• <b>Koller International Auctions: Books [and] Manuscripts & Autographs. June 15, 2020</b>
    <b>Koller, Jun. 15:</b> INCUNABULA -Fridolin, Stephan. <i>Schatzbehalter.</i> With 96 (including 5 repeated) full-page text woodcuts. Nürnberg, 1491.<br>€ 39 470 / 57 020
    <b>Koller, Jun. 15:</b> Kokoschka, Oskar. <i>Die Träumenden Knaben (The Dreaming Boys).</i> With 11 original lithographs. Vienne, 1908.<br>€ 35 090 / 52 630
    <b>Koller, Jun. 15:</b> Third Bessarion Master (active in Lombard in the third quarter of the 15th century). Leaf from a gradual, 1455-60.<br>€ 21 930 / 30 700
    <b>Koller, Jun. 15:</b> Picasso, Pablo - Delgado, José alias Pepe Illo. <i>La Tauromaquia o arte de torear.</i> With 26 original aquatints and 1 original etching by Picasso.<br>€ 21 930 / 35 090
    <b>Koller International Auctions: Books [and] Manuscripts & Autographs. June 15, 2020</b>
    <b>Koller, Jun. 15:</b> Linschoten, Jan Huygen van. <i>Itinerario, Voyage ofte Schipvaert naer Oost ofte Portugaels Indien…</i> Amsterdam, 1595.<br>€ 17 540 / 26 320
    <b>Koller, Jun. 15:</b> CHILDREN’S BOOKS - Meggendorfer, Lothar. <i>Nah und Fern. Ein Tierbilderbuch zum Ziehen.</i> With 8 coloured, lithographed plates.<br>€ 530 / 790
    <b>Koller, Jun. 15:</b> DANSE MACABRE - Bille, Edmond. <i>Une Danse macabre.</i> With 20 coloured woodcuts. Lausanne, 1919. Large folio.<br>€ 610 / 880
    <b>Koller, Jun. 15:</b> Dexel, Walter. A collection of 7 invitation cards from the Kunstverein Jena, each typographically designed by W. Dexel. Jena, 1924-1928. Each 10.5 x 14.8 cm.<br>€ 530 / 790
  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. June 9, 2020</b>
    <b>Forum Auctions, Jun. 9:</b> Newton (Sir Isaac). <i>Opticks…,</i> first edition, presentation copy to Nicolas Fatio de Duillier and with his ink and pencil annotations. £300,000 to £400,000.
    <b>Forum Auctions, Jun. 9:</b> Aliotti (Girolamo). <i>Gratulatio ad Pium II pro foelici, ac secundo ex Mantuana peregrinatione reditu…,</i> illuminated manuscript on fine vellum, in Latin, Florence, 1460. £50,000 to £70,000.
    <b>Forum Auctions, Jun. 9:</b> Sangorski (Alberto).- Keats (John). <i>La Belle Dame sans Merci...,</i> illuminated manuscript on vellum, magnificently bound in morocco elaborately tooled in gilt & inlaid with 137 jewels, 1928. £40,000 to £60,000.
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. June 9, 2020</b>
    <b>Forum Auctions, Jun. 9:</b> Miniature Book.- Taylor (John). <i>Verbum sempiternum [&] Salvator mundi,</i> 2 parts in 1, contemporary embroidered dos a dos binding, 1614. £20,000 to £30,000.
    <b>Forum Auctions, Jun. 9:</b> Bodoni.- Rossi (Giovanni Gherado de). <i>Scherzi Poetici e Pittorici,</i> with original gouache drawings bound in, Neoclassical red straight-grain morocco, gilt, Parma, Bodoni, 1795. £15,000 to £20,000.
    <b>Forum Auctions, Jun. 9:</b> Palladio (Andrea). <i>I Quattro Libri dell'Architettura,</i> first edition, Venice, Domenico de' Franceschi, 1570. £14,000 to £18,000.
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. June 9, 2020</b>
    <b>Forum Auctions, Jun. 9:</b> Voyages.- Lowther (Rear Admiral Marcus, 1820-1908). An album of 166 original watercolours and drawings made on voyages between 1842 and 1853. £10,000 to £15,000.
    <b>Forum Auctions, Jun. 9:</b> Darwin (Charles). <i>On the Origin of Species by means of Natural Selection,</i> third edition (seventh thousand), presentation copy to Robert Colgate, John Murray, 1861. £10,000 to £15,000.
