The Hot Bid, Shelf Life: “Art Collecting Today: Market Insights for Everyone Passionate About Art” by Doug Woodham

Art Collecting Today cover

What you see: Art Collecting Today: Market Insights for Everyone Passionate About Art by Doug Woodham. *$24.99, Allworth Press.

 

Does it fit in my purse? Yes, just.

 

Cut to the chase. Should I buy this book? Yes.

 

You could call this Everything You Wanted to Know About the Art World, But Were Afraid to Ask, but Woodham wouldn’t, because he knows better than to reach for a joke that last got laughs in 1975.

 

Still, ACT serves that sort of role, explaining all the things you should know about art-collecting, but might not, or might have forgotten, and it does it without condescension.

 

ACT came out in Spring 2017 and has aged well overall (the GOP tax bill passed later that year affected the information on art and taxes, but c’mon,).

 

Woodham knows whereof he speaks, having embraced contemporary art as a 15-year-old and having followed a path that took him to a PhD in economics, a stint at McKinsey, and president of the Americas at Christie’s from 2012 to 2015.

 

This background helped him obtain almost 100 interviews for the book with collectors, art advisors (which is his current profession), auction house and gallery folks, lawyers, and others who might not normally speak as freely.

 

The material Woodham gathered from the anonymous dozens ensures that ACT is not a dry recitation of dos and don’ts. It pulls in topical art controversies that were live before May 2017, including the unusual threat that the Detroit Institute of the Arts faced in the wake of the city of Detroit declaring bankruptcy. It acknowledges the rise of Instagram and details its impact. It spends a chapter showing how six artists–Christopher Wool, Amedeo Modigliani, Yayoi Kusama, Rene Magritte, Ruth Asawa, and Elizabeth Murray–have seen their market reputations rise and fall.

 

And it deals head-on with the emotions of buyers and sellers. For ages, the tenets of economics assumed that market movers generally acted rationally. That’s never been true for art, and could never be true for art, because loving art isn’t rational. And art that goes unloved eventually goes unloved by the art marketplace.

 

ACT excels at grappling with the inherent irrationality of the art market, shedding light on its mysteries without killing its romance. It explores the alchemy of how love turns into money, or fails to, with deftness and brevity.

 

This book is perfect for subway journey reading and just-before-you-fall-asleep reading in that you can jump into it and out of it at will with the confidence that you’ll learn something, enjoy yourself, or both. Usually both.

 

Worth buying new, at full price.

 

How to buy Art Collecting Today: Please purchase it from an independent bookstore near you. If there isn’t one near you, try ordering it from the Strand Bookstore.

 

How to subscribe to The Hot BidClick the trio of dots at the upper right of this page. You can also follow The Hot Bid on Instagram and follow the author on Twitter.

 

Doug Woodham is on Instagram, and he has a website. He also publishes a quarterly e-newsletter, dubbed Art and Money. Scroll to the bottom of this page to subscribe.

 

Text is copyright Sheila Gibson Stoodley. Image is courtesy of Doug Woodham.

 

* I received Art Collecting Today as an advance review copy through one of the five people whose brains I picked when I was working out whether and how to do this blog. I’m confident that if I’d heard about it later, I would have bought it or put it on my wish list.

 

Art Collecting Today was originally published in Spring 2017.

 

Would you like to hire Sheila Gibson Stoodley for writing or editing work? Click the word “Menu” at the upper right for contact details.

 

 

 

 

SOLD! Potter & Potter Sold “The True History of Pepper’s Ghost” for (Scroll Down to See)

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Update: Potter & Potter sold the copy of The True History of Pepper’s Ghost for $1,020.

 

What you see: A copy of The True History of Pepper’s Ghost, an 1890 book by Professor John Henry Pepper. Potter & Potter estimates it at $600 to $900.

 

The expert: Gabe Fajuri, president of Potter & Potter.

 

What is Pepper’s Ghost, and how was John Pepper involved in it? It’s a theatrical effect used to manifest figures on a stage. They could be ghosts, they could be people, they could be objects, even. It was devised in the mid-19th century by Henry Dircks and popularized by John Pepper.

 

How did he popularize it? Pepper came up with a way to streamline the installation of the device. Dircks wanted to modify every theater in a major way to install the invention. Pepper made it adaptable and practical.

 

Why was the special effect such a big deal when it debuted in 1862? Because it made ghosts walk on stage.

 

Were there previous attempts to do something like Pepper’s Ghost, which fell short? I’m not aware of any, and I’m not an authority, but people had played with using glass in a similar way going back centuries.

 

To what extent, if at all, was the impact of Pepper’s Ghost amplified by debuting in a play based on a book by Charles Dickens? My recollection is the play it was used in involved the appearance of a ghost. What I like about that was Charles Dickens was an amateur magician. They probably chose it [the debut of the effect] coincidentally, but there’s some serendipity there.

 

What I find interesting is Pepper tried, almost heroically, to give due credit to Dircks, but the public persisted in calling the effect “Pepper’s Ghost.” But look at songwriting. Maybe it’s a stretch, but how many of Whitney Houston’s songs did she actually write? It’s the performance that makes the memory in the public mind.

