• <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>
  • <b>Swann Auction Galleries, Jan 29:</b> Leonard Baskin, <i>Diptera: A Book of Flies & Other Insects,</i> Gehenna Press, 1983. $6,000 to $9,000.
    <b>Swann Auction Galleries, Jan 29:</b> Georg Heym, <i>Umbra Vitae,</i> illustrated by Ernst Ludwig Kirchner, first edition, Munich, 1924. $6,000 to $9,000.
    <b>Swann Auction Galleries, Jan 29:</b> Edgar Allan Poe, <i>The Raven,</i> special copy for illustrator Alan James Robinson, first book from Cheloniidae Press, 1980. $3,000 to $4,000.
    <b>Swann Auction Galleries, Jan 29:</b><br>W.B. Yeats, <i>Poems,</i> illustrated by Richard Diebenkorn, accompanied by a suite of 6 etchings, 1990. $12,000 to $18,000.
    <b>Swann Auction Galleries, Jan 29:</b> Georges Rouault, <i>Cirque de l’Étoile Filante,</i> Paris, 1938. $30,000 to $40,000.
    <b>Swann Auction Galleries, Jan 29:</b> François-Louis Schmied, <i>Le Cantique des Cantiques,</i> Paris, 1925. $10,000 to $15,000.
    <b>Swann Auction Galleries, Jan 29:</b> Frank Lloyd Wright, <i>Ausgeführte Bauten und Entwürfe,</i> Berlin, Ernst Wasmuth, 1910. $8,000 to $12,000.
    <b>Swann Auction Galleries, Jan 29:</b> Hans Bellmer & Georges Hugnet, <i>Oeillades ciselées en branch,</i> Paris, 1939. $2,000 to $3,000.
    <b>Swann Auction Galleries, Jan 29:</b> Wassily Kandinsky, <i>Klänge,</i> first edition, Munich, 1913. $30,000 to $40,000.
    <b>Swann Auction Galleries, Jan 29:</b> Charles Dickens, <i>The Nonesuch Dickens,</i> limited edition, 1937-38. $5,000 to $7,500.
    <b>Swann Auction Galleries, Jan 29:</b> Rudyard Kipling, <i>Le Livre de la Jungle,</i> plates by Paul Jouve, engraved by F.L. Schmied, Paris, 1919. $7,000 to $10,000.
    <b>Swann Auction Galleries, Jan 29:</b> Georges Lepape, <i>Les Choses de Paul Poiret,</i> Paris, 1911. $3,500 to $5,000.
  • <b>Potter & Potter Auctions: Fine Books & Manuscripts. February 2, 2018</b>
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 230: Charles Bukowski. <i>South of No North.</i> Los Angeles, 1973. First edition. Signed. $1,500 to $2,000
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 244: Aldous Huxley. <i>Brave New World.</i> Garden City, 1932. First American edition. Signed. $2,500 to $3,500
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 10: Frank Lloyd Wright. “Fallingwater Side Elevation” Original Blueprint. $1,500 to $2,500
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. February 2, 2018</b>
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 169: <i>Chicago’s Progress: A Review of the World’s Fair City.</i> Chicago: Bishop Publishing, (1933). $150 to $250
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 299: [Tanguy, Yves] Benjamin Peret. <i>Dormir dans Les Pierres.</i> Paris: Editions Surrealistes, 1927. $2,500 to $3,500
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 276: Jean Hans Arp. <i>Arp: Eleven Configurations.</i> Zurich, 1945. $1,200 to $1,500
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. February 2, 2018</b>
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 235: Joseph Conrad. <i>Nostromo: A Tale of the Seaboard.</i> New York: 1904. First edition. $800 to $1,200
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 290: Umberto Brunelleschi. Louys, Pierre. <i>Les Aventures du Roi Pausole.</i> Paris: 1930. $1,200 to $1,500
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 700: X-Men No. 94. Marvel Comics, 1975. CGC 9.0. $800 to $1,200
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. February 2, 2018</b>
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 540: Travers, P.L. <i>Mary Poppins</i> [and] <i>Mary Poppins Comes Back.</i> Signed. New York: 1936. $1,000 to $1,500
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 576: Mickey Mouse. 17 Big Little Books. 1930s-40s. $300 to $500
    <b>Potter & Potter Auctions, Feb. 2:</b><br>Lot 429: Paracelsus. <i>Medicina Diastatica or Sympathecall Mumie.</i> London: 1653. $800 to $1,200
  • <b>Chiswick Auctions: Rare Books & Works on Paper. January 23, 2019</b>
    <b>Chiswick Auctions, Jan 23:</b> Rossini (Luigi, artist & engraver). <i>Le Antichità Romane, ossia Raccolta della piu interessanti Vedute di Roma Antica,</i> 89 plates. £2500 to £3500
    <b>Chiswick Auctions, Jan 23:</b> Four original hand-painted propaganda posters, (550 x 770 mm.), North Korea, 2009. £1200 to £1800
    <b>Chiswick Auctions, Jan 23:</b> Plinius Secundus (Gaius). <i>Historia Natural,</i> 2 vol, Spanish translation, woodcut arms of Philip IV of Spain, Madrid, 1624; 1629 £600 to £800
    <b>Chiswick Auctions, Jan 23:</b> Nasmyth (James) & Carpenter (James). <i>The Moon,</i> FIRST EDITION, frontispiece and 24 plates, 1874. £600 to £800
    <b>Chiswick Auctions: Rare Books & Works on Paper. January 23, 2019</b>
    <b>Chiswick Auctions, Jan 23:</b> A group (12) of large size Chinese Cultural Revolution papercuts on red paper presented on white paper backing, featuring various slogans and images of General Mao. £600 to £800
    <b>Chiswick Auctions, Jan 23:</b> Coronelli (V. M.). <i>Tran-Siselana,</i> copper engraved, hand-coloured, title cartouche with four winds and four monkeys, coat of arms, Venice, c.1692; and 8 others. £600 to £800
    <b>Chiswick Auctions, Jan 23:</b> Pouchkine (Alexandre). <i>Contes populaires Russes… traduits … par Alexandra de Holstein et René Ghil,</i> FIRST EDITION, n. 165 of an edition of 270 copies. £400 to £600

