• <center><b>Sotheby’s New York<br>Fine Books & Manuscripts Online<br>Ending December 17</b>
    <b>Sotheby’s Online, Now - Dec 17:</b> SHAKESPEARE, WILLIAM. <i>Mr. William Shakespeares Comedies, Histories, and Tragedies…</i> The Second Impression. 1632. $100,000 to $150,000
    <b>Sotheby’s Online, Now - Dec 17:</b> GEORGE CURZON, 1ST MARQUESS CURZON OF KEDLESTON. “Curzon Tiger Hunt.” [India: circa 1901]. 120 albumen photographs. $3,000 to $5,000
    <b>Sotheby’s Online, Now - Dec 17:</b> (CASSADY, NEAL). Kerouac, Jack. <i>On the Road.</i> New York: Viking Press, 1957. Inscribed. $10,000 to $15,000
    <b>Sotheby’s Online, Now - Dec 17:</b> VEGA, JOSEPH PENSO DE LA. <i>Confusion de Confusiones. Dialogos curiosos entre un Philosopho agudo, un Mercader discrete...</i> Amsterdam, 1688. $200,000 to $300,000
    <b>Sotheby’s Online, Now - Dec 17:</b> RACKHAM, ARTHUR — [WILLIAM SHAKESPEARE]. "The Moon Like to a Silver Bow New-Bent in Heaven," original illustration for <i>A Midsummer Night's Dream.</i> $12,000 to $18,000
  • <b>Christie’s London, 12 Dec:</b> Huang Qianren. Complete Geographic Map of the Great Qing Dynasty. £50,000 to £80,000
    <b>Christie’s London, 12 Dec:</b> Book of Hours of Jean Le Sauvage and Jacqueline de Boulogne. £70,000 to £100,000
    <b>Christie’s London, 12 Dec:</b> Abraham Ortelius. <i>Theatrum orbis terrarum. – Parergon. – Nomenclator ptolemaicus,</i> 1584. £80,000 to £120,000
  • <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> WETZEL, CHARLES M. American Fishing Books. $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> BISSELL, ALFRED E., <i>In Pursuit of Salar.</i> $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> <i>The Settler and Sportsman in Anticosti.</i> $400 to $600
    <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> CARLETON, HENRY GUY, <i>Advice to Young Anglers.</i> $300 to $500
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> ROBINSON, ROLAND EVANS, <i>Forest and Stream Fables. By Awahsoose the Bear.</i> $300 to $500
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SAWADA, KEN, <i>The Art of the Classic Salmon Fly.</i> $300 to $500
    <center><b>Doyle: Angling Books from the Collection of Arnold "Jake” Johnson<br>Online Only Auction ending Dec. 18</b>
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SOUTHARD, CHARLES ZIBEON, <i>The Evolution of Trout and Trout Fishing in America.</i> $400 to $600
    <b>Doyle, Arnold “Jake” Johnson Online-Only Auction, ending Dec 18:</b> SOUTHARD, CHARLES ZIBEON, <i>Trout Fly-Fishing in America.</i> $400 to $600
  • <b>Swann Auction Galleries Dec 13:</b> Adrian Reland, <i>Imperium Japonicum,</i> first European map to use Sino-Japanese characters, Amsterdam, circa 1740. $1,000 to $1,500.
    <b>Swann Auction Galleries Dec 13:</b> John Overton, <i>A New & Most Exact Map of America,</i> hand colored, London, 1671. $6,000 to $9,000.
    <b>Swann Auction Galleries Dec 13:</b> John James Audubon, <i>The Birds of America & Quadrupeds of North America,</i> together in 10 matching octavo bindings. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 13:</b> Cornelis de Jode, <i>Hemispheriu ab Aequinoctiali Linea,</i> Antwerp, 1593. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 13:</b> Currier & Ives, <i>Across the Continent,</i> New York, 1868, formerly in the collection of Thomas Winthrop Streeter. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 13:</b> Frederick Sander, <i>Reichenbachia, Orchids Illustrated & Described,</i> in four volumes, St. Albans, 1888-94. $5,000 to $7,500.
    <b>Swann Auction Galleries Dec 13:</b> Color woodblock map of Uraga and Edo Bay showing the course of Commodore Perry’s Black Ship squadron, Japan, circa 1854. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 13:</b> Manuscript report on the arrival of Commodore Matthew Perry, with 2 portraits of Perry & Commander H. A. Adams, Japan. $2,500 to $3,500.
    <b>Swann Auction Galleries Dec 13:</b> Edward Lear, <i>Castello di Melfi in Basilicata,</i> ink, graphite & watercolor, 1847. $3,000 to $5,000.
    <b>Swann Auction Galleries Dec 13:</b> Abraham Ortelius, <i>Islandia,</i> Antwerp, 1603. $3,500 to $5,500.
    <b>Swann Auction Galleries Dec 13:</b> Philippe Vandermaelen, North American volume of the first atlas to use lithography, Brussels, 1827. $6,000 to $9,000.
    <b>Swann Auction Galleries Dec 13:</b> Joseph Frederick Wallet Des Barres, <i>A Chart of the Coast,</i> from the <i>Atlantic Neptune,</i> London, 1780. $18,000 to $22,000.