 

But it’s not typical for someone to try as hard as Pepper did to share credit. No, especially when the profit motive is involved. But, eventually, Henry Dircks signed the patent over to Pepper. It shows he had no animosity to Pepper. It helped cement it in the public mind, I suppose, but the public doesn’t go back and read patent papers.

 

Have you read the book? Do we know why Pepper felt he had to write a book titled The True History of Pepper’s Ghost? I have not read it, and I don’t know his motivation.

 

Does it go into detail about how to produce the Pepper’s Ghost effect? Oh, yeah. The folding frontispiece shows you how to set it up. It’s literally the first page.

 

How is the Pepper’s Ghost effect used today? I know it’s been adapted for many practical and entertaining purposes. One you probably don’t think of is the headsup display on a car’s windshield. A more frivolous use brought Tupac Shakur to life on stage. It’s been used for decades in carnivals to turn a girl into a gorilla.

 

It’s a surprisingly durable special effect, given that it’s more than 150 years old. Sometimes, you know, simplicity is an art. It’s hard to improve upon something so direct and effective.

 

Do we know how many copies of the book were printed? Also, how many copies have you handled? I don’t know the number printed, but I’ve handled two or three in 11 years.

 

What condition is the book in? Lovely. It’s not in fine condition, but considering its age and scarcity, it’s good, in bookseller’s terms.

 

Who would have been the audience for this book? I imagine it would be scientists, or theater owners, or people who wanted to incorporate effects into a production. It could have been magicians or curiosity seekers as well. The cover is beautiful–one of its main attractions these days. The skeleton on the cover says it all.

 

How to bid: The True History of Pepper’s Ghost is lot 405 in The Magic Collection of Ray Goulet, a sale taking place at Potter & Potter on April 27, 2019.

 

How to subscribe to The Hot BidClick the trio of dots at the upper right of this page. You can also follow The Hot Bid on Instagram and follow the author on Twitter.

 

Follow Potter & Potter on Instagram and Twitter.

 

Gabe Fajuri is a favorite on The Hot Bid. He’s talked about a Will & Finck brass sleeve holdout–a device for cheating at cards–which sold for $9,000a Snap Wyatt sideshow banner advertising a headless girl, a record-setting stage-worn magician’s tuxedo; a genuine 19th century gambler’s case that later sold for $6,765; a scarce 19th century poster of a tattooed man that fetched $8,610; a 1908 poster for the magician Chung Ling Soo that sold for $9,225; a Golden Girls letterman jacket that belonged to actress Rue McClanahan; and a 1912 Houdini poster that set the world record for any magic poster at auction.

 

Gabe rightly points out that the peerless Jim Steinmeyer wrote the definitive book on the Pepper’s Ghost special effect: The Science Behind the Ghost, which you can purchase from Steinmeyer’s website.

 

Text is copyright Sheila Gibson Stoodley. Image is courtesy of Potter & Potter.

Potter & Potter Could Sell “The True History of Pepper’s Ghost”–a Rare Book on the Famous Special Effect–for $900

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What you see: A copy of The True History of Pepper’s Ghost, an 1890 book by Professor John Henry Pepper. Potter & Potter estimates it at $600 to $900.

 

The expert: Gabe Fajuri, president of Potter & Potter.

 

What is Pepper’s Ghost, and how was John Pepper involved in it? It’s a theatrical effect used to manifest figures on a stage. They could be ghosts, they could be people, they could be objects, even. It was devised in the mid-19th century by Henry Dircks and popularized by John Pepper.

 

How did he popularize it? Pepper came up with a way to streamline the installation of the device. Dircks wanted to modify every theater in a major way to install the invention. Pepper made it adaptable and practical.

 

Why was the special effect such a big deal when it debuted in 1862? Because it made ghosts walk on stage.

 

Were there previous attempts to do something like Pepper’s Ghost, which fell short? I’m not aware of any, and I’m not an authority, but people had played with using glass in a similar way going back centuries.

 

To what extent, if at all, was the impact of Pepper’s Ghost amplified by debuting in a play based on a book by Charles Dickens? My recollection is the play it was used in involved the appearance of a ghost. What I like about that was Charles Dickens was an amateur magician. They probably chose it [the debut of the effect] coincidentally, but there’s some serendipity there.

 

What I find interesting is Pepper tried, almost heroically, to give due credit to Dircks, but the public persisted in calling the effect “Pepper’s Ghost.” But look at songwriting. Maybe it’s a stretch, but how many of Whitney Houston’s songs did she actually write? It’s the performance that makes the memory in the public mind.

 

But it’s not typical for someone to try as hard as Pepper did to share credit. No, especially when the profit motive is involved. But, eventually, Henry Dircks signed the patent over to Pepper. It shows he had no animosity to Pepper. It helped cement it in the public mind, I suppose, but the public doesn’t go back and read patent papers.

 

Have you read the book? Do we know why Pepper felt he had to write a book titled The True History of Pepper’s Ghost? I have not read it, and I don’t know his motivation.

 

Does it go into detail about how to produce the Pepper’s Ghost effect? Oh, yeah. The folding frontispiece shows you how to set it up. It’s literally the first page.

 

How is the Pepper’s Ghost effect used today? I know it’s been adapted for many practical and entertaining purposes. One you probably don’t think of is the headsup display on a car’s windshield. A more frivolous use brought Tupac Shakur to life on stage. It’s been used for decades in carnivals to turn a girl into a gorilla.

