INDIVIDUAL AUDUBON prints, such as Great Blue Heron, Snowy Owl and Mallard Duck can easily sell for six figures. A full set of Birds of America, even one in somewhat worn condition, goes for millions.

Within seconds of the initial bid, the price jumps to $3.2 million, then $3.5 million, then $3.8 million, and continues climbing. Scarcely a minute later, the hammer raps down, sold, for $5 million to an anonymous bidder.

Later, several Audubon aficionados suggest that the price was too high for a set that has experienced so much use. "A fool bought it," scoffs dealer W. Graham Arader III of Manhattan. Arader, who boasts of selling $10 million in Audubon prints each year, believes $4 million would have been reasonable for the copy, offered by Providence Athenaeum of Rhode Island, the nation’s fourth-oldest library.

Yet the fact that even $4 million could be considered a fair price for a thoroughly worn set shows just how irrationally exuberant the Audubon market has become. In 1827, when Audubon began his magnum opus, subscribers, including the Providence Athenaeum, paid $1,000 for an original edition of 435 plates. Prices for full-set editions of Birds of America have appreciated considerably since the 1930s, exploding in the last two decades. One of the so-called double elephant folio sets, named because of the oversize paper Audubon used to show large birds in full scale, sold for $1.5 million in 1985. In March 2000, a well-preserved copy fetched $8.8 million at Christie’s, double the estimate and a record for any book sold at auction, surpassing even the Gutenberg Bible. Insiders say a prime set offered now would easily command $10 million. Meanwhile, prime specimens of individual prints of the most coveted large birds command $150,000 to $200,000.

"Everything about them screams quality. It’s the finest ornithological book published, even in today’s world," says Manhattan dealer Harry Newman. His gallery, the family-run Old Print Shop, has possessed nine complete sets of the double elephant folio since his grandfather bought the remains of a set that Macy’s was selling in the 1930s.

Audubon has long been appreciated as a naturalist, but the current mania for the prints reflects a broadening of his appeal to fans of fine art who recognize him as an American master. Valuations are also benefiting from publicity surrounding auctions at major houses and shows such as a New York Historical Society ongoing series that presents the watercolors Audubon painted in preparation for the prints. Audubon’s work exerts such magnetism for some that one encounter with even a well-worn print can start a passion. Marty Sidor spent several hundred dollars on a few poorly preserved Audubons in a Chicago gallery 30 years ago, and since then has built a collection valued at $700,000. Initially inspired by a love of birds, Sidor has become fascinated by Audubon, the man and artist.

Princely Prints
Restless and passionate with a flair for the dramatic, Audubon left voluminous correspondence for fans to pore over; his extraordinary life continues to inspire new books. Born in Haiti in 1785, Audubon was raised in France and moved to Pennsylvania when he was 18 to avoid Napoleon’s draft. He tramped around the countryside shooting and observing birds, eventually heading to the South. (Today’s collectors would be hard-pressed not to be intrigued by the image of a man traveling around the countryside, toting a 100-pound portfolio of artwork strapped to his back.) At age 41, the artist moved to England in search of financing for his Birds of America project, skillfully playing up his frontiersman credentials with a buckskin coat and flowing curls.

The rich pool of information behind his images reinforces many collectors’ appreciation, while the scarcity of the actual prints makes them that much more desirable. Audubon produced other prints, including a smaller edition of Birds of America and a series on quadrupeds, as well as a companion volume of text about the birds. Amateur collectors can obtain a small, unpopular or poorly preserved Audubon for a few hundred dollars. But only a few dozen of the roughly 200 original double elephant folio sets are thought to remain (the first few numbers were produced by William Lizars; Audubon then switched to Robert Havell). Thus, good-condition copies of prize subjects such as the snowy owl are scarce. Worse still for collectors of individual prints, breaking up fell out of fashion in the late 1980s, when complete folios became more valuable than loose prints.

"There is a limited supply, and they are becoming extraordinarily appreciated as our world shrinks," notes Roberta Olson, curator of drawings at the New York Historical Society, which paid Audubon’s widow, Lucy, $4,000 in the early 1860s for the watercolors. "He’s preserved not only a part of America, but a part of the world that is going away."

Nevertheless, truly discerning Audubon collectors believe the smartest long-term investment lies in obtaining the best possible copy of a given print, even at a premium price. At a Sotheby’s sale in January, for example, an original American Flamingo listed at $150,000 to $200,000 failed to sell. The Old Print Shop’s Newman says he had a client who was willing to spend in that range, but he advised the client to pass on this particular print because of a large brown stain on the paper. Restoring the paper would have significantly dimmed the bird’s pink hue, one of the print’s strongest features. "Audubon collectors are particularly finicky–and they should be," he adds. "Condition and color are very important."

