• <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> Joyce (James), <i>Ulysses,</i> 4to, Paris: (Shakespeare & Co.) 1922, First Edn. €7,000 to €9,000.
    <b>Fonsie Mealy, Dec. 9:</b> Of the Utmost Rarity with Swift Association. Harward (Michael). <i>Philomath. A New Almanack for the Year of Our Lord,</i> 1666. €6,000 to €9,000.
    <b>Fonsie Mealy, Dec. 9:</b> With Full Complement of Hand Coloured & Other Plates. Rosellini (Ippolito). <i>Monumenti dell Egitto e della Nubia,</i> Vols. I, II, & III Plate Volumes only. €5,000 to €7,000.
    <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> With Magnificent Hand Coloured Plates. [Bivort, Debabay, & others] <i>Annales de Pomologie,</i> 8 vols., folio, Brussels, 1853-1861. €4,000 to €6,000.
    <b>Fonsie Mealy, Dec. 9:</b> With Very Fine Coloured Plates & Illustrations. Barbier (George) Vogel (Lucien) & others, <i>Gazette du Bon Ton - Arts-modes et frivolities, </i> 1914 to 1922. €4,000 to €6,000.
    <b>Fonsie Mealy, Dec. 9:</b> “I have seen War... I hate War," Signed Presentation Copy to William C. Bullitt, Roosevelt (Franklin D.) August 14, 1936. €3,000 to €4,000.
    <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> Victorian Hostess & Horticulturist. An Important Collection Relating to Lady Dorothy Nevill (1826-1913). €2,500 to €3,200.
    <b>Fonsie Mealy, Dec. 9:</b> Fine Original Portrait Photos of The O'Brien Ladies by Margaret Cameron. Two black and white Photos, each 8" x 10". €1,200 to €1,800.
    <b>Fonsie Mealy, Dec. 9:</b> James Hume Nesbitt Illustrations: A collection of twelve pen and ink Drawings and Etchings intended for publication as book of illustrations for his thriller novels. €800 to €1,200.
    <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> Attributed to Kitagawa Utamavo (1753-1806). A pair of attractive colourful woodblock prints, of Court Ladies in decorative robes with numerous stamps and script. €800 to €1,000.
    <b>Fonsie Mealy, Dec. 9:</b> Contemporaneous Notes from Captain Cook's Voyage Travel: [Anon] <i>Voyage to the South Sea by Mr. Banks, Mr. Parkinson and Dr. Solender, with Capt. Cooke,</i> a 7 page m/ss document. €700 to €1,000.
    <b>Fonsie Mealy, Dec. 9:</b> Very Rare First U.K. Edition with Yellow Paper Band. Herbert (Frank). <i>Dune,</i> 8vo London (Victor Gollancz Ltd.) 1966. €500 to €700.
  • <center><b>Sotheby’s<br>English Literature, History, Science,<br>Children’s Books and Illustrations<br>1 – 8 December, 2020</b>
    <b>Sotheby’s, 1-8 Dec.:</b> JAMES OF MILAN | <i>Pricking of love,</i> illuminated manuscript in Middle English [England, fifteenth century]. £60,000 to £80,000.
    <b>Sotheby’s, 1-8 Dec.:</b> BEARDSLEY | <i>The Toilet of Helen,</i> original ink drawing for Savoy, 1895. £30,000 to £50,000.
    <b>Sotheby’s, 1-8 Dec.:</b> DICKENS | <i>A Christmas Carol,</i> 1844, seventh edition, presentation copy inscribed by the author. £20,000 to £30,000.
    <center><b>Sotheby’s<br>English Literature, History, Science,<br>Children’s Books and Illustrations<br>1 – 8 December, 2020</b>
    <b>Sotheby’s, 1-8 Dec.:</b> DARWIN | <i>For Private Distribution... Extracts from Letters addressed to Professor Henslow...,</i> 1835, original wrappers. £70,000 to £90,000.
    <b>Sotheby’s, 1-8 Dec.:</b> DEFOE | Autograph manuscript poem, 'Resignation', 1708. £20,000 to £30,000.
    <b>Sotheby’s, 1-8 Dec.:</b> GRAHAME | <i>The Wind in the Willows,</i> 1908, first edition, dust-jacket. £12,000 to £16,000.
  • <center><b>Sotheby’s<br>Livres et Manuscrits<br>7 – 15 December, 2020</b>
    <b>Sotheby’s, 7 – 15 Dec.:</b> [RELIURE BRODÉE]. <i>Horae beatissimae...</i> Anvers, 1570. Reliure brodée de la Renaissance aux armes du duc d'Anjou. €50,000 to €70,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> ARTOIS, comte d', futur Charles X. 75 lettres autographes au comte de Vaudreuil entre 1792 et 1804. €15,000 to €20,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> [Pascal, Blaise]. <i>Lettres de A. Dettonville ...</i> Paris, 1658-1659. Rarissime édition originale en reliure de l'époque. €30,000 to €50,000.
    <center><b>Sotheby’s<br>Livres et Manuscrits<br>7 – 15 December, 2020</b>
    <b>Sotheby’s, 7 – 15 Dec.:</b> Aragon, Louis. Ens. de 8 ouvrages avec envois à Jacques Lacan, dont "Blanche et l'oubli", 1967, sur grand papier. €2,000 to €3,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> Fermat, Pierre de. <i>Varia opera mathematica.</i> Toulouse,1679. Petit in-folio. Edition originale. De la bibliothèque de Jacques Lacan. €6,000 to €8,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> Leduc, Violette. <i>La Bâtarde.</i> 1958-1963. Important manuscrit autographe, premier jet. 20 cahiers, env 2048 p. ms. €40,000 to €60,000.

