Organization: Philadelphia Rare Books & Manuscripts
Sender: Rare book and manuscripts <EXLIBRIS-L@LISTSERV.INDIANA.EDU>
Hi, all. I have been travelling, and missed much of this interesting
thread; have only just gotten to read it through. This note is written
to respond only to the single early-on observation quoted below - please
forgive me if the conversation has gone too far past that point for
anyone to wish further comment on it, or, if I've failed to observe that someone
else said, perhaps better, what I'm about to say belatedly!
> If he bids against
> other real bidders then he has the knowledge that there was at least
> one other BUYER willing to pay at least the previous increment.
Even there, the message remains unclear:
Is the other bidder an informed collector, willing to pay the previous increment because he realizes that this may be his only chance to get that
much desired book - and he is prepared to pay strong retail for it? Or even,
quite consciously, prepared to pay a bit beyond that, on this his
probable "one chance" to make the acquisition?
Or, is this a collector bidding actually as a competitor - willing, for some reason, to
bid up somebody else who is bidding? - willing perhaps, for reasons
having nothing to do with the book, to pay ("Just this once!") not
only up to but well beyond sane strong retail?
If the other bidder is a dealer, is he bidding to buy for stock - willing to pay
up to a reasonable wholesale level?
Or, might we be looking at a dealer bidding for a client - prepared to pay,
on the client's behalf, low retail, strong retail, or (yes, it *can* happen!)
whatever it takes?
There is a feeling among some collectors, both private and institutional, that they simply cannot go wrong or do very unwisely at
auction - or anyway, they can't go wrong or do unwisely by more than
the amount between the underbid and the bid that takes the lot. Going
"just the one more" is sure to gain a sound buy if not a bargain.
But every experienced auction goer has seen things sold both amazingly high and
amazingly low, each of these for no apparent or even discoverable
reason. The point here being that it's very dangerous to bid based on an on-the-spot reading of the action in the
room. It's still, as it always was, preparation - bibliographical and
other research, examining the lots, and going in knowing not just the bidders and the scene but the price
history, the frequency-of-appearance history, and the reasonably-expected-condition history of the particular books to be
bid on - that is crucial for well-founded confidence in sticking one's
arm up (and pulling it down).
Without that study and preparation, laboriously pursued, you're placing poker bets merely by reading the other players' faces - *much* better to know what the odds are of actually drawing the cards you need!
*
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