• <b><center>Sotheby’s<br>Original Film Posters<br>27 January - 10 February 2023</b>
    <b>Sotheby’s, Jan. 27-Feb. 10:</b> Vertigo (1958), poster, US. The ultimate poster on this classic Hitchcock title, one of three known examples. £40,000 to £60,000.
    <b>Sotheby’s, Jan. 27-Feb. 10:</b> Lawrence of Arabia (1962), roadshow poster, US. £8,000 to £12,000.
    <b>Sotheby’s, Jan. 27-Feb. 10:</b> Star Wars (1977), style C poster, printer's proof, US. £7,000 to £10,000.
    <b>Sotheby’s, Jan. 27-Feb. 10:</b> The Navigator/ La Croisiere du Navigator (1924), re-release poster (1931), French. £5,000 to £8,000.
    <b>Sotheby’s, Jan. 27-Feb. 10:</b> Bullitt (1968), special test poster, US. £3,000 to £5,000.
  • <center><b>Potter & Potter Auctions<br>Fine Books & Manuscripts,<br>including Americana<br>February 16, 2023</b>
    <b>Potter & Potter, Feb. 16:</b> [KELMSCOTT PRESS]. CHAUCER, Geoffrey. <i>The Works…now newly imprinted.</i> Edited by F.S. Ellis. Hammersmith: Kelmscott Press, 1896. $100,000 to $125,000.
    <b>Potter & Potter, Feb. 16:</b> [EINSTEIN, Albert (1879–1955)]. –– ORLIK, Emil (1870–1932), artist. Lithograph signed (“Albert Einstein”). N.p., 1928. $10,000 to $15,000.
    <b>Potter & Potter, Feb. 16:</b> TOLKIEN, John Ronald Reuel. <i>[The Lord of the Rings trilogy:] The Fellowship of the Ring.</i> 1954. –– <i>The Two Towers.</i> 1954. –– <i>The Return of the King.</i> 1955. $10,000 to $15,000.
    <b>Potter & Potter, Feb. 16:</b> CLEMENS, Samuel Langhorne ("Mark Twain") and Charles Dudley WARNER. <i>The Gilded Age: A Tale of Today.</i> Hartford and Chicago, 1873. $6,000 to $8,000.
    <b>Potter & Potter, Feb. 16:</b> LOVECRAFT, Howard Phillips. <i>Beyond the Wall of Sleep.</i> Collected by August Derleth and Donald Wandrei. Sauk City, WI: Arkham House, 1943. $2,000 to $3,000.
  • <b><center>University Archives<br>Rare Manuscripts, Books & Sports Memorabilia<br>February 1, 2023</b>
    <b>University Archives, Feb. 1:</b> Thomas Paine ALS Confirming Christmas Eve Attack Likely Based on Anti-Christianity, “The account you heard of a man firing into my house is true.” $24,000 to $35,000.
    <b>University Archives, Feb. 1:</b> George Washington Gives a Horse and Guns to His Loyal Guard 10 Days Before Resigning as Commander-in-Chief. $20,000 to $30,000.
    <b>University Archives, Feb. 1:</b> John Hancock ALS, “General Howe is bent on coming here” - Troops, Martha Washington, & 1777 Continental Congress, to Wife Dolly! $20,000 to $30,000.
    <b><center>University Archives<br>Rare Manuscripts, Books & Sports Memorabilia<br>February 1, 2023</b>
    <b>University Archives, Feb. 1:</b> Abraham Lincoln Boldly and Fully Signs Appointment of Consul Who Would Facilitate Bond Sales in Europe Financing Civil War. $6,000 to $7,000.
    <b>University Archives, Feb. 1:</b> The Rarest of Dual Signed Kennedy Items! 1963 Christmas Card with "Blessed Christmas" Removed at the Last Minute for Kennedy's Jewish Friends. $15,000 to $20,000.
    <b>University Archives, Feb. 1:</b> George Gershwin Signed Contract for 1st Production of <i>Porgy and Bess,</i> Also Signed by Dubose Heyward & Ira Gershwin, Historic! $15,000 to $20,000.
    <b><center>University Archives<br>Rare Manuscripts, Books & Sports Memorabilia<br>February 1, 2023</b>
    <b>University Archives, Feb. 1:</b> Einstein Signed, “Two years after the fall of the German Goyim” 1st Ed. of <i>Mein Weltbild.</i> $12,000 to $14,000.
    <b>University Archives, Feb. 1:</b> Walt Disney <i>Fantasia</i>-Era Boldly Signed TLS Re: "Special Effects Department," PSA Certified Authentic & With Phil Sears COA. $6,000 to $7,000.
    <b>University Archives, Feb. 1:</b> 1996-97 Michael Jordan Chicago Bulls Home Game-Worn Jersey Showcasing "Light" Evident Use, MEARS A5. $6,000 to $7,000.
    <b><center>University Archives<br>Rare Manuscripts, Books & Sports Memorabilia<br>February 1, 2023</b>
    <b>University Archives, Feb. 1:</b> Wayne Gretzky’s 1994 All-Star Used Game Jersey, Inscribed to Former MLB Player! $4,500 to $5,500.
    <b>University Archives, Feb. 1:</b> <i>The Astronauts</i> Signed by All 7 Mercury Astronauts! $4,000 to $5,000.
    <b>University Archives, Feb. 1:</b> Fabulous Edison, Firestone, Burroughs Signed Journal With 44 Original Photos, Very Rare. $4,000 to $5,000.
  • <b>Il Ponte, Jan. 31:</b> BLAEU, Joannes and Martinus MARTINI - <i>Theatrum orbis terrarum, sive Novus Atlas. Pars sexta. Novus Altas Sinensis.</i> Amsterdam: Blaeu, 1655. €8.000 to €12.000.
    <b>Il Ponte, Jan. 31:</b> ORTELIUS, Abraham - <i>Theatrum orbis terrarum.. Nomenclator ptolemaicus.</i> Antwerp: Christopher Plantin, 1579. €10.000 to €15.000.
    <b>Il Ponte, Jan. 31:</b> PIRANESI, Giovanni Battista - <i>Carceri d'invenzione.</i> [Rome: G.B. Piranesi, second half of the 18th century]. €20.000 to €30.000.

