Replacement value would likely have doubled the insurance premiums. Gordon
did 5% or 6% annually, to keep up with inflation.
The question of the extent to which books should be insured is a difficult
one. I know of a collector, many of whose books must be kept in a bank vault
at the insistence of the insurance company because of their value. He then
he asks why he bothered to collect them.
Gabriel Austin
-----Original Message-----
From: Rare book and manuscripts [mailto:EXLIBRIS-L@LISTSERV.INDIANA.EDU] On
Behalf Of Kevin. Mac Donnell
Sent: Wednesday, August 22, 2007 2:04 PM
To: EXLIBRIS-L@LISTSERV.INDIANA.EDU
Subject: Re: [EXLIBRIS-L] NY Auction Bidding Legislation
I fear, in respect of fees charged, that my heart does not bleed for
people
who have books worth selling at auction. Their best solution is to have a
bookseller who sells on consignment. Gordon Ray when he bought a book
always
entered it on his insurance policy at half what he paid for it, reckoning
that a bookseller's price was double "the pure value", if there be such a
thing.
Gabriel Austin
This was probably not a wise thing to do if he ever suffered a loss and had
to replace the book. Replacement value would have made more sense. But his
reasoning otherwise made sense back in the days when booksellers dominated
the book auctions and one could make an argument that auctions represented a
sort of "wholesale" value while bookseller represented "retail." But those
days began disappearing in the the 1950s, and shfited further and further
into balance with private collectors and libraries bidding directly at
auction (or with a bookseller acting as their agent). The difference between
auction and bookseller prices is closer than ever before in most categories
of books, although momentary market trends, heavy-hitters with a keen in one
field, and other factors can tip the scales back and forth. Booksellers who
have been around a long time and witnessed this shift are well-aware of it;
for newer booksellers and librarians this might come as a surprise. In fact,
these days, most people selling at auction are convinced that they will get
more for a book at auction than in any other venue. True for some books; not
true for others, depending on a complex host of factors (lotting, market
trends, commissions, the venue, etc.).
Kevin
@
Mac Donnell Rare Books
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Austin TX 78730
512-345-4139
info@macdonnellrarebooks.com
Member: ABAA, ILAB
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