Rare Book Monthly

Articles - February - 2016 Issue

Are Books a Good Investment? This Investment Advisor Thinks They Are

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First editions of The Grapes of Wrath can vary widely in price depending on which printing.

A few weeks back, an investment firm in London caused some stir when they published a list of book prices and their increase in values over the past two decades. The gains were quite impressive. Perhaps a few booksellers who have not found it all that easy in recent years to turn high volumes of expensive sales were pleased to hear the good news. Then again, some may have been surprised. Stanley Gibbons Investment, a firm that specializes mostly in investments in stamps and coins, reported books had increased in value by 398% over the past twenty years, and 8.8% per year over the past ten years. We found that last decade particularly surprising as it included some very difficult economic times.

 

Gibbons created their index using 30 books. It should be noted that these are generally important books. The list contains names like Hemingway, Tolkien, Wells, Orwell, Eliot, Joyce, Kerouac, Milne, Salinger, Rand, Fleming and Steinbeck. Only one item of nonfiction was included, from economist John Maynard Keynes. All authors were from the 20th century. This is a fairly targeted field within the category of rare and antiquarian books.

 

It is not clear how their prices were determined – from actual sales, offering prices, something else? Presumably, copies compared were reasonably similar – same editions, each "of a certain condition" (their words), "the dust jacket still intact." We also do not know whether this list was randomly generated, or pre-selected in accordance with some bias or expectations.

 

What struck us was that our own sense of the market is that it has not grown at quite such a spectacular rate. So, we looked at our own index. The Rare Book Hub has compiled a database of over 6 million auction records from the past century and a half, with a particular concentration over the last 15 years. A few million books, covering everything offered at auction, it would seem, might give a better view of the overall market than 30 books from noted 20th century fiction writers. Indeed, these numbers were significantly different from those compiled by Gibbons. They show the average price of books at auction has doubled, rather than quadrupled since 1995. More significantly, they have shown virtually no movement in the past ten years, as opposed to appreciating 8.8% per year.

 

This is not because prices have stayed flat for ten years. The first two years of this period showed significant gains. Then there was 2008. We cannot forget 2008, however much we might like. Prices tumbled the year of the Great Recession, and inched down a little more the following two years before starting their journey upward again. When all was said and done, prices were virtually the same as they had been ten years earlier.

 

Now, our method of comparison may elicit a few questions too. Gibbons was presumably comparing exact same books, the ideal way to compare prices. However, their sample was tiny and not representative of books in general. Our sample did not contain exactly the same books year to year. However, we believe that, as with polling, when a sample is large enough, it will all balance out. Our samples for each year included several hundred thousand books.

