• <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br>Latin and French Book of Hours, around 1490. Est: € 20,000
    <b>Ketterer Rare Books, Nov. 30:</b><br> P. Goos, <i>Le Grand Miroir de la Mer,</i> 1669. Est: € 25,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>L. Feininger, Letter with woodcuts, 1920. Est: € 25,000
    <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br>Latin Bible manuscript, 12th century. Est: € 20,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>M. E. Bloch, <i>Naturgeschichte der Fische,</i> 1782-95. Est: € 40,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>M. Chagall, <i>Daphnis & Chloé,</i> 1961. Est: € 90,000
    <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br>L. J. Waghenaer, <i>Speculum nauticum,</i> 1586. Est: € 180,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>P. J. de Pannemaeker, Collection of orig. watercolors, 1878-1887.<br>Est: € 25,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>G. Klimt, <i>Das Werk,</i> 1918.<br>Est: € 15,000
    <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br><i>Livro dos prestimonios,</i> Manuscript, 1665. Est: € 25,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>W. Kandinsky, <i>Klänge,</i> 1913.<br>Est: € 18,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>J. Miró in J. Cassou, <i>Vingt-deux poémes,</i> 1978. Est: € 8,000
  • <center><b>Sotheby’s<br>Music, Continental Books<br>and Medieval Manuscripts<br>24 Nov. – 1 Dec. 2020<br>Online</b>
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b><br>F. Schubert. Autograph letter to his brother Ferdinand, 4 pages, Zseliz, 1818. £80,000 to £120,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b><br>L. v. Beethoven. Fine autograph letter to his librettist Friedrich Treitschke, about their planned opera, 1815. £70,000 to £90,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b> Hermann Hesse, Highly important series of 62 letters and postcards to Stefan Zweig, 1903-1938. £60,000 to £80,000.
    <center><b>Sotheby’s<br>Music, Continental Books<br>and Medieval Manuscripts<br>24 Nov. – 1 Dec. 2020<br>Online</b>
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b> Book of Hours, Use of Reims, illuminated manuscript on vellum [France, late 15th century]. £40,000 to £60,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b> Armenian gospel book, illuminated manuscript on vellum, seventeenth century, tooled calf binding. £7,000 to £10,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b><br>C. Goldoni. Ten autograph letters signed to the Genoese nobleman Cristoforo Spinola, Venice 1742-1743. £7,000 to £9,000.
  • <b>Swann Auction Galleries:</b> Oscar Wilde, <i>“The secret of life is in Art,”</i> autograph quotation dated and signed, 1882. Sold for $15,600.
    <b>Swann Auction Galleries:</b> <i>Manhattan Gay Scene Guide 1969, Summer Edition,</i> Mattachine Book Service. Sold for $3,250.
    <b>Swann Auction Galleries:</b> Toyen, pen & ink illustration from <i>Marquis de Sade: Justina cili prokletí ctnosti,</i> 1932. Sold for $26,000.
    <b>Swann Auction Galleries:</b> Antonio Lopez, 9 men’s fashion studies, graphite, 1974. Sold for $6,500.
    <b>Swann Auction Galleries:</b> Harvey Milk, 2 autograph letters signed, to Pat Mormon, during US Navy service, 1954. Sold for $2,210.
    <b>Swann Auction Galleries:</b> Daniel Abraham, original art for <i>Stonewall Romances,</i> pen, ink & gouache, 1979. Sold for $3,000.
    <b>Swann Auction Galleries:</b> David Wojnarowicz, <i>Untitled (Genet with Dog),</i> mixed media collage. Sold for $27,500.
    <b>Swann Auction Galleries:</b> Susie Gaynes & Amy E. Bartell, <i>March on Washington for Lesbian and Gay Rights,</i> 1987. Sold for $1,188.
    <b>Swann Auction Galleries:</b> <i>Paris is Burning,</i> photo offset poster by Anne Dutlinger, signed by film director Jennie Livingston, 1991. Sold for $1,500.

