• <i>Der Sturm.</i> 1922. Sold October 2021 for € 13,000.
    Diophantus Alexandrinus, <i>Arithmeticorum libri sex.</i> 1670. Sold October 2021 for € 18,000.
    <i>Cozzani Ettore e altri, l’Eroica. Tutto il pubblicato.</i> Sold October 2021 for € 11,000.
    Newton Isaac, <i>Philosophiae naturalis principia mathematica.</i> 1714. Sold October 2021 for € 7,500.
    Manetti Saverio, <i>Storia naturale degli uccelli.</i> 1767-1776. Sold April 2021 for € 26,000.
  • <center><br>Swann Auction Galleries<br>Maps & Atlases<br>Natural History<br>& Color Plate Books<br>December 9, 2021</b>
    <b>Swann, Dec. 9:</b> AUDUBON, JOHN JAMES. Carolina Parrot. Plate 26. Hand-colored aquatint and engraved plate from Audubon's <i>Birds of America.</i> $80,000 to $100,000.
    <b>Swann, Dec. 9:</b> Francisco Henrique Carls. [Album de Pernambuco e seus Arrabaldes]. Fifty-three chromolithographed plates of landscape, town views and more of the state of Pernambuco, northeast Brazil. $25,000 to $35,000.
    <b>Swann, Dec. 9:</b> Captain Thomas Davies, after. Group of 5 engraved topographical scenes of North American waterfalls. $8,000 to $12,000.
    <center><br>Swann Auction Galleries<br>Maps & Atlases<br>Natural History<br>& Color Plate Books<br>December 9, 2021</b>
    <b>Swann, Dec. 9:</b> William R. Morley. Morley's Map of New Mexico. Large lithographed pocket map with original hand-color in outline. $7,000 to $10,000.
    <b>Swann, Dec. 9:</b> Frederick William Beechey, et al. <i>The Zoology of Captain Beechey's Voyage; Compiled from the Collections and Notes Made by Captain Beechey…</i> $7,000 to $10,000.
    <b>Swann, Dec. 9:</b> ZUDA ROKASHI (Priest Hotan.) Nansenbushu Bankoku Shoka No Zu. Woodblock wall map of the world on 16 sheets joined. $5,000 to $7,500.
  • <center><b>Arader Galleries<br>Live Auction<br>December 11, 2021</b>
    <b>Arader Galleries, Dec. 11:</b> De Wit’s composite atlas with magnificent full original color. $125,000 to $150,000.
    <b>Arader Galleries, Dec. 11:</b> Gardner's photographic sketch book of the Civil War. $200,000 to $250,000.
    <b>Arader Galleries, Dec. 11:</b> Waugh Oil Painting, 70 Degrees North; The Polar Bear. $400,000 to $600,000.
    <center><b>Arader Galleries<br>Live Auction<br>December 11, 2021</b>
    <b>Arader Galleries, Dec. 11:</b> Audubon aquatint, Ivory-Billed Woodpecker. $75,000 to $90,000.
    <b>Arader Galleries, Dec. 11:</b> Blaeu terrestrial table globe, 1602. $70,000 to $100,000.
    <b>Arader Galleries, Dec. 11:</b> Audubon aquautint, Ruby-Throated Humming Bird. $35,000 to $45,000.
    <center><b>Arader Galleries<br>Live Auction<br>December 11, 2021</b>
    <b>Arader Galleries, Dec. 11:</b> Bessa original watercolor of a bouquet of flowers. $75,000 to $125,000.
    <b>Arader Galleries, Dec. 11:</b> John Gould's only work devoted to American birds. $15,000 to $20,000.
    <b>Arader Galleries, Dec. 11:</b> Wyld & Malby pair of terrestrial & celestial globes, 1833. $50,000 to $75,000.
    <center><b>Arader Galleries<br>Live Auction<br>December 11, 2021</b>
    <b>Arader Galleries, Dec. 11:</b> Leutze map of the world oil painting. $70,000 to $100,000.
    <b>Arader Galleries, Dec. 11:</b> Caula, the finest 18th century drawing of Lison. $25,000 to $35,000.
    <b>Arader Galleries, Dec. 11:</b> Scolari / Blaeu map of Germania, 1650. $15,000 to $22,000.
  • <center><b>Sotheby’s<br>Zang Tumb Tuuum:<br>la révolution futuriste<br>Online Auction<br>30 November – 7 December</b>
    <b>Sotheby’s, Nov. 18:</b> The "Official Edition" of the United States Constitution and the First Printing of the Final Text of the Constitution, 1787. $15,000,000 to $20,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Marinetti, Filippo Tommaso. I Paroliberi Futuristi. 1914-1915. 8 p. Unique corrected proofs, for an anthology that remained unpublished. €40,000 to €60,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Cangiullo, Francesco. Studenti in Lettere. Università. 1915. Seminal work, featured in 3 historical futurist exhibitions. €20,000 to €30,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Cangiullo, Francesco. Chiaro di luna. Circa 1915. Collage and gouache on paper. €15,000 to €20,000.
    <b>Sotheby’s, Nov. 30 – Dec. 7:</b> Marinetti, Filippo Tommaso. Manicure. Faire les ongles à l'Italie. Circa 1915. A fantastic parody of an advertising poster. €20,000 to €30,000.

