Covid-19 and the turgid economy present a lethal mixture of possibilities that will work themselves out over the next five years. For book dealers and collectors these issues will present additional challenges because in collectibles liquidity varies negatively with uncertainty. By the end of the year extraordinary levels of government stimulus will have been absorbed leaving diminishing positive effects after which unmistakable negative effects will take hold: inflation and a 25% decline of the US dollar relative to a market basket of ascendant world currencies over the next 3-5 years.
For the rare book business there are multiple issues to consider:
Your debt to equity ratio: liabilities/assets.
The currency you principally trade in.
The cost of your collection or stock.
The relative strength of your inventory.
Low, middle or high end
The kind of material you have as defined by price category.
Are you prepared to keep your inventory to a fixed percentage of your sales? This means that if your sales slow you will cut your stock proportionately.
Is the value of your collection significant to your cashflow or net worth?
Your cashflow requirements both short and long term.
How and to whom would you sell?
Wealthy collectors
Middle class collectors
Institutions online or by offer letter
At auction
On eBay
It’s always a good idea to have your financial plans updated because the next 5 years will present unusual risks.
I will try to help any RBH member who requests advice.
Il Ponte, Feb. 25-26: HAMILTON, Sir William (1730-1803) - Campi Phlegraei. Napoli: [Pietro Fabris], 1776, 1779. € 30.000 - 50.000
Il Ponte, Feb. 25-26: [MORTIER] - BLAEU, Joannes (1596-1673) - Het Nieuw Stede Boek van Italie. Amsterdam: Pieter Mortier, 1704-1705. € 15.000 - 25.000
Il Ponte, Feb. 25-26: TULLIO D'ALBISOLA (1899-1971) - Bruno MUNARI (1907-1998) - L'Anguria lirica (lungo poema passionale). Roma e Savona: Edizioni Futuriste di Poesia, senza data [ma 1933?]. € 20.000 - 30.000
Il Ponte, Feb. 25-26: IL MANOSCRITTO RITROVATO DI IPPOLITA MARIA SFORZA. TITO LIVIO - Ab Urbe Condita. Prima Decade. Manoscritto miniato su pergamena, metà XV secolo. € 280.000 - 350.000
Sotheby's Fine Books & Manuscripts Available for Immediate Purchase
Sotheby’s: Balthus, Emily Brontë. Wuthering Heights, New York: The Limited Editions Club, 1993. 6,600 USD.
Sotheby’s: Charles Dickens. Complete Works, Philadelphia & London: J.B. Lippincott Company & Chapman & Hall, LD, 1850. Limited Edition set of 30 volumes. 7,500 USD.
Sotheby’s: John Lennon, Yoko Ono. Handwritten Letter from John Lennon and Yoko Ono to their Chauffer. 1971. 32,500 USD.
Sotheby’s: Winston Churchill. First edition of War Speeches, Cassell and Company, Ltd., 1941. Set of 7 volumes. 5,500 USD.
Sotheby’s: Andy Warhol, Julia Warhola. Holy Cats First Edition, Signed by Andy Warhol. 1954. 30,000 USD.
