• <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Walter Gibson's Complete Run of The Shadow. 48 bound volumes, 1931-44. $8,000-12,000
    <b>Potter & Potter Auctions July 8:</b><br> Frederic Shoberl, The World in Miniature: Hindoostan. 6 volumes. $2,000-4,000
    <b>Potter & Potter Auctions July 8:</b><br> A Rare Copy of the Earliest Chicago Newspaper to Report on the Great Fire of 1871. $6,000-8,000
    <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Broadside Proclamation by Mayor Roswell B. Mason for the Preservation of Good Order Following the Great Fire of 1871. Chicago. $4,000-6,000
    <b>Potter & Potter Auctions July 8:</b><br> Peter Force Engraving of the Declaration of Independence. One page. Scarce and highly collectable. $15,000-20,000
    <b>Potter & Potter Auctions July 8:</b><br> John Quincy Adams. The Jubilee of the Constitution. A Discourse. First edition. Inscribed. 1839. $3,000-5,000
    <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Cuban Revolution: Expedicion y Desembarco del “Granma.” Havana, ca. 1959. With portraits of the Castro brothers & Che Guevara. $150-250
    <b>Potter & Potter Auctions July 8:</b><br> Osuna Ramos. A group of 28 photographs of the Mexican Revolution & aftermath in Mexico City, 1910-1920. 4½ x 6”. $400-600
    <b>Potter & Potter Auctions July 8:</b><br> Charles Bukowski. Hot Water Music. First edition with original signed painting. 1983. $2,000-4,000
    <b>Potter & Potter Auctions, July 8: Rare Books & Manuscripts</b>
    <b>Potter & Potter Auctions July 8:</b><br> Alan Ginsberg. Five Page Autographed Letter. Signed. February 10, 1971. $3,000-5,000
    <b>Potter & Potter Auctions July 8:</b><br> Andy Warhol’s Children’s Book. Featuring 12 color illustrations. Signed 5 times. 1983. $5,000-7,000
    <b>Potter & Potter Auctions July 8:</b><br> Albrecht Durer. The Martyrdom Saint John the Evangelist. Woodcut, 1511 edition. $1,000-2,000
  • <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Ireland - Patrick Pearse & The Easter Rising. The Order of Surrender, typed and signed (“P. H. Pearse”) and dated, 1916. £80,000 to £120,000
    <b>Bonhams Jun 14:</b> Portolan chart of the Mediterranean, centered on Sicily. Manuscript on vellum, 1637. £40,000 to £60,000
    <b>Bonhams Jun 14:</b> Goya Y Lucientes (Francisco José de). [Tauromaquia] <i> De las diferentes suertes y actitudes del arte de lidiar los toros…</i> 33 etched and aquatint plates. £15,000 to £20,000
    <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Magna Carta. Engraved Facsimile of the 1215 Magna Carta, engraved by John Pine and printed on vellum, 1733. £10,000 to £15,000
    <b>Bonhams Jun 14:</b> Swift (Jonathan). <i> Travels into Several Remote Nations of the World ... by Lemuel Gulliver</i>, 4 parts in 2 vol., first edition, Teerink's "A" edition, 1726. £10,000 to £15,000
    <b>Bonhams Jun 14:</b> Darwin (Charles), Robert Fitzroy and Philip Parker King. <i>Narrative of the Surveying Voyages of His Majesty's Ships Adventure and Beagle, Between the Years 1826 and 1836…</i>, 1839. £10,000 to £15,000
    <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Rackham (Arthur). Cinderella, in rags, standing at a window, within a framework of mice, mystical creatures and plants, from "Cinderella", [1919]. £8,000 to £12,000
    <b>Bonhams Jun 14:</b> Royal Family - St George's Chapel and Princess Charlotte. Papers of John Fisher, successively Bishop of Exeter and Bishop of Salisbury, overseer of the redecoration of St George's Chapel… £8,000 to £10,000
    <b>Bonhams Jun 14:</b> Hemingway (Ernest). <i>Fiesta [The Sun Also Rises]</i>, first English edition, Jonathan Cape, [September 1927]. £6,000 to £8,000
    <b>Bonhams London: Fine Books, Atlases, Manuscripts and Photographs. June 14, 2017</b>
    <b>Bonhams Jun 14:</b> Barlaeus (Caspar). <i> Rerum per octennium in Brasilia</i>, first edition, Amsterdam, Joannes Blaeu, 1647. £6,000 to £8,000
    <b>Bonhams Jun 14:</b> Repton (Humphry and J. Adey). <i>Fragments on the Theory and Practice of Landscape Gardening…</i>, first edition, 1816. £5,000 to £7,000
    <b>Bonhams Jun 14:</b> United States - Photography. "360 Photos of American Scenery. Collected by Norman Selfe on the Spots Represented in 1884", [1880s]. £4,000 to £6,000
  • <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Voyages and Travel] Churchill's Voyages 1732 - Complete in 6 Volumes.<br>$5,000 - $7,500.
    <b>Cowan’s, June 5-26:</b> [Illustrated] Alice by Salvador Dali, Signed and Limited. $3,000 - $5,000
    <b>Cowan’s, June 5-26:</b> [Literature] The Little Prince - Signed/Limited First French Edition, 1943; #61 of 260. $5,000 - $7,500
    <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Literature] Gone With The Wind, 1st in DJ, May, 1936. $1,500 - $2,500
    <b>Cowan’s, June 5-26:</b> [Literature - Modern Firsts] Rare Henry Miller, Tropic of Cancer, Obelisk Press Paris - 1934. $2,000 - $3,000
    <b>Cowan’s, June 5-26:</b> [[Sporting - Fishing] Rare - Lee Sturges, Salmon Fishing New Brunswick, 1 of 50 Printed - 7 Original Etchings.<br>$4,000 - $6,000
    <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Voyages and Travel - Maritime] Rare Ledyard Account of Cook's Last Voyage, 1783 Hartford, Howes "d".<br>$10,000 - $15,000
    <b>Cowan’s, June 5-26:</b> [Illustrated - Maxfield Parrish] Knave of Hearts, Scribner's, 1st Hardback Edition, 1925 Parrish Illustrations.<br>$750 - $1,000
    <b>Cowan’s, June 5-26:</b> [Bible - Illustrated - Cartography) Massive Dutch Bible, 1682, Contemporary Colored Maps, Working Brass Clasps. $2,500 - $3,500
    <b>Cowan’s Auctions: An Eclectic Collection: The Library of the Late Dr. Ivan Gilbert of Columbus.<br>June 5-26</b>
    <b>Cowan’s, June 5-26:</b> [Women Suffrage - Civil Rights - Autographs] A Unique Extra-Illustrated Life of Susan B. Anthony. $15,000 - $20,000
    <b>Cowan’s, June 5-26:</b> [18th Century French Manuscript] Unpublished History of Belle-Isle-En-Mer, 1754 With Watercolor Illustration.<br>$10,000 - $15,000
    <b>Cowan’s, June 5-26:</b> [Illustrated - Children's - Movable] Wonderful 19th Century Lothar Meggendorfer Moveable Book. $750 - $1,000
  • <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

