Auction sales of books and collectible paper were up again in 2025. The total dollar volume of sales of items of books and paper at auctions we cover (the great majority of sales) again settled comfortably above one billion dollars. They rose 8.2%, from $1,137,614,000 to $1,230,756,000. The reason for the increase can mostly be attributed to one factor – an increasing number of lots being offered. The average order only rose marginally, the sell-through rate declined slightly, but the number of lots offered rose by 7.8%. More items in the field are coming to auction, driving the increase in sales.
The average price per lot inched up slightly in 2025, by 1.4%. However, that was a pyrrhic victory considering the inflation rate for 2025 was 2.7%. The buying power of the proceeds from those sales was actually less than they were in 2024. Meanwhile the median price, the price at which 50% of the lots sold for more and 50% sold for less, was dead even with 2024 at $288. The sell-through rate slipped slightly, from 80% to 79.2%. In the end, 2025 turned out to be much like 2024.
At the very top of the market, there was a small decline though probably not statistically significant. There were 26 lots that brought in over $1 million in 2025, versus 29 in 2024. Those numbers can be compared to 2023 when only 12 lots sold for over $1 million.
In terms of estimated prices, 59% sold for over the high estimate, 21% under the low estimate, and 20% within the estimated range. However, these numbers can be misleading in that many did not sell at all. If we treat unsold lots as belonging to the same category as those sold under the low estimate, the percentages would have been 48% for those sold over the high estimate to 38% sold below the low estimate, with the rest falling within the estimated range.
The auction houses and locations with the highest average orders in 2025 were mostly the usual suspects. Here is a list of the houses with the highest average orders that sold at least 50 lots in the category.
1. Sotheby's (New York) $57,128
2. Genazym $56,938
3. Christie's (London, King Street) $51,736
4. Sotheby's (London) $46,760
5. Christie's (Paris) $32,012
6. Christie's (New York) $26,693
7. Christie's (London, South Kensington) $21,918
8. Sotheby's (Paris) $16,582
9. Freeman | Hindman (New York) $11,894
10. Arader Galleries $9,223
11. Ketterer Kunst $7,728
12. Koller Auctions $6,965
13. Bonhams (Los Angeles) $6,449
14. Freeman | Hindman (Chicago) $6,127
15. Bonhams (New York) $5,486
16. Peter Arnold $5,403
17. Bonhams (London, New Bond Street) $5,283
18. Dreweatts $4,491
19. Grogan and Company $4,393
20. SD Auctions $4,045
Sotheby's Hong Kong didn't quite fit in this list with only 43 lots, but their average order was $129,197.
A total of 16,018 lots sold for $10,000 or more. On the other hand, 127,818 lots sold for $100 or less.
For those not in a position to place such high bids, there were 19 auction houses where the median price was $50 or less. That means half of all the lots they sold were for $50 or under. At High Bids Win the median was $11, Mennonite Life $25, and Toronto Book Auctions $25. Anyone can play.
When it comes to who sold the most lots, no one handles anywhere near the volume of Heritage Auctions. They sold 227,188 lots. Surprisingly, considering the volume, their sell-through rate was one of the highest, 97.5%. They offer an enormous number of lots and all but a handful find a buyer. Despite the high volume, they still achieved a very respectable average order of $1,996. Runner-up for most lots sold was Catawiki with 13,412, followed by Forum Auctions 10,798, Tessier & Sarrou 9,296, Holabird Western Americana Collections 9,283, PBA Galleries 9,031, Bub Kuyper 7,950, RR Auction 7,925, Grant Zahajko 7,785, Kiefer Book und Kunstauktionen 7,586, Potter and Potter 7,467, Rago Arts and Auctions 7,108 and Trillium Antique Prints & Rare Books 7,066.
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