OT: Need help with auctioning rare book

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Posted By: Rob Fouch

Hi, everybody. I asked Leon if I could make this off-topic request for help and he graciously said OK. It's actually loosely on-topic (very loosely, I'll admit).

I go to tag/estate sales to look for stuff (books, records, etc.) to sell to fund my T206 habit. (See? I told you it was kind of on-topic. ) Well, I found a real doozie last week. I bought a stack of old books for $15 and one of them, it appears, is an exceedingly rare first edition called "How to Trade in Stocks," by Jesse Livermore, the legendary Wall Street trader. I'd never heard of him, but I'm a financial idiot, so no surprise there.

Anyway, I found it on some various book sites and on ebay for sale anywhere from $3,000 to $7,000. And here's the kicker: The one I found is autographed by Livermore, who committed suicide the same year this book came out. None of the ones on the sites I found were autographed, so I may have a real rarity here. I've sent pictures to several auction houses that deal in rare books
and four of them so far have said they would accept it on consignment.
Basically, I was hoping maybe a few board members would have experience
auctioning off an old book and could recommend a good auction house.

Seems like it would be best to auction it in New York, since that's where the people perhaps most interested in it all live and work. The three New York auction houses (plus one based in San Francisco) who've said they would accept it are: Doyle New York, Bonhams and Swann Galleries. Have any of you ever auctioned a rare non-sports book? Are you familiar with these auction houses? Any others I should consider? I also sent it to Christie's, but haven't heard back. And I suspect this book doesn't reach the Christie's level anyway.

I'm leaning toward Doyle because the books guy there called me the very next day I submitted the information. And he seemed knowledgable about the book, and also excited. To quote, he said, "I think this could do quite well." I'm hoping I'll end up with a couple of Wall Street types fighting over it. I can dream, can't I? Regardless, whatever I end up getting, it won't be a bad return on my $1.50 investment.

Any and all help/advice would be greatly appreciated. Thanks. And thanks to Leon for allowing this post.

Rob

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Posted By: barrysloate

Hi Rob- we exchanged emails on this last week so I thought I would comment.

I know Swann pretty well and you will do fine with them. I don't know the other three very well, but they are equally professional. Any major auction house that has rare book sales will do fine. I would say work with the one you feel most comfortable. Good luck with it.

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Posted By: Alan

Rob -

Check with R&R auction house also since it's autographed.

http://www.rrauction.com

Best of luck,
Alan

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Posted By: leon

Thanks for helping out. I truly feel this forum can be a huge benefit to all of our members in cases like this. If you only do 1, or less off topic, every few months, per the rules, then I see no issue.........Please email me first on stuff and if there has been too much OT lately I might say to wait a little bit....but we, collectively, are an invaluable resource for many things.....I think it makes us more like a family too....maybe a dysfunctional one , but one, never the less .....best regards

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Posted By: Jimmy

you may do well with Skinner from Boston

http://www.skinnerinc.com/

Take care

Jimmy

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Posted By: barrysloate

I think he will do equally well with any auction house he chooses, provided it has a rare book department. I doubt one house would be any better than another. There is no secret list of bidders that one has and the other doesn't.

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Posted By: Hal Lewis

This is who I have purchased autographed rare baseball books from in the past:

http://www.baumanrarebooks.com/

They constantly have a tremendous inventory of rare autographed stuff, so I know they have a HGE customer list.

This is what you want. Someone who knows how to price your book properly AND get it seen by everyone in the rare book arena.

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Posted By: barrysloate

Hal- they are also overpriced by multiples of fair market value. Of course, since Rob wishes to sell the book, that may not be a bad idea. But they are a retail business, not an auction house, so I don't know how long it would take to sell or if they take consignments.

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Posted By: Jeff Lichtman

Bauman doesn't have auctions. Also, as Barry said, I've been in their place and the prices are so ridiculous I'm amazed they ever move any of their inventory.

Doyle and Swann have good reputations in NYC.

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Posted By: Rob Fouch

Yeah, Bauman actually has this same book (though not autographed) priced at $7,000. I was skeptical about that price. Definitely the highest I saw. I contacted them seeking info about my book and they were very helpful, and they offered to buy it (no price given) if it doesn't sell in auction. From what I gather, they're dealers, not auctioneers.

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Posted By: barrysloate

Bauman has a weekly ad in the Sunday New York Times Book review. Once in a while they offer a baseball book. Recently they had a nice copy of Spink's 1910 The National Game. It's a lovely book with great plates, but it's not too tough to find and can be bought in our hobby for around $400-500.

Their price: $2200

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Posted By: Hal Lewis

Yes, Bauman is very high.

