• <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.
  • <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> Tolomeo, Claudio. <i>Cosmographia.</i> Ulma, Lienhart Holle, 16.07.1482.<br>€ 50.000+
    <b>Aste Bolaffi, June 22:</b> Hondius, Henricus, & Johannes Janssonius. <i>Atlas novus, sive descriptio geographica totius orbis terrarum.</i> Amsterdam, Hondius-Janssonius, 1638. €30.000+
    <b>Aste Bolaffi, June 22:</b> Castiglione, Baldassarre. <i>Il libro del cortegiano del conte Baldesar Castiglione.</i> Venice, eredi di Aldo, 1528. € 14.000+
    <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> Bayer, Johann. <i>Uranometria, omnium asterismorum continens schemata, nova methodo delineata, aereis laminis expressa.</i> Augusta, Christoph Mang, 1603.<br>€ 12.000+
    <b>Aste Bolaffi, June 22:</b> [Astronomy]. <i>[Scriptores Astronomici veteres].</i> Venezia, Aldo Manuzio, 1499.<br> € 7.000+
    <b>Aste Bolaffi, June 22:</b> Aristophanes. <i>Aristofanous Komoidiai ennea. Aristophanis Comoediae novem.</i> Venice, Aldo Manuzio, 1498. € 7.000+
    <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> Herodotus. <i>Hirodotou logoi ennea [...] Herodoti libri novem quibus musarum indita sunt nomina.</i> Venice, Aldo Manuzio, 1502. € 7.000+
    <b>Aste Bolaffi, June 22:</b> Tory, Geoffroy. <i>L’art & science de la vraye proportion des lettres attiques, ou antiques.</i> Paris, Vincent Gaultherot, 1549. € 5.000+
    <b>Aste Bolaffi, June 22:</b> Caterina da Siena. <i>Epistole devotissime de sancta Catharina da Siena.</i> Venice, Aldo Manuzio, 1500. € 4.500+
    <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> [Chess]. Gianuzio della Manzia, Orazio. <i>Libro nel quale si tratta della maniera di giuocar' a scacchi con alcuni sottilissimi partiti.</i> Torino, Antonio Bianchi, 1597. € 3.000+
    <b>Aste Bolaffi, June 22:</b> Newton, Isaac. <i>Philosophiae naturalis principia mathematica.</i> Amsterdam, Compagnie di Amsterdam, 1714. €2.500+
    <b>Aste Bolaffi, June 22:</b> [Turkish Empire]. Ramberti, Benedetto. <i>Libri tre delle cose de Turchi.</i> Venice, eredi di Aldo, 1539. €1.500+
  • <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.
  • <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.

Rare Book Monthly

Articles - September - 2015 Issue

Changing Valuations

A649361e-5500-4108-a765-e2e197f60129

Euro/dollar diverging recently

Over the past year we have seen substantial changes in auction outcomes as expressed in US dollars.  Auctions of course are priced in local currencies, the dollar, pound [-5%] and euro [-12.5] predominate but there are also sales in Mexican pesos, Canadian dollars, Australian dollars [-27.5% ] Swiss francs and occasionally a few others.  We always convert to dollars to make comparison easier.  This said, this past year has seen dramatic shifts in currency values that are affecting the overall market by creating larger differences in outcome by region.

 

Of course, in a perfect world, prices would seamlessly adjust day-to-day and place-to-place to reflect exchange differences but that is not always happening.  We can tell because, while the number of auction lots in Europe continued to increase in the first half of 2015, the continent, which has wrestled both with the “Greek problem” and resistance to the monetary easing that has been employed in the United States, have seen outcomes reported in euros weaken.  These differences have made the euro particularly unstable and for the first time in memory suggest, we think mistakenly, that the long-term trend toward a worldwide auction market is losing steam.  It is not but it is a reminder that the euro is an incomplete experiment.

 

Auction sales, by dollars and units, do not always increase.  We see periodic declines because of uncertainty, be it war, recession or depression.  We know that sellers, when they feel this uncertainty, waxing prudent, withhold material and or impose higher reserves to protect themselves against momentary bidding collapses.  And auction houses by and large reflect this reality by not disclosing reserves [which can and do get quietly adjusted] based on market conditions and consignor cold feet.  After all, from seller commitment to the banging down of the auctioneer’s hammer, it often takes six months and not uncommonly a year.  And in that time a lot can happen.

 

Beyond all consideration for life’s uncertainties the introduction of dramatic shifts in exchange rates presents opportunities and risks not seen since the 1970s, the last time that auctions were essentially local and often not accessible to distant bidders.  Theoretically, an item should be worth the same in London, Paris and New York and the Rare Book Hub Transaction Database assumes this to be the case.  But this spring’s results suggest that local prices do not so effortlessly adjust.

 

Such shifts are as often political as they are economic.  China recently devalued the Yuan to keep their factories operating at full capacity.  They did so because they felt the need to maintain a 7% growth rate, a rate that is the envy of the developed world.   But the underlying story is that as the general population shifts from county to city more people need jobs and in a Communist country the government is expected to provide them.  Keeping people on the farm so to speak is fine for some but for many others the challenge and economic advantages of the city lead to unrest if the need is not met.  In other words, China devalued to maintain social order.

 

In Europe the euro is the outcome of a social system that also manages economic integration.  The European union is clearly more a social than economic alliance and perhaps their deepest motivation is to avoid war.  They have their history and it is a bloody one.  Through economic alliance they hope to minimize conflict.  And they are succeeding.  But they are also packaging Germany and Greece in the same currency package and it’s an untested idea being tested for the first time.

 

The United States, before they were united, was a short-lived confederation that quickly gave way to the subjugation of states rights to a unified central government.  Today’s EU is the equivalent of America’s confederation and many expect the United States of Europe to become the logical long-term outcome.

 

While the EU labors on the euro will continue to be periodically unstable, for itself and by extension, casting instability among other currencies.  One outcome will be unusually significant differences in European auction results when translated into US dollars, numbers that on their face suggest weakness this spring but that, when examined more closely, simply reflect Europe’s social, political and economic transformation from a group of counties to a group of states.

 

Finally another way to look at the data is to set aside the assumption that auction results should be uniformly expressed in dollars.  When all results are converted into euros rather than dollars the first six months of 2015 show a 2% gain rather than an 18% decline.  The world is changing and we will adjust our methodology as/when needed.

 

The following analysis compares the past eight years’ January-June auction sales expressed in both dollars and euros. 

 

January-June Sales from 2008-2015

     
               
 

In US Dollar Terms

Average FX Rate

In Euro Terms

 

 

$mm

% Growth

EUR/USD

% Growth

€mm

% Growth

 

1H 2008

$247

 

1.56

 

€ 159

   

1H 2009

$135

(45%)

1.35

(13%)

€ 100

(37%)

 

1H 2010

$169

25%

1.31

(3%)

€ 129

29%

 

1H 2011

$190

12%

1.43

9%

€ 133

3%

 

1H 2012

$307

62%

1.30

(9%)

€ 236

78%

 

1H 2013

$322

5%

1.31

1%

€ 246

4%

 

1H 2014

$345

7%

1.37

5%

€ 251

2%

 

1H 2015

$283

(18%)

1.11

(19%)

€ 256

2%

 

 

 

Rare Book Monthly

  • <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]
  • <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.

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