    <b>Forum Auctions, Jun. 9:</b> Jane Austen's Family - ?C[ooper] (E[dward], married Jane Leigh (1736-83), sister of Cassandra Leigh (1739-1827), married George Austen (1731-1805), parents of Jane Austen. Miscellanies, poems dated btwn. 1750-88.
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. June 9, 2020</b>
    <b>Forum Auctions, Jun. 9:</b> Americas.- Herrera y Tordesillas (Antonio). <i>Novus orbis, sive descriptio Indiae occidentalis,</i> 4 parts in 1 vol., Amsterdam, Colijn, 1622. £6,000 to £8,000.
    <b>Forum Auctions, Jun. 9:</b> Canada.- Baker (Lt. Col. Sir Edward). An Eye Sketch of the Fall of Niagara, [c. 1795.] £5,000 to £7,000.
    <b>Forum Auctions, Jun. 9:</b> Dance.- Caroso (Fabrizio). <i>Il Ballarino,</i> first edition, Venice, Francesco Ziletti, 1581. £5,000 to £7,000.
  • <b>Swann Auction Galleries:</b> Abraham Lincoln, Emancipation Proclamation by the President of the United States, pamphlet, 1862. Sold May 7 for $11,875.
    <b>Swann Auction Galleries:</b> Family papers of the distinguished Ruby-Jackson family, Portland, Maine, 1853-1961. Sold May 7 for $4,000.
    <b>Swann Auction Galleries:</b> E. Simms Campbell, A Night-Club Map of Harlem, in inaugural issue of Manhattan, 1933. Sold May 7 for $27,500.
    <b>Swann Auction Galleries:</b> Papers of the comedian Nipsey Russell, including a letter from MLK, 1929-2000. Sold May 7 for $17,500.
    <b>Swann Auction Galleries:</b> Edmonia Lewis, prominent sculptor, carte-de-visite by Henry Rocher, c. 1866-71. Sold May 7 for $5,250.
    <b>Swann Auction Galleries:</b> The Black Panther: Black Community News Service, 44 issues, San Francisco, 1967-1971. Sold May 7 for $6,500.
    <b>Swann Auction Galleries:</b> Ernest Withers, I Am A Man, Sanitation Workers Strike, silver print, 1968. Sold May 7 for $5,000.
    <b>Swann Auction Galleries:</b> March For Freedom Now!, poster for a protest on the 1960 Republican Convention. Sold May 7 for $17,500.

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

  • <center><b>Bonhams<br>Essential Genius:<br>Ten Important Manuscripts<br>For Modern Times<br>Online June 1 – 10, 2020</b>
    <b>Bonhams, Jun. 1 – 10:</b> Renaissance Manuscript featuring two Dialogues by Plato, with translation from the Greek and learned discourse by Leonardo Bruni, called Aretino. $200,000 to $300,000.
    <b>Bonhams, Jun. 1 – 10:</b> Isaac Newton on the plague. Autograph Manuscript, being Newton's notes on reading Van Helmont's "De Peste." $80,000 to $120,000.
    <b>Bonhams, Jun. 1 – 10:</b> EINSTEIN, ALBERT. Autograph Letter Signed ("A. Einstein"), to "Die 'A.E. Group' in New York" humorously accepting his role as patron saint, and offering a motto for their members. $30,000 to $50,000.
    <center><b>Bonhams<br>Essential Genius:<br>Ten Important Manuscripts<br>For Modern Times<br>Online June 1 – 10, 2020</b>
    <b>Bonhams, Jun. 1 – 10:</b> LOBACHEVSKY, NIKOLAI. Document Signed ("Lobachevsky"), and accomplished in Manuscript, a letter of designation in his role as Curator of Regional Education in Kazan. $30,000 to $50,000.
    <b>Bonhams, Jun. 1 – 10:</b> WITTGENSTEIN, LUDWIG. Autograph Letter Signed ("Ludwig Wittgenstein") to Moritz Schlick discussing Gödel's incompleteness theorems. $30,000 to $50,000.
    <b>Bonhams, Jun. 1 – 10:</b> DARWIN, CHARLES. Autograph Letter Signed ("Ch Darwin") to Alexander Agassiz regarding gradation of structure in pediculariæ. $20,000 to $30,000.
