Rare Book Monthly

Articles - December - 2017 Issue

The Aristophil Scandal: the epilogue

70ad5929-2eb4-41f3-b6c1-d6f839b0e752

The first “Aristophil sale” will take place this month in Paris, France, as an epilogue to the “biggest scandal in the history of autographs”.

  

The Aristophil case started in 1990, when Gérard Lhéritier, a former insurance salesman, decided to speculate on precious documents—he thus started to collect funds from investors in order to buy precious autographs and manuscripts, promising an unexpected 8% efficiency. He bought gorgeous materials, opened a small museum, Musée des Arts et des Lettres, and soon attracted attention. As a matter of fact, now for sale on court order, it leaves us speechless: “I’ve never seen such a rich collection,” Ariane Adeline, expert for the first sale to be held by Aguttes* on December 20, tells Le Parisien. “It goes from antiquity down to the 20th century.” Among these jewels is the manuscript roll of Sade’s 120 Journées de Sodome—bought for 7 million in 2014—, some authentic manuscripts of Victor Hugo, Balzac, Proust, André Breton (including Le Manifeste du surréalisme—800,000 to 1,000,000 euros), and President Kennedy. Listed in the collection is also the wedding contract of Napoléon 1st and a wonderful medieval manuscript of Quinte Curce’s Life of Alexander, richly illustrated (300 to 500,000 euros), as well as the journal of Candee Helen Churchill, who survived the wreck of the Titanic—her story inspired James Cameron for his movie (estimation: 400,000 euros). When the police seized the whole collection in 2015, it amounted to 130,000 documents. This part of the story was not a forgery: this is a very impressive collection—yet highly and deliberately overestimated.

 

Lhéritier’s business seemed suspicious from the start—especially to booksellers, who knew the market too well to conceive his making so much money. Yet, many worked with him. Could they be unaware of what was going on to the prejudice of some 18,000 investors? Though he fell through the cracks for a few years, Lhéritier is currently facing charges of “gang fraud” and “unfair commercial practice.” With his business partners, he was in fact probably** running a Ponzi scheme, paying the old subscribers’ dividends with the money of the recent ones. He also allegedly overestimated the documents he had bought with the money of his investors, so that he could “resell” them with a 150% profit to... his investors!

 

The auctioneer Claude Aguttes considers that the first “Aristophil sale”, to be held on December 20, at Drouot’s, should not cover “more than 10 or 15% of the price paid by the investors of Aristophil” (Le Monde). On the whole, the latter spent some 850 millions euros over this collection. Most of them were small savers, who didn’t know anything about manuscripts—and didn’t give a damn. One of them explains to Le Monde: “We were just in for the money. There was no way we would go to Paris to look at some old pieces of paper.” Others were apparently more aware of their contribution to the national heritage: “A broker (...) would visit my parents, driving his flashy Jaguar,” one Xavier, whose parents invested 1.8 million euros in Aristophil, tells Le Figaro, “and then would take them to the Musée des Arts et des Lettres. They felt like they belonged to an elite, who knew how to invest their money. To be the co-owners of Le Petit Prince also meant a lot to them. My mother kept a photograph of the manuscript.”

 

This story made a lot of noise because Aristophil was an international firm, with many ramifications; plus, Lhéritier is a “political” figure. For example, he gave millions of euros to the city of Nice, where he resides, and influential politicians like Rachida Dati or Christian Estrosi are his friends. In 1996, he was already suspected of being a crook—but the judge in charge was “dismissed” from the case, and Lhéritier cleared of all charges in 2005. In this particular case, the city of Monaco itself was even accused of complicity. Gérard Lhéritier is what we call a “big fish”.

