• <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b><br><i>The Centenary Edition of the Works of Ian Fleming</i>, one of 26 lettered sets, 18 volumes, London, 2008. $25,000 to $30,000.
    <b>Swann Auction Galleries Nov 14:</b> William Faulkner, <i>The Marble Faun</i>, first edition, signed & inscribed to Dorothy Wilcox by Faulkner & Phil Stone, Boston, 1924. $18,000 to $25,000.
    <b>Swann Auction Galleries Nov 14:</b> Maurice Sendak, <i>Where the Wild Things Are</i>, first edition, signed & inscribed to William Archibald, New York, 1963. $10,000 to $15,000.
    <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b> Anne Frank, <i>Het Achterhuis</i>, first edition, in first state jacket, Amsterdam, 1947. $12,000 to $18,000.
    <b>Swann Auction Galleries Nov 14:</b> Roald Dahl, <i>Charlie and the Chocolate Factory</i>, first edition, signed, New York, 1964. $6,000 to $9,000.
    <b>Swann Auction Galleries Nov 14:</b><br>Ray Bradbury, <i>Fahrenheit 451</i>, first limited edition bound in Johns-Manville Quinterra, New York, 1953. $7,000 to $10,000.
    <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b> Benjamin Graham, <i>The Intelligent Investor</i>, first edition, in original dust jacket, New York, 1949. $4,500 to $6,000.
    <b>Swann Auction Galleries Nov 14:</b> Anna Sewell, <i>Black Beauty</i>, first edition, inscribed, London, 1877. $7,000 to $10,000.
    <b>Swann Auction Galleries Nov 14:</b> Arthur Conan Doyle, <i>A Study in Scarlet</i>, first American edition, Philadelphia, 1890. $6,000 to $9,000.
    <b>Swann Auction Galleries Nov 14: 19th & 20th Century Literature</b>
    <b>Swann Auction Galleries Nov 14:</b> James Fenimore Cooper, <i>The Last of the Mohicans</i>, first edition, two volumes, Philadelphia, 1826. $5,000 to $7,500.
    <b>Swann Auction Galleries Nov 14:</b> Amelia Earhart, <i>20 hrs. 40 mins. Our Flight in Friendship</i>, limited first edition, signed, New York, 1928. $4,000 to $6,000.
    <b>Swann Auction Galleries Nov 14:</b> Philip K. Dick, <i>World of Chance</i>, first edition, signed, London, 1956. $3,000 to $4,000.
  • <b>ALDE: Highlights from the Maurice Burrus Collection. October 17, 2017</b>
    <b>Alde, Oct. 17:</b> BIBLE, LATIN. VOL. I ONLY (Genesis-Psalms). [Strassburg: Johann Mentelin, not after 1460].<br>Est: 450 000 / 600 000 €
    <b>Alde, Oct. 17:</b> MISSAL for the use of SALZBURG. Illuminated manuscript on vellum, Augsburg or Salzburg, c 1480. Est: 40 000 / 60 000 €
  • <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>Sotheby’s Paris: Books & Manuscripts. 30 October 2017</b>
    <b>Sotheby’s Paris, Oct. 30:</b> MARCEL PROUST. Du côté de chez Swann. Grasset, 1913. First edition. One of 5 copies on Japan paper, inscribed by the author to Louis Brun. Est. €400,000 - 600,000
    <b>Sotheby’s Paris, Oct. 30:</b> FRENCH REVOLUTION 1793. Déclaration des droits de l’Homme. 2,55 x 1,30m.A poster of the 1793 version, with hand-colored highlights. Unique copy. Est. €100,000 - 150,000
    <b>Sotheby’s Paris, Oct. 30:</b> GIAMBATTISTA PIRANESI. Vedute di Roma, 1748-1775. 107 etchings. An exceptional copy. printed and bound before 1780. Est. €50,000 - 80,000
    <b>Sotheby’s Paris, Oct. 30:</b> SADE. Autograph annotations by Sade facing 12 erotic drawings for Juliette. Est. €40,000 – 60,000

Rare Book Monthly

Articles - April - 2015 Issue

Operator of Massive Manuscript Business, Claimed Ponzi Scheme, Arrested

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Aristophil website, since closed down.

The owner of an incredible manuscript business has been arrested in France, following the shuttering of his business earlier amid claims that it was a Pyramid (Ponzi) Scheme. The name “Madoff” has been bandied about frequently by the press in connection with the case. The business' operator, Gérard Lhéritier, has vehemently denied the charges.

 

Lhéritier's business, Aristophil, has amassed a manuscript collection almost beyond comprehension. It is claimed to contain around 135,000 manuscripts, housed in storage and in museums in France and Belgium (now closed). It included the will of King Louis XVI, written just before his unsuccessful attempt to flee Paris, André Breton's surrealist manifesto, a large collection of Charles de Gaulle's wartime telegraph drafts, Napoleon's marriage certificate, Albert Einstein's writings while working on the Theory of Relativity. Other names contained in this massive collection include Voltaire, Goethe, Descartes, Tolstoy, Zola, Verne, Mozart, Beethoven, Newton, Pasteur, Edison, Eiffel, seven more French kings besides Louis XVI, Gandhi, Churchill, Franklin Roosevelt, and many, many more. Recently, the firm had purchased the Marquis de Sade's 120 Days of Sodom, the manuscript written while he was imprisoned in the Bastille, for €7 million (pushing US $10 million at the time).

