Rare Book Monthly

Articles - April - 2010 Issue

The Buoys of Summer

Abaa-ny

The ABAA NY Book Fair

By Bruce McKinney

We are going to learn a great deal over the next few months about the tone and direction of the increasingly separate iconic and traditional rare book, manuscript and ephemera markets. They have been moving in diverging for some time. Great examples of rare and unique items have been selling for substantial prices while no less rare but less known and less coveted material has gone unsold or brought lower than expected prices. As the market has become increasingly transparent the many now see what the few have long known and it is changing what people buy and how much they pay. We are living through a time of significant change: the re-pricing of the market. The iconic category looks safe, pedestrian rarities risky, the in-between the subject of endless interpretation. The market is fragmenting. In New York in April over 7 days, April 8th through the 14th, are two book fairs, an exhibit and nine auctions. Many questions about the market will be answered.

The immediate cause of the weakened collectibles market is the damaged economy but increasing transparency and increasingly unified markets functioning in real also make this a generational change.

The current state of the market is evident in the monthly graphs we prepare for the auctions section of the Americana Exchange (click here). Since January 2008 median lot realizations of books, manuscripts and ephemera have fallen almost 25%, from $470 to $370 and the trend suggests continuing weakness.

Today the price of material is being recalibrated and auctions are the venue. The distinction between iconic and collectible is subjective and the stakes high for inclusion because auction realizations signal that the broader market is breaking down while the top remains healthy, even robust. Events this month will clarify where the dividing line between iconic and collectible falls. Highly collectible material should continue to do well while lesser materials continue to leak value.

The stakes are high.

Over the past three decades prices have risen at different rates according to category. Maps and manuscripts have done particularly well while books with maps or images, the uniquely bound and signed copies have emerged as a class apart from otherwise fine copies. But along the way many lesser copies were over-promoted and sold privately for prices that could be achieved only away from public scrutiny. In the auction rooms along-the-way and today even more so, such material has tended to underperform and to outright fail if estimates were geared to prices paid rather than to current valuation. In the present market such material achieves substantially less in the auction rooms not only because the market is weaker but because such material falls outside the iconic category and probably never belonged there. For such material this is the day of reckoning.

The question then becomes how dealers will handle such material going forward. It's an important question because they own more of it than anyone else. Three years ago a marginal book might have justified a $3,000 asking price. Today that same book at auction will achieve $1,000 and be cited as evidence that the market is weak. But is the market weak or are institutions and collectors simply getting smarter? For many dealers how they handle such material may well determine their relationships with collectors and institutions who are quickly learning and once burned, never forget.

If you live in the New York area or are interested to make the trip in April, over the weekend of the 9th to 11th there's the ABAA Fair and, over the entire week, April 8 to 14, a panoply of events. The Manhattan Vintage Book & Ephemera Show - The Shadow Show runs the same weekend and 9 auctions are scheduled. Swann will sell the The Otto Penzler Collection of British Espionage and Thriller Fiction on the 8th and Early Printed Books on the 12th. Bonhams offers a sale on Space History on the 13th including a vintage plane designed by Glenn Curtiss. Sotheby's offers photographs on the 13th and The James Copley Library [part 1] on the 14th. Christie's sells Photographs from the Collection of Patricia McCabe along with other material on the 14th and 15th.

