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The Snider Sale of Important Americana Meets High Expectations - By Bruce McKinney The Snider sale confirmed current pricing. By Bruce McKinney Both Christies and Jay Snider have reason to celebrate the successful outcome of Mr. Snider's sale of important Americana in New York on June 21st which realized $6,318,720 including hammer against aggregate low and high estimates of $3,886,700 and $5,631,500. Fifty-eight lots failed to sell including 16 of the 27 early almanacs that were interesting but in many cases carried high reserves. For the most part the items that failed to sell were the less expensive ones. Buyers could be equally pleased. According to the paddle numbers 52 individual accounts were credited with at least one buy. Several dealers mentioned they were bidding for collectors. Perhaps as many as 75 dealers and collectors directly and indirectly purchased at the sale. In the room there were about a dozen actual bidders and 25 to 30 witnesses to report, snort and support. Christies ringed the room with eleven staff, the auctioneers in their pulpit, record keepers to the right and banks of manned phones along both walls. It felt and was serious. [See the list of successful bidders] William Reese of New Haven continued his dominance of the printed Americana market. Bidding in the room, using paddle 800, 78 lots fell to him for an aggregate cost of more than $1.25 million dollars. Four others purchased twenty or more items: Lou Weinstein of Heritage with a collector at his side, Joseph Felcone, the Princeton dealer, and two unidentified phone bidders using the paddles 1726 and 1901. Five others purchased 6 to 11 lots including Clarence Wolf of MacManus. The 19th Century Shop, focusing on iconic Americana, spent more than $500,000 for eight lots. David Block, representing the Berkley Collection, purchased John Adam's "Thoughts on Government..." for $216,000. Thirty seven additional bidding accounts registered a win on at least one lot. As some bidders were inevitably not successful on any lots the total of registered bidders was higher. Only winners' numbers are disclosed and only in the room. In the auction business second place is anonymous. Perhaps what will be best remembered from this sale are the 11 lots that Joe Felcone purchased on behalf of the New Jersey State Archives for $656,760 including premium. Six of these items were purchased in 1996 as one lot: a manuscript minute book of the Lord Proprietors of East Jersey, 1664-1683 with a group of hand drawn maps, reputedly purchased by Donald Heald in London for 45,000 pounds. Mr. Snider purchased it in 1998 and later removed the maps and offered the book and maps in this sale individually. The New Jersey State Archives aggressively pursued each related lot, won them all and now has every piece and the option to reassemble them. In this sale the book and 5 map lots brought $493,200 including vigorish. These fragile, rare and exceptionally important items will now permanently reside in the state whose motto is "liberty and prosperity."
The Snider Sale of Important Americana Meets High Expectations - By Bruce McKinney The Hayden & Moran sold for $374,400. Also of note in this auction were 24 items purchased in the Siebert sales at Sotheby's in 1999 and offered here again. Twenty-two identical lots sold for an aggregate increase of 58% above what they brought just six years ago. Another lot in Siebert, McCoy's "The Annual Register of Indian Affairs..." was combined with other material and has been ignored for this comparison. One lot, Drips' "Three Years Among the Indians in Dakota," did not sell. In 1999 they earned their sellers $649,524. On June 21st they brought $1,030,920. Approaching the millennium it was, more than any other events, the Siebert sales which unleashed a rapid increase in prices. Six years later we have definitive confirmation that the substantial increase in value of important material, that the Siebert sales ushered in, continues to be reflected in the toughest to satisfy marketplace - the auction rooms.[Comparison of Siebert realizations] The 58 unsold items comprised 16.7% of lots but only 9% of the aggregate high and low estimates so these items were known by Snider and Christies as their less expensive material. Nevertheless, even with lower estimates, many cheaper items failed to find buyers. The material AE identified as available on ABE generally did not do as well in the sale, perhaps an omen for other auction houses who continue to estimate material that is available on listing sites at levels above online prices. Buyers increasingly understand that extensive resources are available for evaluating value. Of the 11 auction items identified as "available" on ABE two failed to sell and the other 9 items realized 89% of the high estimate. By comparison, Siebert material that sold realized 117.6% of the high estimate. It's too early to read anything into these numbers but logically auction buyers will increasingly look at non-auction alternatives, be they dealer catalogues or online listings, for a comparison to auction estimates. [Chart of Snyder/Abe Items]

The Snider Sale of Important Americana Meets High Expectations

- By Bruce McKinney

The Snider sale confirmed current pricing.

