Auction Update Review

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A Message from Germany, June 14th, 2010

Fourteen sales were archived during the week of June 7-13, ten of them recent. The four others were sections of the Reiss and Sohn auctions conducted April 27th and 28th in Germany. Altogether 8,046 items were offered and 5,777 sold for a 72% success rate. Eight million dollars were raised.

Reiss and Sohn represented 4,521 of the lots offered and 3,275 of those sold and still managed to achieve a marginally higher sell-through-rate than the other ten sales: 72.4%. No auction house in the United States today conducts sales of such magnitude. Single events of 4,000 to 5,000 lots, over multiple days, have not been the norm in the United States since the late 19th century. American, and for that matter most other, sales today are in the 50 to 400 lot range because experience has shown that the absorption rate is low. The Reis and Sohn sales are therefore important because they demonstrate that, at least in Europe, the market can absorb large quantities in a few days. Such events, coming during a period of economic uncertainty, are very impressive. Their sales warrant consideration.

The Reiss and Sohn 2 day event raised $4.24 million, the average lot brought $1,296. The average lot realization for the other ten sales was $1,076.

In the United States the auction field has for decades adjusted its collective formula, seen alternatives come and go and a few such as eBay stick. It has also experienced the explosion of web-based listing sites and now lives with the reality of 160 million online listings that provide both evidence of what not to offer at auction and, at the same time, an escape valve for desirable material mired in balloons of internet over-pricing. When consignors are willing and/or auction houses demanding, $1,000 listings that do not sell on the web become $400 to $600 sales at auction. Such occasions, when they are properly organized, bring reality to a field that remembers every high price and too often expects it today. For highly desirable and iconic material such expectations are reasonable. For everything else, like the wheat at harvest, cuts are inevitable.

The probable reason that a Reiss and Sohn can successfully conduct such large sales is because auctions are more widely followed in Europe. In that marketplace they are an important part of the over-all mix. In the United States for the market to re-price itself, following the financial implosion on Wall Street, more people consigning and more people bidding is the answer.