Rare Book Monthly

Articles - May - 2017 Issue

Insuring Valuable Books: Some Comments from a Specialist

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Advice from an insurance specialist on what to consider when insuring your book collection.

Even though there are a great many companies that advertise themselves as insurance specialists for collectors, when you visit their sites you find there is precious little specific information provided that would serve as guidance for those interested in coverage for rare books.

 

Earlier this year a thread on the Ex-Libris listserve went into some detail about the particular needs individuals, companies and institutions have in this area. At that time the name of the Michals Insurance Agency in Watertown, MA was mentioned by several of the writers as a firm with a good reputation and a specialized knowledge in this field. RBH contacted Susan Michals, the Vice President of Operations for the company, and asked her to go over some of the basics.

 

“Our agency has been specializing in insuring fine art collections and businesses since we opened our doors in 1964,” she wrote in email answers to a series of questions. “For many years, we were located in Boston’s Back Bay area, right in the hub of businesses that are in this industry. Clients come to us seeking insurance and risk management advice for their collections and businesses.

 

“Most of our clients come to us looking to insure their business or private collections for inventory, transit, and show coverage. Many of them come through referrals, including members of the ABAA. We have an exceptional relationship with the ABAA. We have private collectors who rely on our expertise when it comes to shipping irreplaceable objects. We have dealers who look to us to ensure that they have liability coverage before attending a book fair.

 

“The main questions of concern," she continued, "are on how collectors/dealers can protect their inventory from all types of risks including fire, theft, vandalism and shipments. We are able to offer a comprehensive type of specialty insurance that includes all of these type of perils. We pride ourselves on our prompt service and depth of knowledge in this niche market. We use only companies that specialize in this type of business."

 

In her comments she stressed the need for accurate documentation: “It is important to make sure the collector and/or dealer has an inventory in place and knows what they have. For owned items, document both the cost and selling price. For consigned items, have consignment agreements in place. Electronic inventory is ideal because it can be backed up. This documentation will be needed to confirm the inventory in the event of a claim and it also will guarantee that the dealer/collector is getting the correct insurance limits to protect their valuables in the event of a loss. The collector/dealer should maintain accurate records showing purchases and sales. Photographs are helpful but not imperative. This is important because when there is an actual loss, the claim process goes more smoothly when the records are clear.”

 

“For private collections,” she said, “we recommend that items be listed as a schedule with descriptions and values. The total schedule can be insured for the total value of the collection. The collection may be separated by type of items: rare books, fine arts, jewelry, antiques, etc. because different pricing may apply to each category.

 

“Depending on the type of policy, we recommend that the dealer/collector either have a scheduled policy or a policy with general aggregate. Many book dealers have a general policy without a schedule. Another option is to purchase an insurance policy called “blanket policy limit.” Usually, there is a per item limit with this type of policy. The difficulty here is when there is a claim, there is no specific value to reference. The process to settle a claim with this policy takes longer; however, it is another way to insure collections. A client would need umbrella coverage if they wish to protect themselves or their business from any possible liability.

 

"When it comes to determining value she said, “We ask our insureds to keep up-to-date appraisals for the most valuable items as well as including the market condition for rare books.

 

“Appraisers often will look at comparable sales in order to determine value, so it is important to know the details and have a record about the books including publication year, edition, author. In order to determine value of whole collections or libraries, we need to have an understanding of the inventory – which is why it is important to know what you have.

 

“We would use the scheduled values based on appraisals for the individual items, and, if the collection has a specific focus, there could be an overall collection value due to the unique nature of the collection. Usually, in the collection world, the parts are greater than the whole but if it is a rare collection, it could go the other way.