Rare Book Monthly

Articles - July - 2021 Issue

Where are we?

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Clarity

The last year has been a whirlwind for the auction market. In the early months of the Pandemic, when the Trade and book fairs scrambled to work out online platforms and the possibilities of sourcing new material to offer collectors were closing, the book departments of auction houses had a head start, aided by their pre-existing infrastructure. At the same time, collectors, housebound with extra financial resources, grew more comfortable with online auction platforms. During this period, I observed some of my clients (normally hesitant in online auctions) growing more familiar with the process for sourcing material to shape their collections.

 

This migration of catalogue- and fair-centric collectors to online auction platforms is not an isolated occurrence. A wider survey of the numbers reflects this. Looking back a year, the ‘Average Median Auction Price’ is up $380 from roughly $2,670 in April 2020 to $3,050 in April 2021. During the same period the ‘Sell Through Rate’ increased from 79% to 83%. Does this indicate a seismic shift is taking place? It’s hard to say on a short timeline. Time will tell whether this was the by-product of the circumstances or a major structural change resulting in real growth in the auction market.

 

As alluded to, one of the major drivers of the observed growth was that the infrastructures developed by the auction houses allowed for a smooth transition (not to mention search engine optimization already in place to enhance visibility). The second driver was the opportunity to supply the demand which the Trade was unable to fill on account of its limited channels to market and, in some cases, the requirement of complete overhauls in their business strategy. Of course, this was not the case for all dealers. Indeed, some dealers reported better than average sales for the year. However, few revealed whether or not such figures were after expenses (which would have dipped considerably if one relied solely on fairs and catalogues). Another phenomenon mentioned by Dealers was the opportunity to go into their backlog of uncatalogued items. The result has been a palpable enthusiasm among the Trade and the production of truly individual catalogues.

 

From another angle, what might these figures tell us? Not simply that auction houses were satiating the demand not being fulfilled by the Trade, but that the quality (rarity and/or condition) of the material on offer was exceptional. Certainly, the many deaccessioning efforts during the Pandemic as well as the increase of dedicated Collector sales presented unique, once-in-a-lifetime opportunities. Combine this with the reallocation of book department expense accounts from travel to marketing and the buzz begins — as we’ve seen over the past few months.

 

Now, is this sustainable? As populations in North America and Europe continue getting vaccinated and health measures loosen, it will be important to watch both the ‘Average Median Auction Price’ and ‘Sell Through Rate’. Already the sell through rate from February 2021 to April is seeing a decrease of 0.7%, perhaps indicating that buyers are starting to source material elsewhere as dealers are more able to conduct house calls and in-person Fairs open up again.