Rare Book Monthly

Articles - September - 2010 Issue

Bookstore For Sale: Barnes & Noble

B&nstockchart

Barnes and Noble's stock was not doing well this year prior to their


By Michael Stillman

Barnes and Noble, America's largest bricks and mortar bookseller, made two potentially important announcements this past month. The word "potential" must be used with any moves the company makes at this point, as the viability of any large chain of bookstores in this digital age is not beyond question. Barnes and Noble has been waging an uphill battle for years against online retailer Amazon.com, and its competitor has regularly gotten the better of B&N for a long time.

Last month, the company announced, in effect, that it was putting itself up for sale. In a news release, the company announced its "Board of Directors intends to evaluate strategic alternatives, including a possible sale of the company, in order to increase stockholder value." The Board hired Wall Street firm Lazard to serve as their financial advisor. It stated that the decision was made because the Board believes its stock is "now significantly undervalued." A contrary point of view was expressed by James B. Stewart in the Wall Street Journal. He commented, "in my experience, most companies sell when they believe their shares are expensive." Stewart added the ultimate cut by stating that putting itself up for sale amounted to "rendering it the corporate equivalent of the remaindered books it sells at a discount."

Of course, the market is the ultimate arbiter of value. In other words, the stock is correctly priced until such time as the company can show its prospects deserve a higher value, or events show it deserves a lower one. Until then, the trend would indicate, if anything, that the stock price is in the midst of a long decline.

The Board issued the following statement in support of its new strategy: "As the world's largest bookseller, Barnes & Noble has an iconic brand and unique competitive advantages we believe will position the company to succeed over time in a rapidly changing market. The Board is confident in Barnes & Noble's strategy and fully supportive of the senior management team, which is delivering explosive growth in our fast-developing digital business. The Board has concluded that a review of strategic alternatives is the appropriate next step to take full advantage of our compelling digital opportunities and to create value for shareholders, customers, and employees."

Let's take a look at that statement, perhaps a bit more objectively than the enthusiastic Board can. Certainly the company has "unique competitive advantages." It has the largest number of bricks and mortar stores in the U.S. However, that advantage is also its albatross. Those stores bring all kinds of costs with them Amazon does not have to face. It is very hard to be price competitive with all of that overhead, as so many other chains learned when internet competition appeared. People still go to their local stores to browse and learn, but then buy the item for the lowest price they can find online. Barnes and Noble still needs to find a way to leverage that local presence into local dollars, and that remains an enormous challenge.

Compounding this issue is the rising popularity of electronic readers. The advantage of instant gratification that Barnes and Noble enjoys with physical books disappears with digital books. Electronic books' share of the market is increasing rapidly, and physical books may become nothing more than a niche market in the years ahead. This is definitely not to Barnes and Noble's advantage.

Next, the Board speaks of Barnes and Noble's "explosive growth" in the digital business. Of course, any sales when you start from zero can be described as "explosive," certainly on a percentage basis. None of this accounts for the fact that Amazon saw this market first and is way out ahead, both in terms of sales of electronic readers and digital books. Meanwhile, others such as Apple are also ahead of B&N when it comes to electronic readers, and Google and others plan to provide even more stiff competition for the selling of digital books. Old technology Barnes and Noble has a lot of catching up to do, and it remains to be seen whether its one asset/albatross, local presence and a well-known brand name, can somehow make up the difference.