 

We next took a look at a few of the books Gibbons estimated to see whether their estimates were consistent with auction realizations. We looked at average prices in 2015 and 1995 (sometimes a year before and/or after too to get a representative sample). For the most part, Gibbons' estimates for gains were somewhat more generous, but in the ballpark. We used first editions, very good or better condition, but without special attributes such as inscriptions. Here are our comparisons.

 

Gibbons showed the largest gain of their 30 selections over the past 20 years belonged to Animal Farm, George Orwell's barnyard tale first published in 1945. Gibbons used British pounds, which we have converted to U.S. dollars for comparison sake. They showed a gain of 2,597%, from $289 to $7,800. Our records indicated a gain of 1,885%, from $228 to $4,300. One might surmise Gibbons used only copies even better than our very good-plus since prices were higher, or perhaps they used prices from venues other than auctions. While Gibbons showed a greater rate of appreciation, which one might expect from the best of the best copies, there is nothing wrong with 1,885%. Animal Farm was a great investment in 1995. The Dow Jones average appreciated 250% over the same time period.

 

Gibbons' fifth greatest appreciation belonged to Casino Royale, the first James Bond book by Ian Fleming. Anything by Fleming is likely to have been a good deal as his Bond series has become notably collectible in recent years. Gibbons showed an appreciation of 874% for Casino Royale, from $3,800 in 1995 to $36,995 today. We showed an almost identical appreciation, though again with somewhat lower prices. The auction records gave us an appreciation of 868%, from $3,096 to $29,969.

 

The final title we examined was #10 on their list, John Steinbeck's 1939 tale of the Great Depression, The Grapes of Wrath. Here we did not match Gibbons' results. They showed an increase of 527%, from $1,497 to $9,383. We could only manage a return of 83%, from $1,467 to $2,683. Why the difference? There are two possible explanations, one specific to this title, another more general. First editions of The Grapes of Wrath have the same variable as Gone With The Wind – there were a whole mess of printings of the first edition. There were 11 printings of the first edition, the first ten of which may be unclear without seeing the book as they are all dated 1939. The first printing is very valuable, the drop off steep from there. Most listings did not specify the issue. Gibbons' estimates may rely primarily on first issues. The 1995 auction records, perhaps, contained more unidentified first issues than did the 2015 listings. This is why book evaluation is part art as well as science. There are many variables, some of which can easily be overlooked if you are not expert.

 

Then there is the valuation issue that affects almost all 20th century books. It is not much of a stretch to repeat the joke that 90% of a book's value is determined by its dust jacket. No one is paying much attention to less than very good-plus copies of the book, but condition of dust jackets are all over the place. They do not hold up so well, it being rare to find one on a book 85 years old without some sort of problems. A few tears, chips, missing pieces from a dust jacket can have a major impact on a book's value. Gibbons speaks of dust jackets being "still intact," but that leaves a lot of room for variation.

 

One thing we can say with certainty is that if you bought a first printing in 1939 and kept it in fine condition, you made a killing. These estimates imply an increase of value between 97,500% and 341,200%, though if the condition is pristine it is likely even more. The original price was $2.75.

 

In announcing the index, Gibbons stated, "The index will help guide investors and collectors looking to build a rare book portfolio as part of a long-term investment strategy." Have they made their case? Hindsight is wonderful, but was the explosion in interest in Fleming, the spectacular increases for Animal Farm, obvious in 1995? Why didn't I keep the comics books I owned as a youngster if this is all so obvious? Gibbons' 20 years after-the-fact selections were very good, but would they have chosen this list to follow in 1995, or would there have been more duds? I can tell you which stocks you should have bought in 1995, but I can't tell you which stocks you should buy in 2016. Remember, our comparison of all auction results to some of Gibbons' selected titles showed their books significantly outperformed the market as a whole. How do you know which are the right ones to choose? If rare books are to be part of your long-term investment strategy, you need to be very familiar with the books you select, understand pricing, have good insight as to where the market is likely to go in the years ahead, and not be risk averse.

 

This brings me back to a statement made by Arnoud Gerits, President of ILAB (International League of Antiquarian Booksellers) a few years back. "The International League of Antiquarian Booksellers does not encourage collecting books for investment purposes," the League's President said. "The reason for collecting is love and interest in the subject, the author, the period, what the book represents, the love and desire to own the original or best edition of a particular book... If, and I say if, it is an investment, than it is a long-term investment, a savings account, and you use money that you’re sure you won’t be needing for a long, long time, and nobody guarantees you anything. If you’re looking for a quick return on investment, forget it. The bottom-line is: don’t buy them as an investment: it is the wrong angle to look at books."

