Auction Update Review

Nopreview

The Season on Tip-Toes

If there were put and call options on rare books the premiums would be high.  Just as in the stock markets uncertainty is rampant.  At the same moment you could buy Apple Computer [stock symbol aapl] for $377.50 this past Friday you could also sell a put [the right for someone to sell their stock to you at any price under $380 anytime during the coming week for $8.50.  Most of the time such premiums are small reflecting confidence and stability.  Not so today and books, manuscripts, maps and ephemera seem to be reflecting some of this mentality.

There are two cash markets for the field, auctions that are open and generally transparent, and material listed in catalogues, on individual seller and the various mega-listing sites that may be sold for the asking prices or something less.  The dealer market is difficult to analyze but the auction market is very visible.  For the eight auctions archived this week 74% of the lots sold but achieved only 69% of the aggregate high estimate for all lots offered.  In strong weeks the market approaches 100%.  This suggests that bidding is a bit thinner than it has been the past 18 months, a fact that may reflect seasonality or the mix of material offered rather than any trend.  One week never provides enough data to reach definitive conclusions.

Whatever the reasons material and estimates in many upcoming auctions is interesting enough to warrant attention.  Whether this reflects adjusting reserves and better material is unclear but for the second month in a row I’ll be bidding.

For the eight auctions archived this week two are in British pounds, one in Euros, three in dollars and two in Mexican Pesos.  Two thousand two hundred and eight-six lots were offered and 1,696 sold.  The aggregate low and high estimates for material selling was $799,654 and $1,175,424.  Total sales were $1,156,363, the aggregate high estimate $1,664,510.

Net, better material and the possibility of marginally lower prices are bringing me back into the rooms.  I regularly buy from dealers, often but not always on a negotiated basis and that is a steady component of any collector’s strategy.  Going into fall it feels like the opportunities both from dealers and in the auctions will be interesting.  Whether the economy is a drag on sales remains to be seen.

For the reporting period one sale reached 100% of its aggregate high estimate:

Bruun Rasmussen:  Books.  107%

For the week ahead 11 sales are scheduled:

Monday September 12th 

                 Dorotheum:  Modern Prints;

Tuesday September 13th 

                 Doyle New York; Estate of Douglas Fairbanks, Jr.;

                 Heritage Auctions; Historical Manuscripts;

                 Heritage Auctions; Rare Books Auction;

Weds’day Sept. 14th

                 Heritage Auctions; Historical Manuscripts continuing;

                 Heritage Auctions; Rare Books continuing;

                 Old World Auctions; Maps & Charts;

Thursday September 15th

                 Bloomsbury Auctions; Bibliophile Sale;

                 Swann Galleries; The Eric C. Caren Collection [1];

 Saturday September 17th

                  Alain & Evelyne Morel de Westgaver; Postcards, Books and Prints;

                  Auxerre Encheres; Ancient and Modern Books

The season is upon us!

 

Bruce McKinney

AE

 

  • <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.
  • <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