• <center><b>Galleri Bygdoy Allé:<br>Sales Exhibition Catalogue 47<br>Part II<br>The Arctic Exploration and the Search for a Northeast Passage</b>
    <b>Galleri Bygdoy Allé:</b> (C. PTOLEMY) – NICOLAUS GERMANUS DONIS. “Tabula Moderna Prussie Livonie Norbegie Et Gottie.” Ulm, 1486. The first printed map of Scandinavia and the North in untouched contemporary color.
    <b>Galleri Bygdoy Allé:</b> JAN HUYGEN VAN LINSCHOTEN. “Voyasie, ofte Schip.vaert...van by Noorden om langes Noorwegen de Noordt-Caep, Laplandt, Vinlandt, ruslandt, de Witte Zee, de Kusten van Kandenoes, Swetenoes, Pitzora…” Amsterdam, 1624.
    <b>Galleri Bygdoy Allé:</b> FRIDTJOF NANSEN/SIGURD SCOTT-HANSEN. “Lóitnant Johansen fra 86°.14’.” A sensational documentation map from one of the most famous and important polar expeditions in the world: “The Fram Expedition 1893 – 1896.”
    <center><b>Galleri Bygdoy Allé:<br>Sales Exhibition Catalogue 47<br>Part II<br>The Arctic Exploration and the Search for a Northeast Passage</b>
    <b>Galleri Bygdoy Allé:</b> JOSEPH PAUL GAIMARD. “Voyage de la Commision scientific du Nord , en Scandinavie, en Laponie, au Spitsberg et aux Feröe pendant les années 1838, 1839 et 1840, sur la corvette La Recherche...M. Paul Gaimard”.
    <b>Galleri Bygdoy Allé:</b> PHILIPP JOHANN VON STRAHLENBERG. “Nova Descriptio Geographica Tattariae Magnae Tam Orientalis Quam Occidentalis In Particularibus…” Stockholm – Berlin (1730). The original Swedish edition.
    <b>Galleri Bygdoy Allé:</b> FREDERICK DE WIT. “Totius Europa Littora Novissime edita.” Contemporary hand-coloured engraving, Amsterdam c. 1675 – 80.
  • <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> [CIVIL WAR] -- [SHERIDAN, Philip Henry]. Personal headquarters flag of Philip Henry Sheridan used when he led the 2nd Michigan Cavalry. Spring - Summer 1862. $20,000 to $30,000.
    <b>Cowan’s, June 25:</b> [EARLY PHOTOGRAPHY]. Half plate daguerreotype of firefighter Walter Van Erven Dorens. [San Francisco]: n.p., [ca 1854-1856]. $15,000 to $25,000.
    <b>Cowan’s, June 25:</b> [LINCOLNIANA]. Abraham Lincoln banner possibly made for the 1864 presidential campaign. $10,000 to $15,000.
    <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> [REVOLUTIONARY WAR - CONTINENTAL CONGRESS]. [HOLTEN, Dr. Samuel]. An archive of letters related to Danvers, Massachusetts, physician and statesman Dr. Samuel Holten. $10,000 to $15,000.
    <b>Cowan’s, June 25:</b> [UNION PACIFIC RAILROAD]. CARBUTT, John, photographer. Exceptional collection of 27 stereoviews from the series, "Excursion to the 100th Meridian, October 1866." Chicago, [1866]. $10,000 to $15,000.
    <b>Cowan’s, June 25:</b> [ALASKAN GOLD RUSH]. William Steele West and family, extensive archive of photographs, diaries, correspondence, and personal items. [Ca 19th - 20th century]. $8,000 to $12,000.