 

Unless you have exceptional insight into book values, Mr. Gerits is, in my opinion, correct. It is undoubtedly possible to make money investing in books, but it surely is not easy. However, the inspiration for most people to collect books is that they love them, not because it is an investment. We spend lots of money on things we like without expecting to make a profit. In fact, we usually expect a loss. No one buys a new car, television, or electronic gadget expecting to make a profit. Other pleasurable expenses, such as fine dining or a vacation, will leave you with nothing but memories. Anyone who refuses to take a vacation because it isn't a profitable financial investment is throwing away much of the enjoyment in life, simply to have a larger bank account at the end when they can no longer use it. Penny wise.

 

Books, perhaps, fit most logically into the same category as real estate. You buy a house because you love it, you will enjoy living there. Still, you want to come out financially whole when you sell. So you buy what you want, but with a certain amount of care. You may pass up the perfect home for one that is just very good because the very good house is in a highly desirable neighborhood, the "perfect" one in an area where values are falling. Investment quality should not be the primary consideration, but it shouldn't be ignored either. You should be able to enjoy your books in a way you will never enjoy your stock certificates, but still have no regrets at the end.

Rare Book Monthly

  • <b>Bunch Auctions: Rare Books & Fine Prints. January 22, 2019</b>
    <b>Bunch Auctions, Jan 22:</b> Dickens, Charles. <i>A Tale of Two Cities,</i> first edition with inclusions. $18,000 to $26,000
    <b>Bunch Auctions, Jan 22:</b> John James Audubon. A la poupee color engraving on paper "Stanley Hawk." $6,000 to $12,000
    <b>Bunch Auctions, Jan 22:</b> [FIRST EDITION, FIRST ISSUE] Dickens, Charles. <i>Oliver Twist</i>, London, 1838. 3 vols. $8,000 to $10,000
    <b>Bunch Auctions: Rare Books & Fine Prints. January 22, 2019</b>
    <b>Bunch Auctions, Jan 22:</b> Land indenture between William Penn and Thomas Gell, dated October 12, 1681, wherein Gell purchased 500 acres Pennsylvania farmland; signed by Penn. $4,000 to $6,000
    <b>Bunch Auctions, Jan 22:</b> Thomas Hart Benton, lithograph on paper "The Woodpile", pencil signed, original AAA certificate. $1,500 to $2,500
    <b>Bunch Auctions, Jan 22:</b> Helen Dryden, <i>Vogue</i> cover design lithograph completed in hand watercolor, proof design for September 1922 issue. $600 to $800
    <b>Bunch Auctions: Rare Books & Fine Prints. January 22, 2019</b>
    <b>Bunch Auctions, Jan 22:</b> Fisher, John D. <i>Description of the Distinct, Confluent, and Inoculated Small Pox, Varioloid Disease, Cow Pox, and Chicken Pox,</i> Boston, 1829. $600 to $800
    <b>Bunch Auctions, Jan 22:</b> [Rare Dust Jacket] Crane, Stephen. <i>The Red Badge of Courage,</i> NY, 1896. $500 to $700
    <b>Bunch Auctions, Jan 22:</b> after Amedeo Modigliani (Italian, 1884-1920), chromolithograph on paper "Lunia Czechowska", signed in plate, artist's proof (A/P). $200 to $400
    <b>Bunch Auctions, Jan 22:</b> Samuel Arlent Edwards, color mezzotint on paper "A Visit to the Boarding School", pencil signed. $100 to $200
  • <b>Il Ponte Casa d’Aste: Books and Manuscripts. January 22, 2019</b>
    <b>Il Ponte Casa d’Aste, Jan 22:</b> [MAGGIOLO, Vesconte] <i>Carta nautica manoscritta, bottega di Vesconte Maggiolo.</i> Italy, c.1550. Previously unknown extraordinary portolan chart. €50,000 to 80,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b><br>LA PÉROUSE, Jean-François. <i>Voyage de la Pérouse autour du monde.</i> Paris: L'Imprimerie de la République, 1797. €6,000 to 9,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> PEREA Y ROJAS, Daniel. The preparatory watercolours to the renown album <i>A Los Toros.</i> €4,000 to 6,000