 

To make the story even more novelistic, Charlie Hebdo revealed that Lhéritier and his relatives won 169 million euros at the Euromillions lottery in November 2012, reinvesting 35 in Aristophil. But that was not enough. The financial authorities eventually found out about the alleged scam and put an end to it. This was yet a nice story. Making big money with precious documents? A dream for some—almost a revenge for others. But the miracle was a fraud. “All right, but still—the museum attracted a lot of people from all over the world,” an enthusiastic bookseller tells us. “We must acknowledge it! It proves that, should the proper money be invested, it could work!” That’s how miracles work: people just want to believe in them.

 

This will not be a short epilogue. “The Aristophil Collections will be dispatched over the next six years,” the first catalogue reads. “We expect to hold 300 sales.” Furthermore, the estimated 12 to 16 million euros that the global sale is expected to generate might create other legal problems as some documents are co-owned by 2,000 various investors! To make things worst, the Ministry of Culture has just stated that the whole collection should not be dispatched but donated to the state—freely. Scammers everywhere!

 

Thibault Ehrengardt

 

** According to the French legal system, Gérard Lhériter is considered innocent until proven guilty.

 

*

Rare Book Monthly

  • <b>Chiswick Auctions: Summer Books. August 22, 2018</b>
    <b>Chiswick Auctions, Aug. 22:</b> Adams (Richard). <i>Watership Down,</i> FIRST EDITION, author inscription on front free end paper, folded map tipped in, original boards, dust-jacket. £800 to £1,200
    <b>Chiswick Auctions, Aug. 22:</b> Bowles (John). <i>Several Prospects of the Most…la Ville de Londres, avec des Remarques Historiques fort Succinctes, qui les Regardant,</i> 20 double page engraved plates only, of 23, 1724. £200 to £300
    <b>Chiswick Auctions, Aug. 22:</b> Auden (W.H.). <i>Our Hunting Fathers,</i> FIRST SEPARATE EDITION, 1 of 22 copies, COPY B OF 5 PRINTED ON NORMANDIE, original patterned wrappers, Cambridge, for Frederic Prokosch, 1935. £800 to £1200
    <b>Chiswick Auctions: Summer Books. August 22, 2018</b>
    <b>Chiswick Auctions, Aug. 22:</b> Barrie (J. M.) & Attwell (Mabel Lucie, illustrator). <i>Peter Pan & Wendy,</i> FIRST EDITION, 12 chromolithograph plates, publisher's blue cloth, original printed dust jacket, [c.1920]; and 3 others (4). £200 to £300
    <b>Chiswick Auctions, Aug. 22:</b> Bartolozzi (Francesco). Genius Calling Forth the Fine Arts to Adorn Manufactures and Commerce; Agriculture (Husbandry Aided by Arts and Commerce), glazed and framed. £200 to £300
    <b>Chiswick Auctions, Aug. 22:</b> A collection of engraved caricatures, including Gillray ([James]) Tales of Wonder!, 1802; Rowlandson (Thomas) Sports, Smock Racing, 1811;Irish Jaunting Carr, 1814. £400 to £600
    <b>Chiswick Auctions: Summer Books. August 22, 2018</b>
    <b>Chiswick Auctions, Aug. 22:</b> Bennett (Charles H, illustrator). <i>Æsop’s Fables,</i> 1875; Buchanan (Robert). <i>Ballad Stories of the Affections,</i> [1866]; Douce (Francis), The Dance of Death, 1833. £200 to £300
    <b>Chiswick Auctions, Aug. 22:</b> Chinese Illustrations. A group of 6 Cantonese rice paper illustrations, depicting scenes of torture with different instruments, gouache, c.340 x 220mm, original wrapper boards preserved, [c. 1800]. £200 to £300
    <b>Chiswick Auctions, Aug. 22:</b> Dulac (Edmund). <i>The Queen of Romania, The Dreamer of Dreams,</i> 5 coloured plates, [1915]; and others illustrated by Edmund Dulac. £300 to £400