    <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> [TAYLOR, Zachary]. Quarter plate daguerreotype featuring the 12th President of the United States. N.p.: n.p., [ca 1845]. $8,000 to $10,000.
    <b>Cowan’s, June 25:</b> [WASHINGTON, George]. Signed Society of the Cincinnati document. $5,000 to $7,000.
    <b>Cowan’s, June 25:</b> LINCOLN, Abraham. Autograph endorsement signed ("A. Lincoln"), as President. [Washington], 29 September 1862. 1 page, 4to, old creases. $5,000 to $7,000.
    <center><b>Cowan’s<br>American Historical Ephemera<br>& Photography<br>June 25, 2021</b>
    <b>Cowan’s, June 25:</b> JEFFERSON, Thomas. Autograph letter signed ("Th. Jefferson"), as United States President, to Robert Patterson. Washington DC, 2 July 1805. 1 page, 4to, evenly toned, small tear from seal. $4,000 to $6,000.
    <b>Cowan’s, June 25:</b> [EARLY PHOTOGRAPHY] -- [ALCOTT, Elizabeth Sewall]. Ninth plate ruby ambrotype attributed to Elizabeth Sewall Alcott. N.p., [ca 1856-1857]. $3,000 to $5,000.
    <b>Cowan’s, June 25:</b> [WESTERN AMERICANA]. RUSSELL, Andrew Joseph, photographer. <i>Salt Lake City, From the Top of the Tabernacle.</i> [1869]
  • <b><center>Sotheby’s<br>Livres et Manuscrits :<br>de Cervantès à Houellebecq<br>18 – 25 June</b>
    <b>Sotheby’s, 18 – 25 June:</b> Jouve, Paul -- François-Louis Schmied -- Rudyard Kipling. <i>Le Livre de la Jungle,</i> 1919.<br>€ 80,000 to € 120,000.
    <b>Sotheby’s, 18 – 25 June:</b> Cervantès Saavedra, Miguel de. <i>El ingenioso hidalgo Don Quixote de la Mancha.</i> Bruxelles, 1607.<br>€ 30,000 to € 50,000.
    <b>Sotheby’s, 18 – 25 June:</b> Buren, Daniel - Aimé Césaire. Cahier d'un retour au pays natal. Solstice, 2004. 1/140 ex. Avec 1/20 suites d'œuvres originales.<br>€ 4,000 to € 6,000.
    <b>Sotheby’s, 18 – 25 June:</b> [Musique] - Gioacchino Traversa. Six sonates à violon seul. [Vers 1770].<br>€ 3,000 to € 5,000.
  • <b>Swann Auction Galleries Jun 24:</b> C.F. Payne, <i>Micawber, Imitating Norman Rockwell’s “Triple self-portrait,”</i> mixed media, 2002. $800 to $1,200.
    <b>Swann Auction Galleries Jun 24:</b> Brian Froud, media illustration published in <i>The Land of Froud,</i> 1977. Estimate $6,000 to $9,000.
    <b>Swann Auction Galleries Jun 24:</b> Haddon Sundblom, <i>All a Girl Needs,</i> oil on canvas, published in <i>The Ladies’ Home Journal,</i> 1942. $8,000 to $10,000.
    <b>Swann Auction Galleries Jun 24:</b> Adrianne Lobel, <i>My One and Only,</i> 26 scenic concept collages for the Broadway musical, 1983. $6,000 to $9,000.
    <b>Swann Auction Galleries Jun 24:</b> Charles Schulz, original four-panel pen and ink <i>Peanuts</i> comic strip, 1971. $15,000 to $25,000.
    <b>Swann Auction Galleries Jun 24:</b>Jack Davis, mixed media cartoon for <i>Playboy,</i> 1959. $6,000 to $9,000.
    <b>Swann Auction Galleries Jun 24:</b> Charles Addams, mixed media cartoon for <i>The New Yorker,</i> 1937. $6,000 to $9,000.

