• <b>Bonhams, Feb. 11:</b> A Rare 3-rotor German Enigma I Enciphering Machine. $70,000 to $90,000
    <b>Bonhams, Feb. 11:</b> Important collection of correspondence between Werner Heisenberg and Bruno Rossi. $40,000 to $60,000
    <b>Bonhams, Feb. 11:</b> Walt Whitman Autograph manuscript containing his thoughts on death. $20,000 to $30,000
    <b>Bonhams, Feb. 11:</b> David Roberts. <i>Holy Land</i>. Six volumes. 1842-1849. First edition. $15,000 to $25,000
    <b>Bonhams, Feb. 11:</b> Extensive collection of Ray Bradbury's primary works, most signed or inscribed. $15,000 to $20,000
    <b>Bonhams, Feb. 11:</b> Peter Force. Declaration of Independence. $12,000 to $18,000
    <b>Bonhams, Feb. 11:</b> Steinbeck. <i>Grapes of Wrath</i>. A fine copy of the first edition. $10,000 to $15,000
    <b>Bonhams, Feb. 11:</b> Lewis & Clark. <i>Travels to the Source of the Missouri River</i>... First English edition, extra-illustrated. 1814. $10,000 to 15,000
    <b>Bonhams, Feb. 11:</b> Manuscript document signed by Nuno de Guzman relating to Hernan Cortes, 1528. $8,000 to $12,000
    <b>Bonhams, Feb. 11:</b> “Nos los inquisidores..." The first book in English printed West of the Mississippi. [1787]. $5,000 to $8,000.
  • <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>
  • <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> <i>The Massachusetts Magazine: or Monthly Museum of Knowledge and Rational Entertainment,</i> 1789. Signed by George Washington. $28,000 to $32,000
    <b>Case Antiques, Jan. 27:</b> George Washington Signed Letter to John Marshall. $12,000 to $14,000
    <b>Case Antiques, Jan. 27:</b> Picasso Signed “Vallauris” 1952 Exhibition Poster. $6,000 to $8,000
    <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> Military appointment commission document signed by both President Thomas Jefferson and Secretary of War Henry Dearborn, dated January 27, 1803. $2,400 to $2,800
    <b>Case Antiques, Jan. 27:</b> Doris Ulmann and Julia Peterkin. <i>Roll, Jordan, Roll.</i> New York, 1933, deluxe edition, preceding first edition of the same year. No. 74 of 350. $5,000 to $6,000
    <b>Case Antiques, Jan. 27:</b> John Marshall. <i>The Life of George Washington,</i> Philadelphia, 1832. Signed by author. $5,000 to $7,000
    <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> Samuel L. Margolies (American, 1897-1974). Aquatint and etching, "Builders of Babylon," 1937. $4,000 to $4,500
    <b>Case Antiques, Jan. 27:</b> Two Robert E. Lee (1807-1870) signed documents as President of Washington College. $3,000 to $3,500
    <b>Case Antiques, Jan. 27:</b> William C. Harris. <i>The Fishes of North America That Are Captured on Hook and Line</i>, Vol I., New York, 1898. 40 chromolithograph plates. $2,000 to $2,500
    <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> $100 "Date Back" bank note 1902 from the Clarksville National Bank, Clarksville, Tennessee, depicting the portrait of John Jay Knox, Jr. $1,400 to $1,800
    <b>Case Antiques, Jan. 27:</b> View of the University of Virginia, Charlottesville and Monticello, Taken from Lewis Mountain, drawn and lithographed by Edward Sachse. $800 to $1,000
    <b>Case Antiques, Jan. 27:</b> Large Civil War photograph mounted on card stock depicting Rossville Gap in Missionary Ridge. $400 to $450
  • <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 39: Presidential Pardon Signed by John F. Kennedy. November 1962. $7,000 to $9,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 537: Marc Chagall. <i>Illustrations for the Bible</i>. Features 28 lithograph plates. First American edition, 1956. $2,000 to $3,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 252: Jack Kerouac. <i>On the Road</i>. 1957. First edition. $5,000 to $7,000
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 143: Arthur Rimbaud. <i>A Season in Hell</i>. With photogravures by Robert Mapplethorpe. The Limited Editions Club, 1986. $600 to $800
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 72: Group of 11 Harry Truman Signed Letters. Typed & signed by the former President. 1962-1970. $1,500 to $2,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 157: Arthur Conan Doyle. The Complete Works of Sherlock Holmes by The Limited Editions Club. 8 vols. 1950-52. $300 to $500
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 173: Jacob Lawrence. <i>The First Book of Moses, Called Genesis</i>. Illustrated with silkscreens by Lawrence. 1989. $2,000 to $3,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 239: William Faulkner. <i>Sartoris</i>. First edition. New York: Harcourt, Brace, & Company, 1929. $2,000 to $3,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 286: Walt Whitman. New Year’s Eve Postcard Signed, “Walt Whitman,” to the poet Gabriel Sarrazin. January, 1891. $4,000 to $6,000
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 351: Pair of European Fine Bindings. Including Gesanbuch (1831) & Naboznych Vylevov (1911). $200 to $300
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 423: August Luben. <i> Naturhistorischer Atlas der Saugethiere </i>. Includes complete set of 30 loose plates. Leipzig: 1858. $1,000 to $1,500
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 386: <i>Famous Monsters of Filmland No 1</i>. Art by Will Elder, text by Forrest Ackerman. Warren’s first monster magazine. Feb, 1958. $2,000 to $3,000