    <b>Chiswick Auctions: Summer Books. August 22, 2018</b>
    <b>Chiswick Auctions, Aug. 22:</b> Fronth (Per). Xingu Chronicles, the portfolio, comprising 30 plates, photogravues in colours, each signed, dated and titled in pencil, each numbered 10/35, on wove paper, 790 x 600 x 60mm, 1997. £300 to £400
    <b>Chiswick Auctions, Aug. 22:</b> Pasternak (Boris). <i>Doctor Zhivago,</i> FIRST ENGLISH EDITION, original red publisher’s cloth, pictorial dust jacket, 4to, Collins & Harvill Press, 1958. £200 to £300
    <b>Chiswick Auctions, Aug. 22:</b> 13 sepia photographs of visitors to the Thermes Nationaux d’Aix-les-Bains, c. 150 x 105mm, c.1890 (12). £300 to £400
  • <b>Swann Auction Galleries:</b> Luis de Lucena, <i>Arte de Ajedres,</i> first edition of the earliest extant manual on modern chess, Salamanca, circa 1496-97. Sold for $68,750.
    <b>Swann Auction Galleries:</b> Carte-de-visite album with 83 images of prominent African Americans & abolitionists, circa 1860s. Sold for $47,500.
    <b>Swann Auction Galleries:</b> Gustav Klimt, <i>Das Werk,</i> Vienna & Leipzig, 1918. Sold for $106,250.
    <b>Swann Auction Galleries:</b> Man Ray, <i>[London Transport] – Keeps London Going,</i> 1938. Sold for $149,000.
    <b>Swann Auction Galleries:</b> Thomas Jefferson, Letter Signed, to Major-General Nathanael Greene, promising reinforcements against Cornwallis, 1781. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Nicolas de Fer, <i>L’Amerique Divisee Selon Letendue de ses Principales Parties,</i> Paris, 1713. Sold for $30,000.
    <b>Swann Auction Galleries:</b> Russell H. Tandy, <i>The Secret in the Old Attic,</i> watercolor, pencil & ink, 1944. Sold for $35,000.
    <b>Swann Auction Galleries:</b> Ernest Hemingway, <i>Three Stories & Ten Poems,</i> first edition of the author's first book, Paris, 1923. Sold for $23,750.
    <b>Swann Auction Galleries:</b> Walker Evans, <i>River Rouge Plant,</i> silver print, 1947. Sold for $57,500.
  • <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: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Ernst, Max. <i>Mr. Knife and Miss Fork</i>. Paris, 1932. DELUXE EDITION. Sold for $15,625
    <b>Bonhams, June 12 results:</b> Cage, John. Autograph musical leaf from his Concert for Piano and Orchestra, NY, 1958. Sold for $18,750
    <b>Bonhams, June 12 results:</b> Cage, John. Autograph musical leaf from his Concert for Piano and Orchestra, NY, 1958. Sold for $18,750
    <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Einstein, Albert. Signed Passport Photo for his US citizenship application. Bermuda, 1935. Sold for $17,500
    <b>Bonhams, June 12 results:</b> Verard, Antoine. Illuminated printed Book of Hours. Paris, 1507. Sold for $7,500
    <b>Bonhams, June 12 results:</b> Wetterkurzschlussel. German Weather Report Codebook - for Enigma use. Berlin, 1942. Sold for $225,000
    <b>Bonhams: September 25, New York</b>
    <b>Bonhams, June 12 results:</b> Morelos y Pavon, Jose Maria. Autograph letter signed to El Virrey Venegas, February 5, 1812. Sold for $6,250
    <b>Bonhams, June 12 results:</b> Milne, A.A. Complete set of <i>Winnie-the-Pooh</i> books. 4 volumes. All first issue points. London, 1924-1928. Sold for $5,250
    <b>Bonhams, June 12 results:</b> A 48-star American Flag, battle worn flown at Guadalcanal and Peleliu, 1942-1944. Sold for $35,000
    <b>Bonhams, June 12 results:</b> Locke, John. Autograph Letter Signed mourning the death of his friend, William Molyneaux, 2 pp, October 27, 1698. Sold for $20,000

Article Search

Archived Articles

Ask Questions