• <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Bouchette (Lt.-Col.Joseph, Canadian Surveyor-General of British North America). A Plan of the Province of Upper Canada, manuscript map, [c.1790-1795]. £20,000 to £30,000
    <b>Forum Auctions May 30:</b> Browne (W.H.). Ten Coloured Views taken during the Arctic Expedition of Her Majesty's Ships "Enterprise" and "Investigator", first edition, presentation copy, 1850. £4,000 to £6,000
    <b>Forum Auctions May 30:</b> Lovelace (Ada).- Lacroix (Silvestre Francois). <i>An Elementary Treatise on the Differential and Integral Calculus,</i> first edition in English, Lovelace's copy, Cambridge, 1816. £3,000 to £4,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Rackham (Arthur). <i>Grimm's Fairy Tales,</i> one of 750 copies signed by the artist, 1909. One of several signed limited editions by Rackham in the sale. £1,000 to £1,500
    <b>Forum Auctions May 30:</b> Schedel (Hartmann). <i>Liber chronicarum [German] Das Buch der Croniken und Geschichten,</i> Augsburg, Johann Schonsperger, 1500. £10,000 to £15,000
    <b>Forum Auctions May 30:</b> Gandhi, Mohandas.- Eichenberg (Fritz, German-American illustrator). Autograph inscription by Ghandi with celebrated bust-length wood-engraved portrait by Eichenberg, c.1942. £10,000 to £15,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Shakespeare (William). <i>A Collection of Poems,</i> 2 vol. in 1, for Bernard Lintott, [1710-11]. £8,000 to £12,000
    <b>Forum Auctions May 30:</b> Churchill (SirWinston Spencer). Midland Conservative Club. Presidential Address Delivered by Winston Spencer Churchill, Esq., June 1st, 1899, first edition, [1899]. £10,000 to £15,000
    <b>Forum Auctions May 30:</b> [Walpole (Horace)]. <i>The Castle of Otranto, a Story,</i> first Dublin edition, Dublin, 1765. £800 to £1,200
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Dickens (Charles). Sketches by "Boz," Illustrative of Every-day Life, and Every-day People, [First Series] - Second Series, together 3 vol., first editions, first issues , 1836-7. £10,000 to £15,000
    <b>Forum Auctions May 30:</b> Wilde (Oscar). [Works], 14 vol., first collected edition, one of 80 sets on Japanese vellum, Methuen & Co., 1908. £8,000 to £12,000
    <b>Forum Auctions May 30:</b> Rowling (J.K.). <i>Harry Potter and the Philosopher's Stone,</i> first edition, first printing, 1997. £20,000 to £30,000
  • <b>Swann Auction Galleries June 6:</b><br>John Carte, <i>The Frontispiece of the Cosmographical Clock,</i> hand-colored broadside, London, circa 1699. $2,000 to $3,000.
    <b>Swann Auction Galleries June 6:</b><br>John Fisk Allen & William Sharp, <i>Victoria Regia,</i> Boston, 1854. $15,000 to $20,000.
    <b>Swann Auction Galleries June 6:</b> George Catlin, <i>North American Indian Portfolio,</i> London, 1844. $30,000 to $50,000.
    <b>Swann Auction Galleries June 6:</b> Abraham Ortelius, <i>Islandia,</i> Antwerp, 1598. $5,000 to $7,500.
    <b>Swann Auction Galleries June 6:</b> Plancius Petrus, map of Southern Africa, Amsterdam, 1592-94. $3,000 to $5,000.
    <b>Swann Auction Galleries June 6:</b> Pieter Verbiest, <i>Nova Totius Terrarum Orbis Geographica,</i> Antwerp, 1636. $10,000 to $15,000.
    <b>Swann Auction Galleries June 6:</b><br>Emil B. Fischer, <i>Map of Southwestern Colorado,</i> lithograph, 1893. $2,000 to $3,000.
    <b>Swann Auction Galleries June 6:</b><br>A.P. Folie, <i>Plan of the Town of Baltimore,</i> Philadelphia, 1792. $7,000 to $10,000.
    <b>Swann Auction Galleries June 6:</b> Lewis Evans, <i>A General Map of the Middle British Colonies,</i> proof copy, annotated, signed & dated by Evans, Philadelphia, 1755. $30,000 to $50,000.
    <b>Swann Auction Galleries May 23:</b> Lester Beall, <i>Rural Electrification Administration,</i> 1939. $20,000 to $30,000.
