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><center>Doyle<br>Rare Books, Autographs & Maps<br>December 9</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 47. Roosevelt, Theodore. Photograph inscribed to Morris J. Hirsch. May 7th 1918. $1,500 to $2,500.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 178. Whitman, Walt. <i>Leaves of Grass.</i> Brooklyn, New York: [Printed for the author], 1955. First edition in the first issue binding. $70,000 to $100,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 38. Mather, Cotton. <i>Magnalia Christi Americana; or, the Ecclesiastical History of New-England.</i> London: Printed for Thomas Parkhurst, 1702. First edition. $3,000 to $5,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 55. Taylor, Zachary. Autograph letter signed as President-Elect. Baton Rouge: January 15, 1849. $5,000 to $8,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 203. Picasso, Pablo. <i>Verve</i> Vol. V, Nos. 19-20. Paris: Editions Verve, 1948. Inscribed on the title page by Picasso. $1,500 to $2,500.
    <b><center>Doyle<br>Rare Books, Autographs & Maps<br>December 9</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 211. Domergue, Jean-Gabriel. L'Ete a Monte Carlo. Lithographed poster, Lucien Serre & Cie, Paris, circa 1937. $1,000 to $1,500.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 105. Manuscript Illumination attr. to Neri da Rimini. Large excised initial "N" from a choirbook, extensively historiated. [Likely Rimini: first quarter of the 14th century]. $2,000 to $3,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 40. McKenney, Thomas L. and Hall, James. <i>History of the Indian Tribes of North America, with Biographical Sketches and Anecdotes of the Principal Chiefs.</i> Philadelphia: Rice, Rutter & Co., 1870. $3,00
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 222. Searle, Ronald. [Pets--a dog, cats and a parrot-- surrounded by books, and inspecting a globe, perhaps planning global domination]. Original drawing, 17 3/8 x 13 1/2 inches. $1,500 to $2,500.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 98. Faden, William; Scull, Nicholas and George Heap. A Plan of the City and Environs of Philadelphia, Survey'd by N. Scull and G. Heap. London: William Faden, 12 March 1777. $3,000 to $5,000.
  • <i>Der Sturm.</i> 1922. Sold October 2021 for € 13,000.
    Diophantus Alexandrinus, <i>Arithmeticorum libri sex.</i> 1670. Sold October 2021 for € 18,000.
    <i>Cozzani Ettore e altri, l’Eroica. Tutto il pubblicato.</i> Sold October 2021 for € 11,000.
    Newton Isaac, <i>Philosophiae naturalis principia mathematica.</i> 1714. Sold October 2021 for € 7,500.
    Manetti Saverio, <i>Storia naturale degli uccelli.</i> 1767-1776. Sold April 2021 for € 26,000.
  • <center><br>Swann Auction Galleries<br>Maps & Atlases<br>Natural History<br>& Color Plate Books<br>December 9, 2021</b>
    <b>Swann, Dec. 9:</b> AUDUBON, JOHN JAMES. Carolina Parrot. Plate 26. Hand-colored aquatint and engraved plate from Audubon's <i>Birds of America.</i> $80,000 to $100,000.
    <b>Swann, Dec. 9:</b> Francisco Henrique Carls. [Album de Pernambuco e seus Arrabaldes]. Fifty-three chromolithographed plates of landscape, town views and more of the state of Pernambuco, northeast Brazil. $25,000 to $35,000.
    <b>Swann, Dec. 9:</b> Captain Thomas Davies, after. Group of 5 engraved topographical scenes of North American waterfalls. $8,000 to $12,000.
    <center><br>Swann Auction Galleries<br>Maps & Atlases<br>Natural History<br>& Color Plate Books<br>December 9, 2021</b>
    <b>Swann, Dec. 9:</b> William R. Morley. Morley's Map of New Mexico. Large lithographed pocket map with original hand-color in outline. $7,000 to $10,000.
    <b>Swann, Dec. 9:</b> Frederick William Beechey, et al. <i>The Zoology of Captain Beechey's Voyage; Compiled from the Collections and Notes Made by Captain Beechey…</i> $7,000 to $10,000.
    <b>Swann, Dec. 9:</b> ZUDA ROKASHI (Priest Hotan.) Nansenbushu Bankoku Shoka No Zu. Woodblock wall map of the world on 16 sheets joined. $5,000 to $7,500.
  • <b><center> Ketterer Rare Books<br>Auction on November 29th</b>
    <b>Ketterer Rare Books, Nov. 29:</b> Latin Book of Hours, Langres around 1490. Est: €50,000
    <b>Ketterer Rare Books, Nov. 29:</b><br>T. Livius, <i>Römische Historien,</i> 1533. Est: €12,000
    <b>Ketterer Rare Books, Nov. 29:</b><br>G. Mendel, <i>Versuche über Pflanzen-Hybriden,</i> 1865-66. Est: €30,000
    <b><center> Ketterer Rare Books<br>Auction on November 29th</b>
    <b>Ketterer Rare Books, Nov. 29:</b><br>A. Verard, Book of Hours, around 1488. Est: €30,000
    <b>Ketterer Rare Books, Nov. 29:</b><br>A. Ortelius, <i>Theatrum orbis terrarum,</i> 1601. Est: €80,000
    <b>Ketterer Rare Books, Nov. 29:</b><br><i>Der Sturm,</i> 1910-1916. Est: €16,000
    <b><center> Ketterer Rare Books<br>Auction on November 29th</b>
    <b>Ketterer Rare Books, Nov. 29:</b> <i>Cronica van der hilliger Stat Coellen,</i> 1499. Est: €25,000
    <b>Ketterer Rare Books, Nov. 29:</b><br>M. Catesby, <i>Piscium serpentum insectorum,</i> 1777. Est: €25,000
    <b>Ketterer Rare Books, Nov. 29:</b><br>W. Grohmann, <i>Das Werk Ernst Ludwig Kirchners,</i> 1926. Est: €20,000
    <b><center> Ketterer Rare Books<br>Auction on November 29th</b>
    <b>Ketterer Rare Books, Nov. 29:</b><br>P. Borgo, <i>Aritmetica mercantile,</i> 1491. Est: €16,000
    <b>Ketterer Rare Books, Nov. 29:</b><br>D. Roberts, <i>Egypt and Nubia,</i> 1846-49. Est: €8,000
    <b>Ketterer Rare Books, Nov. 29:</b> <i>Estampes,</i> with the suite by P. Picasso, 1950. Est: €15,000
  • <center><b>Sotheby’s<br>Zang Tumb Tuuum:<br>la révolution futuriste<br>Online Auction<br>30 November – 7 December</b>
    <b>Sotheby’s, Nov. 18:</b> The "Official Edition" of the United States Constitution and the First Printing of the Final Text of the Constitution, 1787. $15,000,000 to $20,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Marinetti, Filippo Tommaso. I Paroliberi Futuristi. 1914-1915. 8 p. Unique corrected proofs, for an anthology that remained unpublished. €40,000 to €60,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Cangiullo, Francesco. Studenti in Lettere. Università. 1915. Seminal work, featured in 3 historical futurist exhibitions. €20,000 to €30,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Cangiullo, Francesco. Chiaro di luna. Circa 1915. Collage and gouache on paper. €15,000 to €20,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Marinetti, Filippo Tommaso. Manicure. Faire les ongles à l'Italie. Circa 1915. A fantastic parody of an advertising poster. €20,000 to €30,000.

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