Lot 287: Smith, Adam

Est: £30,000 GBP - £50,000 GBPSold:

Lyon & TurnbullEdinburgh, United KingdomSeptember 04, 2013

Item Overview

Description

Smith, Adam
An inquiry into the nature and causes of the wealth of nations. London: for W. Strahan and T. Cadell, 1776. First edition, 2 volumes, 4to, (276 x 220mm.), half-title in volume 2 only as issued, with cancels M3, Q1 U3, 2Z3, 3A4 and 3O4 in vol. I and D1 and 3Z4 in vol. II, contemporary tree calf, with final blank in volume 1, some spotting, slight marginal discolouration to title of volume 1 and half-title of volume 2, head of spines worn, upper cover of volume 1 detached, lower joint of volume 2 split

Artist or Maker

Adam Smith

Condition Report

In addition to catalogue description:

Volume 1: Some spotting, generally light, but heavy to signature 3H1-4 in volume 1, small paper flaw hole to 3I1 affecting a couple of letters, P3 vol. 3 with small piece torn from margin (1 x 1cm), one or two smudges (p.149 vol. 1) ; marginal tear Tt1
Volume 1: upper board detached, scratches to lower board, lower hinge slightly cracked, head of spine worn. . Endpapers quite severely stained in margins, the staining continues through to the title page of volume 1. Occasional scattered spotting.

Volume 2 (clean tear, no loss), very small marginal hole to Yy1 vol. 2, small mark to p. 86-87 and 474-475 vol. 2, paper flaw affecting page numeral of p.119-120 and 237-238, clean tear to margin of p. 321; very small hole to p345 margin,; spotting esp. to p.366-368, beginning and end; small stain to margin of p. 537,
Volume 2: upper board scraped, lower hinge splitting at head, head of spine worn. Endpapers quite severely stained in margins, the staining less severe to half-title and only a little bit to title. Scattered spotting, more severe at end.

Heraldic stamp with motto "Rinasce piu gloriosa" at head of spines.. Believed to be the crest of Erskine, James St Clair, 2nd Earl of Rosslyn (1762 - 1837) (Stamp 1)
Crest A phoenix rising from the flames Coronet of an Earl Motto RINASCE PIU GLORIOSA

. Here is a count/rundown of the number of pages which have significant foxing:

Volume 1:

Severe foxing (on the level of page 420, for example):
p.417, 418, 419, 420, 421, 422, 423, 424, 509, 510 (plus the endpapers)

There is some foxing to the title as seen in images

Medium foxing (worse than the pp.200-201 example in vol.2 but not quite as bad as the p.587 example in vol.2):
p.305, 306, 308, 309, 310, 311 (these have c.20 spots between 1 and 5 millimetres in diameter each maximum I would say) and 373, 374, 375, 376

Fairly light foxing (just a little worse than the pp.200-201 example):
p.66, 67, 68, 69, 88, 89, 90, 91

So, in volume 1, I would say that there are 10 severely foxed pages in the main body of text.

Volume 2:
Some spotting to endpapers, and:

Severely spotted:
p.586, 587, advert leaf (the spotting on these is not as severe as, for example, p.420 in volume 1)

Some light spotting, like a light spray of dots, in the same kind of pattern as above but lighter:
p.365, 366, 367, 368

On the following pages, there is one light spot of about an inch in diameter to the lower margin:
p.86, 87. 88. 89

And a little to title-page and endpaper, as seen in catalogue (I would say that the colour of the spotting in the printed catalogue is a little light and the actual spots are slightly darker)

So, in volume 2, I would say that there are 3 severely foxed pages in the main body of text/advert leaf.

In total, I would say that there are 13 severely spotted pages in the body of text, then other elements of spotting as outlined above.

