Rare Book Monthly
A Case of Good Taste and Bad Timing
Pierre Joppen of Paulus Swaen was in the room May 6th. He describes the bidding as light, the catalogue prepared by Sotheby's as first class and the results, if disappointing to Frank, nevertheless understandable. "The market is less interested in world maps right now. It's a cycle, they are out of favor." He also mentioned the noticeable deficit of collectors in the space.
Massimo de Martini of Altea Gallery in London said much the same thing. "You must buy to collect, not to invest." If you buy well and hold the material long enough you will sell well. Frank needed to sell too soon. It was a case of good taste and bad timing."
The following is a list of the material that sold followed by a list of unsold lots. Included are the sources, dates and prices paid. This is the information Mr. Benevento was willing to include in the lot descriptions.
List of lots sold is here.
Mr. Arader issued a statement shortly after. "The sale demonstrates the strength of the map collecting market in very uncertain times." He spent $550,000 to buy eighteen lots including 3 of the 4 items he sold to Mr. Benevento.
In the sale's aftermath another dealer, interviewed for this article, referred to this auction as the Graham Arader Sale. It wasn't, but it did turn out to be Graham Arader's opportunity.
Two weeks later the landscape has already changed. Economic uncertainty reigns. The EU is developing plans to aid Greece and other member countries may need help. The Euro has collapsed, England has had a change of government and "austerity budget" is becoming the watchword. In this perfect storm auction houses around the world continue to function normally. Auction realizations have fallen about 10% but material continues to change hands. Both Massimo de Martini and Pierre Joppen confirm: the market will come back.
"If I was negotiating again I would insist on terms for buyers. I think it would have made a difference. It turned out I needed a great house, a great catalogue and great terms. I was one short on May 6th. Who knew?"
Perhaps, in retrospect, Mr. Benevento will feel differently. He'll never know what might have been but the market over the next few months looks tough. By summer he may be feeling lucky and two years from now wish he had never sold. With highly important collectibles this is the way it is. It is always windy on the high wire.
A link to unsold lots available for Purchase from Mr. Benevento.