    <b>Swann Auction Galleries June 6:</b> Jacob Robyn, after Arent Roggeveen, <i>The First Part of the Burning Fen,</i> with English text, Amsterdam, circa 1680. $20,000 to $30,000.
    <b>Swann Auction Galleries June 6:</b> Large bird’s-eye view of New York City, hand-painted photo, circa 1933. $2,000 to $3,000.
    <b>Swann Auction Galleries June 6:</b> Arundel Society, group of approx. 185 chromolithographed Renaissance paintings, late-19th century. $6,000 to $9,000.
  • <center><b>Chiswick Auctions</b>
    <b>Chiswick Auctions, May 29:</b> Rumphius (Georgius Everhardus). <i>D’Ambionsche Rariteitkamer,</i> FIRST EDITION, 61 handcoloured engraved plates, 1705. £10,000 to £15,000
    <b>Chiswick Auctions, May 29:</b> Collodi (Carlo) Le avventure di Pinocchio. <i>Storia di un burattino,</i> FIRST EDITION, frontispiece and 61 illustrations by Enrico Mazzanti, 1883. £8,000 to £12,000
    <b>Chiswick Auctions, May 29:</b> De Bry (T, J T & J I). <i>[Great Voyages, part IV] Americae sive Insignis & Admiranda Historia de Reperta primum Occidentali India,</i> FIRST EDITION, 23 engraved plates, 1594. £4,000 to £6,000
    <b>Chiswick Auctions, May 29:</b> Wine & Beer.-Kellermaysterey. <i>Gründtlicher bericht wie man alle wein Teütscher und Welscher landen vor allen zufallen bewaren...,</i> 16 leaves of manuscript notes, 1548. £2,000 to £3,000
    <b>Chiswick Auctions, May 29:</b> Table Globe'- Doppelmayr (J G) & Puschner (J G, engraver). An 8-inch German terrestrial table Globe, diameter c.200 mm, height c.300 mm, 1730. £6,000 to £8,000
    <center><b>Chiswick Auctions</b
    <b>Chiswick Auctions, May 30:</b> An album with 107 original watercolours featuring landscapes and views of various places in England, Scotland and Ireland, late 1840s. £600 to £800
    <b>Chiswick Auctions, May 30:</b> Hemingway (Ernest). Black and white, landscape photograph of man on horseback, signed and inscribed by Hemingway. £1,000 to £1,500
    <b>Chiswick Auctions, May 30:</b> Unrecorded autograph letter by Charles William Stewart to his father the Marquess of Londonerry, describing the ceremony of the presentation to Consul Bonaparte in January 1803. £6,000 to £8,000.
    <b>Chiswick Auctions, May 30:</b> Davis (William Heath). <i>Seventy-five Years in California,</i> Author's Section of the Argonaut Edition, no. 142 [of 250 copies] signed by the editor and publisher on limitation leaf. £1,500 to £2,000
    <b>Chiswick Auctions, May 30:</b> Prussian Royal Family. Six signed photographs of members of Prussian Royal Family, in a contemporary folding triptych, ebonised wood display case. £1,500 to £2,000
  • <b>Christie’s London June 5:</b> <i>Le Neptune François, ou Atlas Nouveau des Cartes Marines. Levées et Gravées par ordre exprès du Roy...</i> Paris: Hubert Jaillot, 1693 [but Amsterdam: Pieter Mortier, 1693-1700].
    <b>Christie’s London June 5:</b> BLAEU, Willem Janszoon. <i>Le Flambeau de la Navigation monstrant la description & delineation de toutes les Costes & Havres…</i> Amsterdam: Jan Jansson, 1620.
    <b>Christie’s London June 5:</b> [WALDSEEMÜLLER, Martin.] <i>Orbis Typus Universalis Iuxta Hydrographorum Traditionem.</i> [Strasbourg: 1513].
    <b>Christie’s London June 5:</b> KEULEN, Johannes van. <i>De Groote Nieuwe Vermeerderde Zee-Atlas ofte Water-Werelt.</i> Amsterdam: Johannes van Keulen, 1688.
    <b>Christie’s London June 5:</b> DONCKER, Hendrick. <i>De Zee-Atlas of Water-Waerelt.</i> Amsterdam: Hendrick Doncker, 1666.
    <b>Christie’s London June 5:</b> GARNIER, Francis and Ernest DOUDART DE LAGRÉE. <i>Voyage d'exploration en Indo-Chine effectué pendant les années 1866, 1867 et 1868 par une Commission Française.</i> Paris: Hachette, 1873 [-1875].

