Rare Book Monthly

Articles - February - 2006 Issue

Auction Prices Inch Forward in 2005

Fifteen houses had median sales prices over $1,000 in 2005.

Fifteen houses had median sales prices over $1,000 in 2005.


By Michael Stillman

The prices for rare and antiquarian books and manuscripts inched up a bit higher in 2005, statistics from the Americana Exchange Database of auction records indicated. The year 2005 was an active year, with over 160,000 lots having been offered at book and book-related auctions. The median price for 2005 was $420, an increase of 1.7% from $413 in 2004. See the last paragraph of this article for links to access the complete set of charts of 2005 auction results.

While results over the past century have shown the auction price index to increase at a much more rapid rate than the Consumer Price Index, 2005 was an exception. The CPI rose at double the rate of the book auction index, 3.5%. Though much of this was attributable to a 17% increase in the price of energy, the core rate of consumer inflation (computed by removing the volatile energy and food categories) still rose by 2.2%. This was only slightly greater than the rate of inflation for book prices at auction. Nevertheless, this still indicated that books, which generally appreciate at a substantially greater rate than that of inflation for consumer goods, had an off year in 2005.

The average price at auction slipped over $200 to $2,745. However, the average price is not considered meaningful for understanding changes in the marketplace. A small number of very high priced items coming up for sale in a particular year can greatly skew the average, even though this means little to the overall market. The median price, at which half of the 160,000 books sold at higher and half at lower prices, is not affected by a small number of high priced items, so it is the most reliable way of understanding what is taking place in the market.

Data collected from auction sales by the Americana Exchange revealed many more interesting facts about the traditional (as opposed to online) auction marketplace. The first and third quarters were again the most active. Offerings declined substantially in mid-summer, and to a lesser degree, mid-winter. Pricing also tended to be somewhat higher in the busy periods, perhaps a sign that auction houses hold their best material for the most active buying cycles.

While prices were up slightly, there was a small drop in the sell-through percentage. For 2005, 74% of the items listed sold, a decline from 76% last year. 26% failed to obtain the minimum acceptable bid. There was also a slight shift to items selling below the low estimated price versus selling over the high estimate. In 2005, of the lots which were sold, 48% were sold for more than the maximum, compared to 49% last year.

