Category: RARE BOOK APPRAISAL

July 8, 2014

SELLING RARE BOOKS ON EBAY OR AT AUCTION

As a specialized dealer, when offering free appraisals for rare books or when making offers to purchase, I am often confronted by questions such as “should I sell these book at auction” or “should I just list the book myself on eBay?   These are perfectly legitimate questions of course.   If one is selling a rare books, naturally one wants to obtain the highest possible price.

While it is impossible to make too generalized statements about dealer prices vs. eBay or auctions houses, I can at least present an illustrative example.

We recently purchased a rare first edition of Johnson’s A General History of the Robberies and Murders of the most Notorious Pyrates– a classic of 18th century Pirate literature.   As part of our interest in taking advantage of all avenues of sale, we decided to test the market on eBay and see what the set would sell for and how that would have compared with what what we would have priced it at ourselves (a retail price) as well as what other copies have achieved at real world auctions houses.

So, first let’s start with a description of the book:

1724-1726: EXCEEDINGLY RARE FIRST EDITION OF BOTH VOLUMES OF THIS INCREDIBLY INFLUENTIAL CLASSIC OF PIRATE LITERATURE

A General History of the Robberies and Murders of the most notorious Pyrates, and also Their Policies, Discipline, and Government [-A History of the Pyrates]. London: C. Rivington / T. Woodward, 1724-[26]. 2 volumes. 8vo., 190 x 125 mm, [xxii], 17-320; [xiv], 1-[416] pp. 3 engraved plates inc. “Blackbeard the Pirate” IN CONTEMPORARY COLOR (possibly inserted), a plate of “Ann Bonny and Mary Read”, the most famed female pirates of all time (with an additional hand-colored example loosely laid in at rear- see photos), “Captain Bartho Roberts with two ships”, partially colored in a contemporary hand, a “A New and Exact Map of Guinea”, IN CONTEMPORARY COLOR, VERY RARE and first issued for the later 4th edition and here inserted. Binding: Handsome modern three-quarter red morocco, renewed paste-downs and blanks. Notes: This is the first edition of Vol. I, which was separately published incl. subsequent edition before the publication of Vol. II. Vol. II is present here also in the first edition and for comparison the title page of the 4th edition has been bound in as well preceding the first edition title page. The added t.p. is inscribed in an 18th century hand by Mary Pollock, underscoring the popularity of the book even among women. A third volume in a plain cloth binding accompanies the set and contains an extract with t.p. of 419-438, representing the first complete Chapter 17 of the 4th edition which contains the account of Pirate Gow and was not added until the later 4th edition. This supplemental extract’s cloth binding contains an ORIGINAL PIRATE COIN: a 1-reale silver “cob.” Pillars and waves, cross on back. 18 mm, evidently from the Consolacion, a Spanish Armada del Sur (South Sea Armada) galleon Condition: Internally, some light general toning and foxing, some foxing to title pages, upper corner stain to t.p. of vol.1 and prelim leaves with some slight soiling, minor marginal stain affecting outer margin (mostly edge), Blackbeard slightly short. Generally, VERY GOOD and certainly one of the best obtainable copies. Copies were often read to death in the 18th century, and it is very hard to find acceptable copies of even the later edition, let alone the first. EXCEEDINGLY RARE FIRST EDITION OF BOTH VOLUMES. Philip Gosse in his 1926 “My Private Library” states If any copies of the first edition exist they must be very scarce. There is none in the British Museum Library, nor have I been able to trace a copy elsewhere. (The BL has since acquired a copy)

Now, back to rare book pricing:

1.    What would a dealer price this set at?    Well, given the rarity of the first edition , I would have asked a retail price of $7500.00

2.   What have other copies achieved at real world auctions?   A search of the ABPC database reveals  that Sotheby’s sold a comparable copy May 12, 2005, lot 109, £4,200 ($7,788). Since it is not possible to always duplicate what two bidders in a single auction would pay,  let’s more conservatively place the auction value at $6000 if another comparable copy was auctioned. A net price after commission and fees at auction, in that case,  would likely be $5000.

3.   What did our set realize on eBay?   Well, first, we did make a thorough, well researched description, highlighting why the book, and our copy in particular, was important.  After some last second bidding (as always), it sold for $4150.00.   After eBay fees and commission, the net proceeds were about $3800.  While it is hard to say why the eBay sale was a bit disappointing,  from my experience, the pool of serious buyers on eBay are limited for very rare antiquarian books and there is a natural skepticism of “why is this guy placing this on eBay and not going to Sotheby’s or Christies?”   This can make bidders a little hesitant.

