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Rare Book Sale Monitor – 2024 Review

by jim on January 22, 2025

The COVID pandemic crisis forced many rare book dealers to reassess the decades-old traditional business models or face closing permanently. Pandemic-proof ecommerce sales channels, such as online marketplaces, online auction events, and virtual book fairs grew as a result. According to the Department of Commerce International Trade Administration, global ecommerce had an additional 19% sales growth for 2020, and an additional 22% sales growth for 2021 on top of the existing 9% and 12% regular sales growth rates.1

2024, a year well past the Covid disruptions, showed a mix of sorts. There were less in-person book fairs held in 2024 than in 2023, and  dealer participation in those events, such as the ones organized by the Antiquarian Booksellers’ Association of America (ABAA) and the International League of Antiquarian Booksellers (ILAB), declined considerably. . The Boston International Antiquarian Book Fair (BIABF), one of the oldest and most respected antiquarian book shows in the USA, took place last November, with a total of 98 dealers participating. This was significantly less than the 108 who attended the year before and lower than the 113 who exhibited in 2022. A month before, in October 2024, the on-line ABAA 75th Anniversary Virtual Book Fair broke the record with 194 dealers participating.

COVID disruptions also caused collectors to become more comfortable buying higher priced rare books at online marketplaces such as Abebooks and Biblio.  However, 2024 did not show an increase from the year prior in big ticket book sales as reported by these marketplaces. The total for most expensive sales of rare collectibles, dropped by 23% in 2024 from the year before at online marketplaces.

The overall performance of online book fairs which peaked during Covid, did not perform well in 2024 either. The average sell-through rates (ratio of items sold relative to the total offered for sale) remained at 7.7%. Dealers have a limited number of books on display during these events. The average for the ABAA 75th Anniversary was 20 books. The Kelmscott Bookshop exhibited the most, with 72 books. This is significantly lower than what a booth at an in-person event usually makes available. Twenty books offered for sale at a 7.7% sell-through rate, is equivalent to a total of 1.5 books sold, approximately. At such ROI, it seems likely that participating dealers are using online book fairs to promote their brand name and specialty, rather than profit.

The exception to the lukewarm performance of book fairs and online sales in 2024, were auctions. Rare Book Hub which tracks prices paid at auction for books and related collectibles reported that in 2024, 500 lots sold for $120,000 or more, compared to only 270 lots in 2023. In 2023, 12 items sold for over $1 million. In 2024, that number was 29. Christie’s sold The Crosby-Schøyen Codex, written in Coptic, manuscript on papyrus (pictured above) for £3,065,000 and  an annotated copy of Andreas Vesalius De humani corporis fabrica, from 1555, sold for $2,228,000

Our Rare Book Sale Monitor (RBSM), which collects sales information from various online events and marketplaces ticked upwards only in the case of the works by authors such as Charles Dickens, J. K. Rowling and F. Scott Fitzgerald.

 

RBSM – Author Breakdown 2024 edition

The entirety of the last decade has seen extraordinary prices for Charles Dickens‘s works, highlighting not only their literary value,  but also their appeal to collectors because of their rarity. Dicken’s sales remained very strong during 2024 at auction, as well as at marketplaces, such as Abebooks and Biblio. It usually takes decades for a book to gain significant value in the rare book market and enter ‘collectible’ territory. The Harry Potter series, with its last book published in 2007, is a significant exception. Scarce inscribed/signed copies of Fitzgerald’s masterpiece, The Great Gatsby, with dust jacket in superior condition, continue to climb in price.

The value in rare books is 100% a function of what someone is willing to pay, but is also a function of availability. Collectors are willing to pay for high-valued purchases online, provided the rare commodities are available for sale. There was ample excitement on what was being offered to the highest bidders at auctions, but other channels did not share the same enthusiasm. In-person book fairs are on the decline, following the path mapped by brick and mortar bookstores in prior years. Online book fairs are not profitable for the majority of dealers, due to the limited amount of books offered for sale, and the low sell-through rates. Online marketplaces had a less impressive year for higher priced collectibles, but that seems to be due to supply availability at reasonable prices. Auctions were the big winners in 2024, with a great deal of eclectic, rare books offered for sale and collectors eager to bid up winning bids.

