• <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> <i>The First American Magna Carta. English Liberties.</i> Boston, 1721.
    <b>19th Century Shop.</b> Babbage presentation to Peel, the man who killed the Difference Engine 1832
    <b>19th Century Shop.</b> The Stamp Act. 1765
    <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> Central Park Photographs by Prevost 1862
    <b>19th Century Shop.</b> Salem Witch Trials. Wonders of the Invisible World 1693
    <b>19th Century Shop.</b> Mammoth print of Millie-Christine, "The Carolina Twins" c. 1868
  • <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> BROWNING, ELIZABETH BARRETT. Autograph Manuscript Initialed ("E.B.B."), being the working notebook for the poems contained in <i>The Seraphim and Other Poems</i>. $400,000 to 600,000
    <b>Bonhams Mar. 9:</b> WILDE, OSCAR. Two leaves, pp 31-34, from the first appearance of <i>The Picture of Dorian Gray in Lippincott's Monthly Magazine for July, 1890</i>, with Wilde's autograph revisions. $40,000 to 60,000
    <b>Bonhams Mar. 9:</b> SHAKESPEARE, WILLIAM. <i>Comedies, Histories and Tragedies; Published according to the true Originall Copies. Second Impression. [THE SECOND FOLIO.]</i> $200,000 to 300,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> KENNEDY, JOHN FITZGERALD. Photograph Signed ("John F. Kennedy") and Inscribed, 8 x 10 inch gelatin silver print, of Senator Kennedy and Miss Barelli, at the swearing of the secretarial oath for Miss Barelli. $1,200 to 1,800
    <b>Bonhams Mar. 9:</b> COOPER, JAMES FENIMORE. Autograph Manuscript, being Chapter XXVII of <i>Afloat and Ashore</i>. $15,000 to 20,000
    <b>Bonhams Mar. 9:</b> IRVING, WASHINGTON. Autograph Manuscript, being Chapter 20 from Volume IV of <i>The Life of George Washington</i>. $20,000 to 30,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> VERNE, JULES. Autograph Manuscript Signed ("Jules Verne"), being the complete short story "<i>Une fantaisie de docteur Ox</i>". $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> ALCHEMY. <i>[The Crowning of Nature, or Coronatio Naturae.]</i> Original alchemical manuscript on paper, ruled in red, with watermark of the arms of Schieland. $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> DE JODE, CORNELUS. 1568 - 1600. <i>Quivirae Regnu, Cum Alija Versus Borea</i>. [Antwerp: Arnoldum Coninx, 1593]. $7,000 to 10,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> HOOKER, JOSEPH DALTON. <i>The Rhododendrons of Sikkim-Himalaya; Being an Account, Botanical and Geographical, of the Rhododendrons Recently Discovered in the Mountains of Eastern Himalaya</i>… $7,000 to 10,000
    <b>Bonhams Mar. 9:</b> CATLIN, GEORGE. <i>North American Indian Portfolio. Hunting scenes and amusements of the Rocky Mountains and prairies of America. From drawings and notes of the author, made during eight years' travel.</i> $20,000 to 30,000
    <b>Bonhams Mar. 9:</b> LINCOLN, ABRAHAM. HESLER, ALEXANDER. Platinum print, 8 3/4 x 6 3/4 in, of a beardless Lincoln, 1860.<br>$2,000 to 3,000
  • <b>Doyle, Apr. 26:</b> THE PAPERS OF BREVET MAJOR GENERAL JOHN GROSS BARNARD (1815-1882), Chief Engineer of the Army of the Potomac. Estimate: $75,000-100,000
    <b>Doyle, Apr. 26:</b> ALVIN LANGDON COBURN. London. With 20 photogravures by Coburn and text by Hilaire Belloc, London and New York: 1909. First edition. Est: $4,000-6,000
    <b>Doyle, Apr. 26:</b> WILLIAM FADEN, A Plan of New York Island, with part of Long Island, Staten Island & East New Jersey. London: 1776. Estimate: $5,000-8,000
    <b>Doyle, Apr. 26:</b> MAX BEERBOHM, Lord Curzon delivering an oration. Original drawing with collage. London, 1912. Est: $2,000-3,000
    <b>Doyle, Apr. 26:</b> AMERICAN REVOLUTION, Recueil des Loix Constitutives des Colonies Angloises. A Philadelphie, et se vend a Paris: Cellot & Jombert, 1778. First collected edition in French. Estimate: $500-800