Rare Book Monthly

Articles - June - 2015 Issue

When Collecting Ends

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At the end of the day

Recently at the New York Book Fair I saw two Albany maps that, although expensive, were very appealing.  I wanted to buy them.  As I often do when considering important material I asked others for their opinion and the endorsements were warm but somewhat cautionary.  This then inadvertently brought into focus what the final years of my collecting may entail, having to say no for no other reason than that there may not be enough time on the clock to overcome the markups I pay to buy.  Long ago I established the theory [and subsequently proved it] that the difference between what many dealers charge and what a collector can expect to recoup at auction ten years later is about a breakeven.  This is of course more complicated than simply paying asking prices and waiting ten years.  Establishing the correct current value is essential because dealer prices range from the occasionally seriously underpriced to the occasionally seriously overpriced.  Understanding actual value is therefore important when buying and the rate of price recovery about 30% per decade.  This means that purchases have to be carefully calculated if among the goals of the collector are both an impressive assembly and financial prudence.

 

Two collections I sent to auction in 2009 and 2010 to Bloomsbury [then in New York] and Bonhams today prospering in New York were very successful.  Between them they raised $7.3 million including about a $900,000 gain.  The average holding period was about 12 years, a few for most of 20 years and others for as few as 5.

 

So now I’m 68 and a high fraction and thinking these last collections of mine, all variations on a New York Hudson River theme, will be sold when I’m 75 +/- a year.  This means I no longer have the option to buy with the expectation of a 10-year hold to bring the price I sell for back into line with the price I pay.  And it’s unsettling because I enjoy collecting.  I have given advice to many to plan to sell in their lifetime, in particular not to expect that partners, widows, widowers, children or executers will do better.  That’s unlikely to happen because collecting is complex and takes years to accomplish.  A collector invests their time because they have the desire and no one else is going to feel the same way or invest the same energy so it is inescapably the collector’s responsibility to dispose.

 

There are of course many ways to do this; by gift [with a tax deduction], by sale to dealers [only the very best collections will qualify] or a library, or sell at auction in which case many decisions will be necessary.  Where to sell all or a part, whether to sell by category, whether to sell via a single house or several depending on their expertise, experience, following and interest; these are all factors to consider.

 

In other words, just when your knowledge and experience are peaking you have to begin to plan your withdrawal.  I suppose it’s like seeing a three-act play.  Even as the first and second acts are superb you can begin to feel the nag of regret for you know there are only so many acts – that this play will end.


