• <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson: Online-Only Auction. Now through June 18</b>
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson:</b> MYERS, ARTHUR B.[OWEN] R.[ICHARDS] Life with the Hamran Arabs... $500 to $800
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson:</b> LYELL, D. D. Nyasaland for the Hunter and Settler. $600 to $800
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson:</b> JOHNSON, ISAAC CHARLES Sport on the Blue Nile… $600 to $900
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson: Online-Only Auction. Now through June 18</b>
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson:</b> BETHELL, ALFRED J. Notes on South African Hunting and Notes on a Ride to the Victoria Falls… $600 to $900
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold “Jake” Johnson:</b> BISHOP, B. F. Game & Visitor's Book. $500 to $800
    <b>Doyle, Travel & Sport in Africa from the Library of Arnold "Jake" Johnson:</b> BYRON, EDMUND What We Did in South Africa in 1873. $600 to $900
  • <b>Fonsie Mealy Auctioneers: Rare Book & Collectible Sale. June 18, 2019</b>
    <b>Fonsie Mealy Auctioneers, June 18:</b> Joyce (James). <i>Ulysses.</i> Shakespeare and Company, Paris 1922, First Edition, No. 30 of 100 copies. Signed by Joyce and printed on fine Dutch handmade paper. €70,000 to €90,000
    <b>Fonsie Mealy Auctioneers, June 18:</b><br>A very important collection of accounts, draft statements, ledgers etc., from the archive of Domhnall Ua Conchubhair [O’Connor] [1872-1935]. €15,000 to €20,000
    <b>Fonsie Mealy Auctioneers, June 18:</b> Joyce (James). <i>De Honni-Soit a Mal-y-Chance.</i> Mesures, 15 Janvier 1936. [French translation of Joyce’s essay from a banned writer to a banned signer, a tribute to John Sullivan]. €7,000 to €10,000
    <b>Fonsie Mealy Auctioneers: Rare Book & Collectible Sale. June 18, 2019</b>
    <b>Fonsie Mealy Auctioneers, June 18:</b> Joyce (James). <i>Finnegans Wake,</i> 8vo L. (Faber & Faber) 1939, Signed and Limited 21 (450) Copies. €1,500 to €2,000
    <b>Fonsie Mealy Auctioneers, June 18:</b> Swift (Jonathan). <i>The Works of J.S. D.D.,</i> D.S.P.D., Vol. I – Vol. XVIII, together 18 vols. Faulkner’s Edition of Swift – Lord Orrery’s Copy. €1,000 to €1,500
    <b>Fonsie Mealy Auctioneers, June 18:</b> Eyzinger (Michael). <i>Ad Leonis Belgici Topographicam atque Historicam Descriptionem,</i> 2 vols.in one, [Cologne] 1586. Excessively rare 16th century work with 162 double page engravings. €1,000 to €1,500
    <b>Fonsie Mealy Auctioneers: Rare Book & Collectible Sale. June 18, 2019</b>
    <b>Fonsie Mealy Auctioneers, June 18:</b> Yeats (W.B.). <i>The Dublin University Review,</i> issue for June 1886, containing the first printing of Yeats’ poem “Mosada” at pp. 473-483. €800 to €1,200
    <b>Fonsie Mealy Auctioneers, June 18:</b> Heaney (Seamus) & O’Neill (T.) <i>Columcille The Scribe,</i> Single m/ss on vellum, R.I.A. 2004, #95 (of 100) copies. €800 to €1,000
    <b>Fonsie Mealy Auctioneers, June 18:</b> Bonaparte (Napoleon). A French Republic Brevet (Republique Francaise) Department of War manuscript and printed document appointing Gaspard Bourves to Captain. Signed. €600 to €700
    <b>Fonsie Mealy Auctioneers: Rare Book & Collectible Sale. June 18, 2019</b>
    <b>Fonsie Mealy Auctioneers, June 18:</b> Irish Broadsides Ballads: A folio Album containing approx. 70 Dublin printed broadside ballads, mostly by Brereton, Lr. Exchange St., and with wd. cut illus. at head. €400 to €600
    <b>Fonsie Mealy Auctioneers, June 18:</b> Anon. <i>The State of Irish Affairs, For the Honourable Members of the Houses of Parliament…</i>. 4to Lond. (G. Miller) 1645. €300 to €400
