Covid-19 and the turgid economy present a lethal mixture of possibilities that will work themselves out over the next five years. For book dealers and collectors these issues will present additional challenges because in collectibles liquidity varies negatively with uncertainty. By the end of the year extraordinary levels of government stimulus will have been absorbed leaving diminishing positive effects after which unmistakable negative effects will take hold: inflation and a 25% decline of the US dollar relative to a market basket of ascendant world currencies over the next 3-5 years.
For the rare book business there are multiple issues to consider:
Your debt to equity ratio: liabilities/assets.
The currency you principally trade in.
The cost of your collection or stock.
The relative strength of your inventory.
Low, middle or high end
The kind of material you have as defined by price category.
Are you prepared to keep your inventory to a fixed percentage of your sales? This means that if your sales slow you will cut your stock proportionately.
Is the value of your collection significant to your cashflow or net worth?
Your cashflow requirements both short and long term.
How and to whom would you sell?
Wealthy collectors
Middle class collectors
Institutions online or by offer letter
At auction
On eBay
It’s always a good idea to have your financial plans updated because the next 5 years will present unusual risks.
I will try to help any RBH member who requests advice.
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.
Forum Auctions Fine Books, Manuscripts and Works on Paper 17th July 2025
Forum, July 17: Lucianus Samosatensis. Dialogoi, editio princeps, second issue, Florence, Laurentius Francisci de Alopa, 1496. £10,000 to £15,000.
Forum, July 17: Boccaccio (Giovanni). Il Decamerone, Florence, Philippo di Giunta, 1516. £10,000 to £15,000.
Forum, July 17: Henry VII (King) & Philip the Fair (Duke of Burgundy). [Intercursus Magnus], [Commercial and Political Treaty between Henry VII and Philip Duke of Burgundy], manuscript copy in Latin, original vellum, 1499. £8,000 to £12,000.
Forum, July 17: Bible, English. The Holy Bible, Conteyning the Old Testament, and the New, Robert Barker, 1613. £4,000 to £6,000.
Forum, July 17: Bond (Michael). A Bear Called Paddington, first edition, signed presentation inscription from the author, 1958. £4,000 to £6,000.
Forum Auctions Fine Books, Manuscripts and Works on Paper 17th July 2025
Forum, July 17: Yeats (William Butler). The Secret Rose, first edition, with extensive autograph corrections, additions and amendments by the author for a new edition, 1897. £6,000 to £8,000.
Forum, July 17: Byron (George Gordon Noel, Lord). Childe Harold's Pilgrimage, bound in dark green morocco elaborately tooled in gilt and with 3 watercolours to fore-edge, by Fazakerley of Liverpool, 1841. £4,000 to £6,000.
Forum, July 17: Miró (Juan), Wassily Kandinsky, John Buckland-Wright, Stanley William Hayter and others.- Spender (Stephen). Fraternity, one of 101 copies, with signed engravings by 9 artists. £6,000 to £8,000.
Forum, July 17: Sowerby (George Brettingham). Album comprising 22 leaves of original watercolour drawings of fossil remains of Cheltenham and Vicinity, [c.1840]. £6,000 to £8,000.
Forum, July 17: Mathematics.- Blue paper copy.- Euclid. De gli Elementi, Urbino, Appresso Domenico Frisolino, 1575. £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.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/64dbb393-4712-4536-a1a6-26d823c523dc.png "<b>Sotheby’s, Ending July 10:</b> John Gould. <i>The Birds of Europe,</i> [1832-] 1837, 5 volumes, contemporary half morocco, subscriber’s copy. £40,000 to £60,000.")
![DOYLE, July 23: [AUTOGRAPH - US PRESIDENT]FRANKLIN D. ROOSEVELT. A signed photograph of Franklin D. Roosevelt. Estimate $500-800](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/4ce5fa1d-1943-4413-a80d-7b5c75383e7e.jpg "<b>DOYLE, July 23:</b> [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.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/fa635c85-6b12-44f2-8832-2087579574d9.jpg "<b>DOYLE, July 23:</b> [ARION PRESS]. ABBOTT, EDWIN A. <i>Flatland. A Romance of Many Dimensions.</i> 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](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/af9f4e1a-90c2-428c-8d49-9624b070c7a9.jpg "<b>DOYLE, July 23:</b> TOLSTOY, LYOF N. and NATHAN HASKELL DOLE, translator. <i>Anna Karénina ... in eight parts.</i> New York: Thomas Y. Crowell & Co., [1886]. Estimate: $400-600")
![Forum, July 17: Henry VII (King) & Philip the Fair (Duke of Burgundy). [Intercursus Magnus], [Commercial and Political Treaty between Henry VII and Philip Duke of Burgundy], manuscript copy in Latin, original vellum, 1499. £8,000 to £12,000.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/148a7ca4-9746-44c9-a75e-86229b6f10d2.png "<b>Forum, July 17:</b> Henry VII (King) & Philip the Fair (Duke of Burgundy). [Intercursus Magnus], [Commercial and Political Treaty between Henry VII and Philip Duke of Burgundy], manuscript copy in Latin, original vellum, 1499. £8,000 to £12,000.")
![Forum, July 17: Sowerby (George Brettingham). Album comprising 22 leaves of original watercolour drawings of fossil remains of Cheltenham and Vicinity, [c.1840]. £6,000 to £8,000.](https://ae-files.s3.amazonaws.com/AdvertisementPhotos/863855a8-4b41-4512-b168-a4a3eab5d6a6.png "<b>Forum, July 17:</b> Sowerby (George Brettingham). Album comprising 22 leaves of original watercolour drawings of fossil remains of Cheltenham and Vicinity, [c.1840]. £6,000 to £8,000.")