    <b>Doyle, Apr. 26:</b> WILLIAM TECUMSEH SHERMAN, Confederate General Joseph Johnston's copy of Sherman's General Orders No. 65 announcing the final agreement of Surrender, 27 April 1865. Est: $4,000-6,000
    <b>Doyle, Apr. 26:</b> JOHN KEATS, Lamia, Isabella, the Eve of Saint Agnes and Other Poems. London: Taylor and Hessey, 1820. First edition of Keats’s third book.. Estimate: $5,000-7,000
    <b>Doyle, Apr. 26:</b> M. T. Cicero's Cato Major, or his discourse of Old-age: With Explanatory Notes. Philadelphia: Benjamin Franklin, 1744. Est: $5,000-8,000
    <b>Doyle, Apr. 26:</b> WINSTON S CHURCHILL, History of the English Speaking Peoples. London: Cassell, 1956-58. First editions. Est: $1,500-2,500
  • <b>Auction Pierre Bergé & associés in association with Sotheby’s: Important Books and Manuscripts from the Library of Jean A. Bonna from the 15th to the 20th Century. Sale on April 26, 2017. Exhibition in London March 28-30</b>
    <b>Pierre Bergé & Associés, Apr. 26:</b> Galileo, <i>Discorsi e Dimostrazioni matematiche.</i> Leyde, Elzevier, 1638. Original edition: only known copy of the first state. €700,000 – 900,000
    <b>Pierre Bergé & Associés, Apr. 26:</b> Fables illustrated by Benjamin Rabier. Paris, Tallandier, without date [ca. 1910]. Superb binding doubled in vellum decorated with painted and mosaic decors by André Mare illustrating four fables. €10,000 – 15,000
    <b>Pierre Bergé & Associés, Apr. 26:</b> Gustave Flaubert, draft for the preface of the <i>Memoir for the defense of Madame Bovary</i>, 15-30 January 1857. Exceptiona signed autograph manuscript. €40,000 – 60,000
    <b>Auction Pierre Bergé & associés in association with Sotheby’s: Important Books and Manuscripts from the Library of Jean A. Bonna from the 15th to the 20th Century. Sale on April 26, 2017. Exhibition in London March 28-30</b>
    <b>Pierre Bergé & Associés, Apr. 26:</b> Boccace, <i>The Book of Praise and the Virtue of the Noble and Cleric Ladies.</i> Verard, 1493. First edition of the French version attributed to Laurent de Premierfait. €40,000 – 60,000
    <b>Pierre Bergé & Associés, Apr. 26:</b> Exceptional set of 15 original bindings by Jean de Gonet, on rare editions illustrated by Picasso, Matisse, Miro or original editions of Bataille or Radiguet.

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>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Malcolm X, typed manuscripts for the <i>LA Herald Dispatch</i> column "God's Angry Men," 1957.<br>$200,000 to $300,000.
    <b>Swann Auction Galleries Mar. 30:</b> Frederick Douglass, Autograph Letter Signed to George Alfred Townsend, Washington, 1880.<br>$40,000 to $60,000.
    <b>Swann Auction Galleries Mar. 30:</b> Carte-de-visite album featuring a previously unrecorded image of Harriet Tubman, 1860s.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Collection of documents from the Montgomery Improvement Association, Alabama, 1955-63. $20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30:</b> Martin Luther King, Jr., working draft of the "Letter from Birmingham Jail," Alabama, 1963. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar. 30:</b> <i>Benjamin Bannaker's Almanac</i> for 1795, Baltimore. $30,000 to $40,000.
    <b>Swann Auction Galleries Mar. 30: Printed & Manuscript African Americana</b>
    <b>Swann Auction Galleries Mar. 30:</b> Collection of 41 letters addressed to Rebecca Primus, 1854-72.<br>$20,000 to $30,000.
    <b>Swann Auction Galleries Mar. 30:</b> Abby Fisher, <i>What Mrs. Fisher Knows About Old Southern Cooking</i>, first edition, San Francisco, 1881.<br>$10,000 to $15,000.
    <b>Swann Auction Galleries Mar. 30:</b> Victor H. Green, <i>The Negro Motorist Green-Book for 1941</i>, New York, 1940. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar. 30:</b> Toni Morrison, <i>The Bluest Eye, </i>reviewer's copy, New York, 1971. $4,000 to $6,000.