 

But, during this period of social isolation, I have observed some interesting structural transformations. The aforementioned reticent collectors had the time to examine their collections more deeply, conduct independent research, examine comparables for material they were seeking, and, overall, become more self-reliant and open to the idea of diversifying the channels through which they source material.

 

The announcement made by Donald Heald in the June 2021 issue of Rare Book Hub Monthly that his firm will hold auctions, further reflects this shift as, “both buyers and sellers are increasingly expressing a preference for market-derived prices.” After almost a year, collectors have grown accustomed to the publicly available data provided through auction results. It is not surprising, therefore, that Dealers would want to stage auctions (if they can afford to do so) and align themselves with a more transparent process. The growth witnessed in the auction market over the past year might lessen, however its mechanisms will remain appealing to all involved (whether buyer or seller). What will be interesting to observe is how the transition of Dealers to adopt auction platforms will permanently change the structure of their businesses and how they conduct them.

 

Moving forward, for buyers In an environment of heightened activity, as a collector, it is important to separate the effects generated by the mechanisms of an ‘event’ from the means by which you are building your collection. In most cases, there will be other times at which an item can be acquired. Paying too much for an item has a corrosive effect on a collection as the reason for paying ‘that much’ is due to the perception that one has ‘sunk money’ into the collection. I have witnessed this phenomenon when analyzing the purchasing history of clients. Following a ‘bad’ purchase, enthusiasm and confidence in one’s collecting is called into question resulting in sporadic, less focused purchases or abandonment of the project altogether.

 

What is new in all of this? Events and environments that generate a sense of scarcity are integral to the momentum of the rare books and ephemera industry. Certainly, there are dealers who maintain close relations with collectors and have buyers in mind when sourcing material (ideally). However, there is now (more than ever) the chance of netting new collectors through online channels, offering fresh opportunities to those in the Trade.

 

Coming out of the COVID-19 pandemic, ‘time pressure’ tactics explicitly implemented by the auction mechanism have migrated over to the Trade which have often eschewed competitive bidding environments for one-on-one, trust-based relationships with collectors. Superficially, the constant presence of a countdown clock when browsing virtual fairs enforces a time pressure which is instrumental within auction environments to increased bidding.

 

Indeed, a hybridity is unfolding in the collecting markets of books, print material, and photography as auction houses seek new demographics of collectors to tap into and the Trade seek to source stock that has yet to be priced out. The auction houses want the cultural caché of the Dealers and, with it, net new marketing exposure that specialist, countercultural dealers possess; the Dealers are attracted to the sense of anticipation and urgency intrinsic to the auction event. This can, indeed, be a positive, symbiotic relationship. Swann’s recent ‘Salon Series’ roundtable with the recipients of the Honey & Wax prize entitled “Owning It: A Round table for Young Collectors” is an interesting collaboration. An attempt by Swann to facilitate a discussion around collecting in order to build trust and further legitimacy. Certainly, these distinctions of Trade and the Auction Market have been porous for some time as Houses often hire specialists from the Trade, not only for their expertise in cataloguing material but also to take advantage of their connections both to source property and attract bidders. Furthermore, the inclusion of less conventional material at auction (i.e. with evidence of performance at auction) seems to signal a further encroachment into the realm where the Trade solely operated.

 

It will be interesting to see how virtual elements are integrated into Book Fairs as they begin being held in person again, and whether or not it will augment (or distort) the overall experience. Speaking with clients who were new to the auction event, some admitted to an excitement in participating. This is certainly something that can be an advantage to sellers. There are forces at play when one makes use of time pressure and bidding that are fundamentally different to a transactional experience. Auction platforms hosted in the digital environment have the potential to open a Pandora’s box for collectors.

 

In conclusion, the developments in the auction market have important implications for both buyers and sellers. For buyers, auctions offer more information on prices, frequency of appearance, and condition of items than ever before. This should help buyers who have an acquisition strategy improve their buying. Additionally, items that have never before been available are showing up in dedicated collector auctions, as well as auctions supplemented by the deaccessioning activities of institutions. This presents opportunities to make big, strategic purchases for those with a plan. There is an elevated requirement for collectors to know their collections and have a collecting strategy before they venture out into the auction world.