1 eCommerce Share of Total Global Retail Sales 2015-2024
source: Department of Commerce International Trade Administration

 

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James Baldwin’s Collectability at 100 Years Old

by Admin on August 29, 2024

On the occasion of what would have been James Baldwin’s 100th birthday, let us assess the collectability factor of this brilliant author’s works: novels, essays, letters, plays and poems. Collectors often seek first printings of these works in their original books, magazine or journal publications, as well as signed copies or first editions of the collections in which they appeared. While a first edition of the author’s first novel, Go Tell it on the Mountain (1953), may be what every Baldwin collector would like to own, scarcity pushed the price above most collectors’ reach, with the average price around $10,000 in today’s market.

Past sales of this popular title are a good indicator, but not an absolute indicator of how collectors have valued Baldwin’s works this century. The following are some comparable sales recorded by our Rare Book Sale Monitor for his magnum opus, Go Tell It on the Mountain.

1. First edition, wraps, association copy, inscribed to Edward Parone.
Date Sold Channel Condition Sale Price Inflation Adjusted Seller
 Dec 2023 auction good $10,795 $11,069 Sotheby’s
 Oct 2002 auction good $7,170 $12,439 Christie’s
2. Presentation copy of the first hardcover edition.
Date Sold Channel Condition Sale Price Inflation Adjusted Seller
 Sep 2023 auction near fine $12,165 $12,432 Christie’s UK
 Jun 2012 On-line near fine $6,500 $8,909 Abebooks
 Jun 2007 auction near fine $5,040 $7,608 Christie’s
3. First edition. Hardcover.
Date Sold Channel Condition Sale Price Inflation Adjusted Seller
 Mar 2024 on-line fine $10,000 $10,071 Biblioctopus
 Sep 2021 auction fine $7,500 $8,560 Christie’s

 

It is important to note that the title in the first group is the exact same copy, offered at different auctions, approximately 20 years apart. After adjusting the price to account for inflation, the price shows a slight drop in price. Auction results can fluctuate significantly from one event to the next due to competitive bidding dynamics which may lead to unexpected results. It is fair to consider the possibility that the condition of this book and the fragility of the wraps may have been a factor for the lack of collector interest 20 years later.

The hardcover, first printing groups paint a different picture. The dust-jacket replaced the art-work of the wraps (1st group), with a different design. Baldwin had, apparently, objected to a stereotypical depiction of African-Americans in the illustrations. This group with Baldwin’s signature shows a 40% increase after adjusting for inflation, over the last decade. The prior decade had a smaller gain of around 20%.  The third group affirms the conclusion that Baldwin’s most collectible title has seen an accelerating increase in collectability in recent years.

Collectors can still score some great value; however, in some of Baldwin’s other works. His second book for example, Giovanni’s Room, 1954, issued by The Dial Press, is also important because it brought Baldwin international acclaim for his open treatment of racial and sexual identity. The Atlantic named Giovanni’s Room one of the greatest American novels of the past century. First printings in near fine condition of this title, trade a little above $1,000.

His 1955 essay collection, Notes of a Native Son, published by Beacon Press in Boston, helped establish his reputation as a voice for genuine love for humanity that not even the frustrations and sorrows of the post-civil-rights era could fully extinguish.  First printings in near fine condition of this title, trade around $2,000.  The essays first appeared in various magazine or journal publications, which have increasingly gotten scarce thanks to ephemera collectors. Their enduring relevance to our present culture, contributes to their desirability among collectors and scholars. This list of essays includes:

  • “Everybody’s Protest Novel”. Partisan Review (June issue, 1949).
  • “Many Thousands Gone”. Partisan Review (November-December, 1952).
  • “Life Straight in De Eye” (later re-titled “Carmen Jones: The Dark Is Light Enough”). Commentary (January, 1955).
  • “The Harlem Ghetto”. Commentary (winter, 1948)
  • “Journey to Atlanta”. New Leader (Oct 9, 1948)
  • “Me and My House” (later re-titled “Notes of a Native Son”). Harper’s Magazine (November, 1955)
  • “The Negro in Paris” (later re-titled “Encounter on the Seine: Black Meets Brown”). Reporter (June, 1950).
  • “A Question of Identity”. Partisan Review (July-August, 1954)
  • “Equal in Paris”. Partisan Review (June, 1949)
  • “Stranger in the Village”. Harper’s Magazine (October, 1953)