Sidor, a California-based pharmaceutical executive, learned that lesson with his first Audubon purchase, the only such prints he has acquired and then resold during his three decades of collecting. Those first images were trimmed and pasted to boards. Sidor bought them before he realized the value of full margins, not to mention the collectibility of various sizes and types of birds. Sidor was young at the time, and says he has no regrets. Since then, however, he has immersed himself in the world of Audubon and allayed any anxieties by working with dealers he trusts and who are experts in paper conservation. "The first few prints I bought were a lesson in how to collect," he explains. "Obviously the value of a print would be much higher if it is in absolutely pristine condition, but, realistically, there is less and less of that available."

Value Judgment: The uniqueness and quality of John James Audubon’s work, combined with his quirky personal story, is fueling a marked increase in the value of his ornithological prints. Prices have consistently and impressively increased in recent years. Dealers and collectors say some undervalued pieces can be found, but warn newcomers to avoid small, unpopular or poorly preserved prints. When it comes to Audubon, condition is critical.

Unlike coin or map mavens who like to congregate and even engage in competitive displays of their collections, Audubon aficionados prefer more private enjoyment of their treasures. Newcomers can find an Internet community at groups.yahoo.com/group/audubonprints. Veteran collectors also recommend minniesland.com, named for the estate Audubon and his wife maintained in the Washington Heights section of Manhattan prior to his death. Classic books include Audubon Art Prints: A Collector’s Guide to Every Edition by Bill Steiner; Under a Wild Sky by William Souder; and Handbook of Audubon Prints by Taylor Clark and Lois Elmer Bannon.

The best way to learn about Audubon prints is to view well-preserved originals and study how purchases should look. Because his work has been widely, and often poorly, reproduced, this seemingly simple exercise can prove revelatory. Collector Keith Kattner of Illinois recalls the first time he saw a full-length Audubon print in the Chicago gallery of dealer Joel Oppenheimer. A student of 19th-century art, Kattner was amazed by the quality of the prints created by Lizars and Havell. "To me, Audubon is one of the most profound artists of the 19th century. A book never gives the impact," says Kattner, who now maintains a collection with a retail value of about $400,000.

Flights of Fancy
Audubon broke with tradition by showing birds in lifelike poses in their natural habitats, which he knew from his explorations of America’s wilderness. Kattner says that Audubon has taught him much about art, particularly techniques for balancing birds on the page and for showing movement. His favorite print features seven lively Carolina parakeets, one of which seems about to fly right off the page.

Kattner recommends spending time at galleries building relationships with dealers and accepting their markup of 50 to 100 percent. Trying to argue a dealer down on price will only hamper your relationship, he says, and prevent you from receiving the first call when a coveted bird is available.

His personal quest for a great print of Carolina Parakeet took nine years. As a student, he spotted the image at a gallery in Washington, D.C., and immediately fell in love with it. Kattner did not have the funds to buy it, but he vowed to someday own the print. Four or five years later, he had the discretionary income, but no high-quality copy was available. He settled for a slightly damaged copy, and then waited several more years to trade that one to Oppenheimer for a better version at a higher price. "With Audubons, it’s all about buying the top piece. Those usually accelerate in price, and there’s always a market for them," Kattner says.

Peter Cowen developed a love for Audubons 35 years ago when he was a journalist researching art for an article. As often happens with the works of Audubon, the discovery of the prints led to a purchase, which then ignited a passion for the famous double elephant folio birds. Realizing their financial potential, Cowen switched careers and became a private dealer based in Newton, Mass. While there are intermittent slow periods when the prices level off, Cowen says the Audubon business has been notable for remarkably consistent price appreciation.

AUDUBON’S GENIUS was in showing birds, such as American Flamingo, in their natural state.

Cowen, who has owned and sold most of Audubon’s important images, as well as many smaller birds, saw revenues spike during the second half of 2005. He says that the market has adjusted to recent price increases, including the record-setting sale of an American Flamingo for $197,900 in 2004 at Christie’s. Cowen believes there are some undervalued double elephant prints, such as the colorful Painted Bunting or some of the warblers that are surrounded by beautiful flowers.

But he remains cautious about any collector putting financial return ahead of aesthetic value. "I honestly believe that people who buy because they love the prints, and pick images they love, will make the best investment," Cowen contends. "People always say that, and then they don’t always do it. If you buy something you don’t love because some dealer told you it’s a great investment, you’re making a huge mistake; you might as well put it in T-bills."

Sidor has chosen to build his collection thematically, focusing on birds from the tall-grass prairies of the Midwest where he grew up, as well as extinct species. Even after years of study and appreciation, Sidor still spends hours contemplating the images–perhaps the most fitting tribute to Audubon’s work. "I’ve had a lifelong interest in birds," says Sidor, adding that he cannot list his favorite Audubons because he loves each one in his collection. "I really just enjoy looking at them."

Catherine Curan is a New York-based freelancer who writes about business, culture and style.

Photographs courtesy of Christie's.