• <b><center>Gonnelli Auction House<br>Books, Autographs & Manuscripts<br>11th-12th of October 2022
    <b>Gonnelli Oct. 11th:</b> Alfieri Vittorio, <i>Vita [...] scritta da esso,</i> 1968. Starting Price: €900,00.
    <b>Gonnelli Oct. 11th:</b> Collection of 25 albumin photographs depicting Italian, French and Swiss places. Late 19th century.
    <b>Gonnelli Oct. 11th:</b> Brandolini D’Adda Brandolino, Duale. <i>Poesia [...] e incisioni di Sandro Martini,</i> 1976.
    <b>Gonnelli Oct. 11th:</b> Alighieri Dante, <i>La divina commedia di Dante</i> edizione illustrata da 30 fotografie tolte da disegni di Scaramuzza, 1879. Starting Price: €500,00.
    Gonnelli Oct. 12th: Cervantes Saavedra Miguel (de), <i>El Ingenioso Hidalgo Don Quixote de la Mancha.</i> Nueva edicion corregida por la Real Academia Española, 1780. Starting price: €12.000,00.
    <b>Gonnelli Oct. 11th:</b> Collodi Carlo, <i>Le avventure di Pinocchio. Storia di un burattino,</i> 1883. Starting price: €6.000,00.
    <b>Gonnelli Oct. 11th:</b> Wilde Oscar, <i>The Picture of Dorian Gray [...]</i> with original images & notes on the text by Jim Dine, 1968. Starting price: €1.500,00
    <b>Gonnelli Oct. 11th:</b> The smallest tarot cards in the world. 21st century.
  • <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> Hottot (Robert). <i>French explorer and collector.</i> An original illustrated manuscript diary by Hottot of his expedition along the Congo River to Lake Chad, 1908-1909, £700-1,000
    <b>Dominic Winter, Oct. 12:</b> Japan. Ino Tadataka (after), Kokugun Zenzu (Complete Atlas of Japan), 2 volumes, circa 1838, £500-800
    <b>Dominic Winter, Oct. 12:</b> Khatib al-Tibrizi (Muhammad b. 'Abd Allah). <i>Mishcat-ul-masabih</i> or a collection of the most authentic traditions, regarding the actions and sayings of Muhammed; 2 volumes, Calcutta, 1809-1810, £1,500-2,000
    <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> Roberts (David). <i>The Holy Land, Syria, Idumea, Arabia, Egypt & Nubia,</i> 1st quarto edition, 6 volumes in 3, London: Day & Son, 1855-56, £2,000-3,000
    <b>Dominic Winter, Oct. 12:</b> Tocqueville (Alexis de). <i>De la Démocratie en Amérique,</i> volumes 1 & 2 (of 4), 1st edition, Paris: Charles Gosselin, 1835, £2,000-3,000
    <b>Dominic Winter, Oct. 12:</b> Torquemada (Juan de). <i>Primera[-tercera] parte de los veinte i un libros rituales i monarchia Indiana,</i> 3 volumes, 2nd edition, Madrid: Nicolas Rodriguez Franco, 1723, £2,000-3,000
    <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> Donovan (Edward). <i>The Natural History of British Insects,</i> 16 volumes bound in 8, London: F and C Rivington, 1793-1813, £1,500-2,000
    <b>Dominic Winter, Oct. 12:</b> Fuchs (Leonhart). <i>New Kreüterbuch,</i> 1st edition in German, Basel: Michael Isingrin, 1543, £7,000-10,000
    <b>Dominic Winter, Oct. 12:</b> Spain & Portugal. Ptolemy (Claudius), <i>Secunda Europe Tabula,</i> Rome [1478 - 1509], £1,000-2,000
    <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> World. Gill (Macdonald), <i>La Carta del Atlantico,</i> George Philip & Son Ltd in collaboration with the Time and Tide Publishing Company Ltd, circa 1943, £1,500-2,000
    <b>Dominic Winter, Oct. 12:</b> Vinegar Bible [English]. <i>The Holy Bible, Containing the Old Testament and the New,</i> Oxford: John Baskett, 1717/1716, £700-1,000
    <b>Dominic Winter, Oct. 12:</b> Mill (John Stuart). <i>The Subjection of Women,</i> 1st edition, presentation copy, London: Longmans, Green, Reader, and Dyer, 1869, £700-1,000

Rare Book Monthly

Articles - February - 2019 Issue

2018 - It Was a Very Good Year (for Books and Paper at Auction)

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An Aristophil sale generated the highest median prices for its seller.

Prices rose sharply at auction in 2018 for collectible books and paper. The median price was up 6% over 2017, reversing a trend of flat to down since 2014. Prices in 2018 were the fifth highest on record. Another 2% increase will be sufficient to take prices above three of those higher years - 2014, 2006, and 2005. However, it will take another 16% to bring them above the skyrocketing prices of 2007, the year before the recession of 2008. Ten years later and there is still ground to make up. That is a reflection of just how serious the recession was. The only longer gap came after the Great Depression. It took prices 20 years to recover to their previous high point in 1927.

