2021</b>
    <b>Sotheby’s, Apr. 13:</b> Washington, George. Letter signed as first President-Elect. Washington prepares to embark "again on the ocean of publick affairs." $100,000 to $150,000.
    <b>Sotheby’s, Apr. 13:</b> (Hamilton, Alexander). Manuscript document. The launch of one of the most consequential careers in American public life. $180,000 to $250,000.
    <b>Sotheby’s, Apr. 13:</b> (Lexington & Concord). <i>A Bloody Butchery, by the British Troops…</i> $70,000 to $100,000.
    <b>Sotheby’s, Apr. 13:</b> (Yorktown Campaign—Jean-Nicolas Desandrouins). A Yorktown Campaign map from the personal archive of the Comte de Rochambeau. $200,000 to $300,000.
  • <b>Swann Auction Galleries Apr 15:</b> Frances Palmer, <i>Battle of Buena Vista,</i> chromolithograph, New York, 1847. $4,000 to $6,000.
    <b>Swann Auction Galleries Apr 15:</b> Antonio Colmenero de Ledesma, the earliest publication concerned solely with chocolate, first edition, Madrid, 1631. $10,000 to $15,000.
    <b>Swann Auction Galleries Apr 15:</b> Romans Bernard, <i>An Exact View of the Late Battle at Charlestown, June 17th, 1775,</i> engraving, 1776. $40,000 to $60,000.
    <b>Swann Auction Galleries Apr 15:</b> <i>A Short Narrative of the Horrid Massacre in Boston,</i> English edition, London, 1770. $12,000 to $18,000.
    <b>Swann Auction Galleries Apr 15:</b> William Soule, <i>Lodge of the Plains Indians,</i> albumen print, 1872. $1,500 to $2,500.
    <b>Swann Auction Galleries Apr 15:</b> Manuscript document to enforce New York’s “Agreement of Non-Importation” during the heyday of the Sons of Liberty, New York, 1769. $10,000 to $15,000.
    <b>Swann Auction Galleries Apr 15:</b> Clarence Mackenzie, <i>Drummer Boy of the 13th Regiment of Brooklyn,</i> salt print with applied color, 1861. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 15:</b> Moses Lopez, <i>A Lunar Calendar,</i> first Jewish calendar published in America, Newport, RI, 1806. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 15:</b><br>The Book of Mormon, first edition, Palmyra, 1830. $30,000 to $40,000.
  • <b><center>Neal Auction Company<br>Spring Estates 2021<br>April 16-18</b>
    <b>Neal Auction Co., Apr. 16:</b> Lyscosthenes, Conrad. <i>Prodigiorum ac ostentorum chronicon,</i> Basilea: Henricus Petrus, c. 1557, first edition, folio. $5,000 to $7,000.
    <b>Neal Auction Co., Apr. 16:</b> Collection of Ethiopic Religious Texts, in Ge'ez , illuminated manuscripts on vellum, c. 1700-20th c. (5 pcs.) $5,000 to $7,000.
    <b>Neal Auction Co., Apr. 16:</b> Augustinus, Aurelius Sanctus.<br><i>De Civitate Dei,</i> Venice: Bonetus Locatellus per Octavianus Scotus, 9 Febbraio, 1486, 4to. $5,000 to $7,000.
    <b><center>Neal Auction Company<br>Spring Estates 2021<br>April 16-18</b>
    <b>Neal Auction Co., Apr. 16:</b> Choiseul-Gouffier, Marie Gabriel Comte de. <i>Voyage Pittoresque de la Grece,</i> Paris, J.J. Blaise, 1782-1809-1822, first edition. $4,000 to $6,000.
    <b>Neal Auction Co., Apr. 16:</b> Rufinus, Tyrannius (c. 345-411). <i>Expositio in symbolum apostolorum,</i> [Cologne, Ulrich Zel, c. 1472], first edition. $3,000 to $5,000.
    <b>Neal Auction Co., Apr. 16:</b> Magnus, Albertus. <i>Summa de eucharistiae sacramento,</i> Ulm: Johann Zainer, 1474. $3,000 to $5,000.
    <b><center>Neal Auction Company<br>Spring Estates 2021<br>April 16-18</b>
    <b>Neal Auction Co., Apr. 16:</b> Strabo. <i>Rerum geographicarum libri septemdecim. A Guilielmo Xylandro Augstano magna cura recogniti…,</i> Basel, Henricpetri, (August 1571). $3,000 to $5,000.
    <b>Neal Auction Co., Apr. 16:</b> Riou, Stephen (1720-1780). <i>The Grecian Orders of Architecture. Delineated and Explained from the Antiquities of Athens,</i> London, 1768. $3,000 to $5,000.
    <b>Neal Auction Co., Apr. 16:</b> Mair, Paul Hektor. <i>Geschlechter Buch...der...Statt Augspurg,</i> Frankfurt am Maim, Sigmund Feyerabend, 1580. $1,800 to $2,500.
    <b><center>Neal Auction Company<br>Spring Estates 2021<br>April 16-18</b>
    <b>Neal Auction Co., Apr. 16:</b> Polybius (c. 200-118 B.C.). <i>Historiarum libri priores quinque,</i> Basel: Johann Herwagen, 1549. $1,200 to $1,800.
    <b>Neal Auction Co., Apr. 16:</b> Bellori, Giovanni Pietro. <i>Columna Antoniniana Marci Aurelii Antonini Augusti rebus gestis insignis Germanis simul...,</i> Rome, [1672]. $1,000 to $1,500.
    <b>Neal Auction Co., Apr. 16:</b> <i>Ecclesiasticae Historiae, Eusebii Pamphili...Eiusdem de vita Constantini...Socratis...,</i> Paris, Robert Estienne, 1544. $800 to $1,200.
  • <center><b>Gonnelli Auction House<br>Books and Graphics<br>19th, 20th and 21st April 2021</b>
    <b><center>Gonnelli: Apr. 19-21<br>Books from XVI to XX Century</b>
    <b><center>Gonnelli: Apr. 20<br>Atlases and Maps</b
    <b><center>Gonnelli: Apr. 21<br> Veneto and Venice, a Selection of Books from the XVI to XX century</b>
    <b><center>Gonnelli: Apr. 20<br></b>Rossini Gioachino, Baguette de chef d'orchestre appartenuta a Gioachino Rossini, dono del Comune di Passy. 1500 €
    <b><center>Gonnelli: Apr. 21<br></b>Manetti Saverio, Storia naturale degli uccelli trattata con metodo. Cinque volumi. 1767. 18.000 €
    <b><center>Gonnelli: Apr. 21<br></b>Poe Edgar Allan, Double assassinat dans la rue morgue. Illustrations de Cura. 1946.
    <b><center>Gonnelli: Apr. 19-21<br>Books from XVI to XX Century</b>

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