Old World Auctions (Feb 11): Lot 11. Blaeu's Superb World Map on a Polar Projection (1695) Est. $5,500 - $7,000
Old World Auctions (Feb 11): Lot 36. Schedel's Ancient World Map with Humanoid Creatures (1493) Est. $14,000 - $17,000
Old World Auctions (Feb 11): Lot 49. One of the First Lunar Globes to Show the Far Side of the Moon (1963) Est. $1,000 - $1,300
Old World Auctions (Feb 11): Lot 5. The First World Map with Lavish Allegorical Vignettes of the Continents (1594) Est. $15,000 - $17,000
Old World Auctions (Feb 11): Lot 55. Anti-British Propaganda Map with Churchill as an Octopus (1942) Est. $2,000 - $2,300
Old World Auctions (Feb 11): Lot 197. One of the Most Influential Maps of Westward Expansion (1846) Est. $9,500 - $12,000
Old World Auctions (Feb 11): Lot 10. Scarce Pitt Edition of Carte-a-Figures Map of the World (1680) Est. $9,500 - $11,000
Old World Auctions (Feb 11): Lot 220. A Fine, Early Rendering of San Francisco (1874) Est. $2,200 - $2,500
Old World Auctions (Feb 11): Lot 707. Hand-Colored Image of the Presentation of Jesus with Gilt Highlights (1450) Est. $1,600 - $1,900
Old World Auctions (Feb 11): Lot 80. One of the Most Important Maps Perpetuating the Myth of the Island of California (1680) Est. $3,250 - $4,000
Old World Auctions (Feb 11): Lot 725. Homann's Atlas Featuring 26 Folio-Sized Maps in Original Color (1715) Est. $4,500 - $5,500
Old World Auctions (Feb 11): Lot 169. One of the Earliest Maps to Show Philadelphia (1695) Est. $4,750 - $6,000
Gros & Delettrez, Feb. 11: DALVIMART, Octavien ou d’ALVIMAR(T). The Costume of Turkey
Gros & Delettrez, Feb. 11: DALVIMART, Octavien ou d’ALVIMAR(T)]. CLARK. The Military Costume of Turkey
Gros & Delettrez, Feb. 11: HOMMAIRE DE HELL, Ignace-Xavier. LAURENS, Jules. Voyage en Turquie et en Perse
Gros & Delettrez, Feb. 11: POSTEL, Guillaume. De la République des Turc
Forum Auctions Online: India Ends 19th February 2026
Forum, Feb. 19: Lot 40 Ramasvami (Kavali Venkata). A Digest of the Different Castes of India, 83 charming hand-coloured lithographed plates, Madras, 1837. £5,000-7,000
Forum, Feb. 19: Lot 50 Watson (John Forbes) & John William Kaye. The People of India: A Series of Photographic Illustrations...of the Races and Tribes of Hindustan, 8 vol., 480 mounted albumen prints, 1868-75. £4,000-6,000
Forum, Feb. 19: Lot 53 Afghanistan.- Elphinstone (Hon. Mountstuart). An Account of the Kingdom of Caubul, first edition, hand-coloured aquatint plates, a fine copy, 1815. £2,000-3,000
Forum, Feb. 19: Lot 57 [Album and Treatise on Hinduism], manuscript treatise on Hinduism in French, 31 watercolours of Hindu deities, Pondicherry, 1865. £3,000-4,000
Forum, Feb. 19: Lot 62 Allan (Capt. Alexander). Views in the Mysore Country,
[1794]. £2,000-3,000
Forum Auctions Online: India Ends 19th February 2026
Forum, Feb. 19: Lot 76 Bird (James). Historical Researches on the Origin and Principles of the Bauddha and Jaina Religions..., first edition, lithographed plates, Bombay, American Mission Press, 1847. £3,000-4,000
Forum, Feb. 19: Lot 100 Ceylon.- Daniell (Samuel). A Picturesque Illustration of the scenery, animals, and native inhabitants, of the Island of Ceylon: in twelve plates, 1808. £5,000-7,000
Forum, Feb. 19: Lot 123 D'Oyly (Charles). Behar Amateur Lithographic Scrap Book, lithographed throughout with title and 55 plates mounted on 43 paper leaves, [Patna], [1828]. £3,000-5,000
Forum, Feb. 19: Lot 139 Gandhi (known as Mahatma Gandhi,) Fine Autograph Letter signed to Jawaharlal Nehru, Sevagram, Wardha, 1942, emphasising the importance of education in rural communities. £10,000-15,000
Forum Auctions Online: India Ends 19th February 2026
Forum, Feb. 19: Lot 140 Gantz (John). Indian Microcosm, first edition, Madras, John Gantz & Son, 1827. £10,000-15,000
Forum, Feb. 19: Lot 146 Grierson (Sir George Abraham). Linguistic Survey of India, 11 vol. in 20, folding maps, original cloth, Calcutta, Superintendent Government Printing, 1903-28. £2,000-3,000
