Rare Book Monthly

Articles - October - 2005 Issue

Up for Bid: eBay, Auctions & Book Sites

Progress is not always pretty or predictable.

Progress is not always pretty or predictable.


By Bruce McKinney

The internet is logic in constant pursuit of speed and scale and it continues to revolutionize the book business. eBay has been encouraging traditional auction houses to list upcoming lots on a pre-sale basis and many have been doing it. It's a great strategy for eBay though less clear traditional auction houses will feel good about their participation long term. They are lending their hard earned credibility to eBay and eBay is converting this into increasing credibility for themselves among traditional auction buyers. It may also be helping traditional auction houses but it seems certain to help eBay more.

Old and rare books may only be a small piece of eBay's business but they are already the dominant force at the low end of the auction market. The total of all documented book lots selling at traditional auctions this year will approach 125,000 lots and 500,000 printed items. eBay's old & rare book numbers, by themselves, will be comparable although the average lot price much lower. A year ago I roughly calculated that eBay prices were 20% of bookseller retail. That put them on the chart but at the low end of what dealers pay to replenish stock. This year eBay's realized prices seem to be inching up while dealer prices seem to be inching down. There are three potential explanations for this. Familiarity with the internet generally and eBay specifically is increasing thus broadening their market. The total of books for sale on listing sites is increasing and is exerting downward pressure on prices. And hopeful sellers, ever wanting to convert their inventory into money [and at the margin growing weary of waiting for the motivated buyer] are increasingly attracted to the eBay auction process that lets them control every aspect of the sale and to conduct sales at a low cost. Because these sellers often are experienced listing site sellers they provide a more solid and professional feeling to eBay listings. In brief, eBay is attracting more knowledgeable sellers.

The electronic market is of course a three cornered stool. eBay and perhaps its competitors are one, the listing and individual seller's sites another. The third leg is traditional book auctions. They create marriages of convenience for more important and valuable material by conducting consistent, predictable, well-described sales of material that buyers at a distance rely upon to bid substantial sums without actually seeing the material in person. In effect they authenticate material and make a market. Prices achieved at auction are also public and provide a history of valuation. This is why, on AE, we document all items posted for sale and record the outcomes whether they sell or not. [Often an unsold lot tells as much about the price as one that changes hands.]

The eBay model is of course quite different. Sellers write their own descriptions. With a stake in the outcome some sellers are tempted to over describe virtues while under describing problems. There is a term for this: lying. Others simply don't know the difference between poor, good and fine and only learn about it in expletive laced emails. Some sellers have told me their book looks fine but it's certain "fine" doesn't mean the same thing to them as it does to me. The book business employs terms of art and to paraphrase Justice Potter Stewart on pornography, "I know it when I see it." Both the material and the terms are highly subjective and subject to abuse by all who play the game. Many a documented lot has included a variation of the line "But for the loss of the title page, dog-earring to pages 9 to 74 and the innocent crayoning of a long-ago child-like hand, a perfect copy." Thus a search for "perfect copy" will find this gem.