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

  • <center><b>Doyle<br>Rare Books, Autographs & Maps<br>November 24</b>
    <b>Doyle, Rare Books:</b> STEVE JOBS / WOZNIAK. Signed Lid for Apple II computer & related materials. $20,000 to $30,000.
    <b>Doyle, Rare Books:</b> [TESLA, NIKOLA] MARTIN, THOMAS COMMERFORD. Inscribed. <i>The Inventions, Researches and Writings of Nikola Tesla...</i> $6,000 to $9,000.
    <b>Doyle, Rare Books:</b> TOCQUEVILLE, ALEXIS DE. <i>Democracy in America.</i> First American editions of both volumes. $4,000 to $6,000.
    <center><b>Doyle<br>Rare Books, Autographs & Maps<br>November 24</b>
    <b>Doyle, Rare Books:</b> EINSTEIN, ALBERT. Two typed letters signed to Professor Julian Hugo Bonfante, with associated materials. $6,000 to $9,000.
    <b>Doyle, Rare Books:</b> Attr. to BENING, ALEXANDER (SANDER). Pair of arch-topped miniatures (of the Adoration and the Deposition respectively), likely extracted from a Book of Hours. $3,000 to $5,000.
    <b>Doyle, Rare Books:</b> LEESER, ISAAC. <i>The Law of God.</i> First edition of the first Jewish translation of the Pentateuch into English. $3,000 to $5,000.
    <center><b>Doyle<br>Rare Books, Autographs & Maps<br>November 24</b>
    <b>Doyle, Rare Books:</b> [RACKHAM, ARTHUR] WALTON, IZAAK. <i>The Compleat Angler; or the Contemplative Man's Recreation...</i> $4,000 to $6,000.
    <b>Doyle, Rare Books:</b> LICHTENSTEIN, ROY. Drawings and Prints. First printing with a small drawing in color depicting three lemons initialed by Lichtenstein. $3,000 to $5,000.
    <b>Doyle, Rare Books:</b> Rare set of 12-inch Bardin globes on stands. $6,000 to $8,000.
    <b>Doyle, Rare Books:</b> MONTAIGNE, MICHEL EYQUEM DE [JOHN FLORIO, trans.]. <i>The Essayes Or Morall, Politike and Millitarie Discourses of Lo:...</i> $25,000 to $35,000.
  • <b><center>Gonnelli<br>December 1st<br>Antique and modern prints,<br>drawings and paintings</b>
    <b><center>Gonnelli<br>December 2nd<br>Photographs, autographs, musical works and manuscripts</b>
    <b><center>Gonnelli<br>December 3rd<br>Books from XV to XX Century</b>
    <b><center>Gonnelli<br>December 3rd<br>Mathematics books</b>
    <b><center>Gonnelli<br>December 3rd<br>Art books from Salvador Dalí<br>& others</b>
  • <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> <i>All-Negro Comics</i> Issue #1, 1947. $4,000 to $6,000.
    <b>Cowan’s, Dec 3:</b> Early Memoir of a Black Hairdresser, 1859. $3,000 to $4,000.
    <b>Cowan’s, Dec 3:</b> First Edition <i>Letters of the Late Ignatius Sancho, An African,</i> 1782. $2,500 to $3,500.
    <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> Bessie Coleman Aero News Vol. 1 Issue 1, May 1930, Signed by William J. Powell. $2,000 to $3,000.
    <b>Cowan’s, Dec 3:</b> Book of Poetry and Music by Formerly Illiterate Author Thomas Young, 1897. $6,000 to $8,000.
    <b>Cowan’s, Dec 3:</b> Cabinet Card of 24th Infantryman, Tombstone, Arizona Territory, circa 1882. $8,000 to $12,000.
    <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> James Baldwin Portrait by Carl Van Vechten, 1955. $3,500 to $4,500.
    <b>Cowan’s, Dec 3:</b> <i>The Pacific Appeal</i> Newspaper, San Francisco, 1877. $3,000 to $5,000.
    <b>Cowan’s, Dec 3:</b> Only Known Copy <i>Spreading Joy,</i> Uplift History of African Americans in Los Angeles, 1937. $2,000 to $3,000.
    <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> 1940 Los Angeles <i>The Official Central Avenue District Directory.</i> $2,000 to $3,000.
    <b>Cowan’s, Dec 3:</b> GRÉGOIRE, Henri (French, 1750-1831). <i>An Enquiry Concerning the Intellectual and Moral Faculties, and Literature of Negroes,</i> First American Edition, 1810. $1,500 to $2,500.
    <b>Cowan’s, Dec 3:</b> 1893 Indian Territory Album with Images of Tacky Grayson. $4,000 to $6,000.

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