Rare Book Monthly

Articles - February - 2020 Issue

Prices at Auction Declined by 3% in 2019

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The year 2019 saw a modest decline in the prices of books and paper at auction, although the number of lots offered and percentage of lots sold both increased significantly. The why for the decrease in price is uncertain. Macro economic factors can play a significant role, but the economy in the western world was good, the stock market unusually strong. On the other hand, there is much uncertainty out there, impeachment in America, Brexit in Europe. Perhaps it was a good year to keep your money in the stock market, rather than buying physical assets.

 

The median price of all lots sold in 2019 was $275. That was down from $283 in 2018, a drop of 2.8%. The average price was down more, 5.7% from $1,945 in 2018 to $1,834 in 2019. However, average price is a less accurate gauge of the market than is the median as it can be substantially impacted by a small number of very expensive lots.

 

On the other hand, both the number of lots offered and the sell-through rate saw significant increases. There were 517,145 lots offered in 2019, an increase of 8%. Despite the added volume, the sell-through rate increased from 74.9% in 2018 to 76.5% in 2019.

 

What is the reason for this apparent anomaly of sales rates increasing but prices declining? One possible explanation is the increased number of lots coming into the market is driving down prices by competing for the same collector dollars. That is the basic economic supply and demand model, increased supply resulting in lower prices. Another possible explanation is that the higher sell-through rates reflect auction houses setting lower minimum acceptable prices, or in some cases, none at all. Certainly, the high conversion rates at some houses, occasionally approaching 100%, is a sign that minimum bids are sometimes being set very low. This is particularly true with lower priced items, as auction houses and consignors simply want to move this type of material. They do not want it back as auctions are often the last option available for selling books of lower value.

 

It is generally understood in the trade that middle to lower value books and ephemera are challenged in the marketplace, while the top end remains strong. However, that does not appear to explain the slightly under 3% drop in prices this past year. Looking at the price of the 500th most expensive lot at auction for the year gives us a window on how firm prices are at the top of the market. In 2018, the 500th most expensive item sold for $87,500. In 2019, the 500th highest price was only $81,250. That represents a 7% decline at the top of the market.

 

Along with the supply-demand issue, there is one other factor to take into account – 2018 was a very strong year for prices. The median price in 2019 shot up from $267 the previous year to $283, an increase of 6%. Perhaps the market was just a bit overextended in 2018. What happened in 2019 is the market gave back half of the previous year's gain. Over the past two years, prices are still up 3%.

 

Despite the lower prices, the total spent at auction for books and paper increased in 2019. We recorded $725 million in sales, versus $698 million the previous year. That represents an increase of 4% in dollars spent at auction in the field for 2019.

 

As is usually, the case, twice as many lots sold for over the high estimate as below the low estimate, 55%-26%. However, if you add lots that did not sell at all to those that sold below the low estimate, it reveals an almost even split, 43.4% below or unsold, 42.2% above. The remainder either sold within the estimate range, or the house provided no estimate.

 

In a repeat of the previous year's numbers, 22% of the lots sold for over $1,000, 6% for over $5,000, 3% for more than $10,000. At the other end, 23% of the lots sold for $100 or less.

 

Once again, the fourth quarter of the year was the busiest time for sales, a bit more so this past year. 31% of lots were offered in the fourth quarter vs. 28% in the runner-up, the second quarter. As always, the third quarter was the slowest time, with only 19.1% of lots offered. However, May was the most active month, with 11.6% of all lots offered in that month. The slowest, as always, was August, in the middle of summer vacations. Only 4.6% of all lots were placed for sale in August.

 

The highest average lot price went to Sotheby's in New York at $35,776. Runner-up was Christie's London-King Street at $28,347. Three each of the top seven average prices went to branches of Sotheby's and Christie's, the other being the Arader Galleries with an average of $16,578. They sell many plates from the first edition of Audubon's The Birds of America, which draw high prices. Other auction houses averaging over $5,000 per lot were Pierre Bergé & Associates, Ketterer Kunst Doerling, Profiles in History, Artcurial, Aguttes, and three branches of Bonhams.

