What's in a name (signature)?

Among Limited Editions Club collectors there are some illustrators who are controversial. There is pretty much universal admiration for Lynd Ward and Valenti Angelo, and Ed Wilson is generally well-thought of. But Arthur Szyk seems to divide most collectors into those who think he is wonderful, and those who can't stand him (or at least are indifferent to his style). He was obviously one of Macy's favorites as he did several books for the Club, and even "The Rubaiyat" for a Heritage Press exclusive.

These thoughts were prompted by a recent email from an auction house which announced the following:

On Wednesday, September 20, Kestenbaum & Company sells 211 lots of Fine Judaica, including an illustrated 1926 letter from Arthur Szyk to French senator Anatole de Monzie, which starts at $10,000.

Szyk's LEC work is generally among the higher-priced books which come up for auction--especially the Heritage exclusive "Ink and Blood"--but none come anywhere near the $10,000 opening bid for a signed letter. Obviously, a signature means one thing to book collectors and quite another to autograph collectors.

Well, to be fair, it's Szyk's signature on an illustrated letter -- so could be considered, by collectors, more-or-less a signed original artwork.