LIBRES: Library and Information
Science Research
Electronic Journal ISSN 1058-6768
2000 Volume 10 Issue 2; September 30
Bi-annual LIBRES 10N2
The Australian Book Auction Records
Fiona Kells
School of Fine Arts,
Classical Studies and Archaeology
University of Melbourne
and
Department of Economics
University of Melbourne
Abstract
This paper describes the Australian Book Auction Records (ABAR), a resource of information
collected from auctions of old, fine and rare books. All the books in the
records are connected in some way with Australasia. The authors outline the
history of ABAR, consider the
usefulness of the resource for librarians and other potential users of the
data, explain the inclusion criteria of the records, and present a statistical
profile of the data. The authors discuss their recommendations for
supplementing the records, focusing on their contention that the results of
on-line book sales should be included in future if the resource is to remain
relevant for users.
The authors are grateful to Mrs Jill Burdon for her
advice about interpreting the book auction records.
Introduction
Sale by auction has for centuries been a favoured way
of disposing of valuable books. As early as the seventeenth century there were
auctioneers in England who dealt exclusively in books and paintings (Learmount,
1985). Today, there are vibrant book auction markets in Australia, Britain, the
United States and many other countries.
The results of antiquarian book auctions can be
valuable information for librarians, as well as for practitioners in related
fields. For the buyer of old and rare books, historical market values show
(though sometimes inexactly) how much is too much, and how much is a fair
price. Price information is also useful for valuing collections and for
prioritising acquisitions.
The scarcity of particular titles can be inferred from
how often they come up for sale. The frequency with which books are offered and
the prices they realise also give insight into contemporary tastes and are an
indicator of developing or shifting cultural interests. In Australia, examples
of recent trends in buying include the passion for books about Antarctica, and
the oscillating fortunes of books connected with the Lindsay family. As well as
revealing fashions, auction results can be used to identify those books that
are perennially valued.
Auction records that present information about books’ condition can be used to develop a
picture of the typical state of copies in circulation. This information can
guide decisions about whether or not to acquire imperfect copies as they come
up for sale from time to time. It is useful to know that all copies of a title
share the same fault (for example, browning of the leaves), or that a copy
offered for sale is inferior to most other copies that appeared on the market
over a given time period.
This paper documents an information resource that
contains the results of a large number of book auctions. The resource is called
Australian Book Auction Records (ABAR).
For many years, ABAR has admirably
fulfilled its information role by collecting data exclusively from traditional,
non-Web-based auctions. In recent years, however, developments in Web-based
auctions have precipitated rapid global change in the book auction business,
posing a challenge for the publishers of ABAR.
ABAR is a (usually) biennial
publication which documents the results of auctions, mostly in Australia, of
old, fine and rare books ‘of Australasian interest.’ For the purposes of ABAR, ‘of Australasian interest’ is
defined as books and periodicals written by Australians, or published in
Australia, or written about Australia or Australians, or about Antarctica, New
Zealand or the South Pacific. More than 40,000 individual transactions have
been recorded in the series since it was first published in 1969.
The early issues of ABAR, covering the period 1969 to 1978, were compiled by the late
Mrs Margaret Woodhouse. Other commitments forced Mrs Woodhouse to stop
compiling the series in 1979, and there was a break in the series. In 1985 Mrs
Jill Burdon stepped into the breach, and she has published the series ever
since. Mrs Burdon’s first volume of ABAR
covered the years 1983 to 1985. The entries for the first years of this volume
(1983 and 1984) were prepared retrospectively from catalogues that Mrs Burdon
obtained from auctioneers. Time and data constraints prevented Mrs Burdon from
filling the whole gap in the series, and so there are presently no ABAR entires for the years 1979 to 1982.
(It would be possible to prepare a limited set of entries for these missing
years, but to date no-one has taken up this task.) The latest ABAR volume covered 1998 and 1999 and
was published in May 2000. The next volume is due for release in early 2002.
The ABAR
volumes are offered for sale by the publishers (Australian Book Auction Records)
and copies are kept in the National and State libraries in Australia, the
University of Melbourne library and other major Australian reference
collections.
