• <b>Ketterer Kunst Hamburg: Rare Books Auction on November 20th</b>
    <b>Ketterer Rare Books Nov. 20:</b><br><i>Biblia latina</i>, Nuremberg 1475. <br>Est: €18,000
    <b>Ketterer Rare Books Nov. 20:</b><br>Latin and French Book of Hours, Paris around 1490. Est: €60,000
    <b>Ketterer Rare Books Nov. 20:</b><br>P. J. Redouté, <i>Les Roses</i>, Paris 1828-29. Est: €12,000
    <b>Ketterer Kunst Hamburg: Rare Books Auction on November 20th</b>
    <b>Ketterer Rare Books Nov. 20:</b><br>G. W. Knorr, <i>Deliciae Naturae Selectae</i>, Doordrecht 1771. Est: €10,000
    <b>Ketterer Rare Books Nov. 20:</b><br>J. J. Spalowsky, <i>Beytrag zur Naturgeschichte der Vögel</i>, Vienna 1790-92. Est: €20,000
    <b>Ketterer Rare Books Nov. 20:</b><br>H. A. Châtelain, <i>Atlas historique</i>, Amsterdam 1718-20. Est: €20,000
    <b>Ketterer Kunst Hamburg: Rare Books Auction on November 20th</b>
    <b>Ketterer Rare Books Nov. 20:</b><br>K. Rasmussen, Thule-expedition, around 1925-33. Est: €28,000
    <b>Ketterer Rare Books Nov. 20:</b><br>E. Cerillo, <i>Dipinti murali di Pompei</i>, Napels 1886. Est: €3,000
    <b>Ketterer Rare Books Nov. 20:</b><br>W. Shakespeare, <i>The plays</i>, London 1807. Est: €1,500
    <b>Ketterer Kunst Hamburg: Rare Books Auction on November 20th</b>
    <b>Ketterer Rare Books Nov. 20:</b><br>G. Klimt, <i>Das Werk</i>, Vienna 1914. Est: €15,000
    <b>Ketterer Rare Books Nov. 20:</b><br><i>International Exhibition of Modern Art</i>, New York 1926. Est: €3,500
    <b>Ketterer Rare Books Nov. 20:</b><br><i>Arp – Delaunay – Magnelli – Taeuber-Arp</i>, Paris 1950. Est: €1,500
  • <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>John Norman, <i>The American Pilot</i>, complete copy with 11 folding charts, Boston, 1810. $80,000 to $120,000.
    <b>Swann Auction Galleries Dec 5:</b><br>John Smith, <i>New England</i>, London, 1616. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Plancius Petrus, <i>Orbis Terrarum Typus de Integro Multis in Locis Emendatus</i>, Amsterdam, 1594. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>Martin Waldseemüller, <i>Tabula Terre Nove</i>, woodcut, Strasbourg, 1513. $30,000 to $40,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Forlani & Zaltieri, <i>Il Disegno del Discoperto della Noua Franza</i>, Venice, 1566. $30,000 to $50,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Richard Hakluyt, <i>Novus Orbis</i>, first appearance of "Virginia" on a printed map, Paris, 1587. $40,000 to $60,000.
    <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>Pieter van den Keere, <i>Nova Totius Terrarum Orbis Geographica</i>, Amsterdam, 1608. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Abraham Ortelius, <i>Theatrum Orbis Terrarum</i>, Antwerp, 1584. $25,000 to $35,000.
    <b>Swann Auction Galleries Dec 5:</b><br>George B. Goode & Samuel A. Kilbourne, <i>Game Fishes of the United States</i>, New York, 1879. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 5:<br>Maps & Atlases, Natural History & Color Plate Books</b>
    <b>Swann Auction Galleries Dec 5:</b><br>William Faden, <i>The Province of New Jersey</i>, London, 1777. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 5:</b><br>James Gillray, <i>The Plumb-Pudding in Danger</i>, hand-colored etching, London, 1805. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 5:</b><br>Pierre Belon, <i>L'Histoire de la Nature des Oyseaux</i>, with woodcut illustrations, Paris, 1555. $8,000 to $12,000.
  • <b>Announcing a new Books for Sale platform hosted by Biblio!</b>
    <b>List your books simultaneously on Rare Book Hub and Biblio!</b>

Rare Book Monthly

Articles - February - 2012 Issue

Borders is Buried, but Kobo Lives On

Borderskobo

Borders and Kobo were partners in sales in an earlier time.