 

The issue was how Lhéritier was financing his purchases. He sold interests in pools of manuscripts to investors. With the use of their money, he would buy at auction, from dealers, or privately. The problem was compounded by his buying at high prices. Some appraisers believed he was way overpaying. However, in so doing, and buying so much, he drove the prices up. This created the appearance of sharply rising prices and values in the field, which reassured investors of the wisdom of their investments and encouraged newcomers to join the party.

 

It has been alleged that Lhéritier promised investors an annual return of at least 8% for a five-year investment. Lhéritier has denied this, and apparently it was not in writing, but at least some investors evidently believed the return was guaranteed. When an investor wanted out, their shares would be repurchased at a healthy gain, again encouraging others to invest. Of course, this is also a basic attribute of a Ponzi scheme.

 

Lhéritier opened Aristophil in 1990, but it was not until the beginning of the new century that the business began to grow into a manuscript behemoth. It then expanded from a few hundred to many thousands of investors and opened its manuscript museums. The current collection was estimated to be worth something in the €500-800 million range, which at the top end could be approaching almost $1 billion. However, this may be a largely inflated value, based on Lhéritier's purchases or estimates. It does appear that cash investments made in the business are in the $1 billion range.

 

In November, a large contingent of officers from France's anti-fraud squad raided the company's headquarters, along with offices in Brussels and Luxembourg, the Paris and Brussels museums, Lhéritier's home, his accountant, several investment advisors, and the office of a bookseller who sold Lhéritier many manuscripts. The business and its assets were all seized, forcing it to close down. Lhéritier objected that he was being forced into bankruptcy without a trial, but the anti-fraud investigators evidently felt the case was such that they needed to act decisively to protect the investors' interests. Aristophil's employees, around 65, were laid off. The firm's website was also shut down.

 

In early March, the long-delayed but inevitable other shoe dropped. Gérard Lhéritier was indicted on suspicion of fraud. His daughter, who managed the collections, and a couple of others were indicted too. The claim is essentially based on what investigators believe is a huge difference in the value of the firm's assets and its declared value. Not surprisingly, investors are upset, some having invested large portions of their savings with Aristophil. If it turns out the assets are worth just a fraction of their declared value, their losses will be substantial, for many life-changing. Even if estimates weren't grossly exaggerated (and the state believes they were), prices were driven up by Aristophil's buying. Selling this material without Lhéritier setting the market is likely to result in significantly reduced prices. Add to that trying to sell these manuscripts in volume and the nature of the mess becomes painfully obvious.