Rare Book Monthly

Articles - July - 2017 Issue

A $2 Million Theft? Maybe Not

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How one estimates the value of rare, even unique works is always a challenge. The correct formula is to determine the market price agreed upon by a willing buyer and willing seller, but the rarer the item, the harder that can be to determine. In the case of books, some are extremely rare, occasionally the only known copy. With manuscripts and ephemeral items, there often is only one of its kind.

 

If there is but one of a kind, there are generally two methods employed in valuing it. In the first, a skilled appraiser will search for known prices on comparable items, such as a similar document from the same person, or another person of comparable notoriety. Then there is the other method, whereby the estimator pulls some number out of thin air (or someplace else), often what the owner in his wildest dreams would like to obtain. If you have ever searched the listing sites or eBay, you will undoubtedly find some examples of each, even a few where the unknowing owner grossly underestimates the value (you won't see this as often as they don't last long).

 

This takes us to one of the more amusing cases we have seen lately, where the item was a piece of original art, but the principles are the same. The Abilene (Texas) Police Department recently issued the following report:

 

"A 60 year old Lubbock man who was passing through Abilene on his way to the Metroplex [i.e. Dallas-Forth Worth] alleges someone came into his motel room over the weekend and stole over $2 mil. in paintings, some clothing and a map. Ricky Denzler had rented a room at a motel located at 3417 South 1st in order to visit family. At some point over the weekend Denzler says someone came into his room and stole the 5 paintings, the clothing and a map.

 

"Denzler says he is the artist of the paintings and estimated their value at over $2 million dollars. Denzler did not provide any proof of the paintings. The Abilene Police Department is working this incident as a Burglary of a Habitation. The investigation continues."

 

There were five paintings, four of which Denzler estimated at $2,000, $2,500, $16,000 and $24,000. The fifth he estimated at over $2 million. It appears he used the latter of the two previous methods of estimating value mentioned earlier. Denzler is not a well-known artist. The only matches to his paintings that can be found in an internet search are those referring to this alleged theft. He is, perhaps, the next Michelangelo, but it does not appear that anyone else has recognized that yet. Only Mr. Denzler, who provided the police with the valuations, has so concluded as of this time. It is very unlikely he sought the advice of a licensed appraiser in reaching his estimates.

 

A few other details added to the suspicions. Mr. Denzler was staying in an older, inexpensive motel in a neighborhood of comparables. One usually doesn't leave a $2 million painting alone in the room of such a place. Press reports added further suspicion as the motel manager voiced suspicion based on the appearance of some of the people visiting Mr. Denzler. Abilene police later reported that they had received calls from Interpol and London when reports got out that a $2 million painting had been stolen in Abilene. Abilene police assured them that these were not the paintings they were seeking. They also indicated it was likely that they would close the case.

