Rare Book Monthly

Articles - February - 2018 Issue

Auction Prices for Books and Paper Dipped by 1% in 2017

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Prices at auction for lots in the books and paper field took a modest dip in 2017. The median price slipped from $270 to $267, or 1.1%. It nearly wiped out last year's almost as modest 1.5% increase. On the other hand, the average price dropped more sharply, from $2,011 to $1,859, but this is not a very meaningful figure. It takes only one or two books at several millions to greatly skew the average price, and 2017 was a year without any blockbuster sales.

 

The number of lots sold at auction increased by 5.8% last year. There were 312,154 lots we tracked sold in 2017, vs. 295,143 in 2016. That is an increase of about 17,000 lots sold. Around 12,000 more lots were offered, indicating an increase in the sell-through rate as well. The sales rate for 2017 was 74.7%, vs. 72.7% the previous year. A 2% increase in the sell-through rate is substantial, and perhaps the small decrease in the median price reflects a willingness to take a little less to make a sale.

 

The percentage of books sold by price range was identical to 2016. Once again, 24% of the lots were priced below $100, 79% below $1,000. At the other end, 21% were above $1,000, 6% above $5,000, and 3% above $10,000.

 

The ratio of lots sold over the high estimate to lots sold below the low estimate was almost unchanged. A total of 58% of the lots sold went for more than the high estimate, while only 24% sold for under the low estimate. However, if you add lots unsold to the ones sold below the low estimate, the numbers are virtually identical. There were 179,958 lots that sold either below the low estimate or not at all, and 179,920 that sold above the high estimate. That is 44% of all lots offered for each, leaving 12% that were priced correctly!

 

The fourth quarter of the year has traditionally been the busiest time of year, though in 2016, the second quarter matched the fourth in terms of lots offered. In 2017, the auction houses reverted to form, with 34.3% of all lots offered in the fourth quarter vs. 28.9% in the second quarter. That was just as well as the sell-through rate was 74.9% for the fourth quarter vs. only 70.8% for the second quarter. As is usually the case, November was the busiest month. There were 56,656 lots offered, or 13.6% of the lots offered for the year. Sell-through was a robust 77%. August was again the slowest month, with just 17,676 lots offered, or only 4.2% of the total. However, the sell-through rate for August was the highest of the year at 80%. That is a surprise considering most people are expected to be on vacation.

 

Again following form, the highest median prices were achieved at the various branches of Sotheby's and Christie's. Highest overall, at an even $10,000, was the New York branch of Sotheby's. However, if prices at that level are a bit rich for the average buyer, there were 11 auction houses that offered more than 1,000 lots where the median was under $100. For the lowest of the low, check out the sales at the Lancaster Mennonite Historical Society. They won't break your budget, with a median of $12. In other words, half of their sold items went for less than $12. 98% sold for under $100. As for volume of lots sold, the runaway leader is Heritage Auctions' Dallas location. They sold 92,718 lots. The distant runner up was Kiefer Buch of Germany with 10,459.

 

Last month, we reported on the top 500 most expensive lots sold at auction in 2017. That report can be found by clicking here.