 

“We prefer to focus on insuring businesses within the US. Our fine art insurance policies include worldwide coverage, including exhibitions and transit. As for rates, she said, “In most cases, rates are based on a per $100 of replacement value.”

 

"Insuring items in transit whether for loan, exhibit or sale is something that needs to be understood and carefully considered, especially when materials of high value are involved.

 

“If transit coverage is included in the policy,” Michals said, “it is recommended that items be professionally packed for shipment and a reputable, specialty shipper be used. When on exhibit and/on loan, it is important to understand the contractual liabilities, meaning who is responsible—for example, on consigned items, the insured should always have a written consignment agreement in place. Make sure the values are listed on agreements and that they are accurate.

 

“When packing for shipping,” she continued, “it is best to wrap each book in acid-free tissue and place it between two archival boards so that the books do not shift in transit. Each book can then be wrapped in a material such a bubble wrap for extra protection. It is best to ship books upright as if they were sitting on the shelf, whenever possible. When packing books in a box, fill any voids with a material such as bubble wrap to limit movement. We suggest double boxing the books for added protection and do not pack multiple books so that they are heavier than one person could lift.

 

What is the procedure in the event of loss or damage?

 

“When an insured has a loss," Michals said, "we notify the insurance company immediately. We ask the insured to provide us with full details, documents, and photos, if possible. We recommend that they contain the loss to the best of their capabilities, and keep all receipts for cleanups or emergency repairs until the claim adjuster is in touch with them.

 

“The claim adjuster will either look at pictures of damaged items or, depending on the size of the loss, visit the loss location to better understand what caused the loss. The claim adjuster will want to see price listings, receipts for owned items, and consignment agreements for consigned items. The adjuster also may ask the insured to clarify the condition of the books before the loss. If an item damaged is not a total loss, a loss depreciation can be negotiated, or if there is disagreement, an appraiser may be able to assist in determining the loss in value. We only use reputable insurers that specialize in insuring these items. There are times when insurers call in outside appraisers. This is usually a process that takes some time but the goal for all insurers, especially the companies we use, is to settle claims fairly.

 

As for the claims timeline: “Some claims can be settled within a day or two. Others, depending on the type of loss and what is needed to settle the claim, can be settled within 30 days. If you have accurate paperwork and receipts showing your cost for owned items or consignment agreements for consigned works, the process will move much faster. This is why we recommend having a complete inventory.

 

Michals declined to comment on other companies offering similar services, but added, “Competitive quotes are obtained by completing an application, providing complete details of the risk/business, prior insurance company information, and loss information. By providing the insurance company with this information, the insurance company is able to assess the risk and provide the best rate and coverage."

 

Her own opinion is: “We recommend only using specialty brokers and insurance companies for insuring rare books and fine art collections. Claims in this arena can be complex with loss in value and repairs. A collector does not want to find out after a claim that the insurance company has no idea what it is doing. We only work with insurance companies with specific knowledge of fine art risks and have expert claims staff to assess losses.

 

"As they say, 'you only need insurance when you do.' Do not find out when it is too late that you are with the wrong insurance broker and company.”

 

Contact info for Susan Michals: VP Operation

Michals Insurance Agency

85 Main Street, Watertown, MA 02472

General Phone: (617) 924 1100 General Fax: (617) 926 2162

 

susan@michalsinsurance.com

 

www.michalsinsurance.com

 

 

Links Selected links on the general topic of insurance for collectibles:

 

Some advice posted by ABEBOOKS.com adapted or a piece that originally appeared in Fine Books and Collecting Magazine: www.abebooks.com/books/rarebooks/Avid-Collector/Dec06/book-insurance.shtml

 

This is the website for American Collectors Insurance which offers policies for a wide variety of collectibles including books and maps, but not fine arts: americancollectors.com/plans/collectibles/faq/

 

Website for Bernard Fleischer & Sons, which offers a wide variety of coverage for collectibles: artinsurancenow.com/blog/category/collectables/books-and-maps/

 

Huntington Block is a long established firm specializing in fine arts insurance: www.huntingtontblock.com/Coverages/Fine-Art-Insurance

 

A brochure for collectors from Collectibles Insurance Service: collectinsure.com/CollectInsure/media/Documents/CollectorBrochure_Agents.pdf?ext=.pdf

 

NB: This article provides general information we hope our readers will find useful in assessing their needs. It is not intended as an endorsement of one particular company or companies and their service(s). We urge readers to review the information provided, ask questions that apply to their own situation, and obtain comparative quotes.

