• Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    April 18, 2024
    Potter & Potter, Apr. 18: [RUTH, George Herman “Babe” (1895-1948)]. Signed photograph. Circa 1930s. 191 x 248 mm. $1,500 to $2,500.
    Potter & Potter, Apr. 18: HARRISON, Benjamin. Document signed (“Benj Harrison”) as governor of Virginia, certifying the service of Daniel Cumbo, a Black Revolutionary soldier. $6,000 to $9,000.
    Potter & Potter, Apr. 18: ONE OF THE FIRST PRINTED ANNOUNCEMENTS OF THE DECLARATION OF INDEPENDENCE. $4,000 to $6,000.
    Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    April 18, 2024
    Potter & Potter, Apr. 18: FIRST PRINTING OF LINCOLN’S IMMORTAL GETTYSBURG ADDRESS. $4,000 to $6,000.
    Potter & Potter, Apr. 18: HIGHLY IMPORTANT MORMON ARCHIVE. ALLEY, George. Archive of 23 Autograph Letters Signed by Mormon Convert George Alley to His Brother Joseph Alley. $10,000 to $20,000.
    Potter & Potter, Apr. 18: [AVIATION]. [ARMSTRONG, Neil A.] Aviation Hall of Fame Gold Medal MS64 NGC, Awarded to Neil Armstrong in 1979. $2,000 to $3,000.
    Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    April 18, 2024
    Potter & Potter, Apr. 18: NEWLY DISCOVERED FIRST PRINTING OF "WITH MALICE TOWARDS NONE... " FROM THE ONLY NEWSPAPER ACTUALLY ALLOWED TO PARTICIPATE IN LINCOLN’S SECOND INAUGURAL PROCESSION. $4,000 to $8,000.
    Potter & Potter, Apr. 18: THE MOST IMPORTANT GEORGE WASHINGTON DOCUMENT IN PRIVATE HANDS; GEORGE WASHINGTON’S COMMISSION AS COMMANDER IN CHIEF, 1775, ONE OF ONLY TWO ORIGINALS. $150,000 to $250,000.
    Potter & Potter, Apr. 18: A VERY RARE ACCOUNT OF BLACKBEARD’S DEATH AND ONE OF THE MOST IMPORTANT PIRATE ITEMS EXTANT. $3,000 to $5,000.
    Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    April 18, 2024
    Potter & Potter, Apr. 18: EDISON, Thomas. Patent for Edison’s Improvements on the Electric-Light, No. 219,628. [Washington, D.C.: U.S. Patent Office], 16 September 1879. $2,000 to $3,000.
    Potter & Potter, Apr. 18: [VIETNAM WAR]. The original pen used by Secretary of State William P. Rogers to sign the Vietnam Peace Agreement, Paris, 27 January 1973. $10,000 to $15,000.
    Potter & Potter, Apr. 18: SONS OF LIBERTY FOUNDER COLONEL BARRÉ ANNOTATED TITLE-PAGE, “WHICH OUGHT TO ROUSE UP BRITISH ATTENTION”. $4,000 to $6,000.
  • Forum Auctions
    Books, Manuscripts and Works on Paper
    28th March 2024
    Forum Mar. 28: [Langland (William)]. The vision of Pierce Plowman, nowe the seconde time imprinted..., Roberte Crowley, 1550. £8,000 to £10,000.
    Forum Mar. 28: [Shakespeare (William)]. [Comedies, Histories, and Tragedies], second folio edition, [by Tho.Cotes, for Robert Allot], [1632]. £30,000 to £40,000.
    Forum Mar. 28: Bible, Czech Biblia Bohemica, first complete Bible printed in the Czech vernacular, Prague, August 1488. £30,000 to £40,000.
    Forum Auctions
    Books, Manuscripts and Works on Paper
    28th March 2024
    Forum Mar. 28: Shabthai Tzvi.- Collection of four printed and illustrated broadsides detailing the appearance, rise and fall of the false messiah, Shabthai Tzvi, Augsburg, 1666-67. £40,000 to £60,000.
    Forum Mar. 28: Leaf from the Beauvais Missal, in Latin, illuminated manuscript on parchment, [Northern France (perhaps Beauvais or Amiens)], [fourteenth century (c.1310)]. £4,000 to £6,000.
    Forum Mar. 28: Aubrey (John). [Remaines of Gentilisme and Judaisme], manuscript in English, Latin and Greek, [c. 1693]. £30,000 to £50,000.
    Forum Auctions
    Books, Manuscripts and Works on Paper
    28th March 2024
    Forum Mar. 28: Byron (George Gordon Noel, Lord). Poems on Various Occasions, first edition, Harriet Maltby's copy, Newark, Printed by S. & J. Ridge, 1807. £30,000 to £40,000.
    Forum Mar. 28: Tolkien (J.R.R.) The Hobbit, first edition, second impression with dust-jacket, 1937 [but 1938]. £7,000 to £10,000.
    Forum Mar. 28: Blake (William).- Thornton (Robert John). The Pastorals of Virgil, 2 vol., engraved plates by William Blake, 1821. £8,000 to £12,000.