 

It’s a surprisingly durable special effect, given that it’s more than 150 years old. Sometimes, you know, simplicity is an art. It’s hard to improve upon something so direct and effective.

 

Do we know how many copies of the book were printed? Also, how many copies have you handled? I don’t know the number printed, but I’ve handled two or three in 11 years.

 

What condition is the book in? Lovely. It’s not in fine condition, but considering its age and scarcity, it’s good, in bookseller’s terms.

 

Who would have been the audience for this book? I imagine it would be scientists, or theater owners, or people who wanted to incorporate effects into a production. It could have been magicians or curiosity seekers as well. The cover is beautiful–one of its main attractions these days. The skeleton on the cover says it all.

 

How to bid: The True History of Pepper’s Ghost is lot 405 in The Magic Collection of Ray Goulet, a sale taking place at Potter & Potter on April 27, 2019.

 

How to subscribe to The Hot BidClick the trio of dots at the upper right of this page. You can also follow The Hot Bid on Instagram and follow the author on Twitter.

 

Follow Potter & Potter on Instagram and Twitter.

 

Gabe Fajuri is a favorite on The Hot Bid. He’s talked about a Will & Finck brass sleeve holdout–a device for cheating at cards–which sold for $9,000a Snap Wyatt sideshow banner advertising a headless girl, a record-setting stage-worn magician’s tuxedo; a genuine 19th century gambler’s case that later sold for $6,765; a scarce 19th century poster of a tattooed man that fetched $8,610; a 1908 poster for the magician Chung Ling Soo that sold for $9,225; a Golden Girls letterman jacket that belonged to actress Rue McClanahan; and a 1912 Houdini poster that set the world record for any magic poster at auction.

 

Gabe rightly points out that the peerless Jim Steinmeyer wrote the definitive book on the Pepper’s Ghost special effect: The Science Behind the Ghost, which you can purchase from Steinmeyer’s website.

 

Text is copyright Sheila Gibson Stoodley. Image is courtesy of Potter & Potter.

SOLD! Wanda Gág’s Spellbinding 1938 Study for “The Poisoned Apple” Commanded (Scroll Down to See)

M38702-7 006

 

Update: Wanda Gág’s study for The Poisoned Apple sold for $5,000.

 

What you see: The Poisoned Apple, a study by Wanda Gág [pronounced ‘Gahg’] for an illustration in a 1938 edition of Snow White and the Seven Dwarfs. Swann Auction Galleries estimates it at $5,000 to $7,000.

 

The expert: Christine von der Linn, specialist in art books and original illustration at Swann Auction Galleries.

 

How did this Snow White book project come about? Was it a reaction to the Disney film Snow White and the Seven Dwarfs? It is, it absolutely is. 1937 was the Disney film. While it was popular and became an iconic film, the depiction of the witch frightened children. Because of that, one year later, Anne Carroll Moore, a writer, reviewer, and critic of children’s books and an advocate for children’s libraries, wanted to go back to the original Brothers Grimm and soften some of the elements that Disney portrayed.

 

How did the 1938 version achieve what Moore wanted? It keeps more of the folkloric charm of the original. You asked if the fact that Gág translated it herself, if it shaped the story–it did. Gág’s father was from Bohemia, and they moved to Minnesota. She grew up with those fairy tales and stories. She understood folklore and fairy tales, and she knew the language. She was able to translate it and come up with a more accurate version of the Brothers Grimm tale.

 

The study for The Poisoned Apple is far more elaborate than the same scene in the Disney movie. Can you talk about how Gág approached this scene, and how she chose certain details? In the original Grimm, the queen made four attempts to kill Snow White…

 

It sounds kind of like the Michael Palin character in A Fish Called Wanda trying to kill the old lady and accidentally killing her dogs instead. Exactly! Exactly. The queen tries her damnedest. She comes to the door as a corset peddler. The dwarfs told Snow White was told she was not supposed to answer the door to anyone. The queen puts her in a corset and ties her in so tightly that she passes out. The dwarfs find her and revive her. Next, she went as a comb vendor. The different attempts to disguise herself are discarded on the floor [the pile of masks and clothes at the left of the illustration]–the peddler didn’t work, the comb didn’t work. She gets her with the poisoned apple. Snow White was hesitant to take it. She had the good sense to be wary. The queen makes the apple half poison and half safe, and takes her bite out of the apple pulp side, the safe side. I love that Gág is showing the recipe, how she created the poisoned apple to give to her stepdaughter. It looks kind of delightful until you look at the elements and realize how dark they really are.

 

The late 1930s were a time when the notion of “better living through chemistry” wasn’t laughable. Nylon had been invented a few years earlier. Do you think that the positive view of chemical breakthroughs shaped how Gág approached this illustration? The Disney scene has the witch standing over the traditional cauldron, but this scene is half lab, half kitchen. It’s an interesting connection to make, but I’m not sure if I’d 100 percent go there. Domestic science came in the teens. By 1937 and 1938, it was established. You definitely have those elements to it.

 

How different is the study from the illustration that appears in the book? Not terribly. It takes you a while to realize the differences. The composition is almost identical. In the book version, she defines the elements more. The vapors coming off the apple look more like a corona. It’s interesting to see the subtleties of how she directs the eye.

