• <center> <b>Leslie Hindman Auctioneers<br>Fine Books and Manuscripts Including Americana<br>November 6, 2019</b>
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> RATZER, Bernard. <i>Plan of the City of New York in North America, surveyed in the years 1766 & 1767.</i> London: Jefferys and Faden, “Jan.y” 12, 1776. $80,000 to $120,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [KELMSCOTT PRESS]. COCKERELL, Sydney C. <i>Some German Woodcuts of the Fifteenth Century.</i> Hammersmith: The Kelmscott Press, 1897 [issued 1898]. $20,000 to $30,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [GOLDEN COCKEREL PRESS]. KEATS, John. <i>Lamia, Isabella, the Eve of Saint Agnes and Other Poems.</i> Waltham Saint Lawrence, Berkshire: The Golden Cockerel Press, 1928. $6,000 to $8,000
    <center> <b>Leslie Hindman Auctioneers<br>Fine Books and Manuscripts Including Americana<br>November 6, 2019</b>
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [GRANT, Ulysses S.— GRANT, Julia, First Lady]. Carved Applewood and 18-karat Gold Jewelry Suite, Browne & Spaulding, Jewelers, New York City, 1865. $20,000 to $30,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [LINCOLN ASSASSINATION]. GARDNER, Alexander. <i>Incidents of the War |Sic Semper Sicariis</i> [caption title]. Washington, D. C.: Philip & Solomons, 1865. $5,000 to $7,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> A COMPLETE COLLECTION of 115 titles published in R. R. Donnelley's Lakeside Classics series. Chicago, 1903-2017. COMPLETE RUN OF THE LONGEST-RUNNING CONTINUOUS SERIES OF BOOKS IN THE WORLD. $5,000 to $7,000
    <center> <b>Leslie Hindman Auctioneers<br>Fine Books and Manuscripts Including Americana<br>November 6, 2019</b>
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> GLEIZES, Albert. METZINGER, Jean. <i>Du Cubisme.</i> Paris, 1947. LIMITED EDITION, number 19 of 20 copies on papier d'Auvergne. $3,000 to $4,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [THE LITTLE REVIEW]. ANDERSON, Margaret, ed. POUND, Ezra, ed. HEAP, Jane, ed. <i>The Little Review.</i> Vol. I, No. 1 through Vol. XII, No. 2. 1914-1929. $3,000 to $4,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [MOUNTENEY, Leonard, binder]. LOUŸS, Pierre. <i>Songs of Bilitis.</i> Chicago: Argus Books, 1931. $2,000 to $3,000
    <b>Leslie Hindman Auctioneers, Nov. 6:</b> [HANCOCK, John]. Partly-printed U.S. Loan-Office Transfer Certificate issued on behalf of Hancock. Sgn’d on recto by William Imlay, as Commissioner of Loans of Connecticut. 28 February 1793. $2,000 to $3,000
  • <center><b>Leslie Hindman Auctioneers<br>Library of a Midwestern Collector<br>November 5, 2019</b>
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> DARWIN, Charles. <i>On the Origin of Species.</i> London John Murray, 1859. FIRST EDITION. THE VERY FINE MELLON-GARDEN COPY. $120,000 to $180,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> ECKERT, J. P, H. H. GOLDSTINE, and J. G. BRAINERD. <i>Description of the ENIAC and comments on electronic digital computing machines.</i> N.p., 1945. FIRST EDITION, INSCRIBED BY GOLDSTINE. $5,000 to $7,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> EUCLID. <i>Elementa geometriae.</i> Translated from the Arabic by Adelard of Bath. Venice: Erhard Ratdolt, 25 May 1482. FIRST EDITION. $60,000 to $80,000
    <center><b>Leslie Hindman Auctioneers<br>Library of a Midwestern Collector<br>November 5, 2019</b>
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> [HAMILTON, Alexander, James MADISON and John JAY]. <i>The Federalist: A Collection of Essays…</i> New York: John and Andrew M'Lean, 1788. FIRST EDITION. $60,000 to $80,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> GALILEI, Galileo. <i>Dialogo...Dove ne i congressi di quattro giornate si discorre sopra i due massimi sistemi del mondo Tolemaico, e Copernicano.</i> Florence, 1632. FIRST EDITION. $30,000 to $40,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> JOYCE, James. <i>Ulysses.</i> Paris: Shakespeare and Company, 1922. FIRST EDITION, ONE OF 100 COPIES SIGNED BY JOYCE. $120,000 to $180,000
    <center><b>Leslie Hindman Auctioneers<br>Library of a Midwestern Collector<br>November 5, 2019</b>
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> KEYNES, John Maynard. <i>The General Theory of Employment Interest and Money.</i> London: Macmillan, 1936. FIRST EDITION. $5,000 to $7,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> NEWTON, Isaac, Sir. <i>Philosophiae naturalis principia mathematica.</i> London: Joseph Streater for the Royal Society, 1687. FIRST EDITION. $150,000 to $250,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> ROWLING, J. K. <i>Harry Potter and the Philosopher's Stone.</i> London: Bloomsbury, 1997. FIRST EDITION, SIGNED BY ROWLING. $80,000 to $120,000
