Rare First Edition of the Earliest Stock Exchange Book Could Fetch Up to $300,000
José Penso de la Vega’s 1688 masterpiece, 'Confusion of Confusions,' offers a pioneering insight into the Amsterdam stock exchange’s early operations.
An original first edition of the earliest known book detailing the inner workings of a stock exchange is anticipated to attract bids ranging from $200,000 to $300,000 in Sotheby’s Fine Books and Manuscripts online auction, concluding on December 17. The initial bid is set at $190,000 according to Sotheby’s website.
Published in 1688 in Spanish, José Penso de la Vega’s 'Confusion of Confusions' provides a vivid portrayal of the Amsterdam stock exchange's mechanisms.
The book uniquely conveys stock market concepts through imaginative dialogues among a shareholder, a merchant, and a philosopher, incorporating early forms of trading techniques such as puts, calls, and pools that remain relevant today.
Translator Hermann Kellenbenz noted that Vega titled his work 'Confusion of Confusions' to reflect the chaotic nature of stock exchange activities, where rational strategies intertwined with irrational behavior, and every trick was met with countermeasures, creating a complex environment that defied complete understanding or description.
As a seasoned businessman, Vega offered timeless advice for market participants, outlining four essential rules: never advise others to buy or sell shares as you might be mistaken; always secure profits without regret over missed opportunities; recognize that gains in the market are fleeting treasures; and understand that success requires both patience and capital.
Born around 1650 in Spain to a Portuguese Sephardic Jewish family, Vega relocated to Amsterdam, placing him at the heart of a financial revolution. Amsterdam’s stock exchange, established by the Dutch East India Company in 1602—the world’s first publicly traded company—became the epicenter of global finance. The exchange’s building dates back to 1611. Vega’s book offers a rare glimpse into the origins of modern securities markets, revealing a sophisticated trading system remarkably similar to contemporary practices.
Less than ten first edition copies of this historically invaluable text are known to exist. Vega’s legacy endures, with the European Federation of Stock Exchanges (FESE) annually awarding a prize in his honor for outstanding research on European securities markets. His work continues to captivate historians, economists, and behavioral scientists alike.
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