Rare Book Monthly

Articles - August - 2009 Issue

Auctions: Is the market bottoming?

9773

Sothebys.9773.Sir Harford Jones archive: BP217,250


By Bruce McKinney

For only the second time in the past year an entire month of auction results is providing positive comparisions to the previous month. It's an encouraging sign that the market may be bottoming. The percentage of lots sold however continued to decline although the drop was small, 1% from 69% to 68%. Because virtually all lots would sell, if unreserved, the continuing decline in percentage of lots sold suggests that consignors are continuing to impose reserves above what the market is willing to pay. In February, the market also upticked but quickly gave way to four months of decline. It will take several more months to establish whether the upturn in July is a blip or a trend.

The median lot value peaked in January 2008 at $488 and may have bottomed in June at $372.

The worldwide market for books, manuscripts and ephemera naturally divides by currency: dollar, Euro and Pound. Of the 21 documented auctions conducted in July nine were denominated is Pounds, four in Euros, and eight in dollars. Total sales for all 21 auctions was $16,097,175. The nine English sales generated $13,206,514 or 82% of total.

When viewed by percentage of lots sold the English sales were best but hardly better than the American sales. The Euro denominated sales, all conducted in Paris, were the weakest:

9 English Sales 71%

8 Dollar Denominated Sales 68%

4 French Sales (in Euros) 54%

July is traditionally an important month for auctions in the United Kingdom.

A fundamental tension between lot reserves and bidder appetite continues to hold the market in check. Auctions traditionally sell 75% or more of all lots offered. Individual auctions will occasionally fail but the overall market perform well. A sell-through percentage of under 70% suggests reserves continue to be too high. Buyer enthusiasm may return but it seems possible, probably likely, that a further cut in reserves of about 10% will significantly increase the percentage of lots sold.

The graphs for Trends in Book Auction Prices have been updated. Click here to see them.

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Every 18 hours, more or less, a documented traditional auction completes somewhere in the world. The sale may be in North America, Europe, Central America or Australia; in New York, Sydney, London, Paris, Los Angeles or in any of the other places documented book auctions are conducted. A few days later the sold and unsold lots are confirmed and realized prices added, the sale then archived in the Americana Exchange Database. AE covers all such auctions as a free service for auction bidders and auction houses.