 

We do not know how prices fared in private sales as those results are not publicly available. However, these auction numbers should provide some optimism for other booksellers, though some types of books and paper fare better than others. The most collectible material, another way of saying the most expensive material, continues to lead the way. Last month's review of the Top 500 most expensive items at auction revealed that the 500th most expensive item was 22% higher than the previous year, an indication of even greater increases at the top end of the market (click here to see the Top 500 of 2018).

 

Average price was also up, by 4.6% from $1,859 to $1,945. However, this figure is not as accurate a reflection of the overall market as median price, since average price can be distorted by a small number of very expensive items.

 

The number of lots offered and sold at auction also increased substantially in 2018. While increasing reliance on auctions has to some degree reflected a softness in the market the past few years, that was evidently not much of a problem in 2018. For last year, 479,122 lots were offered, while 358,924 were sold. The sell-through rate was 74.9%, up slightly from 74.7% the previous year. Those are strong sell-through numbers, as for most of the post-recession years, the sales percentage ranged from the upper 60s to low 70s. Sell-through percentage was able to inch up despite a 14.6% increase in the number of lots offered. Number of lots sold increased by 15%.

 

Looking at dollar volume of sales, 2018's numbers are even more impressive. They totaled $698,000,000 in 2018, up from $580,000,000 in 2017. That is an increase of 20.3% in dollars spent. The added volume of lots offered in no way discouraged collectors willingness to bid up the prices.

 

The price increases were also reflected in the price ranges. For 2018, 22% of lots sold for under $100 vs. 24% in 2017, 78% below $1,000 vs. 79% in 2017. At the other end, 22% sold for over $1,000 vs. 21% in 2017, while once again 6% were above $5,000, 3% above $10,000.

 

Despite the higher prices, the auction houses still tended to overestimate somewhat in terms of anticipated prices. While 54% achieved prices above the high estimate vs. 27% below the low estimate, that figure is misleading. It's necessary to add those lots that did not sell at all to those that sold below the low estimate to get an accurate picture. This shows that 45% of the lots sold below the low estimate vs. 40% that sold above the high estimate. Last year, the split was an even 44%-44%. The remainder either sold between the high and low estimate or were not estimated.

 

The fourth quarter of the year is generally the most prolific in terms of lots offered, with the second quarter the runner-up. That was again the case this year, with 30% of all lots offered in the fourth quarter, 29% in the second quarter. As usual, August was the slowest month, though May outpaced November this past year for the highest number, a reversal of the normal order. 12.3% of all lots were offered in May, 11.4% in November, while only 5.1% were offered in August, the height of summer vacations.

 

Honors for the highest median prices is usually divvied up between the various branches of Sotheby's and Christie's. This year would have been the same were it not for one exception. Drouot Estimations, not normally known for sales in the paper field, hosted part 5 of the Aristophil sale in June. The Aristophil sale is the outcome of the largest scandal ever seen in the field, an enormous pyramid scheme that bilked investors out of hundreds of millions of dollars. Aristophil was a French enterprise, run by Gérard Lhéritier, aka "the Madoff of Manuscripts." It was like a mutual fund, with 18,000 investors, most small, often putting up life savings, for a promise of a guaranteed 8% per year for five years. He used their money to amass the most amazing collection of autographs and manuscripts imaginable. He purchased several hundred million dollars worth. The problem was, his investors paid over a billion for their shares in them. Lhéritier justified the inflated prices because, by overpaying, investors were pushing up the (perceived) value of their manuscripts. Whenever an investor got cold feet and demanded his money back, Lhéritier paid it with funds received from new investors. Eventually, new funds were insufficient to meet demand, and like all Ponzi schemes, it fell apart. Now the collection is being sold, anticipated for around 15% of what Lhéritier's investors paid, which is still a lot of money, over an estimated 300 sales containing 130,000 manuscripts, in the coming decade. Drouot Estimations offered 96 of these items, of which 30 sold, for a median price of $18,850.

 

Runner-up was Christie's New York at $15,000, followed by Christie's London - South Kensington at $13,219. The other top priced auctions were Sotheby's, Bonhams, the Arader Galleries, and Ketterer Kunst. At the other end of the spectrum, 12 houses had median prices under $100, the lowest being $14 at the Lancaster Mennonite Historical Society sale, followed by the Alaska Auction at $15. There is still room for collectors of any size budget to enter the field.