4.  Finally,  there is the question of what the book would have realized on eBay if a dealer without  lengthy feedback or a serious following did not write a thorough and proper description. Well, that is impossible to say,  but again from my experience it is unlikely to have realized more than half of what it sold for if it had been listed by a non-professional seller without a long term reputation.  In that case, my best guess is that it would have realized approx. $2000

So,  what then is the best route to selling your rare books?  Generally, I encourage sellers to seek independent evaluation from a major auction house like Christie’s or Sotheby’s and compare them to evaluations/appraisals or purchase offers a dealer such as myself makes. While I always provide auction records when possible to make the process transparent, I do find another auction house evaluation often instills confidence that the valuations are accurate. Once a fair valuation is established, I find many sellers accept a dealer’s offer as they want immediate payment without the risks of the auction houses.   I usually don’t recommend (given the comparisons above) that sellers without specialized knowledge ‘eBay’ the books themselves.

 

 

WebuyRareBooks_Pirate

WebuyOldBooks_PIRATE

SellingRareBooks_Pirate

posted in: RARE BOOK APPRAISAL

April 18, 2014

WHAT IS THE VALUE OF A RARE BOOK WITHOUT AUCTION RECORDS?

How does one price a rare book when there are no comparable records of its sale?

As an example, I recently purchased a copy of Galeazzi’s important 18th century music treatise which includes a fascinating section on how to play the violin. A quick review of sale records in two modern databases- the ABPC database and AmericanaExchange, show that no copies have hit the auction block in over 30 years at least. Comparable values in those two databases often set the benchmark for many prices today. Going further back into the printed book prices current catalogs, also does not reveal any copies- at least as far back as 1965 when my references give out.

The next step then is to ascertain it rarity. Reviewing OCLC (through WorldCat) and entering into the actual library catalogs to verify holdings, indicates about 10 known Institutional copies. This is a reasonably small number, albeit we may presume as an Italian work, there are copies in Italian libraries which have not yet been accounted for in OCLC. Of course, we also do not know how many copies are in private hands.

So, how does one place a value on such a book then? The truth is that it relies a bit on connoisseurship coupled with a reasonable understanding of the market for the book. Some books are rare, but the buyers are rarer. Here, however, we have not only what is essentially Italy’s last truly valuable contribution to music theory, but there is a strong market for antiquarian music books in general and violin books in particular.

While it is impossible to know what such a book would command in an auction, as ‘expert’ estimates are often inaccurate, I would reasonably place a retail price of $5000 on the set.

The true test of the market and my evaluation will be whether it actually sells for that!

[Violin — Instruction and study] [18th century Music Theory] Galeazzi, Francesco, 1758-1819. Elementi teorico-pratici di musica con un saggio sopra l’arte di suonare il violino : analizzata, ed a dimostrabili principi ridotta, opera utilissima a chiunque vuol applicare con profitto alla musica / di Francesco Galeazzi torinese. Published:In Roma :, In Roma : Nella stamperia Pilucchi Cracas, Nella stamperia di Michele Puccinelli …, 1791-1796. 2 vols. 8vo. 21.5 cm x 14cm. COMPLETE. vol. 1: 252 p., 11 folded leaves of plates; vol. 2: viii, xxvi, 327 p., 8 folded leaves of plates (2 more plates in vol.1 than other listed collations),, minor plate repairs. Errata lists: v.1, p. 323-327; v. 2, p. 251-252 Binding: Italian c. 1900 three-quarter vellum and floral patterned boards, some soiling, calf and gilt spine labels with wear. Signed ‘G. Jacobini’ in an early hand to half-title, later 1931 gift inscription to first renewed blank. Internally, some foxing and toning, but a handsome uncut copy with broad margins. Very Rare in commerce with no copies appearing in ABPC for over 30 years. Deborah Burton and Gregory W. Harwood in the introduction to the reprint of the second volume in 2012, refer to Galeazzi’s work as “a foundational treatise in music theory…In 1791 he published the two volumes of his Elementi teorico-practici di musica, a treatise that demonstrated both his thorough grounding in the work of earlier theorists and his own approach to musical study. The first volume gave precise instructions on the violin and how to play it; the second demonstrated his command of other instruments and genres and provided comprehensive introductions to music theory, music history, and music aesthetics. The treatise also addresses the nature of compositional process and eighteenth-century concerns about natural and acquired talent and creativity.” [Ref: Burton and Harwood]

