• <b><center>Gonnelli Auction House<br>Books, Autographs & Manuscripts<br>11th-12th of October 2022
    <b>Gonnelli Oct. 11th:</b> Alfieri Vittorio, <i>Vita [...] scritta da esso,</i> 1968. Starting Price: €900,00.
    <b>Gonnelli Oct. 11th:</b> Collection of 25 albumin photographs depicting Italian, French and Swiss places. Late 19th century.
    <b>Gonnelli Oct. 11th:</b> Brandolini D’Adda Brandolino, Duale. <i>Poesia [...] e incisioni di Sandro Martini,</i> 1976.
    <b>Gonnelli Oct. 11th:</b> Alighieri Dante, <i>La divina commedia di Dante</i> edizione illustrata da 30 fotografie tolte da disegni di Scaramuzza, 1879. Starting Price: €500,00.
    Gonnelli Oct. 12th: Cervantes Saavedra Miguel (de), <i>El Ingenioso Hidalgo Don Quixote de la Mancha.</i> Nueva edicion corregida por la Real Academia Española, 1780. Starting price: €12.000,00.
    <b>Gonnelli Oct. 11th:</b> Collodi Carlo, <i>Le avventure di Pinocchio. Storia di un burattino,</i> 1883. Starting price: €6.000,00.
    <b>Gonnelli Oct. 11th:</b> Wilde Oscar, <i>The Picture of Dorian Gray [...]</i> with original images & notes on the text by Jim Dine, 1968. Starting price: €1.500,00
    <b>Gonnelli Oct. 11th:</b> The smallest tarot cards in the world. 21st century.
  • <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> Hottot (Robert). <i>French explorer and collector.</i> An original illustrated manuscript diary by Hottot of his expedition along the Congo River to Lake Chad, 1908-1909, £700-1,000
    <b>Dominic Winter, Oct. 12:</b> Japan. Ino Tadataka (after), Kokugun Zenzu (Complete Atlas of Japan), 2 volumes, circa 1838, £500-800
    <b>Dominic Winter, Oct. 12:</b> Khatib al-Tibrizi (Muhammad b. 'Abd Allah). <i>Mishcat-ul-masabih</i> or a collection of the most authentic traditions, regarding the actions and sayings of Muhammed; 2 volumes, Calcutta, 1809-1810, £1,500-2,000
    <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> Roberts (David). <i>The Holy Land, Syria, Idumea, Arabia, Egypt & Nubia,</i> 1st quarto edition, 6 volumes in 3, London: Day & Son, 1855-56, £2,000-3,000
    <b>Dominic Winter, Oct. 12:</b> Tocqueville (Alexis de). <i>De la Démocratie en Amérique,</i> volumes 1 & 2 (of 4), 1st edition, Paris: Charles Gosselin, 1835, £2,000-3,000
    <b>Dominic Winter, Oct. 12:</b> Torquemada (Juan de). <i>Primera[-tercera] parte de los veinte i un libros rituales i monarchia Indiana,</i> 3 volumes, 2nd edition, Madrid: Nicolas Rodriguez Franco, 1723, £2,000-3,000
    <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> Donovan (Edward). <i>The Natural History of British Insects,</i> 16 volumes bound in 8, London: F and C Rivington, 1793-1813, £1,500-2,000
    <b>Dominic Winter, Oct. 12:</b> Fuchs (Leonhart). <i>New Kreüterbuch,</i> 1st edition in German, Basel: Michael Isingrin, 1543, £7,000-10,000
    <b>Dominic Winter, Oct. 12:</b> Spain & Portugal. Ptolemy (Claudius), <i>Secunda Europe Tabula,</i> Rome [1478 - 1509], £1,000-2,000
    <center><b>Dominic Winter<br>October 12th<br>Printed Books, Stamps & Documents, Maps, Travel & Exploration
    <b>Dominic Winter, Oct. 12:</b> World. Gill (Macdonald), <i>La Carta del Atlantico,</i> George Philip & Son Ltd in collaboration with the Time and Tide Publishing Company Ltd, circa 1943, £1,500-2,000
    <b>Dominic Winter, Oct. 12:</b> Vinegar Bible [English]. <i>The Holy Bible, Containing the Old Testament and the New,</i> Oxford: John Baskett, 1717/1716, £700-1,000
    <b>Dominic Winter, Oct. 12:</b> Mill (John Stuart). <i>The Subjection of Women,</i> 1st edition, presentation copy, London: Longmans, Green, Reader, and Dyer, 1869, £700-1,000

Rare Book Monthly

Articles - April - 2022 Issue

What Are They Building in There?: Bonhams in March

8224cb54-a1dc-4d00-8e11-383b9c862eab

The field is changing

This March, within ten days of each other, Bonhams Auctioneers announced the acquisition of two auction houses, Skinner in the US (https://www.bonhams.com/press_release/34061/) and Bruun Rasmussen in Denmark (https://www.bonhams.com/press_release/34101/). These two acquisitions can be added to the January 2022 purchase of Bukowski, a leading Scandinavian auction house, and The Market, a leading digital marketplace for classic automobiles in April 2021.  So what might be transpiring here and what might be the intended outcomes?