By Bruce McKinney

Both Christies and Jay Snider have reason to celebrate the successful outcome of Mr. Snider's sale of important Americana in New York on June 21st which realized $6,318,720 including hammer against aggregate low and high estimates of $3,886,700 and $5,631,500. Fifty-eight lots failed to sell including 16 of the 27 early almanacs that were interesting but in many cases carried high reserves. For the most part the items that failed to sell were the less expensive ones.

Buyers could be equally pleased. According to the paddle numbers 52 individual accounts were credited with at least one buy. Several dealers mentioned they were bidding for collectors. Perhaps as many as 75 dealers and collectors directly and indirectly purchased at the sale. In the room there were about a dozen actual bidders and 25 to 30 witnesses to report, snort and support. Christies ringed the room with eleven staff, the auctioneers in their pulpit, record keepers to the right and banks of manned phones along both walls. It felt and was serious. [See the list of successful bidders]

William Reese of New Haven continued his dominance of the printed Americana market. Bidding in the room, using paddle 800, 78 lots fell to him for an aggregate cost of more than $1.25 million dollars. Four others purchased twenty or more items: Lou Weinstein of Heritage with a collector at his side, Joseph Felcone, the Princeton dealer, and two unidentified phone bidders using the paddles 1726 and 1901.

Five others purchased 6 to 11 lots including Clarence Wolf of MacManus. The 19th Century Shop, focusing on iconic Americana, spent more than $500,000 for eight lots. David Block, representing the Berkley Collection, purchased John Adam's "Thoughts on Government..." for $216,000. Thirty seven additional bidding accounts registered a win on at least one lot. As some bidders were inevitably not successful on any lots the total of registered bidders was higher. Only winners' numbers are disclosed and only in the room. In the auction business second place is anonymous.

Perhaps what will be best remembered from this sale are the 11 lots that Joe Felcone purchased on behalf of the New Jersey State Archives for $656,760 including premium. Six of these items were purchased in 1996 as one lot: a manuscript minute book of the Lord Proprietors of East Jersey, 1664-1683 with a group of hand drawn maps, reputedly purchased by Donald Heald in London for 45,000 pounds. Mr. Snider purchased it in 1998 and later removed the maps and offered the book and maps in this sale individually. The New Jersey State Archives aggressively pursued each related lot, won them all and now has every piece and the option to reassemble them. In this sale the book and 5 map lots brought $493,200 including vigorish. These fragile, rare and exceptionally important items will now permanently reside in the state whose motto is "liberty and prosperity."

The Snider Sale of Important Americana Meets High Expectations

- By Bruce McKinney

The Hayden & Moran sold for $374,400.

Also of note in this auction were 24 items purchased in the Siebert sales at Sotheby's in 1999 and offered here again. Twenty-two identical lots sold for an aggregate increase of 58% above what they brought just six years ago. Another lot in Siebert, McCoy's "The Annual Register of Indian Affairs..." was combined with other material and has been ignored for this comparison. One lot, Drips' "Three Years Among the Indians in Dakota," did not sell. In 1999 they earned their sellers $649,524. On June 21st they brought $1,030,920. Approaching the millennium it was, more than any other events, the Siebert sales which unleashed a rapid increase in prices. Six years later we have definitive confirmation that the substantial increase in value of important material, that the Siebert sales ushered in, continues to be reflected in the toughest to satisfy marketplace - the auction rooms.[Comparison of Siebert realizations]

The 58 unsold items comprised 16.7% of lots but only 9% of the aggregate high and low estimates so these items were known by Snider and Christies as their less expensive material. Nevertheless, even with lower estimates, many cheaper items failed to find buyers. The material AE identified as available on ABE generally did not do as well in the sale, perhaps an omen for other auction houses who continue to estimate material that is available on listing sites at levels above online prices. Buyers increasingly understand that extensive resources are available for evaluating value. Of the 11 auction items identified as "available" on ABE two failed to sell and the other 9 items realized 89% of the high estimate. By comparison, Siebert material that sold realized 117.6% of the high estimate. It's too early to read anything into these numbers but logically auction buyers will increasingly look at non-auction alternatives, be they dealer catalogues or online listings, for a comparison to auction estimates. [Chart of Snyder/Abe Items]