The main Australian auction houses that deal in books
contribute data to ABAR. Christie’s, Sotheby’s,
Leonard Joel, Lawsons and Pioneer Books are among the firms that have
contributed for many years. Since 1986, ABAR
has also included information from selected sales in London. The resource does
not document sales in countries other than Australia and Britain. ABAR documents some sales in which books
were offered along with other items, as well as sales entirely of books.
All
the books listed in the series were sold at rising-price, ‘English’ auctions.
Most auctions in ABAR were held by
commercial auctioneers or booksellers and closely resembled the typical fine
art auction in the way they were publicised and organised. The notable
exceptions are the ‘slow auctions’ held every two years at the University of
New South Wales book fair. At these events, bids are posted on a board, and
bidding extends over several days. To date, twelve of these events have been
recorded in ABAR, and together they
account for 716 transactions or 1.68 per cent of the total. ABAR also documents a series of twelve
charity auctions (Canberra Life-line, 1975–77, 1983–91), which account for 176
transactions (0.4 per cent).[1]
ABAR does not presently include
results from on-line book auctions.
In addition to the requirement that books must be ‘of
Australasian interest’, the compilers of ABAR
have applied a minimum price cut-off. The minimum price (in nominal terms) has
risen over the life of the series. Currently, books must have realised at least
$45 in the two years covered by the particular volume to be eligible for
inclusion. In the first year of ABAR
(1969), the cut-off was five dollars. The cut-off is not applied religiously:
for example, if two different copies of a book are sold in a given year and
only one satisfies the price cut-off, the other will still be included.
The compilers have aimed to make the series
comprehensive of sales that fall within the bounds described above. In each
volume the records are organised alphabetically, principally by author’s
surname. Periodicals and anonymous works are referenced by title. Some books
are entered more than once—for example, under the author’s name and under the
publisher’s name. To derive the summary statistics that follow, repeat entries
were removed.
For each book listed, the following information is
provided:
·
Price realised in Australian dollars. For London sales the price in
British pounds is given, along with an Australian dollar equivalent, calculated
using the Australian dollar–British pound exchange rate applying at the sale.
Prices are inclusive of buyer’s premium.
Book
details:
·
Author or authors
·
Title
·
Date of publication
·
Place of publication
·
Edition (for example, ‘second revised and enlarged edition’)
·
Number of copies or sets (for small limited editions)
·
Number of volumes (if applicable)
·
Condition. Any defects or faults are recorded. This information is based
on the description of the book in the auctioneer’s catalogue.
·
Other salient details of the book—for example, whether the specific copy
has a special association with the author.
·
Bibliographical reference number (if the book is listed in one of the
principal bibliographies of Australiana, eg. Ferguson, Beddie).
Auction
details:
·
Date of sale
·
Auctioneer
·
Whether a buyer’s premium was applicable, and the level of the premium
applying for the particular sale.
·
Place of sale
ABAR is not presently
published in an electronic form. In order to analyse the price data, the
authors coded all the records and combined them in a database. Every title in
every volume was assigned a unique number. For example, record number
772901—the 2901st title in the 1977–78 volume of ABAR—refers to the book A
Month in the Bush of Australia by T. Walker, 1838, which was sold for $1100
on 22 March 1978 by Christie’s at the Age Gallery, Melbourne. Every sale event
was also given a numeric identifier. (The 22 March 1978 Christie’s sale is
number 7804 as it is the fourth sale in 1978).
The following table (Table 1) shows the number of
auction events covered by ABAR in
every year of its existence. The average annual number of sales documented in ABAR is fifteen sales. The lowest
coverage was achieved in each of the inception years of the two ABAR series: 1969 and 1983. The total
number of auction events represented in ABAR
is 413 sales. While the data-set records the results of auctions throughout
Australia (and in London), the great majority of sales in the series were held
in either Sydney or Melbourne.
On average, an auction event in ABAR will account for just over 100 transactions. The largest
auction documented in ABAR is the
1969 sale by Theodore Bruce & Co. of the Charles Glover Library. This sale
at the Melbourne showgrounds saw 1,856 items ‘of Australasian interest’ sold.
