• <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> <i>All-Negro Comics</i> Issue #1, 1947. $4,000 to $6,000.
    <b>Cowan’s, Dec 3:</b> Early Memoir of a Black Hairdresser, 1859. $3,000 to $4,000.
    <b>Cowan’s, Dec 3:</b> First Edition <i>Letters of the Late Ignatius Sancho, An African,</i> 1782. $2,500 to $3,500.
    <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> Bessie Coleman Aero News Vol. 1 Issue 1, May 1930, Signed by William J. Powell. $2,000 to $3,000.
    <b>Cowan’s, Dec 3:</b> Book of Poetry and Music by Formerly Illiterate Author Thomas Young, 1897. $6,000 to $8,000.
    <b>Cowan’s, Dec 3:</b> Cabinet Card of 24th Infantryman, Tombstone, Arizona Territory, circa 1882. $8,000 to $12,000.
    <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> James Baldwin Portrait by Carl Van Vechten, 1955. $3,500 to $4,500.
    <b>Cowan’s, Dec 3:</b> <i>The Pacific Appeal</i> Newspaper, San Francisco, 1877. $3,000 to $5,000.
    <b>Cowan’s, Dec 3:</b> Only Known Copy <i>Spreading Joy,</i> Uplift History of African Americans in Los Angeles, 1937. $2,000 to $3,000.
    <b><center>Cowan’s Auctions<br>The Steve Turner Collection<br>of African Americana, Part II<br>December 3, 2020</b>
    <b>Cowan’s, Dec 3:</b> 1940 Los Angeles <i>The Official Central Avenue District Directory.</i> $2,000 to $3,000.
    <b>Cowan’s, Dec 3:</b> GRÉGOIRE, Henri (French, 1750-1831). <i>An Enquiry Concerning the Intellectual and Moral Faculties, and Literature of Negroes,</i> First American Edition, 1810. $1,500 to $2,500.
    <b>Cowan’s, Dec 3:</b> 1893 Indian Territory Album with Images of Tacky Grayson. $4,000 to $6,000.
  • <b><center>Gonnelli<br>December 1st<br>Antique and modern prints,<br>drawings and paintings</b>
    <b><center>Gonnelli<br>December 2nd<br>Photographs, autographs, musical works and manuscripts</b>
    <b><center>Gonnelli<br>December 3rd<br>Books from XV to XX Century</b>
    <b><center>Gonnelli<br>December 3rd<br>Mathematics books</b>
    <b><center>Gonnelli<br>December 3rd<br>Art books from Salvador Dalí<br>& others</b>
  • <center><b>Firsts Online Rare Book Fair<br> 27 November to 2 December<br><br> Presented by the Antiquarian Booksellers’ Association</b>

Auction Update Review

Nopreview

Christies does the Heavy Lifting

Seven Sales Archived

Seven sales - three in the United States, two in England and two in Continental Europe - were archived this past week. Two thousand two hundred and ninety-four lots were offered and 2,294 sold for a very robust sell-through rate of 79.5%. Overall they also achieved 84.5% of their aggregate high estimate. The impression taken is that auctions are estimating conservatively and buyers bidders bidding aggressively. It suggests they on the buy-side are increasingly comfortable with descriptions and estimates - boding well for continuing strength. Because weekly averages reflect overall trends but specific lots and sales are subject to consignor, house and bidder issues there will always be bargains even when prices are high and overpriced material even when the market is low. The auction market is improving but we are probably two to three years away from transparency becoming the norm. It will happen.

There is an increasingly strong case being voiced in support of rising inflation. The story goes that the Federal Reserve, in the United States, is sufficiently concerned about deflation to be willing to invest via a program dubbed QE2, to encourage prices higher. For all manner of objects, be they houses [the Fed's principal concern], commodities and objects of value such as rare books, manuscripts, maps and ephemera, the thinking is that inflation will reduce the value of money therefore adjusting all prices higher. Books, as an inflation hedge, has been one of the sophisticated arguments made by leading dealers for many years and the Federal Reserve seems to be agreeing. Overall, for a field that experienced steep price declines over the past three years, strength in the auctions rooms signals that the worst is behind us. If Dr. Bernanke is a book collector he should be happy.

In early December the field will be the subject of open heart surgery [without benefit of anesthesia] as "The American Experience", an interesting collection of 314 lots is sold at Bonham's in New York both without reserve and with very complete information about source, date and price paid. No doubt, within hours of completion, analysis will be posted online. I'm more than interested myself as I'm the consignor. I believe the market is somewhere between recovering and strong. This sale will give those of us with a stake in the field a firsthand perspective. Absolutely unreserved sales are unusual over the past thirty years. They are certainly riveting.