Rare Book Monthly

  • <b>Dominic Winter Auctioneers, Jan 20.<br>Mrs S. C. Belnos.</b> <i>The Sundhya or the Daily Prayers of the Brahmins,</i> 1st edition, 1851. £2,000 to £3,000.
    <b>Dominic Winter Auctioneers, Jan 20.<br>Sir Harry Darell.</b> <i>China, India, Cape of Good Hope and Vicinity,</i> 1st edition, 1852. £2,000 to £3,000.
    <b>Dominic Winter Auctioneers, Jan 20.<br><i>Scots Magazine,</i></b> 61 volumes, 1739-1800. With important maps of North America. £1,500 to £2,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Ian Fleming.</b> <i>Casino Royale,</i> 1st edition, 1953. £10,000 to £15,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Virginia Woolf.</b> <i>Really and Truly,</i> 1915. Autograph confessions book. £4,000 to £6,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Evelyn Waugh.</b> <i>Vile Bodies,</i> 1st edition, 1930. £3,000 to £4,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>J. R. R. Tolkien.</b> Autograph letter signed on Old English, with corrected typescript. £2,000 to £3,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Lewis Carroll.</b> <i>The Hunting of the Snark,</i> 1st edition, 1876. Presentation copy. £2,000 to £3,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Essex House Press.</b> <i>Poems of William Shakespeare,</i> 1899. One of 450 copies. £1,000 to £1,500.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Lafcadio Hearn.</b> <i>A Japanese Miscellany,</i> 1st edition, 1901. Presentation copy. £1,000 to £1,500.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Jules Verne.</b> <i>Twenty Thousand Leagues under the Seas,</i> 1st UK edition, 1873. £2,000 to £3,000.
    <b>Dominic Winter Auctioneers, Jan 21.<br>Charles Dickens.</b> <i>The Life and Adventures of Martin Chuzzlewit,</i> 1st edition, 1844. Original cloth binding. £800 to £1,200.
  • <center><b>Arader Galleries<br>January Auction<br>January 23, 2021</b>
    <b>Arader Galleries, Jan. 23:</b> AUDUBON, John James. <i>Carolina Parrot, Plate 26.</i> London: Robert Havell, 1827-1838. $125,000 to $175,000.
    <b>Arader Galleries, Jan. 23:</b> AUDUBON, John James. <i>Fish Hawk or Osprey, Plate 81.</i> London: Robert Havell, 1827-1838. $145,000 to $175,000.
    <b>Arader Galleries, Jan. 23:</b> AUDUBON, John James. <i>Brown Pelican, Plate 421.</i> London: Robert Havell, 1827-1838. $75,000 to $100,000.
    <center><b>Arader Galleries<br>January Auction<br>January 23, 2021</b>
    <b>Arader Galleries, Jan. 23:</b> DE BRY, Johann Theodore, attributed to. Pair of Watercolor studies of Tulips. $40,000 to $60,000.
    <b>Arader Galleries, Jan. 23:</b> FUERTES, Louis Agassiz. <i>Alaskan Brown Bear.</i> Watercolor and gouache on board. $10,000 to $15,000.
    <b>Arader Galleries, Jan. 23:</b> HILL, Thomas. <i>Big Trees.</i> Oil on canvas. c. 1903. $40,000 to $60,000.
    <center><b>Arader Galleries<br>January Auction<br>January 23, 2021</b>
    <b>Arader Galleries, Jan. 23:</b> GOULD, John. <i>A Monograph of the Macropodidae or Family of Kangaroos.</i> London: by the author, August 1st 1841-May 1st 1842. $40,000 to $60,000.
    <b>Arader Galleries, Jan. 23:</b> GOULD, John. <i>A Monograph of the Odontophorinae, or Partridges of America.</i> London: Richard and John E. Taylor for the Author, [1844]-1850. $15,000 to $20,000.
    <b>Arader Galleries, Jan. 23:</b> JANSSONIUS, Joannes. <i>Atlantis majoris quinta pars, orbem maritimum seu omnium marium…</i> Amsterdam: Joannes Janssonius, 1652. $50,000 to $80,000.
    <center><b>Arader Galleries<br>January Auction<br>January 23, 2021</b>
    <b>Arader Galleries, Jan. 23:</b> DONCKER, Hendrik. <i>De Zee-Atlas ofte Water-Waereld, vertoonende alle de Zee-Kusten van het bekende deel des Aerd-Bodems.</i> Amsterdam: Henrick Doncker, [1658-1665]. $80,000 to $120,000.
    <b>Arader Galleries, Jan. 23:</b> BURR, David. <i>Map of the City and County of New York with the Adjacent Country.</i> Engraved map with original hand color. Ithaca, NY: Stone & Clark, 1839. $9,000 to $12,000.
    <b>Arader Galleries, Jan. 23:</b> CURRIER, Nathaniel and IVES, James Merritt. <i>The City of New York.</i> Lithograph with original hand color. New York: Currier & Ives, 1884. $15,000 to $20,000.
  • <b>Swann Auction Galleries Jan 28:</b> Joseph F. Kernan, <i>College Football,</i> oil on canvas, <i>The Saturday Evening Post</i> cover, 1932. $25,000 to $35,000.
    <b>Swann Auction Galleries Jan 28:</b> Joseph C. Leyendecker, <i>Golfer Lighting a Cigarette,</i> oil on canvas, c.1920. $7,000 to $10,000.
    <b>Swann Auction Galleries Jan 28:</b> Howard Chandler Christy, <i>In the Field,</i> charcoal & watercolor, published in <i>Scribner’s,</i> 1902. $8,000 to $12,000.
    <b>Swann Auction Galleries Jan 28:</b> N.C. Wyeth, <i>Standish Reading,</i> pen & ink, for <i>The Courtship of Miles Standish,</i> 1920. $5,000 to $7,500.
    <b>Swann Auction Galleries Jan 28:</b> Johnanna Stewart Mapes, <i>A Fairy Book,</i> conté crayon, for <i>St. Nicholas Magazine,</i> 1907. $2,500 to $3,500.
    <b>Swann Auction Galleries Jan 28:</b> Arnold Lobel, pen & ink, for <i>The Frog & Toad Coloring Book,</i> 1981. $3,000 to $4,000.
    <b>Swann Auction Galleries Jan 28:</b> Antonio Lopez, <i>Today’s Fashions,</i> study for <i>The New York Times,</i> 1981. $2,500 to $3,500.
    <b>Swann Auction Galleries Jan 28:</b> Charles Schulz, <i>“I’ll have to go back to the house…I forgot my rubbers…”</i> pen & ink, original 4-panel <i>Peanuts comic,</i> 1960. $8,000 to $12,000.
    <b>Swann Auction Galleries Jan 28:</b> Constantin Alajalov, <i>Family Tree,</i> watercolor and gouache, cover for <i>The New Yorker,</i> 1938. Estimate $3,000 to $4,000.
  • <center><b>Il Ponte Casa d'Aste<br>Books and Manuscripts<br>26 January 2021</b>
    <center><b>Il Ponte Casa d'Aste<br>Books and Manuscripts<br>26 January 2021</b>
    <center><b>Il Ponte Casa d'Aste<br>Books and Manuscripts<br>26 January 2021</b>

Article Search

Archived Articles

Ask Questions