Books

First edition in French, a superb presentation copy from Marx to the Frankfurt banker Sigmund Schott, with whom he exchanged ideas central to his philosophies and work, inscribed by Marx on the first engraved title page, "Mr Sigmund Schott, de la part de l'auteur, Londres, 3 Novembre 1877". Any presentation copy of Das Kapital is exceedingly rare. We have traced just two other inscribed copies of the first edition in French: one inscribed "to his friend Dakyns" (Bassenge 2011, previously Sotheby's London 1966) and another inscribed "to the Deputies of the Commune" (Parke Bernet 1956). Only five inscribed copies of the first edition in German, Das Kapital (1867), have circulated at auction: in 2016 (inscribed to Johann Georg Eccarius, Bonham's London, 15 June, lot 98); 2010 (inscribed to Professor Edward Spencer Beesly, Bloomsbury London, 27 May, lot 606); 1979 (inscribed to Marx's cousin August Philips, Hartung & Karl, 16 May, lot 1544); and 1969 (inscribed to the English social reformer John Malcolm Ludlow, Sotheby's, 23 June). The present volume ranks among the finest of these presentation copies. The published correspondence surrounding it yields a unique and significant sense of historical context, offering an important point of association related to one of the most significant works on economic philosophy, in the translation which many consider the definitive text as authorized by Marx. Sigmund Schott was a German bank director and First edition in French, a superb presentation copy from Marx to the Frankfurt banker Sigmund Schott, with whom he exchanged ideas central to his philosophies and work, inscribed by Marx on the first engraved title page, "Mr Sigmund Schott, de la part de l'auteur, Londres, 3 Novembre 1877". Any presentation copy of Das Kapital is exceedingly rare. We have traced just two other inscribed copies of the first edition in French: one inscribed "to his friend Dakyns" (Bassenge 2011, previously Sotheby's London 1966) and another inscribed "to the Deputies of the Commune" (Parke Bernet 1956). Only five inscribed copies of the first edition in German, Das Kapital (1867), have circulated at auction: in 2016 (inscribed to Johann Georg Eccarius, Bonham's London, 15 June, lot 98); 2010 (inscribed to Professor Edward Spencer Beesly, Bloomsbury London, 27 May, lot 606); 1979 (inscribed to Marx's cousin August Philips, Hartung & Karl, 16 May, lot 1544); and 1969 (inscribed to the English social reformer John Malcolm Ludlow, Sotheby's, 23 June). The present volume ranks among the finest of these presentation copies. The published correspondence surrounding it yields a unique and significant sense of historical context, offering an important point of association related to one of the most significant works on economic philosophy, in the translation which many consider the definitive text as authorized by Marx. Sigmund Schott was a German bank director and journalist. He was also a literary critic and bibliophile, who corresponded with some of the most important intellectual figures of the epoch. Some editors of Marx's correspondence confused Schott with the German politician (1818–1895) of the same name. As a result, the importance of the relationship between the young banker and the philosopher has perhaps been underexposed. Schott and Marx corresponded frequently over several months, and in the letter that originally accompanied the present volume, also dated 3 November 1877, Marx details his approach to constructing Das Kapital. "Dear Sir," Marx begins, "My best thanks for the packages. Your offer to arrange for other material to be sent to me from France, Italy, Switzerland, etc. is exceedingly welcome, although I feel reluctant to make undue claims on you. I don't at all mind waiting, by the by, nor will this in any way hold up my work, for I am applying myself to various parts of the book in turn. In fact, privatim, I began by writing Capital in a sequence (starting with the 3rd, historical section) quite the reverse of that in which it was presented to the public, saving only that the first volume – the last I tackled – was got ready for the press straight away, whereas the two others remained in the rough form which all research originally assumes." Marx then mentions the volume now offered: "I enclose a photograph herewith, because the copy of the French edition that goes off to you at the same time as this letter only contains a very far from flattering likeness done from a London photograph by a Parisian artist. Your most obedient Servant, Karl Marx". This letter, so frequently referenced in critical treatments of Das Kapital, not only sheds light on the genesis of one of the most significant philosophical works to emerge in the last two centuries, but also underscores the author's openness and perhaps even his humour. It offers an important contextual background for the presentation copy at hand. Other examples of correspondence between the two men show that Schott and Marx regularly exchanged ideas pertaining to banking and social economy. In a letter sent from London, dated 29 March 1878, Marx wrote to Schott: "I have, though