• <b>Christie’s Online, Dec. 5 – Dec. 12:</b> <i>John the Baptist</i>. initial 'H' cut from a choirbook [Lombardy or Siena, c. 1470s]. US$6,000–9,000
    <b>Christie’s Online, Dec. 5 – Dec. 12:</b> <i>Maharaja Ranjit Singh (1780–1839) seated on a terrace with Sikh noblemen</i>. [Punjab, North India, circa 1830-40]. Estimate: US$10,000–15,000
  • <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>
  • <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>Cowan’s Auctions: Fine Books, Including the Alan Culpin WWI Art Collection – Live Online Auction. Dec. 18, 2017</b>
    <b>Cowan’s, Dec. 18:</b> Unique Association Copy of Signed Limited Roosevelt, African Game Trails, Extra-Illustrated. $5,000 - 7,500
    <b>Cowan’s, Dec. 18:</b> 24 Volumes Henry James in 1/2 Morocco - Alvin Langdon Coburn Frontis Illustrations. $3,000 - $5,000
    <b>Cowan’s, Dec. 18:</b> French Surrealism by Claude Cahun and Marcel Moore, 1930 Limited Edition in Lovely Condition. $3,000 - $5,000
    <b>Cowan’s Auctions: Fine Books, Including the Alan Culpin WWI Art Collection – Live Online Auction. Dec. 18, 2017</b>
    <b>Cowan’s, Dec. 18:</b> Unique and Beautifully Written Manuscript of 650 Quarto Pages - Unpublished History of Belle-Isle-En-Mer, 1754. $3,000 - $5,000
    <b>Cowan’s, Dec. 18:</b> William Beebe's Classic 4 Volume Work on "The Pheasants," Signed and Inscribed in 1919. $2,000 - $3,000
    <b>Cowan’s, Dec. 18:</b> Three Volumes of Washington's War Era Letters Published in New York in 1796. $1,500 - $2,000
    <b>Cowan’s Auctions: Fine Books, Including the Alan Culpin WWI Art Collection – Live Online Auction. Dec. 18, 2017</b>
    <b>Cowan’s, Dec. 18:</b> 19th C. Vintage Album with 48 Sepia Toned Albumen Prints by Fratelli Alinari et. al.<br>$1,500 - $2,000
    <b>Cowan’s, Dec. 18:</b> Report of Phipps' Voyage in 1773 In Search of a Passage to India Via the North Pole. $1,500 - $2,000
    <b>Cowan’s, Dec. 18:</b> 17 Volumes of Wallace's American Trotting Register, 1874-1891. $1,500 - $2,500
    <b>Cowan’s Auctions: Fine Books, Including the Alan Culpin WWI Art Collection – Live Online Auction. Dec. 18, 2017</b>
    <b>Cowan’s, Dec. 18:</b> Rare First English Edition of Monardes, Joyfull Newes, 1577, Woodcut Illustrations.<br>$1,500 - $3,000
    <b>Cowan’s, Dec. 18:</b> 6 Volume Shakespeare Presented to Virginia Congressman Involved in the "Trent Affair". $1,200 - $1,500
    <b>Cowan’s, Dec. 18:</b> Classic Lothar Meggendorfer Movable Book Complete with 8 Chromolithograph Plates, Ca. 1890. $750 - $1,000

Rare Book Monthly

Articles - June - 2012 Issue

Newspapers Receive a Heady Endorsement – from Warren Buffet

Wbuffet

Legendary investor Warren Buffet.

Newspapers, the long-suffering stepchild of the printing industry, received a surprising vote of confidence from one of the most successful investors ever – Warren Buffet. Buffet, generally believed to be the second wealthiest person in America after Bill Gates, is not known for making bad investments. He makes some, but his net worth indicates the preponderance of his moves are smarter than those of just about everyone else. Therefore, his purchase, through Berkshire Hathaway, the company he controls, of 63 newspapers is something of a surprise. The newspaper industry has been in declining health for years, and the rate of decline has only accelerated over the last two decades with the advent of the internet.

