Rare Book Monthly

Articles - January - 2020 Issue

The Pie is getting Larger

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It’s difficult to be older in a world that is less certain but there is some good news!

 

No, you aren’t getting younger but there is evidence of an increase in the number of auction buyers in the books, manuscripts, maps and ephemera categories and it’s a helpful sign.

 

People whose lives revolve around old and rare books face complex issues as they age because their children rarely want to join the field or inherit the debris.  That leaves the dealer or collector to sell as best they can.  Such material falls into two categories,  the commonly available that should go to listing sites to be discounted, and the unusual and important that can be sold by dealers or go to auction where such transactions become part of our statistics.    Most sellers will be optimistic and assume their material is highly collectible but auction houses and the market have seen this movie before and will generally not be convinced.  Such material then shifts toward the progressive discounting model on the listing sites until buyers are found, an adjustment that takes time because seller hope dies slowly. 

 

The seeds of today’s pessimism were planted years ago, when the market was thought to be monolithic.  Then we discovered it was not.  Some categories would be strong and others weak and the term employed to explain this - cyclical – a phrase that optimistically, and I think without any blanket justification, carries the seeds of recovery in it.  Today the new division is between the common and collectible and in ten years we’ll have gathered additional perspectives.

 

Pessimism is nothing new.  Dealers have been anxious for decades over the apparent absence of new collectors.  But there have been encouraging signs.  Auction houses have been entering the field and once in, built collectible paper into their calendars.  For them these are business decisions born of evidence they regularly see.  What’s been less certain has been whether that evidence is of sellers looking to sell, buyers looking to buy, or a combination of both.  The selling has been understandable, the buying a changing combination of dealers, institutions and collectors that to successfully absorb the rising tide of material coming out, was always going to require a significant increase in collectors.  And we are seeing this today. 

 

What’s been changing about  the market are three negative and one positive factors;  [1] on the downside ever increasing online inventory, [2] the aging of its principal owners, and [3] their increasing difficulty finding buyers even with price cuts.  On the bright side, there is a transition, now underway, as many collectors re-focus their collecting based less on dealer inventories and more on deeper searches and theoretical availability because such approaches are yielding surprisingly good results.  And in doing this, it strengthens collectors’ commitments by creating and meeting expectations.  This is the “hey, this works” model and it works well.

 

This narrower, more focused approach seems to be part of the reason the market has stabilized.  It’s simply more satisfying and seems to be sufficiently appealing to compete with other collecting forms.  So, you look and then look again and bit by bit you find the unexpected, often unappreciated, frequently at very reasonable prices.  

 

This is the new collecting.

 

Recently I saw a patch of blue sky for the future of such collections:  clear evidence of increasing numbers of buyers in the auction statistics we’ve been developing over the past 17 years.

 

As part of the Rare Book Hub / Americana Exchange database project we record auction statistics and the numbers are many, almost a blur.  But consider this.  The number of lots offered, percentage of lots sold  and the median sale price over the past 5 years, have all increased, suggesting the collectible paper market, at the auction level at least, is growing.  In real terms, in 2015, 423,000 lots were offered and this year a projected 510,000 when all the lots are counted, an increase of 18,000 lots annually [3.92%] that has also seen a rising percentage of lots selling, increasing from 73% to almost 77% over the same period.  That can’t happen without more participation and according to our sign-ups, it’s collectors that are making the difference.

 

 

 Year  Lots                    % Lots Sold                              Median Price

2019   512,463                          76+*                                        $275 projected**

2018   479,122                          75                                            $283

2017   418,028                          75                                            $267

2016   406,738                          73                                            $270

2015   422,909                          73                                            $266

* estimated when the last sales are archived

** projected when the last results are posted

 

So what does this mean?

 

At the auction level the market is growing and the purchases increasingly concentrated in the rare, unique and unusual and we believe it is collectors who are making the difference.    As they continue to learn they can carve out unique slices of the millions of items available they increasingly understand that collecting has become a search based business, something akin to an electronic game for codgers, that randomly turns up related material across the globe on various platforms and, when  they are open to it, notifies them.  And it’s a big deal.

 

 

 

Rare Book Monthly

  • <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.
  • <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.

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