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Rare Book Monthly

  • <b>Swann Auction Galleries:</b> C.F. Payne, <i>Micawber—Imitating Norman Rockwell's "Triple self-portrait,"</i> acrylic, watercolor & colored pencil, 2002. Sold June 2021 for $3,000.
    <b>Swann Auction Galleries:</b> Jane Russell, archive of letters written during a whaling voyage, 1840s. Sold July 2021 for $30,000.
    <b>Swann Auction Galleries:</b> Guild of Women Binders, exhibition binding of A.F. Pollard’s <i>Henry VIII,</i> London, 1902. Sold July 2021 for $12,350.
    <b>Swann Auction Galleries:</b> Robert Frost, <i>Collected Poems,</i> author’s presentation copy, signed, with entirety of <i>Stopping by Woods on a Snowy Evening</i> inscribed, NY, 1930. Sold June 2021 for $20,000.
    <b>Swann Auction Galleries:</b> James Joyce, <i>Ulysses,</i> deluxe limited issue, signed, London, 1936. Sold June 2021 for $21,250.
    <b>Swann Auction Galleries:</b> Mercator [family], <i>[World and Continents],</i> 5 double-page maps, Amsterdam, c. 1633. Sold June 2021 for $15,000.
    <b>Swann Auction Galleries:</b> George Schlegel, <i>New York, Taken from Central Park,</i> hand-finished color-tinted lithograph, 1874. Sold June 2021 for $11,250.
    <b>Swann Auction Galleries:</b> Nicolaus Copernicus, <i>De Revolutionibus Orbium Coelestium,</i> second edition, Basel, 1566. Sold April 2021 for $75,000.
    <b>Swann Auction Galleries:</b> Book of Hours, Use of Utrecht, illuminated manuscript, c. 1435-45. Sold April 2021 for $60,000.
  • <b><center>Doyle<br>Rare Books, Autographs & Maps<br>September 23, 2021</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 20. ADAMS, JOHN QUINCY. Letter to the editors of the Boston Atlas on slavery and its political ramifications, 1842. $20,000 to $30,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 208. HEMINGWAY, ERNEST. <i>A Farewell To Arms.</i> New York: Charles Scribner's Sons, 1929. First edition. $2,000 to $3,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 237. ADDAMS, CHARLES. Original drawing "Now Remember-act casual." $5,000 to $7,000.
    <b><center>Doyle<br>Rare Books, Autographs & Maps<br>September 23, 2021</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 4. SMITH, ADAM. <i>An inquiry into the nature and causes of the wealth of nations.</i> Philadelphia, 1789. The first American edition. $4,000 to $6,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 131. BEETHOVEN, LUDWIG VON. <i>Cinquieme Sinfonie en ut mineur: C Moll de Louis Van Beethoven. Oeuvre 67.</i> First edition of the complete score. $3,000 to $5,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 73. Chinese Export Painting. Album of twenty-three original Chinese natural history studies of flowers and insects. Likely Canton: circa 1850. $2,000 to $3,000.
    <b><center>Doyle<br>Rare Books, Autographs & Maps<br>September 23, 2021</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 241. GOREY, EDWARD. Original drawing "Cat Drawing Wallpaper." Signed in Pencil in lower right margin. $2,000 to $4,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 36. LINCOLN, ABRAHAM. Autograph note signed instructing Edwin Stanton to meet with the important African American abolitionist and officer Martin Delany. [Washington:] 21 February 1865. $8,000 to $12,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 112. JONSON, BEN. <i>Workes</i>. London: William Stansby, 1616; Together with <i>Workes.</i> London: Richard Meighen,1640-41. $7,000 to $10,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 161. STURGIS, LEE. <i>Salmon Fishing on Cain River, New Brunswick.</i> (Chicago:) Privately printed (for the author by Ralph Fletcher Seymour), 1919. First edition. $3,000 to $5,000.
  • <b><center>Fonsie Mealy’s<br>The Library of Howth Castle<br>September 22nd & 23rd, 2021</b>
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Rosellini (Ippolito). <i>I Monumenti dell Egitto e Della Nubia,</i> Plate Volumes 1, 11 & 111, 3 vols. Elephant folio. €50,000 to €80,000.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Curtis (William), 1746 - 179, & other Editors. <i>The Botanical Magazine: or, The Flower Garden Displayed.</i> London 1793 - 1982-83. Together 184 vols. [with] other botanical material. €30,000 to €40,000.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Berkeley (George). <i>A Treatise Concerning the principles of Human Knowledge, wherein the chief Causes of Error and Difficulty in the Sciences…</i> Part I, Dublin, 1710 Rare First Edn. €15,000 to €20,000.
    <b><center>Fonsie Mealy’s<br>The Library of Howth Castle<br>September 22nd & 23rd, 2021</b>
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Ruskin (John). A large finely executed Pencil Drawing, captioned <i>Oxford Cathedral, The Choir,</i> & Signed 'J. Ruskin Ch. Ch. 1838. €15,000 to €20,000.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Sir Edward L. Lutyens. Howth Castle Plans: A Series of 10 Original Architects Drawings and Sketches, Alterations and Additions for J.C. Gaisford St. Lawrence, County Dublin, Ireland. €8,000 to €12,000.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Newman (Rev. Fr. John Henry, later Cardinal, now Saint) A very good collection of 24 A.L.S. to [Thomas] Gaisford of the Gaisford St. Lawrence family of Howth Castle. €10,000 to €15,000.
    <b><center>Fonsie Mealy’s<br>The Library of Howth Castle<br>September 22nd & 23rd, 2021</b>
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Manuscript Atlas: Hodges, Smith & Co. <i>The Estate of the Rt. Hon. the Earl of Howth Situate in the County of Dublin,</i> lg. atlas folio Dublin (Hodges, Smith & Co.) 1863. €4,000 to €6,000.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Anon. <i>Herbolario Volgare: nel quale se dimostra conoscer le herbe et le sue vrtu…</i> Sm. 8vo Venice (Gio Maria Palamides) 1539. €3,000 to €4,000.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Baron (Caesar). <i>Annales Ecclesiastici</i>. [With] <i>Annalium Ecclesiasticorum Caesaris Baronii... Apparatus.</i> [With] <i>Index Universalis Rerum Omnium</i> [and one other]. 38 vols total. €1,500 to €2,000.
    <b><center>Fonsie Mealy’s<br>The Library of Howth Castle<br>September 22nd & 23rd, 2021</b>
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Log Books of Three British Warships. Three folio Volumes, containing meticulously arranged logs of the voyages of Royal Navy Ships from 1876 – 1881. €1,200 to €1,800.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Walpole (Robert). <i>Memoirs Relating to European and Asiatic Turkey,</i> lg. 4to Lond. 1817. €1,000 to €1,500.
    <b>Fonsie Mealy’s, Sep. 22-23:</b> Bosio (Antonio). <i>Roma Sotteranea,</i> Opera Postuma. Large thick folio Rome (Guglielmo Facciotti) 1632. €1,000 to €1,500.
  • <b>Il Ponte, Sep. 21:</b> ZEILER, Martin - <i>Topographiae Italiae.</i> Francoforte: Mattheus Merian, 1688. €3,500 to €4,500.
    <b>Il Ponte, Sep. 21:</b> HAMILTON, William, Sir -- HANCARVILLE, Pierre-Francois HUGUES - Collection of Etruscan, Greek and Roman Antiquities from the Cabinet of the Hon. William Hamilton. Napoli: Francois Morelli, 1766-67. €38,000 to €48,000.
    <b>Il Ponte, Sep. 21:</b> [ASTRONOMIA] - Manoscritto astronomico. Italia: 1650. €1,000 to €1,500.
    <b>Il Ponte, Sep. 21:</b> DALI, Salvador - <i>Biblia Sacra vulgatae editionis.</i> Edizione “Ad Personam” Milano: Rizzoli, 1967. €40,000 to €60,000.

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