• <center><b>Arader Galleries<br>Fall 2019 Auction<br>September 28, 2019</b>
    <b>Arader Galleries, Sep. 28:</b> AUDUBON, John James. Snowy Owl, Plate 121. Aquatint Engraving with original hand color. London: Havell Jr., 1827-1838 from <i>Birds of America.</i> $225,000 to $300,000.
    <b>Arader Galleries, Sep. 28:</b> JEFFERYS, Thomas. <i>The American Atlas...</i> London: Sayer and Bennett, 1776. $65,000 to $90,000.
    <b>Arader Galleries, Sep. 28:</b> RACKHAM, Arthur. Original Illustrations for <i>Jack and the Beanstalk.</i> Pen and ink with watercolor on paper. C. 1913. $60,000 to $80,000.
    <b>Arader Galleries, Sep. 28:</b> AUDUBON, John James. Ruffed Grous, Plate 41. Aquatint Engraving with original hand color. London: Havell Jr., 1827-1838 from <i>Birds of America.</i> $50,000 to $70,000.
    <b>Arader Galleries, Sep. 28:</b> ROESSLER, A. R. Latest Map of the State of Texas. Lithograph with original hand color. New York: Mittendorfer, 1874. $50,000 to $65,000.
    <center><b>Arader Galleries<br>Fall 2019 Auction<br>September 28, 2019</b>
    <b>Arader Galleries, Sep. 28:</b> AUDUBON, John James. American Bison or Buffalo (Male), Plate 56. Lithograph with original hand color. New York, 1845-1848 from <i>Viviparous Quadrupeds of North America.</i> $18,000 to $25,000.
    <b>Arader Galleries, Sep. 28:</b> HOOKER, Sir William Jackson & FITCH, Walter Hood. Victoria Regia. Lithograph with original hand color. London: Bradbury & Evans, 1851. $20,000 to $30,000.
    <b>Arader Galleries, Sep. 28:</b> AUDUBON, John James. Pin Tailed Duck, Plate 227. Aquatint Engraving with original hand color. London: Havell Jr., 1827-1838 from <i>Birds of America.</i> $15,000 to $20,000.
    <b>Arader Galleries, Sep. 28:</b> LEWIS, Meriwether and CLARK, William. <i>Travels to the Source of the Missouri River and Across the American Continent...</i> London, 1814. $7,000 to $10,000.
    <b>Arader Galleries, Sep. 28:</b> AUDUBON, John James. American Black or Silver Fox, Plate 116. Lithograph with original hand color. New York, 1845-1848 from <i>Viviparous Quadrupeds of North America.</i> $18,000 to $25,000.
  • <b>Bonhams, Sep. 17:</b> EARLY AVIATION PHOTOGRAPHY ARCHIVE. Chronicling 20th century aviation from the earliest Wright Brothers images through commercial and military applications. $50,000 to $70,000.
    <b>Bonhams, Sep. 17:</b> SPUTNIK-1 EMC/EMI LAB MODEL, 1957. Full scale vintage test model of the Sputnik-1 satellite, Moscow, [February, 1957]. $400,000 to $600,000.
    <b>Bonhams, Sep. 17:</b> FIRST TELEPHONE CALL TO THE MOON. Partial transcription signed by Apollo 11 astronauts and President Nixon. $20,000 to $30,000.
    <b>Bonhams, Sep. 17:</b> Apollo 11 Beta cloth crew emblem, SIGNED BY THE ENTIRE APOLLO 11 CREW. $8,000 to $10,000.
    <b>Bonhams, Sep. 17:</b> GEMINI 1/8 SCALE MODEL. Rarely seen large-scale contractor's model. $3,000 to $5,000
    <b>Bonhams, Oct. 23:</b> SMITH, CHRISTOPHER WEBB. 1793-1871. <i>Indian Ornithology.</i> [Patna, India]: 1828. $50,000 to $80,000.
    <b>Bonhams, Oct. 23:</b> DUPRÉ, LOUIS. 1789-1837. <i>Voyage à Athènes et à Constantinople, ou Collection de portraits, vues et costumes grecs et ottomans.</i> Paris: Dondey-Dupré, 1825. $60,000 to $90,000.
