Auction House Perspective: Who is the new book collector?
- By Bruce McKinney
Doug Johns: Seeing a future in the past
By Bruce McKinney
This month I interviewed representatives of three auction houses about who is and where is the new book collector? They are Dr. Martin Gammon of Bonhams & Butterfields, Doug Johns of Johns' Western Gallery, and George Fox of PBA Galleries. In February I asked four dealers the same question. The differences both between what booksellers had to say and what auction representatives this month are saying illustrates the complexity of the book, manuscript and ephemera categories as well as the differences in approach taken to them in the auction field. A seemingly simple question yields complex clues if no outright answers.
The auction house sale banner furls high above a diverse community and has for hundreds of years. For generations beyond personal recall possessions have been redistributed within the community by inheritance, gift and sale, often by auction. In North America for 350 years and in Europe for much longer, such sales, often including books, have been cried out and hammered. Down through time "by auction" has emerged as a synonym for sale by necessity and what this simply means today is that at a time fixed items will be sold for prices determined by demand. By comparison, what a dealer offers is a set price with the time of sale unknown. Both approaches have their virtues and auction their necessity. Printed material at fixed prices dwarfs books at auction though the market for books at auction has been growing exponentially.
Auction is a term that has one basic meaning but many different forms. And as different as these forms are they are all several magnitudes removed from the four dealers we interviewed in February. They differ in how they describe, how they promote, what they charge, where they sell and who they sell to: all the time retaining characteristics that define them as auctions. Perhaps the largest differences are in the basis for sale and few auctions houses have only one. Without reserve means that should someone bid just a dollar, and no one else bid, a Gutenberg Bible could sell for that price. Such sales [in principal but not for a Gutenberg as far as we know] occur, most often in the country circuit where, by midnight, all will be sold or sent to the dump. This is why auctions are interesting. You never really know what is going to happen.
All this is to explain how auctions, while selling similar and often the same material as dealers, are a very different breed. In Vegas this mentality takes them to the high stakes tables so it's surprising to interview three auction men that hardly seem like gunslingers. Appearances apparently are deceiving.
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Auction House Perspective: Who is the new book collector?
- By Bruce McKinney
George Fox: PBA's rainmaker
Doug Johns of Johns' Western Gallery is a facilitator as much as he's an auctioneer. He's been selling the Southern California ephemera of Glen Dawson and dispersing the collections of John D. Gilchriese, Hoyt S. Vandenberg, Frank Newton and Bill Siems among others in recent years. In their gallery and online they also offer fixed price material. Mr. Johns brokers private treaty transactions as well.
Beneath the western polish there is a strong vein of realism and he adjusts his modus operandi as the market demands. He's the first to say "The market is changing and we don't know where it will be in five years" though it's clear he relishes the challenge. In his interview he speaks of the dealer directed collector of twenty-five years ago that has become the sophisticated self-directed collector today. His career spans this extraordinary transition and his is the business of catering to this emerging collector. Wherever this takes him he's energized by the challenge.
George Fox speaks on behalf of PBA Galleries. He's an auctioneer and rainmaker. He grew up with books and spends his life in the pursuit and sale of them. For him this is the job he always wanted and even now can't quite believe his luck at getting paid to do what he truly loves. The kick of a great book, manuscript or ephemera even decades into the chase is still the spark to light up his eyes. When he dies there will be no cremation, just a sturdy box. To his left and right will be some great books and a reading light overhead.
PBA is a larger firm than Johns'. They run twenty or so auctions a year and live balanced on various lily pads. They have been aggressive at building an online presence. Where auction houses tended to move to the net a day late and a dollar short PBA saw the future years ago and has relentlessly pursued their place in it. They are serious risk-takers in a field that is transforming itself day by day. In April, for the first time, they are offering an ephemera sale.
Dr. Gammon speaks on behalf of Bonhams & Butterfields. Bonhams is not a household name in America but is on the way to becoming one. Bonhams is an English House and Butterfields the house eBay bought for $250 million eight years ago and sold to Bonhams two years later for 10% of that. Butterfield's is the oldest west coast auction house still hammering lots and is part of Bonham's full service business that is as comfortable with furniture, porcelain and paintings as they are with books. In Dr. Gammon's view the new collector is increasingly focused on personal niches and Bonhams & Butterfields, well positioned to handle the sale of collections in situ, on the west coast, in New York or in Europe according to where the best realizations are anticipated. After Sotheby's and Christie's they are the largest full service auction house in the world.
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Auction House Perspective: Who is the new book collector?
- By Bruce McKinney
Dr. Martin Gammon: the broader perspective
So where is the new book, manuscript and ephemera collector? By definition it is wherever the auction houses are looking for them. Their business depends on their unearthing great collections to sell and great collectors to buy them. Dealers can wait for a buyer to show up, auction houses can not. Even as they are completing one sale someone in the room is thinking about the next: 51 days 21 hours, 14 minutes and counting. Let's get to work.
The question then is "Where is the new book collector?" This is what three auction house representatives have to say. The links in blue are their views. The links in green are their backgrounds. I now let them speak for themselves.
Doug Johns of Johns' Western Gallery:
Where is the new book collector?
for high speed, or for dial-ups.
- Background
for high speed ,or for dial-ups.
George Fox of PBA Galleries
Where is the new collector?
for high speed, or for dial-ups .
- Background
for high speed, or for dial-ups.
Dr. Martin Gammon of Bonhams & Butterfields
Where is the new collector?
for high speed, or for dial-ups.
- Background
for high speed, or for dial-ups. .
Finally here is a link to comment if you would like to share your thoughts about this form. Click here to post your comments on the message boards. The goal is to shorten the gap between dealer, auction house and collector. Your views are appreciated. My thanks to these gentlemen who have trusted us to do this accurately.
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