Rare Book Monthly

  • <b><center>Doyle<br>Rare Books, Autographs & Maps<br>December 9</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 47. Roosevelt, Theodore. Photograph inscribed to Morris J. Hirsch. May 7th 1918. $1,500 to $2,500.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 178. Whitman, Walt. <i>Leaves of Grass.</i> Brooklyn, New York: [Printed for the author], 1955. First edition in the first issue binding. $70,000 to $100,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 38. Mather, Cotton. <i>Magnalia Christi Americana; or, the Ecclesiastical History of New-England.</i> London: Printed for Thomas Parkhurst, 1702. First edition. $3,000 to $5,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 55. Taylor, Zachary. Autograph letter signed as President-Elect. Baton Rouge: January 15, 1849. $5,000 to $8,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 203. Picasso, Pablo. <i>Verve</i> Vol. V, Nos. 19-20. Paris: Editions Verve, 1948. Inscribed on the title page by Picasso. $1,500 to $2,500.
    <b><center>Doyle<br>Rare Books, Autographs & Maps<br>December 9</b>
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 211. Domergue, Jean-Gabriel. L'Ete a Monte Carlo. Lithographed poster, Lucien Serre & Cie, Paris, circa 1937. $1,000 to $1,500.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 105. Manuscript Illumination attr. to Neri da Rimini. Large excised initial "N" from a choirbook, extensively historiated. [Likely Rimini: first quarter of the 14th century]. $2,000 to $3,000.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 40. McKenney, Thomas L. and Hall, James. <i>History of the Indian Tribes of North America, with Biographical Sketches and Anecdotes of the Principal Chiefs.</i> Philadelphia: Rice, Rutter & Co., 1870. $3,00
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 222. Searle, Ronald. [Pets--a dog, cats and a parrot-- surrounded by books, and inspecting a globe, perhaps planning global domination]. Original drawing, 17 3/8 x 13 1/2 inches. $1,500 to $2,500.
    <b>Doyle, Rare Books, Autographs & Maps:</b> Lot 98. Faden, William; Scull, Nicholas and George Heap. A Plan of the City and Environs of Philadelphia, Survey'd by N. Scull and G. Heap. London: William Faden, 12 March 1777. $3,000 to $5,000.
  • <b>Bonhams, Dec. 15:</b> BENJAMIN FRANKLIN. Autograph Letter Signed ("B. Franklin"), to Benjamin Vaughan asserting the primacy of American independence in negotiating the Treaty of Paris, Passy, July 11, 1782. $80,000 to $120,000.
    <b>Bonhams, Dec. 15:</b> BENJAMIN FRANKLIN. Autograph Letter Signed ("B. Franklin") to David Hartley addressing Hartley's final issues with the recently completed ratification of the Treaty of Paris, Passy, June 2, 1784. $70,000 to $100,000.
    <b>Bonhams, Dec. 15:</b> MASON & DIXON. A hand-colored contemporary manuscript map titled in cartouche, "A Map of that Part of AMERICA where a degree of LATITUDE was measured for the ROYAL SOCIETY, by Chas Mason & Jer: Dixon," c.1768. $8,000 to $12,000.
    <b>Bonhams, Dec. 15:</b> WILLIAM BUTLER YEATS. Autograph Manuscript Signed ("WB Yeats"), a fair copy of "When Helen Lived" for John Preece headed ("For John Preece"), framed. $5,000 to $7,000.
    <b>Bonhams, Dec. 15:</b> "LINCOLN SEATED." KECK, CHARLES, sculptor. 1875-1951. Patinated bronze, 1950. Louise Taper Collection. $10,000 to $15,000.
    <b>Bonhams, Dec. 15:</b> ABRAHAM LINCOLN'S FINAL HOURS. BURNS, J., painter. <i>Death-Bed of Abraham Lincoln.</i> Oil on canvas, 1866. Collection of Louise Taper. $8,000 to $12,000.
    <b>Bonhams, Dec. 15:</b> FILSON, CHARLES PATTERSON, painter. 1860-1937. <i>Portrait of Edwin M. Stanton, Lincoln's Secretary of War.</i> $3,000 to $5,000.
    <b>Bonhams, Dec. 15:</b> A MATZOS BOX PRESENTED BY THE MANISHEVITZ BROTHERS TO WARREN G. HARDING. Louise Taper Collection. $2,000 to $3,000.