(We discuss below how ABAR can
understate the total number of books sold at an auction event.)
Table 1 also shows the number of transactions recorded
in each year of ABAR. The number of
sales events and the number of transactions have fluctuated considerably from
year to year. The total number of items included to date is 42,511 items. In
terms of the number of books sold, the boom years for Australiana at auction
were 1970 and 1994.
In 1994, the auction firm Leonard Joel auctioned a
large collection of Australiana that included many exceptionally rare books about
Antarctica and the exploration of Australia. The sale catalogues, prepared by
Julien Renard, filled three large volumes (and are now highly collectable in
their own right). This massive sale, held from November 15 to 17, accounted for
1,621 individual items, or more than half the 1994 transactions in ABAR.
The table shows the value of each year’s sales in 1999
dollars.[2]
The gross value of the transactions recorded in ABAR is $37.2 million. The table contains a hint that the 1980s
asset price boom affected the book market. The value of 1988 transactions was
more than twice the value in any other year, indicating not only that the boom
arrived, but that it arrived late.[3]
Year |
Number of sales
covered |
Number of books
sold |
Total value |
Average price |
1969 |
5 |
839 |
225,562 |
268.85 |
1970 |
12 |
2,939 |
1,359,854 |
462.69 |
1971 |
11 |
1,729 |
627,708 |
363.05 |
1972 |
14 |
593 |
564,042 |
951.17 |
1973 |
18 |
1,131 |
678,737 |
600.12 |
1974 |
12 |
1,783 |
600,157 |
336.60 |
1975 |
12 |
1,639 |
970,441 |
592.09 |
1976 |
20 |
1,446 |
465,066 |
321.62 |
1977 |
15 |
2,207 |
771,748 |
349.68 |
1978 |
17 |
2,075 |
845,471 |
407.46 |
1983 |
7 |
974 |
354,583 |
364.05 |
1984 |
12 |
1,564 |
1,159,049 |
741.08 |
1985 |
10 |
1,538 |
1,510,659 |
982.22 |
1986 |
18 |
2,387 |
2,389,536 |
1001.06 |
1987 |
16 |
1,324 |
984,583 |
743.64 |
1988 |
20 |
2,245 |
6,694,749 |
2982.07 |
1989 |
19 |
2,079 |
2,716,782 |
1306.77 |
1990 |
18 |
1,376 |
996,912 |
724.50 |
1991 |
20 |
1,725 |
1,715,907 |
994.73 |
1992 |
17 |
1,404 |
2,780,834 |
1980.65 |
1993 |
13 |
1,152 |
789,484 |
685.32 |
1994 |
18 |
2,785 |
2,161,648 |
776.18 |
1995 |
15 |
941 |
672,240 |
714.39 |
1996 |
20 |
1,127 |
1,840,601 |
1633.19 |
1997 |
16 |
1,165 |
1,853,773 |
1591.22 |
1998 |
19 |
1,265 |
638,035 |
504.38 |
1999 |
19 |
1,079 |
839,490 |
778.03 |
1969–99 |
413 |
42,511 |
37,207,651 |
875.25 |
Table 1 shows the average prices realised over the
life of ABAR, and how they have
fluctuated under the influence of occasional sales at very high prices. The following
table (Table 2) shows the highest prices recorded in each year of the series.
Books sold in London figure heavily in the list of highest prices, as do
natural history books. In 19 of the 27 years recorded, the top prices were
achieved by books about birds.