    <b>Fonsie Mealy Auctioneers, June 18:</b> [Graham (Doctor James)]. <i>A Lecture on the Generation Increase and Improvement of the Human Species…</i>, 8vo L. (M. Smith) [c. 1784]. €200 to €300
  • <b>Swann Auction Galleries June 20:</b> NYC pride parade photos by Hank O’Neal, annotated on verso by Allen Ginsberg, 1970s. Pictured is Marsha P. Johnson. $70,000 to $100,000.
    <b>Swann Auction Galleries June 20:</b> David Wojnarowicz, <i>Neon Dancer,</i> postcard signed to Jim Fouratt, 1982. $5,000 to $8,000.
    <b>Swann Auction Galleries June 20:</b> Personal papers of Candy Darling, New York, circa 1950s-1973. $20,000 to $30,000.
    <b>Swann Auction Galleries June 20:</b> Walt Whitman, <i>Memoranda of the War,</i> Remembrance Copy, inscribed to Peter Doyle, from “the author with his love,” Camden, 1875-76. $50,000 to $75,000.
    <b>Swann Auction Galleries June 20:</b> Oscar Wilde, <i>The Importance of Being Earnest, A Trivial Comedy for Serious People,</i> first edition, signed, London, 1899. $50,000 to $70,000.
    <b>Swann Auction Galleries June 20:</b> James Baldwin, <i>Giovanni’s Room,</i> first edition, presentation copy, New York, 1956. $1,800 to $2,500.
    <b>Swann Auction Galleries June 20:</b> JEB (Joan E. Biren), <i>Ginger and Catherine,</i> silver print, 1972. $700 to $1,000.
    <b>Swann Auction Galleries June 20:</b> Su Negrin, <i>Gay Liberation,</i> photograph by Peter Hujar, poster published by Times Change Press, 1970. $400 to $600.
    <b>Swann Auction Galleries June 20:</b> Harvey Milk, Autograph Letter Signed, as acting Mayor of San Francisco, March 7, 1978. $4,000 to $6,000.
    <b>Swann Auction Galleries May 23:</b> Lester Beall, <i>Rural Electrification Administration,</i> 1939. $20,000 to $30,000.
    <b>Swann Auction Galleries June 20:</b> Gerda Wegener, <i>Two Women in a Window,</i> watercolor, chalk & wash, circa 1920. $15,000 to $25,000.
    <b>Swann Auction Galleries June 20:</b> Jean Cocteau, original sketchbook, <i>Le Mystère et Antigone,</i> including sketches of his lover Jean Desbordes, 1932. $30,000 to $40,000.
    <b>Swann Auction Galleries June 20:</b> Djuna Barnes, <i>Ladies Almanack . . . Written & Illustrated by A Lady of Fashion,</i> limited edition, signed & inscribed to her literary executor, 1928. $10,000 to $15,000.
  • <center><b>Sotheby’s<br>Fine Books and Manuscripts Online<br>Now through June 21</b>
    <b>Sotheby’s Online, June 21:</b> THOREAU, HENRY DAVID. <i> Walden: or, Life in the Woods.</i> Boston: Ticknor and Fields, 1854. $15,000 to $20,000
    <b>Sotheby’s Online, June 21:</b> BUKOWSKI, CHARLES. Archive of Correspondence Addressed to Kay "Kaja" Johnson, Los Angeles, California: July – November 1961. $20,000 to $30,000
    <b>Sotheby’s Online, June 21:</b> DICKENS, CHARLES, AND GEORGE CRUIKSHANK [ILLUSTRATOR]. Unpublished autograph letter signed, to Cruikshank, completed on the artist's proof, related to the publication of The Pic-Nic Papers. $7,000 to $10,000
    <center><b>Sotheby’s<br>Fine Books and Manuscripts Online<br>Now through June 21</b>
    <b>Sotheby’s Online, June 21:</b> FEYNMAN, RICHARD. <i>"Surely You’re Joking Mr. Feynman!" Adventures of a Curious Character.</i> As Told to Ralph Leighton. New York: W.W. Norton & Co., 1985. $12,000 to $18,000
    <b>Sotheby’s Online, June 21:</b> GERSHWIN, GEORGE. Autograph music manuscript of "Leavin’ for de Promise’ Lan’" from the opera Porgy and Bess, Act One Scene Two. $25,000 to $35,000
    <b>Sotheby’s Online, June 21:</b> LINCOLN, ABRAHAM. Document signed ("Abraham Lincoln") as sixteenth president, being a military commission for Rufus H. Johnson. $8,000 to $10,000