Rare Book Monthly

  • <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> KNIGHT, HILARY. The Original Portrait of Eloise that Hung at the Plaza Hotel. $100,000 to 150,000
    <b>Bonhams, Dec 5:</b> WARHOL, ANDY. "Iced Lemon Delight," an Original Watercolor Presented to Hilary Knight's cat, Phoebe $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> SENDAK, MAURICE. <i>Where the Wild Things Are.</i> PRESENTATION COPY, INSCRIBED with drawing to Hilary Knight in the month following publication. $10,000 to 15,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> NOLAND, KENNETH. Original circle painting, untitled, acrylic and ink on cloth, for cover of monograph $8,000 to 12,000
    <b>Bonhams, Dec 5:</b> TOULOUSE-LAUTREC. <i>Histoires Naturelles,</i> 1899. With 22 original lithographs. $10,000 to 15,000
    <b>Bonhams, Dec 5:</b> SHAKESPEARE, WILLIAM. <i>A Collection of Poems,</i> [1711]. The first authoritative and complete collected Sonnets.$15,000 to 20,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> LONDON, JACK. <i>The Call of the Wild.</i> 1903. First edition, first state jacket. $2,000 to 3,000
    <b>Bonhams, Dec 5:</b> FROST, ROBERT. Autograph Manuscript of "Build Soil," 12 pp, 1932-1936. $15,000 to 20,000
    <b>Bonhams, Dec 5:</b> GOULD, GLENN. Glenn Gould's extensively annotated copy of Bach's Goldberg Variations $100,000 to 150,000
    <b>Bonhams New York: Fine Books and Manuscripts Including the World of Hilary Knight. December 5, 2018</b>
    <b>Bonhams, Dec 5:</b> PLATH, SYLVIA. EARLY Autograph Letter Signed, about her beginnings as a writer, Northampton, MA, 1951. $7,000 to 10,000
    <b>Bonhams, Dec 5:</b> HOUDINI, HARRY. A collection of 11 cast iron shackle and lock items from Houdini's personal collection. $20,000 to 30,000
    <b>Bonhams, Dec 5:</b> M4 ENGIMA MACHINE, with very rare RARE HYDRA KEY ENVELOPE. $400,000 to 600,000
  • <b>Arenberg Auctions: Rare Books, Manuscripts, Maps, and Works on Paper. December 14 & 15, 2018</b>
    <b>Arenberg Auctions, Dec 14-15:</b> LÉOPOLD II of Belgium. Autograph letter signed to Ferdinand de Lesseps. (Brusselss, 30th of August 1881. € 500 / 600
    <b>Arenberg Auctions, Dec 14-15:</b> Unique collection of c. 280 satirical postcards on Léopold II of Belgium.<br>€ 3.000 / 3.500
    <b>Arenberg Auctions, Dec 14-15:</b> Horae, use of Rouen, c. 1475.<br>€ 22.000 / 30.000
    <b>Arenberg Auctions: Rare Books, Manuscripts, Maps, and Works on Paper. December 14 & 15, 2018</b>
    <b>Arenberg Auctions, Dec 14-15:</b> <i>Sensuyt la tresplaisante hystoire du preux et vaillant Guerin de Montglaue</i> [...]. € 6.000 / 8.000
    <b>Arenberg Auctions, Dec 14-15:</b> SCUTENAIRE, Louis. <i>Mes inscriptions.</i> 1945-1963. € 1.000 / 1.200
    <b>Arenberg Auctions, Dec 14-15:</b> Études Gèographiques [puzzle].<br>€ 70 / 100
    <b>Arenberg Auctions: Rare Books, Manuscripts, Maps, and Works on Paper. December 14 & 15, 2018</b>
    <b>Arenberg Auctions, Dec 14-15:</b> Unique series of fifty 19th-c. Persian miniatures. € 1.500 / 2.500
    <b>Arenberg Auctions, Dec 14-15:</b> SIXTUS IV. <i>De sanguine Christi et De potentia Dei,</i> 1474. € 4.500 / 6.000
    <b>Arenberg Auctions, Dec 14-15:</b> Joan Miró, lithographies. € 200 / 300
    <b>Arenberg Auctions, Dec 14-15:</b> MERIAN, Anna Maria Sibylla. [Metamorphosis of a brown butterfly]. € 4.000 / 5.000
  • <center><b>Sotheby’s New York<br>Fine Autograph Letters and Manuscripts from a Distinguished Private Collection: Part II<br>December 13, 2018</b>
    <b>Sotheby’s NY, Dec 13:</b> Sibelius, Jean. Autograph manuscript of “Spagnuolo” for piano, boldly signed “Jean Sibelius.” $20,000 to $30,000
    <b>Sotheby’s NY, Dec 13:</b> Verdi, Giuseppe. Fourteen largely unpublished autograph letters signed to Alessandro Lanari, the “Napoleon of Impresarios.” $100,000 to $150,000
    <b>Sotheby’s NY, Dec 13:</b> Jefferson, Thomas. Autograph letter signed ("Th: Jefferson") to William Lee, Monticello, 26 August 1816. $20,000 to $30,000
    <b>Sotheby’s NY, Dec 13:</b> Whitman, Walt. Signed carte-de-visite photograph by Benjamin Gurney, 1875. $1,000 to $1,500
    <b>Sotheby’s NY, Dec 13:</b> Wilde, Oscar. Autograph letter signed ("Oscar Wilde"). 8 pages on 2 bifolia of different sizes, with ink sketch on the first page. $25,000 to $30,000
  • <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>

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