If you were pleased with the results of sales in the books and paper field at auction in 2021, you should be happy with those for 2022 as well. It was almost a carbon copy. When we reported these results last year, there had been a large increase in the median price and the number of lots offered. Prices had gained by 8.8%, lots offered by 22%. This time, the price increase was under 1% while the number lots offered declined slightly, by 1.6%. Since the previous year had smashed all records for prices and lots offered, 2022 was another very good year from a historical perspective.
The sell through rate also declined slightly, from 82% to 81%. This, too, is a high number by historical standards.
When all is added up, the total sales revenue came to $1.057 billion. That was $100 million less than in 2021. That shortfall mainly came from a few very high priced items. Almost half was attributed to the single $43 million sale of a first printing of the U. S. Constitution in 2021.
Interestingly, median sales prices declined during the first half of 2022. By summer, they were down 3%. However, prices rallied in the fall, leading to the small increase for the year. It will be interesting to see if the rising momentum continues into 2023.
For the second year in a row, over 50% of lots sold for over the high estimate, repeating 2021's 51%. That was the first year over 50% since we have been tracking results. Only 15% sold under the low estimate, though 19% did not sell at all. That leaves 16% that sold within the estimated range or had none.
The fourth quarter is usually the busiest of the year. It was busy again in 2022, with 28.3% of the lots offered from October through December, but it was not the busiest. The second quarter exceeded it for only the second time since we have been tracking sales with 29.0% of lots offered. Next came the first quarter with 22.0% while the slowest was the third quarter with 20.7% The reason the third quarter was so slow was August, which accounted for only 4.7% of the lots offered. On the other end, May was busiest with 11.3% of lots.
The highest average order for houses with at least 100 lots sold in the field was Christie's London South Kensington at $41,350. Close behind was Sotheby's New York at $40,222. They were followed by Christie's New York – $33,464, Arader Galleries - $21,981, Sotheby's London - $21,230, Christie's London King Street - $20,941, Freeman's - $17,973, Bonhams Los Angeles - $15,496, Sotheby's Paris - $15,415, Sotheby's Cologne - $13,515, Christie's Paris - $10,245, Aguttes - $9,060, and Bonhams New York $8,454. At the other end, for those on a more limited budget, there were the Mennonite Life auctions at $43, EV Stamps (with numerous comic books) - $50, Purcell Auctioneers - $98, One Source Auctions $100, William H. Bunch Auctions - $101, Keys Fine Arts - $104, and Sydney Rare Book Auctions - $115. There is something for everyone's budget.
As for volume of lots offered, no one is even close to the number from Heritage Auctions of Dallas. They offered 211,073 lots in the field and sold 207,000 of them, 98%. Next came Catawiki with 15,982, Kiefer Buch – 15,683, RR Auction - 13,817, PBA Galleries – 12,624, Forum – 11,053, Trillium – 10,600, Vermot de Pas – 10,000, Bubb Kuyper 9,887, and Holabird Kagin Americana - $9,315.
At the high end, 3% of all lots sold for over $10,000, while at the low end, 18% sold for under $100.