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, Jun 13:</b> Darwin, Charles. <i>On the Origin of Species.</i> Presentation Copy. Very Fine. $200,000 to $300,000
    <b>Bonhams, Jun 13:</b> Darwin, Charles. Autograph Letter Signed, 3 pp, negotiating the 2nd American edition with Appleton $20,000 to $30,000
    <b>Bonhams, Jun 13:</b> Hemingway, Ernest. Autograph Letter Signed, 8 pp, Paris, 1924, to his father discussing Bullfighting, Stories, and his new baby. $20,000 to $30,000
    <b>Bonhams, Jun 13:</b> Shakespeare, William. <i>Corialanus.</i> London, 1623. 1st printing [Extracted from the First Folio]. $40,000 to $60,000
    <b>Bonhams, Jun 13:</b> Swift, Jonathan. <i>Gulliver's Travels.</i> London, 1726. 1st edition, Teerink's A edition, fine, large copy. $15,000 to $25,000
    <b>Bonhams, Jun 13:</b> Neill, John R. Pen-and-ink drawing from Oz, "He raised his gun, took aim and fired," $6,000 to $8,000
    <center><b>Bonhams<br>Fine Books and Manuscripts<br>June 13 - New York</b>
    <b>Bonhams, Jun 13:</b> Shakespeare, William. <i>Sonnets.</i> 1901. 2 volumes. Printed on vellum and illuminated by Ross Turner, bound by Trautz-Bauzonnet. $8,000 to $12,000
    <b>Bonhams, Jun 13:</b> Thompson, Kay. <i>Eloise at Christmastime.</i> New York: Random House, [1958]. First edition. In custom binding by Asprey. $3,000 to $5,000
    <b>Bonhams, Jun 13:</b> Beardsley, Aubrey. <i>The Birth, Life, and Acts of King Arthur.</i> 1893-94. 2 volumes. Contemporary painted vellum gilt by Chivers. $2,000 to $3,000
    <b>Bonhams, Jun 13:</b> Assisi, St. Francis. <i>The Canticle of Brother Sun.</i> Illuminated on vellum, for the Grolier Society. $7,000 to $9,000
    <b>Bonhams, Jun 13:</b> Taylor, Deems. <i>Walt Disney’s Fantasia.</i> New York: 1940. In custom binding by Asprey. $3,000 to $5,000
    <b>Bonhams, Jun 13:</b> Proust, Marcel. <i>Du coté de chez Swann.</i> 1st edition, 1st issue. Inscribed by Proust. $5,000 to $7,000
    <b>Bonhams, Jun 13:</b> Rackham, Arthur. <i>Peter Pan in Kensington Gardens.</i> 1/500 copies signed by Rackham. $1,500 to $2,500
  • <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br><i>Breviarium Romanum,</i> before 1478. Est: € 15,000
    <b>Ketterer Rare Books, May 27:</b><br>C. Ptolemaeus, <i>Geographie,</i> 1513.<br>Est: € 140,000
    <b>Ketterer Rare Books, May 27:</b><br>M. Chagall, <i>Daphnis & Chloé,</i> 1961.<br>Est: € 130,000
    <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br>F. Colonna, <i>Hypnerotomachia Poliphili,</i> 1499. Est: € 20,000
    <b>Ketterer Rare Books, May 27:</b><br>J. H. van Linschoten, <i>Itinerarium,</i> 1644. Est: € 50,000
    <b>Ketterer Rare Books, May 27:</b><br>M. Chagall, <i>Cirque,</i> 1967.<br>Est: € 120,000
    <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br>G. L. L. Buffon, <i>Histoire naturelle des oiseaux,</i> 1765-83. Est: € 30,000
    <b>Ketterer Rare Books, May 27:</b><br>K. Marx, <i>Das Kapital,</i> 1867.<br>Est: € 30,000
    <b>Ketterer Rare Books, May 27:</b><br>P. J. Redouté, <i>Les liliacées,</i> 1802-16.<br>Est: € 120,000
    <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br>M. E. Bloch, <i>Naturgeschichte der Fische,</i> 1782-95. Est: € 50,000
    <b>Ketterer Rare Books, May 27:</b><br>H. A. Châtelain, <i>Atlas historique,</i> 1718-20. Est: € 18,000
    <b>Ketterer Rare Books, May 27:</b><br>Bauhausbücher, complete series, 1925-30. Est: € 28,000

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