• <b><center>Sotheby’s<br>Livres et Manuscrits :<br>de Cervantès à Houellebecq<br>18 – 25 June</b>
    <b>Sotheby’s, 18 – 25 June:</b> Jouve, Paul -- François-Louis Schmied -- Rudyard Kipling. <i>Le Livre de la Jungle,</i> 1919.<br>€ 80,000 to € 120,000.
    <b>Sotheby’s, 18 – 25 June:</b> Cervantès Saavedra, Miguel de. <i>El ingenioso hidalgo Don Quixote de la Mancha.</i> Bruxelles, 1607.<br>€ 30,000 to € 50,000.
    <b>Sotheby’s, 18 – 25 June:</b> Buren, Daniel - Aimé Césaire. Cahier d'un retour au pays natal. Solstice, 2004. 1/140 ex. Avec 1/20 suites d'œuvres originales.<br>€ 4,000 to € 6,000.
    <b>Sotheby’s, 18 – 25 June:</b> [Musique] - Gioacchino Traversa. Six sonates à violon seul. [Vers 1770].<br>€ 3,000 to € 5,000.
  • <b>Swann Auction Galleries Jun 24:</b> C.F. Payne, <i>Micawber, Imitating Norman Rockwell’s “Triple self-portrait,”</i> mixed media, 2002. $800 to $1,200.
    <b>Swann Auction Galleries Jun 24:</b> Brian Froud, media illustration published in <i>The Land of Froud,</i> 1977. Estimate $6,000 to $9,000.
    <b>Swann Auction Galleries Jun 24:</b> Haddon Sundblom, <i>All a Girl Needs,</i> oil on canvas, published in <i>The Ladies’ Home Journal,</i> 1942. $8,000 to $10,000.
    <b>Swann Auction Galleries Jun 24:</b> Adrianne Lobel, <i>My One and Only,</i> 26 scenic concept collages for the Broadway musical, 1983. $6,000 to $9,000.
    <b>Swann Auction Galleries Jun 24:</b> Charles Schulz, original four-panel pen and ink <i>Peanuts</i> comic strip, 1971. $15,000 to $25,000.
    <b>Swann Auction Galleries Jun 24:</b>Jack Davis, mixed media cartoon for <i>Playboy,</i> 1959. $6,000 to $9,000.
    <b>Swann Auction Galleries Jun 24:</b> Charles Addams, mixed media cartoon for <i>The New Yorker,</i> 1937. $6,000 to $9,000.
  • <b><center>Doyle<br>Fine Literature<br>Online Auction<br>June 8 to June 22</b>
    <b>Doyle, Fine Literature:</b> CALDWELL, ERSKINE. <i>Tobacco Road,</i> First Edition. $3,000 to $5,000.
    <b>Doyle, Fine Literature:</b> ELIOT, GEORGE. <i>Middlemarch: A Study of Provincial Life.</i> Edinburgh & London: William Blackwood and Sons, 1871-72. First edition in book form. $1,000 to $1,500.
    <b>Doyle, Fine Literature:</b> BYRON, GEORGE GORDON NOEL, LORD. <i>Don Juan.</i> London: the Thomas Davison; John Hunt; John and H.L. Hunt, 1819-24. First edition. $4,000 to $6,000.
    <b>Doyle, Fine Literature:</b> [BURNEY, FRANCES]. <i>Evelina, Or, A Young Lady's Entrance into the World.</i> London: T. Lowndes, 1778. First edition. $2,000 to $3,000.
    <b><center>Doyle<br>Fine Literature<br>Online Auction<br>June 8 to June 22</b>
    <b>Doyle, Fine Literature:</b> SHEPARD, ERNEST H. Colored drawing of Winnie-the-Pooh and Piglet, in an autograph letter signed by Shepard. Dated February 29th, 1932. $15,000 to $25,000.
    <b>Doyle, Fine Literature:</b> CARROLL, LEWIS (CHARLES LUTWIDGE DODGSON). <i>The Nursery "Alice".</i> London: MacMillan, 1890. Second (first published) edition. $7,000 to $10,000.
    <b>Doyle, Fine Literature:</b> DANA, RICHARD HENRY, Jr. <i>Two Years Before the Mast.</i> New York, 1840. First edition with an autograph letter signed by Dana laid-in. $2,500 to $3,500.
    <b>Doyle, Fine Literature:</b> FINE BINDING-RIVIERE] HAZLITT, WILLIAM. <i>Liber Amoris: or, the New Pygmalion.</i> London: John Hunt, 1823. First edition. $3,000 to $5,000.
  • <center><b>Galleri Bygdoy Allé<br>Sales Exhibition Catalogue 47<br>Part III<br>Antiquarian Temptations:<br>Rare Books, Atlases & Maps,<br>Photos & Manuscripts</b>
    <b>Galleri Bygdoy Allé:</b> PIETER MORTIER. “Le Neptune Francois ou Atlas Nouveau des Cartes Marines. Levées et Gravées par ordre Exprés du Roy…” Paris, 1693.
    <b>Galleri Bygdoy Allé:</b> MARC CHAGALL illus. SHAKESPEARE. “The Tempest.” Large folio. Monte-Carlo, 1975. Signed by the artist.
    <b>Galleri Bygdoy Allé:</b> JOHN SPEED and followers. “A New and Accurate Map of the World.” Hand-colored engraving. London (1626 – 1627 – circa 1650) – 1676.
    <center><b>Galleri Bygdoy Allé<br>Sales Exhibition Catalogue 47<br>Part III<br>Antiquarian Temptations:<br>Rare Books, Atlases & Maps,<br>Photos & Manuscripts</b>
    <b>Galleri Bygdoy Allé:</b> MATTHÄUS SEUTTER. “The Colossus Series.” Set of 4 prints, contemporary hand-colored engravings, each c. 57x49cm. Augsburg c. 1730
    <b>Galleri Bygdoy Allé:</b> (CHARLES LE BRUN). “La Grande Galerie De Versailles, et Les Deux Salons qui L’Accompagnent, peints Par Charles Le Brun premier Peintre de Louis XIV…” Paris, 1752.
    <b>Galleri Bygdoy Allé:</b> G. BRAUN – F. HOGENBERG. “Danorum Marca.” Contemporary hand-colored engraving, 33x48cm. Cologne, 1588.