Rare Book Monthly

  • <b>Swann Auction Galleries:</b> C.F. Payne, <i>Micawber—Imitating Norman Rockwell's "Triple self-portrait,"</i> acrylic, watercolor & colored pencil, 2002. Sold June 2021 for $3,000.
    <b>Swann Auction Galleries:</b> Jane Russell, archive of letters written during a whaling voyage, 1840s. Sold July 2021 for $30,000.
    <b>Swann Auction Galleries:</b> Guild of Women Binders, exhibition binding of A.F. Pollard’s <i>Henry VIII,</i> London, 1902. Sold July 2021 for $12,350.
    <b>Swann Auction Galleries:</b> Robert Frost, <i>Collected Poems,</i> author’s presentation copy, signed, with entirety of <i>Stopping by Woods on a Snowy Evening</i> inscribed, NY, 1930. Sold June 2021 for $20,000.
    <b>Swann Auction Galleries:</b> James Joyce, <i>Ulysses,</i> deluxe limited issue, signed, London, 1936. Sold June 2021 for $21,250.
    <b>Swann Auction Galleries:</b> Mercator [family], <i>[World and Continents],</i> 5 double-page maps, Amsterdam, c. 1633. Sold June 2021 for $15,000.
    <b>Swann Auction Galleries:</b> George Schlegel, <i>New York, Taken from Central Park,</i> hand-finished color-tinted lithograph, 1874. Sold June 2021 for $11,250.
    <b>Swann Auction Galleries:</b> Nicolaus Copernicus, <i>De Revolutionibus Orbium Coelestium,</i> second edition, Basel, 1566. Sold April 2021 for $75,000.
    <b>Swann Auction Galleries:</b> Book of Hours, Use of Utrecht, illuminated manuscript, c. 1435-45. Sold April 2021 for $60,000.
  • <b><center>Forum Auctions<br>Fine Books, Manuscripts<br>& Works on Paper<br>30th September 2021</b>
    <b>Forum Auctions, Sep. 30:</b> Bible, English. The Holy Bible, Second Folio edition, the "Great She Bible", engraved More-Speed 1611 map of Canaan, Robert Barker, 1613-11. £7,000 to £10,000.
    <b>Forum Auctions, Sep. 30:</b> Galilei (Galileo). <i>Opere,</i> 2 vol., first collected edition, Bologna, Heirs of Dozza for Carlo Manolessi, 1656-1655. £4,000 to £6,000.
    <b>Forum Auctions, Sep. 30:</b> Venetian choirbook.- Single leaf from a 13th century Venetian antiphonal, with large decorated initial, manuscript on vellum, Venice, [c.1260]. £6,000 to £8,000.
    <b><center>Forum Auctions<br>Fine Books, Manuscripts<br>& Works on Paper<br>30th September 2021</b>
    <b>Forum Auctions, Sep. 30:</b> Petrarca (Francesco). <i>Rerum vulrgarium fragmenta,</i> decorated manuscript on paper, Italy, [second half of the 15th century]. £8,000 to £12,000.
    <b>Forum Auctions, Sep. 30:</b> New York School of abstract expressionists.- Abbott (Mary Lee). [Sketch book of original artwork], [New York], 1945. £5,000 to £7,000.
    <b>Forum Auctions, Sep. 30:</b> Contemporary colouring.- Nitzschewitz (Hermannus). <i>Novum beatae Mariaevirginis psalterium,</i> Zinna, Press of the Cistercian Monastery, 1493. £4,000 to £6,000.
    <b><center>Forum Auctions<br>Fine Books, Manuscripts<br>& Works on Paper<br>30th September 2021</b>
    <b>Forum Auctions, Sep. 30:</b> Shakespeare source book.- Montemayor (Jorge de). Diana of George of Montemayor: translated out of Spanish into English by Bartholomew Yong, first edition in English, B[ishop]., 1598. £6,000 to £8,000.
    <b>Forum Auctions, Sep. 30:</b> Milton (John). Poems of Mr. John Milton, Both English and Latin, Compos'd at several times, first edition, state with "S" in "S. Pauls" in imprint, 1645. £12,000 to £18,000.
    <b>Forum Auctions, Sep. 30:</b> Greene (Graham). <i>The Power and the Glory,</i> first edition, 1940. £6,000 to £8,000.
    <b><center>Forum Auctions<br>Fine Books, Manuscripts<br>& Works on Paper<br>30th September 2021</b>
    <b>Forum Auctions, Sep. 30:</b> Crowley (Aleister). View of the Tyrrhenian Sea, probably from the hill behind the abbey of Thelema, Cefalù, Sicily, charcoal, [1921]. £10,000 to £15,000.
    <b>Forum Auctions, Sep. 30:</b> Fleming (Ian). <i>Casino Royale,</i> first edition, 1953. £12,000 to £18,000.
    <b>Forum Auctions, Sep. 30:</b> China.- Thomson (John). <i>Illustrations of China and Its People,</i> 4 vol., first edition, 96 photographic plates, 1873-74. £15,000 to £20,000.