Interestingly enough, Buffet spoke quite negatively of newspapers at one of his annual meetings a few years back. He spoke of them facing “nearly unending losses,” and noted how they had lost their primacy for such things as classified advertising, stock prices, and sports scores. Nevertheless, Berkshire Hathaway has owned the Buffalo News for many years, an interest in the Washington Post, and last fall purchased the Omaha World-Herald. Some attributed the latter purchase to sentimentality, Omaha being Buffet and Berkshire Hathaway's hometown. Still, Buffet is not known for sentimentality in his financial investments. That was confirmed by last month's purchase of 63 newspapers from struggling Media General. It seems like a reversal of his past position. The question, then, is why?

A statement released by Buffet doesn't really shed that much light on the question. He was quoted as saying, “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper. The many locales served by the newspapers we are acquiring fall firmly in this mold and we are delighted they have found a permanent home with Berkshire Hathaway.” Buffet delivered newspapers when he was young, and was later more involved in the business, but again, sentimentality does not make for legendary investors. He believes newspapers are still the prime source for local news, and that is probably true, but having lost so much of the rest of their mission, it is unclear that this alone is sufficient to make them profitable. He has stayed away from the large city newspapers, that have been hurt the most, focusing on smaller city and local newspapers where some profits are still to be found. The largest paper of the 63 is the Richmond Times-Dispatch, and he did not purchase Media General's largest newspaper, the Tampa Tribune. All of the papers purchased are from the South, including Virginia, North Carolina, South Carolina, and Alabama.

Naturally, Buffet made what would traditionally be a great deal, provided, of course, you still believe in newspapers. He paid $142 million, which a few years ago would have been a bargain price for these newspapers, perhaps still is. The papers are said to be modestly profitable, and if he can increase profitability, they could be a steal. He also gained control of their digital assets, and perhaps Buffet sees that as being very valuable going forward. Undoubtedly, some of the sweeteners in the deal particularly appealed to Buffet. Berkshire Hathaway will be supplying Media General with a $400 million loan at 10.5% interest, which will be used to pay down existing loans. Just try to find anyone willing to pay interest at 10.5% today. Buffet has also secured “penny warrants” for 4.6 million Media General shares, or 19.9% of the total stock outstanding. He stands to make a nice profit on these, as after the sale was announced, the stock price shot up from $3.14 per share to $4.97, before closing the day at $4.18. A penny for one of those is a good deal; a penny each for 19.9 million even better.

Still, we wonder whether Buffet really believes in newspapers, or saw this as a backdoor way of grabbing a large piece of Media General's broadcast business. Printed books are having a tough time with the competition from electronic readers and digital editions, but newspapers are suffering much more. Some people have predicted most will be gone in another decade. Does Buffet see something in the newspaper business most others do not see, or is he just an 81-year-old man remembering the day when newspapers were the primary source of obtaining news? His generation may still read newspapers, but it is doubtful that his grandchildren do. Knowing what I do of Mr. Buffet, I am confident that he is not some over-the-hill once great investor living in the past. Not Warren Buffet. However, what I don't know is whether he really sees something in the newspaper business, or this is just a play for Media General's broadcast assets, and perhaps the websites of some dying print media outlets.


Posted On: 2012-06-01 00:00
User Name: wraf33

My chance to make 1.Find, restricted *6* lines. So telegraph! Immigrant knows Democracy depends, quality local NEWS.. Heart in Port Towns- end.New