 

In 2018 Epiris, a London based private-equity firm, bought Bonhams (https://www.forbes.com/sites/anthonydemarco/2018/09/04/bonhams-sold-to-private-equity-firm/?sh=714037ab61f4). Last month’s movements by Bonhams may mark the entrance into the second half of Epiris’ 5-7 year venture capital strategy toward potentially taking Bonhams public. With the injection of capital provided by Epiris, Bonhams bought the four aforementioned auction houses, as it is cheaper to buy than build the infrastructure required. Coming into 2022, Bonhams, although global, was not diverse or dominate enough as a potential IPO candidate. These acquisitions change that picture considerably as they add adjacent market depth and breadth to the Company.

 

As there are an assortment of suitably sized regional, national, moderately international firms currently available, watch for this strategy by venture capital fuelled auction houses as we move further into 2022/23. One driver of this is intergenerational handover in which the second generation is not able or willing to keep going, hampered significantly by the pressure imposed by the Pandemic. In some cases, Houses, knowing they need a partner, opt for selling to a larger House controlled by an equity firm. This option can bring immediate cash and with it the bonus of liquidity when the acquirer goes public if a share for share exchange was executed as part of the acquisition.

 

In the case of Bonhams, Epiris appears to be executing a classic ‘Roll Up’ strategy providing the Seller (a regional/national house) with cash and likely stock that will become valuable and liquid when the “new and digitally improved” Bonhams is potentially taken public by Epiris in an exit event.

 

In the meantime, Bonhams gets to pick the best systems, people and infrastructure in the firms they buy to roll out their recently articulated vision statement of: "Creating a digitally enabled business occupying the leading global position and offering exciting prospects for further growth.”

 

Expect more from Epiris/Bonhams in the coming months and net new participants of a similar size engaging in similar tactics.

 

For more insight into the general trends that influence these transformations, visit my ongoing article series AUCTION INDUSTRY OUTLOOK: http://spencerwstuart.ca/aio/

 

 

About Spencer W Stuart: http://spencerwstuart.ca


Posted On: 2022-04-02 18:04
User Name: bjarnetokerud

Roll up, roll up for the Mystery Tour

The Bonhams Magical Mystery Auction House is waiting to take you away

(With thanks to Lennon/McCartney)

With new footholds in the land of Ingmar Bergman and Gustavus Adolphus, the birthplace of Hans Christian Andersen and one of the hometowns of the Vikings, followed by a high profile presence near where the Boston Tea Party took place, this very market confident, well funded statement is more of an invitation to Bonham's customers to consign for maximum exposure or to bid with confidence in major city centers that promise treasures at many levels. Who cares if an IPO and a stock market symbol are outcomes? Why should antiquarian booksellers be fearful or even concerned? If that is the point… Bonhams is welcome to buy out my book business anytime! British Columbia stands for Bring Cash.


Posted On: 2022-04-03 16:14
User Name: bjarnetokerud

I tried to read this article again but after the facts are done what is left is pseudo London School of Economics prattle. A far better article would have been to interview someone at the top of Bonhams for a perspective on the rare book market. Instead, we get crystal ball gazing as if the writer got his creds from working at a hedge fund, which apparently he has not. Investment charts, auction sell through rates, and so on are boring because they don’t tell us what collectors and libraries are buying, or selling, and why.


