Rare Book Monthly

Articles - January - 2010 Issue

An Auction Up Close

Change

With low reserves was change in the air?


By Bruce McKinney

On December 3rd, at 10:30 am or a bit after at Bloomsbury's New York second floor gallery on 48th Street, Stephen Massey opens the bidding on the first of 81 lots in the de Orbe Novo Collection of material relating to the new world. The responsibility for calling the sale is to be divided between Mr. Massey and Peter Costanzo. Stephen will call the first 51 lots and Peter the final 30.

As consignor I am four floors up, in Bloomsbury's back offices, sitting at a computer watching on Live Auctioneers; the single camera channeling the sale - focused on the auctioneer. There is no sense of who or how many are in the auction room. On my way up to the 6th floor I pressed the second floor stop. The doors opened and I saw that bidders were forced to stand well away from auction area, a good sign suggesting the main room is full. I step out, think better of it, step back in and proceed to the 6th floor. Like a true believer in the burned out region of upstate New York in the 1840s, as they climbed trees, I climb stairs, we both to get closer to God, always a good place to be when your material goes to auction and your reserves are low.

At a sale everyone is invited except the consignor whose presence may be a wet blanket. Once upstairs, the Bloomsbury staff, turns on a terminal set to carry the action to the most affected, the consignor. I'm told the portents are encouraging, the room full, the buzz positive. As I haven't been in this position before I can only take it in. I have nothing to compare. In any event, the process will be surgical and brief. Stephen Massey steps to the podium, announces the sale and reads several announcements. It's 10:40 am.

I long ago decided on low reserves and chose "let the market decide" as the sale theme. I'm comfortable with numbers: probabilities the way I see the world. Over the past year, as principal strategist for AE, I've seen a clear pattern in the decline in auction realizations in the works on paper field. Dollar denominated sales fell hard last fall - roughly 40% year over year while non-dollar sales held up through the spring. Into summer the American sales stabilized while Europan sales collapsed. In August dollar denominated sales began to rebound but most consignors held back looking for further confirmation. At that moment I committed this sale for the late fall.

As Stephen Massey warms up the crowd I have a few microseconds to reconsider the key decision - to set low reserves. Auctions these days tend to fall into two categories according to their reserves: high or low. I prefer to bid at auctions with low reserves and tend to shun those with high reserves unless a particular reserve is mistakenly low. Years ago I decided I would not use high reserves if ever I sent material into the rooms. It cost me nothing to believe that then. Today that idea is a zero coupon bond with a mystery payout now coming due. I'll get to pay a price if I'm wrong.