Year |
Sale price $
(nominal) |
Description |
Auctioneer |
1969 |
2,000 |
Lycett, Views in Australia |
Geoff K. Gray, Sydney |
1970 |
16,500 |
Gould, Birds of Australia |
Christie’s, Melbourne |
1971 |
2,300 |
Gould, Mammals of Australia |
Christie’s, Sydney |
1972 |
13,000 |
Gould & Sharpe, Birds of New Guinea |
Christie’s, Sydney |
1973 |
12,000 |
Gould, Birds of Australia |
Christie’s, Sydney |
1974 |
25,000 |
Gould, Birds of Australia |
Christie’s, Melbourne |
1975 |
7,500 |
Flinders, Coasts of Van Diemen’s Land |
Christie’s, Launceston |
1976 |
5,500 |
Gould, Birds of Australia |
Christie’s, Sydney |
1977 |
6,200 |
Mathews, Birds of Australia |
Christie’s, Melbourne |
1978 |
30,000 |
Gould, Birds of Australia |
Christie’s, Melbourne |
1983 |
9,000 |
Art in Australia (1916–42) |
William Ellenden, Sydney |
1984 |
15,000 |
Lycett, Views in Australia |
Christie’s, Sydney |
1985 |
215,000 |
Gould, Birds of Australia |
Kenneth Hince, Melbourne |
1986 |
282,871* |
Gould, Birds of Australia |
Christie’s, London |
1987 |
80,069* |
Gould, Birds of Australia |
Christie’s, London |
1988 |
280,000 |
Banks, Florilegium |
Leonard Joel, Melbourne |
1989 |
495,000* |
Gould, Birds of Australia |
Sotheby’s, Melbourne |
1990 |
110,000* |
Pelsaert, Ongeluckige voyagie van’t schip Batavia |
Sotheby’s, Melbourne |
1991 |
419,189* |
Gould, Birds of Australia |
Christie’s, London |
1992 |
416,772* |
Lewin, Birds of New South Wales |
Sotheby’s, London |
1993 |
125,249* |
Lear, Illustrations of the Family of Psittacidae, or
Parrots |
Christie’s, London |
1994 |
163,945* |
Levaillant, Histoire naturelle des perroquets |
Christie’s, London |
1995 |
149,138* |
Levaillant, Histoire naturelle des perroquets |
Christie’s, London |
1996 |
354,500* |
Gould, Birds of Australia |
Christie’s, Melbourne |
1997 |
957,535* |
Gould, Complete works (43 volumes, bound by
Zaehnsdorf) |
Christie’s, London |
1998 |
43,700* |
Sharpe, Monograph of the Paradiseidae, or birds of
paradise (bound by Zaehnsdorf) |
Christie’s, Sydney |
1999 |
211,500* |
Gould, Birds of Australia |
Christie’s, Melbourne |
* includes buyer’s premium.
Table 2 shows that some titles appear more than once
in the data-set. Lycett’s Views
brought the top price in two years, while Gould’s Birds of Australia was the most valuable title twelve times. (Birds of Australia also figured in the
record-breaking sale of Gould’s complete works in 1997, which—with buyer’s
premium—realised nearly one million Australian dollars.) The great majority of
titles referenced in any one volume of ABAR
appear in at least one other volume of the series. One of the most frequently seen
titles is Andrew Garran’s Picturesque
Atlas of Australasia (1886), which appears 237 times. The Magic Pudding (1918) by Norman Lindsay is another
well-represented title.
Titles in the 1969–70 volume appear in that volume on
average 1.38 times. Titles in the 1998–99 volume appear in that volume on
average 1.36 times.
The recurrence of titles means the creation of a time
series (or ‘panel’) of book prices is possible. However large variations in
condition across different copies mean that users must be careful that they are
comparing like with like. For example, the Picturesque
Atlas copies range from very good to
very poor condition, and appear in a variety of bindings and formats, with and
without the required maps. Differences of this kind will of course
significantly influence buyers’ valuations.
The distribution of prices realised at the book
auctions in ABAR is highly skewed.
There are a large number of prices at or near the minimum cut-off, and a small
number of high-value sales which account for a large share of the aggregate
sale value in each year. An example of these high-value sales is the sale of
Gould’s complete works in 1997; this single lot accounted for 53 per cent of
the value of 1997 sales in the database.[4]
The top decile of prices (top 10 per cent; 4251 books)
accounts for 78 per cent of the total real value of sales. The top percentile
(top 1 per cent; 425 books) accounts for 49 per cent of the total real value.
Thirty-four items realised more than $100,000 (1999 prices); 475 items realised
more than $10,000 (1999 prices).
Books sold in London account for 0.9 per cent of the
number of transactions (399 items), but 20.9 per cent of the real value of
transactions. The average price realised by items sold in London was $19,484
(1999 prices) compared with an average price overall of $875 (1999 prices).