Rare Book Monthly

Articles - July - 2012 Issue

Barnes & Noble Weighs in on E-Book Price Fixing Claims

B&ngraff

Graph which B&N says shows that agency prices have not increased cost of e-books.

Barnes & Noble has joined many in the publishing industry in the battle against Amazon over electronic book pricing. This battle bears many similarities to that of a generation ago which pitted Wal-Mart against Main Street. However, there are differences as well, and the outcome is not quite so certain this time.

Amazon reprises the role of Wal-Mart a generation ago. Amazon wants to sell e-books for less. It is a business plan as simple as that of Wal-Mart. Sell more merchandise than anyone else by charging less. Crush the competition by selling it so cheaply that no one else can match your price. Consumers may treat you with disdain for being so crass, for providing so little service, but they still flock to your store. Ultimately, we follow the cheapest price. It's like our feelings toward government. We like good schools, roads and bridges, parks, museums, all kinds if public services, but we prefer tax cuts.

Now, as previously noted, there are differences from the Wal-Mart vs. Main Street battle. When Amazon entered the e-book business, it was not trampling on someone else's turf. There was no Main Street. No one was there. Amazon wanted to make sure it stayed that way. Even without competition, they sold e-books cheaply, at low margins, at times even at a loss. The plan was to so dominate the e-book business that no one else would ever get a foothold. It worked like a charm. Amazon grabbed a 90% market share, selling most books for the low price of $9.99.

You might think this would make the publishers happy. Unlike Wal-Mart, which used its large orders to bludgeon suppliers into giving them lower wholesale prices, Amazon paid up, absorbing the costs of selling cheaply itself. The publishers were still not happy. They believed cheap e-books were hurting their sales of more expensive printed editions. They also feared cheap prices would lead consumers to believe that $9.99 was the fair price for a book, making it difficult for them to ever again sell books at higher prices. They wanted Amazon to charge more.

