Auction Update Review

Nopreview

A Busy Week in the Auction Rooms, May 23, 2010

Nineteen auctions were archived this past week: four in dollars, five in British pounds, two in Swiss francs and eight in Euros. With these sales occurring while financial markets around the world have been in turmoil it's not surprising that the results were disappointing. That the markets continued to function every day indicates their resiliency. This said, we can only assess bidding. By late summer we'll learn how consignors feel about the current uncertainty. If they are reluctant to send material into the rooms the fall season may be a replay of 2009: a thinner market with good to very good prices for the relatively few very good items available.

Total sales by currency after conversion to dollars were: BP $4,086,654 for 5 sales; Euro $3,590,801 for 8 sales; SF $113,383 for 2 sales and US$ 1,561,311 for 4 sales. Altogether these sales totaled $9,352,149. As a percentage of the total high estimate - $13,210,547 this week's reported winning bids amounted to 70.8% for the entire group. This suggests that winning bids are running about 10% below pre-turmoil levels. Where houses had lower estimates the realized prices eased a bit, Where houses had higher reserves a larger percentage of lots were bought in.

Not everyone had trouble. Burgersdijk & Niermans in the Netherlands managed to sell 90.6% of their 1,522 lots of Books and Maps on May 11 and 12. Christies did almost as well with Photographs In London on the 20th: 88.3%. But generally it was harder to entice bids. Five sales failed to receive winning bids [with commission added] equal to at least half the high estimate. Such problems sometimes occur because reserves are too high. In other cases the material may be unappealing. And of course market sentiment is always important and was probably, this past week, the key factor.

As is evident in the results this week Bloomsbury is trying to broaden its offerings to include more photography. The strategy is logical but the timing tough. As all auctions struggle with declining prices and a temporarily weak market, the move to more visual material is appropriate because acquirers are more and more attracted to images. The trend is so pronounced that over the next ten years the very nature of institutional and private collecting may become image based. So for Bloomsbury it's a smart strategy but a tough time to build market-share.

By currency the percentage of lots selling was [1] US$ 53.3%; [2] BP 61.7%; [3] SF 68.2%; and [4] Euro 65.8%. The economic furor was in Europe, the greater reluctance to bid in the United States.

Bruce McKinney
AE

May 23, 2010

  • <b>Swann Auction Galleries Mar 10:</b> Francis Scott Key, <i>Star Spangled Banner,</i> first printing, c. 1814-16. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 10:</b> William Sydney Porter, a.k.a. “O. Henry,” archive of drawings made to illustrate a lost mining memoir, c. 1883-84. $30,000 to $40,000.
    <b>Swann Auction Galleries Mar 10:</b> [Bay Psalm Book], printed for Hezekiah Usher of Boston, Cambridge, c. 1648-65. $50,000 to $75,000.
    <b>Swann Auction Galleries Mar 10:</b> Book of Mormon, first edition, Palmyra, 1830. $40,000 to $60,000.
    <b>Swann Auction Galleries Mar 10:</b> <i>Noticia estraordinario,</i> probable first announcement in Mexico City of the fall of the Alamo, 1836. $40,000 to $60,000.
    <b>Swann Auction Galleries Mar 10:</b> Patrick Gass, first edition of earliest first-hand account of the Lewis and Clarke expedition, Pittsburgh, 1807. $6,000 to $9,000.
    <b>Swann Auction Galleries Mar 10:</b> Diploma from the Princeton Class of 1783, commencement attended by Washington & Continental Congress. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar 10:</b> <i>Sprague Light Cavalry!</i> color-printed broadside, NY, 1863. $5,000 to $7,500.
    <b>Swann Auction Galleries Mar 10:</b> <i>The Lincoln & Johnson Union Campaign Songster,</i> Philadelphia, 1864. $3,000 to $4,000.
    <b>Swann Auction Galleries Mar 10:</b> Lucy Parsons, labor organizer, albumen cabinet card, New York, 1886. $800 to $1,200.
    <b>Swann Auction Galleries Mar 10:</b> Daniel L.F. Swift, journal as third mate on a Pacific Whaling voyage, 1848-1850. $3,000 to $4,0000.
    <b>Swann Auction Galleries Mar 10:</b> Two photos of Thomas Moran, Grand Canyon, silver prints, 1901. $1,500 to $2,500.
  • <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 €
  • <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> Ernest Hemingway's Typewriter Used to Write "A Moveable Feast", Impeccable Provenance From His Biographer A. E. Hotchner. $50,000 to $100,000.
    <b>University Archives, Feb. 26:</b> Samuel Colt, "The Gun that Won the West": 3 Signed Patent Items for "Revolving Cylinder Guns". $40,000 to $50,000.
    <b>University Archives, Feb. 26:</b> Jack Kerouac's Own Typewriter From His Estate Used to Write His Very Last Book. $18,000 to $20,000.
    <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> Rare Force Engraving of the Declaration of Independence Printed in 1848. $15,000 to $18,000.
    <b>University Archives, Feb. 26:</b> Superb Tchaikovsky ALS to Napravnik, 4pp on "Mazeppa". $12,000 to $15,000.
    <b>University Archives, Feb. 26:</b> Wounded Knee Massacre Same Day Eyewitness Account by Participant, "the 7th needn't be ashamed of today's record". $10,000 to $12,000.
    <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> F. Scott Fitzgerald Signed Gordon Bryant Portrait -- Finest Known. $8,000 to $9,000.
    <b>University Archives, Feb. 26:</b> Neil Armstrong ALS on NASA Letterhead Regarding His X-15 Flights. $7,000 to $8,000.
    <b>University Archives, Feb. 26:</b> M. Gandhi Letter: "the life span of human beings is preordained..." -- Fantastic Spiritual Content. $7,000 to $8,000.
    <center><b>University Archives<br>Autographs, Books & Relics Including Kerouac Estate<br>& Hemingway<br>February 26, 2020</b>
    <b>University Archives, Feb. 26:</b> "Damn the torpedoes!" Riveting 24pp ALS of Admiral Farragut's Steward Describing the "Battle of Mobile Bay”. $6,000 to $7,000.
    <b>University Archives, Feb. 26:</b> Abraham Lincoln Signed Order to Suspend Execution. $5,000 to $6,000.
    <b>University Archives, Feb. 26:</b> Napoleon DS Featuring Imperial Eagle and Enormous Great Seal Appointing Norman Politician Baron of the Empire. $4,000 to $5,000.