    <b>Bonhams, Oct. 23:</b> ADAMS, JOHN. Autograph Letter Signed ("J Adams"), [to Dr. Perkins?] while recovering from his small pox inoculation, [late-April, 1764]. $30,000 to $50,000.
    <b>Bonhams, Oct. 23:</b> AUSTEN, JANE. Autograph Letter Signed ("J. Austen"), to her sister Cassandra, 4 pp, "Thursday – after dinner," [September 16, 1813,] Henrietta St. $80,000 to $120,000.
    <b>Bonhams, Oct. 23:</b> AUDUBON, JOHN JAMES. 1785-1851. <i>The Birds of America, from Drawings Made in the United States and Their Territories.</i> New York & Philadelphia: J.J. Audubon & J.B. Chevalier, 1840-1844. $20,000 to $30,000.
    <b>Bonhams, Oct. 23:</b> DODWELL, EDWARD. 1767-1832. <i>Views in Greece.</i> London: Rodwell and Martin, 1821. $20,000 to $30,000.
    <b>Bonhams, Oct. 23:</b> JAMES, JESSE. Autograph Letter Signed ("Jesse W. James"), to Mr. Flood demanding Flood retract spurious accusations, 3 pp, June 5, 1875. $200,000 to $300,000.
  • <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> Rowling (J.K.) <i>Harry Potter and the Philosopher's Stone,</i> FIRST EDITION, first issue, 8vo, 1997. £15,000 to £20,000
    <b>Chiswick Auctions, Sep. 25:</b> Bible, Italian.- Malermi Bible, woodcut illustrations, folio, Lazaro de Soardi & Bernardino Benali, Venice,1517. £8,000 to £12,000
    <b>Chiswick Auctions, Sep. 25:</b> Germany.- Homann (Johann Baptist). <i>Atlas von Deutschland,</i> engraved half title, hand coloured, 87 double page engraved maps, [folio, Erben, Nuremberg, 1753]. £8,000 to £10,000
    <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> [Mirk (John)].- <i>Liber festivalis et Quatuor sermons</i> [bound with], [Le Roy (Pierre)] <i>A Pleasant Satyre or Poesie,</i> first edition in English, Widdow Orwin for Thomas Man, 1595, 8vo. £1,500 to £2,000
    <b>Chiswick Auctions, Sep. 25:</b> Antoninus Florentinus (Saint Archbishop of Florence). <i>Confessionale: Defecerunt…,</i> 8vo, Pietro Quarengi, Venice, 15 February 1499. £1,000 to £1,500
    <b>Chiswick Auctions, Sep. 25:</b> Jesuit Letters.- [Froes (Father Luigi) & et al.)] Avvisi del Giapone de gli anni 1582, 1583, 1584…, 1586 [bound with] Avvisi della Cina et Giapone…, FIRST EDITIONS, Rome. £1,000 to £1,500
    <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> Plutarch & Probus (Aemilius). <i>Plutarchi Cheronei et Aemilii Probi Illustrium,</i> folio, Nicolas de Pratis for Jean-Petit, Paris, 1521. £1,000 to £1,500
    <b>Chiswick Auctions, Sep. 25:</b> Bible.- English. <i>The Byble in Englyshe of the Largest and Greatest volume,</i> elaborate woodcut border, text vignettes, folio, 1541. £1,000 to £1,500
    <b>Chiswick Auctions, Sep. 25:</b> Fore-edge Painting.- Lord George Byron, The Giaour, a Fragment of a Turkish Tale, bound with 10 other titles, 4 plates marked 'Proof.', 1813. £800 to £1,200
    <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> Manson (John). Twelve by Sixteen Papers of John Mason, a collection of 50 sheets of paper, some watermarked, 12 x 16”, c.1978. £800 to £1,200
    <b>Chiswick Auctions, Sep. 25:</b> Fleming (Ian). <i>Dr. No,</i> FIRST EDITION, original boards, dust-jacket, 8vo, 1958. £700 to £900
    <b>Chiswick Auctions, Sep. 25:</b> Eliot (T.S.) <i>Four Quartets,</i> NUMBER 121 of 290 COPIES, signed by author, 1960. £400 to £600