Rare Book Monthly

Articles - June - 2014 Issue

A Market Adjusting to Auction Realizations

B06b2069-368d-47bc-b98f-54d3899631d1

A 19th century book sale at Sotheby's.

In the twelve years that the Americana Exchange has been covering book, manuscript, map and ephemera auctions around the world we have tracked explosions in the number of items listed on listing sites such as Amazon, Abe and Alibris and simultaneously seen a seismic increase in the number of lots offered and sold at auction.  For the listing sites the growth appears to be in the listings, for auctions the growth is in the lots sold.

 

What too often happens with the online listings is the creation of impressions of endless quantities and, for long-term observers, confirmation of little movement.  That does not put off casual buyers but I believe serious collectors are appropriately dissuaded.  Material that is listed for a long time is subject to the suspicion it is overpriced.

 

Because of the scale and frequency of auctions serious buyers who use auction records these days quickly see estimated frequency of re-appearance as well as synthetic price estimations and can compare these values with online prices.  When the comparisons are in line buyers pursue the best listed copies.  When the prices on listing sites are much higher than auction estimates and the probability of reappearance is reasonably short would-be buyers are driven toward auction purchases.

 

So how do we know this?

 

We don’t know absolutely but the anecdotal information is compelling.

 

The number of auctions in the books, manuscripts, maps and ephemera fields has been increasing at a compound rate of 9% a year for the past 10 years, the number of lots offered by 15%.  The median value of auction lots has declined by 20%, much of the decline accounted for by Heritage’s weekly sales of inexpensive material and RR Auction’s higher priced but voluminous sales.  Mike Stillman recently calculated that, these two houses aside, median realizations rose by 7% in 2013 over 2012.  With them included the median declined by 7%.  Material is leaking into the market because owners have concluded they have to sell it.  Overall sales in dollars over the past decade increased by 8% annually, from $257 to $623 million.  At the current rate of increase the auction market will reach a billion dollars in 6 years, at a rate of 10% in 5 years, in three years if the compound rate is 17%.  The shift to auction purchases has been accelerating and I expect we’ll approach the billion dollar level in three years.

 

There are various reasons for this acceleration.  The number of houses is increasing and the number of sales conducted annually by the individual houses also increasing.  Auctions, not so long ago, were random and somewhat unpredictable events.  Today auctions occur with stunning regularity.  In the month of May just concluded 34,000 lots were offered, this month [June ‘14] 54,000.  There are 125 events or 4 a day.

 

Over the past quarter century we have seen a steady decline in dealer shops and a further drop in book fairs.  The number of dealer catalogues issued has also declined.  Institutions and collectors have been forced to look elsewhere and we can see where they are buying.

 

Buyers have been forced into the rooms by the decline of shops and inertia on the listing sites that is drawing both sellers and buyers into the auction rooms.  These circumstances have permitted the auctions to reach a scale now where they are, with some exceptions, the market.

 

Markets always, if sometimes slowly, transform.  The books, manuscripts, maps and ephemera [or perhaps more aptly called the Works on Paper] field has been in slow transition for decades and in quick transition for the past ten years.  WOP is today auction driven and it appears the trend will gain further force in the years ahead.


Posted On: 2014-06-03 19:53
User Name: Fattrad1

Well, we opened a shop just last year, so buyers do have alternatives. And, unless one is able to preview the items in person, I have been somewhat disappointed in the condition of purchases from one auction house.


Posted On: 2014-06-06 17:15
User Name: pazzo1

While, obviously, there is truth buried in here, it seems more than a little disingenuous for a site selling access to auction records to be me promoting the notion that auction records are the sole barometer of price. I mean, I get it - there are a lot more collectors than dealers and you, like the auctions, would like to sell to THEM instead of all of us boring dealers, but a little subtlety would be appreciated while you usher us out the door.


