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.
Heritage, Dec. 15: Jerry Thomas. How to Mix Drinks, or the Bon-Vivant's Companion, Containing Clear and Reliable Directions for Mixing All the Beverages Used in the United States…
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Bonhams, Dec. 8-18: Autograph Letter Signed ("Martinus Luther") to His Friend the Theologian Gerhard Wiskamp ("Gerardo Xantho Lampadario"). $100,000 - $150,000.
Bonhams, Dec. 8-18: An Exceptionally Fine Copy of Austenís Emma: A Novel in Three Volumes. $40,000 - $60,000.
Bonhams, Dec. 8-18: Presentation Copy of Ernest Hemmingwayís A Farewell to Arms for Edward Titus of the Black Mankin Press. $30,000 - $50,000.
Bonhams, Dec. 8-18: Autograph Manuscript Signed Integrally for "The Songs of Pooh," by Alan Alexander. $30,000 - $50,000.
Bonhams, Dec. 8-18: Autograph Manuscript of "Three Fragments from Gˆtterd‰mmerung" by Richard Wagner. $30,000 - $50,000.
Bonhams, Dec. 8-18: Original Preliminary Artwork, for the First Edition of Snow Crash. $20,000 - $30,000.
Bonhams, Dec. 8-18: Autograph Letter Signed ("T.R. Malthus") to Economist Nassau Senior on Wealth, Labor and Adam Smith. $20,000 - $30,000.
Bonhams, Dec. 8-18: History of the Peloponnesian War by Thucydides Finely Bound by Michael Wilcox. $20,000 - $30,000.
Bonhams, Dec. 8-18: First Edition of Lewis and Clark: Travels to the Source of the Missouri River and Across the American Continent to the Pacific Ocean. $8,000 - $12,000.
Bonhams, Dec. 8-18: Original Artwork for the First Edition of Neal Stephenson's Groundbreaking Novel Snow Crash. $100,000 - $150,000.
Bonhams, Dec. 8-18: A Complete Set Signed Deluxe Editions of King's The Dark Tower Series by Stephen King. $8,000 - $12,000.
Bonhams, Dec. 8-18: Autograph Letter Signed ("John Adams") to James Le Ray de Chaumont During the Crucial Years of the Revolutionary War. $8,000 - $12,000.
Sotheby’s Book Week December 9-17, 2025
Sotheby’s, Dec. 17: Francesco Colonna. Hypnerotomachie, Paris, 1546, Parisian calf by Wotton Binder C for Marcus Fugger. €200,000 to €300,000.
Sotheby’s, Dec. 17: Nausea. De principiis dialectices Gorgias, and other works, Venice, 1523, morocco gilt for Cardinal Campeggio. €3,000 to €4,000.
Sotheby’s, Dec. 17: Billon. Le fort inexpugnable de l'honneur, Paris, 1555, Parisian calf gilt for Peter Ernst, Graf von Mansfeld. €120,000 to €180,000.
Sotheby’s Book Week December 9-17, 2025
Sotheby’s, Dec. 16: Salinger, J.D. The Graham Family archive, including autographed letters, an inscribed Catcher, a rare studio photograph of the author, and more. $120,000 to $180,000.
Sotheby’s, Dec. 16: [Austen, Jane]. A handsome first edition of Sense and Sensibility, the author's first novel. $60,000 to $80,000.
Sotheby’s, Dec. 16: Massachusetts General Court. A powerful precursor to the Declaration of Independence: "every Act of Government … without the Consent of the People, is … Tyranny." $40,000 to $60,000.
![<b>Heritage, Dec. 15:</b> John Donne. <i>Poems, By J. D. With Elegies on the Author's Death.</i> London: M[iles]. F[lesher]. for John Marriot, 1633.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/8caddaea-4c1f-47a7-9455-62f53af36e3f.jpg "<b>Heritage, Dec. 15:</b> John Donne. <i>Poems, By J. D. With Elegies on the Author's Death.</i> London: M[iles]. F[lesher]. for John Marriot, 1633.")
![<b>Sotheby’s, Dec. 16:</b> [Austen, Jane]. A handsome first edition of <i>Sense and Sensibility,</i> the author's first novel. $60,000 to $80,000.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/9a74d9ff-42dd-46a1-8bb2-b636c4cec796.png "<b>Sotheby’s, Dec. 16:</b> [Austen, Jane]. A handsome first edition of <i>Sense and Sensibility,</i> the author's first novel. $60,000 to $80,000.")