Rare Book Monthly

  • <center><b>Doyle<br>Rare Books, Autographs & Maps<br>October 13, 2022</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 109. Miguel de Cervantes. <i>The History of Don-Quichote. The first parte.</i> London: William Stansby for Edward Blount, 1620. $60,000 to $90,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 43. Franklin Delano Roosevelt. <i>Addresses of Franklin D. Roosevelt and Winston Churchill.</i> Washington: The White House, Christmastide, 1942. $15,000 to $25,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 113. Charles Darwin. A collection of 26 titles including <i>On the Origin of Species.</i> $10,000 to $12,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 210. Philip Guston. Important correspondence between Philip Guston and Ralph and Martha Hyams. New York, 1967-76. $20,000 to $30,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 26. John F. Kennedy and Marilyn Monroe. Signed guest book and original photos from the May 19, 1962 reception. $40,000 to $60,000.
    <center><b>Doyle<br>Rare Books, Autographs & Maps<br>October 13, 2022</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 194. J.R.R. Tolkien. <i>The Lord of the Rings Trilogy.</i> London: George Allen and Unwin, 1954-1954-1955. $12,000 to $18,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 164. Max Beerbohm. Autograph Manuscript for The Happy Hypocrite, circa 1896. $8,000 to $12,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 158. Mark Twain. <i>The Writings.</i> Hartford: American Publishing Company, 1899-1907. The Autograph Edition. $7,000 to $10,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 150. Lady Dilke. <i>French Painters of the XVIIIth Century.</i> London: George Bell, 1899. First edition. $3,000 to $5,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 200. Ludwig Bemelmans. Original sketch of Madeline, ink and gouache. $4,000 to $6,000.
  • <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> JOYCE, James. <i>Ulysses.</i> London: John Lane the Bodley Head, 1937. PRESENTATION COPY OF THE FIRST ENGLISH EDITION PRINTED IN ENGLAND. $50,000 to $60,000.
    <b>Potter & Potter, Oct. 20:</b> [SHACKLETON, Ernest]. –– BROWNING, Robert. <i>Poetical Works of…</i> London: Smith and Elder, 1906. PRESENTED TO SHACKLETON AND THE OFFICERS OF THE NIMROD BY A MEMBER OF THE ROYAL GEOGRAPHICAL SOCIETY. $40,000 to $60,000.
    <b>Potter & Potter, Oct. 20:</b> AUDUBON, John James. <i>The Birds of America, from Drawings Made in the United States and Their Territories.</i> New York: George R. Lockwood, [1870]. $30,000 to $40,000.
    <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> ARISTOTLE. Opera, in Greek, parts one and two only: Organon and Natural Philosophy I. Edited by Aldus and others. Venice: Aldus Manutius, 1 November 1495–February 1498. $20,000 to $30,000.
    <b>Potter & Potter, Oct. 20:</b> COOK, James, Capt. [Collected Voyages]. First and Second Voyages: London: W. Strahan; and T. Cadell, 1773, 1777; Third Voyage: London: H. Hughes for G. Nicol and T. Cadell, 1785. $14,000 to $18,000.
    <b>Potter & Potter, Oct. 20:</b> CLEMENS, Samuel Langhorne (“Mark Twain”). <i>The Writings of…</i> Hartford: American Publishing Co., 1899–1900. $12,000 to $16,000.
    <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> [KELMSCOTT PRESS]. SHAKESPEARE, William. <i>The Poems of…</i> Edited by Frederick S. Ellis. Hammersmith: William Morris for the Kelmscott Press, 1893. $12,000 to $15,000.
    <b>Potter & Potter, Oct. 20:</b> LONDON, Jack. <i>The Call of the Wild.</i> New York: The Macmillan Company, 1905. PRESENTATION COPY INSCRIBED BY LONDON. $10,000 to $15,000.
    <b>Potter & Potter, Oct. 20:</b> CROWLEY, Aleister (1875–1947). <i>The Winged Beetle.</i> London: privately printed, 1910. $10,000 to $15,000.
    <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> WILDE, Oscar (“C.3.3.”). <i>The Ballad of Reading Gaol.</i> London: Leonard Smithers, January 1898. $6,000 to $8,000.
    <b>Potter & Potter, Oct. 20:</b> DRYDEN, John. <i>Fables Ancient and Modern; translated into verse from Homer, Ovid, Boccace, & Chaucer: with original poems.</i> London: John Tonson, 1700. $4,000 to $6,000.
    <b>Potter & Potter, Oct. 20:</b> [MAP]. LINSCHOTEN, Jan Huygen van. <i>Delineatio Orarum Maritimarum…</i> London: John Wolfe, 1598. $3,000 to $4,000.
  • <center><b>Swann Auction Galleries<br>Early Printed Books<br>October 13, 2022
    <b>Swann October 13:</b> Miguel de Cervantes, <i>The History of Don-Quichote (Quixote), The First & Second Part,</i> London, 1620. $30,000 to $40,000
    <b>Swann October 13:</b> Jacques Lagniet, <i>Recueil des Plus Illustres Proverbes, Divisés en Trois Livre,</i> first edition, Paris, 1657-63. $25,000 to $35,000.
    <b>Swann October 13:</b> William Shakespeare, <i>Comedies, Histories, and Tragedies,</i> fourth folio, London, 1685. $60,000 to $80,000.
    <b>Swann October 13:</b> Ramon Llull, <i>Liber de Ascensu et Decensu Intellectus,</i> first edition, Valencia, 1512. $5,000 to $7,000.
    <b>Swann October 13:</b> Geoffrey Chaucer, <i>The Workes of Geffray Chaucer Newlye Printed,</i> London, 1542. $30,000 to $50,000.

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