Rare Book Monthly

  • <b>Bloomsbury Auctions: Books and Works on Paper, including Fine Photographs. December 14, 2017</b>
    <b>Bloomsbury, Dec. 14:</b> Rowling (J.K.). Hogwarts School of Witchcraft and Wizardry, original fine black pen and ink manuscript book by the author J.K.Rowling, with 31pp of text and illustrations. £80,000 to £120,000
    <b>Bloomsbury, Dec. 14:</b> Blaeu (Johannes). <i>Vierde Stuck der Aerdrycks-Beschryving, welck vervat Engelandt</i>, i.e. <i>Theatrum Orbis Terrarum</i>. vol 4, England & Wales. £10,500 to £12,500
    <b>Bloomsbury, Dec. 14:</b> Miró (Joan). L'Homme au Balencier, etching, aquatint and carborundum, printed in colours on Japan paper, signed in pencil lower right. £4,000 to £6,000
    <b>Bloomsbury Auctions: Books and Works on Paper, including Fine Photographs. December 14, 2017</b>
    <b>Bloomsbury, Dec. 14:</b> Steve McCurry (b.1950). Afghan Girl, 1984, pigment inkjet print, signed and numbered 48/250 in pencil on lower margin. £2,500 to £3,500
    <b>Bloomsbury, Dec. 14:</b> Keough (Pat and Rosemarie). <i>Antarctica</i>, no 228 of 950 copies, signed by the authors, many colour illustrations, original dark grey morocco. £2,800 to £3,200
    <b>Bloomsbury, Dec. 14:</b> Rowlandson (Thomas). Darby & Joan, the idyllically contended couple sit either side of a stove in a cosy domestic interior, ink and watercolour on wove paper. £1,000 to £1,500
    <b>Bloomsbury Auctions: Books and Works on Paper, including Fine Photographs. December 14, 2017</b>
    <b>Bloomsbury, Dec. 14:</b> Procktor (Patrick). Tiny blue-eyed goldfish, watercolour, 310 x 460mm., signed in blue crayon, lower right, titled and inscribed Muscat Jan 19. £1,000 to £1,500
    <b>Bloomsbury, Dec. 14:</b> Iouri Abramochkin (b.1936). Horsemen, Dagestan, 1968, Lambda print, printed later, signed, dated, editioned 1/8 and annotated in black ink verso. £800 to £1,200
    <b>Bloomsbury, Dec. 14:</b> Ravilious (Eric).- Shakespeare (William). Twelfth NIght, or, What You Will, number 79 of 275 copies , wood-engraved title. £800 to £1,200
    <b>Bloomsbury Auctions: Books and Works on Paper, including Fine Photographs. December 14, 2017</b>
    <b>Bloomsbury, Dec. 14:</b> Michelangelo.- Chastel (André). <i>The Vatican Frescoes of Michelangelo</i>, Photography by Takashi Okamura, 2 vol., one of 600 sets, colour plates. £500 to £700
    <b>Bloomsbury, Dec. 14:</b> Wyndham (John). <i>The Day of the Triffids; The Kraken Wakes; The Chrysalids;</i> together with 8 other volumes. All first editions. £400 to £600
    <b>Bloomsbury, Dec. 14:</b> Alfred Stieglitz (1864-1946). Goats Along The Seine, 1894. Photogravure, printed 1990s by Dorothy Norman, one from an edition of 40 published by Aperture. £400 to £600
  • <b>Swann Auction Galleries Dec 14: Illustration Art</b>
    <b>Swann Auction Galleries Dec 14:</b> James Montgomery Flagg, <i>Friend, Wife</i>, graphite & watercolor cover for Judge magazine, May 1920. $6,000 to $9,000.
    <b>Swann Auction Galleries Dec 14:</b> Georges Lepape, <i>Après la Tempête</i>, watercolor, ink & graphite cover for <i>Vogue</i>, April 1919, inscribed to Madame Condé Nast. $25,000 to $35,000.
    <b>Swann Auction Galleries Dec 14:</b> Maurice Sendak, <i>Little Bear & His Parents </i>, pencil study & finished watercolor for <i>Bears of the World</i>, 1981. $15,000 to $25,000.
    <b>Swann Auction Galleries Dec 14: Illustration Art</b>
    <b>Swann Auction Galleries Dec 14:</b><br>Dr. Seuss (Theodor Geisel), <i>A Great Gallumphing Galoot!</i>, original drawing & inscription, signed twice, in <i>Dr. Seuss's ABC</i>. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 14:</b> Scrapbook relating to the production of <i>Snow White & the Seven Dwarfs</i>, with 20 original drawings, circa 1937. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 14:</b> Charles M. Schulz, <i>Gentleman Biographer</i>, pen & ink, <i>Peanuts</i> comic strip, 1972. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 14: Illustration Art</b>