 

I don’t have the Brothers Grimm version of Snow White in front of me, and I can’t recall it, but wouldn’t it have been harsher than the Disney version? It was. In the movie, the dwarfs dance around her and love Snow White. It’s symbiotic. In the book, they’re almost like little opportunists:”You can stay here and we will help keep you protected if you become our housekeeper.” They’re in the more classic tradition of dwarfs as mischievous and devious. They’re going to use her services. In the movie, when she falls under the spell, they put her in a glass coffin. In the book, the prince decides to take Snow White to a better resting place and attempts to move her to his castle, and one of his carriers trips. An act of clumsiness dislodges the apple from her throat and wakes her. She and the prince then decide to get married. In dark, grim fashion, the prince reveals to Snow White that the queen tried to murder her. They make the queen wear molten hot dance shoes and in a messed up Circus Maximus scene, they make her dance until she dies and they carry on with the rest of the wedding. Gág kept it. It’s still a violent image, but she kept it.

 

Is this the first piece of art from the Snow White book to come to auction? I didn’t find any others when I searched the Swann online archives. It is our first Snow White. Her other work does come up. She was a printmaker and a very skilled lithographer. The record-keeping for her work is really erratic. We seem to have the top price for a fine art work by her [an undated print, titled Outside Looking In, which sold in September 2008 for $6,480]. Skinner sold an ink on paper of a cat in a laundry basket in May 2016. That could be the top price for a Wanda Gág illustration.

 

Where are the rest of Gág’s illustrations for the Snow White book? The rest reside in the Kerlan collection at the University of Minnesota. Minnesota is where she grew up. A couple of studies have entered the market. The provenance for this piece is it was acquired by a German rare book and manuscripts dealer, Walter Schatzki. He had them and then he sold them in the early 1970s to another dealer, Justin G. Schiller. It went from Schiller to the current owner. That’s one of the reasons why the price is higher. It’s her best-known work outside of Millions of Cats. It’s a crucial scene from the book, and you can’t acquire [the final illustration] because it’s in the Kerlan collection.

 

What are the odds that The Poisoned Apple will set a new record for Gág at auction? The estimate straddles the price of Outside Looking In. It might, it might. I’d like to see it set a record. We’re still celebrating the 80th anniversary of the movie and the publication of the book. It’s one of her most important and defining creations. And this is its first time at auction. With enough luck and enough bidders, we’ll see it set a new record.

 

Why will this piece stick in your memory? [Laughs] A couple of reasons. I like it because, in general, I love food and fairy tale images. For me, it’s a two-in-one. I’m the vice president of a local farmer’s market. I often deal with farmers and apples. I love any illustration that’s food- and fairy tale-based. I also like that it’s cartoon-like. The dark, thick lines lend that element to it.

 

How to bid: The study for The Poisoned Apple is lot 22 in Swann Auction Galleries‘s Illustration Art sale on December 6, 2018.

 

How to subscribe to The Hot BidClick the trio of dots at the upper right of this page. You can also follow The Hot Bid on Instagram and follow the author on Twitter.

 

Swann Auction Galleries is on Instagram and Twitter.

 

Text is copyright Sheila Gibson Stoodley. Image is courtesy of Swann Auction Galleries.

 

Christine von der Linn has appeared before on The Hot Bid, speaking about an Arthur Rackham illustration of Danaë and the Infant Perseusa Rockwell Kent-illustrated edition of Moby Dick and original Erté artwork for a 1933 Harper’s Bazaar cover.

 

Would you like to hire Sheila Gibson Stoodley for writing or editing work? Click the word “Menu” at the upper right for contact details.

SOLD! Frank Sinatra’s Copy of the 1961 Inauguration Program for John F. Kennedy Fetched (Scroll Down to See)

Kennedy Inaugural Program

Update: Frank Sinatra’s copy of the deluxe limited edition of the 1961 official program of the inaugural ceremonies for President John F. Kennedy sold for $1,250.

 

What you see: Frank Sinatra’s copy of the deluxe limited edition of the 1961 official program of the inaugural ceremonies for President John F. Kennedy and Vice President Lyndon B. Johnson. Sotheby’s estimates it at $3,000 to $5,000.

 

The expert: Selby Kiffer, senior vice president and international senior books specialist for Sotheby’s New York.

 

What is this deluxe limited edition 1961 inaugural program worth without the Sinatra provenance? It’s probably something like $700 to $1,000, but maybe that’s a bit aggressive–$600 to $800 for a deluxe limited edition that went to no one of consequence except being a big donor.

 

How big was the press run? When they don’t state a limitation, my assumption is it’s fairly high. Checking results at auction, the highest-number copy was in the 700s. If I had to speculate, I’d say 1,000 [were printed].

 

How often does the deluxe limited edition 1961 inaugural program come to auction? Every couple of seasons, but it could come up at sales of political memorabilia, which is a separate area [from books and manuscripts]. There’s probably one available every 18 months.

 

What makes this version deluxe? The standard version would have been what you or I could obtain if we attended the Kennedy inaugural in 1961. This was made for presentation for donors to the inaugural event, which Sinatra certainly was, or to donors to the Kennedy-Johnson campaign. This was for VIPs, essentially.

