I remember a case in point. It was during the third part of the Hoe sale in April 1912. In the catalogue a celebrated autograph play by Lope de Vega was listed. Entitled Carlos V, it had been written in Toledo and was dated November 20, 1604. Now manuscript plays by this famous Spanish writer are extremely desirable. Although the greatest book dealers and collectors of England, France, Italy, and Germany were present that night, they either slighted or forgot its value. I purchased it on my first bid, $125.
A collector in Philadelphia had given me a bid of $7500 on it! He was even then sitting at his telephone impatiently waiting to hear if I had secured it for him. The above story is at the expense of a New York house. My next will be on a British concern, in order to balance honors.
At the sale of the Britwell Court Library in London in 1923, I noticed a little book lying sandwiched between Paice’s Fortune’s Lottery, or How a Ship of Bristoll Called the Angel Gabriel Fought Against the Spanish, and Pallinganius’s The Zodyacke of Lyfe. It was Philip Paine’s Dailey Meditations, or Quotidian Preparations for and Consideration of Death and Eternity, printed at Cambridge by Marmaduke Johnson in 1668. As it was passed around the room all my bookman friends looked at it and shook their heads. Of value, they thought, comparatively slight. Only a dull theological work. As I reread the lengthy title something back in my brain made me concentrate more carefully upon it. Somewhere those printed words struck a vaguely familiar chord in my memory. All during the sale I kept turning forward to that page in my catalogue where it was listed. Suddenly I knew! Marmaduke Johnson it was who printed in Cambridge, Massachusetts, the first Holy Scriptures issued for the North American Indians—the Eliot Indian Bible.
The little book was put up for sale and I asked leave to examine it again for a moment before bidding. I knew at once it was printed in Cambridge, Massachusetts, and not England. This made it tremendously rare, because it was the only known copy, hitherto unrecognized, of the first volume of verse printed in North America. Those present took it for granted from the catalogue description that the little work was printed in Cambridge, England, and as such, was certainly worth less than the price at which it was soon knocked down to me, fifty-one pounds. After the sale several people, including a great Americana expert and the auctioneer, met me and rather twitted me for paying $250 for a stupid old religious tract worth but a few shillings. They were amazed that I had shown such a lapse of judgment.
When I informed them what the book really was, the auctioneer sadly asked, “Doctor, what would you really have given for it?”
When I said £8000 or £9000—between $40,000 and $50,000—he was not any too happy. During the following year, when the little tract by Baxter in the Indian dialect appeared for sale, they catalogued it Cambridge, Massachusetts! Thus listed, it sold for $34,000, as I have mentioned before.
You see, we are always reading of record prices and it is very rare to hear of the valuable things that slip through unobserved. It is these latter that give book auctions their zest. And the auction houses, if they only knew it, benefit also by the chance bargain, for it is this very thing that attracts the public.
On the other hand, the most experienced buyer never knows when he will have to pay a really high price. It is the average, after all, that counts. Yet here is a phenomenon which has always seemed peculiar to me. When times are bad and prices in Wall Street are tumbling, when Steel sells far below its worth and the oils go begging, rare volumes continue to command an ever-increasing price. In 1907, the year of the panic, books sold for record sums at auctions, while so-called standard securities dipped sharply in a helpless market. Two years later, when national finances were again wobbly, when the bears were having a picnic with the lambs, old books went for higher prices than ever before.
In the Henry W. Poor sale, held in New York in this same year, record prices were established, despite the prediction of the wiseacres, who said that prices must go down. It is for this reason that some of the most discerning men in Wall Street purchase rare books as an investment. I know many a captain of industry who quietly hides away in the secrecy of his strong box rare little volumes, such as Shakespeare quartos, small pamphlets by Shelley, and even first editions of Joseph Conrad. These rich men realize—and rightly, too—that such treasures will always sell at a premium, even though the market is tumbling and Wall Street is in a panic. Owners of precious books always find they do not have to wait for the chance buyer. Their volumes can be sent to the auction mart at any time, where they will realize, as a rule, their full value.
America has had two really great auctioneers: Stan V. Henkels, of beloved memory, and the late Thomas E. Kirby. The latter in many respects exerted the greatest influence of any person in the auction world of this country. He was the founder of the American Art Association, and his opinions on objects of art were accepted as gospel by the most meticulous collectors, including the late P. A. B. Widener, William A. Clark, and Henry C. Frick. He was really brilliant on the block, and his remarks were frequently the wittiest imaginable. I remember as a youth going to his auctions and being fascinated by his repartee and the rapidity with which he sold.