Monday, December 17, 2018

The First Known Book About The Stock Market Was Sold At Sotheby's, Above the Pre-Sale Estimate

Following up on Dec. 12's "The First Known Book About The Stock Market Will Be Auctioned At Sotheby's December 17" which quoted the Sotheby's estimate of $200,000 - $300,000.

The results are in, this copy sold at the Fine Books & Manuscripts Online Auction as lot 200:
200
VEGA, JOSEPH PENSO DE LA | Confusion de Confusiones. Dialogos curiosos entre un Philosopho agudo, un Mercader discreto, y un Accionista erudito descriviendo el negocio de las Acciones, su origen, su ethimologia, su realidad, su juego, y su enredo. Amsterdam, 1688 
Estimate: 200,000 - 300,000 USD
Lot Sold:375,000USD
(4 bids, reserve met)
Some of the other lots were interesting in their own way, here's the catalogue with results.

And as noted in that earlier post, a couple of our earlier looks at the contents:
The analysis in The Confusion of Confusions :  Between Speculation and Eschatology is a good introduction.
As another review puts it:

...He shows us all the tricks of the trade such as front-running large orders and spoofing the market with fake news to achieve a more favorable trading price.
 1688.

And more seriously in June of this year, a major piece: "Behavioral Finance at The World's First Stock Exchange".