Lot 12 is another Varthema; this the 1520 edition. I bought it from Bill Reese in 1998 for $37,345. Today, against an estimate of $15,000 to $20,000, it brings $57,600.

Lot 13 is the first obtainable edition of the Cortes Letter published in Basel in 1521. I bought it from Asher Rare Books in 2002 for $12,975. Today it is estimated $20,000 to $30,000 and brings $36,000.

Lot 14 is Bernhard Von Breydenbach's "Le Grant Voyage de Hierusalem printed in Paris in 1521. I acquired this copy from Maggs Brothers in 2000 for $8,420. Today, against estimates of $10,000 to $15,000, it brings $6,000.

I have told Bloomsbury to accept all reasonable bids. It's not an auction if the market can't set the prices. Lot 15 confirms they are following the plan.

Lot 15 is another item I purchased at the 1995 Sotheby's sale of New York Historical Society material. It is Cortes' 1524 "La preclara Narratione di Ferdinando Cortese della Nuoua Hispagna." I paid $3,737 and today, against estimates of $5,000 to $8,000, it brings $4,560. This copy was presented to the society by James Lenox. It is in an ugly green box that no doubt detracts from its appeal. It was also incomplete, in particular lacking the map. In any event it was a privilege to own this copy, to, for 15 years share a connection to James Lenox, the 19th century bibliophile and philanthropist whose collection was incorporated into the New York Public Library in 1895. I hope this book goes into the collection of someone who appreciates its significance. It matters.

In 1994 I went to London to bid at the Botfield Sale conducted by Christie's. I bought Peter Martyr's "De orbe novo" printed in 1530. I paid $28,230. Today it is lot 16, and against estimates of $30,000 to $50,000, brings $66,000. It's very rare and enjoys an impeccable provenance. It's title provides the name for this collection.

Lot 17 is Robertus Monachus' "Bellum Christianorum principum, praecipue Callorum, contra Saracenos, ... ", printed in Basel in 1533. Bill Reese represented me at a German auction [which one is unclear]. It was $1,307 in 1993 and brings $5,760 today.

Lot 18 is Benedetto Bordone's "Isolario ...Nel qual si ragiona di tutte l'Isole del mondo... Con la gionta del Monte del ... " printed in Venice in 1534. I bought this copy at New York Historical Society sale in 1995 for $5,462. Today it brings $13,200.

Lot 19 is Peter Martyr's "Summario de la General Historia de L'Indie Occidentali Cavato da libri scritti" printed in Venice in 1554. I bought it from Bill Reese in 2000 for $35,000. Today, against estimates of $20,000 to $30,000 it brings $18,000. Prices for rare books generally rose steadily in the 1990s culminating with the Siebert Sales in 1999 which appeared to set the market on the path to another decade of rising prices. The market did rise through 2000 but was unable to rise further except for the occasional exceptional item. The theme of this auction is "let the market decide" and this outcome evidence that market has pulled back.