    <center><b>Bonhams<br>Essential Genius:<br>Ten Important Manuscripts<br>For Modern Times<br>Online June 1 – 10, 2020</b>
    <b>Bonhams, Jun. 1 – 10:</b> PAULI, WOLFGANG; BOHM, DAVID. Typed Letter Signed ("W. Pauli") to physicist David Bohm offering his second and final critique of Bohm's hugely influential 1952 paper. $15,000 to $25,000.
    <b>Bonhams, Jun. 1 – 10:</b> WHITMAN, WALT. Autograph Manuscript Signed ("Walt Whitman"), a draft of the final lines to his final poem "A Thought of Columbus." $15,000 to $25,000.
    <b>Bonhams, Jun. 1 – 10:</b> KANT, IMMANUEL. Autograph Quotation Signed ("Immanuel Kant"), from an album amicorum. <i>"Quod petis in te est, ne te quaesiveris extra."</i> $15,000 to $25,000.
    <b>Bonhams, Jun. 1 – 10:</b> CLEMENS, SAMUEL LANGHORNE. Photograph Signed ("Mark Twain") and Inscribed, with the witty aphorism, "Admonitions—harvested from the wisdom of the ages: Physician, heal thyself. Patient, heel thyself." $10,000 to $15,000.
  • <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [SUPREME COURT JUSTICES]. A very extensive collection of 203 letters, documents and signatures. A COMPLETE COLLECTION OF THE SUPREME COURT JUSTICES, JOHN JAY THROUGH WILLIAM REHNQUIST. $20,000 to $30,000.
    <b>Hindman Auctions, Jun. 23:</b> ZATTA, Antonio. <i>Atlante Novissimo.</i> Venice: Antonio Zatta, 1775-1785. ONE OF THE FINEST WORLD ATLASES issued in Italy in the 18th century. $15,000 to $20,000.
    <b>Hindman Auctions, Jun. 23:</b> [CHICAGO HISTORY] -- [COLUMBUS, Christopher]. Monumental historiated and embroidered panel of the MADE FOR THE 1893 COLUMBIAN EXHIBITION IN CHICAGO. $12,000 to $18,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [MONASTERY HILL BINDING]. AINSWORTH, William Harrison. <i>Historical Romances.</i> Philadelphia, n.d. A fine early exhibition binding by the Monastery Hill Bindery. $6,000 to $8,000.
    <b>Hindman Auctions, Jun. 23:</b> [ABSTRACT EXPRESSIONISM]. New York: Tiber Press, [1960]. 4 volumes. LIMITED EDITION, number 119 of 200 COPIES, EACH SIGNED BY THE POET AND ARTIST. $6,000 to $8,000.
    <b>Hindman Auctions, Jun. 23:</b> GRATIANUS, the Canonist. <i>Decretum.</i> Venedig: Petrus de Plasiis, 25 January 1483. Second quarto edition. FIRST PAGE ILLUMINATED BY A CONTEMPORARY ARTIST. $4,000 to $6,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [ABOLITIONISTS]. <i>William Lloyd Garrison. The Story of his Life.</i> New York, 1885. ORIGINAL DOCUMENTS FROM SEVERAL NOTABLE ABOLITIONISTS neatly bound in throughout. $4,000 to $6,000.
    <b>Hindman Auctions, Jun. 23:</b> ANSON, George. <i>A Voyage round the World, In the Years 1740... 1744.</i> London: John and Paul Knapton for the author, 1748. FIRST EDITION. $3,000 to $4,000.
    <b>Hindman Auctions, Jun. 23:</b> Blank railroad ledger, "Compagnie des Chemins de fer de l'Ouest" (spine title). N.p., 1909. A MONUMENTAL 20th-CENTURY ART NOUVEAU BINDING. $1,000 to $1,500.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [MINIATURE ROOM] -- [FLEMING, John (1910-1987)]. Miniature of his 57th Street Library and Gallery. JOHN F. FLEMING'S BARONIAL 57TH STREET GALLERY. $1,500 to $2,500.
    <b>Hindman Auctions, Jun. 23:</b> [SANGORSKI & SUTCLIFFE BINDING]. CHESTERTON, G.K. <i>Five Types: A Book of Essays.</i> London, 1910. LIMITED EDITION, number 3 of 30 copies on vellum SIGNED BY GEORGE SUTCLIFFE. $400 to $500.
    <b>Hindman Auctions, Jun. 23:</b> [KELMSCOTT PRESS]. <i>When Adam Delved and Eve Span....</i> [Ancoats Brotherhood, 1894-5]. LIMITED EDITION, one of 250 copies printed. $500 to $700.
  • <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020

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