Rare Book Monthly

Articles - October - 2007 Issue

The Declining Value of Inventory

Progress

Nothing remains the same.


By Bruce McKinney

In the biblical story of Noah and the ark the emphasis is always placed on the miracle of survival. A male and female of each animal are marched up into the boat to float for forty days [and nights] and to repopulate the earth once the flood has passed. No reference in the story is made to how anyone or anything feels about being left off the boat. Well, these days, in the book business, the ark is being loaded and inevitably Noah is always deciding he still has too much. In the meantime the water is rising. At least that's the way it is in the world of collectible books. For many booksellers there is no room in the ark.

Recently I spoke with a dealer who has hundreds of thousands of items online. He uses triage software to price his material a penny or two cheaper than other listings of the same item. In this way he has shifted from self-determined to market determined pricing. It makes sense if selling books is the absolute goal. The market decides.

Selling collectible and used books are of course not the same thing. Neither is the dividing line between them fixed. It is relentlessly shifting and the shift has been negative because material is flowing onto the net in record numbers and its turning out that what often used to be considered unobtainable is now available in multiple copies.

The math is easy. Here is a balanced market.

Copies
--------------- = 1
Collectors


When there are more collectors than copies the value of copies is firm and rising. When the number of copies is greater than collectors the value is weak and falling.

Today there is a relentless flow of fresh material into the market and a sense that there is probably much more to come. This translates into a weak market:

3 or more Copies
------------------ = 3
1 Collector


In a strong market it looks like this

1 copy every 2 to 5 years
--------------------------------- = > 1
Multiple Collectors

The anecdotal evidence suggests that for an increasingly large population of titles and editions the number of copies online is always increasing while the number of buyers for them at a minimum is not increasing as fast. Many believe the number of collectors is falling. I doubt that but understand it can feel that way. It's almost certain that collectors and collecting passion are not keeping pace with the tsunami of material flooding the market. The question is whether this is an aberration or evidence of a fundamental change in collecting interest. In other words, is it a recession or depression?

To me the market looks unstable but healthy. Material is flowing to market on listings sites, in shops, at shows, on line, at auction and eBay. And what used to be difficult to see is now hard to miss. There are lots and lots of copies. They have been around but have never been so visible.

Efficient markets adjust price to compensate for over-supply and books are no exception. The trick today is to understand importance, availability and appropriate price and not to over-charge if you are a dealer and not to over-pay if you are a collector.

This will turn out to be the most exciting time in the collecting of books, manuscripts, and ephemera in the past 500 years. It will some day have a name and both buyers and sellers will reminisce about how difficult it was. In the meantime we have to get through it. Both buyers and sellers are adjusting to a world pregnant with information. The revolution is underway, the way forward a thin light in a tunnel that some believe is a train bearing down but which I personally believe is a new world at hand.