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    Sotheby’s, June 25: Theocritus. Theocriti Eclogae triginta, Venice, Aldo Manuzio, February 1495/1496. 220,000 - 280,000 USD
    Sotheby’s, June 26: Fitzgerald, F. Scott. The Great Gatsby, 1925. 40,000 - 60,000 USD
    Sotheby’s, June 26: Blake, William. Songs of Innocence and of Experience, Printed ca. 1381-1832. 400,000 - 600,000 USD
    Sotheby’s, June 26: Lincoln, Abraham. Thirteenth Amendment, signed by Abraham Lincoln. 8,000,000 - 12,000,000 USD
    Sotheby’s, June 26: Galieli, Galileo. First Edition of the Foundation of Modern Astronomy, 1610. 300,000 - 400,000 USD
  • Finarte
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    June 24 & 25, 2025
    Finarte, June 24-25: ALIGHIERI, DANTE / LANDINO, CRISTOFORO. Comento di Christophoro Landino Fiorentino sopra la Comedia di Danthe Alighieri poeta fiorentino, 1481. €40,000 to €50,000.
    Finarte, June 24-25: ALIGHIERI, DANTE. La Commedia [Commento di Christophorus Landinus]. Aggiunta: Marsilius Ficinus, Ad Dantem gratulatio [in latino e Italiano], 1487. €40,000 to €60,000.
    Finarte, June 24-25: ALIGHIERI, DANTE. Il Convivio, 1490. €20,000 to €25,000.
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    June 24 & 25, 2025
    Finarte, June 24-25: BANDELLO, MATTEO. La prima [-quarta] parte de le nouelle del Bandello, 1554. €7,000 to €9,000.
    Finarte, June 24-25: LEGATURA – PLUTARCO. Le vies des hommes illustres, grecs et romaines translates, 1567. €10,000 to €12,000.
    Finarte, June 24-25: TOLOMEO, CLAUDIO. Ptolemeo La Geografia di Claudio Ptolemeo Alessandrino, Con alcuni comenti…, 1548. €4,000 to €6,000.
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    June 24 & 25, 2025
    Finarte, June 24-25: FESTE - COPPOLA, GIOVANNI CARLO. Le nozze degli Dei, favola [...] rappresentata in musica in Firenze…, 1637. €6,000 to €8,000.
    Finarte, June 24-25: SPINOZA, BARUCH. Opera posthuma, 1677. €8,000 to €12,000.
    Finarte, June 24-25: PUSHKIN, ALEXANDER. Borus Godunov, 1831. €30,000 to €50,000.
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    June 24 & 25, 2025
    Finarte, June 24-25: LIBRO D'ARTISTA - LECUIRE, PIERRE. Ballets-minute, 1954. €35,000 to €40,000.
    Finarte, June 24-25: LIBRO D'ARTISTA - MAJAKOVSKIJ, VLADIMIR / LISSITZKY, LAZAR MARKOVICH. Dlia Golosa, 1923. €7,000 to €10,000.
    Finarte, June 24-25: LIBRO D'ARTISTA - MATISSE, HENRI / MONTHERLANT, HENRY DE. Pasiphaé. Chant de Minos., 1944. €22,000 to €24,000.
  • Bonhams, June 16-25: 15th-CENTURY TREATISE ON SYPHILIS. GRÜNPECK. 1496. $20,000 - $30,000
    Bonhams, June 16-25: THE NORMAN COPY OF BENIVIENI'S TREATISE ON PATHOLOGY. 1507. $12,000 - $18,000
    Bonhams, June 16-25: FRACASTORO. Syphilis sive Morbus Gallicus. 1530. $8,000 - $12,000
    Bonhams, June 16-25: THE FIRST PUBLISHED WORK ON SKIN DISEASES. MERCURIALIS. De morbis cutaneis... 1572. $10,000 - $15,000
    Bonhams, June 16-25: BIDLOO. Anatomia humani corporis... 1685. $6,000 - $9,000
    Bonhams, June 16-25: THE NORMAN COPY OF DOUGLASS'S EARLY AMERICAN WORK ON INNOCULATION AND SMALLPOX. 1722. $20,000 - $30,000
    Bonhams, June 16-25: LIND'S FIRST TREATISE ON SCURVY. 1753. $15,000 - $20,000
    Bonhams, June 16-25: RARE JENNER SIGNED CIRCULAR ON VACCINATION. 1821. $4,000 - $6,000
    Bonhams, June 16-25: MOST BEAUTIFUL OF MEDICAL ILLUSTRATIONS. BRIGHT. Reports of Medical Cases... 1827-1831. $10,000 - $15,000
    Bonhams, June 16-25: FLORENCE NIGHTINGALE PRESENTATION COPY TO HER MOTHER. 1860. $6,000 - $8,000
    Bonhams, June 16-25: LORENZO TRAVER'S MANUSCRIPT JOURNAL OF BURNSIDE'S NORTH CAROLINA EXPEDITION. TRAVER, Lorenzo. $2,000 - $3,000
    Bonhams, June 16-25: ONE OF THE EARLIEST PHOTOGRAPHIC BOOKS ON DERMATOLOGY. HARDY. Clinique Photographique... 1868. $3,000 - $5,000
  • Bonhams, June 16-24: KELMSCOTT PRESS. RUSKIN. The Nature of Gothic. 1892. $1,500 - $2,500
    Bonhams, June 16-24: ASHENDENE PRESS. The Wisdom of Jesus. 1932. $2,000 - $3,000
    Bonhams, June 16-24: CHARLOTTE BRONTE WRITES AS GOVERNESS. Autograph Letter Signed, 1851. $15,000 - $25,000
    Bonhams, June 16-24: FIRST AMERICAN EDITION OF WUTHERING HEIGHTS. BRONTE, Emily. New York, 1848. $3,000 - $5,000
    Bonhams, June 16-24: IAN FLEMING ASSOCIATION COPY. You Only Live Twice. London, 1964. $7,000 - $9,000
    Bonhams, June 16-24: DELUXE EDITION WITH ORIGINAL PAINTING. BUKOWSKI, Charles. War All the Time. 1984. $3,000 - $5,000
    Bonhams, June 16-24: EINSTEIN'S MOST POWERFUL STATEMENT ON THE ATOMIC BOMB. Original Typed Manuscript Signed, "On My Participation in the Atom Bomb Project," 1953. $100,000 - $150,000
    Bonhams, June 16-24: EINSTEIN ON SCIENCE, WAR AND MORALITY. Autograph Letter Signed, 1949. $20,000 - $30,000
    Bonhams, June 16-24: SOCIETY OF THE CINCINNATI. WASHINGTON, George. Engraved document signed, 1786. $8,000 - $12,000
    Bonhams, June 16-24: AN EARLY CHINESE-MADE 34-STAR U.S. CONSULAR FLAG. $8,000 - $12,000
    Bonhams, June 16-24: SIGNED PHOTOGRAPH OF LINCOLN WITH HIS SON TAD. 1864. $60,000 - $90,000
    Bonhams, June 16-24: MALCOLM X WRITES FROM KENYA. Postcard signed, 1964. $4,000 - $6,000

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