Rare Book Monthly

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Articles - August - 2020 Issue

Money Money Money

- by Bruce E. McKinney

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:

 

  1. Your debt to equity ratio:  liabilities/assets.
    1. The currency you principally trade in.
  2. The cost of your collection or stock.
  3. The relative strength of your inventory.
    1. Low, middle or high end
  4. The kind of material you have as defined by price category.
  5. 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.
  6. Is the value of your collection significant to your cashflow or net worth?
  7. Your cashflow requirements both short and long term.
  8. How and to whom would you sell?
    1. Wealthy collectors
    2. Middle class collectors
    3. Institutions online or by offer letter
    4. At auction
    5. 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.

 

Bruce McKinney

bmckinney@rarebookhub.com

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Posted On: 2020-08-26 17:38
User Name: laurelle

Bruce,

I have to question your statement regarding the weakening of the US Dollar. Whose currency will strengthen? The EU is borrowing/printing at the same rate, China has tremendous debts, are you anticipating a turnaround in South America? Jeff Elfont

Posted On: 2020-08-28 18:30
User Name: adminb

Deficit spending is known to stimulate economic activity but if government debt engulfs economies then the outcome is increasing inflation. Prices will rise but the value of currency exchanged will be reduced.

I expect the euro to outperform the dollar while the Yuan will underperform. Gold is a regressive hedge but the best straightforward option I see.