    <b>Leslie Hindman Auctioneers, Nov. 5:</b> SMITH, Adam. <i>An Inquiry into the Nature and Causes of the Wealth of Nations.</i> London: for W. Strahan and T. Cadell, 1776. FIRST EDITION. $70,000 to $90,000
  • <b>Bonhams, Oct. 23:</b> SMITH, CHRISTOPHER WEBB. 1793-1871. <i>Indian Ornithology.</i> [Patna, India]: 1828. $50,000 to $80,000.
    <b>Bonhams, Oct. 23:</b> DUPRÉ, LOUIS. 1789-1837. <i>Voyage à Athènes et à Constantinople, ou Collection de portraits, vues et costumes grecs et ottomans.</i> Paris: Dondey-Dupré, 1825. $60,000 to $90,000.
    <b>Bonhams, Oct. 23:</b> ADAMS, JOHN. Autograph Letter Signed ("J Adams"), [to Dr. Perkins?] while recovering from his small pox inoculation, [late-April, 1764]. $30,000 to $50,000.
    <b>Bonhams, Oct. 23:</b> AUSTEN, JANE. Autograph Letter Signed ("J. Austen"), to her sister Cassandra, 4 pp, "Thursday – after dinner," [September 16, 1813,] Henrietta St. $80,000 to $120,000.
    <b>Bonhams, Oct. 23:</b> AUDUBON, JOHN JAMES. 1785-1851. <i>The Birds of America, from Drawings Made in the United States and Their Territories.</i> New York & Philadelphia: J.J. Audubon & J.B. Chevalier, 1840-1844. $20,000 to $30,000.
    <b>Bonhams, Oct. 23:</b> DODWELL, EDWARD. 1767-1832. <i>Views in Greece.</i> London: Rodwell and Martin, 1821. $20,000 to $30,000.
    <b>Bonhams, Oct. 23:</b> JAMES, JESSE. Autograph Letter Signed ("Jesse W. James"), to Mr. Flood demanding Flood retract spurious accusations, 3 pp, June 5, 1875. $200,000 to $300,000.
    <b>Bonhams, Oct. 23:</b> DE CORDOBA, JACOB. <i>Map of the State of Texas.</i> New York, 1866. $15,000 to $20,000
    <b>Bonhams, Oct. 23:</b> ARNOLD, BENEDICT. Autograph bookseller's receipt for Dr. John Dickinson, Signed ("B. Arnold"), February 1767. $3,000 to $5,000.
    <b>Bonhams, Oct. 23:</b> EINSTEIN, ALBERT. 4 Typed Letters Signed ("A Einstein") to Cleveland E. Dodge offering early reports on the meetings of the Emergency Committee of Atomic Scientists. $10,000 to $15,000.
    <b>Bonhams, Oct. 23:</b> EISENHOWER, DWIGHT D. Typed Letter Signed ("Dwight D. Eisenhower") to General Henri Giraud written from a secret bunker in Gibraltar on the eve of Operation Torch, November 4 [but 6], 1942. $10,000 to $15,000.
    <b>Bonhams, Oct. 23:</b> Early Broadside Printing of the GADSDEN PURCHASE, Puebla, August 16, 1854. $2,000 to $3,000.
    <b>Bonhams, Oct. 23:</b> ALLEN, ETHAN. Autograph Letter Signed to Crevecouer during the Constitutional Debates in Congress, 2 pp, August 29, 1787. $30,000 to $50,000.
  • <center><b>Potter & Potter Auctions:<br>Books, Manuscripts & Fine Art<br>October 18, 2019</b>
    <b>Potter & Potter Auctions, Oct. 18:</b> Ernest Hemingway. <i>The Spanish Earth.</i> First Edition. Cleveland, 1938. $1,500 to $2,500.
    <b>Potter & Potter Auctions, Oct. 18:</b> Toni Morrison. <i>The Bluest Eye.</i> First Edition. New York, 1970. $2,000 to $3,000.
    <b>Potter & Potter Auctions, Oct. 18:</b> Charles Etienne Briseux. <i>L’Art de Batir des Maisons de Campagn.</i> Paris, 1743. $6,000 to $8,000.
    <center><b>Potter & Potter Auctions:<br>Books, Manuscripts & Fine Art<br>October 18, 2019</b>
    <b>Potter & Potter Auctions, Oct. 18:</b> Sadajiro Yamanaka. <i>To-so Seikwa: Select Relics of the T’ang and the Sung Dynasties from the Collections in Europe and America</i>. Osaka, 1928. $1,000 to $1,500.
    <b>Potter & Potter Auctions, Oct. 18:</b> Charles Dickens. <i>Bleak House.</i> First Edition. 20 parts bound in 19 issues. London, 1852-3. $1,000 to $2,000.
    <b>Potter & Potter Auctions, Oct. 18:</b> Frederic Thrasher. <i>Chicago’s Gangland Prepared by Frederic M. Thrasher 1923-26.</i> Chicago, 1926. $1,000 to $2,000.
    <center><b>Potter & Potter Auctions:<br>Books, Manuscripts & Fine Art<br>October 18, 2019</b>
    <b>Potter & Potter Auctions, Oct. 18:</b> <i>Father Abraham’s Almanack, For the Year of Our Lord 1776; Fitted to the Latitude of Forty Degrees....</i> Philadelphia: Printed and sold by John Dunlap, [1775]. $2,000 to $3,000.
    <b>Potter & Potter Auctions, Oct. 18:</b> Francesco Lana Terzi. <i>Magisterium naturae, et artis. Opus physico-mathematicum.</i> Brescia, 1684/1692. $4,000 to $6,000.
    <b>Potter & Potter Auctions, Oct. 18:</b> Eglomise Silhouette Profile Portrait of George Washington on Glass. American, ca. 1790s/1800s. 15" x 13" $5,000 to $7,000.
    <center><b>Potter & Potter Auctions:<br>Books, Manuscripts & Fine Art<br>October 18, 2019</b>
    <b>Potter & Potter Auctions, Oct. 18:</b> William James. <i>The Principles of Psychology.</i> New York, 1890. Two volumes, First edition. $3,000 to $5,000.
    <b>Potter & Potter Auctions, Oct. 18:</b> Roland Clark (1874–1957). <i>Roland Clark’s Etchings.</i> New York: The Derrydale Press, 1938. $3,500 to $4,500.
    <b>Potter & Potter Auctions, Oct. 18:</b> Mexican-American War Recruiting Broadside. Akron, Ohio: ca. 1846/48. $1,000 to $2,000.

