Rare Book Monthly

Articles - December - 2008 Issue

What Happened to the American Discount?

Currency

Collapsing US dollar from Exchange-Rates.org.


By Michael Stillman

These have been tough times for booksellers, American ones in particular. The advent of intense competition as a result of online listing sites and eBay has changed the face of bookselling over the past decade. Many traditional booksellers, particularly those with bricks and mortar stores, were forced to close their doors. As if this wasn't enough, the collapsing economy, first in America, but now spreading across the world, came at an already difficult time for the trade. Now, as the economy sinks deeper into recession, discretionary spending, a synonym for book buying, slides along with it.

However, through the difficult times of the past few years, there has been one bright side for the American bookseller. The collapsing US dollar has made books sold by Americans relatively cheap in Europe. Strong euros and British pounds enabled Europeans to buy books priced in dollars for a song, or at least, a comparative bargain. Many American booksellers took advantage of this situation to increase their overseas sales, even as domestic ones languished. Don't look now, but something has been happening the past few months that threatens this last refuge of prosperity for the American bookseller.

That once maligned dollar has suddenly gained surprising strength. It has enabled European and other overseas merchants to become more competitive in the U.S. It is part, though certainly not all of the reason that the price of oil, and with it gasoline, has collapsed so spectacularly over the past couple of months. Unfortunately, the flipside of cheaper foreign goods for Americans is more expensive American goods for foreigners. Those incredibly cheap rare and antiquarian books overseas collectors were buying from American sellers just got more expensive. Actually, they got a lot more expensive. The effective price of books sold by Americans to Europeans has been rising rapidly over the past few months, and yet the American booksellers don't get to see one penny of these increased costs. All they get are the decreased sales that come with increased prices.

Back in 2001, you could only buy $.85 worth of books for 1 euro. Three years ago, a euro still only bought $1.15 worth of American goods. It then began a steady climb, reaching $1.31 two years ago, $1.47 a year ago. By this past July, the value of the Euro had soared to $1.60. In effect, Europeans were getting a 30% discount versus three years ago, almost half off compared to 2001. Then the euro began to tumble compared to the dollar. In a mere four months it dropped from $1.60 to $1.25. To put it another way, Europeans saw the price of books offered by American sellers increase in price by 30% in four months, all because of an adjustment in exchange rates.

While the pattern of the British pound has differed from the euro, it too has suffered a stunning decline. A year ago, it peaked at a value of $2.10 per pound. As recently as July it was still over $2.00. Last month, it sank below $1.50. For the British buyer, that's an increase in cost of American books of 35% in four months.

There may be some consolation for the European bookseller here in that their wares are much less expensive for American collectors than they were this summer. However, one wonders how many American collectors can afford to take advantage of these discounts today.

In time this will all change. No one knows when, and it is likely good advice to hunker down for a while. This could be a long winter. The book trade could look quite different when spring returns, but return it will. Prosperity is just around the corner.