It is typical for auctioneers to charge sellers a fee
related to the sale price that is realised. This fee covers the cost of
publicising and staging the auction, and is how most auctioneers turn a profit.
A relatively recent feature of Australian book auctions is an additional fee
levied on the buyer and calculated as a percentage of the gavel price. Such
buyers’ premia first appeared in ABAR
in 1985, at the Sotheby’s sale of 16 April in Melbourne. (The Christie’s sale
of 14 April 1986 was the next sale in ABAR
to feature a buyer’s premium; both sales had premia of ten per cent.) These
fees had gained a foothold in European and American book auctions some years
before this, and according to Learmount (1985) they featured in auctions in
ancient times. All the London sales in ABAR
had buyers’ premia.
From 1985 to 1992 all the sales in ABAR with buyers’ premia took place
either in Melbourne or London; buyer’s premia were prohibited in New South
Wales until 1993. Within a decade of their first appearance in Australia,
buyers’ premia had become commonplace in Sydney and in Melbourne, and had
spread to Hobart and elsewhere. In the latest edition of ABAR (1998–99), half the auctions and 84 per cent of transactions
involved buyers’ premia. A usual premium rate at the auctions in ABAR is ten per cent, though premia of
fifteen per cent and higher are sometimes seen, and stepped premia (eg. fifteen
per cent up to £30,000; ten per cent thereafter) have been applied in Australia
and in Britain. The total value of buyers’ premia applied in the 1998–99 sales
was approximately $164,000 or 11.1 per cent of the total real value ($1.48
million).
Books sold at Australian auctions after 1 July 2000
are also subject to goods and services tax.
An interesting research question—and one with
practical consequences for book buyers—is whether auction houses systematically
understate or overstate price estimates in pre-sale materials. Comparing
auction prices with auctioneers’ estimates is straightforward. These estimates
are frequently published in auctioneers’ catalogues, and they would be a
valuable addition to the data in ABAR,
so much so that we encourage the publishers to include estimates in future
editions.[5]
The ABAR
data could also be supplemented with information from other types of book
sales. Many booksellers distribute printed catalogues in the post; it would be
interesting to study how the asking prices in these catalogues differ from
auction prices. Bookshops and bookfairs are other sources of asking prices, as
are book catalogues published on the internet. The limitation of such data is
that, unlike auction records, we cannot tell if the asking price has been
accepted by a buyer.
Books are well-represented in on-line auctions, and
these are another source of supplementary data. The advantage of on-line
auctions for data collection is that every stage is widely broadcast and the
sequence of bids is relatively easy to document. We say more about on-line
auctions below.
Publications like Book
Prices Current and Huxford’s Old Book
Value Guide attempt to provide schedules of benchmark prices of antiquarian
books as an aid to book buyers (and booksellers), and these are another source
of book ‘price’ data.
When items are ‘passed-in’ (ie. they fail to reach
their reserve price and are withdrawn from the sale), some auctioneers include
the highest bid in their lists of prices realised. The publishers of ABAR have attempted to purge the
data-set of these rogue prices by excluding items known to have been passed-in,
but they acknowledge that some phantom transactions may have crept in.
For a sale to be included in ABAR, a catalogue of lots must have been issued before the sale,
and a price-list circulated afterward. Sales of books at auctions without these
documents escape the data-set. ABAR
also does not document sales where several unrelated or loosely related books
are sold as a single lot. Nor does it document sales of books that are not ‘of
Australasian interest’. Because these books and multi-book lots are excluded,
and because some auctions are not represented in the data-set, we can infer
that the total value of books sold by auction in Australia in 1999 was probably
somewhat more than $840,000. We can also conclude that the data are not very
suitable for drawing conclusions about the level of activity in the book
auction circuit.
We mentioned above that the data are useful as an
indicator of the availability of different titles. However to the extent that
the database is not comprehensive of all ‘Australasian’ books auctioned, it is
that much less reliable as a guide to availability.
