The Building of a Book / A Series of Practical Articles Written by Experts in the Various Departments of Book Making and Distributing

by Unknown

The prices obtained for books at sales held by regular book auctioneers (no pretence of recognition need be accorded furniture and bric-a-brac auctioneers, who occasionally secure consignments of books from parties unaware of the existence of an establishment devoted exclusively to their sale) are necessarily variable, being governed, as is everything else, by the law of demand and supply. A particularly choice item will command about the same price whenever offered,—generally an increasing one,—but the ordinary book can often be obtained at bargain figures. This element of uncertainty goes far toward making the auction sale so attractive to collectors with slender purses, as also to those who may be designated "moral book-gamblers," always ready to take a chance where the outcome is problematical. Many fine collections have been gathered by well-informed private buyers, who made a point of attending auction sales, and purchasing desirable items, when for some reason the prices were lower than usual. Some of these collections have since been sold at auction, and the owners have netted a handsome profit on their investments.

Many book buyers entertain erroneous ideas regarding the condition of the volumes sold at leading auction houses, confounding them with those sold at storage warehouses, furniture auction rooms, etc. The fact is, a very large proportion of the books, even of the older species, are in fine, clean condition, many being in choice bindings, and equal to the most fastidious requirement.

An indication of the important relation of the book auctioneer to the market, as a source of supply, may be judged from the issue of a bulletin by the American Library Association during the past year, calling attention of the three thousand or more public libraries of the country to the advantages of purchasing at auction sales, recommending certain named houses, and outlining the mode of procedure in sending bids. It took years of hard and discouraging labor to bring about conditions that would warrant this recognition.

The great majority of buyers at book auctions reside in localities widely removed from the cities where the sales are held, and it is, of course, necessary that these customers should be given equal advantages with the home buyers in effecting purchases at sales. The printed catalogue is made the medium of this accomplishment. The books are described in detail, mention being made of the author's name, the title, size, binding, place, and date of publication, and condition (if either above or below the average). If the edition is special, or it is a large paper copy, this is duly set forth in the description. All imperfections are carefully noted. The aim of the auctioneer is to bring the book or set of books so clearly before the mind of the prospective buyer as to gain his confidence. An express stipulation is made in the conditions of sale that any book found to be otherwise than as described may be returned, but as the auctioneer desires to avoid this contingency, he is generally careful in his descriptions, and they may, as a rule, be depended upon.

A printed slip is enclosed in each catalogue on which the intending purchaser notes the numbers of the lots he desires and the limit of price to which he is prepared to go. It is then forwarded by mail to the auction house, where the slips are tabulated by a clerk, the names and amounts being placed against each item in a specially prepared catalogue. Incidentally, it may be stated that all bids are considered as strictly confidential.

At the time of sale, the principal of the establishment, or one of his chief assistants, takes his place in the audience on an even footing with all other buyers, and uses the bids, as enrolled, in competition with such as may be offered by other attendants at the sale.

Where two or more bids have been received on any item, the competition is first narrowed by the elimination of all except the two highest ones, and then the start is made at a figure just beyond the second highest. The battle between the auctioneer, acting as the representative of the out-of-town bidder, and some ardent book lover personally attending the sale, for the possession of a particularly coveted work, often provokes genuine enthusiasm. It is finally knocked down to the highest bidder at the point where competition ceases, and this is often much below the limit named by the buyer. The wise purchaser at auction, when assured of the honorable standing of the house with which he deals, will not hesitate in sending liberal bids, for by so doing he will gain much and lose little.

The methods of conducting sales and handling bids differ somewhat in the various cities, but that, as above outlined, is adopted by the leading houses. In some concerns, the auctioneer himself executes the commissions from the rostrum, but when this is done, even though he may be a man of the strictest integrity, the method is open to criticism, it being well understood that the reputation of an auctioneer is largely dependent on the high prices he obtains.

There is a material difference between the English and American methods of cataloguing books for sale at auction. In England the charges are inclusive, the cost of printing, postage, etc., being assumed by the auctioneer, so that he finds it to his interest to compress catalogue descriptions into the narrowest possible compass, to minimize the distribution of the catalogue, and to spend as small an amount of money in advertising as possible. In America, the charges are exclusive, the commission representing the auctioneer's only interest, and the incidental expenses of printing, etc., are paid by the consignor. Because of this, a more liberal policy is pursued as to expenditures. Many good titles that are bunched in lots in the London sales are here separately catalogued, mention is made of all defects, and, on the average, more careful attention is paid to the details of the descriptions. Catalogues are given a wider circulation in America, and more dependence is placed on the receipt of bids from out-of-town buyers. New methods and channels of advertising are being constantly considered and utilized. It is believed that these elements, combined, conduce to the benefit of the consignor, when the material offered possesses real interest and value.

The auctioneer who conducts a modern high-class establishment, where a guaranty of intelligent service is given, can employ only the best available talent for cataloguing purposes, either men of proved ability and special knowledge, or those that show a decided aptitude for the work and give promise of attainment.