Rare Book Monthly

Articles - August - 2017 Issue

A Time to be Cautious

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The risks may be greater

You can kind of feel it, the disconcerting energy of anxiety.  It’s a different kind of thing; somehow tapping into our primordial instincts.  There’s a sense of risk in some quarters of America today that we rarely experience but our antenna are now up.

 

The problem is American politics.  It’s a sink hole of failed promises, an uncivil war, an “I’m right and you’re wrong” black and white perspective that makes debate and discussion difficult.  The patriotic citizen who puts country and their neighbors first, such people for decades the bedrock and backbone of American life still live by and up to their personal standards, but the fear and hate mongering of television pundits now too often overrides our better human instincts.

 

I certainly hope we get through this without permanent scars.

 

Rare books, in this unsettled period, are a luxury and could be collateral damage in an extended economic downturn.  And that’s as disappointing as it is undeserved.  But it may happen.

 

Price to earnings valuations have risen to levels seen only twice before during the past one hundred years, in the year leading up to the stock market crash in 1929, and in 2000 at the top of the stock market bubble.  The problem is relative valuation.  When valuation of one category of investment rises relative to others human instinct is forced to confront two appealing possibilities, a rising stock market with its easy upward momentum, and other categories of investment that are underperforming and therefore become increasingly cheaper.

 

This debate/discussion always ends the same way.  The momentum fails and money moves toward the undervalued assets.  But when?  I’ve no idea but there are three factors to make us cautious:  [1] Stock markets tend to correct during the period July 1st to November 1st, [2] we have had a long upturn since the election of Trump and are overdue for a pull back, and [3] we are six months into a destructive presidency that may lead to impeachment about which outside council Muller is investigating.  His report could shift asset valuations in a significant way in a single day. 

 

In downturns, we still turn on the lights and pay our electric bills.  But we do pull back on discretionary expenses.  If it happens it could make the business tougher for a while.

 

As to how I’m dealing with this prospect I’ve trimmed my sails a bit.  I’ve cut margin borrowing from 30% to 10% and am selling calls to shift market risk to others who are more optimistic.  And as to how I’ll approach appealing material if it becomes available I expect to be aggressive because, while economic and politics are cyclical, rarity is not.  You must buy it when you find it if the price makes sense but, if we get into a downturn, re-selling could be more difficult for a while.

 

So, in this unsettled period be careful.

