The fall auction season continues to reveal its secrets and the story is mixed.  The percentage of lots selling this past week was quite good – 81% as 2,163 lots were offered and 1,742 sold but dollar volume was on the light side - $3,122,158.  There is plenty of evidence to suggest that every lot offered would have sold if reserves were somewhat lower but such numbers do not come down without a fight for they often spell loss for the sellers.  For those consignors letting material potentially sell for less than they paid they’ll almost certainly find it better to get money rather than the material back.

Books today enjoy greater liquidity than they have ever had but with this liquidity has come clarity and for many the news is disappointing.

This week we archived ten sales, five in dollars, two in British Pounds and three in Euros.  Four sales reached or exceeded 100% of their aggregate high estimate.

Dorotheum:  Books and Decorative Prints on October 24^th:  153%

Alde:  Library of Lord Straboigi and Library of an Amateur on October 28th:  147%

Bloomsbury:  Exploration of Science, Travel and Natural History on November 3^rd:  113%

Swann Galleries:  Autographs, Books & Ephemera on November 3^rd:  109%

For the week ahead 21 sales are scheduled:

November 7^th Doyle New York.  Books, Photographs & Prints (11711)

November 8^th Swann Galleries.  Art, Press & Illustrated Books / 19^th & 20^th Century Literature (2260)

November 9^th Bonhams.  African, Oceanic & Pre-Columbian Art (19412)

                                    Sotheby’s.  Books and Manuscripts (PF1113)

                                    Sotheby’s.  Rare Books from an Amateur’s Library (PF1125)

                                    Zisska & Schauer.  Books (58)

November 10^th          Bonhams.  Sporting Sale:  Books, Manuscripts, Prints (18979)

                                    Dominic Winter Book Auctions.  Books and Maps (11102011)

                                    Zisska & Schauer.  Books (58)

November 11^th          Christie’s.  Photographs (1051)

                                    Gonnelli Casa d’Aste.  Books, Manuscripts and Autographs (7)

                                    Sotheby’s.  Photographs (PF1120)

                                    Swann Galleries.  Rare & Important Travel Posters (2261)

                                    Zisska & Schauer.  Books (58)

November 12^th          Christie’s.  Books and Manuscripts (2288)

                                    Christie’s.  Photographs (1051)

                                    Gonnelli Casa d’ Aste.  Books, Manuscripts and Autographs (7)

November 13^th          Bruun Rasmussen.  Printed Pictures (1145)

                                    Gonnelli Casa d’ Aste.  Books, Manuscripts and Autographs (7)

                                    Osenat.  Gantner’s Books (111311)

                                    Skinner.  Fine Books & Manuscripts (2571b)

Best of luck.  It will be an interesting and exciting week.

Bruce McKinney

AE

November 6^th, 2011