On this the Memorial Day weekend in the United States the book, manuscript, map and ephemera auctions for the month of May have concluded with a bang if not a splash.  The pace of sales around the world has been robust and the results consistently strong through five months.  For the week just ended eleven sales were reported, 5,796 lots offered and 4,648 lots sold for an 80% sell-through rate.  Total sales were $9,412,063, primarily on the back of Profiles in History’s $5,724,556 for their Hollywood Memories sale on May 18^th.  The evidence accumulates that the new collector collects what they remember as opposed to what they studied.  This bodes well for contemporary art and 20^th century printed material but leaves the future of non-iconic older material in doubt.

Just a year ago the auction market was struggling to achieve a 70% sell-through.  The recently achieved 80%, while just one week’s results, may be suggesting that, while reserves remain low the high estimates may be creeping up.  That would explain a relatively high sell through rate and a more modest total sales to total high estimates ratio:  75%.  Whatever it is it’s healthy.  This is also May and the character of spring events are more aggressive than fall sales when, more often than not, more highly reserved material is offered and at the margin fails.

Of the eleven sales reported five reached or exceeded 100% of their aggregate high estimates and another, Rupert Toovey’s Antiquarian & Collectors’ Books on May 17^th, was so close at 99.4% that we’ll round up and include it too.   These 100% sales reflect both auction house and buyer confidence.

Burgersdijk & Niermans:  Books, Prints, Antiquarian & Collectors’ Books on May 17^th:  133%

Le Lebraire Alain Ferraton:  Ancient & Modern Books – Drawings & Prints – the second vacation on May 21^st, 110%

Bloomsbury Auctions:  Important Books and Manuscripts on May 26^th:  102%

Coutau-Begarie:  Historical and Military Souveniers on May 20^th:  102%

Le Lebraire Alain Ferraton:  Ancient & Modern Books – Drawings & Prints – the first vacation on May 20th, 101%

Rupert Toovey & Co.:  Antiquarian and Collector’s Books on May 17^th:  100%

For the week ahead

June 1^st Alde:  Ancient and Modern Books

                        Galerie Bassenge:  19^th-20^th Century Photography

                        Old World Auctions

June 2^nd PBA Galleries:  Charles Bukowski & His Circle

Swann Galleries:  Maps & Atlases, Natural History & Historical Prints, Ephemera

Bruce McKinney
AE
May 29th, 2011