Condition Disclaimer
Under the Conditions of Sale applicable to the sale of the lot, buyers must satisfy themselves as to each and every aspect of the quality of the lot, including (without limitation) its authorship, attribution, condition, provenance, authenticity, age, suitability and origin. Lots are sold on an 'as is' basis but the actual condition of the lot may not be as good as indicated by its outward appearance. In particular parts may have been replaced or renewed and lots may not be authentic or of satisfactory quality.

Any statement in relation to the lot is merely an expression of opinion of the seller or Lyon & Turnbull and should not be relied upon as an inducement to bid on the lot. Lots are available for inspection prior to the sale and you are strongly advised to examine any lot in which you are interested prior to the sale. Our condition report has not been prepared by a professional conservator, restorer or engineer.

Notes

Provenance: Erskine, James St Clair, 2nd Earl of Rosslyn (1762 - 1837) - crest at head of spines with motto "Rinasce piu gloriosa"

Note:
Adam Smith (1723-1790) was not only one of Scotland's greatest moral philosophers but also a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Adam Smith is best known for two classic works: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and The Wealth of Nations is still considered a fundamental work in classical economy.

Smith was born in Kirkcaldy, Fife, entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson. Here, Smith developed his passion for liberty, reason and free speech. After a brief spell at Oxford University, Smith began delivering public lectures in 1748 in the University of Edinburgh under the patronage of Lord Kames, on the topics of rhetoric and belles-lettres and, later, the subject of "the progress of opulence".
In 1750 he met the Scottish philosopher David Hume who became a close friend, the two sharing wide intellectual interests. In 1751 Smith was given a professorship at Glasgow University and in 1752 was appointed head of Moral Philosophy. His seminal work, The Theory of Moral Sentiments was published in 1759, and centred on how human morality depends on sympathy between agent and spectator, or the individual and other members of society, Smith defining "mutual sympathy" as the basis of moral sentiments.

After a spell abroad tutoring Henry Scott, the young Duke of Buccleuch, Smith returned to Kircaldy and devoted much of the next ten years to writing his magnum opus, The Wealth of Nations.
In it Smith challenged the prevailing mercantilist economic philosophy, in which people saw national wealth in terms of a country's stock of gold and silver and imports as a danger to a nation's wealth, arguing that in a free exchange both sides became better off. Quite simply, nobody would trade if they expected to lose from it. The buyer profits, he argued, just as the seller does. Imports are just as valuable to us as our exports are to others.
Because trade benefits both sides, Smith argued, it increases our prosperity just as surely as do agriculture or manufacture. A nation's wealth is not the quantity of gold and silver in its vaults, but the total of its production and commerce - what today we would call gross national product.

The Wealth of Nations deeply influenced the politicians of the time and provided the intellectual foundation of the great nineteenth-century era of free trade and economic expansion. Even today the common sense of free trade is generally accepted worldwide, whatever the practical difficulties of achieving it.
Smith also espoused a radical, fresh understanding of how human societies actually work. He realised that social harmony would emerge naturally as human beings struggled to find ways to live and work with each other. Freedom and self-interest need not produce chaos, but - as if guided by an 'invisible hand' - order and concord. And as people struck bargains with each other, the nation's resources would be drawn automatically to the ends and purposes that people valued most highly.

It followed that a prospering social order did not need to be controlled by kings and ministers. It would grow, organically, as a product of human nature. It would grow best in an open, competitive marketplace, with free exchange and without coercion.

The Wealth of Nations was therefore not just a study of economics but a survey of human social psychology: about life, welfare, political institutions, the law, and morality.