Galleazi2

posted in: RARE BOOK APPRAISAL, Rare Books

May 20, 2013

RARE BOOK APPRAISAL : PROVENANCE

It is often necessary to examine books firsthand to appraise them properly. There are often attributes to a book besides the specific title, date or edition that can affect the value. One of those is certainly provenance, which may be formally defined as the “chronology of the ownership, custody or location of a historical object.” In simpler terms: who previously owned the book. So, how does prior ownership or provenance affect the value of a book? This is a question I am often asked by people who find signatures or inscriptions in their books.

Sometimes, if the book contains a signature or bookplate of a person of great literary, cultural, or historical importance, then the value of the book will clearly be affected. However, I am not talking here about books owned by George Washington (one of which sold for $9 Million). I wanted instead to look at the more subtle examples rare booksellers normally encounter: ownership marks of well known or important people, but not necessarily household names.

As a simple case study, I will examine one of the 19th century’s most popular works on archeology: Lazard’s Nineveh and its Remains. “Layard became the foremost archeologist of his time, and discovered the ancient ruins of Nineveh at the tender age of thirty-one. While the British Museum unloaded hundreds of tons of sculpture from Layard’s excavation, Layard wrote Nineveh and Its Remains, a popular account of his discoveries… The book appeared to rapturous acclaim and sold out numerous printings. Readers loved the fluent mix of high adventure and archeology in his books, and intoxicating stew of compelling characters and sudden crises. He made the Assyrians accessible to the common person and brought alive a shadowy Biblical civilization.” [Kessinger Publishing, LLC, describing the reprint]

Here is the simple description and photo of the set:

Layard, Austen Henry. Nineveh and its Remains. London, John Murray, 1849. 2nd ed., 2 vols. 8vo., 22 x 14.5 cm., complete with half-titles, 26 plates and plans (many folding), engraved folding map (short tear), occasional light spotting. Full fine crushed red morocco and gilt as depicted, all edges gilt, inner gilt dentelles, slight chipping to spine and rubbing to hinges.

Based solely on title, edition, and condition alone, we might consult one of the subscription auction databases such as the American Book Prices Current
A recent auction record of the set listed there is: Layard, Austen Henry, Sir, 1817-94 – Nineveh and its Remains. L, 1849 – 1st Ed – 2 vols. 8vo, – contemp half calf – rubbed – With 2 frontises, folded map & 24 plates. – Foxing – Winter, May 16, 2012, lot 40, £180 ($279). Because the attractive bindings on our set perhaps are more desirable that the half calf described in the auction record, we could reasonably increase the evaluation fo our set to $350.

However, upon examining this particular set, we find the 19th century Crest Bookplate of Henry B. H. Beaufoy, F.R.S, the famed hot-air
balloonist, Royal Society member, and bibliophile. Beaufoy owned an important library including a set of magnificent copies of the first four folios of Shakespeare, known now as the “Beaufoy Shakespeares” Copies of Beaufoy books, often splendidly bound, may be referred to reverentially as “the Beaufoy copy.”

Additionally when we open the set further, we find bound in before the preliminary pages a 10 PAGE MANUSCRIPT IN BEAUFOY’S HAND commenting on the work and furnishing details of the famous Beaufoy library. When reading this manuscript, it is mentioned that Layard (the author) was a family friend
and had donated a manuscript volume of another of his works to the prestigious library. It may be supposed, without proof (an authorial inscription), that this set may also have been a presentation from the author.

So, how does the Beaufoy provenance affect the value of a set that would normally sell for $350? This is, of course, a subjective question as the inclusion of the manuscript and provenance are unique attributes not found in other copies. Needless to say, is not unreasonable to add perhaps $400 to the value of the set, making the total value $750. Beaufoy may be fascinating to bibliophiles and book collectors, but he is no George Washington.