somewhat belatedly, obtained Volume IV (Industrieactien) of the Saling, to which you so kindly drew my attention. I did not wish to reply to your letter until I had at length had time to run through the thing, and have found it very useful . . . Finally, I have one more thing to ask of you, namely to be so kind, provided it is not too time-consuming, as to let me have a list of the names of Perrot's published writings on the subject of joint-stock companies, etc". This letter again shows that Marx relied on Schott for information relating to the financial theories of the day, and that Schott was eager to supply Marx with literature relevant to his work. Le Capital was published in France in 44 livraisons between August 1872 and May 1875. Marx began revising Das Kapital for the second German edition in December 1871, in the same month that Lachâtre agreed to publish a French edition. In January 1872, Marx recruited Joseph Roy to prepare a French translation and concluded a publishing agreement with Lachâtre. As well as making important revisions for the second German edition, Marx began "to revise, indeed rewrite, the translation" (Draper, p. 174) over the next three years. While the second German edition was published in 1873, Marx continued to exert strict control over the French edition, making additions and corrections to the galley proofs for the parts even as they were being published (ibid., p. 190). He was very clear about its unique value as distinct from the second German edition and strongly advised even those familiar with the German language editions to consult the French edition for further accuracy. For this reason, these changes were "taken into account when at length the first English translation, by Samuel Moore and Edward Aveling, appeared in London, in 1887, four years after Marx's death, under the editorship of Engels" (PMM). When the final fascicule was printed in November 1875, the complete set of Le Capital was published in 10,000–11,000 copies. From certain indications found in the correspondence of Marx, we can infer that the French government, who must have frowned upon the appearance of Das Kapital in French, tried to prevent its publication, which for a certain time was interrupted by the authorities. When publication was finally complete, rumours abounded that its sale in book form was to be forbidden, and the publisher Lachâtre hesitated to sell copies. READ MORE Tall quarto (277 x 194 mm). Contemporary dark green pebble-grain cloth rebacked in black quarter morocco, spine lettered in gilt and ruled in blind, green bookmark. Housed in a red quarter morocco solander box by the Chelsea Bindery. 2 engraved title pages, 1 engraved portrait frontispiece with autograph, facsimile autograph letter from Marx to the publisher, dated 18 March 1872, with Lachatre's reply to verso, engraved head- and tailpieces. Text in two columns. Bookplate of Sigmund Schott to front pastedown and his ownership signature to front free endpaper, "Sigmund Schott, Roedelheim". Some very minor wear to extremities, small closed tears to bottom edge of sig. 2.1 and at gutter of 43.4, another of 4.5cm to fore edge of 34.3 not obscuring text, paper strips used to guard and reinforce a few leaves (facsimile letter, 2.1, and 43.4), contents foxed and lightly toned, else a very good copy. Draper ST/M15; Einaudi 3770; Rubel 634. See Hal Draper, The Marx-Engels Chronicle, vol. I, 1985; Printing and the Mind of Man 359.

"Das Kapital," written by Karl Marx, is a seminal work critiquing the capitalist system's foundations and mechanisms. Published in 1867, this extensive analysis of capitalism delves into its economic processes, the exploitation inherent within, and its eventual contradictions which Marx believed would lead to its downfall. Marx introduces key concepts such as commodity, value, surplus value, and the labor theory of value, arguing that the value of a commodity is determined by the labor required for its production. He criticizes how capitalists profit by exploiting workers, paying them less than the value of their labor while selling the products for their full value. Marx's critique extends to the dynamics of capital accumulation, technological advancements, and their effects on the proletariat, predicting increasing capital centralization and crises stemming from capitalism's internal contradictions. "Das Kapital" covers the circulation and distribution of capital, explaining how surplus value is divided among different classes and sectors, leading to cycles of boom and bust. Despite its influence, "Das Kapital" has faced criticism for its total failure in economic predictions, such as the underestimation of capitalism's adaptability and the overemphasis on the labor theory of value. Critics argue Marx's predictions of escalating class struggle and the proletariat revolution have not materialized as expected, questioning his views on human nature and the efficiency of market mechanisms. Nonetheless, "Das Kapital" remains a pivotal work in economic and political thought, offering a deep, if wrong, critique of capitalism and its socio-economic impacts.