Rare Book Monthly

  • <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> Harriet Tubman Cabinet Card by H.S. Squyer, Auburn, NY, 1892. $10,000 to $15,000
    <br>Cowan’s, Feb. 20:</b> Scarce <i>Events of the Tulsa Disaster,</i> First Edition, 1922. $4,000 to $6,000
    <br>Cowan’s, Feb. 20:</b> Unpublished CDV of Frederick Douglass by Benjamin F. Smith, 1864. $3,000 to $5,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> California Imprint of <i>President Lincoln's Emancipation Proclamation</i> Broadside, 1864. $10,000 to $15,000
    <br>Cowan’s, Feb. 20:</b> John C.H. Grabill Cabinet Card of Buffalo Soldier Wearing Buffalo Coat, ca 1886. $8,000 to $10,000
    <br>Cowan’s, Feb. 20:</b> Rare <i>What Mrs. Fisher Knows About Old Southern Cooking,</i> 2nd Cookbook Published by African American. $6,000 to $8,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> Frederick Douglass Walking Stick, 1888. $3,000 to $5,000
    <br>Cowan’s, Feb. 20:</b> Only Known Slave Narrative Published Independently in California, <i>Life and Adventures of James Williams.</i> $2,000 to $4,000
    <br>Cowan’s, Feb. 20:</b> Rare First Edition of History of Black Literature, Abbé Grégoire <i>De La Littérature des Nègres</i>. $2,500 to $3,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> African American Soldier and Medal of Honor Winner Christian A. Fleetwood CDV, PLUS. $8,000 to $10,000
    <br>Cowan’s, Feb. 20:</b> Jack Johnson vs. Jim Jeffries Pennant, 1910 Reno, Nevada. $2,000 to $4,000
    <br>Cowan’s, Feb. 20:</b> Joe Gans Photograph at 1906 Goldfield, Nevada Fight by Percy Dana. $600 to $800
  • <b>Bonhams, Mar. 6:</b> Helvelius. Two Autograph Letters Signed to Francis Aston, Royal Society Secretary, noting his feud with Robert Hooke, 5 pp total, 1685. $70,000 to $100,000.
    <b>Bonhams, Mar. 6:</b> Newton, Isaac. Autograph manuscript on God, 4 pp, c.1710, "In the beginning was the Word...."?$100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> Beethoven's Ninth Symphony. First edition, first issue. Untrimmed copy in contemporary boards. $30,000 to $50,000.
    <b>Bonhams, Mar. 6:</b> Lincoln, Abraham. Signed photograph, beardless portrait with Civil War provenance. $80,000 to $120,000.
    <b>Bonhams, Mar. 6:</b> IMPEACHMENT. Original engrossed copy of the first Andrew Johnson impeachment resolution vote. $120,000 to $180,000.
    <b>Bonhams, Mar. 6:</b> Mucha, Alphonse. 11 original pencil drawings for?<i>Andelicek z Baroku,</i> "Litte Baroque Angel," Prague, 1929. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Einstein, Albert. Annotated Galley Proofs for <i>The Meaning of Relativity.</i> 1921. $25,000 to $35,000.
    <b>Bonhams, Mar. 6:</b> Silverstein, Shel. Original maquette for <i>The Giving Tree,</i> 34 original drawings. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Roth, Philip. Typed Manuscript with substantial autograph corrections for an unpublished sequel to <i>The Breast.</i> $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Taupin, Bernie. Autograph Manuscript, the original draft of lyrics for Elton John's "Candle in the Wind," 2 pp, 1973. $100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> HARVEY, WILLIAM. <i>De Motu Cordis et Sanguinis in Animalibus Anatomica Exercitatio.</i> Padua: 1643. $12,000 to $18,000.
    <b>Bonhams, Mar. 6:</b> CESALPINO, ANDREA. <i>Peripateticarum Quaestionum Libri Quinque.</i> Venice: 1571. $30,000 to $40,000.
  • <b>ALDE, Feb. 26:</b> Leon TOLSTOÏ. <i>Anna Karenina.</i> Moscou, 1878. First and full edition of the Russian novel, in the author’s language.<br>Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Mark TWAIN. <i>Adventures of Huckleberry Finn (Tom Sawyer's comrade).</i> New York, 1885. First American edition.<br>Est. 5 000 / 6 000 €
    <b>ALDE, Feb. 26:</b> Walt WHITMAN. <i>Leaves of Grass.</i> Brooklyn, New York, 1856. Second edition gathering 32 poems. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Karen BLIXEN. <i>Out of Africa.</i> Londres, 1937. First edition in the UK, before Danish translation and American release.<br>Est. 1 500 / 2 000 €
    <b>ALDE, Feb. 26:</b> Ernest HEMINGWAY. <i>A Farewell to Arms.</i> New York, 1929. First edition with $2.50 on the dust and A on the copyright page.<br>Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Ulysses.</i> Paris, Shakespeare and Company, 1922. First edition published by Sylvia Beach. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Dubliners.</i> Londres, 1914. First edition. Nice copy in publisher’s cardboard. Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> Franz KAFKA. 8 novels in German first edition, published in München, Leipzig and Berlin 1916-1931. Est. from 300 / 400 to 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> David Herbert LAWRENCE. <i>Lady Chatterley's Lover.</i> Florence, 1928. Privately printed first edition. Est. 4 000 / 5 000 €
    John STEINBECK. <i>The Grapes of Wrath.</i> New York, 1939. First edition. Nice copy with $2.75 on the cover. Est. 1 000 / 1 200 €
  • <b>Swann Auction Galleries Feb 20:</b> Jane Austen, <i>Sense and Sensibility: A Novel, By a Lady,</i> 3 volumes, London, 1811. $30,000 to $40,000.
    <b>Swann Auction Galleries Feb 20:</b> Virginia Woolf, <i>Kew Gardens,</i> limited edition, signed by Woolf & Bell, London, 1927. $5,000 to $7,500.
    <b>Swann Auction Galleries Feb 20:</b> <i>[Arabian Nights],</i> Calcutta II version, 4 volumes, Calcutta & London, 1839-1842. $12,000 to $18,000.
    <b>Swann Auction Galleries Feb 20:</b> Princess Diana, 6 ALS to <i>Harper’s Bazaar</i> editor, anticipating Christie’s sale of her dresses for charity, 1995-97. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Jane Austen, <i>Emma,</i> first edition, London, 1816. $15,000 to $20,000.
    <b>Swann Auction Galleries Feb 20:</b> Hirohito & Nagako, Emperor & Empress of Japan, 2 photographs signed, showing Nagako in kimono & obi bearing the imperial seal. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Princess Diana, 6 autograph letters signed to <i>Harper’s Bazaar</i> editor Elizabeth Tilberis, anticipating Christie’s announcement of a sale of her dresses for charity, 1995-97. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Sarojini Naidu, complete galley proof of <i>The Broken Wing</i> signed with several holograph pages & an autograph letter signed to writer Edmund Gosse, 1916. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Fernando Pessoa, <i>Mensagem,</i> first edition, presentation copy, signed & inscribed, Lisbon, 1934. $5,000 to $7,500.
    <b>Swann Auction Galleries Feb 20:</b> Graham Greene, <i>The Basement Room,</i> first edition, Greene’s personal copy, signed with annotations throughout, London, 1935. $4,000 to $6,000.
    <b>Swann Auction Galleries Feb 20:</b> Abraham Lincoln, partly-printed document signed, call for troops issued during America’s first national draft just days before the NYC draft riots, 1863. $15,000 to $25,000.
    <b>Swann Auction Galleries Feb 20:</b><br><i>Les Chansons de Bilitis</i> by Pierre Louÿs, illustrated by George Barbier & F.L. Schmied, Paris, 1922. $8,000 to $12,000.

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