Swann alone among the seven sales archived this week exceeded the aggregate high estimate- reaching 102%. They did it while selling 190 of 200 lots for $263,887. Neither consignors nor buyers can really ask for more. And most of the other sales also did well. Dominic Winter sold 78% of its lots for 97% of the high estimate for their two sales on the 10th and 11th, and Christies reached 84% of its aggregate high estimate in Paris on the 9th - selling $1.5 million of "Important Livres Anciens." For auctions to estimate low and prices go high its takes confident bidders. It's encouraging to believe that bidders are becoming self-confident. Recoveries are built on confidence.

Bruce McKinney
AE

  • <center><b>Sotheby’s<br>Music, Continental Books<br>and Medieval Manuscripts<br>24 Nov. – 1 Dec. 2020<br>Online</b>
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b><br>F. Schubert. Autograph letter to his brother Ferdinand, 4 pages, Zseliz, 1818. £80,000 to £120,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b><br>L. v. Beethoven. Fine autograph letter to his librettist Friedrich Treitschke, about their planned opera, 1815. £70,000 to £90,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b> Hermann Hesse, Highly important series of 62 letters and postcards to Stefan Zweig, 1903-1938. £60,000 to £80,000.
    <center><b>Sotheby’s<br>Music, Continental Books<br>and Medieval Manuscripts<br>24 Nov. – 1 Dec. 2020<br>Online</b>
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b> Book of Hours, Use of Reims, illuminated manuscript on vellum [France, late 15th century]. £40,000 to £60,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b> Armenian gospel book, illuminated manuscript on vellum, seventeenth century, tooled calf binding. £7,000 to £10,000.
    <b>Sotheby’s, 24 Nov. – 1 Dec.:</b><br>C. Goldoni. Ten autograph letters signed to the Genoese nobleman Cristoforo Spinola, Venice 1742-1743. £7,000 to £9,000.
  • <b>Swann Auction Galleries:</b> Oscar Wilde, <i>“The secret of life is in Art,”</i> autograph quotation dated and signed, 1882. Sold for $15,600.
    <b>Swann Auction Galleries:</b> <i>Manhattan Gay Scene Guide 1969, Summer Edition,</i> Mattachine Book Service. Sold for $3,250.
    <b>Swann Auction Galleries:</b> Toyen, pen & ink illustration from <i>Marquis de Sade: Justina cili prokletí ctnosti,</i> 1932. Sold for $26,000.
    <b>Swann Auction Galleries:</b> Antonio Lopez, 9 men’s fashion studies, graphite, 1974. Sold for $6,500.
    <b>Swann Auction Galleries:</b> Harvey Milk, 2 autograph letters signed, to Pat Mormon, during US Navy service, 1954. Sold for $2,210.
    <b>Swann Auction Galleries:</b> Daniel Abraham, original art for <i>Stonewall Romances,</i> pen, ink & gouache, 1979. Sold for $3,000.
    <b>Swann Auction Galleries:</b> David Wojnarowicz, <i>Untitled (Genet with Dog),</i> mixed media collage. Sold for $27,500.
    <b>Swann Auction Galleries:</b> Susie Gaynes & Amy E. Bartell, <i>March on Washington for Lesbian and Gay Rights,</i> 1987. Sold for $1,188.
    <b>Swann Auction Galleries:</b> <i>Paris is Burning,</i> photo offset poster by Anne Dutlinger, signed by film director Jennie Livingston, 1991. Sold for $1,500.
  • <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br>Latin and French Book of Hours, around 1490. Est: € 20,000
    <b>Ketterer Rare Books, Nov. 30:</b><br> P. Goos, <i>Le Grand Miroir de la Mer,</i> 1669. Est: € 25,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>L. Feininger, Letter with woodcuts, 1920. Est: € 25,000
    <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br>Latin Bible manuscript, 12th century. Est: € 20,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>M. E. Bloch, <i>Naturgeschichte der Fische,</i> 1782-95. Est: € 40,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>M. Chagall, <i>Daphnis & Chloé,</i> 1961. Est: € 90,000
    <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br>L. J. Waghenaer, <i>Speculum nauticum,</i> 1586. Est: € 180,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>P. J. de Pannemaeker, Collection of orig. watercolors, 1878-1887.<br>Est: € 25,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>G. Klimt, <i>Das Werk,</i> 1918.<br>Est: € 15,000
    <center><b>Ketterer Rare Books<br>Auction on November 30th</b>
    <b>Ketterer Rare Books, Nov. 30:</b><br><i>Livro dos prestimonios,</i> Manuscript, 1665. Est: € 25,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>W. Kandinsky, <i>Klänge,</i> 1913.<br>Est: € 18,000
    <b>Ketterer Rare Books, Nov. 30:</b><br>J. Miró in J. Cassou, <i>Vingt-deux poémes,</i> 1978. Est: € 8,000