    <b>Swann Auction Galleries Dec 14:</b> Jerry Pinkney, <i>[Brer Rabbit & Brer Bear]</i>, watercolor, pen & ink on paper, 1990. $20,000 to $25,000.
    <b>Swann Auction Galleries Dec 14:</b> <i>Daffydils</i>, festschrift for Harry Hershfield, signed with cartoons & caricatures by George Herriman, Winsor McCay & others, 1911. $5,000 to $7,500.
    <b>Swann Auction Galleries Dec 14:</b> W.W. Denslow, <i>Higglepy, Piggleby, My Black Hen</i>, ink & gouache, for <i>Denslow's Mother Goose </i>, 1901. $10,000 to $15,000.
    <b>Swann Auction Galleries Dec 14: Illustration Art</b>
    <b>Swann Auction Galleries Dec 14:</b> Pavel Tchelitchew, <i>Savonarola</i>, graphite & gouache, sketch for the production at Theater in der Königgrätzer Straße, 1923. $5,000 to $7,000.
    <b>Swann Auction Galleries Dec 14:</b> John Philip Falter, <i>Strictly Off the Record</i>, oil on canvas, for Four Roses Whiskey, 1942. $15,000 to $20,000.
    <b>Swann Auction Galleries Dec 14:</b> Charles Addams, <i>Movie Scream</i>, pen, ink & watercolor cartoon for <i>The New Yorker</i>, January 1947. $12,000 to $18,000.
  • <b>Announcing a new Books for Sale platform hosted by Biblio!</b>
    <b>List your books simultaneously on Rare Book Hub and Biblio!</b>
  • <b>Les Collections Aristophil:<br>December 20, 2017</b>
    <b>Collections Aristophil, Dec. 20:</b> SAINT-EXUPERY, ANTOINE DE. Kodachrome Film (16mm) showing Antoine de Saint-Exupery and Consuelo on a boat, 1942. JOINED: Guestbook for the Boat, signed, with a drawing of the Little Prince. 15 000 to 20 000 €
    <b>Collections Aristophil, Dec. 20:</b> CANDEE, HELEN CHURCHILL. Autograph manuscript. TITANIC, 40 leaves. Original account of the most famous shipwreck, by a survivor of the ordeal. 300 000 to 400 000 €
    <b>Collections Aristophil, Dec. 20:</b> TITANIC. Collection of 7 documents relating to the shipwreck of the Titanic (14 April 1912). 20 000 to<br>30 000 €
    <b>Les Collections Aristophil:<br>December 20, 2017</b>
    <b>Collections Aristophil, Dec. 20:</b> DUPLEIX DE CADIGNAN, JEANBAPTISTE. Signed autograph manuscript. Thirty years of memoirs related to military services and important information on the American War of Independence.<br>40 000 to 50 000 €
    <b>Collections Aristophil, Dec. 20:</b> CURTIUS. Faiz et Conquestes d'Alexandre [Histoire d'Alexandre le Grand]. In French, illuminated manuscript on paper and parchment, 16 large miniatures. 300 000 to<br>500 000 €
    <b>Collections Aristophil, Dec. 20:</b> NELSON, HORATIO. Signed autograph letter, ‘Nelson & Bronte,” aboard the Amazon, 14 October 1801, addressed to Sir William Hamilton. 4 000 to 5 000 €
    <b>Les Collections Aristophil:<br>December 20, 2017</b>
    <b>Collections Aristophil, Dec. 20:</b> GIROLAMO FRANCESCO MARIA MAZZUOLI DIT LE PARMESAN. Le couple amoureux. Pen and brown ink. 80 000 to 120 000 €
    <b>Collections Aristophil, Dec. 20:</b> SADE, DONATIEN-ALPHONSE-FRANÇOIS, MARQUIS DE. Autograph manuscript. The 120 Days of Sodom, or the School of Libertinage, 1785.<br>4 000 000 to 6 000 000 €
    <b>Collections Aristophil, Dec. 20:</b> MIRÓ, JOAN. Signed autograph correspondence to Thomas and Diane Bouchard (1949-1976). 50 000 to 60 000 €
    <b>Les Collections Aristophil:<br>December 20, 2017</b>
    <b>Collections Aristophil, Dec. 20:</b> BALZAC, HONORÉ DE. Signed autograph manuscript, Ursule Mirouët, [1841]. One of only two manuscripts of novels by Balzac in private hands. 800 000 to<br>1 200 000 €
    <b>Collections Aristophil, Dec. 20:</b> LENOIR, ALEXANDRE. Essai sur l'histoire des arts en Egypte pouvant servir d'appendice au grand ouvrage de la Commission. autograph manuscript with numerous additions and corrections. 40 000 to 50 000 €
    <b>Collections Aristophil, Dec. 20:</b> SCHRÖDINGER, ERWIN. Autograph manuscript [Spring 1946, sent to Albert Einstein]. 1 500 to 2 000 €

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