Payment & Shipping

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Smaller items:
Mailboxes Etc
44/46 Morningside Road
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EH10 4BF
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Fax - 0131 446 9888
Email - edinburgh@mbescotland.com

Larger items and furniture
Constantine Moving Services
Constantine House
North Caldeen Road
Coatbridge
ML5 4EF
UK
Tel: 01236 430 681
Email: cathiem@constantinemoving.co.uk

Auction Details

Rare Books, Maps & Manuscripts

Lyon & Turnbull

September 04, 2013, 11:00 AM GMT

33 Broughton Place, Edinburgh, EBH, EH1 3RR, UK

Explore This Auction

Terms

Live bidding may start higher or lower

Buyer's Premium

£1 - 25,000:28.0%

£25,001+:23.0%

Bidding Increments

From:	To:	Increment:
£0	£199	£10
£200	£499	£20
£500	£999	£50
£1,000	£1,999	£100
£2,000	£4,999	£200
£5,000	£9,999	£500
£10,000	£19,999	£1,000
£20,000	£49,999	£2,000
£50,000	£99,999	£5,000
£100,000+		£10,000

Conditions of Sale

Shipping

Please note that we do not pack or ship items. The following suggested carriers will be able to arrange packing and shipping but please contact them directly to receive a quote for costs. You may wish to contact an alternative courier.

Smaller items

Mailboxes Etc
44/46 Morningside Road
Edinburgh
EH10 4BF
Telephone - 0131 556 6226
Fax - 0131 446 9888
Email - edinburgh@mbescotland.com

Larger items and furniture

Constantine Moving Services
Constantine House
North Caldeen Road
Coatbridge
ML5 4EF
UK
Tel: 01236 430 681
Email: cathiem@constantinemoving.co.uk

Terms & Conditions

CONDITIONS OF SALE

Lyon & Turnbull carries on business with bidders, buyers and all those present in the auction room prior to, or in connection, with a sale on the following General Conditions and on such other terms, conditions and notices as may be referred to herein.

1. DEFINITIONS
In these Conditions:
(a) "Auctioneer" means the firm of Lyon & Turnbull or its authorised auctioneer, as appropriate;
(b) "deliberate forgery" means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source but which is unequivocally described in the catalogue as being the work of a particular creator and which, at the date of the sale, had a value materially less than it would have had if it had been in accordance with the description;
(c) "hammer price" means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;
(d) "terms of consignment" means the stipulated terms and rates of commission on which Lyon & Turnbull accepts instructions from sellers or their agents;
(e) "total amount due" means the hammer price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions;
(f) "sale proceeds" means the net amount due to the seller, being the hammer price of the lot sold less commission at the stated rate, Value Added Tax chargeable and any other amounts due to us by the seller in whatever capacity and however arising;
(g) "You", "Your", etc. refer to the buyer as identified in Condition 2.
(h) The singular includes the plural and vice versa as appropriate.

2. BIDDING PROCEDURES AND THE BUYER
(a) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid;
(b) The maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer's absolute discretion.
(c) Bidders shall be deemed to act as principals.
(d) Once made, no bid may be withdrawn.
(e) Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved.
Live Online Bidding
- Video and Audio. Any audio or video aspects of a live auction event are for entertainment purposes only.
- We do not guarantee that the live auction service will be uninterrupted or error free, or that bids will be received or information regarding current price will be transmitted in a timely fashion.

3. INCREMENTS
Bidding increments shall be at the auctioneer's sole discretion.

4. THE PURCHASE PRICE
The buyer shall pay the hammer price together with a premium thereon.
For all sales the premium is 25% up to £25,000 and 20% thereafter.
Details of the premium can also be found on the first page of the printed catalogue for that sale.
VAT will be charged on the premium at the rate imposed by law. No VAT is payable on the hammer price or premium for books or unframed maps bought at auction.

5. VALUE ADDED TAX
Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk (*) or dagger (†). Value Added Tax is charged at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant lots.

6. DROIT de SUITE
This symbol § indicates works which may be subject to the Droit de Suite or Artist's Resale Right, which took effect in the United Kingdom on 14th February 2006. We are required to collect a royalty payment for all qualifying works of art. Under new legislation which came into effect on 1st January 2012, this applies to living artists and artists who have died in the last 70 years. This royalty will be charged to the buyer on the hammer price and in addition to the buyers premium. It will not apply to works where the hammer price is less than €1,000 (euros). The charge for works of art sold at and above €1,000 (euros) and below €50,000 (euros) is 4%. For items selling above €50,000 (euros),charges are calculated on a sliding scale. All royalty charges are paid to the Design and Artists Copyright Society('DACS') and no handling costs or additional fees are retained by the auctioneer. Resale royalties are not subject to VAT. Please note that the royalty payment is calculated on the rate of exchange at the European Central Bank on the date of the sale. More information on Droit de Suite is available at www.dacs.org.uk.

