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Henry B. Wheatley examines the historical fluctuations in the prices of books as an indicator of broader economic and intellectual development. The text analyzes how factors such as scarcity, mechanical innovation, and changing social values influence the market value of printed works over time.

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CHAPTER V AUCTION SALES IN THE SEVENTEENTH CENTURY

The catalogues were not at first divided into day’s sales, but as many lots as possible were sold in the time fixed for the sale. The hours were usually from nine to twelve, and from two to six. Sometimes the sales only took place in the evening. In 1681 we learn that an average sale of 544 lots in a day was considered satisfactory. In the Conditions of Sale printed in the Catalogue of Seaman’s library we read—

“That the Auction will begin the 31st of October at the Deceased Dr’s house in Warwick Court in Warwick Lane punctually at nine Of the Clock in the morning and two in the afternoon, and this to continue daily until all the books be sold.”

The early hour was found a disadvantage, and books often sold for low prices at the beginning of sales, so that Cooper was forced to make a rule that the sale should not be commenced unless there were twenty present. At this time biddings of a penny were common.

Two great evils came to light on the first institution of auctions; one was due to the buyers, and the other to the auctioneers. It was found that in cases where the buyer thought he had given more for a book than was wise, he often forgot to pay and fetch away the books. Millington refers specially to this in 1681—

“I question not

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