Released on: January 25, 2008, 4:13 am

Press Release Author: RM Smythe & Co, Inc

Industry: Internet & Online

Press Release Summary: Letter Written by President Lincoln at Smythe Autograph
Auction Sees Heavy Bidding and Brings Final Hammer Price of $14,500

Press Release Body: Manhattan, New York - January 24, 2008 - New York auction house
RM Smythe & Co, Inc held one of the most successful autograph auctions in its
125-year history on Thursday, January 17, 2008. The sale, featuring the collection
of Steven Lee Carson, saw an unprecedented 77 percent of offered lots sell.
Although the auction suffered a few delays due to technical problems with E-bay Live
Auctions, in the end bidders on the floor, on the phone, and at their computers were
able to take home a remarkable variety of historical autographs and Americana.

Not surprisingly, the highest hammer price was won by a letter written by President
Abraham Lincoln, asking Secretary of War Edwin Stanton to approve the resignation of
a cavalry captain at the request of the officer's wife. Lincoln, typically a "soft
touch" in such cases, makes the argument that "we are rapidly getting an
over-proportion of officers." The letter sold for $14,500, not counting a buyer's
premium. The Great Emancipator wasn't the only family member bringing high prices.
A pair of 1869 letters (one incomplete) from his widow, in which she refers to him
as having been "from my eighteenth year - Always - lover - husband - father and all,
all to me - truly my all," brought nearly as much, $13,000.

One of the most exciting possibilities at any auction is watching a lot begin at a
modest opening price only to rise and rise. That is just what happened with an
extremely rare autograph note signed by beloved artist Norman Rockwell that had on
it an original concept sketch for one of his covers for the Saturday Evening Post.
A typical autograph note by the author might bring about $200-300, and the lot had
been given a modest estimate of $650. Due to mail bids received before the auction,
the lot opened at $2000; furious bidding drove it to a final price of $5500.
Another high climber was a fascinating typewritten letter signed by Theodore
Roosevelt as president during his negotiation of the treaty ending the
Russo-Japanese War, complaining about the stubbornness of both sides. Estimated at
$2500, it sold for $8500. Also shooting well beyond its estimate was a signed copy
of Woodrow Wilson's book Why We Are at War, which was estimated at $700 and sold for
$3000, a record price. According to American Book Prices Current, it was the first
copy to sell at auction in thirty years.

When asked why these lots were estimated so low, Smythe's Bob Litzenberger explained
that in some cases, there were no recent sales results to use as a reliable guide.
He added that there are strategic advantages to setting conservative estimates, too.
"High estimates, even if you're confident a lot can reach them, discourage bidding.
When an item opens low, more bidders get involved, and even if it goes so high that
only those with deep pockets can stay in the game, it makes the auction more fun for
everyone. If you know you can get in on the action, you're going to come back, and
you're going to also bid on other items and win them. Consignors, too, are much
happier when something sells much higher than its estimate than they are when it
sells for even a little less. They also know we aren't going to give them false
expectations just to get hold of their material."

As usual, early presidents and first ladies were a hot item, with a very unusual
letter by Abigail Adams in which she commiserates with a friend whose son died in
battle bringing $7000. A great document signed by her husband, authorizing a letter
of marque for the Quasi-War with France, sold for $6000. An autograph letter of
recommendation signed by the ever-popular Thomas Jefferson while vice president
brought $10,000.

Highlights from other collecting areas included an outstanding content typed letter
signed by novelist Henry James in 1914, with his views on wartime topics ($850 - a
record for him in that format); a delightful original drawing of the Grinch signed
by animator Chuck Jones, who directed the television version of Dr. Seuss's book
($700); an autograph letter signed by beloved "Peter Rabbit" author Beatrix Potter
($850); and a scarce program for a 1942 German marksmanship competition signed by
notorious dictator Adolf Hitler ($2050).

Along with great autographs, Smythe offered collectible Americana, books, prints,
and photographs in a mail bid and online sale following the public auction. Here,
too, there were valuable rarities. A most unusual hand-drawn map of the area around
Vicksburg, MS, used by soldiers under Gen. W.T. Sherman during the Union siege of
that city, sold for $2100. A large tapestry celebrating the Declaration of
Independence went for $1900. A letter from a girl who had witnessed the horror of
the Great Chicago Fire reached $600, while a wonderful diary along with a few
letters of a Civil War soldier, telling of his participation in the battles of
Fredericksburg, Chancellorsville, and Gettysburg, went all the way to $3250.

This is just a fraction of the sale's results. Prices realized for the entire sale
can be found at the firm's web site, www.smytheonline.com.

Smythe is already accepting consignments for its next auction of autographs and
Americana, scheduled for spring 2008. Interested parties can contact the company at
1-800-622-1880 for more details.

Accredited media interested in scheduling an interview to discuss this release or
past or upcoming auctions are encouraged to contact Mary Herzog at 212-943-1880

About R. M. Smythe & Co.
R. M. Smythe and Co., established in 1880, buys, sells, and auctions coins, paper
money, stocks and bonds and autographs at their corporate headquarters at 2 Rector
Street in the heart of the Financial District in New York City. To order a catalog,
to contact any of the firm's specialists, or to make general inquiries, call
212-943-1880 or 800-622-1880, or visit the firm's website at:
http://www.smytheonline.com.


Web Site: http://www.smytheonline.com

Contact Details: 2 Rector Street, 12th Floor
New York, NY 10006-1844
Phone: 212.943.1880
Fax: 212.312.6370