Rare Book Monthly

  • <center><b>Doyle<br>Rare Books, Autographs & Maps<br>October 13, 2022</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 109. Miguel de Cervantes. <i>The History of Don-Quichote. The first parte.</i> London: William Stansby for Edward Blount, 1620. $60,000 to $90,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 43. Franklin Delano Roosevelt. <i>Addresses of Franklin D. Roosevelt and Winston Churchill.</i> Washington: The White House, Christmastide, 1942. $15,000 to $25,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 113. Charles Darwin. A collection of 26 titles including <i>On the Origin of Species.</i> $10,000 to $12,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 210. Philip Guston. Important correspondence between Philip Guston and Ralph and Martha Hyams. New York, 1967-76. $20,000 to $30,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 26. John F. Kennedy and Marilyn Monroe. Signed guest book and original photos from the May 19, 1962 reception. $40,000 to $60,000.
    <center><b>Doyle<br>Rare Books, Autographs & Maps<br>October 13, 2022</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 194. J.R.R. Tolkien. <i>The Lord of the Rings Trilogy.</i> London: George Allen and Unwin, 1954-1954-1955. $12,000 to $18,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 164. Max Beerbohm. Autograph Manuscript for The Happy Hypocrite, circa 1896. $8,000 to $12,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 158. Mark Twain. <i>The Writings.</i> Hartford: American Publishing Company, 1899-1907. The Autograph Edition. $7,000 to $10,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 150. Lady Dilke. <i>French Painters of the XVIIIth Century.</i> London: George Bell, 1899. First edition. $3,000 to $5,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 200. Ludwig Bemelmans. Original sketch of Madeline, ink and gouache. $4,000 to $6,000.
  • <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> JOYCE, James. <i>Ulysses.</i> London: John Lane the Bodley Head, 1937. PRESENTATION COPY OF THE FIRST ENGLISH EDITION PRINTED IN ENGLAND. $50,000 to $60,000.
    <b>Potter & Potter, Oct. 20:</b> [SHACKLETON, Ernest]. –– BROWNING, Robert. <i>Poetical Works of…</i> London: Smith and Elder, 1906. PRESENTED TO SHACKLETON AND THE OFFICERS OF THE NIMROD BY A MEMBER OF THE ROYAL GEOGRAPHICAL SOCIETY. $40,000 to $60,000.
    <b>Potter & Potter, Oct. 20:</b> AUDUBON, John James. <i>The Birds of America, from Drawings Made in the United States and Their Territories.</i> New York: George R. Lockwood, [1870]. $30,000 to $40,000.
    <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> ARISTOTLE. Opera, in Greek, parts one and two only: Organon and Natural Philosophy I. Edited by Aldus and others. Venice: Aldus Manutius, 1 November 1495–February 1498. $20,000 to $30,000.
    <b>Potter & Potter, Oct. 20:</b> COOK, James, Capt. [Collected Voyages]. First and Second Voyages: London: W. Strahan; and T. Cadell, 1773, 1777; Third Voyage: London: H. Hughes for G. Nicol and T. Cadell, 1785. $14,000 to $18,000.
    <b>Potter & Potter, Oct. 20:</b> CLEMENS, Samuel Langhorne (“Mark Twain”). <i>The Writings of…</i> Hartford: American Publishing Co., 1899–1900. $12,000 to $16,000.
    <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> [KELMSCOTT PRESS]. SHAKESPEARE, William. <i>The Poems of…</i> Edited by Frederick S. Ellis. Hammersmith: William Morris for the Kelmscott Press, 1893. $12,000 to $15,000.
    <b>Potter & Potter, Oct. 20:</b> LONDON, Jack. <i>The Call of the Wild.</i> New York: The Macmillan Company, 1905. PRESENTATION COPY INSCRIBED BY LONDON. $10,000 to $15,000.
    <b>Potter & Potter, Oct. 20:</b> CROWLEY, Aleister (1875–1947). <i>The Winged Beetle.</i> London: privately printed, 1910. $10,000 to $15,000.
    <b><center>Potter & Potter Auctions<br>Fine Books & Manuscripts<br>October 20, 2022</b></center>
    <b>Potter & Potter, Oct. 20:</b> WILDE, Oscar (“C.3.3.”). <i>The Ballad of Reading Gaol.</i> London: Leonard Smithers, January 1898. $6,000 to $8,000.
    <b>Potter & Potter, Oct. 20:</b> DRYDEN, John. <i>Fables Ancient and Modern; translated into verse from Homer, Ovid, Boccace, & Chaucer: with original poems.</i> London: John Tonson, 1700. $4,000 to $6,000.
    <b>Potter & Potter, Oct. 20:</b> [MAP]. LINSCHOTEN, Jan Huygen van. <i>Delineatio Orarum Maritimarum…</i> London: John Wolfe, 1598. $3,000 to $4,000.
  • <center><b>Swann Auction Galleries<br>Early Printed Books<br>October 13, 2022
    <b>Swann October 13:</b> Miguel de Cervantes, <i>The History of Don-Quichote (Quixote), The First & Second Part,</i> London, 1620. $30,000 to $40,000
    <b>Swann October 13:</b> Jacques Lagniet, <i>Recueil des Plus Illustres Proverbes, Divisés en Trois Livre,</i> first edition, Paris, 1657-63. $25,000 to $35,000.
    <b>Swann October 13:</b> William Shakespeare, <i>Comedies, Histories, and Tragedies,</i> fourth folio, London, 1685. $60,000 to $80,000.
    <b>Swann October 13:</b> Ramon Llull, <i>Liber de Ascensu et Decensu Intellectus,</i> first edition, Valencia, 1512. $5,000 to $7,000.
    <b>Swann October 13:</b> Geoffrey Chaucer, <i>The Workes of Geffray Chaucer Newlye Printed,</i> London, 1542. $30,000 to $50,000.

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