 

For Sellers, strong auction price performance fueled by an influx of roughly a year of new data around client interaction (as well as the addition of net-new buyers with money to spend in the auction market) make it a good time to sell, creating liquidity for their collections. More participants on the buy side of the market, equipped with more information driving more confidence to purchase at auction is resulting in strong auction sell-through performance. An opportunity exists for collectors to fine-tune their collections by selling items that no longer fit their longer-term plan, generating capital to purchase items more closely aligned with their collecting strategy.

 

Spencer W Stuart will be delivering a talk for the Book Club of California expanding on these topics July 12th at 5pm [Pacific] to register: https://us02web.zoom.us/webinar/register/WN_Fp8WhqbyTgaVIuFvfHipxQ

 

 

About Spencer W. Stuart

Spencer W. Stuart provides advisory services to private collectors as well as institutions aiding in the design and execution of collection development, management and deaccession strategies.

 

In concert with his advising, Spencer is an active writer and lecturer on histories of the printed word for a variety of publications including The Book Collector and Amphora as well as with the Canadian Broadcasting Corporation.

 

He can be contacted directly through his site: http://spencerwstuart.ca/services/

 

Rare Book Monthly

  • <center><b>Forum Auctions<br>Fine Books, Manuscripts and Works on Paper<br>26th January 2023</b>
    <b>Forum, Jan. 26:</b> Rowling (J.K.) <i>Harry Potter and the Philosopher's Stone,</i> first hardback edition, Bloomsbury, 1998. £50,000 to £70,000.
    <b>Forum, Jan. 26:</b> America.- Popple (Henry). <i>A Map of the British Empire in America with the French and Spanish Settlements Adjacent thereto,</i> 1733 [but circa 1740]. £40,000 to £60,000.
    <b>Forum, Jan. 26:</b> America.- Martyr d'Anghiera (Peter). <i>De Orbe Novo,</i> edited by Richard Hakluyt, with the exceedingly rare Hakluyt-Martyr map, Paris, Guillelmum Avvray, 1587. £30,000 to £40,000.
    <center><b>Forum Auctions<br>Fine Books, Manuscripts and Works on Paper<br>26th January 2023</b>
    <b>Forum, Jan. 26:</b> Chess.- Johannes Gallensis [John of Wales]. <i>Summa collationum, sive communiloquium,</i> ?first edition, Cologne, Ulrich Zel, [c.1472]. £18,000 to £22,000.
    <b>Forum, Jan. 26:</b> Fleming (Ian). <i>Casino Royale,</i> first edition, 1953. £15,000 to £20,000.
    <b>Forum, Jan. 26:</b> Marvell (Andrew). <i>Miscellaneous Poems,</i> first edition, for Robert Boulter, 1681. £8,000 to £10,000.
    <center><b>Forum Auctions<br>Fine Books, Manuscripts and Works on Paper<br>26th January 2023</b>
    <b>Forum, Jan. 26:</b> Tennis.- Sambucus (Johannes). <i>Emblemata, cum aliquot nummis antiqui operis,</i> first edition, Antwerp, Christopher Plantin, 1564.
    <b>Forum, Jan. 26:</b> China, America & Canada.- Photograph album of views of China, America and Canada, [c.1870s]. £5,000 to £7,000.
    <b>Forum, Jan. 26:</b> Bond (Michael). <i>A Bear Called Paddington,</i> first edition, signed by the author and dated October 1958, 1958. £4,000 to £6,000.
    <center><b>Forum Auctions<br>Fine Books, Manuscripts and Works on Paper<br>26th January 2023</b>
    <b>Forum, Jan. 26:</b> Bedfordshire, Luton.- Archive of 33 charters from the reign of Henry VI relating to Luton and environs, manuscripts in Latin, on vellum, in charter bookhands, 1422-52. £3,000 to £4,000.
    <b>Forum, Jan. 26:</b> Medicine.- Obstetrics.- Katakura (Kakury?). <i>Sanka Hatsum? [Enlightenment in Obstetrics],</i> 6 vol. in 4, Tokyo, 1799. £3,000 to £4,000.