 

The message here is that for buyers and sellers, it is important to ascertain as closely as possible actual market valuations of collectibles. For buyers, it is imperative if one hopes to be able to sell the item at a future date without incurring a serious loss. For sellers, it is important if one hopes to actually sell their wares. Mr. Denzler may value his painting at $2 million, but he will never sell it until he determines what the fair market value is for his work. Safe to say, he needs to dramatically sharpen his paintbrush.

 

For lower priced items, listing sites such as AbeBooks, Biblio, and Amazon can provide some guidance, though these are only asking prices, not selling prices, and it is not clear how these asking prices are determined. One should look to the lower prices asked for guidance unless there is a discernible difference between those and the ones that are priced higher (condition, etc.). For more valuable books and works on paper, one should look for actual sales records, such as those available through the Rare Book Transaction History (subscription available on this website) or from a recognized appraiser. It is worth getting the numbers right.

Rare Book Monthly

  • <b>Swann Auction Galleries, Feb 15:</b> Icons & Images: Photographs & Photobooks
    <b>Swann Auction Galleries, Mar 1:</b> Vintage Posters Featuring Highlights from the Gail Chisholm Collection
    <b>Swann Auction Galleries, Mar 8:</b> Early Printed, Medical, Scientific & Travel Books
    <b>Swann Auction Galleries, Mar 13:</b> 19th & 20th Century Prints & Drawings
    <b>Swann Auction Galleries, Mar 22:</b> Autographs
    <b>Swann Auction Galleries, Mar 29:</b> Printed & Manuscript African Americana
    <b>Swann Auction Galleries, Apr 12:</b> Printed & Manuscript Americana
    <b>Swann Auction Galleries, Apr 26:</b> Fine Illustrated Books & Graphics
    <b>Swann Auction Galleries May 3:</b> Graphic Design
    <b>Swann Auction Galleries May 15:</b> 19th & 20th Century Literature
    <b>Swann Auction Galleries, Jun 7:</b><br>Maps & Atlases, Natural History & Color Plate Books
    <b>Swann Auction Galleries, Jun 21:</b> Revolutionary & Presidential Americana from the Collection of William Wheeler III
  • <b>Arader Galleries Auction<br>January 27, 2018</b>
    <b>Arader Galleries, Jan. 27:</b> Snowy Heron, Plate 242. John James Audubon (1785-1851). First Edition Engravings with Original Hand Color. London: Robert Havell, 1827-1838.
    <b>Arader Galleries, Jan. 27:</b> Great Blue Heron, Plate 211. John James Audubon (1785-1851). First Edition Engravings with Original Hand Color. London: Robert Havell, 1827-1838.
    <b>Arader Galleries, Jan. 27:</b> The Clouded Leopard. Charles Robert Knight (1874-1953). Oil on canvas.
    <b>Arader Galleries Auction<br>January 27, 2018</b>
    <b>Arader Galleries, Jan. 27:</b> A Bouquet of Daffodils and Other Flowers with a Butterfly on the Stem. Pierre-Joseph Redouté (1759-1840). Black Chalk, Watercolor And Gum Arabic On Vellum.
    <b>Arader Galleries, Jan. 27:</b> CELLARIUS, Andreas (ca 1596-1665). <i>Harmonia macrocosmica seu atlas universalis et Novus</i>. Amsterdam: Pieter Schenk and Gerald Valk, 1708.
    <b>Arader Galleries, Jan. 27:</b> HOMANN, Johann Baptist (1663-1724). <i>Grosser Atlas über die gantze Welt</i>. Nuremburg: J.H.G. Bieling for the heirs of Homann, 1737.
    <b>Arader Galleries Auction<br>January 27, 2018</b>
    <b>Arader Galleries, Jan. 27:</b> LEVAILLANT, Francois (1753-1824). <i>Histoire naturelle des perroquets</i>. Paris: Levrault frères (later Levrault, Schoell & Co.), 1801-1805.