 

How did Kennedy and Sinatra become friends? I don’t know that it’s known when they met, but it’s generally acknowledged that they met through Peter Lawford, being the senator’s brother-in-law and an associate member of the Rat Pack. Both were stars: Sinatra in entertainment, and Kennedy a rising star in politics. Both were charismatic, and both were the sort of people other people want to be around. There was mutual admiration. Sinatra was a New Deal FDR Democrat. He was probably excited to see a younger version of that.

 

Seems that Sinatra went all-in on Kennedy. He retooled High Hopes as a campaign song… I think Sammy Cahn wrote new lyrics for High Hopes as a campaign song. I think Sinatra saw a winner in Kennedy. He wanted to associate with that, and he believed in him. I think he felt he was a better choice for the country and he tried to convey that through campaigning. Sinatra had several peaks in his career. He could have made a lot of money singing anywhere, and he spent some of those nights on campaign appearances.

 

Does the 1961 inauguration of Kennedy represent the peak of the Kennedy-Sinatra friendship? I think it has to, because the inaugural balls, the entertainment, Sinatra was put in charge of that. He chose not to treat that as an honorary position. He worked the telephone, strong-armed people, and turned out an amazing cavalcade of stars to perform. The president thanked him for his work. It had to be the pinnacle for Sinatra [who probably thought]: “I helped put him in the White House, and he acknowledged me.”

 

Can you talk about how their relationship ended? Sinatra, for all his charisma and bravado and his tough-guy exterior, did not like to be disappointed. He anticipated hosting President Kennedy, as he had hosted Senator Kennedy, at his Palm Springs estate in 1962. At the last minute, after making lots of preparations for Kennedy and the Secret Service to be there, he was informed that Kennedy would not stay at his property, but would stay with Bing Crosby instead. It was particularly irksome because Crosby was a Republican.

 

Why would Kennedy have chosen to stay with a Republican rather than another prominent Democrat in Palm Springs? Crosby may have been seen as safer than Sinatra, who was seen as a bad boy, and who was in the tabloids in a way that Crosby was not. The association [with Sinatra] could prove embarrassing in a way that associating with Crosby would not be.

 

The end of the friendship is tragic, but I don’t see how it could have been avoided. Kennedy had chosen his brother, Bobby, for attorney general, and was rightly getting heat for that, even though Bobby proved capable. One of Bobby’s main tasks was targeting the mob, and if Sinatra didn’t have mob ties, many believed he had them… This is pure speculation, but maybe Kennedy tried to get a message to Sinatra to the effect of “Look, if it was solely my choice, I’d be with you, but I’ve been advised I can’t do that.” It’s speculation that the president tried to explain it that way. I think it stung Sinatra very deeply. I do think he came to realize that President Kennedy didn’t really have an open choice to stay with him.

 

Sinatra was clearly hurt by the snub, but he hung onto this program and he mourned Kennedy’s death, even though he went on to campaign for Republicans… People do change their politics. Sinatra did campaign for Ronald Reagan, who was also a former New Deal FDR Democrat. I think that progression–as people get older, the move from one party to another is not unusual. It could be his political choices were based on the man rather than the platform. Just as he found Jack Kennedy more convivial than Richard Nixon, he may have found Ronald Reagan more convivial than Jimmy Carter. I do think the continuing involvement–he found in it something similar to the adrenalin rush he could get from performing. If you’re Frank Sinatra, you’re a pretty important guy, but you’re not the president.

 

But Sinatra kept the program until he died, despite how things ended between him and Kennedy. I think he recognized it was a great moment for him and a great friendship. Some friendships don’t last, but the memory does last. The assassination of Kennedy the following year may have contributed to him keeping this. There are other Kennedy items in the sale. I think he regretted that the friendship blew up or ended, but I don’t know that he regretted the friendship.

 

The condition is described as “extremities just rubbed, a bit shaken”. Could you elaborate? Any book, if you put it on a shelf, the corners especially tend to get rubbed or worn in something 60 years old. “Just rubbed” means a bit of wear and tear, maybe at the top of the spine where you put a finger to pull it off the shelf. It’s fairly straightforward. “Shaken” is related to the pages, the substance of the book itself, to the binding. It was printed to be a paperback and inserted into the binding to delineate it as a limited edition. The binding is not always the best quality. Literally, if you hold it in your hand and shake it, you’d see the pages were moving. Nothing is sewn into the binding, but nothing is loose.

 

What does the wear say about the book, and what does it say about how often Sinatra or his wife might have taken it down from the shelf to look at it or show it to friends? I think it [the wear] is partly that, and partly–I don’t want to be harsh about it–though it was coveted at the time, it was not of the highest quality of manufacture. [The condition reflects] the quality of heavy use and mid-quality manufacture. Let’s put it that way.

 

The estimate on Sinatra’s deluxe limited edition copy of the 1961 inaugural program is $3,000 to $5,000. That strikes me as a little low. How did you choose that sum? It’s higher than any copy we’re aware of that has sold. Whenever you have a celebrity–and we learned this with the Jackie O estate auction–when there’s special interest with the provenance, it’s best not to build it into the estimate. It’s best to let the marketplace determine where it goes. We say the fact that it was Sinatra’s should increase the value three- or four-fold. In the event of a sale, it may see an increase of more than that.

