Rare Book Monthly

Articles - February - 2008 Issue

Book Prices Soared 15% at Auction in 2007

Chart

One of the auction charts available from AE.


By Michael Stillman

Book prices at auction rose sharply in 2007 following a couple years of very slow growth. The median price rose almost 15% last year, from $423 to $486. This follows a rise of less than 1% the year before. Volatility in exchange rates, as well a rebound in European markets that had been soft the prior two years, played a major role in the sharp increase. The average increase of 6% per year over the past three years may give a better picture of trends in the book market than does one sharply higher year following two flat ones.

These prices are based on U.S. currency, but the collapsing dollar wreaked havoc on an orderly marketplace. While prices rose 15% in terms of dollars, they rose 13% in British pounds and only 3% in Euros. Such was the collapse of the American dollar.

Book prices at auctions held in America for American buyers (using U.S. dollars) rose by a more modest 9%. However, for European buyers computing their purchases in Euros, prices in America actually declined by 3%. In European auctions, prices for Europeans rebounded sharply, increasing 16% after several soft years. However, for American buyers using declining dollars, prices in Europe shot up by almost 30%, making that marketplace prohibitive for Americans. The phenomenon in books was similar to that for Americans purchasing fuel for their cars and homes – a substantial increase in underlying prices coupled with a collapsing dollar resulted in huge increases in costs.

Prices in the British market were the least volatile. The increase was a modest 1% for those buying in the local currency, while the British pound had only a relatively modest gain versus the U.S. dollar in 2007 after experiencing a sharp gain the year before.

The average price at auction took an even steeper incline than the median, rising 36% from $2,557 to $3,476 in 2007. However, average prices are easily skewed by a few very large sales and therefore are not as indicative of market conditions. Last year's $21 million sale of a copy of the Magna Carta was sufficient by itself to add $140 to the average sale price of all items.

While prices shot up, other sales numbers remained largely unchanged. In 2007, 75% of the lots offered were sold, 25% unsold, unchanged from 2006. Once again, 49% of items sold went for more than the high estimate, while 27% went for less than the low estimate, one percent less than last year. However, when unsold items are factored in, it shows that 45% of the items offered either sold for less than the low estimate or not at all, versus 37% of all items offered selling over the maximum. These figures too were unchanged from 2006.

Rare Book Monthly

  • <center><b>Swann Auction Galleries<br>View Our Record Breaking Results</b>
    <b>Swann:</b> Scott Joplin, <i>Treemonisha: Opera in Three Acts,</i> New York, 1911. Sold March 24 — $40,000.
    <b>Swann:</b> Louisa May Alcott, autograph letter signed, 1868. Sold June 2 — $23,750.
    <b>Swann:</b> Anne Bradstreet, <i>Several Poems Compiled with Great Variety of Wit and Learning, full of Delight,</i> Boston, 1758. Sold June 2 — $21,250.
    <b>Swann:</b> William Shakespeare, <i>Comedies, Histories, and Tragedies. Published according to the true Originall Copies. The Second Impression,</i> London, 1632. Sold May 5 — $161,000.
    <center><b>Swann Auction Galleries<br>View Our Record Breaking Results</b>
    <b>Swann:</b> John Bachmann, <i>Panorama of the Seat of War,</i> New York, 1861-62. Sold June 23 — $35,000.
    <b>Swann:</b> Charlotte Bronte, <i>Jane Eyre,</i> first edition, London, 1847. Sold June 16 — $23,750.
    <b>Swann:</b> Elihu Vedder, <i>Simple Simon, His Book,</i> 1913. Sold June 9 — $12,350.
    <b>Swann:</b> Frederick Catherwood, <i>Views of Ancient Monuments in Central America, Chiapas and Yucatan,</i> London, 1844. Sold April 7 — $37,500.
  • <center><b>Case Antiques<br>Two-Day Summer Auction<br>July 9 & 10, 2022</b>
    <b>Case Antiques, Jul. 9-10:</b> 1805 TN Supreme Court Book, John Overton and Hugh White Opinions. $800 to $900.
    <b>Case Antiques, Jul. 9-10:</b> TN Lunsford Bramlett Archive, incl. Polk White House Invitation, 8 Items. $400 to $500.
    <b>Case Antiques, Jul. 9-10:</b> Civil War Archive, incl. Gen. Bate on Death of Polk, Capture of Nashville. $2,000 to $2,400.
    <center><b>Case Antiques<br>Two-Day Summer Auction<br>July 9 & 10, 2022</b>
    <b>Case Antiques, Jul. 9-10:</b> 5 Dickens 1st Ed. Books, incl. Edited by Author. $800 to $1,000.
    <b>Case Antiques, Jul. 9-10:</b> Charles Dickens, 5 Christmas Books, 1st Eds. $800 to $1,000.
    <b>Case Antiques, Jul. 9-10:</b> 2 Slave Documents, Nashville TN & North Carolina. $700 to $900.
    <center><b>Case Antiques<br>Two-Day Summer Auction<br>July 9 & 10, 2022</b>
    <b>Case Antiques, Jul. 9-10:</b> 3 Maurice Sendak Signed Items, incl. Nutcracker, Pierre. $500 to $600.
    <b>Case Antiques, Jul. 9-10:</b> 7 Phillip Roth Hardcover Books, incl. Author Signed, 1st Eds. $500 to $550.
    <b>Case Antiques, Jul. 9-10:</b> 6 Kurt Vonnegut Hardcover Books, incl. Author Signed, 1st Eds. $400 to $500.
    <center><b>Case Antiques<br>Two-Day Summer Auction<br>July 9 & 10, 2022</b>
    <b>Case Antiques, Jul. 9-10:</b> 3 Edward Gorey Items, incl. Print + 2 Books. $400 to $500.
    <b>Case Antiques, Jul. 9-10:</b> Josef Albers, INTERACTION OF COLOR, 1963. $800 to $900.
    <b>Case Antiques, Jul. 9-10:</b> Henri Matisse Jazz Portfolio for MOMA, 1st Ed., 1983. $600 to $800.

Article Search

Archived Articles

Ask Questions