Selling 19th century memorabilia at auction, even the really good stuff, can be very risky, unless you put a high reserve to protect yourself. The market for that material is often very thin, and if one or two big players either have the item or are not interested in bidding, the item can bomb. In the recent REA auction, for example, the sheet musics entitled the Live Oak Polka and the Home Run Quick Step did abysmally, selling for a small fraction of what they transacted for in the past. For those who collect that sort of thing, those sheet musics represent the pinnacle of 19th century chromolithography. They are quite rare and the particular pieces offered by REA were in exceptionally good condition for the issue. In the recent Heritage Auction, an N28 poster went for a steal, again much below what such an item has sold for in the past. It did have some condition issues on the borders, but the colors looked good and a good conservator could have made the item look practically brand new (which for posters seems only to enhance their value at auction).
When I look to transact 19th century memorabilia, I typically prefer private transactions, be it sale, trade or a combination of the two. Of course this requires a willingness to wait until the right party comes along, which I recognize may be not possible if there is a quick need for money. But if you have that flexibility, it is something to consider.
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