  • <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Potter (Beatrix). The Tale of Peter Rabbit, first edition, first issue, [1901]. Part of an extensive, private Beatrix Potter collection. £15,000 - 20,000
    <b>Forum Auctions Mar. 30:</b> Dodgson (Charles Lutwidge). The Hunting of the Snark, first edition, with original printed dust-jacket, 1876.<br>£7,000 - 9,000
    <b>Forum Auctions Mar. 30:</b> Buckland Wright (John). Pervigilium Veneris: The Vigil of Venus, number 1 of 100 copies (Christopher Sandford's copy), Golden Cockerel Press, 1939.<br>£2,000 - 3,000
    <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Kelmscott Press. Keats (John). The Poems, one of 300, orig. vellum, 8vo, Kelmscott Press, 1894. £1,800 - 2,200
    <b>Forum Auctions Mar. 30:</b> Greenhill (Elizabeth).- Morison (Stanley) and Kenneth Day. The Typographic Book, 1450-1935, bound in dark green goatskin by Elizabeth Greenhill, 1963. £6,000 - 8,000
    <b>Forum Auctions Mar. 30:</b> Fitzgerald (F. Scott). The Great Gatsby, first edition, first state dust-jacket, New York, 1925. £25,000 - 35,000
    <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Dionysius, <i>Halicarnassensis</i>. Antiquitates Romanae, Editio princeps, Treviso, Bernardinus Celerius, 24 or 25 February, 1480. £4,000 - 6,000
    <b>Forum Auctions Mar. 30:</b> Canon Law. [Laurentius Puldericus. Breviarum decreti], manuscript in Latin, on paper, [?Germany], [c. 1450].<br>£5,000 - 7,000
    <b>Forum Auctions Mar. 30:</b> Swimming. Percey (William) The Compleat Swimmer: or, the Art of Swimming, first and only edition, by J.C. for Henry Fletcher, 1658. £5,000 - 7,000
    <b>Forum Auctions: Fine Books and Works on Paper. March 30, 2017</b>
    <b>Forum Auctions Mar. 30:</b> Binding with silverwork by Anthony Nelme. The Holy Bible, containing the Old Testament and the New: : newly translated out of the original tongues, Oxford, John Baskett, 1716. £10,000 - 15,000
    <b>Forum Auctions Mar. 30:</b> George IV's copy. Nash (John, architect). The Royal Pavilion at Brighton, one of 10 copies, 1826. £8,000 - 10,000
    <b>Forum Auctions Mar. 30:</b> Blake (William, 1757-1827). "With Dreams upon my bed thou scarest me & affrightest me with Visions", 1825. £700 - 1,000
  • <b>Seth Kaller:</b> “America the Beautiful”
    <b>Seth Kaller:</b> George Washington, Tongue-in-Cheek, Writes James McHenry About His Wife or Mistress—But Funding the Continental Army is the Real Topic
    <b>Seth Kaller:</b> Young’s Map of the United States
    <b>Seth Kaller:</b> President Lincoln & His Most Profitable Client, the Illinois Central Railroad
    <b>Seth Kaller:</b> Lincoln Thanks Former Pro-Slavery and Newly Republican Congressman for a Fiery Anti-Slavery Speech at a Philadelphia Campaign Rally
    <b>Seth Kaller:</b> “A Visit From St. Nicholas” - great association copy inscribed by Clement C. Moore
    <b>Seth Kaller:</b> Einstein Agrees to Allow “a Short Book on the Hydrogen Bomb” to Use His Statement Made on Eleanor Roosevelt’s TV Show
    <b>Seth Kaller:</b> The Building Blocks of Albert Einstein’s Creative Mind
    <b>Seth Kaller:</b> A Unique Manuscript Map of Block Island Sound Including Fisher’s and Gardiner’s Islands, the Hamptons, and Montauk Point
    <b>Seth Kaller:</b> J.R.R. Tolkien Writes his Proofreader with a Lengthy Discussion of the Lord of the Rings, Including Criticism of Radio Broadcasts of his Work
    <b>Seth Kaller:</b> Six Benjamin Franklin Signed Receipts – Including his Earliest Obtainable Autograph — Acknowledging a Donation to the Famous Library Company He Founded, and Five Payments for His Pennsylvania Gazette
    <b>Seth Kaller:</b> Sherman Dishes on Lincoln & Thomas, Meade, Sheridan, Halleck & Grant

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