 

At the other end of the scale was the Lancaster Mennonite Historical Association sales that always provide prices suitable for beginning collectors. Their average sale price was $42, which was actually a substantial increase from the previous year's average of $25. Other auction houses with average sale prices under $100 were Alaska Auction, Thomson Roddick, Over & Above, National Book, and Garth's. Sixteen houses had a median sale price under $100, the lowest being Lancaster Mennonite and Alaska Auctions at $17. There are plenty of opportunities for collectors at all different price levels.

 

In terms of lots sold, the runaway leader was Heritage Auctions with around 170,000. Only two other houses exceeded 10,000 lots, both just barely, RR Auction and Holabird Kagin Americana. Even adding all locations, no others sold 10,000 lots in the books and paper field in 2019.

Rare Book Monthly

  • <b><center>Doyle<br>Fine Literature<br>Online Auction<br>June 8 to June 22</b>
    <b>Doyle, Fine Literature:</b> CALDWELL, ERSKINE. <i>Tobacco Road,</i> First Edition. $3,000 to $5,000.
    <b>Doyle, Fine Literature:</b> ELIOT, GEORGE. <i>Middlemarch: A Study of Provincial Life.</i> Edinburgh & London: William Blackwood and Sons, 1871-72. First edition in book form. $1,000 to $1,500.
    <b>Doyle, Fine Literature:</b> BYRON, GEORGE GORDON NOEL, LORD. <i>Don Juan.</i> London: the Thomas Davison; John Hunt; John and H.L. Hunt, 1819-24. First edition. $4,000 to $6,000.
    <b>Doyle, Fine Literature:</b> [BURNEY, FRANCES]. <i>Evelina, Or, A Young Lady's Entrance into the World.</i> London: T. Lowndes, 1778. First edition. $2,000 to $3,000.
    <b><center>Doyle<br>Fine Literature<br>Online Auction<br>June 8 to June 22</b>
    <b>Doyle, Fine Literature:</b> SHEPARD, ERNEST H. Colored drawing of Winnie-the-Pooh and Piglet, in an autograph letter signed by Shepard. Dated February 29th, 1932. $15,000 to $25,000.
    <b>Doyle, Fine Literature:</b> CARROLL, LEWIS (CHARLES LUTWIDGE DODGSON). <i>The Nursery "Alice".</i> London: MacMillan, 1890. Second (first published) edition. $7,000 to $10,000.
    <b>Doyle, Fine Literature:</b> DANA, RICHARD HENRY, Jr. <i>Two Years Before the Mast.</i> New York, 1840. First edition with an autograph letter signed by Dana laid-in. $2,500 to $3,500.
    <b>Doyle, Fine Literature:</b> FINE BINDING-RIVIERE] HAZLITT, WILLIAM. <i>Liber Amoris: or, the New Pygmalion.</i> London: John Hunt, 1823. First edition. $3,000 to $5,000.
  • <b>Bonhams, June 29:</b> LIFE OF OSLER, PRESENTATION COPY TO NEPHEW NORMAN GWYN. CUSHING, HARVEY. 1869-1939. <i>The Life of Sir William Osler.</i> Oxford: Oxford University Press, 1925. $1,500 to $2,500.
    <b>Bonhams, June 29:</b> OSLER TO HALSTED MENTIONING CUSHING AND WELCH. Autograph Letter Signed ("Wm Osler") to William Stewart Halsted on medical matters, 2 pp, January 19, 1919. $1,500 to $2,500.
    <b>Bonhams, June 29:</b> CUSHING PRESENTATION COPY TO LUCIEN PRICE. CUSHING, HARVEY. <i>Intracranial Tumours.</i> Springfield, 1932. $1,000 to $1,500.
    <b>Bonhams, June 29:</b> OSLER ON HIS CHILDHOOD. Autograph Letter Signed ("Wm Osler") to Mabel [Brewster] on returning home to Staplehurst. $800 to $1,200.