Rare Book Monthly

  • <b>Bonhams, June 29:</b> LIFE OF OSLER, PRESENTATION COPY TO NEPHEW NORMAN GWYN. CUSHING, HARVEY. 1869-1939. <i>The Life of Sir William Osler.</i> Oxford: Oxford University Press, 1925. $1,500 to $2,500.
    <b>Bonhams, June 29:</b> OSLER TO HALSTED MENTIONING CUSHING AND WELCH. Autograph Letter Signed ("Wm Osler") to William Stewart Halsted on medical matters, 2 pp, January 19, 1919. $1,500 to $2,500.
    <b>Bonhams, June 29:</b> CUSHING PRESENTATION COPY TO LUCIEN PRICE. CUSHING, HARVEY. <i>Intracranial Tumours.</i> Springfield, 1932. $1,000 to $1,500.
    <b>Bonhams, June 29:</b> OSLER ON HIS CHILDHOOD. Autograph Letter Signed ("Wm Osler") to Mabel [Brewster] on returning home to Staplehurst. $800 to $1,200.
    <b>Bonhams, June 29:</b> SCULTETUS, JOHANNES. 1595-1645. <i>Cheiroplotheke, seu armamentarium chirurgicum XLIII.</i> Ulm: Balthasar Kühnen, 1655. $3,000 to $4,000.
    <b>Bonhams, June 29:</b> VICQ D'AZYR, FELIX. 1748-1794. <i>Traite d'anatomie et de physiologie.</i> Paris: Didot l'aine, 1786. $3,000 to $5,000.
    <b>Bonhams, June 29:</b> TAGAULT, JEAN. C.1499-1546. <i>De chirugica institutione libri quinque....</i> Lyon: Guillaume Rouillé, 1549. $400 to $600.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). Autograph Logs and Journals from his 1927 Alaska Expedition. $7,000 to $ 9,000.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). Cañon de Chelley, 1904. Oversized orotone, 17 x 22in in original Curtis Studio frame. $30,000 to $50,000.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). 26 cyanotypes, featuring images of Cheyenne tribes from Volume VI of <i>North American Indian,</i> c.1907, made by Curtis in the field. $30,000 to $50,000.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). The Vanishing Race, 1904. Oversized orotone, 18 x 24in in original Curtis Studio frame. $20,000 to $30,000.
  • <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> [CIVIL WAR] -- [SHERIDAN, Philip Henry]. Personal headquarters flag of Philip Henry Sheridan used when he led the 2nd Michigan Cavalry. Spring - Summer 1862. $20,000 to $30,000.
    <b>Cowan’s, June 25:</b> [EARLY PHOTOGRAPHY]. Half plate daguerreotype of firefighter Walter Van Erven Dorens. [San Francisco]: n.p., [ca 1854-1856]. $15,000 to $25,000.
    <b>Cowan’s, June 25:</b> [LINCOLNIANA]. Abraham Lincoln banner possibly made for the 1864 presidential campaign. $10,000 to $15,000.
    <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> [REVOLUTIONARY WAR - CONTINENTAL CONGRESS]. [HOLTEN, Dr. Samuel]. An archive of letters related to Danvers, Massachusetts, physician and statesman Dr. Samuel Holten. $10,000 to $15,000.
    <b>Cowan’s, June 25:</b> [UNION PACIFIC RAILROAD]. CARBUTT, John, photographer. Exceptional collection of 27 stereoviews from the series, "Excursion to the 100th Meridian, October 1866." Chicago, [1866]. $10,000 to $15,000.
    <b>Cowan’s, June 25:</b> [ALASKAN GOLD RUSH]. William Steele West and family, extensive archive of photographs, diaries, correspondence, and personal items. [Ca 19th - 20th century]. $8,000 to $12,000.
    <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> [TAYLOR, Zachary]. Quarter plate daguerreotype featuring the 12th President of the United States. N.p.: n.p., [ca 1845]. $8,000 to $10,000.
    <b>Cowan’s, June 25:</b> [WASHINGTON, George]. Signed Society of the Cincinnati document. $5,000 to $7,000.
    <b>Cowan’s, June 25:</b> LINCOLN, Abraham. Autograph endorsement signed ("A. Lincoln"), as President. [Washington], 29 September 1862. 1 page, 4to, old creases. $5,000 to $7,000.
    <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> JEFFERSON, Thomas. Autograph letter signed ("Th. Jefferson"), as United States President, to Robert Patterson. Washington DC, 2 July 1805. 1 page, 4to, evenly toned, small tear from seal. $4,000 to $6,000.
    <b>Cowan’s, June 25:</b> [EARLY PHOTOGRAPHY] -- [ALCOTT, Elizabeth Sewall]. Ninth plate ruby ambrotype attributed to Elizabeth Sewall Alcott. N.p., [ca 1856-1857]. $3,000 to $5,000.
    <b>Cowan’s, June 25:</b> [WESTERN AMERICANA]. RUSSELL, Andrew Joseph, photographer. <i>Salt Lake City, From the Top of the Tabernacle.</i> [1869]

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