Posted On: 2015-06-01 11:09
User Name: periodyssey

Hi Bruce,
This article surprises me. I like quoting your comment that the last words of a collector are "I'll take it." This sentiment, it seems to me, comes much closer to the heart of the collector than your cold calculus. The collector makes sense of history, gathering together objects that have a natural unity but have been dispersed by time. This is often an heroic feat of patience, perseverance, discrimination, and money. And enthusiasm! I suppose if all you care about as a collector is getting a return on value, then your emotionless (and suspect) math is worth considering. But if that is the case, I would suggest investing in stocks instead. Rich West/Periodyssey and Partners in Paper


Posted On: 2015-06-01 16:58
User Name: Bookbones215

Thank you for your article. It is not a pleasant subject. I am a bookseller who started out as a book collector, now in my mid sixties. No kids, and a spouse who knows nothing about book values. Although my passion was ever hardly linked to the economics, my attention has been increasingly been drawn there. I would like to leave some kind of legacy for my wife in the event that I pass before her, which seems likely, looking at the Male vs female mortality rates. Anyway, although my collection is quite small and specific, I am interested in just compensation for the books I have...even though I didn't buy them "as an investment" per se, prudent dealings and cognizance of the marketplace has aided my purchasing decisions. When you say that it is up to collector to dispose of his/her collection, this hit a chord with me. The various venues available to me to sell presents a field I need to explore with care. I was quite surprised and pleased to see that the topic was up for discussion, and thanks again for your POV.


Posted On: 2015-06-02 16:44
User Name: Fattrad1

Bruce,

We booksellers will be anxiously awaiting some investment reporting from collectors, time weighted rate of return, diversified portfolios (genres), currency hedged collections.


Posted On: 2015-06-02 16:53
User Name: Fattrad1

Oh, I am short selling modern literature, predicting future declines, better dump those Gatsby's.


Posted On: 2015-06-02 21:06
User Name: greenbooks497

Great article. I’d love to hear the experiences of those collectors who, at the end of the collecting rainbow, decided to sell or auction their treasures. I’d be particularly interested to hear the delta between their perceived value of the collection and the actual return on the investment. The area that I collect is exceedingly narrow with a limited number of collectors. Many of us are friendly rivals for the same material (emphasis on the friendly). Releasing my rather large fish of a collection into this tiny pond of interested collectors would almost certainly depress prices during the time of the sale a quite sometime thereafter. My case is extreme given the specialist nature of the collection but in today’s interconnected world the risk of flooding a mirco-market (and hence shooting onesself in the financial foot) is very real, and significantly greater than in the pre-Internet era.