Bruce McKinney
AE

June 14th, 2010

  • <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>November 12-13, 2020</b>
    <b>Hindman Auctions, Nov. 12-13:</b> MACHIAVELLI, Niccolò. <i>Nicholas Machiavel's Prince. Also, The life of Castruccio Castracani of Lucca…</i> Translated by Edward Dacres. London, 1640. $25,000 to $35,000.
    <b>Hindman Auctions, Nov. 12-13:</b> FILSON, John. <i>The Discovery, Settlement and present State of Kentucke: and An Essay towards the Topography, and Natural History of that important Country…</i> Wilmington, Del.: James Adams, 1784. $20,000 to $30,000.
    <b>Hindman Auctions, Nov. 12-13:</b> ELUARD, Paul. <i>Un poeme dans chaque livre.</i> Paris: Louis Broder, 1956. $20,000 to $30,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>November 12-13, 2020</b>
    <b>Hindman Auctions, Nov. 12-13:</b> LEWIS, James Otto. [<i>Aboriginal Port Folio.</i> Philadelphia: Published by the Author, 1835-1836]. $15,000 to $25,000.
    <b>Hindman Auctions, Nov. 12-13:</b> [ILLUMINATED MANUSCRIPTS]. BOOK OF HOURS, use of Rome, in Latin. [Southern Netherlands (Ghent or Bruges), c.1460]. $8,000 to $12,000.
    <b>Hindman Auctions, Nov. 12-13:</b> MORE, Thomas, Sir. <i>The Workes ... wrytten by him in the Englysh tongue.</i> Edited by William Rastell. London, 1557. $8,000 to $12,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>November 12-13, 2020</b>
    <b>Hindman Auctions, Nov. 12-13:</b> [KELMSCOTT PRESS]. MORRIS, William. <i>Love is Enough.</i> Hammersmith: The Kelmscott Press, 1897. $5,000 to $6,000.
    <b>Hindman Auctions, Nov. 12-13:</b> LINCOLN, Abraham. Autograph endorsement signed as President (“A. Lincoln”), 24 February 1863. $4,000 to $6,000.
    <b>Hindman Auctions, Nov. 12-13:</b> WASHINGTON, George. Address panel with autograph free frank signed ("G:o Washington"), as Commander in Chief of the Continental Army, 5 August 1777. $3,000 to $5,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>November 12-13, 2020</b>
    <b>Hindman Auctions, Nov. 12-13:</b> GOREY, Edward. <i>The Beastly Baby.</i> N.p.: The Fantod Press, 1962. $1,000 to $1,500.
    <b>Hindman Auctions, Nov. 12-13:</b> FROST, Robert. Photographic reproduction signed and inscribed ("Robert Frost”), to R.V. Thornton, 1955. $1,000 to $1,500.
    <b>Hindman Auctions, Nov. 12-13:</b> GOREY, Edward. <i>The Bug Book.</i> New York: Looking Glass Library, 1959. $500 to $700.
  • <b>Christie’s, Nov 3 :</b> REGAMEY, Felix (1844-1906). Unique drawing showing Verlaine and Rimbaud in London, September 1872. €70,000 to 100,000
    <b>Christie’s, Nov 3 :</b> LABORDE, Alexandre de (1773-1842). <i>Voyage pittoresque et historique de l’Espagne.</i> Paris : 1806-1820. €20,000 to 30,000
    <b>Christie’s, Nov 3 :</b> BOCCACE, Jean (1313-1375). <i>Il Decamerone…</i> Venise : Gabriele Giolito di Ferrari, 1542.<br>€ 12,000 to 15,000
    <b>Christie’s, Nov 3 :</b> LAMBERT, Yvon (1936). Full collection of writings from <i>Une rêverie émanée de mes loisirs.</i> Paris : 1992 - 2018. €50,000 to 70,000
    <b>Christie’s, Nov 3 :</b> JOUVE, Paul (1878-1973) -- KIPLING, Rudyard (1865-1936). <i>La Chasse de Kaa.</i> Paris : Javal & Bourdeaux, 1930. €2,000 to 3,000
  • <b>Swann Auction Galleries Oct 27:</b> Book of Hours with Illuminated Miniatures, France, mid-15th century. $15,000 to $25,000.
    <b>Swann Auction Galleries Oct 27:</b> Conradus de Alemania [Halberstadt the Elder], <i>Concordantiae Bibliorum,</i> Strassburg, 1474. $20,000 to $30,000.
    <b>Swann Auction Galleries Oct 27:</b> Christopher Marlowe, <i>The Jew of Malta,</i> London, 1633. Earliest extant edition of this antiauthoritarian Elizabethan play. $40,000 to $60,000.
    <b>Swann Auction Galleries Oct 27:</b><br>Sir Isaac Newton, <i>The Mathematical Principles of Natural Philosophy,</i> first edition in English, 2 volumes, London, 1729. $20,000 to $30,000.
    <b>Swann Auction Galleries Oct 27:</b> John Rae, <i>Narrative of an Expedition to the Shores of the Arctic Sea in 1846 and 1847,</i> first edition, London, 1850. $3,000 to $4,000.
    <b>Swann Auction Galleries Oct 27:</b> Philip Pittman, <i>The Present State of the European Settlements on the Mississippi…,</i> first edition, London, 1770. $10,000 to $12,000.
    <b>Swann Auction Galleries Oct 27:</b> Cyanotype of an anatomy class at Woman’s Medical College of Pennsylvania, Philadelphia, 1895. $300 to $400.
    <b>Swann Auction Galleries Oct 27:</b> Equine veterinary formulary, manuscript on paper, East Earl, Pennsylvania, circa 1860. $400 to $600.
  • <b><center>Lion Heart Autographs<br>Rare & Remarkable Autographs<br>and Manuscripts<br>Now until October 21, 2020</b>
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Most Remarkable Autograph Album Ever Offered: Wilde Poem, Melville Quotes Shakespeare, 8 presidents, Mary Lincoln & 400 More. $30,000 to $35,000.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Unique Napoleon Autograph Manuscript Detailing his Military Campaign in Italy, plus Doodles. $18,000 to $20,000.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Remarkable Pasteur Manuscript on Rabies Research 8 Months before 1st Successful Human Vaccination. $12,500 to $15,000.
    <b><center>Lion Heart Autographs<br>Rare & Remarkable Autographs<br>and Manuscripts<br>Now until October 21, 2020</b>
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Freud 1933 ALS Supporting First Lay Analyst Theodor Reik with Reik’s Handwritten Definition of Psychology. $15,000 to $16,000.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Begin & Sadat Unique Signed Photo from Camp David Summit. $2,000 to $2,500.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Rare Scriabin ALS Written the Year He Completed “The Poem of Ecstasy.” $4,000 to $5,000.
    <b><center>Lion Heart Autographs<br>Rare & Remarkable Autographs<br>and Manuscripts<br>Now until October 21, 2020</b>
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Columbus’ Patron Pays for a Gift to a Lady in Waiting. $2,000 to $2,500.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Rare Signed Photo of Nansen, Nobel Prize Winner & Norway’s First Great Arctic Explorer. $1,000 to $1,200.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Stravinsky Pens 5 Bars from "Petrouschka.” $1,200 to $1,500.
    <b>Lion Heart Autographs<br>Now thru Oct. 21:</b> Zapata Letter Written 4 Days Following Collapse of Negotiations between Villa and Carranza. $2,000 to $2,200.