Rare Book Monthly

Articles - October - 2009 Issue

A Perspective on the Market

Mart

Auctions are revaluing your inventory


By Bruce McKinney

A look at the titles of the most recent book, manuscript and ephemera sales indicates the increasing presence of prints, drawings, maps and decorative illustrations in sales that just a decade or two ago were dominated by books. Just as images have emerged as highly collectible and highly sought-after at the dealer level so too have they emerged in the auction rooms with increasing frequency.

In the current recovering market they are assuming a somewhat greater role as both consignors and auction houses seem more certain of a warm reception for images and books of images than they are about books generally. Experience is establishing that the market for desirable images is remaining relatively strong through the downturn.

The market for books is of course much larger but so too are the available numbers and this is causing a narrowing of the definition of 'collectible' books to those that are both rare and important. Books that don't sell get re-estimated or withdrawn and if they fall too far simply fall out of the valuable and collectible range. This narrowing is visibly taking place in the auction rooms as bidders, in the presence of estimates they view as too high, stand back to see if interesting material reaches the reserves. In Europe about 80% are; in the United States about 65%. In a market rapidly adjusting to changing bidder/buyer expectations the percentage of lots sold tells a great deal about the state of the market. The overall market has achieved a 74% sell through over the past six years. While the percentage differences may not seem large they are important. The auction market, over the past 15 years, had gown accustomed to high reserves that attracted only single bidders who often bid against consignors and no one else. In the downturn such consignment strategies are exposed as bidders, sensing a change in momentum, bid more conservatively.

The picture on the listing sites is less clear but some discounting appears to be taking hold. Because collectible material is often somewhat unique it is very difficult to judge price appropriateness. Ultimately, if a dealer's inventory does not sell, the market is rendering an opinion although it is never entirely clear if the issue is the economy, the price or more attractive alternative purchases. Recently I ran across an appealing item on eBay with a low starting price and, as it turned out, a high hidden reserve. When I checked on Abe a comparable copy was offered at 25% of the eBayer's reserve. I bought the Abe copy. This experience is a reminder that prices are always in flux and that it's always worth the effort to check alternatives.

The most complex issue will remain the shifting dividing line between important enough to offer at auction and not. Images are gaining in the auction calculus, highly collectible material is holding its own, the vast majority of lesser collectibles are holding on, hoping for an upturn.