Rare Book Monthly

  • <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Book of Hours. Illuminated manuscript, Flanders or northern France, c. 1450. With 12 full-page illuminated miniatures. £10,000 to £15,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Zahrawi, Abu’-Qasim, al- (c. 936-1013). <i>Albucasis chirurgicorum omnium,</i> Strasbourg, 1532. The first comprehensive illustrated treatise on surgery. £3,000 to £5,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Milles, Thomas. <i>The Custumers Alphabet and Primer,</i> 1608. Gilt supralibros of 17th-century English bibliophile Edward Gwynn. £2,000 to £3,000
    <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Guillemeau, Jacques. <i>Child-Birth or, the Happy Deliverie of Women,</i> 1st edition in English, 1612. The second midwifery manual printed in English. £1,500 to £2,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Rabisha, William. <i>The Whole Body of Cookery Dissected,</i> 1st edition, 1661. Rare. Five copies in libraries. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Royal binding. <i>An Abridgment of the English Military Discipline,</i> 1678. Contemporary red goatskin gilt by Samuel Mearne for Charles II (1630-1865). £1,500 to £2,000
    <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Pallavicino, Ferrante. <i>The Whores Rhetorick,</i> 1st edition in English, 1683. Rare anti-Jesuit satire. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Swift, Jonathan. <i>The Benefit of Farting,</i> 1st London edition, 1722. Teerink 19. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Edwards, George. <i>Natural History of Uncommon Birds</i> [and] <i>Gleanings of Natural History,</i> 7 volumes, 1743-64. Contemporary tree calf, 362 hand-coloured engraved plates. £8,000 to £12,000
    <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Campbell, Patrick. <i>Travels in the Interior Inhabited Parts of North America,</i> 1st edition, 1793. Howes C101; Sabin 10264. Uncut in original boards. £5,000 to £8,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Hearne, Samuel. <i>A Journey from Prince of Wales's Fort in Hudson's Bay, to the Northern Ocean,</i> 1st edition, 1795. Sabin 31181. Large-paper copy. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Edgeworth, Maria. <i>The Match Girl, A Novel,</i> 1808. £1,000 to £1,500
  • <b>Bonhams, Jun 13 results:</b> Darwin, Charles. <i>On the Origin of Species.</i> Presentation Copy. Sold for $500,075.
    <b>Bonhams, Jun 13 results:</b> Darwin, Charles. Autograph Letter Signed, 3 pp, negotiating the 2nd American edition with Appleton. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Hemingway, Ernest. Autograph Letter Signed, 8 pp, Paris, 1924, to his father discussing Bullfighting, Stories, and his new baby. Sold for $25,075.
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Corialanus.</i> London, 1623. 1st printing [Extracted from the First Folio]. Sold for $50,075.
    <b>Bonhams, Jun 13 results:</b> Swift, Jonathan. <i>Gulliver's Travels.</i> London, 1726. 1st edition, Teerink's A edition, fine, large copy. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Fitzroy, Robert. Autograph Letter Signed to agent Thomas Stilwell, informing him of the progress of H.M.S. Beagle. Sold for $17,575.
    <center><b>Bonhams<br> Property from the Collection of Nicole and William R. Keck II</b>
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Sonnets.</i> 1901. 2 volumes. Printed on vellum and illuminated by Ross Turner, bound by Trautz-Bauzonnet. Sold for $13,825.
    <b>Bonhams, Jun 13 results:</b> Beardsley, Aubrey. <i>The Birth, Life, and Acts of King Arthur.</i> 1893-94. 2 volumes. Contemporary painted vellum gilt by Chivers. Sold for $5,325.
    <b>Bonhams, Jun 13 results:</b> Assisi, St. Francis. <i>The Canticle of Brother Sun.</i> Illuminated on vellum, for the Grolier Society. Sold for $7,575.
    <b>Bonhams, Jun 13 results:</b> Proust, Marcel. <i>Du coté de chez Swann.</i> 1st edition, 1st issue. Inscribed by Proust. Sold for $8,825.
    <b>Bonhams, Jun 13 results:</b> Rackham, Arthur. <i>Peter Pan in Kensington Gardens.</i> 1/500 copies signed by Rackham. Sold for $4,825.
  • <center><b>Dominic Winter Auctioneers<br>Printed Books, Maps & Documents, Children’s Books & Modern First Editions<br>June 19/20</b><br>
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Cook, James. <i>A Voyage towards the South Pole,</i> 1st edition, 1777. Presentation copy to James Furneaux. £3,000 to £5,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Mathews, Gregory M. <i>The Birds of Australia,</i> 13 volumes, 1st edition, 1910-27. A fine set, with 600 hand-coloured lithographs. £3,000 to £5,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Shelley, George Ernest. <i>Monograph of the Nectariniidae,</i> 1st edition, 1876-80. With 121 hand-coloured lithographic plates by Keulemans. £2,000 to £3,000
    <center><b>Dominic Winter Auctioneers<br>Printed Books, Maps & Documents, Children’s Books & Modern First Editions<br>June 19/20</b><br>
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Nostradamus, Michel de. <i>The True Prophecies or Prognostications,</i> 1st edition in English, 1672. £3,000 to £5,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Collodi, Carlo. <i>Le Avventure di Pinocchio,</i> 1st edition, 1883. Original cloth. £6,000 to £8,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Kelmscott Press. <i>The Life and Death of Jason,</i> 1895. One of 200 copies on paper. £2,000 to £3,000
    <center><b>Dominic Winter Auctioneers<br>Printed Books, Maps & Documents, Children’s Books & Modern First Editions<br>June 19/20</b><br>
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Ambler, Eric. <i>Uncommon Danger,</i> 1st edition, 1937. With the dust jacket. £1,500 to £2,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Huxley, Aldous. <i>Crome Yellow,</i> 1st edition, 1921. Rare in the dust jacket. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Isherwood, Christopher. <i>Goodbye to Berlin,</i> 1st edition, 1939. With the dust jacket, £1,000 to £1,500
    <center><b>Dominic Winter Auctioneers<br>Printed Books, Maps & Documents, Children’s Books & Modern First Editions<br>June 19/20</b><br>
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Lewis, C. S. Autograph letter signed to Charles Jasper Sisson (1885-1966), 1937. £1,000 to £1,500
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Tolkien, J. R. R. <i>The Lord of the Rings,</i> 1956-7. Signed by Tolkien in each volume. £7,000 to £10,000
    <b>Dominic Winter Auctioneers<br>June 19/20:</b> Wells, H. G. <i>The War of the Worlds,</i> 1st edition, 1898. Inscribed by Wells with autograph self-portrait. £3,000 to £5,000

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