Forum, Feb. 19: Lot 195 Madras.- Fort St. George Gazette (The), No.276-331, pp.493-936 and Index to all of 1834 at end, modern half calf, Madras, 2nd July - 31st December 1834. £2,000-3,000
Forum, Feb. 19: Lot 205 Marshall (Sir John) and Alfred Foucher. The Monuments of Sanchi, 3 vol., first edition, 141 plates, most photogravure, [Calcutta], [1940]. £3,000-4,000
![<b>Il Ponte, Feb. 25-26:</b> HAMILTON, Sir William (1730-1803) - Campi Phlegraei. Napoli: [Pietro Fabris], 1776, 1779. € 30.000 - 50.000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/0372eeb9-97e1-47b2-baca-b3287d4704ee.jpg "<b>Il Ponte, Feb. 25-26:</b> HAMILTON, Sir William (1730-1803) - Campi Phlegraei. Napoli: [Pietro Fabris], 1776, 1779. € 30.000 - 50.000")
![<b>Il Ponte, Feb. 25-26:</b> [MORTIER] - BLAEU, Joannes (1596-1673) - Het Nieuw Stede Boek van Italie. Amsterdam: Pieter Mortier, 1704-1705. € 15.000 - 25.000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/8f9ce440-b420-4407-8293-eb8e1b38ca19.jpg "<b>Il Ponte, Feb. 25-26:</b> [MORTIER] - BLAEU, Joannes (1596-1673) - Het Nieuw Stede Boek van Italie. Amsterdam: Pieter Mortier, 1704-1705. € 15.000 - 25.000")
![<b>Il Ponte, Feb. 25-26:</b> TULLIO D'ALBISOLA (1899-1971) - Bruno MUNARI (1907-1998) - L'Anguria lirica (lungo poema passionale). Roma e Savona: Edizioni Futuriste di Poesia, senza data [ma 1933?]. € 20.000 - 30.000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/71bb9667-5d66-4aa8-96a2-9880c74a7a26.jpg "<b>Il Ponte, Feb. 25-26:</b> TULLIO D'ALBISOLA (1899-1971) - Bruno MUNARI (1907-1998) - L'Anguria lirica (lungo poema passionale). Roma e Savona: Edizioni Futuriste di Poesia, senza data [ma 1933?]. € 20.000 - 30.000")
![<b>Gros & Delettrez, Feb. 11:</b> DALVIMART, Octavien ou d’ALVIMAR(T)]. CLARK. The Military Costume of Turkey](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/ca2d66a9-721d-4878-a2eb-51a7bb9a3889.jpg "<b>Gros & Delettrez, Feb. 11:</b> DALVIMART, Octavien ou d’ALVIMAR(T)]. CLARK. The Military Costume of Turkey")
![<b>Forum, Feb. 19:</b> Lot 57<br>[Album and Treatise on Hinduism], manuscript treatise on Hinduism in French, 31 watercolours of Hindu deities, Pondicherry, 1865. £3,000-4,000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/f70b3790-9b4a-4990-b402-f0322021c0de.jpg "<b>Forum, Feb. 19:</b> Lot 57<br>[Album and Treatise on Hinduism], manuscript treatise on Hinduism in French, 31 watercolours of Hindu deities, Pondicherry, 1865. £3,000-4,000")
![<b>Forum, Feb. 19:</b> Lot 62 Allan (Capt. Alexander). <i>Views in the Mysore Country,</i>
[1794]. £2,000-3,000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/ad2cf7b4-4d93-4231-a956-b440583b39b3.jpg "<b>Forum, Feb. 19:</b> Lot 62 Allan (Capt. Alexander). <i>Views in the Mysore Country,</i>
[1794]. £2,000-3,000")
![<b>Forum, Feb. 19:</b> Lot 123<br>D'Oyly (Charles). <i>Behar Amateur Lithographic Scrap Book,</i> lithographed throughout with title and 55 plates mounted on 43 paper leaves, [Patna], [1828]. £3,000-5,000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/5651043b-3c0d-4e2c-931f-72133bda9b36.jpg "<b>Forum, Feb. 19:</b> Lot 123<br>D'Oyly (Charles). <i>Behar Amateur Lithographic Scrap Book,</i> lithographed throughout with title and 55 plates mounted on 43 paper leaves, [Patna], [1828]. £3,000-5,000")
![<b>Forum, Feb. 19:</b> Lot 205<br>Marshall (Sir John) and Alfred Foucher. <i>The Monuments of Sanchi,</i> 3 vol., first edition, 141 plates, most photogravure, [Calcutta], [1940]. £3,000-4,000](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/8c8244b7-4573-44d3-9c70-e0d3a3ed3cc4.jpg "<b>Forum, Feb. 19:</b> Lot 205<br>Marshall (Sir John) and Alfred Foucher. <i>The Monuments of Sanchi,</i> 3 vol., first edition, 141 plates, most photogravure, [Calcutta], [1940]. £3,000-4,000")