    Forum Auctions
    Books, Manuscripts and Works on Paper
    28th March 2024
    Forum Mar. 28: America.- Mount (William J.) & Thomas Page. The English Pilot…, [bound with] The Fourth Book, describing The West Indies Navigation from Hudson's-Bay to the River Amazones, 1721. £20,000 to £30,000.
    Forum Mar. 28: Oldfield (Henry Ambrose), Rajman Singh Chitrakar & others. An album of 160 photographs and 13 original artworks, (1833-1919), [c. 1850s-1880s]. £20,000 to £30,000.
    Forum Mar. 28: Audubon (John James) [and William MacGillivray]. Ornithological Biography…, 5 vol., first edition, presentation copy inscribed by Audubon, Edinburgh, 1831-49 [i.e. 1831-39]. £10,000 to £15,000.
  • Forum Auctions
    Colour Plate Books from the Library of Norman Bobins
    Part 2
    27th March 2024
    Forum Auctions, Mar. 27: Alken (Henry). Sporting Notions, first edition, T.McLean, 1832-33. £800 to £1,200.
    Forum Auctions, Mar. 27: Bardi (Lorenzo). Nuova Raccolta delle piu interessanti Vedute della Citta di Firenze…, Florence, Lorenzo Bardi, [c.1840]. £1,500 to £2,000.
    Forum Auctions, Mar. 27: Crawfurd (John). Journal of an Embassy from the Governor-General of India to the Court of Ava..., first edition, 1829. £1,000 to £1,500.
    Forum Auctions
    Colour Plate Books from the Library of Norman Bobins
    Part 2
    27th March 2024
    Forum Auctions, Mar. 27: Dawe (George, engraver). The Life of a Nobleman, first edition, Geo. Henderson, [c.1825]. £1,000 to £1,500.
    Forum Auctions, Mar. 27: [Doyle (John)], "H.B.". Political Sketches &c., 10 vol. including The Descriptive Key to H.B., Thomas McLean, [1829-51]. £4,000 to £6,000.
    Forum Auctions, Mar. 27: Eben (Adolphus Christian Frederick, Baron von) and Nicolaus Heideloff. Modèles de l'Uniforme Militaire Adopté dans l'Armée Royale de Suède, Rudolph Ackerman, 1808. £1,500 to £2,000.
    Forum Auctions
    Colour Plate Books from the Library of Norman Bobins
    Part 2
    27th March 2024
    Forum Auctions, Mar. 27: Geissler (J.G.G.) and Friedrich Hempel. Mahlerische Darstellungen der Sitten, Gebrauche und Lustbarkeiten bey den Russischen, Tartarischen…, 4 parts in 1, Leipzig and Paris, [1804]. £1,000 to £1,500.
    Forum Auctions, Mar. 27: Hunt (Charles). Portraits of Winning Horses...of the Derby, Oaks, & St. Leger, from the Year 1842 to 1849…, Rock Brothers & Payne, 1849. £1,500 to £2,000.
    Forum Auctions, Mar. 27: Kunike (Adolf Friedrich). Zwey hundert und sechzig Donau-Ansichten nach dem Laufe des Donaustromes…, Vienna, Leopold Grund, 1826. £3,000 to £5,000.
    Forum Auctions
    Colour Plate Books from the Library of Norman Bobins
    Part 2
    27th March 2024
    Forum Auctions, Mar. 27: Lasinio (Carlo). [Matrimony], Florence, 1790. £1,500 to £2,000.
    Forum Auctions, Mar. 27: Reinhardt (Joseph). A Collection of Swiss Costumes, in Miniature, second English edition, James Goodwin, [1828]. £800 to £1,200.
    Forum Auctions, Mar. 27: Wengen (Gottfried Durst von). Die Öffentliche Maskerade Bamberg am Fastnachts-Montage 1833…, Bamberg, [1833]. £2,000 to £3,000.
  • Sotheby’s
    Modern First Editions
    Available for Immediate Purchase
    Sotheby’s, Available Now: Winston Churchill. The Second World War. Set of First-Edition Volumes. 6,000 USD
    Sotheby’s, Available Now: A.A. Milne, Ernest H. Shepard. A Collection of The Pooh Books. Set of First-Editions. 18,600 USD
    Sotheby’s, Available Now: Salvador Dalí, Lewis Carroll. Alice's Adventures in Wonderland. Finely Bound and Signed Limited Edition. 15,000 USD
    Sotheby’s
    Modern First Editions
    Available for Immediate Purchase
    Sotheby’s, Available Now: Ian Fleming. Live and Let Die. First Edition. 9,500 USD
    Sotheby’s, Available Now: J.K. Rowling. Harry Potter Series. Finely Bound First Printing Set of Complete Series. 5,650 USD
    Sotheby’s, Available Now: Ernest Hemingway. A Farewell to Arms. First Edition, First Printing. 4,200 USD