 

Are there any notations or inscriptions in the book? There are no notations, but I also think it’s a matter of… during the inauguration, you want to be seen as listening, not taking notes. And it’s pretty chock-a-block. It’s dense. There’s not a lot of space left for notes.

 

What’s the world auction record for one of these deluxe 1961 inaugural programs? Our estimate is already higher than the highest price. We’re saying that of the copies that have been for sale, this is worth more than any of them. The current record, and this is not quite a one-to-one comparison because it included other material from the 1961 inauguration, such as invitations, it was copy 776, signed by Mr. Foley as chairman of the commission and given to Edward J. Sullivan. It sold at another house for $2,745. Obviously, what we want when people look at the catalog [is to think] “That’s low, I can get it.” We want to pitch the estimate so it’s appealing and will create competition among bidders.

 

Why will this piece stick in your memory? I’m a huge Sinatra fan. I’ve listened to Sinatra for four decades. And I love association copies–something that underlines a friendship in a tangible way, This is tangible evidence of friendship between two of the greatest figures of 20th century America. It’s really evidence of the culmination of the friendship and probably a highlight for both of them. Kennedy got into the White House, and Sinatra was acknowledged as very important in achieving that goal.

 

How to bid: Frank Sinatra’s copy of the deluxe limited edition 1961 inaugural program is lot 109 in Lady Blue Eyes: Property of Barbara and Frank Sinatra, a sale that takes place at Sotheby’s New York on December 6, 2018.

 

How to subscribe to The Hot BidClick the trio of dots at the upper right of this page. You can follow The Hot Bid on Instagram and follow the author on Twitter.

 

Sotheby’s is on Twitter and Instagram, and you can follow Cassandra Hatton on Twitter and Instagram.

 

Text is copyright Sheila Gibson Stoodley. Image is courtesy of Sotheby’s.

 

Would you like to hire Sheila Gibson Stoodley for writing or editing work? Click the word “Menu” at the upper right for contact details.

SOLD! Heritage Auctions Sells the British First Edition of the First Harry Potter Book for $81,250 (Updated December 2018)

J_K_Rowling_Harry_Potter_and_the_Philosopher_s_Sto

 

December 5, 2018 update: Christie’s sold a British first edition of Harry Potter and the Philosopher’s Stone for $162,500 against an estimate of $45,000 to $65,000, setting a new world auction record. And yes, this means the top price for the book has DOUBLED between September 2017 and December 2018.

November 17, 2017 update: Bonhams reclaimed the world auction record for the British first edition of Harry Potter and the Philosopher’s Stone in a November 15 sale when an author’s presentation copy, inscribed by Rowling, commanded £106,250 ($140,204) on an estimate of £30,000 to £40,000 ($39,600 to $52,800).

Update to the Update: Hooray! Heritage Auctions sold the British first edition of Harry Potter and the Philosopher’s Stone for $81,250well above the $56,249 fetched by a different copy at Bonhams in November 2016. Congratulations to James Gannon and all at Heritage!

Update: As of 8 am EST, the British first edition of Harry Potter and the Philosopher’s Stone offered by Heritage Auctions carried a high bid of $50,000, with buyer’s premium. That’s about $7,000 shy of the current world record for the book. The auction closes today.

What you see: A British first edition of Harry Potter and the Philosopher’s Stone, published in 1997. Heritage Auctions doesn’t typically publish estimates, but its internal estimate is around $20,000, and it had an opening bid of $10,000.

Who is J.K. Rowling? Who is Harry Potter? C’mon, really? I have to explain this? Okay, in case some form of the Internet survives million and millions of years into the future, but these cultural references do not: J.K. Rowling is the author of the Harry Potter series, which is about a maltreated orphan who discovers he is a wizard and gets to go to Hogwarts, a wizarding school in some vaguely British locale served by a shiny red train. Rowling’s publisher recommended she reduce her name to gender-ambiguous first and middle initials to better attract young male readers. (Her first name is Joanne; she doesn’t actually have a middle name, but chose ‘K’, for Katherine, to honor her paternal grandmother.) Harry Potter was a hit pretty much from day one and became an unimaginably huge global phenomenon. As of 2017, 20 years after the first Harry Potter book appeared, Rowling is the ninth-best-selling fiction author ever. She is 52.

How rare are first editions of Harry Potter and the Philosopher’s Stone? Pretty rare. Bloomsbury printed 500, 300 of which went to British libraries, where they presumably lived hard lives before they were retired from circulation in favor of fresher, later-printed editions of the book.

Is the copy now at Heritage Auctions an ex-library copy? No. It’s one of the 200 that were not sent to British libraries. James Gannon, director of rare books for Heritage, says this copy has had multiple owners. It is described as being in “nearly fine” condition, which Gannon says “has to mean it wasn’t handled very much.”

Even though only 500 copies of the British first edition of Harry Potter were printed, and we don’t know how many of them survive, I seem to see the book at auction fairly often. Why is that? In response, Gannon cites a favorite quote of his: “‘Nothing makes a book common like a high price.’ It’s true. They come out of the woodwork when people see an auction result and think, ‘I’d sell for that.'”

How valuable are ex-library copies of the British first edition? “Being an ex-library copy usually hurts the value a lot, but not in this case,” he says. He notes that while some British librarians probably realized the value of the book and pulled it and replaced it with a copy from a later press run, and it’s likely that some collectors approached British libraries and offered fat donations in exchange for their first editions, he has not handled any copies that have those backgrounds.