Into this mix came Apple, the computer/mobile phone giant, today the most valuable company in the world. Apple wanted to sell e-books too, but Apple, unlike Amazon, doesn't believe in using low margins to gain market share. Apple wants to be paid well for everything it sells. However, Apple did not want to be in a position where it was selling merchandise at a higher price than someone else. Most of what Apple sells is its proprietary products, so this is not a problem. E-books are not, and Apple did not want consumers to think they were overcharging. Since Apple still wanted to make healthy margins, that left only one solution to this dilemma. Get Amazon to raise their prices. Since the publishers, for their own reasons, also wanted Amazon to raise prices, Apple and the publishers now found themselves having a common interest.

According to a complaint filed by the U.S. Department of Justice, five publishers met with executives from Apple, and they hammered out a deal. Rather than use standard wholesale pricing for their e-books, they would switch to what is known as the “agency” model. The publishers would set the retail price, and the retailers, be it Apple or Amazon, would have to charge this amount. In return, they got a fixed commission (30%). This way, Apple could sell at as low a price as anyone else. They would not look bad. Of course, Amazon, being forced to sell at the same price, could not secure market share by being cheaper. It was like manufacturers requiring Wal-Mart to sell at the same price as Main Street. There goes the competitive advantage. Since the publishers' prices were generally $12.99 or $14.99, not Amazon's favored price of $9.99, it also meant that the price of e-books would increase for the 90% of customers who were buying from Amazon.

The Department of Justice cried “foul.” It determined this was a case of conspiracy and price fixing and took Apple and the five publishers involved to court. Three of the publishers quickly agreed to settle, discontinuing their agreements with Apple and the setting of retail prices. Those publishers were Hachette, HarperCollins, and Simon & Schuster. Two other publishers, Penguin and MacMillan, along with Apple, did not agree to settle. The court then opened the floor to others who wanted to comment on the case, which leads us to Barnes & Noble.

Barnes & Noble recently filed a brief attacking the government's action. Here is where we see shades of Wal-Mart vs. Main Street, as many of B&N's arguments are very similar to those of Main Street. The bricks and mortar retailer says the arrangement has increased competition. It cites a declining share of the e-book market for Amazon, from 90% to 60%, and notes that it now has been able to successfully enter the market as a competitor. Prior to this, Amazon's willingness to sell books even below cost made it virtually impossible for them to enter the business. B&N then goes on to tout some of the claimed advantages to the public, booksellers, and authors arising from their ability to compete, such as providing a showroom for new books. This is where people can learn about newly released titles. The argument very much resembles Main Street's claims that the small, local store provided explanations and service for products that would disappear if Wal-Mart were allowed to come to town and undercut them on price.

Barnes & Noble argues that the agreement has given consumers more choices as to where to buy e-books, undoubtedly true. “Barnes & Noble, Apple, independent booksellers, and others have emerged to provide consumers more choice in where and how they shop for e-books,” B&N accurately claims. They then say, “Under agency, publishers have engaged in vigorous competition on price, which, contrary to the superficial pricing analysis in the complaints before the Court, has resulted in lower ebook prices.” The accuracy of this claim is less obvious. They display a graph showing e-book prices either slipping or being flat for several years without citing the source of this information. Even if true, this would not mean that agency pricing has helped, or not driven prices higher than they would have been, as other factors could be involved as well.

Of course, some people will say rather than a Wal-Mart/Main Street comparison, Barnes & Noble should look in the mirror. A couple of decades ago, small book shop owners were making a similar contrast between giant, chain book retailer Barnes & Noble vs. small, locally owned book shops. B&N was far less concerned about concentration of book sales into the hands of one large retailer at that time. But, leaving that aside, are we better off defending Amazon's ability to sell books as cheaply as it wants, even if it drives out competitors who may offer more services? If we believe B&N's claim, the choice is obvious: “The end loser of this unnecessary and burdensome regulatory approach will be the American public, who will experience higher overall average e-book and hardback prices and less choice, both in how to obtain books and in what books are available.”

I believe everything B&N says except the one about higher prices. I find it very hard to believe that forcing Amazon to charge higher prices lowers the overall price of e-books. In the Wal-Mart case, this might have been somewhat believable, though that is not what happened. One could say that once Main Street shuttered its doors, Wal-Mart would have been free to raise prices and it would have been very difficult to reopen those shops, particularly since Wal-Mart could have reinstated temporary price cuts at any time to drive them back under. However, competition can be set up against an online seller such as Amazon, even if it holds 90% of the market, in a heartbeat if it raises prices. Setting up a competing website is an easy, relatively inexpensive proposition.