    <b>Il Ponte Casa d’Aste: Books and Manuscripts. January 22, 2019</b>
    <b>Il Ponte Casa d’Aste, Jan 22:</b> MELA, Pomponio. <i>Cosmographia, sive De situ orbis.</i> Venice, 1478 [Bound with] DIONISIO il Periegeta. <i> De situ orbis…</i> Venice, 1478. €6,000 to 9,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> DE FELICE, Fortunato Bartolomeo. <i>Encyclopedie, ou dictionnaire universel raisonne des connoissances humaines.</i> Yverdon, 1770-1780. €4,000 to 6,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> VECELLIO, Cesare. <i>De gli habiti antichi et moderni di diverse parti del mondo.</i> Venice: Damian Zenaro, 1590. €3,000 to 5,000
    <b>Il Ponte Casa d’Aste: Books and Manuscripts. January 22, 2019</b>
    <b>Il Ponte Casa d’Aste, Jan 22:</b> FALDA, Giovanni Battista; SPECCHI, Alessandro. <i>Il nuovo teatro delle fabriche…</i> [bound with] <i>ll quarto libro del nuovo teatro delli palazzi in prospettiva di Roma moderna.</i> 1665-1699. €4,000 to 6,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> FALDA Giovan Battista. <i>Le fontane di Roma nelle piazze e luoghi pubblici della citta - Le fontane delle ville di Frascati nel Tusculano…</i> Rome, [1691]. €2,000 to 3,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> FERRERIO, Pietro & Giovanni Battista FALDA. <i> Palazzi di Roma de piu celebri architetti disegnati… [1655 – 1677]. €2,500 to 3,000
    <b>Il Ponte Casa d’Aste: Books and Manuscripts. January 22, 2019</b>
    <b>Il Ponte Casa d’Aste, Jan 22:</b> VON JACQUIN, Joseph Franz. <i>Eclogae graminum rariorum.</i> Vienna: Strauss Sommer, 1813-1844. €2,000 to 3,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> Prayer book according to the synagogical Ashkenazy rite in an elegant and precious silver binding. €3,000 to 5,000
    <b>Il Ponte Casa d’Aste, Jan 22:</b> BOCCACCIO, Giovanni. <i>Ameto.</i> Venice: Nicolo Zoppino, 1524. €3,000 to 5,000
  • <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> KNIGHT, HILARY. The Original Portrait of Eloise that Hung at the Plaza Hotel. $100,000 to 150,000
    <b>Bonhams, Dec 5:</b> WARHOL, ANDY. "Iced Lemon Delight," an Original Watercolor Presented to Hilary Knight's cat, Phoebe $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> SENDAK, MAURICE. <i>Where the Wild Things Are.</i> PRESENTATION COPY, INSCRIBED with drawing to Hilary Knight in the month following publication. $10,000 to 15,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> NOLAND, KENNETH. Original circle painting, untitled, acrylic and ink on cloth, for cover of monograph $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> TOULOUSE-LAUTREC. <i>Histoires Naturelles,</i> 1899. With 22 original lithographs. $10,000 to 15,000
    <b>Bonhams, Dec 5:</b> SHAKESPEARE, WILLIAM. <i>A Collection of Poems,</i> [1711]. The first authoritative and complete collected Sonnets.$15,000 to 20,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> LONDON, JACK. <i>The Call of the Wild.</i> 1903. First edition, first state jacket. $2,000 to 3,000
    <b>Bonhams, Dec 5:</b> FROST, ROBERT. Autograph Manuscript of "Build Soil," 12 pp, 1932-1936. $15,000 to 20,000
    <b>Bonhams, Dec 5:</b> GOULD, GLENN. Glenn Gould's extensively annotated copy of Bach's Goldberg Variations $100,000 to 150,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> PLATH, SYLVIA. EARLY Autograph Letter Signed, about her beginnings as a writer, Northampton, MA, 1951. $7,000 to 10,000
    <b>Bonhams, Dec 5:</b> HOUDINI, HARRY. A collection of 11 cast iron shackle and lock items from Houdini's personal collection. $20,000 to 30,000
    <b>Bonhams, Dec 5:</b> M4 ENGIMA MACHINE, with very rare RARE HYDRA KEY ENVELOPE. $400,000 to 600,000
  • <b>Shapero Rare Books:</b> Fine Illustrated Books. 50 illustrated works across a range of subjects.
