One of the many charts now available on AE provides detailed pricing information by auction house.
By Michael Stillman
The value of rare and collectible books inched up ever so slightly last year, auction records compiled by the Americana Exchange have revealed. The median price for books and related ephemera at auction rose from $420 to $423 last year. While the good news for sellers and those who own collections is that prices managed to go up, the bad news is they rose more slowly than inflation. The rise in the AEI (Americana Exchange Index) was but 0.7%. The rise in the CPI (Consumer Price Index) was 2.5%.
Similar to the CPI, the AEI slipped by 1% from 2005. Median book prices rose by 1.7%, from $413 to $420, last year, vs. 0.7% this year. Likewise, the CPI was 1% higher last year, 3.5% vs. 2.5% this year.
These results reflect pricing at the mid to higher end of the book spectrum. Inexpensive books are rarely sold at auction. Therefore these results do not necessarily carry over to the lower end of the book market. The ever-increasing number of low to mid priced books offered through online selling sites and eBay may well have placed added pressure on prices at this end of the market. Auction sales only show trends for mid to upper level books. However, it is possible that increased competition at the mid levels where books sold online and at auction intersect has had an impact on sales at auction. While there were occasional aberrant years, the dominant trend throughout the twentieth century was for the price of collectible books to grow at several times the rate of the CPI. Book prices trailing the CPI, as they have the past two years, is unusual.
The average price for books sold at auction was $2,557 for 2006, a drop of almost $200. However, this is not considered to reflect trends in pricing as accurately as median prices since averages can readily be skewed by the number of very valuable items coming up for sale in any given year. Average prices often swing wildly from year to year while median prices move at more gradual, consistent rates.
Sell through at auction also inched up from the prior year in 2006. For the past year, 75% of the book lots offered for sale were purchased, vs. 74% in 2005. Lots sold for more than the high estimate also increased. In 2006, 49% sold above the high estimate vs. 28% below the low estimate. For 2005, the ratio was 48%-29%. However, these numbers can be somewhat misleading since they are based only on lots sold, and many auction houses simply won't sell lots that fall too far below minimum estimates. When lots that did not sell are combined with those sold below the minimum estimate, we find 45% of the lots offered failed to bring the minimum estimate, while 37% brought in more than the maximum estimate.
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.")
