Rare Book Monthly

Articles - July - 2013 Issue

Slow Auction

Slow auction

More reasons to be online. A Clipart illustration

For many reasons books, manuscripts, maps and ephemera get sold.  In the collectible field we tend to think of single items but there are reasons for selling larger quantities too.  It can be someone who is narrowing his or her focus or a dealer preparing to retire.  For collectors it’s the material personally appreciated but outside the current collecting scope or already passed over as other items have been sold or been consigned, in other words; the residue.  For material in all these categories and, inevitably others I simply haven’t thought of, there comes a time when the need to dispose becomes pressing, even necessary.

Such material isn’t necessarily unimportant but it probably has become difficult to sell.  There’s money in it but no liquidity.  As an example many, and I assume most, dealers have material they acquired for a song or perhaps for real money with the expectation it would sell but simply hasn’t.  The best dealers look ahead buying the next big thing that sometimes never becomes the next big opportunity.  Sometimes it becomes the forgotten thing.  Eventually such material will be sold or given away.

The same is true for the collector who sold his high points easily and has been left with the residue he still believes has value.  Libraries too have material that never make it into the stacks and now won’t.  Such material too needs a path to the exit, one providing a fair prospect for an adequate price and a high probability of sale.

My suggestion to achieve this is a process called Slow Auction.

Auctions are events, the material selected, described and advertised.  This is what auction houses believe will sell.  In selecting 500 items they considered thousands of others.  They use rules and experience and make, because they have to, categorical judgments.  This leaves interesting, if sometimes a bit too common or marginal, material out.   These rejected things stay on the shelves or are placed in boxes, their day will come but never did.

In a Slow Auction they will have their chance.  Here is how it works.

Most dealers have their inventory on line.  For those that do they simply select what they propose to sell.  It’s already priced.  Let’s say they select 1000 items to post.

The entire sale will take 63 days and the timing is important.  Auctions are intense events built around well-researched and illustrated catalogues and plenty of advertising.  Slow sales lack most of these attributes but they do have two things regular auctions don’t, a long time for interest to build and software that captures buyer interest [and bids] in a convenient way.  Here is what the auction schedule looks like -

Day 1 to day 7:                      $100 [the listed price]

Day 8 to Day 15                    $  80  [less 20% discount if still unsold]

Day 16 to day 21                  $  60  [less 40% discount]

Day 22 to day 28                  $  40  [less 60% discount ]

Day 29 to day 35                  $  20 [less 80% discount]

Day 36 to 42                          $  10 [less 90% discount]

Day 43 to 49                          $    5  [less 95% discount]

Day 50 to day 56                  $    1

57 to 63                                 Free to a good home

Each item has a “I’d like to follow this item” link as well as a “submit my offer if this item becomes available at $--.”  Thereafter, whenever there is a change, be it a sale or price reduction, the person following receives an email or instant message updating the status.

I think there should be various statistics for each item:

1.     the number of times an item has been seen;

2.     the number of people following;

3.     the number of bids pending

4.     the history of the listing from first posting through to any announcements of outcomes such as “Lot 341, Lefevre’s History of New Paltz, second edition.  Sold for $60, initial price $100, sold on the 22nd  day.

If hosted on AE there would be a nominal starting fee.  If the outcome is reported, half the listing fee would be credited against further listings.  The listing fee would be a percentage of the starting price so those posting may feel a desire to start lower.
          

Such a service can be provided on any listing site.  I’m describing what I believe has become necessary to help the field clear the accumulating millions of books.  Any site can do it.

If you have a response, questions or suggestions post them to this story.  I, and other readers, will read your comments and respond.

And personally, I can’t wait.


Posted On: 2013-07-01 00:00
User Name: Gene

Bruce, this is a terrific idea. I'm 70, still selling via catalogue & on standard internet sites; also still buying when I find interesting material --


Posted On: 2013-07-01 00:00
User Name: tweney

Some years ago, we had a small bookstore in a small town. We used a similar schedule, starting at 80%, moving to "free to a good home" over the course