    <b>Shapero Rare Books:</b> Present Perfect. Books & works on paper including Literature, Children’s & Illustrated, Sports & Pastimes, Modern Prints and more.
    <b>Shapero Rare Books:</b> The House of Romanov, marking the centenary of the tragic demise of the Romanov dynasty.
    <b>Shapero Rare Books:</b> CHAGALL & GOGOL. Les âmes mortes, 1948. Chagall’s first major illustrated book.
    <b>Shapero Rare Books:</b> GUSTAV KLIMT, eine nachlese, 1931. An important early monograph on Klimt.
    <b>Shapero Rare Books:</b> ELLIOT. Birds of North America, 1866. One of 200 2 vols sets, folio.
    <b>Shapero Rare Books:</b> PURCHAS. His Pilgrimes/Pilgrimage, 1625-26. 5 vols. Probably the greatest collection of voyages ever published.
    <b>Shapero Rare Books:</b> HUXLEY. Brave New World, 1932. Exceptionally fine first edition.
    <b>Shapero Rare Books:</b> KELMSCOTT PRESS. Poems of Shakespeare, one of 500, publisher’s vellum.
    <b>Shapero Rare Books:</b> LEROUX. Phantom of the Opera, 1911. First UK edition in fine S&S binding.
    <b>Shapero Rare Books:</b> INDIANA, Robert. The American Dream, one of 30 AP copies, 30 screen prints.
    <b>Shapero Rare Books:</b> BENOIS. Tsarskoe Selo during the Reign of Elizaveta Petrovna, St Petersburg, 1910. Deluxe issue.
    <b>Shapero Rare Books:</b> CORONATION ALBUM. Description du sacre et du couronnement de leurs Majestés Impériales, 1883. One of 200.
    <b>Shapero Rare Books:</b> IMPERIAL FAMILY. Signed original photograph of Tsar Nicholas II’s 4 daughters.
    <b>Shapero Rare Books:</b> Souvenir du Couronnement de Leurs Majestés Imperiales a Moscou, 1896.
  • <b>Sotheby’s NY, Jan 24:</b> Kingsborough, Edward King. <i>Antiquities of Mexico: Comprising Facsimiles of Ancient Mexican Paintings and Hieroglyphics…</i> London, 1831-1848. $80,000 to $120,000
    <b>Sotheby’s NY, Jan 24:</b> Paul Revere. <i>The Bloody Massacre perpetrated In King-Street Boston on March 5th 1770 by a party of the 29th Reg. Boston, 1770.</i> $150,000 to $200,000
    <b>Sotheby’s NY, Jan 24:</b> Battle of the Alamo. <i>Suplemento al Diario del Gobierno de la Republica Mexicana.</i> (Núm. 326. Tom. IV.). Mexico City: Imprenta del Aguila, Dirigida por José Ximeno, 1836. $6,000 to $8,000
    <b>Sotheby’s NY, Jan 24:</b> The Declaration of Independence. The first book-form printing of the Declaration of Independence. $300,000 to $500,000
    <b>Sotheby’s NY, Jan 24:</b> Treaty of Paris, Ratification. By the United States in Congress Assembled, A Proclamation … Annapolis, [Ca. 16-17 January 1784]. $800,000 to $1,200,000
    <b>Sotheby’s NY, Jan 24:</b> Declaration of Independence. The only known privately held copy of the celebrated William J. Stone facsimile for which provenance can be traced back to a direct ancestor who received it in 1824. $600,000 to $800,000
    <b>Sotheby’s NY, Jan 24:</b> Crockett, David. Autograph letter signed ("David Crockett") to George Patton, announcing his intention to travel to Texas. $70,000 to $100,000
    <b>Sotheby’s NY, Jan 24:</b> Wytfliet, Cornelius. <i>Descriptionis Ptolemaicae Augmentum, Sive Occidentalis Notitia Brevi Commentario Illustrata.</i> Leuven: Johannes Bogaerts 1597. $35,000 to $50,000
    <b>Sotheby’s NY, Jan 24:</b> Schedel, Hartmann. <i>Liber Cronicarum cum Figuris et Ymaginibus.</i> Nuremberg, Anton Koberger for Sebald Schreyer and Sebastian Kammermeister, 12 July 1493. $70,000 to $100,000
    <b>Sotheby’s NY, Jan 24:</b> New York Mets. Baseball from the first victory of the New York Mets. $25,000 to $35,000
    <b>Sotheby’s NY, Jan 24:</b> Robert E. Lee. Autograph letter signed ("R E Lee") as Confederate commander, to Rabbi Max Michelbacher, declining to furlough Jewish Confederate troops for the high holy days. $150,000 to $250,000

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