Rare Book Monthly

  • <b>Swann Auction Galleries Dec 17:</b> Bernardus Sylvanus, one of the earliest printed maps of the New World, woodcut, Venice, 1511. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 17:</b> Johannes Blaeu, <i>Nova et Accuratissima Totius Terrarum Orbis Tabula,</i> Amsterdam, 1662. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 17:</b> Emanuel Bowen & John Gibson, <i>Atlas Minimus,</i> miniature atlas, London, 1758. $2,500 to $3,500.
    <b>Swann Auction Galleries Dec 17:</b> Henry Andrews, <i>The Botanist's Repository for New & Rare Plants,</i> London, 1797-1815. $3,000 to $5,000.
    <b>Swann Auction Galleries Dec 17:</b> John James Audubon, <i>Night Heron or Qua Bird, Plate CCXXXVI,</i> hand-colored aquatint, 1835. $25,000 to $35,000.
    <b>Swann Auction Galleries Dec 17:</b> Basilius Besler, group of 30 folio engravings, <i>Hortus Eystettensis,</i> Eichstatt, 1613. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 17:</b> Henri Chatelain, <i>Carte Tres Curieuse de la Mer du Sud...,</i> Amsterdam, 1719. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 17:</b> Arnoldus Montanus, <i>Die Unbekante Neue Welt...,</i> German text edition, Amsterdam, 1673. $4,000 to $6,000.
  • <b>ANZAAB Joint Catalogue:</b> BULLER, Walter Lawry. <i>A HISTORY OF THE BIRDS OF NEW ZEALAND.</i> London, Van Voorst, 1873. Special De-Luxe edition of this already rare work.
    <b>ANZAAB Joint Catalogue:</b> GIBBS, May. <i>Gum-Nut Babies.</i> Sydney: Angus and Robertson, Ca. 1918.
    <b>ANZAAB Joint Catalogue:</b> SWIFT, Jonathan. <i>TRAVELS INTO SEVERAL REMOTE NATIONS OF THE WORLD.</i> London: Printed for Benj.Motte. 1727.
    <b>ANZAAB Joint Catalogue:</b> JUKES, Joseph Beete. <i>NARRATIVE OF THE SURVEYING VOYAGE OF H.M.S. FLY…</i> London: T. & W. Boone, 1847. First Edition.
    <b>ANZAAB Joint Catalogue:</b> <i>SOMERVILLE, E OE. IN THE VINE COUNTRY.</i> London: W H Allen & Co Limited, 1893.
    <b>ANZAAB Joint Catalogue:</b> MAWE, John. <i>The voyager’s companion, or shell collector’s pilot.</i> London : 1825. Rare.
    <b>ANZAAB Joint Catalogue:</b> PARKINSON, John. <i>Theatrum Botanicum, The Theater of Plants…</i> London, Thomas Cotes, 1640.
    <b>ANZAAB Joint Catalogue:</b> c. 1150 decorated MONASTIC MISSAL LEAF, Southern Germany/Austria.
    <b>ANZAAB Joint Catalogue:</b> LEGGE, Captain W. Vincent. <i>A HISTORY OF THE BIRDS OF CEYLON.</i> London, The Author, 1880.
    <b>ANZAAB Joint Catalogue:</b> AUNT HANNAH. <i>SOME ADVENTURES IN THE LIFE OF A COCKATOO.</i> Published in New York by R. Shugg and Co., 1872.
  • <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> SHERBURNE, BRANTZ, and WIRGMAN. The Original Drawings of the First Modern Scientific Survey of the Patapsco River and Chesapeake Bay. $350,000 to $500,000.
    <b>Arader Galleries, Dec. 5:</b> LAFON, Barthelemy. The Earliest Comprehensive Survey of Louisiana and its Adjacent Regions. $350,000 to $450,000.
    <b>Arader Galleries, Dec. 5:</b> Giacomo GASTALDI. The Most Important Renaissance Wall Map of Asia Published in the 16th Century – with all four sheets having full margins. $300,000 to $400,000.
    <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> CAO, Junyi. The Most Important Map of China to Come to Market in 50 Years. One of only three known copies of the last Ming Dynasty world map. $325,000 to $375,000.
    <b>Arader Galleries, Dec. 5:</b> ORTELIUS, Abraham. Ortelius Atlas Spanish 1588 Magnificently Rich Original Hand Color in Full. $225,000 to $350,000.
    <b>Arader Galleries, Dec. 5:</b> An Exceptionally Fine and Historically Important Manuscript Map Showing the Origins of Texas in the 19th Century. $250,000 to $350,000.
    <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> PRICE, William and BONNER, John. Map of Boston 1769. $225,000 to $325,000.
    <b>Arader Galleries, Dec. 5:</b> John James AUDUBON. Audubon’s Brilliant Icon, That Has Never Been Equaled for Drama. $150,000 to $250,000.
    <b>Arader Galleries, Dec. 5:</b> Pierre-Joseph REDOUTE. Original Watercolor, Red Lily. $175,000 to $250,000.
    <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> John James AUDUBON. The Most Famous Image of a Bird in All of History. $150,000 to $200,000.
    <b>Arader Galleries, Dec. 5:</b> Martin WALDSEEMULLER. The Finest Example in Existence of Martin Waldseemuller’s Map of the New World, with Spectacular Full Original Color. $150,000 to $200,000.
    <b>Arader Galleries, Dec. 5:</b> GORDON, Peter. The First State of the First View of Savannah: The Template for American Urban Planning. $100,000 to $150,000.

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