The final significant steps in the dismemberment and burial of Borders have played out, and we now know how many bones are left to be picked over by creditors. Not many, at least if you are an unsecured creditor. The secured creditors will be paid in full, a lesson for everyone loaning money or selling goods on credit. A security interest provides a seat at the table, while unsecured creditors battle like dogs for the crumbs that are spilled below.

Last February, Borders filed for protection from creditors in bankruptcy court. Borders once had over 1,000 stores in America, and at the time of their filing, was still the second largest bookstore chain in America with 642 stores remaining. After the bankruptcy filing, the firm began paring down their weaker stores as it sought a buyer to take over the company as an ongoing business. It looked like that would happen in July, but creditors were dissatisfied with the offer and voted it down. Instead, they chose to shut Borders down, and liquidate its assets. The 399 stores still remaining in July were all shuttered down by the end of September.

Assets, including various leases and inventory were sold. The Borders name and mailing list was purchased by main rival Barnes & Noble for just under $15 million. More recently, its collection of internet URLs was sold for around three-quarters of a million dollars. Along the way, the sale of secured assets paid out the secured creditors in full. What remained unsure is how much the unsecureds, notably the publishing houses that supplied Borders their books on credit, would get. Now we know.

It isn't pretty. The good news is that it appears they will receive something on the high end of the expected range. The bad news is that this amount was expected to be something between 4 and 10 cents on the dollar. It now looks like the amount will be closer to a dime, but a dime is still a dime, not a dollar.

The last significant piece to go, and which figures to throw a few more pennies to those who are still owed between $812-850 million, is Borders' interest in Kobo. Kobo is the firm that made Borders' electronic readers. E-readers have been the success story of these difficult times for large bookstores. For Amazon, the quite successful online book and general merchant, the Kindle electronic reader has propelled them into the huge electronic tablet area, once the sole domain of Apple and its iPad. For Barnes & Noble, seeming to sink rapidly toward irrelevancy and perhaps the same fate as Borders, its Nook e-reader may prove to be the company's savior.

Borders had no e-reader of its own, nothing substantial enough to save the company. It bought its e-readers from Kobo. Kobo was formed by the Canadian bookseller Indigo. That firm held about a 50% interest in Kobo, having sought out investors to help the company along. One was Borders. Borders purchased a 10% share of the company. That is a relatively small percentage, and Kobo trails well behind Amazon and its Kindle, and Barnes & Noble and its Nook. Nevertheless, it does hold a couple of percentage points of the e-reader market, and while dominant nowhere, apparently has a piece in a lot of markets. It is stronger outside of the U.S. than within. In the end, this 10% share of Kobo was the one asset of at least modest value the bankrupt Borders could sell to provide a few more cents in repayments to its unsecured creditors.

Recently, Rakuten, a large Japanese internet retailer (some like to call it the “Amazon of Japan”), decided to purchase Kobo. They paid around $160 million for Chapters' share of the company. An offer was put in with the bankruptcy court for Borders' share, which the court has approved. Borders will receive something in the $27-$32 million range for its share. That is just a drop in the bucket towards the $850 million it owes, but for the unsecured creditors, it was a drop or nothing. And, for those who knew Borders in its final stages, when it finally got around to offering an e-reader, a piece of what was once a part of Borders will survive. Of course, a small electronic device will hardly fill the memories of those spacious floors and aisles, comfortable chairs, coffee and pastry, and long rows of shelves filled with your favorite new books. Keep pressing the buttons on your e-reader. That other experience is gone forever.