    <b>Arader Galleries, Jan. 27:</b> FUCHS, Leonhard (1501-1566). <i>De historia stirpium commentarii insignes. adiectis earundem vivis plusquam quingentis imaginibus</i>… Basel: Michel Isingrin, 1542.
    <b>Arader Galleries, Jan. 27:</b> Original Manuscript Map "Plano De Una Parte De La Provincia De La Luisiana..." AN EXCEPTIONALLY FINE AND HISTORICALLY IMPORTANT MAP SHOWING THE ORIGINS OF THE STATE OF TEXAS AT THE TURN OF THE 19TH CENTURY.
    <b>Arader Galleries Auction<br>January 27, 2018</b>
    <b>Arader Galleries, Jan. 27:</b> J. De Cordova's Map of the State of Texas Compiled from the records of the General Land Office of the State by Robert Creuzbaur, Houston. Hand-colored lithograph. New York: J. Atwood, 1850.
    <b>Arader Galleries, Jan. 27:</b> Texas. David Burr (1803-1875). Engraved Map with original hand color in full. New York: J. H. Colton & Co., 1834. Second Edition.
    <b>Arader Galleries, Jan. 27:</b> Map of Texas with Parts of Adjoining States Compiled by Stephen F. Austin. Engraved Map with original hand color. Philadelphia, 1830. First Edition.
  • <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> <i>Verve: Revue Artistique et Littéraire/An Artistic and Literary Quarterly,</i> nos.1-38 in 26 vol [a complete set], numerous colour lithographs by Picasso, Chagall, Matisse & others. £8,000 to £12,000
    <b>Forum Auctions, Jan. 25:</b> Wesley (John, Church of England clergyman and a founder of Methodism, 1703-91). Autograph Letter signed to Rev. John Bredin, 1782. £8,000 to £12,000
    <b>Forum Auctions, Jan. 25:</b> Austen (Jane). Brock (Charles Edward). A group of seventeen ink and watercolour drawings for Dent's edition of Jane Austen's <i>Sense and Sensibility,</i> 1908. £6,000 to £8,000
    <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> Tibullus (Albius) and Gaius Valerius Catullus. <i>Elegiae, sive Carmina,</i> Venice, Andreas de Paltasichis, 1487. £5,000 to £7,000
    <b>Forum Auctions, Jan. 25:</b> Doves Press. English Bible (The), 5 vol., one of 500 copies, signed and inscribed by Laurence Hodson, Doves Press, 1903. £5,000 to £7,000
    <b>Forum Auctions, Jan. 25:</b> Africa. Smith (Andrew). <i>Illustrations of the Zoology of South Africa,</i> 5 vol., first edition, original cloth, [1838-50]. £4,000 to £6,000
    <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> Longitude. <i>An Act for providing a Publick Reward for such Person or Persons as shall Discover the Longitude at Sea,</i> first edition of this highly important act, John Baskett, 1714. £3,000 to £5,000
    <b>Forum Auctions, Jan. 25:</b> Shirley (James). <i>Six new playes, viz. The Brothers. Sisters. Doubtfull Heir. Imposture. Cardinall. Court secret,</i> first edition, 1653. £3,000 to £4,000
    <b>Forum Auctions, Jan. 25:</b> Heaney (Seamus). <i>Ugolino,</i> number 77 of 125 copies, Dublin, Dolmen Press, 1979. £3,000 to £4,000
    <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> Lasinio (Carlo, 1759-1838). <i>[Ritratti Originali de Pittori Esistenti Nella Reale Galleria de Firenze],</i> 99 engravings, circa 1791-96. £1,800 to £2,200
    <b>Forum Auctions, Jan. 25:</b> Japan. Kusakabe Kimbei. Photograph Album, 50 hand-coloured albumen prints, oblong folio, [c.1890-1900]. £1,500 to £2,000
    <b>Forum Auctions, Jan. 25:</b> Polar. Expedition in search of Sir John Franklin. Arctic Expedition in search of Sir John Franklin, printed flyer, 1852. £1,000 to £1,500

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