Rare Book Monthly

  • <b>Sotheby’s New York: The Magnificent Botanical Library of D. F. Allen. October 26, 2017</b>
    <b>Sotheby’s NY, Oct. 26:</b> Redouté, Pierre Joseph, and Claude Antoine Thory. <i>Les Roses</I>. Paris: Firmin Didot, 1817–1824. Est. $225,000 to $325,000
    <b>Sotheby’s NY, Oct. 26:</b> Trew, Jakob Christoph. <i>Hortus Nitidissimis Omnen Per Annum Superbiens Floribus</i>… Nuremberg: Johann Joseph Fleischmann, 1750 [–1786]. Est. $200,000 to $300,000
    <b>Sotheby’s NY, Oct. 26:</b> Trew, Christoph Jakob, and Benedict Christian Vogel. <i>Plantæ Selectæ</i>…[Nuremberg:] 1750–1773; Supplement, [Augsburg:] 1790 [–1792]. Est. $200,000 to $300,000
    <b>Sotheby’s New York: The Magnificent Botanical Library of D. F. Allen. October 26, 2017</b>
    <b>Sotheby’s NY, Oct. 26:</b> Jacquin, Nikolaus Joseph von. <i>Plantarum Rariorum Horti Caesarei Schönbrunnensis Descriptiones Et Icones.</i>Vienna; London; Leiden, 1797–1804. Est. $180,000 to $250,000
    <b>Sotheby’s NY, Oct. 26:</b> Weinmann, Johann Wilhelm. <i>Phytanthoza Iconographia; Sive Conspectus Aliquot Millium, Tam Indigenarum Quam Exoticarum</i>… Regensburg, 1735–1737–1745. Est. $120,000 to $180,000
  • <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop:</b> Exodus 10:10 to 16:15. Complete Biblical scroll sheet in Hebrew, a Torah scroll panel. Middle East, ca. 10th or 11th century.
    <b>19th Century Shop:</b> Copernicus Refuted. (Astronomy.). Scientific manuscript of a course of studies at Collège de la Trinité, Lyon. 1660s.
    <b>19th Century Shop:</b> Israel’s War of Independence and the Early Days of the IDF. 58 photographs presented to Israel Ber, IDF officer and later convicted spy.
    <b>19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop:</b> Early Unpublished Darwin letter on the races of man. Autograph Letter Signed [to Henry Denny]. Down, Kent, June 1, [1844].
    <b>19th Century Shop:</b> Classic Image of American Slavery. Kimball, M. H. <i>Emancipated Slaves</i>. New York: George Hanks, 1863.
    <b>19th Century Shop:</b> (Underground Railroad.) Scaggs, Isaac. Important Runaway Slave Poster: $500 Reward Ran away, or decoyed from the subscriber…
  • <b>Results from Bonhams’ sale of <i>Fine Books & Manuscripts Featuring Exploration and Travel</i></b>
    <b>Bonhams, Sep. 26:</b> Columbus. De Insulis nuper in mari Indico repertis. Basel, 1494. SOLD for $751,500
    <b>Bonhams, Sep. 26:</b> Cook in Tahiti. [Playbill]. [Germany, c.1840.] SOLD for $6,250
    <b>Bonhams, Sep. 26:</b> Aa, Pieter van der. Naaukeurige versameling der gedenk-waardigste zee en land-reysen. Leyden, 1706-8. SOLD for $35,000
    <b>Bonhams, Sep. 26:</b> Dürer. Underweysung der messung [and two more]. Nuremberg, 1525-8. SOLD for $175,000
    <b>Bonhams, Sep. 26:</b> Cortes, Hernan. A Pleito signed by Antonio de Mendoza in the case of Hernan Cortes. 1542. SOLD for $8750
    <b>Results from Bonhams’ <i>The Air and Space Sale</i></b>
    <b>Bonhams, Sep. 27:</b> Russian Kholod 5D67 HFL Rocket Engine. SOLD for $25,000
    <b>Bonhams, Sep. 27:</b> Neil Armstrong Apollo Era Training Glove. SOLD for $50,000
    <b>Bonhams, Sep. 27:</b> Full Scale Sputnik-1 EMC/EMI Lab Model. SOLD for $847,500
    <b>Bonhams, Sep. 27:</b> SOLRAD GREB Spy Satellite Engineering Dummy. SOLD for $10,000
    <b>Bonhams, Sep. 27:</b> Soviet LK-3 Lunar Lander Model. SOLD for $25,000
  • <b>Forum Auctions:<br>The Moon: Vintage NASA Photographs 1964-1972 (Online Only). Now through October 18</b>
    <b>Forum Auctions, Now thru Oct. 18:</b> "The world's first view of the Earth taken by a spacecraft from the vicinity of the Moon" (NASA), Lunar Orbiter 1, 23 August 1966. Est. £600 to £800
    <b>Forum Auctions, Now thru Oct. 18:</b> Anders (William). The first Earthrise seen by Man, Apollo 8, December 1968. Est. £1,500 to £2,000
    <b>Forum Auctions, Now thru Oct. 18:</b> Armstrong (Neil). The first photograph taken by Armstrong after setting foot on the Moon, Apollo 11, July 1969. Est. £600 to £800
    <b>Forum Auctions:<br>The Moon: Vintage NASA Photographs 1964-1972 (Online Only). Now through October 18</b>
    <b>Forum Auctions, Now thru Oct. 18:</b> Aldrin (Buzz). Aldrin's bootprint in the pristine lunar dust, Apollo 11, July 1969. Est. £600 to £800
    <b>Forum Auctions, Now thru Oct. 18:</b> Armstrong (Neil). Buzz Aldrin with the LM and Armstrong reflected in his visor, Apollo 11, July 1969. Est. £1,000 to £1,500
    <b>Forum Auctions, Now thru Oct. 18:</b> Full Moon seen from the receding spacecraft, Apollo 13, April 1970. Est £300 to £500
    <b>Forum Auctions:<br>The Moon: Vintage NASA Photographs 1964-1972 (Online Only). Now through October 18</b>
    <b>Forum Auctions, Now thru Oct. 18:</b> Craters Copernicus and Reinhold, Apollo 12, November 1969. Est. £300 to £500
    <b>Forum Auctions, Now thru Oct. 18:</b> Conrad (Pete). The photographer reflected in Alan Bean's gold-plated sun visor, Apollo 12, November 1969. Est. £800 to £1,200
    <b>Forum Auctions, Now thru Oct. 18:</b> Scott (David). James Irwin and the Rover, Mount Hadley beyond, Apollo 15, August 1951. Est. £400 to £600
    <b>Forum Auctions:<br>The Moon: Vintage NASA Photographs 1964-1972 (Online Only). Now through October 18</b>
    <b>Forum Auctions, Now thru Oct. 18:</b> Duke (Charles). John Young's jumping salute in lunar gravity, Apollo 16, April 1972. Est. £600 to £800
    <b>Forum Auctions, Now thru Oct. 18:</b> Cernan (Eugene). Harrison Schmitt with the flag, the Earth overhead, Apollo 17, December 1972. Est. £800 to £1,200
    <b>Forum Auctions, Now thru Oct. 18:</b> Evans (Ronald). The last Earthrise over the Moon seen by man, Apollo 17, December 1972. Est. £800 to £1,200

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