Rare Book Monthly

  • <b>Bonhams: History of Science and Technology. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 95. Turing. <i>Systems of Logic Based on Ordinals</i>. Offprint. London, 1939. Robin Gandy's Copy. $20,000 to $30,000
    <b>Bonhams, Dec. 6:</b> Lot 98. Zernike, Fritz. The 1953 Nobel Prize for Physics: The Invention of the Phase-Contrast Microscope. $100,000 to $150,000
    <b>Bonhams, Dec. 6:</b> Lot 111. Apple 1 Computer, operational, with exceptional provenance. $400,000 to $600,000
    <b>Bonhams: Voices of the 20th Century. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 1074. Bruce, Lenny. An unreleased 16 mm film by "Count" Lewis DePasquale featuring Lenny Bruce. $7,000 to $10,000
    <b>Bonhams, Dec. 6:</b> Lot 1254. Hirohito. Manuscript in Japanese, "The Emperor's Monologue," transcribed by Terasaki Hidenari. $100,000 to $150,000
    <b>Bonhams, Dec. 6:</b> Lot 1095. Goldman. Emma. Large archive of correspondence, much of it to Warren Starr Van Valkenburgh. $70,000 to $100,000
    <b>Bonhams: History of Science and Technology. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 109. Wozniak and Jobs. The First Digital "Blue Box", Berkeley, 1972. $30,000 to $50,000
    <b>Bonhams, Dec. 6:</b> Lot 46. Newton, Isaac. <i>Philosophiae naturalis principia mathematica</i>. 1st issue. London, 1687. $300,000 to $500,000
    <b>Bonhams, Dec. 6:</b> Lot 49. Newton. Autograph Manuscript in English, a portion of a draft of Newton's study on revelation. $15,000 to $20,000
    <b>Bonhams: Voices of the 20th Century. Wednesday, December 6, 2017. New York</b>
    <b>Bonhams, Dec. 6:</b> Lot 1027. Fitzgerald, F. Scott. The Great Gatsby. 1st edition, 1st issue. Scribners, 1925. $40,000 to $60,000
    <b>Bonhams, Dec. 6:</b> Lot 1042. Hemingway., Ernest. For Whom the Bell Tolls. Presentation copy, one of 15 copies. Scribners, 1940. $25,000 to $35,000
    <b>Bonhams, Dec. 6:</b> Lot 1215. A 48-star American Flag, flown from LCT-703, sunk on Omaha Beach, December 1944. $15,000 to $20,000
  • <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> With Fine Contemporary Hand-Coloured Folding Maps Atlas: MOLL (Hermann). <i>The World Described</i>. 15,000 to 20,000 €
    <b>Fonsie Mealy, Dec. 5:</b> The Holy Grail of Early Photographic Illustrated Irish Books: HEMPHILL (William Despard). <i>Stereoscopic Illustrations of Clonmel, and the Surrounding Country</i>… 7,000 to 10,000 €
    <b>Fonsie Mealy, Dec. 5:</b> "The Nugent Manuscript Archive" including letters on 1798 rebellion In Co. 7,000 to 9,000 €
    <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> The Greatest Irish Coloured Plate Book Original Coloured Copy: MALTON (James). <i>A Picturesque and Descriptive View of the City of Dublin Described</i>. 7,000 to 9,000 €
    <b>Fonsie Mealy, Dec. 5:</b> BLAEU (Johannes). <i>Atlas Hibernia</i>, Amsterdam? c. 1662. 1,750 to <br>2,500 €
    <b>Fonsie Mealy, Dec. 5:</b> Rare Limited Edition: YEATS (W.B.). Arion Press, San Francisco. <i>Poems of W.B. Yeats.</i> 1,700 to 2,200 €
    <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> [YEATS, W.B.]. Cradle of Genius. Original drawing, pen-and-ink and wash. 1,500 to 2,500 €
    <b>Fonsie Mealy, Dec. 5:</b> W.B. Yeats Meets James Bond? YEATS (W. B.). <i>Selected Poems, Lyrical and Narrative</i>. 1,400 to 1,600 €
    <b>Fonsie Mealy, Dec. 5:</b> Rare Unauthorized U.S. Edition of <i>Ulysses</i>: JOYCE (James). <i>Ulysses</i> - [Two World Monthly, Vol. 1 (No. 1) - vol. 3 (no.3)]. 1,200 to 1,500 €