Rare Book Monthly

Articles - February - 2013 Issue

Book Prices Declined in 2012... Maybe

George Washington's copy of the Constitution was the top priced book auctioned in 2012 - $9,826,500.

All else being equal...

This month we look back at 2012 at auction for our annual state of the book trade review. This is not because most books are bought and sold at auction. They are not. Most sell through dealer shops, online at listing sites or eBay, or through other private transactions. However, those transactions are hidden from the public eye. Only auction sales take place under the glare of the open market, so they provide our best look at what is taking place in the trade.

This past year's numbers indicate a decline in price, which seems consistent with unscientific, anecdotal comments from dealers. Still, this brings us back to that first line - all else being equal. All else was not equal in the auction rooms this past year. More books are appearing at auction. Whether this represents a shift in how books are sold, or reflects a greater quantity of books coming to market, is unclear. What it does say is that changes are taking place in the book market. A flood of books to a particular venue could push prices down while not necessarily being reflective of the overall market. Most likely it reflects some softening in price, but we cannot be as confident of this assessment as we would be if sales volume was similar while prices went down.

For example, one notable difference was the emergence of Heritage Auctions as a high volume seller. We've not seen anything quite like it before. Their share of books sold at auction rose from 1.7% a year earlier to 12.5% last year. Their median, as might be expected with such a high volume, was lower than average, skewing the numbers down.

This past year, we were able to track 310,489 items in the books/paper/ephemera field offered at auction, with 221,248 lots sold. The sell through rate was 71%. The previous year (2011), the number of lots offered was 244,840, with 166,903 sold, a sell-through rate of 68%. That's a 27% increase in lots offered, and despite the “flooding” of items, the sales rate actually increased by 3%. For starters, we can conclude there is a robust market for books, even if prices may have come down somewhat.

Next, we look at the median price for books at auction, the price at which half of the items (which sold) sold for more, and half for less. For 2012, that number was $351.That is down from $378 the prior year. That is a drop of 7%, a not insignificant amount. Still, it is hard to determine whether the higher number of books being offered explains more of the drop than does a deteriorating market.

So... next we looked at the percentage of items which sold for more than their high estimate vs. the number which sold for less than their low estimate. This one was surprising. Last year, 51% of the lots which sold, sold for more than the high estimate, vs. 28% for less than the low estimate. The prior year, that ratio was 46%-30%. In other words, even though the median price was down, more books last year were selling for more than was expected than was the case the previous year. Unless auction houses were greatly reducing their estimates, which seems unlikely, books and related material were outselling expectations, and achieving a greater sell-through rate. This is not what we would expect from a depressed market. The result is that while we experienced a 7% decline in the median price of books at auction last year, it appears that this decline can at least in part be attributed to many more books being put up for sale at auction this past year, rather than declining interest.

