On December 2nd Bonhams in New York and via simulcast in San Francisco, conducted the sale of "The American Experience 1630 - 1890". As the consignor I can confirm it was an experience. The sale was presented as an unreserved mirror-on-the-market event and everyone seemed to see the results differently. As Shakespeare might have said, "the mirror always lies" or tries to. For myself it was confirmation of the efficacy of 'the-auction-as-event' approach and evidence of the endemic market weakness that prevails today. In succinct terms the sale brought a 20% premium on its full original cost. More than 200 registered to bid, 34 of which were new bidders at Bonhams. Thirty-seven spent more than $10,000. The overall bidding pool represented 29 American states and 8 countries. The house issued a superb catalogue, offered it widely, and advertised the sale extensively. A series of videos were issued. All that could be done was done. The outcome was very good but the results, given the support Bonhams provided, may be difficult to duplicate.
The sale worked while suggesting comparative weakness. The highly valuable and rarest material sold well as it has elsewhere throughout the downturn, common rarities less well. The threshold between 'safe and supported' material probably rose to more than $5,000. A decade ago it was $1,000, as recently as three years ago around $2,500.
During much of the past decade such material has been listed by dealers at somewhat higher prices, reflecting the general strength of the rarest books that have been trending up over the past twenty years. However, in this sale, when exposed to public reappraisal without reserves the community that buys, sells and collects often stepped aside to let items change hands for substantially less than what they themselves asked years ago. This suggests two possibilities. Prices may not so much have fallen as been exposed as inflated. Alternatively prices may have risen with the market but now fall at different rates, the middle of the market demonstrably weaker than the first tier. As to which view is more accurate it's unclear and probably irrelevant. When I was acquiring the material I believed the prices made sense. That the market's view changes is unsurprising. Neither is dealer pricing infallible. In buying primarily from Bill Reese I didn't know then what I know now - that he often bids at auction on items he sold. In this sale which brought $4.058 million he was the largest buyer by lots and dollar volume. Every collector should have such a dealer.
Sotheby’s Books, Manuscripts and Music from Medieval to Modern Now through July 10, 2025
Sotheby’s, Ending July 10: Book of Hours by the Masters of Otto van Moerdrecht, Use of Sarum, in Latin, Southern Netherlands (Bruges), c.1450. £20,000 to £30,000.
Sotheby’s, Ending July 10: Albert Einstein. Autograph letter signed, to Attilio Palatino, on his research into General Relativity, 12 May 1929. £12,000 to £18,000.
Sotheby’s, Ending July 10: John Gould. The Birds of Europe, [1832-] 1837, 5 volumes, contemporary half morocco, subscriber’s copy. £40,000 to £60,000.
Sotheby’s Books, Manuscripts and Music from Medieval to Modern Now through July 10, 2025
Sotheby’s, Ending July 10: Ian Fleming. A collection of James Bond first editions, 8 volumes in all. £8,000 to £12,000.
Sotheby’s, Ending July 10: J.K. Rowling. Harry Potter and the Philosopher's Stone, 1997, first edition, hardback issue. £50,000 to £70,000.
Sotheby’s, Ending July 10: J.R.R. Tolkien. Autograph letter signed, to Amy Ronald, on Pauline Baynes's map of Middle Earth, 1970. £7,000 to £10,000.
DOYLE, July 23: STOKES, I. N. PHELPS. The Iconography of Manhattan Island, 1498-1909. New York: Robert H. Dodd, 1915-28. Estimate: $3,000-5,000
DOYLE, July 23: [AUTOGRAPH - US PRESIDENT]FRANKLIN D. ROOSEVELT. A signed photograph of Franklin D. Roosevelt. Estimate $500-800
DOYLE, July 23: [ARION PRESS]. ABBOTT, EDWIN A. Flatland. A Romance of Many Dimensions. San Francisco, 1980. Estimate $2,000-3,000.
DOYLE, July 23: TOLSTOY, LYOF N. and NATHAN HASKELL DOLE, translator. Anna Karénina ... in eight parts. New York: Thomas Y. Crowell & Co., [1886]. Estimate: $400-600
DOYLE, July 23: ROWLING, J.K. Harry Potter and the Goblet of Fire. London: Bloomsbury, 2000. Estimate $1,200-1,800
Freeman’s | Hindman Western Manuscripts and Miniatures July 8, 2025
Freeman’s | Hindman, July 8. FRANCESCO PETRARCH (b. Arezzo, 20 July 1304; d. Arqua Petrarca, 19 July 1374). $20,000-30,000.
Freeman’s | Hindman, July 8. CIRCLE OF THE MASTER OF THE VITAE IMPERATORUM (active Milan, 1431-1459). $15,000-20,000.
Freeman’s | Hindman, July 8. CIRCLE OF ATTAVANTE DEGLI ATTAVANTI (GABRIELLO DI VANTE) (active Florence, c. 1452-c. 1520/25). $15,000-20,000.
Freeman’s | Hindman, July 8. FOLLOWER OF HERMAN SCHEERE (active London, c. 1405-1425). $15,000-20,000.
Freeman’s | Hindman, July 8. An exceptionally rare, illuminated music leaf from a Mozarabic Antiphonal with sister leaves mostly in museum collections. $11,500-14,000.
Freeman’s | Hindman, July 8. Exceptional leaf from a prestigious Antiphonary by a leading illuminator of the late Duecento. $11,500-14,000.
Freeman’s | Hindman, July 8. CIRCLE OF THE MASTER OF MS REID 33 and SELWERD ABBEY SCRIPTORIUM (AGNES MARTINI?) (active The Netherlands, Groningen, c. 1468-1510). $10,000-15,000.
Freeman’s | Hindman, July 8. Previously unknown illumination from one of the most renowned Gothic Choir Book sets of the Middle Ages. $6,000-8,000.