Yes, he is a seller, which is why I thought he should at least let Baumans try to sell it for him at their high prices.

And of course, the third answer: Yes, I obviously overpaid for the books I purchased from Baumans.

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Posted By: Rob Fouch

Just wanted to thank everyone for their help (and bump up the thread one last time before it disappears into second-page oblivion).

Any other suggestions or recommendations?

As for Bauman, I don't think they sell for people (though that's just an assumption on my part). My guess is they might offer me a grand, then turn around and list it on their site for 10 grand (since the unsigned copy they have on there now is $7,000.)

Thanks again, everybody.

Rob

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Posted By: barrysloate

Rob- you're right about the mark up.

Go the auction route, either with Swann or whomever made you feel most comfortable when you spoke to them.

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Posted By: Rob Fouch

Thanks, Barry. I'll let everyone know how it turns out. Though it'll be quite a wait. None of the auctions are till the spring, and Doyle, which I think I'll end up going with, is in May. Sigh. Seems like forever from now. Hopefully the wait will pay off.
Maybe in late May I'll be looking to make a few big T206 purchases.

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Posted By: Rob Fouch

Just wanted to update you guys on what ended up happening with the rare book I asked you for help with a few months ago. It sold today in a Heritage auction for $6,500! (Plus buyer's premium.) So I should get in the neighborhood of 5 grand. Not bad for a $1.50 tag sale find.

Thank you for all of your assistance. I'd love to say I have 5 grand to spend on my T206 set, but we're putting in a basement laundry room so it's probably all going there. Sigh.


http://historical.ha.com/common/view_item.php?Sale_No=682&Lot_No=56547&src=pr

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Posted By: DD

I don't see it mentioned in the ad that the book was signed. Did it turn out to be a fake auto?

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Posted By: scott brockelman

of the lot description. Congrats on a nice pick up and sale.

My thoughts on your windfall, if you are indeed going after T206's, pick up the scarcest ones with the spare bucks, be it Demmit or O'Hara or a low grade Magie, etc, OR if you are just doing HOFers get the Cobbs, Etc that you would not normally fork over the bucks for. Don't buy 200 commons as you can always buy them at $20 a pop any day.

Scott

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Posted By: Rhett Yeakley

Rob, that is a pretty tremendous find, and congrats on the nice price. It is really funny in this life how one man's trash is another man's treasure. As someone that collects trash (old baseball cards) I find it amusing when trying to explain how it is I get enjoyment doing so to those not interested and it dawns on you that we (collectors) are all a strange bunch. We pay hundreds and sometimes thousands of dollars for items that were generally intended to thrown out. The book that you found is probably just as exciting to somebody out there as it would be for us to find a T206 Magie error or a nice Breisch-Williams HOFer in a $1.50 bin. Great story that reiterates what makes this (and other) areas of collecting fun and exciting.

-Rhett

PS--You made a big mistake telling your wife about the find. What she don't know... (just kiddin!)

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Posted By: DD

Thanks Scott. Next time I'll take my glasses off . LOL

I guess the signed copy doesn't get much more attention than an unsigned copy. One brief mention, and nothing in the title. Still a great piece, and congrats Rob!

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Posted By: barrysloate

Rob- congratulations on a fantastic sale. They don't come around too often like that. And great meeting you last week- hope you can make some more of our dinners.

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Posted By: leon

My same sentiments as Barry's. (I think I am supposed to use an apostophe? with it being possessive)....I wish we would have been able to chat a little bit more. Seems like a good group of guys....as I would have expected...Congrats once again on the book bonanza and take care..

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Posted By: Rob Fouch

Thanks, guys. It's definitely been a good day. As for telling my wife, Rhett, even if I hadn't told her, she'd have figured it out somehow. She's devious that way.

Thanks for the advice on the T206 purchases, Scott. I actually have an O'Hara and a Cobb and some other decent cards, and as much as I'd love to put this money toward a Monster toughie -- a Magie would be awesome -- we do need to do some work on the house. Family first, I suppose. I'll make sure my wife remembers this the next time I get a chance to buy a pricey card at a decent price.

And just wanted to publicly thank Barry and Leon. Both were tremendously helpful when I was seeking advice on how I should go about consigning the book. I enjoyed getting to meet you both (and all the other guys) at the New York dinner. Really nice guys. And even though my collection pales next to everyone else's who was at the dinner, everyone was very cool. I had a great time simply sitting there listening to people talk passionately about their collections. A thoroughly enjoyable evening.

Now, all I need to do is find six or seven more of these books, and next dinner I'll feel more at ease talking about my own little collection.

Thanks again.
Rob