Ultimately, the decision in this case will not be based on whether a dominant, bargain basement Amazon, or a wider array of merchants who offer different features but who all charge more is better for consumers. It will be based on whether the parties in this case illegally conspired to place a restraint on trade. It is left for us to ponder the more difficult question of which is best for society.

Rare Book Monthly

  • <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries Mar 30:</b> Carte-de-visite album featuring a previously unrecorded image of Harriet Tubman, 1860s. Sold for $161,000.
    <b>Swann Auction Galleries Jun 7:</b> Hovhannes Amira Dadian, first world atlas in Armenian, Venice, 1849. Sold for $37,500.
    <b>Swann Auction Galleries May 16:</b> T.E. Lawrence, <i>Seven Pillars of Wisdom</i>, privately printed edition, inscribed, London, 1926. Sold for $62,500.
    <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries, Feb 14:</b> 22 large-format photographs from NASA missions, 1965-84. Sold for $43,750.
    <b>Swann Auction Galleries Mar 21: </b> Charles M. Schulz, <i>Here Comes the Big Polar Bear</i>, pen & ink, 4-panel Peanuts comic strip, 1957. Sold for $12,500.
    <b>Swann Auction Galleries May 4:</b> Elliott Erwitt, photograph of JFK & Eisenhower, signed by both, 1960. Sold for $32,500.
    <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries, Mar 9:</b> John Milton, <i>Paradise Lost</i>, first edition, London, 1668. Sold for $22,500.
    <b>Swann Auction Galleries Mar 30:</b> Frederick Douglass, Autograph Letter Signed to George Alfred Townsend, Washington, 1880. Sold for $100,000.
    <b>Swann Auction Galleries, Jan 26:</b> <i>Les Maîtres de l'Affiche</i>, 5 volumes, Paris, 1896-1900. Sold for $47,500.
    <b>Swann Auction Galleries: Inviting Quality Consignments</b>
    <b>Swann Auction Galleries May 16:</b> James Joyce, <i>Ulysses</i>, first edition, number 724 on handmade paper, Paris, 1922. Sold for $33,750.
    <b>Swann Auction Galleries, Mar 9:</b> Single leaf of the Gutenberg Bible, Mainz, 1455, in a copy of Newton's <i>A Noble Fragment</i>. Sold for $52,500.
    <b>Swann Auction Galleries Apr 27:</b> The Book of Mormon, first edition, Palmyra, NY, 1830. Sold for $52,500.
  • <b>Pierre Bergé and Associés in association with Sotheby’s:<br>De la musique avant toute chose… June 28, 2017</b>
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Roland de Lassus. [Songs and madrigals]. Album gathering three collections of secular music for tenor. 15.000-20.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Richard Wagner. <i>Die Meistersinger von Nürnberg.</i> Original edition corrected and annotated by Wagner. 60.000-80.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Claude Debussy. <i>La Damoiselle élue</i>. Lyrical poem, after D.-G. Rossetti. Limited edition of 160 copies. 6.000-8.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s:<br>De la musique avant toute chose… June 28, 2017</b>
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Stéphane Mallarmé. Handwritten notebook made by Geneviève Mallarmé. No place or date [circa 1910]. 10.000-15.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Henri Sauguet. <i>Les Forains</i>. Ballet. Reduction for piano. Original edition. 20.000-30.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Athanasius Kircher. <i>Musurgia Universalis sive Ars Magna Consoni et Dissoni in X. Libros digesta.</i> 1650. 30.000-40.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s:<br>De la musique avant toute chose… June 28, 2017</b>
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> François Villon, & Clément Marot. <i>Les Œuvres de François Villon de Paris, Reviewed and gathered by Clement Marot.</i> 15.000-20.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Rainer Maria Rilke. <i>Larenopfer</i> (Offrande aux dieux Lares). The second collection of Rainer Maria Rilke, containing ninety poems. 6.000-8.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Paul Éluard. <i>Capitale de la douleur.</i> One of the most beautiful poetic collections from the first surrealist wave. 15.000-20.000 €
    <b>Pierre Bergé and Associés in association with Sotheby’s, Jun 28:</b> Pierre de Ronsard. <i>Les Amours</i> ... newly augmented by him, and commented by Marc Antoine de Muret. 40.000-60.000 €

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