The compilers have taken pains to ensure that the ABAR entries are bibliographically
accurate. Yet the publishers acknowledge that some bibliographic gaps and
shortcomings exist in the data-set. It would be useful if the publishers issued
lists of errors that had been identified. These lists might be published as an
appendix to later volumes, or in the form of a supplement to the series.
Concluding comments
Despite
these limitations, Australian Book
Auction Records is a useful resource for librarians and other people with a
personal or professional interest in books. The data permit the analysis of
auction results across time and space, across different types of auction
events, across different firms of auctioneers, and across numerous other
dimensions. They are an indispensable price guide for the acquisitions
librarian, and reveal some interesting fashions in the tastes of buyers of
Australiana. As the records are drawn from many different auctioneers and are
organised bibliographically, ABAR has
obvious advantages over a large collection of auctioneers’ catalogues.
To
date, ABAR has focused overwhelmingly
on book auctions in Australia. Yet the market for Australasian books is not
confined to one or two countries, or even to the English-speaking world, but transcends
geographic, cultural and linguistic boundaries. This is particularly true in
relation to books about Antarctica and the exploration of the Pacific. Many
foreign auctions of Australiana, including important sales in Continental
Europe and the United States, have evaded the ABAR data-set. This is at odds with ABAR’s intention to record sales of books ‘of Australasian
interest’ rather than just Australian book auctions. In our view, the compilers
of ABAR should cast their net wider,
especially outside Australia and Britain.
In
the last few years, internet auctions have grown from a minuscule base to
become an important part of the book auction circuit. Internet auctioneers like
eBay (http://www.eBay.com), GavelNet (http://www.GavelNet.com), SOLD (http://www.SOLD.com.au),
Auctions.com (http://www.auctions.com) and Amazon Auctions
(http://www.amazon.com/auctions) have facilitated the sale of a large amount of
rare and collectable material. Auctioneers of this kind will increasingly
reduce the significance of where a particular auction is held. The location of
an auction event matters less if there is no actual saleroom and anyone
anywhere can join in on an equal footing.
In
some ways, the profusion of on-line auctions will make the job of collecting
book auction data easier. Information about items for sale and about when
auctions will be held is available in real time twenty-four hours a day from
the Web-auction sites. It is also possible to follow the sequence of highest
bids electronically in real time. For these reasons, the publishers of ABAR will face a growing case for
including on-line auction results in future volumes of the series. The next ABAR volume (2000-01) presents an
opportunity for the compilers to include internet auction results. In our view,
the compilers of ABAR should seize
this opportunity. If internet auctions don’t go away (which is almost certain),
and if they continue to grow (which is likely), ABAR will be that much less representative of Australasian book
auction results if internet auctions continue to be excluded.
References
Dedman,
Roger (1996) Australian Art Market
Movements Handbook, Roger Dedman, Barker, Victoria.
Learmount,
Brian (1985) A History of the Auction,
Barnard & Learmount, London.
[1] There are two other charity auctions
in the records, one at Monash University, Victoria (1972) and one held by the
MS Society in Camberwell, Victoria (1976). How prices differ between charity
and non-charity auctions may shed light on the effect of bidder psychology on
auction outcomes.
[2] The figures
were adjusted using the quarterly consumer price index figures in Australian
Bureau of Statistics catalogue no. 6401.0.
[3] Roger Dedman
has documented a similar phenomenon in Australian art auctions. Dedman’s ‘art
market index’ peaked almost a year after the sharemarket crash (Dedman, 1996).
He also presents evidence that the art market crashed in Australia before it
did in North America.
[4] The nominal
value of 1997 sales was $1.82 million.
[5] As is usually
the case in auctions of paintings, book auction estimates are typically given
as a price range. While the precise range is useful information, publishing the
mid-point of the range would be an adequate second-best.
This document may be circulated freely
with the following statement included in its entirety:
Copyright 2000
This article was originally published in
LIBRES: Library and Information Science
Electronic Journal (ISSN 1058-6768) September 30, 2000
Volume 10 Issue 2.
For any commercial use, or publication
(including electronic journals), you must obtain
the permission of the authors.
Fiona Kells
School of Fine Arts, Classical
Studies and Archaeology
University of Melbourne
and
Department of
Economics
University of Melbourne
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