Rare Book Monthly

  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Joyce (James). <i>Dubliners,</i> first edition, signed presentation inscription from the author, 1914. £100,000 to £150,000
    <b>Forum Auctions, Sep. 26:</b> The Beatles.- Baker (Geoffrey.) 3 Autograph Letters and 1 Autograph Card signed to Ann Gosnell, addtionally sgn’d by George Harrison, John Lennon, Cynthia Lennon and others, 1968. £5,000 to £7,000
    <b>Forum Auctions, Sep. 26:</b> Pilgrim Press.- Dod (John). <i>A plaine and familiar exposition of the tenne commandements ...,</i> [Leiden], [William Brewster], 1617. £15,000 to £20,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Automaton Chess Player & Mechanical Illusion.- Reynell (H., printer). “The Famous Chess-Player, No.14, St.James's-Street, next Brooks's,” broadside advertisement for "The famous Automaton", [1784]. £2,000 to £3,000
    <b>Forum Auctions, Sep. 26:</b> Clemens (Samuel Langhorne). <i>Life on the Mississippi,</i> first English edition, signed presentation inscription from the author, 1883. £8,000 to £12,000
    <b>Forum Auctions, Sep. 26:</b> Arctic Sledge Flag.- Fulford (Reginald Baldwin). Sledge flag... HMS Discovery, 1875. £4,000 to £6,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Rowling (J.K.) <i>Harry Potter and the Philosopher's Stone,</i> first edition, first printing, 1997. £20,000 to £30,000
    <b>Forum Auctions, Sep. 26:</b> Piranesi (Giovanni Battista). <i>Le Antichità Romane,</i> 4 vol., 1756. £20,000 to £30,000
    <b>Forum Auctions, Sep. 26:</b> Canaletto (Giovanni Antonio Canal, called). <i>Urbis Venetiarum Prospectus Celebriores,</i> 3 parts in 1, Richard Ford's copy, Venice, Giovanni Battista Pasquali, 1751. £10,000 to £15,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Atlases.- Speed (John). <i>A Prospect of the Most Famous Parts of the World,</i> bound with <i>The Theatre of the Empire of Great Britaine,</i> 1631-27. £12,000 to £18,000
    <b>Forum Auctions, Sep. 26:</b> Anatomical illustration.- Aselli (Gaspare). <i>De lactibus sive lacteis venis... dissertatio,</i> first edition, Milan, Giovanni Battista Bidelli, 1627. £20,000 to £30,000
  • <b>Swann Auction Galleries Illustration Art:</b> Eric Carle, <i>The Very Hungry Caterpillar,</i> hand-painted collage. Sold for a record $20,000.
    <b>Swann Auction Galleries Illustration Art:</b> Charles Addams, <i>Couple passing a giant bird house,</i> watercolor cartoon for <i>The New Yorker,</i> 1948. Sold for $16,250.
    <b>Swann Auction Galleries Illustration Art:</b> Miriam Troop, <i>Rain on Laundry Day,</i> oil on canvas, cover for <i>The Saturday Evening Post,</i> 1940. Sold for $40,000.
    <b>Swann Auction Galleries Illustration Art:</b> Rockwell Kent, <i>To All Fascists,</i> ink broadside for The League of American Writers, circa 1937. Sold for $6,500.
    <b>Swann Auction Galleries Illustration Art:</b> Jo Mielziner, <i>Pet Shop Drop,</i> backdrop design for <i>Pal Joey</i> on Broadway, 1940. Sold for a record $55,000.
    <b>Swann Auction Galleries Illustration Art:</b> Lee Brown Coye, acrylic cover illustration for the 25th anniversary of <i>Weird Tales,</i> 1944. Sold for $18,750.
    <b>Swann Auction Galleries Illustration Art:</b> Virgil Finlay, <i>The Outsider & Others,</i> pen & ink dust jacket illustration for H.P. Lovecraft's book, 1939. Sold for $5,500.
    <b>Swann Auction Galleries Illustration Art:</b> Al Hirschfeld, <i>Paul Robeson as Othello,</i> illustration for <i>The New York Times,</i> 1942. Sold for $68,750
    <b>Swann Auction Galleries Illustration Art:</b> Frederic Remington, pen & ink illustration for <i>A Scout with the Buffalo Soldiers</i> in <i>The Century</i> magazine, 1889. Sold for $17,500.

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