Rare Book Monthly

  • <center><b>Ketterer Rare Books<br>Auction May 26th</b></center> <b>Ketterer, May 26:</b> Th. McKenney & J. Hall, <i>History of the Indian tribes of North America,</i> 1836-1844. Est: €50,000 <b>Ketterer, May 26:</b> <i>Biblia latina vulgata,</i> manuscript on thin parchment, around 1250. Est: €70,000 <b>Ketterer, May 26:</b> M. Beckmann, <i>Fanferlieschen Schönefüßchen,</i> 1924. Est: €10,000 <center><b>Ketterer Rare Books<br>Auction May 26th</b></center> <b>Ketterer, May 26:</b> A. Ortelius, <i>Theatrum orbis terrarum,</i> 1574. Est: €50,000 <b>Ketterer, May 26:</b> M. S. Merian, <i>Eurcarum ortus, alimentum et paradoxa metamorphosis,</i> 1717-18. Est: €6,000 <b>Ketterer, May 26:</b> <i>PAN,</i> 9 volumes, 1895-1900. Est: €12,000 <center><b>Ketterer Rare Books<br>Auction May 26th</b></center> <b>Ketterer, May 26:</b> Breviarium Romanum, Latin manuscript, 1474. Est: €15,000 <b>Ketterer, May 26:</b> Quran manuscript from the Saadian period, Maghreb, 16th century. Est: €10,000 <b>Ketterer, May 26:</b> E. Hemingway, <i>The old man and the sea,</i> 1952. First edition in first issue jacket. Presentation copy. Est: €3,000 <center><b>Ketterer Rare Books<br>Auction May 26th</b></center> <b>Ketterer, May 26:</b> Flavius Vegetius Renatus, <i>De re militari libri quatuor,</i> 1553. Est: €3,000 <b>Ketterer, May 26:</b> K. Marx, <i>Das Kapital,</i> 1867. Est: €30,000 <b>Ketterer, May 26:</b> Brassaï, <i>Transmutations,</i> 1967. Est: €6,000
    Ketterer Rare Books
    Auction May 26th
    Ketterer, May 26: Th. McKenney & J. Hall, History of the Indian tribes of North America, 1836-1844. Est: €50,000
    Ketterer, May 26: Biblia latina vulgata, manuscript on thin parchment, around 1250. Est: €70,000
    Ketterer, May 26: M. Beckmann, Fanferlieschen Schönefüßchen, 1924. Est: €10,000
    Ketterer Rare Books
    Auction May 26th
    Ketterer, May 26: A. Ortelius, Theatrum orbis terrarum, 1574. Est: €50,000
    Ketterer, May 26: M. S. Merian, Eurcarum ortus, alimentum et paradoxa metamorphosis, 1717-18. Est: €6,000
    Ketterer, May 26: PAN, 9 volumes, 1895-1900. Est: €12,000
    Ketterer Rare Books
    Auction May 26th
    Ketterer, May 26: Breviarium Romanum, Latin manuscript, 1474. Est: €15,000
    Ketterer, May 26: Quran manuscript from the Saadian period, Maghreb, 16th century. Est: €10,000
    Ketterer, May 26: E. Hemingway, The old man and the sea, 1952. First edition in first issue jacket. Presentation copy. Est: €3,000
    Ketterer Rare Books
    Auction May 26th
    Ketterer, May 26: Flavius Vegetius Renatus, De re militari libri quatuor, 1553. Est: €3,000
    Ketterer, May 26: K. Marx, Das Kapital, 1867. Est: €30,000
    Ketterer, May 26: Brassaï, Transmutations, 1967. Est: €6,000
  • <b>Leland Little, May 21:</b> Signed Artist Proof of the Monumental <i>G.O.A.T.: A Tribute to Muhammad Ali.</i> <b>Leland Little, May 21:</b> Assorted Rare Publications Related to H.P. Lovecraft, Including <i>The Recluse</i> Signed by Vincent Starrett. <b>Leland Little, May 21:</b> Two Issues of <i>The Vagrant,</i> Including the First Appearance of H.P. Lovecraft's "Dagon" in Number Eleven. <b>Leland Little, May 21:</b> Rare First Printing of <i>Anne of Green Gables,</i> With ALS from the Author. <b>Leland Little, May 21:</b> First Edition of Hemingway's <i>The Old Man and the Sea,</i> In First Issue Jacket. <b>Leland Little, May 21:</b> The Limited Paumanok Edition of <i>The Complete Writings of Walt Whitman.</i> <b>Leland Little, May 21:</b> Beautifully Bound Limited Flaubert Edition of The Works of Guy de Maupassant. <b>Leland Little, May 21:</b> First Edition of Bonaparte's Celebrated <i>American Ornithology,</i> With Spectacular Hand-Colored Plates. <b>Leland Little, May 21:</b> A Rare Complete Set of Jardine's <i>The Naturalist's Library,</i> With Hand-Colored Plates. <b>Leland Little, May 21:</b> Invitation to the Lincoln-Johnson National Inaugural Ball, March 4th, 1865. <b>Leland Little, May 21:</b> A Scarce Inscribed First Edition of James Baldwin's <i>Nobody Knows My Name.</i> <b>Leland Little, May 21:</b> Picasso's <i>Le Goût du Bonheur,</i> Limited Edition.
    Leland Little, May 21: Signed Artist Proof of the Monumental G.O.A.T.: A Tribute to Muhammad Ali.
    Leland Little, May 21: Assorted Rare Publications Related to H.P. Lovecraft, Including The Recluse Signed by Vincent Starrett.
    Leland Little, May 21: Two Issues of The Vagrant, Including the First Appearance of H.P. Lovecraft's "Dagon" in Number Eleven.
    Leland Little, May 21: Rare First Printing of Anne of Green Gables, With ALS from the Author.
    Leland Little, May 21: First Edition of Hemingway's The Old Man and the Sea, In First Issue Jacket.
    Leland Little, May 21: The Limited Paumanok Edition of The Complete Writings of Walt Whitman.
    Leland Little, May 21: Beautifully Bound Limited Flaubert Edition of The Works of Guy de Maupassant.