Rare Book Monthly

  • <b>Morton Subastas, Feb 25:</b> Nebel, Carl. The War Between the United States and Mexico. New York, 1851. $270,000 - $300,000 MXN / USD $15,000 - $16,666
    <b>Morton Subastas, Feb 25:</b> Nebel, Carl. The War Between the United States and Mexico. New York, 1851. $270,000 - $300,000 MXN / USD $15,000 - $16,666
    <b>Morton Subastas, Feb 25:</b> Bolaños, Joaquín. La Portentosa Vida de la Muerte... (“The Portentous Life of Death”) México, 1792. $50,000 - $60,000 MXN / USD $2,777 - $3,333
    <b>Morton Subastas, Feb 25:</b> Tratado de Paz… entre la República Mexicana y los Estados Unidos. (“Treaty of Peace… Between the Mexican Republic and the United States”) 1848. $80,000 - $90,000 MXN / USD $4,444 - $5,000
    <b>Morton Subastas, Feb 25:</b> Fabregat, Josep Joaquín. Vista de la Plaza de México… (“View of the Square of Mexico”) México, 1797. $60,000 - $100,000 MXN / USD $3,333 - $5,555
    <b>Morton Subastas, Feb 25:</b> Hidalgo y Costilla, Miguel. Invitación al Coronel Narciso de la Canal… (“Invitation to Coronel Narciso de la Canal…”) 1810. $170,000 - $200,000 MXN / USD $9,444 - $11,111
    <b>Morton Subastas, Feb 25:</b> Gálvez, Joseph de. Real Cédula de Erección de la Compañía de Filipinas. (“Royal Notice of the Creation of the Company of the Philippines”) 1785. $40,000 - $60,000 MXN / USD $2,222 - $3,333
    <b>Morton Subastas, Feb 25:</b> Colección de Constituciones de los Estados Unidos Mexicanos (“Collection of Constitutions of the United Mexican States”) México, 1828. $50,000 - $60,000 MXN / USD $2,777 - $3,333
    <b>Morton Subastas, Feb 25:</b> Ruelas, Julio. Poemario Manuscrito Ilustrado, Dedicado a Lorencita Braniff (“Collection of Illustrated Poem Manuscripts, Dedicated to Lorencita Braniff”). 1903. $60,000 - $70,000 MXN / USD $3,333 - $3,888
    <b>Morton Subastas, Feb 25:</b> Espinosa de los Monteros, Juan J. Aviso de la Junta Soberana al Público (“Notice of the Sovereign Meeting to the Public”) 1821. $60,000 - $80,000 MXN / USD $3,333 - $4,444
    <b>Morton Subastas, Feb 25:</b> Constitución Federal de los Estados Unidos Mexicanos... (“Federal Constitution of the United Mexican States”) México, 1824. $140,000 - $150,000 MXN / USD $7,777 - $8,333
    <b>Morton Subastas, Feb 25:</b> Alcaraz, Ramón. Apuntes para la Historia de la Guerra entre México y los EU (“Notes on the History of the War between Mexico and the United States”). 1848. $40,000 - $50,000 MXN / USD $2,222 - $2,777
  • <b>Bonhams, Mar. 6:</b> Helvelius. Two Autograph Letters Signed to Francis Aston, Royal Society Secretary, noting his feud with Robert Hooke, 5 pp total, 1685. $70,000 to $100,000.
    <b>Bonhams, Mar. 6:</b> Newton, Isaac. Autograph manuscript on God, 4 pp, c.1710, "In the beginning was the Word...."?$100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> Beethoven's Ninth Symphony. First edition, first issue. Untrimmed copy in contemporary boards. $30,000 to $50,000.
    <b>Bonhams, Mar. 6:</b> Lincoln, Abraham. Signed photograph, beardless portrait with Civil War provenance. $80,000 to $120,000.
    <b>Bonhams, Mar. 6:</b> IMPEACHMENT. Original engrossed copy of the first Andrew Johnson impeachment resolution vote. $120,000 to $180,000.
    <b>Bonhams, Mar. 6:</b> Mucha, Alphonse. 11 original pencil drawings for?<i>Andelicek z Baroku,</i> "Litte Baroque Angel," Prague, 1929. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Einstein, Albert. Annotated Galley Proofs for <i>The Meaning of Relativity.</i> 1921. $25,000 to $35,000.
    <b>Bonhams, Mar. 6:</b> Silverstein, Shel. Original maquette for <i>The Giving Tree,</i> 34 original drawings. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Roth, Philip. Typed Manuscript with substantial autograph corrections for an unpublished sequel to <i>The Breast.</i> $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Taupin, Bernie. Autograph Manuscript, the original draft of lyrics for Elton John's "Candle in the Wind," 2 pp, 1973. $100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> HARVEY, WILLIAM. <i>De Motu Cordis et Sanguinis in Animalibus Anatomica Exercitatio.</i> Padua: 1643. $12,000 to $18,000.
    <b>Bonhams, Mar. 6:</b> CESALPINO, ANDREA. <i>Peripateticarum Quaestionum Libri Quinque.</i> Venice: 1571. $30,000 to $40,000.
  • <b>ALDE, Feb. 26:</b> Leon TOLSTOÏ. <i>Anna Karenina.</i> Moscou, 1878. First and full edition of the Russian novel, in the author’s language.<br>Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Mark TWAIN. <i>Adventures of Huckleberry Finn (Tom Sawyer's comrade).</i> New York, 1885. First American edition.<br>Est. 5 000 / 6 000 €