Are American first editions of the first Harry Potter book worth anything? Yes, but not nearly as much as the British first edition. “In my mind, it’s a $2,000 book,” Gannon says, adding that the American first edition press run was 35,000–significantly bigger than the British, and reflective of the hold the story already had on the imaginations of readers by the time of the initial American printing. “If you have a set of the seven American Harry Potters, and if one is the first edition in its jacket, that’s where most of the value is.”

As of August 30, which is about two weeks before the auction ends, the book had been bid up to $19,000. Does that mean anything? “Not to me. All that matters is the last number. It’ll make more than $20,000, that’s for sure,” Gannon says. “I do have clients who call me every few months and ask me when I’m getting a copy.” The auction record for a British first edition of the first Harry Potter book belongs to a copy sold at Bonhams in November 2016. It commanded £43,750 ($56,249), was described as being in “exceptionally fine” condition, and included a few interesting typos, such as spelling out the author’s name on the copyright page.

What else stands out about this book? “It’s interesting to me, from a pure market consideration, how this is a book everyone knows is very rare,” he says. “A lot of famous modern first editions, even The Hobbit and The Lord of the Rings, they’re coveted, and they come up, but Harry Potter is rare. If I was a collector, I’m not sure I could get a copy I can afford in my lifetime. As time goes on, it’s only going to get more expensive.” He recalled an episode from his previous role at Heritage Rare Book Shop in Los Angeles (no connection with the auction house), when he paid $15,000 for a signed British first edition, priced it at $30,000, and stocked it next to a first edition of Walden that was listed at $10,000. “People got peeved at us, but it was an instance of supply and demand with the Harry Potter book. The supply is tiny, and the demand is huge.”

How to bid: The British first edition of the first Harry Potter book is lot #45111 in the Rare Books Signature Auction at Heritage Auctions in Dallas, which ends on September 14.

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Heritage Auctions is on Twitter and Instagram. Rowling is on Twitter, too, and she is fiercely awesome there on a regular basis.

Text is copyright Sheila Gibson Stoodley. Image is courtesy of Heritage Auctions.

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Sotheby’s Has High Hopes for Frank Sinatra’s Copy of the 1961 Inauguration Program for John F. Kennedy, Estimated at $3,000 to $5,000

Kennedy Inaugural Program

What you see: Frank Sinatra’s copy of the deluxe limited edition of the 1961 official program of the inaugural ceremonies for President John F. Kennedy and Vice President Lyndon B. Johnson. Sotheby’s estimates it at $3,000 to $5,000.

 

The expert: Selby Kiffer, senior vice president and international senior books specialist for Sotheby’s New York.

 

What is this deluxe limited edition 1961 inaugural program worth without the Sinatra provenance? It’s probably something like $700 to $1,000, but maybe that’s a bit aggressive–$600 to $800 for a deluxe limited edition that went to no one of consequence except being a big donor.

 

How big was the press run? When they don’t state a limitation, my assumption is it’s fairly high. Checking results at auction, the highest-number copy was in the 700s. If I had to speculate, I’d say 1,000 [were printed].

 

How often does the deluxe limited edition 1961 inaugural program come to auction? Every couple of seasons, but it could come up at sales of political memorabilia, which is a separate area [from books and manuscripts]. There’s probably one available every 18 months.

 

What makes this version deluxe? The standard version would have been what you or I could obtain if we attended the Kennedy inaugural in 1961. This was made for presentation for donors to the inaugural event, which Sinatra certainly was, or to donors to the Kennedy-Johnson campaign. This was for VIPs, essentially.

 

How did Kennedy and Sinatra become friends? I don’t know that it’s known when they met, but it’s generally acknowledged that they met through Peter Lawford, being the senator’s brother-in-law and an associate member of the Rat Pack. Both were stars: Sinatra in entertainment, and Kennedy a rising star in politics. Both were charismatic, and both were the sort of people other people want to be around. There was mutual admiration. Sinatra was a New Deal FDR Democrat. He was probably excited to see a younger version of that.

 

Seems that Sinatra went all-in on Kennedy. He retooled High Hopes as a campaign song… I think Sammy Cahn wrote new lyrics for High Hopes as a campaign song. I think Sinatra saw a winner in Kennedy. He wanted to associate with that, and he believed in him. I think he felt he was a better choice for the country and he tried to convey that through campaigning. Sinatra had several peaks in his career. He could have made a lot of money singing anywhere, and he spent some of those nights on campaign appearances.

 

Does the 1961 inauguration of Kennedy represent the peak of the Kennedy-Sinatra friendship? I think it has to, because the inaugural balls, the entertainment, Sinatra was put in charge of that. He chose not to treat that as an honorary position. He worked the telephone, strong-armed people, and turned out an amazing cavalcade of stars to perform. The president thanked him for his work. It had to be the pinnacle for Sinatra [who probably thought]: “I helped put him in the White House, and he acknowledged me.”