Nineveh and its Remains in Fine Morocco


Beaufoy’s Bookplate


Beaufoy’s Bound-in manuscript

posted in: RARE BOOK APPRAISAL

October 14, 2012

HOW TO VALUE A RARE BOOK

APPRAISING AN 18th CENTURY RARE  BOOK ON CLOCKS AND WATCHES

We just received in the mail a very interesting work on watch and clockmaking from 1732:  Johann George Leutmann’s Vollständige Nachricht von den Uhren.  This is a complicated work and typographically intimidating.  It is  printed in black-letter script with only occasional Roman script, a style that remained  common in Germany  until the end of the 18th century.  It is not a book, like a signed limited copy of the Little Prince, for example,  that can more easily be looked up on the internet for a range of prices.  So, I thought it would be instructive, to outline what goes through the mind of a bookseller when appraising a book’s value:


There are several factors one must reasonably consider:


IMPORTANCE: When evaluating an old book, and once it has been identified, it is necessary first to get a sense of its importance.  Some books are rare, but not necessarily important and therefore not very valuable.    The book here is important.   A little research indicates that it is considered to be the  “The first detailed treatise on clocks and watches.” (Baillie, Clocks and Watches, p.147).  Book dealers are often fond of books that can be labeled “the first of this” of the “first of that”, and while they sometimes go to extremes to elevate a particular book’s importance with such descriptive labels for the purpose of marketing, this is truly a breakthrough work in horology.  It is particularly  fascinating, as while some other earlier works had touched upon clock mechanisms, Leutmann delves into the relatively newer area of pocket watches and portable time pieces, with a chapter even on how to tell the age of a watch (albeit that is not much use today if you like a glitzy Rolex or a more subdued vintage Patek Phillipe)


THE BINDING:  The binding of this book is a scarce and collectible binding.  It is a Brocade paper binding that is almost certainly contemporary with the book (i.e.  from the 1730s).  The paper was originally printed in bright colors, with an abundance of  decorative leaves and flowers.  It is now worn, and like many things that suffer the ravages of time, only displays a glimpse of its former beauty.  Still, it is a quite fascinating as an example of innovative and inexpensive 18th century European bookbinding.


RARITY: The book is not a first edition, as it was originally issued in 1718.   Still, it is a work that very rarely appears at auction in any edition.  I have only been able, in fact, to trace two copies at auction in the last thirty years.  There are several subscription databases to check auction results such as the ABPC, AmericanaExchange, and in the case of German books, the JAHRBUCH der Auktionspreise für Bücher.   A quick and free option to ascertain rarity is to look at Worldcat.org.   This is a solid, albeit not entirely comprehensive, database of holdings of  books in Institutional Libraries (how many libraries have copies of a particular book).   Worldcat has its flaws, such as duplicate listings, incorrect listings of actual books vs. microfilmed copies etc.  Still, it is very helpful, and certainly one can also get the collation (page count) and cataloger’s notes of many rare books.  Through Worldcat, I was able to trace only 9 other copies of this 1732 edition- so it is quite rare.


PROVENANCE: It is essential when evaluating a book, to look for signs of previous ownership, bookplates, annotations, inscriptions etc. and to assess their importance. In this book, we do have some ownership signatures in a fairly illegible hand, but which read “Ex Libris W.W. Eckark”    Now, if that was an important and identifiable watch or clockmaker, that would certainly raise the value of the book.  Unfortunately, there is scant biographical information on who that is and as such it does not contribute much to the value.  Additionally, there are some mid-18th century notes to the inside of the front cover (paste-down) of the book.  These notes however just reference and re-state part of the text and do not appear to be significant.


COMPLETENESS:  The work should contain 2 parts in 1 volume with 2 engraved frontispieces, 30 engraved plates and 16 tables (mainly folding, or double-page). One must carefully check and count all pages.  While all the text pages are present as well as the 2 engraved frontispieces, this copy only possesses 18 of the 46 plates and tables and therefore must be considered severely defective.


VALUE: While the book is extremely important in the history of horology and is bound in an interesting 18th century binding,  it is incomplete.   It is a unfortunate fact that collectors and dealers want complete books even if that means passing over otherwise interesting and rare works.   Condition and completeness are extremely important when it comes to assessing the monetary value of a book.  Were this a complete example, it would have a value in the range of $1500-2000.   Sadly, with so many plates missing, it is just an antiquarian curiosity to those interested in watchmaking or bookbinding, but something not likely worth more than $300.

posted in: RARE BOOK APPRAISAL