    <b>Bonhams, June 29:</b> SCULTETUS, JOHANNES. 1595-1645. <i>Cheiroplotheke, seu armamentarium chirurgicum XLIII.</i> Ulm: Balthasar Kühnen, 1655. $3,000 to $4,000.
    <b>Bonhams, June 29:</b> VICQ D'AZYR, FELIX. 1748-1794. <i>Traite d'anatomie et de physiologie.</i> Paris: Didot l'aine, 1786. $3,000 to $5,000.
    <b>Bonhams, June 29:</b> TAGAULT, JEAN. C.1499-1546. <i>De chirugica institutione libri quinque....</i> Lyon: Guillaume Rouillé, 1549. $400 to $600.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). Autograph Logs and Journals from his 1927 Alaska Expedition. $7,000 to $ 9,000.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). Cañon de Chelley, 1904. Oversized orotone, 17 x 22in in original Curtis Studio frame. $30,000 to $50,000.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). 26 cyanotypes, featuring images of Cheyenne tribes from Volume VI of <i>North American Indian,</i> c.1907, made by Curtis in the field. $30,000 to $50,000.
    <b>Bonhams, June 30:</b> EDWARD S. CURTIS (1868-1952). The Vanishing Race, 1904. Oversized orotone, 18 x 24in in original Curtis Studio frame. $20,000 to $30,000.
  • <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> Tolomeo, Claudio. <i>Cosmographia.</i> Ulma, Lienhart Holle, 16.07.1482.<br>€ 50.000+
    <b>Aste Bolaffi, June 22:</b> Hondius, Henricus, & Johannes Janssonius. <i>Atlas novus, sive descriptio geographica totius orbis terrarum.</i> Amsterdam, Hondius-Janssonius, 1638. €30.000+
    <b>Aste Bolaffi, June 22:</b> Castiglione, Baldassarre. <i>Il libro del cortegiano del conte Baldesar Castiglione.</i> Venice, eredi di Aldo, 1528. € 14.000+
    <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> Bayer, Johann. <i>Uranometria, omnium asterismorum continens schemata, nova methodo delineata, aereis laminis expressa.</i> Augusta, Christoph Mang, 1603.<br>€ 12.000+
    <b>Aste Bolaffi, June 22:</b> [Astronomy]. <i>[Scriptores Astronomici veteres].</i> Venezia, Aldo Manuzio, 1499.<br> € 7.000+
    <b>Aste Bolaffi, June 22:</b> Aristophanes. <i>Aristofanous Komoidiai ennea. Aristophanis Comoediae novem.</i> Venice, Aldo Manuzio, 1498. € 7.000+
    <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> Herodotus. <i>Hirodotou logoi ennea [...] Herodoti libri novem quibus musarum indita sunt nomina.</i> Venice, Aldo Manuzio, 1502. € 7.000+
    <b>Aste Bolaffi, June 22:</b> Tory, Geoffroy. <i>L’art & science de la vraye proportion des lettres attiques, ou antiques.</i> Paris, Vincent Gaultherot, 1549. € 5.000+
    <b>Aste Bolaffi, June 22:</b> Caterina da Siena. <i>Epistole devotissime de sancta Catharina da Siena.</i> Venice, Aldo Manuzio, 1500. € 4.500+
    <center><b>Aste Bolaffi<br>Rare Books and Autographs<br>June 22, 2021</b>
    <b>Aste Bolaffi, June 22:</b> [Chess]. Gianuzio della Manzia, Orazio. <i>Libro nel quale si tratta della maniera di giuocar' a scacchi con alcuni sottilissimi partiti.</i> Torino, Antonio Bianchi, 1597. € 3.000+
    <b>Aste Bolaffi, June 22:</b> Newton, Isaac. <i>Philosophiae naturalis principia mathematica.</i> Amsterdam, Compagnie di Amsterdam, 1714. €2.500+
    <b>Aste Bolaffi, June 22:</b> [Turkish Empire]. Ramberti, Benedetto. <i>Libri tre delle cose de Turchi.</i> Venice, eredi di Aldo, 1539. €1.500+

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