Rare Book Monthly

  • Sotheby’s
    Bibliotheca Brookeriana:
    A Renaissance Library. The Aldine Collection D-M
    18 October 2024
    Sotheby’s, Oct. 18: Herodianus Syrus, Herodiani Historiarum, Venice, Heirs of Aldo & Torresano, 1524, Parisian binding for Jean Grolier by Jean Picard, ca. 1540
    Sotheby’s, Oct. 18: Musaeus, Opusculum de Herone et Leandro, Venice, Aldo, 1495 (Greek text), interleaved with 1497–1498 (Latin text), English olive morocco by Charles Lewis, the Botfield copy
    Sotheby’s, Oct. 18: Horatius Flaccus, Horatius, Venice, Aldo, 1501, Bolognese brown goatskin (between 1501 and 1503), arms of Mino Rossi and illuminated initials throughout
    Sotheby’s, Oct. 18: Lucretius, De rerum natura, Venice, Aldo, 1500, English early eighteenth-century red morocco, the Fletcher copy
    Sotheby’s, Oct. 18: Dante, Le terze rime, Venice, Aldo, 1502, illuminated, contemporary Bolognese morocco binding
  • One of a Kind Collectibles Auctions
    Rare Autograph and Book Auction
    October 17th, 2024
    One of a Kind Collectibles, Oct. 17: Abraham Lincoln Signed Letter on Executive Mansion Stationary To Secretary of The Navy re: Appointment for Naval Academy!
    One of a Kind Collectibles, Oct. 17: Extremely Rare Ben Franklin Printed: Considerations on Keeping Negroes...Part Second. 1762.
    One of a Kind Collectibles, Oct. 17: An impressively extra-illustrated copy; Including an Original leaf from Shakespeare’s 1623 First Folio!
    One of a Kind Collectibles Auctions
    Rare Autograph and Book Auction
    October 17th, 2024
    One of a Kind Collectibles, Oct. 17: Rarest Naval Autograph James Lawrence “Don’t give up the ship On " U.S. Ship Hornet June 19th 1812.
    One of a Kind Collectibles, Oct. 17: Oversize Ernest Hemingway Signed Photo with long Inscription about Drinking Wine to his dear friend and Secretary Roberto Herrera.
    One of a Kind Collectibles, Oct. 17: VOLTAIRE Signed Receipt about a partial payment of debt for the Duke of Wuerttemberg.
    One of a Kind Collectibles Auctions
    Rare Autograph and Book Auction
    October 17th, 2024
    One of a Kind Collectibles, Oct. 17: [Maps] Gio. Ant. Magnini, Italia, 1620.
    One of a Kind Collectibles, Oct. 17: LAWMAN SALOON JUDGE ROY BEAN Signed Legal Document 1895-RARE!
    One of a Kind Collectibles, Oct. 17: Autograph Album with James Garfield as President, Chester A. Aurthur as VP, William T. Sherman, Burnside, P.T. Barnum and many more!
    One of a Kind Collectibles Auctions
    Rare Autograph and Book Auction
    October 17th, 2024
    One of a Kind Collectibles, Oct. 17: Thomas Jefferson and James Madison Signed Four Language Ship's Paper.
    One of a Kind Collectibles, Oct. 17: Hector Berlioz Autograph Musical Quotation Signed.
    One of a Kind Collectibles, Oct. 17: Important Memorandum the Day after Gettysburg July 5th, 1863 where Lincoln asks all Department Heads of the cabinet to meet him at the Executive Mansion.
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  • Heritage Auctions, Oct. 10:-11: J. R. R. Tolkien. The Lord of the Rings Trilogy. London, 1954-1955.FIRST EDITIONS, FIRST IMPRESSIONS, ALL IN THE EXTREMELY RARE FIRST STATE DUST JACKETS.
    Heritage Auctions, Oct. 10:-11: Francesco Fontana. Novae coelestium terrestriumque rerum observationes... Naples: Gaffari, 1646. FIRST EDITION. Contains the first observations of spots on the surface of Mars.
    Heritage Auctions, Oct. 10:-11: Adam Smith. An Inquiry into the Nature and Causes of the Wealth of Nations. London: Printed for W. Strahan and T. Cadell, 1776. FIRST EDITION of “the first and greatest classic of modern economic thought” (PMM).
    Heritage Auctions, Oct. 10:-11: Benjamin Franklin. Mémoires de la Vie Privée de Benjamin Franklin, écrits par lui-méme… Paris: Chez Buisson, 1791. FIRST EDITION OF FRANKLIN'S MEMOIRS IN THE PUBLISHER'S ORIGINAL WRAPPERS.
    Heritage Auctions, Oct. 10:-11: Samuel Johnson, Jr. A School Dictionary… New Haven, [Connecticut]: Edward O'Brien, [1798]. FIRST EDITION OF THE FIRST DICTIONARY IN ENGLISH BY AN AMERICAN AUTHOR, AN EXCEPTIONAL RARITY.
    Heritage Auctions, Oct. 10:-11: Joseph Smith, Jr. The Book of Mormon. Palmyra: Printed by E. B. Grandin, for the Author, 1830. FIRST EDITION.
    Heritage Auctions, Oct. 10:-11: Miguel de Cervántes Saavedra. El Ingenioso Hidalgo Don Quixote de la Mancha. Madrid: Joaquin Ibarra, 1780. THE BEAUTIFULLY ILLUSTRATED IBARRA EDITION.
    Heritage Auctions, Oct. 10:-11: James Joyce. Ulysses. London: John Lane The Bodley Head, [1936]. FIRST ENGLISH EDITION, SIGNED BY JOYCE. Designated a “Presentation Copy” in ink beneath Joyce’s signature.
    Heritage Auctions, Oct. 10:-11: [Photoplay]. Delos W. Lovelace. King Kong. New York: Grosset & Dunlap, [1932]. FIRST EDITION of "a most sought after title" (Davis).
    Heritage Auctions, Oct. 10:-11: Ray Bradbury. Fahrenheit 451. New York: Simon & Schuster, [1993]. 40th Anniversary Edition. PRESENTATION COPY, INSCRIBED AND SIGNED BY THE AUTHOR TO HUGH HEFNER.
    Heritage Auctions, Oct. 10:-11: Neil Gaiman. Original manuscript for the "Neverwhere" BBC television miniseries. [London: Crucial Films, LTD., 1995-1996]. TYPESCRIPT "NEVERWHERE" WITH NEIL GAIMAN'S NOTES AND AMENDATIONS THROUGHOUT.
    Heritage Auctions, Oct. 10:-11: [DICTIONARY]. Noah Webster. An American Dictionary of the English Language... New York, 1828. FIRST EDITION OF WEBSTER'S DICTIONARY, UNCUT IN THE PUBLISHER'S ORIGINAL BOARDS
    Heritage Auctions, Oct. 10:-11: Stephen King. Full Dark, No Stars. Baltimore: Cemetery Dance Publications, 2010. WITH AN ORIGINAL TWO-PAGE COLOR ILLUSTRATION BY GLENN CHADBOURNE
    Heritage Auctions, Oct. 10:-11: George Orwell. Nineteen Eighty-Four. London: Secker & Warburg, 1949. FIRST EDITION, IN THE ORIGINAL DUST JACKET.
    Heritage Auctions, Oct. 10:-11: H. G. Wells. The Time Machine: An Invention. London: William Heinemann, 1895 [but 1897]. With a SIGNED PHOTOGRAPHIC POSTCARD laid in.
  • Old World Auctions (Oct. 10): Lot 1. Rare First Edition of Oronce Fine Double-Cordiform World Map (1531) Est. $50,000 - $60,000
    Old World Auctions (Oct. 10): Lot 2. French Edition of "Rudimentum Novitiorum" with Woodcut Maps of the World and Palestine (1543) Est. $27,500 - $35,000
    Old World Auctions (Oct. 10): Lot 3. Complete Edition of Munster’s Cosmographia with over 100 Maps & Views (1560) Est. $32,500 - $40,000
    Old World Auctions (Oct. 10): Lot 4. Purchas' Important Collection of Voyages with 88 Maps, Including John Smith Map of Virginia (1625-26) Est. $55,000 - $70,000
    Old World Auctions (Oct. 10): Lot 5. Complete First Latin Edition of De Bry's "Grands Voyages," Parts I-IX (1590-1602) Est. $120,000 - $150,000

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