Jacket required
The first edition of Down and Out in Paris and London by George Orwell, signed and inscribed, sold for £86,000 having exceeded its estimate by 25 times (£2,500-£3,500). This edition is believed to be the first signed copy in a jacket to appear on the market for 27 years. Aaron Dean of Gorringes auction in Lewes, noted a high interest in the book before the March 2010 sale.
Courtesy: Daily Mail
Antiquarian book prices at auction tumbled sharply in 2008, as the collectable book market fell victim to the Global economic recession.
According to Americana Exchange, the median price of books and manuscripts measured across more than 220,000 lots sold at auction, fell 21% from 2007.
The decline which mostly occurred in the second half of 2008 saw the median price for the year fall to levels consistent with 2003.
Dealers and auction houses are expecting further retrenchment and auction houses are lowering estimates and reserves in response.
The British Rail Pension Fund achieved a Cash IRR of 8.7% per annum on its Books and Manuscripts holdings over the time period the fund held them.