  • <b><center>Doyle<br>Rare Books, Autographs & Maps<br>September 23, 2021</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 20. ADAMS, JOHN QUINCY. Letter to the editors of the Boston Atlas on slavery and its political ramifications, 1842. $20,000 to $30,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 208. HEMINGWAY, ERNEST. <i>A Farewell To Arms.</i> New York: Charles Scribner's Sons, 1929. First edition. $2,000 to $3,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 237. ADDAMS, CHARLES. Original drawing "Now Remember-act casual." $5,000 to $7,000.
    <b><center>Doyle<br>Rare Books, Autographs & Maps<br>September 23, 2021</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 4. SMITH, ADAM. <i>An inquiry into the nature and causes of the wealth of nations.</i> Philadelphia, 1789. The first American edition. $4,000 to $6,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 131. BEETHOVEN, LUDWIG VON. <i>Cinquieme Sinfonie en ut mineur: C Moll de Louis Van Beethoven. Oeuvre 67.</i> First edition of the complete score. $3,000 to $5,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 73. Chinese Export Painting. Album of twenty-three original Chinese natural history studies of flowers and insects. Likely Canton: circa 1850. $2,000 to $3,000.
    <b><center>Doyle<br>Rare Books, Autographs & Maps<br>September 23, 2021</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 241. GOREY, EDWARD. Original drawing "Cat Drawing Wallpaper." Signed in Pencil in lower right margin. $2,000 to $4,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 36. LINCOLN, ABRAHAM. Autograph note signed instructing Edwin Stanton to meet with the important African American abolitionist and officer Martin Delany. [Washington:] 21 February 1865. $8,000 to $12,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 112. JONSON, BEN. <i>Workes</i>. London: William Stansby, 1616; Together with <i>Workes.</i> London: Richard Meighen,1640-41. $7,000 to $10,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 161. STURGIS, LEE. <i>Salmon Fishing on Cain River, New Brunswick.</i> (Chicago:) Privately printed (for the author by Ralph Fletcher Seymour), 1919. First edition. $3,000 to $5,000.
  • <center><b>iGavel Auctions<br>Antiquarian and Other Books<br>September 14 – October 12</b>
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Athanasius. <i>Illustrium Virorum Opuscula,</i> Paris, 1500. $4,000 to $6,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> <i>The New Testament of Jesus Christ, Translated Faithfully into English,</i> Rheims, John Fogny, 1582. $3,000 to $5,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Stith, William. <i>The First History of Virginia printed in America,</i> [Williamsburg, 1747]. $2,500 to $3,500.
    <center><b>iGavel Auctions<br>Antiquarian and Other Books<br>September 14 – October 12</b>
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b><br>S. Bonaventure. <i>Commentarius in Secundum Librum Sententiarum Petri Lombardi,</i> Venice, 1477. $2,000 to $4,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Juvenalis, Junii. <i>Satyrae,</i> with the commentary of Domitius Calderinus, Venice, 1475. $2,000 to $4,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Horatius Flaccus, Quintus. <i>Opera.</i> Ed. with commentary of Christophorus Landinus, Florence, 1482. $2,000 to $4,000.
    <center><b>iGavel Auctions<br>Antiquarian and Other Books<br>September 14 – October 12</b>
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Scotus, Duns. <i>Quaestiones in Quattuor Libros Sententiarum,</i> 1476-1477. $2,000 to $4,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Polidori, John. <i>The Vampyre, A Tale,</i> Paris, 1819. $1,000 to $2,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Stowe, Harriet Beecher. <i>Uncle Tom's Cabin,</i> Vol. I and II, 1852, and a Later Edition, 1885. $2,000 to $3,000.
    <center><b>iGavel Auctions<br>Antiquarian and Other Books<br>September 14 – October 12</b>
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Twain, Mark. <i>The Adventures of Tom Sawyer,</i> 1877 [and] <i>The Adventures of Huckleberry Finn,</i> 1885. $2,000 to $3,000.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> Book of Hours, Illuminated Vellum, Calendar of Months, 15th century. $600 to $900.
    <b>iGavel Auctions, Sep. 14 – Oct. 12:</b> <i>Picturesque,</i> America, Europe, Palestine, and Russia, 1872-1885. $400 to $600.

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