7. PAYMENT
(1) Immediately a lot is sold you will:
(a) pay to us the total amount due in cash or in such other way as is agreed by us. We accept cash, bank transfer (details on request), Switch or Debit Cards and Visa or MasterCard (please note there is a surcharge of 2% when using credit cards). We do not accept American Express.
(2) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent whether expressed or implied.

8. TITLE AND COLLECTION OF PURCHASES
(1) The ownership of any lots purchased shall not pass to you until you have made payment in full to us of the total amount due.
(2) You shall at your own risk and expense take away any lots that you have purchased and paid for not later than 7 working days following the day of the auction or upon the clearance of any cheque used for payment after which you shall be responsible for any removal, storage and other associated charges.
(3) No purchase can be claimed or removed until it has been paid for.
(4) It is the buyers responsibility to ascertain collection procedures, particularly if the sale is not being held at our main sale room and the potential storage charges for lots not collected by the appropriate time.

9. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES
(1) If any lot is not paid for in full and taken away in accordance with these Conditions or if there is any other breach of these Conditions, we, as agent for the seller and on their behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies:
(a) to proceed against you for damages for breach of contract;
(b) to rescind the sale of that lot and/or any other lots sold by us to you;
(c) to resell the lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs);
(d) to remove, store and insure the lot at your expense and, in the case of storage, either at our premises or elsewhere;
(e) to charge interest at a rate not exceeding 1.5% per month above the current base rate on the total amount due to the extent it remains unpaid for more than 7 working days after the sale;
(f) to retain that or any other lot sold to you until you pay the total amount due;
(g) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted;
(h) to apply any proceeds of sale of other lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to retain possession of) any of your property in our possession for any purpose until the debt due is satisfied.
(2) We shall, as agent for the seller and on their behalf pursue these rights and remedies only as far as is reasonable to make appropriate recovery in respect of breach of these Conditions.

10. THIRD PARTY LIABILITY
All members of the public on our premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale.

11. COMMISSION BIDS
While prospective buyers are strongly advised to attend the auction and are always responsible for any decision to bid for a particular lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition we shall if so instructed clearly and in writing execute bids on their behalf. Neither the auctioneer nor our employees nor agents shall be responsible for any failure to do so. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made.

12. WARRANTY OF TITLE AND AVAILABILITY
The seller warrants to the auctioneer and to you that the seller is the true owner of the property consigned or is properly authorised by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third party claims.

13. AGENCY
The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers.

14. TERMS OF SALE
The seller acknowledges that lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment as notified to the consignor at the time of the entry of the lot.

15. STANDARD VENDOR FEES AND CHARGES (Subject to VAT)
(1) Commission: 15% of the first £3,000 and 10% thereafter is charged on the selling price of each lot, (subject to a minimum charge of £30). Loss and damage warranty: 1.5% on value of lots sold. Photography: max £40 mono per lot, max £250 colour. Internet Marketing Service: £10 per lot.
(2) If a vendor wishes to withdraw a lot organized for sale, a withdrawal fee will apply; this will be charged at 10% of the mid estimate along with any photography charges incurred and all subject to VAT at the current rate

16. DESCRIPTIONS AND CONDITION
(1) While we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunities to view and inspect before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to a lot. Prospective buyers also bid on the understanding that, inevitably, representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price involve matters of opinion. We undertake that any such opinion shall be honestly and reasonably held and accept liability for opinions given negligently or fraudulently. Subject to the foregoing neither we the auctioneer or our employees or agents or the seller accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition or quality of lots, express, implied or statutory, are hereby excluded. This Condition is subject to the next following Condition concerning deliberate forgeries and applies save as provided for in paragraph 6 "information to buyers".
(2) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation.