Rare Book Monthly

Articles - April - 2018 Issue

Credit Suisse Labels Rare Books a "Mediocre" Financial Investment

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Increase in values of various assets (from Credit Suisse Yearbook 2018).

Rare books hit the news wires in an unflattering way last month. Credit Suisse, the major banking and financial institution headquartered in Zurich, released its annual Yearbook. They spoke of investments, including what they call "non-financial investments" or "investments of passion," or even "treasure assets." Rare books made it into the passionate category, but not to the one of best financial investments. Of course, we are passionately invested in our wives, husbands, and children, but they aren't great financial investments either. Anyone who wants to trade them in for stock certificates has problems at home that go way beyond the scope of this article.

 

Before we proceed, we should note that this report is aimed at the wealthy, or even ultra-wealthy. That includes an estimated 193,490 (that's a fairly exact looking number for an estimate) people in the world with net assets over $30 million. Most of us fall into the "other" category, which I estimate to be 6,999,806,510. The wealthy are the people who can afford to invest seriously in various sorts of collectibles. Even among them, it is still a small percentage of assets. They estimate these people hold 25% of their wealth in financial assets (stocks, bonds, cash), 24% in real estate investments, 23% in personal businesses, and 16% in real estate they inhabit. Only 6% falls to collectibles.

 

We should also note that this is focused on long-term investments. You can trade in and out of stocks in the same day, but it's hard to be a day-trader in books or art. Day-traders can make money on the change of a few pennies in a stock price. You cannot do this with a Shakespeare First Folio.

