Rare Book Monthly

Articles - July - 2019 Issue

Barnes & Noble Purchased by a Hedge Fund. Times Have Changed

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Barnes & Noble's flagship store in New York from 1932 until it closed in 2014.

The long journey of Barnes & Noble, once the world's largest bookseller, took another major turn in its declining years when it was sold last month to Elliott Management for $683 million, or $6.50 per share. Elliott Management is part of what can be called a Hedge Fund, or an Activist Fund, even a Vulture Fund, depending on your point of view. They purchase large or controlling interests in companies, often distressed ones, and attempt to improve their performance or turn them around. They are not new to book selling, having purchased the struggling British bookseller Waterstones last year. Barnes & Noble, a publicly traded company on the New York Stock Exchange since 1993, will once again become private.

 

While Barnes & Noble's influence on the rare and antiquarian book trade was limited, its role on the larger new book trade was enormous. During the period from 1970-2000 it turned new book selling on its head as it became the largest bookseller in the world. Then the internet came along and so did Amazon, and B&N turned from predator to prey. The company recovered enough to become #2 in the field of online book selling, but unfortunately, there was only room for one really successful online seller of new books. It turned into a one-horse race with the others fighting for scraps.

 

Barnes & Noble's history actually goes back to the 19th century. Clifford Noble took a job in a New York City bookshop in 1886, later became a partner, bought the firm out and went into partnership with friend William Barnes. Noble sold his share in 1930, Barnes died in 1945. It was around then that B&N finally opened a few locations beyond the flagship, including Chicago and another in New York. The Barnes family sold it to a conglomerate corporation in the 1960s, and it was back to a single store when purchased in 1971 by Leonard Riggio. Riggio has run the company ever since, only now will he be ceding control.

 

The 1960s and 1970s saw the birth and rapid growth of several chain booksellers. Undoubtedly, names like Waldenbooks and B. Dalton will still be familiar. They spread across the country, often found in shopping malls, also once more popular than they are today. They were relatively small stores, frequently stuffed with books, reminiscent of the single-location private book stores they often replaced. Barnes & Noble bought one of them, B. Dalton, to provide its entry into nationwide book selling. Both B. Dalton and Waldenbooks finally succumbed to the changes in book selling and closed their doors at the beginning of this decade.

 

Barnes & Noble, however, was nothing like these smaller shops. Their stores were huge. They became meeting places. They opened cafes in their stores, where you could buy coffee and pastries. Some even provided live music in the evenings. Browsing, even reading, was encouraged in the stores. They provided soft, comfortable couches and chairs to facilitate reading. You could get away with reading a book there and never buying it, but more likely, you would start one, like it, and buy it to take home. A few others, notably Borders, developed chains also selling books in this new way.

 

And then came the internet. Not long after, along came Amazon. There was no coffee, no music, no socializing, no comfortable chairs. All there was was lower prices, substantially so. Barnes & Noble became their foil. People would still come to Barnes & Noble to browse the new books, read a little, socialize, and then go home and order the books they liked from Amazon because it was cheaper. B&N became Amazon's showroom.

 

The large gathering place bookstore became, if not obsolete, no longer as popular. In time, people became more accustomed to buying online sight unseen, without needing to check out the products personally in a store first. Traffic and sales declined. Borders, once running over 500 stores, closed down in 2011. Barnes & Noble soldiered on. It still does, but sales have continued to decline, stores have been closed. The stock price, once over $30 per share, hit an all-time low shortly before news of the buy out broke, $4.11. That price made the $6.50 shareholders will receive look like a great relief, rather than a huge disappointment.

 

Can Barnes & Noble be saved? Obviously, Elliott thinks traditional book stores can still be viable, and reportedly has made some progress with Waterstones. Then again, there was much fanfare in 2005 when Sears and K-Mart, one or the other America's largest retailer through most of the 20th century, combined. Now they fight to survive while losing enormous amounts of money. Hardly anyone believes their demise is anything other than inevitable. I hope B&N finds a way. I will miss it. I still like stores. My kids do not. They buy almost everything from Amazon or certain online specialty retailers. They don't like spending their limited available time traipsing around stores. They will be consumers for many more years now than I. They are the future. I wish Barnes & Noble well.