17. FORGERIES
Notwithstanding the preceding Condition, any Lot which proves to be a deliberate forgery (as defined) may be returned to us by you within 21 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If we are satisfied from the evidence presented that the lot is a deliberate forgery we shall refund the money paid by you for the lot including any buyer's premium provided that (1) if the catalogue description reflected the accepted view of scholars and experts as at the date of sale or (2) you personally are not able to transfer a good and marketable title to us, you shall have no rights under this condition.
The right of return provided by this Condition is additional to any right or remedy provided by law or by these Conditions of Sale.

GENERAL
18. We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person.
19 (1) Any right to compensation for losses liabilities and expenses incurred in respect of and as a result of any breach of these Conditions and any exclusions provided by them shall be available to the seller and/or the auctioneer as appropriate.
(2). Such rights and exclusions shall extend to and be deemed to be for the benefit of employees and agents of the seller and/or the auctioneer who may themselves enforce them.
20. Any notice to any buyer, seller, bidder or viewer may be given by first class mail in which case it shall be deemed to have been received by the addressee 48 hours after posting.
21. Special terms may be used in catalogue descriptions of particular classes of items (Books, Jewellery, Paintings, Guns, Firearms etc) in which case the descriptions must be interpreted in accordance with any glossary appearing in the catalogue. These notices and terms will also form part of our terms and conditions of sales.
22. Any indulgence extended to bidders, buyers or sellers by us notwithstanding the strict terms of these Conditions or of the Terms of Consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect.
23. Scottish law applies to the interpretation of these Conditions.
24. Collation [in relation to Rare Book sales]
If on collation any NAMED item this catalogue proved defective, in text or illustration the buyer may reject the lot provided he returns it within 14 days of the sale stating the defect in writing. This, however, shall not apply in the case of unnamed items, periodicals, autographed letters, music M.M.S., maps, drawings NOR in respect of damage to bindings, stains, foxing, marginal worm holes or other defects not affecting the completeness of the text NOR in respect of Defects mentioned in the catalogue, or at the time of sale, NOR in respect of lots sold for less than £200.

Credit Cards Cont'd

Please be aware that entering your credit card details on registration is for security purposes only. You may be contacted again by us if you are the winning bidder.

Contract

Your bid constitutes your acceptance of Lyon & Turnbull's Terms and Conditions of business. Your bid is a binding and legally enforceable contract.

Payment

(1) Immediately a lot is sold you will:
(a) pay to us the total amount due in cash or in such other way as is agreed by us. We accept cash, bank transfer (details on request), Switch or Debit Cards and Visa or MasterCard (please note there is a surcharge of 2% when using credit cards). We do not accept American Express.
(2) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent whether expressed or implied.

Shipping

Buyer's Premium

The buyer shall pay the hammer price together with a premium thereon.
For all sales the premium is 25% up to £25,000 and 20% thereafter.
Details of the premium can also be found on the first page of the printed catalogue for that sale.
VAT will be charged on the premium at the rate imposed by law. No VAT is payable on the hammer price or premium for books or unframed maps bought at auction.

Tax

Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk (*) or dagger (†). Value Added Tax is charged at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant lots.

Descriptions & Condition

(1) Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunities to view and inspect before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to a lot. Prospective buyers also bid on the understanding that, inevitably, representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price involve matters of opinion. We undertake that any such opinion shall be honestly and reasonably held and accept liability for opinions given negligently or fraudulently. Subject to the foregoing neither we the auctioneer nor our employees or agents nor the seller accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition or quality of lots, express, implied or statutory, are hereby excluded. This Condition is subject to the next following Condition concerning deliberate forgeries and applies save as provided for in paragraph 6 "information to buyers".

(2) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation.

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