 

Can you talk about how their relationship ended? Sinatra, for all his charisma and bravado and his tough-guy exterior, did not like to be disappointed. He anticipated hosting President Kennedy, as he had hosted Senator Kennedy, at his Palm Springs estate in 1962. At the last minute, after making lots of preparations for Kennedy and the Secret Service to be there, he was informed that Kennedy would not stay at his property, but would stay with Bing Crosby instead. It was particularly irksome because Crosby was a Republican.

 

Why would Kennedy have chosen to stay with a Republican rather than another prominent Democrat in Palm Springs? Crosby may have been seen as safer than Sinatra, who was seen as a bad boy, and who was in the tabloids in a way that Crosby was not. The association [with Sinatra] could prove embarrassing in a way that associating with Crosby would not be.

 

The end of the friendship is tragic, but I don’t see how it could have been avoided. Kennedy had chosen his brother, Bobby, for attorney general, and was rightly getting heat for that, even though Bobby proved capable. One of Bobby’s main tasks was targeting the mob, and if Sinatra didn’t have mob ties, many believed he had them… This is pure speculation, but maybe Kennedy tried to get a message to Sinatra to the effect of “Look, if it was solely my choice, I’d be with you, but I’ve been advised I can’t do that.” It’s speculation that the president tried to explain it that way. I think it stung Sinatra very deeply. I do think he came to realize that President Kennedy didn’t really have an open choice to stay with him.

 

Sinatra was clearly hurt by the snub, but he hung onto this program and he mourned Kennedy’s death, even though he went on to campaign for Republicans… People do change their politics. Sinatra did campaign for Ronald Reagan, who was also a former New Deal FDR Democrat. I think that progression–as people get older, the move from one party to another is not unusual. It could be his political choices were based on the man rather than the platform. Just as he found Jack Kennedy more convivial than Richard Nixon, he may have found Ronald Reagan more convivial than Jimmy Carter. I do think the continuing involvement–he found in it something similar to the adrenalin rush he could get from performing. If you’re Frank Sinatra, you’re a pretty important guy, but you’re not the president.

 

But Sinatra kept the program until he died, despite how things ended between him and Kennedy. I think he recognized it was a great moment for him and a great friendship. Some friendships don’t last, but the memory does last. The assassination of Kennedy the following year may have contributed to him keeping this. There are other Kennedy items in the sale. I think he regretted that the friendship blew up or ended, but I don’t know that he regretted the friendship.

 

The condition is described as “extremities just rubbed, a bit shaken”. Could you elaborate? Any book, if you put it on a shelf, the corners especially tend to get rubbed or worn in something 60 years old. “Just rubbed” means a bit of wear and tear, maybe at the top of the spine where you put a finger to pull it off the shelf. It’s fairly straightforward. “Shaken” is related to the pages, the substance of the book itself, to the binding. It was printed to be a paperback and inserted into the binding to delineate it as a limited edition. The binding is not always the best quality. Literally, if you hold it in your hand and shake it, you’d see the pages were moving. Nothing is sewn into the binding, but nothing is loose.

 

What does the wear say about the book, and what does it say about how often Sinatra or his wife might have taken it down from the shelf to look at it or show it to friends? I think it [the wear] is partly that, and partly–I don’t want to be harsh about it–though it was coveted at the time, it was not of the highest quality of manufacture. [The condition reflects] the quality of heavy use and mid-quality manufacture. Let’s put it that way.

 

The estimate on Sinatra’s deluxe limited edition copy of the 1961 inaugural program is $3,000 to $5,000. That strikes me as a little low. How did you choose that sum? It’s higher than any copy we’re aware of that has sold. Whenever you have a celebrity–and we learned this with the Jackie O estate auction–when there’s special interest with the provenance, it’s best not to build it into the estimate. It’s best to let the marketplace determine where it goes. We say the fact that it was Sinatra’s should increase the value three- or four-fold. In the event of a sale, it may see an increase of more than that.

 

Are there any notations or inscriptions in the book? There are no notations, but I also think it’s a matter of… during the inauguration, you want to be seen as listening, not taking notes. And it’s pretty chock-a-block. It’s dense. There’s not a lot of space left for notes.

 

What’s the world auction record for one of these deluxe 1961 inaugural programs? Our estimate is already higher than the highest price. We’re saying that of the copies that have been for sale, this is worth more than any of them. The current record, and this is not quite a one-to-one comparison because it included other material from the 1961 inauguration, such as invitations, it was copy 776, signed by Mr. Foley as chairman of the commission and given to Edward J. Sullivan. It sold at another house for $2,745. Obviously, what we want when people look at the catalog [is to think] “That’s low, I can get it.” We want to pitch the estimate so it’s appealing and will create competition among bidders.

 

Why will this piece stick in your memory? I’m a huge Sinatra fan. I’ve listened to Sinatra for four decades. And I love association copies–something that underlines a friendship in a tangible way, This is tangible evidence of friendship between two of the greatest figures of 20th century America. It’s really evidence of the culmination of the friendship and probably a highlight for both of them. Kennedy got into the White House, and Sinatra was acknowledged as very important in achieving that goal.

 

How to bid: Frank Sinatra’s copy of the deluxe limited edition 1961 inaugural program is lot 109 in Lady Blue Eyes: Property of Barbara and Frank Sinatra, a sale that takes place at Sotheby’s New York on December 6, 2018.

 

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Text is copyright Sheila Gibson Stoodley. Image is courtesy of Sotheby’s.

 

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