    <b>Fonsie Mealy: Rare Books, Literature, Manuscripts. December 5, 2017</b>
    <b>Fonsie Mealy, Dec. 5:</b> With Original Holograph Passage by the Author: HEANEY (Seamus). <i>Door Into the Dark</i>. 1,000 to 1,500 €
    <b>Fonsie Mealy, Dec. 5:</b> First American Edition: JOYCE (James). <i>Dubliners</i>, 8vo N. York (B.W. Huebsch) 1916. 600 to 800 €
    <b>Fonsie Mealy, Dec. 5:</b> Rare American Photographs of Niagara Falls: ZYBACK (J.). Photographer, Niagara. Two large original photographs. 300 to 400 €
  • <b>Christie’s Paris, Nov. 28:</b> Seba, Albertus. <i>Locupletissimi rerum naturalium thesauri.</i> Amsterdam: J. Wetsten, 1734[-1769]. €350,000–550,000
    <b>Christie’s Paris, Nov. 28:</b> Janssonius, Joannes. <i>Novus Atlas Absolutissimus</i>. Amsterdam: J Jansson, 1658 [after 1664]. €250,000–450,000
    <b>Christie’s Paris, Nov. 28:</b> Goya, Francisco de. <i>[La Tauromaquia.] Treinta y tres estampas, que representan diferentes suertes y actitudes del arte de lidiar los Toros</i>. Madrid: [Rafael Esteve, 1816]. €150,000–250,000
    <b>Christie’s Online, Nov. 29 – Dec. 06:</b> Einstein, Albert. <i>On residual rays – and guilt about an old girlfriend</i>. Prague, 26 December 1911. US$10,000–15,000
    <b>Christie’s Online, Nov. 29 – Dec. 06:</b> Einstein, Albert. <i>‘What is logically simple is so difficult mathematically'</i>. Princeton, 16 August 1949. US$20,000–30,000
    <b>Christie’s New York, Dec. 5:</b> Yorktown Campaign manuscript map. ‘No 1 Carte générale de l’Isle de New York et des Environs...No 2. Reconnoissance Geometrique…’ n.p., c. 1781–1782. US$150,000–200,000
    <b>Christie’s New York, Dec. 5:</b> Le Hay, Jacques and Ferriol, Charles de (1637–1722). <i>Recueil de cent estampes représentant differentes nations du Levant</i>. Paris: Le Hay and Duchange, 1714. US$30,000–40,000
    <b>Christie’s New York, Dec. 7:</b> Cresswell, Samuel Gurney. <i>A Series of Eight Sketches … of the Voyage of the H.M.S. Investigator during the Discovery of the North-west Passage</i>. London: 1854. US$30,000–40,000.
    <b>Christie’s New York, Dec. 7:</b> Veer, Gerrit de. <i>Diarium nauticum seu vera descriptio trium navigationum admirandarum</i>. Amsterdam: Cornelius [Claesz], 1598. US$25,000–35,000
  • <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy!</b>
    <b>19th Century Shop:</b> Walt Whitman. Poetical manuscript from <i>Leaves of Grass</i> (1865)
    <b>19th Century Shop:</b> (Daniel Boone.) Filson. <i>The Discovery ... of Kentucke</i> (1784)
    <b>19th Century Shop:</b> Edgar A. Poe. <i>Tales</i> (1845) original cloth
    <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy!</b>
    <b>19th Century Shop:</b> Emerson. Autograph letter signed on his philosophy of poetry (1841)
    <b>19th Century Shop:</b> Fitzgerald. <i>This Side of Paradise</i> (1920) presentation copy
  • <b>ALDE - Modern Illustrated Books - Original Drawings. 22 November 2017</b>
    <b>ALDE, Nov. 22:</b> DEGAS (Edgar). Danseuses au repos. Charcoal drawing. 30,000€ to 40,000€
    <b>ALDE, Nov. 22:</b> ERNST (Max). Une Semaine de bonté ou Les Sept éléments capitaux. Deuxième cahier. L'Eau. 1934. With an original collage signed by Max Ernst. 15,000€ to 20,000€
    <b>ALDE, Nov. 22:</b> BALZAC (Honoré de). Le Chef-d’œuvre inconnu. 1931. Illustrated edition by Pablo Picasso of 12 original etchings. 20,000€ to 30,000€
    <b>ALDE, Nov. 22:</b> GIACOMETTI (Alberto). Paris sans fin. 1969. Last illustrated book of Giacometti. 15,000€ to 20,000€

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