 

One of Baldwin’s last published works during his lifetime, sure to become a rarity, is Jimmy’s Blues (1983). The book was first published by Michael Joseph in London with limited printing. Unlike most of Baldwin’s well-known prose works, this is a collection of poetry, making it unique in his bibliography. Baldwin often talked about his rough coming of age in Harlem and how at 16, a 38 year old Harlem racketeer, fell in love with him. Young Baldwin was grateful to this man in his boyishly tormented way, because he was able to share his poetry with him; he had no one else in Harlem to show it to.

Centennial celebrations often lead to renewed interest in an author’s works. Universities and literary institutions organized conferences and symposia on his work. Media coverage, documentaries and articles about Baldwin are happening throughout 2024. Libraries and museums curate special exhibitions showcasing rare manuscripts, first editions, and personal items of the author. Such heightened attention can lead to increased prices for rare editions in auctions and private sales.

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Data Visualizations of the First Graphic Designers.

June 22, 2024
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In our increasingly data-driven world, it is more important than ever to have easily accessible ways to view and understand data. As “Big Data” grows bigger, explanatory visualizations are increasingly necessary to make sense of the trillions of rows of data generated every day. Combining data with great storytelling using pictorial symbols create a visual […]

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The Collectible Japanese Fairy Tales

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The Japanese Fairy Tales Series was published by Hasegawa Takejiro between 1885 and 1922. Hasegawa combined the talents of well-known traditional Japanese woodblock printers like Kobyashi Eitaku, Suzuki Kason, and Chikanobu, with celebrated foreign translators, creating an enduring international success. Most of Hasegawa’s books were produced in limited amounts, generally four to five hundred at a […]

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Rare Book Sale Monitor – 2023 Review

February 5, 2024
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The rare book trade finished another year of sales and according to the Rare Book Hub, sales of the highest priced items did worse in 2023 compared to 2022. Rare Book Hub compares auction sales from most auction houses and it includes items such as trading cards, in addition to books and ephemera. According to […]

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The Most Popular Novelists of the 21st Century

December 2, 2023
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Kenneth Gloss, the owner of Brattle Book Shop in Boston, whose bookstore sells general used books and rare books, reported to Bloomberg in 2020 that rare books and manuscripts have proven to be the bright spot in the industry. The consensus among dealers of rare books is that overall the market has sustained itself, even […]

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Is this the Year for Behavioral Finance to Shine?

September 27, 2023
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Financial analysts have been aware for quite a long time that excess market volatility is a phenomenon which cannot be rationalized by the principles of fundamental analysis and statistical technical analysis alone. The task to identify what drives stock prices and what drives investors’ decision making is incomplete without the addition of the emerging field […]

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The Mechanical Models of Artificial Intelligence and the Human Mind

July 30, 2023
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Advancement in Artificial Intelligence (AI) is progressing with unexpected speed, spreading across nearly every industry and discipline. The stakes in the race for generative AI are rising and technology companies are spending big. With the proliferation of big data and large-scale data lakes, we have now entered the world of large language models of chatbots […]

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Tesla’s Controversial Articles, a Meme Phenomena

July 6, 2023
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  In one study, scientists at McGill University in Canada used eye-tracking technology to study which news articles volunteers paid most attention to. They found that people often chose stories about negative criticism in preference to positive or neutral stories. They concluded that people in general are more interested in inappropriate, offensive, or controversial news, […]

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The Fictional Mystery Dartmouth College Wished Away

March 5, 2023
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In June 1920, a few minutes after a dispute at a Dartmouth College dorm room, Bob Meads, a sophomore, who sold bootlegged whiskey he sourced from Canada, fatally shot senior, Hank Maroney of the Theta Delta Fraternity. Another Dartmouth College sophomore at the time, Clifford “Kip” Orr, deeply affected by the murder of his classmate, […]

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