An Extraordinary Americana Auction at Bloomsbury Nov. 19

Lot 161. Postscript to the Freeman’s Journal, Oct. 24. How are the Mighty fallen! [Philadelphia: Francis Bailey, 24 October 1781]. 1 p. broadside newspaper extra (405 x 312 mm). Click here.

Lot 208. Thomas Birch. The City of Philadelphia, in the State of Pennsylvania North America; as it appeared in the Year 1800 consisting of Twenty Eight Plates. Click here.

Lot 251. James Madison. Important autograph letter signed to Peter S. Du Ponceau, asserting that the Common Law has no bearing on the laws of the United States, discussing the Framers’s original intent in drafting Article III of the Constitution, and maintaining his Jeffersonian ideals. Montpellier, VA: 14 August 1824. Click here.

Lot 272. John Reubens Smith. A View of Fairmount and the Water-Works. Taken from the Veranda of Harding's Hotel, Schuylkill. Philadelphia: c. 1837. Watercolor, pencil and gouache on paper, mounted on linen (380 x 560 mm). Click here.

While Bloomsbury expects collectors to buy across the five collecting disciplines represented in the sale these categories will probably not perform equally. Maps have been, and continue to be, the single strongest sector while books have been the weakest. In particular the manuscript material in the sale is so specific to Philadelphia that it may not attract broad support. Generally the estimates reflect the weaker expectations.

Mr. Snider was a significant buyer at the Siebert sale at Sotheby's in 1999 and seventeen items in this sale will provide a head to head comparison of the change in market sentiment over the past nine years. The Siebert sale ushered in an orgy of rising prices that doubled dealer expectations. The market has since struggled to maintain those gains. Head to head auction comparisions are useful for providing a mark-to-the-market opportunity. Clarence Wolf of George S. MacManus Company of Bryn Mawr, Pennsylvania who played an important role in the development of the Snider collection recently had this to say about it: "You can make the case that this collection, while narrow in focus, is the most important of the Snyder collections to be sold. Single owner sales of this caliber rarely occur. The timing is difficult but the material is outstanding."

Of the 17 items in this sale that also appeared in the Siebert sale most are the same copies. A few are simply the same titles. Here is a comparision of the aggregate low and high estimates. They indicate that Mr. Markowitz believes the market has increased over the past 9 years at a compounded rate of 9.5%.

	17 Items Siebert May 1999	The Same 17 Items in the Upcoming Snider Sale	Increase in Low Estimates from 1999 to today	Compound Annual Rate of Increase
Aggregate Low Estimate	96,500	221,500	2.3 times	9.70%
Aggregate High Estimate	129,500	309,500	2.39 times	10.10%
Realized Prices including Buyer's Premium	165,198	??

What may be established in the upcoming sale are:

[1] The relative strength of the five sectors;

[2] The appeal of very strong material in a potentially weak market;

[3] The importance of innovative cataloguing.

Auction houses have increasingly cut credit to even their best customers. Bloomsbury is an exception. For this sale highly qualified clients are encouraged to discuss extended terms with the house.

Links:

[1] AE's Global Auction Search.

[2] The Jay T. Snider Auction Catalogue.