    Leland Little, May 21: First Edition of Bonaparte's Celebrated American Ornithology, With Spectacular Hand-Colored Plates.
    Leland Little, May 21: A Rare Complete Set of Jardine's The Naturalist's Library, With Hand-Colored Plates.
    Leland Little, May 21: Invitation to the Lincoln-Johnson National Inaugural Ball, March 4th, 1865.
    Leland Little, May 21: A Scarce Inscribed First Edition of James Baldwin's Nobody Knows My Name.
    Leland Little, May 21: Picasso's Le Goût du Bonheur, Limited Edition.
  • <center><b>Doyle<br>The Collection of Mary Tyler Moore<br>June 4, 2025</b></center> <B>DOYLE:</B> Peter Max, <i>Portrait of Mary Tyler Moore (Versions 1,2, 5, 6),</i> 2001. Estimate $10,000-15,000 <B>DOYLE:</B> The iconic screen-used wall-mounted "M" from The Mary Tyler Moore Show. Estimate $5,000-8,000 <B>DOYLE:</B> The Mary Tyler Moore Show by Al Hirschfeld. Estimate $4,000-6,000 <center><b>Doyle<br>The Collection of Mary Tyler Moore<br>June 4, 2025</b></center> <B>DOYLE:</B> Annie Leibovitz presents Mary Tyler Moore and Dick Van Dyke for Vanity Fair. Estimate $4,000-6,000 <B>DOYLE:</B> Al Hirschfeld presents Mary Tyler Moore and Dick Van Dyke in the CBS Wednesday Night Lineup. Estimate $4,000-6,000 <B>DOYLE:</B> Richard McKenzie, <i>Portrait of Mary Tyler Moore.</i> Estimate $1,000-2,000 <center><b>Doyle<br>The Collection of Mary Tyler Moore<br>June 4, 2025</b></center> <B>DOYLE:</B> Three Original Bill Hargate Costume Designs for The Mary Tyler Moore Hour. Estimate $600-800 <B>DOYLE:</B> The famous Bonnie and Clyde "Wanted" broadside. Estimate $500-800 <B>DOYLE:</B> Ticket to the Final Episode of the Mary Tyler Moore Show Estimate $400-600
    Doyle
    The Collection of Mary Tyler Moore
    June 4, 2025
    DOYLE: Peter Max, Portrait of Mary Tyler Moore (Versions 1,2, 5, 6), 2001. Estimate $10,000-15,000
    DOYLE: The iconic screen-used wall-mounted "M" from The Mary Tyler Moore Show. Estimate $5,000-8,000
    DOYLE: The Mary Tyler Moore Show by Al Hirschfeld. Estimate $4,000-6,000
    Doyle
    The Collection of Mary Tyler Moore
    June 4, 2025
    DOYLE: Annie Leibovitz presents Mary Tyler Moore and Dick Van Dyke for Vanity Fair. Estimate $4,000-6,000
    DOYLE: Al Hirschfeld presents Mary Tyler Moore and Dick Van Dyke in the CBS Wednesday Night Lineup. Estimate $4,000-6,000
    DOYLE: Richard McKenzie, Portrait of Mary Tyler Moore. Estimate $1,000-2,000
    Doyle
    The Collection of Mary Tyler Moore
    June 4, 2025
    DOYLE: Three Original Bill Hargate Costume Designs for The Mary Tyler Moore Hour. Estimate $600-800
    DOYLE: The famous Bonnie and Clyde "Wanted" broadside. Estimate $500-800
    DOYLE: Ticket to the Final Episode of the Mary Tyler Moore Show Estimate $400-600
  • <b><center>Sotheby's<BR>Sell Your Fine Books & Manuscripts</center></b> <b>Sotheby’s:</b> The Shem Tov Bible, 1312 | A Masterpiece from the Golden Age of Spain. Sold: 6,960,000 USD <b>Sotheby’s:</b> Ten Commandments Tablet, 300-800 CE | One of humanity's earliest and most enduring moral codes. Sold: 5,040,000 USD <b>Sotheby’s:</b> William Blake | <i>Songs of Innocence and of Experience.</i> Sold: 4,320,000 USD <b>Sotheby’s:</b> The Declaration of Independence | The Holt printing, the only copy in private hands. Sold: 3,360,000 USD <b><center>Sotheby's<BR>Sell Your Fine Books & Manuscripts</center></b> <b>Sotheby’s:</b> Thomas Taylor | The original cover art for <i>Harry Potter and the Philosopher's Stone.</i> Sold: 1,920,000 USD <b>Sotheby’s:</b> Machiavelli | <i>Il Principe,</i> a previously unrecorded copy of the book where modern political thought began. Sold: 576,000 GBP <b>Sotheby’s:</b> Leonardo da Vinci | <i>Trattato della pittura,</i> ca. 1639, a very fine pre-publication manuscript. Sold: 381,000 GBP <b>Sotheby’s:</b> Henri Matisse | <i>Jazz,</i> Paris 1947, the complete portfolio. Sold: 312,000 EUR
    Sotheby's
    Sell Your Fine Books & Manuscripts
    Sotheby’s: The Shem Tov Bible, 1312 | A Masterpiece from the Golden Age of Spain. Sold: 6,960,000 USD
    Sotheby’s: Ten Commandments Tablet, 300-800 CE | One of humanity's earliest and most enduring moral codes. Sold: 5,040,000 USD
    Sotheby’s: William Blake | Songs of Innocence and of Experience. Sold: 4,320,000 USD
    Sotheby’s: The Declaration of Independence | The Holt printing, the only copy in private hands. Sold: 3,360,000 USD
    Sotheby's
    Sell Your Fine Books & Manuscripts
    Sotheby’s: Thomas Taylor | The original cover art for Harry Potter and the Philosopher's Stone. Sold: 1,920,000 USD
    Sotheby’s: Machiavelli | Il Principe, a previously unrecorded copy of the book where modern political thought began. Sold: 576,000 GBP
    Sotheby’s: Leonardo da Vinci | Trattato della pittura, ca. 1639, a very fine pre-publication manuscript. Sold: 381,000 GBP
    Sotheby’s: Henri Matisse | Jazz, Paris 1947, the complete portfolio. Sold: 312,000 EUR

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