    <b>Bonhams, Dec. 15:</b> LEWIS CARROLL. Original albumen print photograph, approximately 6 7/8 x 8 3/4 inches, Chelsea, London, October 7, 1863, of the Rossetti Family at home, one of only three known examples of the full image. $50,000 to $70,000.
    <b>Bonhams, Dec. 15:</b> CHRISTINA ROSSETTI. <i>Verses ... Dedicated to Her Mother.</i> Privately printed, 1847. First edition of her first book, printed at her grandfather's press, THE ROSSETTI FAMILY COPY. $15,000 to $20,000.
    <b>Bonhams, Dec. 15:</b> CHRISTINA ROSSETTI. Original drawing of snowdrops in purple pencil, sent by CGR to Lucy Rossetti, inscribed "I doubt whether you will make out my copy from nature," 1887. $800 to $1,200.
    <b>Bonhams, Dec. 15:</b> DANTE GABRIEL ROSSETTI, et al. The Germ: <i>Thoughts towards Nature in Poetry, Literature and Art.</i> Fine copy in a Doves binding by Cobden Sanderson. $12,000 to $18,000.
  • <center><b>Fonsie Mealy’s<br>Christmas Rare Books<br>& Collectors' Sale<br>December 7th & 8th, 2021</b>
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Ortelius (Abraham). <i>Theatrum Orbis Terrarum,</i> folio, Antwerp, 1570, First Edition (2nd Issue), 53 double-page maps, contemporary hand colouring. €40,000 to €60,000.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> An original engraved facsimile copy of the Declaration of Independence of 4 July 1776, issued by order of Congress on 4 July 1823 in a limited edition of 200 copies on fine parchment. €20,000 to €30,000.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Joyce (James). <i>Ulysses.</i> Shakespeare & Co., Rue de l’Odeon, Paris 1922. No. 559 of 1000 Copies of the First Edn.,, one of 750 Copies on handmade paper. €10,000 to €15,000.
    <center><b>Fonsie Mealy’s<br>Christmas Rare Books<br>& Collectors' Sale<br>December 7th & 8th, 2021</b>
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Malton (James) [1761-1803]. A fine quality set of twenty-five hand coloured aquatint Views of Dublin, as published for <i>A Picturesque and Descriptive View of the City of Dublin</i>. €6,000 to €7,000.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> 'Bloody Sunday.' An original Admission Ticket to Croke Park, Great Challenge Match (Football), Tipperary v. Dublin, Sunday, November 21,1920. Pink card, 3 ins x 4 ¼ ins. €4,000 to €5,000.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Joyce (James). <i>Haveth Childers Everywhere - Fragment from Work in Progress,</i> Paris & N.Y., 1930, First Edn., Signed and Limited No. 50 (100) Copies. €4,000 to €6,000.
    <center><b>Fonsie Mealy’s<br>Christmas Rare Books<br>& Collectors' Sale<br>December 7th & 8th, 2021</b>
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Edward Lyons, Irish (1726-1801). Genealogy: <i>The FitzGerald's Arms of Carton House, Kildare,</i> pen and ink and watercolour on laid paper. €3,000 to €4,000.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Yeats (William Butler). <i>Poems.</i> Cuala Press, D. 1935, stiff blue paper covers, unlettered as issued, coloured initials and ornaments hand-drawn by Elizabeth Corbet Yeats. One of 300 copies. €2,000 to €3,000.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> A fine and important collection of Ulster Wit. Belfast Political Scrapbook, 19th century. €1,500 to €2,000.
    <center><b>Fonsie Mealy’s<br>Christmas Rare Books<br>& Collectors' Sale<br>December 7th & 8th, 2021</b>
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Rare Views of the Giant's Causeway. Coloured Prints: Drury (Susanna) [1698-1770]. A rare pair of original Engraved Prints. €1,200 to €1,500.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> [Johnson (Rev. Samuel)]. <i>Julian the Apsostate Being a Short Account of his Life, together with a Comparison of Popery and Paganism,</i> L., 1682, First Edn. €800 to €1,200.
    <b>Fonsie Mealy’s, Dec. 7-8:</b> Aringhi (Pauli). <i>Roma Subterranea Novissima,</i> 2 vols. lg. folio Rome (Typis Vitalis Mascardi) 1651. €350 to €750.

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