 

The common wisdom is that stocks are the best long-term investment. That belief has become so ingrained that we would believe it even if it weren't true. Fortunately, we don't have to face such a predicament. Credit Suisse confirms our assumption that equities are the best long-term investment.

 

However, when it comes to collectibles, they have concluded there is a difference, and here is where they determined rare books are on the short end. The categories they examined were fine wine, classic cars, musical instruments, rare books, jewelry, and stamps. All of these fell short of equities, but within the group, the runaway winner was classic cars. This was followed by wine, jewelry, stamps, musical instruments (as represented by violins), and art. That leaves just books to fill the bottom rung. Credit Suisse describes books as providing a "mediocre financial return."

 

However, here is where the chart departs from common wisdom. If books have something of a bad rap, art has a different reputation. We have read stories of paintings selling for over $100 million. Anything by Andy Warhol, even prints, just a few decades old, brings huge prices. A piece of paper Picasso used to wipe his paintbrushes would cost as much as an average house. Still, art barely beat out rare books on this index.

 

Here are a few points Credit Suisse makes in their report about those who purchase "treasure assets."

 

(1). "In the eyes of the owner, they are beautiful and collectible items, even though they do not generate any financial income." They "provide an emotional reward in terms of enjoyment for the owner."

 

(2). "Rare books have been a passion investment for centuries."

 

(3). However, "collectors point to cultural and artistic investment not only as a pleasurable activity but also as a contribution to financial diversification." "[M]ost high net worth collectors say they are interested in the financial as well as the psychic benefits of their private assets. They are not hoarders and accumulators; they are investor-collectors."

 

(4). "Within the category of passion investments, investors almost invariably hold focused portfolios. The average of their holdings should not be regarded as a desirable allocation for an individual or institution."

 

(5). "Such investments are in many cases marketable only with a substantial transaction cost, so the purchaser of these tangible assets is likely to be someone with a long investment horizon for whom the liquidity of the asset is a secondary concern."

 

(6). "The case for private wealth assets is that they provide a mix of wealth conservation, financial diversification, and gratification. We support the view that a moderate allocation to tangible alternative assets is appropriate for high net worth investors."

 

We will add one more point. Rare books, like equities, is a category of financial asset, but unless you are buying some sort of index fund, you are buying individual items, not an asset class. Stocks may be the best performers, but there's a whale of a difference if you bought tiny Apple or Microsoft in the 1980s, or retail behemoth Sears or the high-flying airlines. In the latter case, you probably lost most if not all of your money. With books, as with stocks, the trick is successfully anticipating which will be more valuable years from now, buying for a fair price, and being patient.

Rare Book Monthly

  • <b>Swann Auction Galleries Oct 24:</b> Sir Isaac Newton, <i>Opticks,</i> first edition, first issue, London, 1704. $15,000 to $25,000.
    <b>Swann Auction Galleries Oct 24:</b> Johannes Jacobus Canis, <i>De modo studendi in utroque iure,</i> first edition, Padua, 1476. $6,000 to $9,000.
    <b>Swann Auction Galleries Oct 24:</b> Pope Clemens V, <i>Constitutiones,</i> Nuremberg, 1482. $2,500 to $3,500.
    <b>Swann Auction Galleries Oct 24:</b> Nicolaus Panormitanus de Tudeschis, <i>Lectura super V libris Decretalium,</i> Basel, 1480-81. $5,000 to $7,000.
    <b>Swann Auction Galleries Oct 24:</b> Michael Faraday, <i>Experimental Researches in Electricity,</i> complete set, first editions, London, 1832-56. $3,000 to $4,000.
    <b>Swann Auction Galleries Oct 24:</b> William Gilbert, <i>Tractatus sive physiologia nova de magnete,</i> Sedini, 1628. $3,000 to $5,000.
    <b>Swann Auction Galleries Oct 24:</b> John Bulwer, <i>Philocophus,</i> first edition of the first book in English on the deaf, London, 1648. $1,000 to $2,000.
    <b>Swann Auction Galleries Oct 24:</b> James Cook, complete set, 9 volumes, London, 1773-84. $10,000 to $15,000.
    <b>Swann Auction Galleries Oct 24:</b> Nicolaus Bertrand, <i>Opus de Tholosano[rum] Gestis ab Urbe Condita,</i> with the earliest known view of the city of Toulouse, 1515. $2,000 to $3,000.

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