    <b>Forum, Jan. 26:</b> Bawden (Edward).- Richards (J.M.) <i>High Street,</i> first edition, presentation copy signed by the author, Edward Bawden's copy, 1938. £1,000 to £1,500.
  • <b><center>Swann Auction Galleries<br>View Our Record Breaking Results</b>
    <b>Swann:</b> Gideon Welles, <i>Extensive archive of personal and family papers of Lincoln’s Secretary of the Navy,</i> 1791-1914. Sold September 29 — $281,000.
    <b>Swann:</b> Charles Addams, <i>Rock Climbers,</i> cartoon for <i>The New Yorker,</i> watercolor, ink and gouache, 1954. Sold December 15 — $37,500.
    <b>Swann:</b> Charlotte Brontë, <i>Jane Eyre. An Autobiography. Edited by Currer Bell,</i> three volumes, first edition, 1847. Sold June 16, 2022 — $23,750.
    <b>Swann:</b> Geoffrey Chaucer, <i>The Workes of Geffray Chaucer Newlye Printed,</i> London, 1542. Sold October 13 — $106,250.
    <b><center>Swann Auction Galleries<br>View Our Record Breaking Results</b>
    <b>Swann:</b> Dorothea Lange, <i>Migrant Mother, Nipomo, California (Destitute pea pickers in California. Mother of seven children. Age 32),</i> silver print, 1936. Sold October 20 — $305,000.
    <b>Swann:</b> George Washington, Autograph Document Signed, with two manuscript plat maps in holograph, 1751. Sold October 27 — $37,500.
    <b>Swann:</b> Winfred Rembert, <i>Winfred Rembert and Class of 1959,</i> dye on carved & tooled leather, 1999. Sold October 6 — $233,000.
    <b>Swann:</b> M.C. Escher, <i>Relativity,</i> lithograph, 1953. Sold November 3 — $81,250.
  • <b><center>Case Antiques<br>Two-Day Winter Auction<br>January 28 & 29, 2023</b>
    <b>Case Antiques, Jan. 28-29:</b> Gurrey, Alfred Richard, Jr. <i>The Surf Riders of Hawaii,</i> Gray version, Honolulu, circa 1910-14. Important, hand made publication. $16,000 to $18,000.
    <b>Case Antiques, Jan. 28-29:</b> Scarce Benjamin Owen Tyler 1818 copy of the Declaration of Independence, engraved by Peter Maverick, Newark, NJ. Considered the first copy of the Declaration produced for commercial purposes. $6,000 to $6,400.
    <b>Case Antiques, Jan. 28-29:</b> Henry Mouzon 1775 1st State Map of North / South Carolina With Indian Frontiers. $5,000 to $6,000.
    <b><center>Case Antiques<br>Two-Day Winter Auction<br>January 28 & 29, 2023</b>
    <b>Case Antiques, Jan. 28-29:</b> Gurrey, Alfred Richard, Jr. <i>Idyls of Hawaii,</i> Honolulu, circa 1910-15. Exceptionally rare self-published and hand made. $4,000 to $5,000.
    <b>Case Antiques, Jan. 28-29:</b> McCarthy, Comrac. <i>Suttree,</i> New York, 1979. First edition, signed by the author. $2,600 to $3,000.
    <b>Case Antiques, Jan. 28-29:</b> 375 Different Bound Minstrel & Civil War Songs, 1830-1870, Black Americana. $2,400 to $2,800.
    <b><center>Case Antiques<br>Two-Day Winter Auction<br>January 28 & 29, 2023</b>
    <b>Case Antiques, Jan. 28-29:</b> President Andrew Jackson Signed Letter to Andrew Jackson Donelson, 1836. $1,800 to $2,200.
    <b>Case Antiques, Jan. 28-29:</b> Civil War Robert E. Lee Signed Letter to William Jackson. Gaines Mill, Virginia, dated June 11, 1864. $1,800 to $2,200.
    <b>Case Antiques, Jan. 28-29:</b> Thomas Jonathan "Stonewall" Jackson ALS to His Sister Laura, New Orleans Barracks, 1848. $1,800 to $2,200.
    <b><center>Case Antiques<br>Two-Day Winter Auction<br>January 28 & 29, 2023</b>
    <b>Case Antiques, Jan. 28-29:</b> McCarthy, Cormac. <i>Blood Meridian,</i> New York, 1985. First edition, first printing. $1,800 to $2,200.
    <b>Case Antiques, Jan. 28-29:</b> Archive of 8 Civil War CSA Cabinet Member Letters, incl. Seddon, Randolph, Walker, Mallory, Memminger, Stephens, Tyler. $1,600 to $1,800.
    <b>Case Antiques, Jan. 28-29:</b> Napoleon I Autograph Letter Signed and Portrait Engraving, framed. $1,000 to $1,200.

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