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Rare Book Monthly

  • <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> KNIGHT, HILARY. The Original Portrait of Eloise that Hung at the Plaza Hotel. $100,000 to 150,000
    <b>Bonhams, Dec 5:</b> WARHOL, ANDY. "Iced Lemon Delight," an Original Watercolor Presented to Hilary Knight's cat, Phoebe $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> SENDAK, MAURICE. <i>Where the Wild Things Are.</i> PRESENTATION COPY, INSCRIBED with drawing to Hilary Knight in the month following publication. $10,000 to 15,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> NOLAND, KENNETH. Original circle painting, untitled, acrylic and ink on cloth, for cover of monograph $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> TOULOUSE-LAUTREC. <i>Histoires Naturelles,</i> 1899. With 22 original lithographs. $10,000 to 15,000
    <b>Bonhams, Dec 5:</b> SHAKESPEARE, WILLIAM. <i>A Collection of Poems,</i> [1711]. The first authoritative and complete collected Sonnets.$15,000 to 20,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> LONDON, JACK. <i>The Call of the Wild.</i> 1903. First edition, first state jacket. $2,000 to 3,000
    <b>Bonhams, Dec 5:</b> FROST, ROBERT. Autograph Manuscript of "Build Soil," 12 pp, 1932-1936. $15,000 to 20,000
    <b>Bonhams, Dec 5:</b> GOULD, GLENN. Glenn Gould's extensively annotated copy of Bach's Goldberg Variations $100,000 to 150,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> PLATH, SYLVIA. EARLY Autograph Letter Signed, about her beginnings as a writer, Northampton, MA, 1951. $7,000 to 10,000
    <b>Bonhams, Dec 5:</b> HOUDINI, HARRY. A collection of 11 cast iron shackle and lock items from Houdini's personal collection. $20,000 to 30,000
    <b>Bonhams, Dec 5:</b> M4 ENGIMA MACHINE, with very rare RARE HYDRA KEY ENVELOPE. $400,000 to 600,000
  • <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> WETZEL, CHARLES M. American Fishing Books. $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> BISSELL, ALFRED E., <i>In Pursuit of Salar.</i> $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> <i>The Settler and Sportsman in Anticosti.</i> $400 to $600
    <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> CARLETON, HENRY GUY, <i>Advice to Young Anglers.</i> $300 to $500
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> ROBINSON, ROLAND EVANS, <i>Forest and Stream Fables. By Awahsoose the Bear.</i> $300 to $500
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SAWADA, KEN, <i>The Art of the Classic Salmon Fly.</i> $300 to $500
    <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SOUTHARD, CHARLES ZIBEON, <i>The Evolution of Trout and Trout Fishing in America.</i> $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SOUTHARD, CHARLES ZIBEON, <i>Trout Fly-Fishing in America.</i> $400 to $600
  • <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>
  • <b>Swann Auction Galleries:</b> Jean de Mandeville, <i>Reysen und Wanderschafften durch das Gelobte Land,</i> Strassburg, 1488. Sold for $106,250.
    <b>Swann Auction Galleries:</b> José González Cabrera Bueno, <i>Navegación Especulativa, y Práctica,</i> Manila, 1734. Sold for $55,000.
    <b>Swann Auction Galleries:</b> Francis W. Winton, manuscript on pow-wows with indigenous Canadians, 1881. Sold for $65,000.
    <b>Swann Auction Galleries:</b> Louise Bourgeois, <i>He Disappeared Into Complete Silence,</i> portfolio with complete text & 9 engravings, 1947. Sold for $413,000.
    <b>Swann Auction Galleries:</b> Erich Maria Remarque, <i>All Quiet on the Western Front,</i> first American edition, Boston, 1929. Sold for $9,375.
    <b>Swann Auction Galleries:</b> Sir William Russell Flint, gouache & watercolor illustration for Homer's <i>Odyssey,</i> 1924. Sold for $22,500.
    <b>Swann Auction Galleries:</b> Kurt Vonnegut, archive of 12 letters, signed to his family, 6 illustrated, 1930s-40s. Sold for $12,500.
    <b>Swann Auction Galleries:</b> Oscar Wilde, <i>Lady Windermere's Fan,</i> first edition, presentation copy, signed & inscribed, London, 1893. Sold for $27,500.
    <b>Swann Auction Galleries:</b> Emil Cardinaux, <i>St. Moritz,</i> 1918. Sold for $17,500.
    <b>Swann Auction Galleries:</b> R.J. Waters, 3 panoramas of the San Francisco earthquake & fire, 1906. Sold for $21,250.
    <b>Swann Auction Galleries:</b> Album with 200 cartes-de-visite, including images by Felice Beato, John Thompson & F.W. Sutton, Japan & China, 1863-69. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Thomas Paine, <i>The American Crisis,</i> Fishkill, NY, December 1776. Sold for $40,000.
  • <center><b>Sotheby’s New York<br>Fine Books & Manuscripts Online<br>Ending December 17</b>
    <b>Sotheby’s Online, Now - Dec 17:</b> SHAKESPEARE, WILLIAM. <i>Mr. William Shakespeares Comedies, Histories, and Tragedies…</i> The Second Impression. 1632. $100,000 to $150,000
    <b>Sotheby’s Online, Now - Dec 17:</b> GEORGE CURZON, 1ST MARQUESS CURZON OF KEDLESTON. “Curzon Tiger Hunt.” [India: circa 1901]. 120 albumen photographs. $3,000 to $5,000
    <b>Sotheby’s Online, Now - Dec 17:</b> (CASSADY, NEAL). Kerouac, Jack. <i>On the Road.</i> New York: Viking Press, 1957. Inscribed. $10,000 to $15,000
    <b>Sotheby’s Online, Now - Dec 17:</b> VEGA, JOSEPH PENSO DE LA. <i>Confusion de Confusiones. Dialogos curiosos entre un Philosopho agudo, un Mercader discrete...</i> Amsterdam, 1688. $200,000 to $300,000
    <b>Sotheby’s Online, Now - Dec 17:</b> RACKHAM, ARTHUR — [WILLIAM SHAKESPEARE]. "The Moon Like to a Silver Bow New-Bent in Heaven," original illustration for <i>A Midsummer Night's Dream.</i> $12,000 to $18,000

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