Rare Book Monthly

  • <center><b>Doyle<br>Rare Books, Autographs & Maps<br>Timed auction, April 29</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1032. RATZER, BERNARD. Plan of the City of New York in North America, surveyed in the years 1766 & 1767. $40,000 to $60,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1011. [BROADSIDE]. Life, Last Words and Dying Confession, of Rachel Wall... $2,000 to $3,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1055. BEATON, CECIL. Scrapbook prepared by Cecil Beaton over the period 1935-1944, with some later inclusions. $800 to $1,200.
    <center><b>Doyle<br>Rare Books, Autographs & Maps<br>Timed auction, April 29</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1051. ADDAMS, CHARLES. Original drawing "I hope the power doesn't go out until after Masterpiece Theatre." $15,000 to $20,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1037. The Campaign Speeches of Nixon of Kennedy, inscribed to William Safire by Richard Nixon and secretarially for John Kennedy. $2,000 to $3,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1036. Celebration of the Commencement of Work on Rapid Transit Railroad. March 24th 1900, one o'clock, City Hall Park, New York. $200 to $300.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 1005. 1955 Brooklyn Dodgers signed baseball including Jackie Robinson. $3,000 to $5,000.
  • <b>Swann Auction Galleries Apr 15:</b> Frances Palmer, <i>Battle of Buena Vista,</i> chromolithograph, New York, 1847. $4,000 to $6,000.
    <b>Swann Auction Galleries Apr 15:</b> Antonio Colmenero de Ledesma, the earliest publication concerned solely with chocolate, first edition, Madrid, 1631. $10,000 to $15,000.
    <b>Swann Auction Galleries Apr 15:</b> Romans Bernard, <i>An Exact View of the Late Battle at Charlestown, June 17th, 1775,</i> engraving, 1776. $40,000 to $60,000.
    <b>Swann Auction Galleries Apr 15:</b> <i>A Short Narrative of the Horrid Massacre in Boston,</i> English edition, London, 1770. $12,000 to $18,000.
    <b>Swann Auction Galleries Apr 15:</b> William Soule, <i>Lodge of the Plains Indians,</i> albumen print, 1872. $1,500 to $2,500.
    <b>Swann Auction Galleries Apr 15:</b> Manuscript document to enforce New York’s “Agreement of Non-Importation” during the heyday of the Sons of Liberty, New York, 1769. $10,000 to $15,000.
    <b>Swann Auction Galleries Apr 15:</b> Clarence Mackenzie, <i>Drummer Boy of the 13th Regiment of Brooklyn,</i> salt print with applied color, 1861. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 15:</b> Moses Lopez, <i>A Lunar Calendar,</i> first Jewish calendar published in America, Newport, RI, 1806. $3,000 to $4,000.
    <b>Swann Auction Galleries Apr 15:</b><br>The Book of Mormon, first edition, Palmyra, 1830. $30,000 to $40,000.
  • <center><b>Doyle<br>Stage & Screen<br>Auction April 28</b>
    <b>Doyle, Stage & Screen:</b> Lot 12. OKLAHOMA! Celeste Holm's vocal score for Oklahoma! inscribed by Richard Rodgers. $3,000 to $5,000.
    <b>Doyle, Stage & Screen:</b> Lot 20. WILSON, DOOLEY. Fine inscribed photograph to Celeste Holm with Casablanca reference. $2,000 to $3,000.
    <b>Doyle, Stage & Screen:</b> Lot 79. Original production script of the Broadway musical CATS with notes written by Claude Tessier. $600 to $900.
    <center><b>Doyle<br>Stage & Screen<br>Auction April 28</b>
    <b>Doyle, Stage & Screen:</b> Lot 139. STEPHEN SONDHEIM. Autographed musical manuscript signed for "Broadway Baby" from Follies. $500 to $800.
    <b>Doyle, Stage & Screen:</b> Lot 180.<br>Cecil Beaton. Headdress for Liza at the Ball, from My Fair Lady, circa 1962. $700 to $900.
    <b>Doyle, Stage & Screen:</b> Lot 177.<br>Cecil Beaton. Set Design for The Gainsborough Girls, 1951. $2,000 to $3,000.
  • <b>Old World Auctions (April 28):</b><br>Lot 54. Fanciful engraving of earth's interior with magma core and errupting volcanoes (1682). $1500 to $1800.
    <b>Old World Auctions (April 28):</b><br>Lot 165. Rare state of Jefferys' influential map of New England in contemporary color (1755). $8000 to $9500.
    <b>Old World Auctions (April 28):</b><br>Lot 177. Mouzon's foundation map of the Carolinas (1775). $10000 to $13000.
    <b>Old World Auctions (April 28):</b><br>Lot 183. Very rare first state of De Fer's map of the Lower Mississippi Valley (1715). $20000 to $25000.
    <b>Old World Auctions (April 28):</b><br>Lot 253. Scarce Scottish edition based on Ellicott's plan of Washington, D.C. (1796). $2400 to $3000.
    <b>Old World Auctions (April 28):</b><br>Lot 313. Stunning view of Philadelphia by John Bachmann (1850). $3250 to $4250.
    <b>Old World Auctions (April 28):</b><br>Lot 338. Rare Civil War map based on Bucholtz map of Virginia (1862). $9500 to $12000.
    <b>Old World Auctions (April 28):</b><br>Lot 667. First map to accurately show Luzon in Philippines (1590). $6000 to $7500.
    <b>Old World Auctions (April 28):</b><br>Lot 682. Rare map of Shanghai International Settlement published just after WWI (1918). $7000 to $9000.
    <b>Old World Auctions (April 28):</b><br>Lot 738. Coronelli's superb map of the Pacific showing the Island of California (1697) Est. $2400 - $3000
    <b>Old World Auctions (April 28):</b><br>Lot 743. A cornerstone piece in the mapping of Australia and New Zealand (1726) Est. $6000 - $7500
    <b>Old World Auctions (April 28):</b><br>Lot 781. An uncommon signature during Jefferson's Governorship of Virginia (1779) Est. $9500 - $11000
  • <center><b>Sotheby’s<br>Collection of a Connoisseur:<br>History in Manuscript, Part 2<br>27 April 2021</b>
    <b>Sotheby’s, through Apr. 27:</b><br>Ronald Reagan. Series of 37 letters to Senator George Murphy, and related material, 1968-90. £50,000 to £70,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Chaim Weizmann. Autograph letter signed, to General Sir Gilbert Clayton, 6 September 1918. £20,000 to £30,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Sir Winston Churchill. Autograph letter signed, to Pamela, Lady Lytton, 1942. £20,000 to $30,000.
    <center><b>Sotheby’s<br>Collection of a Connoisseur:<br>History in Manuscript, Part 2<br>27 April 2021</b>
    <b>Sotheby’s, through Apr. 27:</b><br>Oscar Wilde. Five autograph letters signed, to Alsager Vian, 1887. £15,000 to £20,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Napoleon I. Letter signed to Admiral Ganteaume, ordering the invasion of England, 22 August 1805. £10,000 to £15,000.
    <b>Sotheby’s, through Apr. 27:</b><br>Horatio, Viscount Nelson, and Emma Hamilton. Two autograph letter signed, to Catherine and George Matcham, 1805. £6,000 to £8,000.

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