Rare Book Monthly

  • <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
    <center><b>ABAA Virtual Book Fair</b><br>Join your favorite booksellers<br>June 4-7, 2020
  • <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [SUPREME COURT JUSTICES]. A very extensive collection of 203 letters, documents and signatures. A COMPLETE COLLECTION OF THE SUPREME COURT JUSTICES, JOHN JAY THROUGH WILLIAM REHNQUIST. $20,000 to $30,000.
    <b>Hindman Auctions, Jun. 23:</b> ZATTA, Antonio. <i>Atlante Novissimo.</i> Venice: Antonio Zatta, 1775-1785. ONE OF THE FINEST WORLD ATLASES issued in Italy in the 18th century. $15,000 to $20,000.
    <b>Hindman Auctions, Jun. 23:</b> [CHICAGO HISTORY] -- [COLUMBUS, Christopher]. Monumental historiated and embroidered panel of the MADE FOR THE 1893 COLUMBIAN EXHIBITION IN CHICAGO. $12,000 to $18,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [MONASTERY HILL BINDING]. AINSWORTH, William Harrison. <i>Historical Romances.</i> Philadelphia, n.d. A fine early exhibition binding by the Monastery Hill Bindery. $6,000 to $8,000.
    <b>Hindman Auctions, Jun. 23:</b> [ABSTRACT EXPRESSIONISM]. New York: Tiber Press, [1960]. 4 volumes. LIMITED EDITION, number 119 of 200 COPIES, EACH SIGNED BY THE POET AND ARTIST. $6,000 to $8,000.
    <b>Hindman Auctions, Jun. 23:</b> GRATIANUS, the Canonist. <i>Decretum.</i> Venedig: Petrus de Plasiis, 25 January 1483. Second quarto edition. FIRST PAGE ILLUMINATED BY A CONTEMPORARY ARTIST. $4,000 to $6,000.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [ABOLITIONISTS]. <i>William Lloyd Garrison. The Story of his Life.</i> New York, 1885. ORIGINAL DOCUMENTS FROM SEVERAL NOTABLE ABOLITIONISTS neatly bound in throughout. $4,000 to $6,000.
    <b>Hindman Auctions, Jun. 23:</b> ANSON, George. <i>A Voyage round the World, In the Years 1740... 1744.</i> London: John and Paul Knapton for the author, 1748. FIRST EDITION. $3,000 to $4,000.
    <b>Hindman Auctions, Jun. 23:</b> Blank railroad ledger, "Compagnie des Chemins de fer de l'Ouest" (spine title). N.p., 1909. A MONUMENTAL 20th-CENTURY ART NOUVEAU BINDING. $1,000 to $1,500.
    <center><b>Hindman Auctions<br>Fine Books and Manuscripts<br>Including Americana<br>Live and Online<br>June 23, 2020</b>
    <b>Hindman Auctions, Jun. 23:</b> [MINIATURE ROOM] -- [FLEMING, John (1910-1987)]. Miniature of his 57th Street Library and Gallery. JOHN F. FLEMING'S BARONIAL 57TH STREET GALLERY. $1,500 to $2,500.
    <b>Hindman Auctions, Jun. 23:</b> [SANGORSKI & SUTCLIFFE BINDING]. CHESTERTON, G.K. <i>Five Types: A Book of Essays.</i> London, 1910. LIMITED EDITION, number 3 of 30 copies on vellum SIGNED BY GEORGE SUTCLIFFE. $400 to $500.
    <b>Hindman Auctions, Jun. 23:</b> [KELMSCOTT PRESS]. <i>When Adam Delved and Eve Span....</i> [Ancoats Brotherhood, 1894-5]. LIMITED EDITION, one of 250 copies printed. $500 to $700.
  • <b>Koller International Auctions: Books [and] Manuscripts & Autographs. June 15, 2020</b>
    <b>Koller, Jun. 15:</b> INCUNABULA -Fridolin, Stephan. <i>Schatzbehalter.</i> With 96 (including 5 repeated) full-page text woodcuts. Nürnberg, 1491.<br>€ 39 470 / 57 020
    <b>Koller, Jun. 15:</b> Kokoschka, Oskar. <i>Die Träumenden Knaben (The Dreaming Boys).</i> With 11 original lithographs. Vienne, 1908.<br>€ 35 090 / 52 630
    <b>Koller, Jun. 15:</b> Third Bessarion Master (active in Lombard in the third quarter of the 15th century). Leaf from a gradual, 1455-60.<br>€ 21 930 / 30 700
    <b>Koller, Jun. 15:</b> Picasso, Pablo - Delgado, José alias Pepe Illo. <i>La Tauromaquia o arte de torear.</i> With 26 original aquatints and 1 original etching by Picasso.<br>€ 21 930 / 35 090
    <b>Koller International Auctions: Books [and] Manuscripts & Autographs. June 15, 2020</b>
    <b>Koller, Jun. 15:</b> Linschoten, Jan Huygen van. <i>Itinerario, Voyage ofte Schipvaert naer Oost ofte Portugaels Indien…</i> Amsterdam, 1595.<br>€ 17 540 / 26 320
    <b>Koller, Jun. 15:</b> CHILDREN’S BOOKS - Meggendorfer, Lothar. <i>Nah und Fern. Ein Tierbilderbuch zum Ziehen.</i> With 8 coloured, lithographed plates.<br>€ 530 / 790
    <b>Koller, Jun. 15:</b> DANSE MACABRE - Bille, Edmond. <i>Une Danse macabre.</i> With 20 coloured woodcuts. Lausanne, 1919. Large folio.<br>€ 610 / 880
    <b>Koller, Jun. 15:</b> Dexel, Walter. A collection of 7 invitation cards from the Kunstverein Jena, each typographically designed by W. Dexel. Jena, 1924-1928. Each 10.5 x 14.8 cm.<br>€ 530 / 790
  • <b>Swann Auction Galleries:</b> Abraham Lincoln, Emancipation Proclamation by the President of the United States, pamphlet, 1862. Sold May 7 for $11,875.
    <b>Swann Auction Galleries:</b> Family papers of the distinguished Ruby-Jackson family, Portland, Maine, 1853-1961. Sold May 7 for $4,000.
    <b>Swann Auction Galleries:</b> E. Simms Campbell, A Night-Club Map of Harlem, in inaugural issue of Manhattan, 1933. Sold May 7 for $27,500.
    <b>Swann Auction Galleries:</b> Papers of the comedian Nipsey Russell, including a letter from MLK, 1929-2000. Sold May 7 for $17,500.
    <b>Swann Auction Galleries:</b> Edmonia Lewis, prominent sculptor, carte-de-visite by Henry Rocher, c. 1866-71. Sold May 7 for $5,250.
    <b>Swann Auction Galleries:</b> The Black Panther: Black Community News Service, 44 issues, San Francisco, 1967-1971. Sold May 7 for $6,500.
    <b>Swann Auction Galleries:</b> Ernest Withers, I Am A Man, Sanitation Workers Strike, silver print, 1968. Sold May 7 for $5,000.
    <b>Swann Auction Galleries:</b> March For Freedom Now!, poster for a protest on the 1960 Republican Convention. Sold May 7 for $17,500.

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