What does this mean for the traditional bookseller? We have only anecdotal evidence of their sales, but it will surprise no one in the trade that we don't hear a great many dealers saying they had a bang-up year. Bookselling can be challenging these days. Traditional strategies, from issuing paper catalogues, to operating bricks and mortar showrooms, to attending book fairs, may not work as well as they once did. Nevertheless, it should be of comfort for those in the trade to realize that books are selling, and at a slightly higher rate at auction than a year ago. The market is still there. The challenge is finding it.

The volume leader this past year was Heritage Auctions, selling 27,662 lots. They now conduct some of their sales online. Runner-up was last year's leader, Kiefer Buch und Kunstauktionen of Germany, with 13,034. Despite slipping to second, their unit sales nonetheless rose 15%. Bloomsbury was the only other house to reach five digits, with 11,375 (note – major houses such as Sotheby's and Christie's are tracked by individual location, rather than combining all sales).

The highest median price went to Christie's King Street location in London, at $13,000. Also in five digits were Sotheby's in New York at $10,625 and Christie's in New York at $10,000. However, the highest average sale went to Sotheby's in London at $47,135. A higher average relative to the median indicates some very expensive items were among their mix. For those scared off by such numbers, the median at 16 auction houses was between $100 and $200. There are auction houses that feature many lots in double digits, affordable for those who don't frequent the halls of Christie's and Sotheby's.

Fall, followed by spring, remain the most active times of the year, with November again being the busiest month. However the greatest increases on a percentage basis came in some of the traditionally off-months, including July and January. With more material coming to auction, some houses have been holding sales in traditionally slow months, evidently attempting to avoid being lost in the rush of the busiest months.

Rare Book Monthly

  • Bonhams, Mar. 22 – Apr. 2: A RUTH BADER GINSBURG BEADED JUDICIAL COLLAR. $80,000 - $120,000
    Bonhams, Mar. 22 – Apr. 2: ONLY KNOWN COPY OF THE ONLY BOOK BY THE REMARKABLE EVE ADAMS. $8,000 - $12,000
    Bonhams, Mar. 22 – Apr. 2: A COMPLETE RUN OF VISIONAIRE MAGAZINE THROUGH 2010. $6,000 - $9,000
    Bonhams, Mar. 22 – Apr. 2: LAW REVIEW OFFPRINT SIGNED AND INSCRIBED BY RUTH BADER GINSBURG. $3,000 - $5,000
    Bonhams, Mar. 22 – Apr. 2: META REBNER'S WORKING SCRIPT OF THE LOVED ONE. $1,500 - $2,000
    Bonhams, Mar. 22 – Apr. 2: A KATHY GROVE PORTRAIT OF CYNDI LAUPER FOR THE FEBRUARY 1989 DETAILS COVER. $800 - $1,200
    Bonhams, Mar. 22 – Apr. 2: A PLASTIC COAT BY MILLIE DAVID FEATURED IN SOHO NEWS STYLE SECTION, FROM THE COLLECTION OF ANNIE FLANDERS. $500 - $700
    Bonhams, Mar. 22 – Apr. 2: A RUTH BADER GINSBURG JEWELRY BOX. $600 - $900
    Bonhams, Mar. 22 – Apr. 2: A SET OF JONI MITCHELL LYRICS FOR "IF I HAD A HEART." $2,000 - $3,000
  • 19th Century Shop
    Catalogue 198 just published
    19th Century Shop. Darwin and Wallace, first printing of the first paper on natural selection
    19th Century Shop. Shakespeare’s Poems, first collected edition
    19th Century Shop. Walt Whitman portrait inscribed with a Leaves of Grass poem
    19th Century Shop. Major Elizabeth Barrett Browning manuscript notebook
    19th Century Shop. Spock's Baby Book, original MS
    19th Century Shop. Cellarius, Harmonia Macrocosmica, the great celestial atlas

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