    <b>ALDE, Feb. 26:</b> Walt WHITMAN. <i>Leaves of Grass.</i> Brooklyn, New York, 1856. Second edition gathering 32 poems. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Karen BLIXEN. <i>Out of Africa.</i> Londres, 1937. First edition in the UK, before Danish translation and American release.<br>Est. 1 500 / 2 000 €
    <b>ALDE, Feb. 26:</b> Ernest HEMINGWAY. <i>A Farewell to Arms.</i> New York, 1929. First edition with $2.50 on the dust and A on the copyright page.<br>Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Ulysses.</i> Paris, Shakespeare and Company, 1922. First edition published by Sylvia Beach. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Dubliners.</i> Londres, 1914. First edition. Nice copy in publisher’s cardboard. Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> Franz KAFKA. 8 novels in German first edition, published in München, Leipzig and Berlin 1916-1931. Est. from 300 / 400 to 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> David Herbert LAWRENCE. <i>Lady Chatterley's Lover.</i> Florence, 1928. Privately printed first edition. Est. 4 000 / 5 000 €
    John STEINBECK. <i>The Grapes of Wrath.</i> New York, 1939. First edition. Nice copy with $2.75 on the cover. Est. 1 000 / 1 200 €
  • <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> Ernest Hemingway's Typewriter Used to Write "A Moveable Feast", Impeccable Provenance From His Biographer A. E. Hotchner. $50,000 to $100,000.
    <b>University Archives, Feb. 26:</b> Samuel Colt, "The Gun that Won the West": 3 Signed Patent Items for "Revolving Cylinder Guns". $40,000 to $50,000.
    <b>University Archives, Feb. 26:</b> Jack Kerouac's Own Typewriter From His Estate Used to Write His Very Last Book. $18,000 to $20,000.
    <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> Rare Force Engraving of the Declaration of Independence Printed in 1848. $15,000 to $18,000.
    <b>University Archives, Feb. 26:</b> Superb Tchaikovsky ALS to Napravnik, 4pp on "Mazeppa". $12,000 to $15,000.
    <b>University Archives, Feb. 26:</b> Wounded Knee Massacre Same Day Eyewitness Account by Participant, "the 7th needn't be ashamed of today's record". $10,000 to $12,000.
    <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> F. Scott Fitzgerald Signed Gordon Bryant Portrait -- Finest Known. $8,000 to $9,000.
    <b>University Archives, Feb. 26:</b> Neil Armstrong ALS on NASA Letterhead Regarding His X-15 Flights. $7,000 to $8,000.
    <b>University Archives, Feb. 26:</b> M. Gandhi Letter: "the life span of human beings is preordained..." -- Fantastic Spiritual Content. $7,000 to $8,000.
    <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> "Damn the torpedoes!" Riveting 24pp ALS of Admiral Farragut's Steward Describing the "Battle of Mobile Bay”. $6,000 to $7,000.
    <b>University Archives, Feb. 26:</b> Abraham Lincoln Signed Order to Suspend Execution. $5,000 to $6,000.
    <b>University Archives, Feb. 26:</b> Napoleon DS Featuring Imperial Eagle and Enormous Great Seal Appointing Norman Politician Baron of the Empire. $4,000 to $5,000.
  • <b>Swann Auction Galleries Mar 10:</b> Francis Scott Key, <i>Star Spangled Banner,</i> first printing, c. 1814-16. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 10:</b> William Sydney Porter, a.k.a. “O. Henry,” archive of drawings made to illustrate a lost mining memoir, c. 1883-84. $30,000 to $40,000.
    <b>Swann Auction Galleries Mar 10:</b> [Bay Psalm Book], printed for Hezekiah Usher of Boston, Cambridge, c. 1648-65. $50,000 to $75,000.
    <b>Swann Auction Galleries Mar 10:</b> Book of Mormon, first edition, Palmyra, 1830. $40,000 to $60,000.
    <b>Swann Auction Galleries Mar 10:</b> <i>Noticia estraordinario,</i> probable first announcement in Mexico City of the fall of the Alamo, 1836. $40,000 to $60,000.
    <b>Swann Auction Galleries Mar 10:</b> Patrick Gass, first edition of earliest first-hand account of the Lewis and Clarke expedition, Pittsburgh, 1807. $6,000 to $9,000.
    <b>Swann Auction Galleries Mar 10:</b> Diploma from the Princeton Class of 1783, commencement attended by Washington & Continental Congress. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar 10:</b> <i>Sprague Light Cavalry!</i> color-printed broadside, NY, 1863. $5,000 to $7,500.
    <b>Swann Auction Galleries Mar 10:</b> <i>The Lincoln & Johnson Union Campaign Songster,</i> Philadelphia, 1864. $3,000 to $4,000.
    <b>Swann Auction Galleries Mar 10:</b> Lucy Parsons, labor organizer, albumen cabinet card, New York, 1886. $800 to $1,200.
    <b>Swann Auction Galleries Mar 10:</b> Daniel L.F. Swift, journal as third mate on a Pacific Whaling voyage, 1848-1850. $3,000 to $4,0000.
    <b>Swann Auction Galleries Mar 10:</b> Two photos of Thomas Moran, Grand Canyon, silver prints, 1901. $1,500 to $2,500.

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