Rare Book Monthly

Articles - November - 2009 Issue

Book Prices Tumble Amid Cutthroat Competition

Walmart898books

Wal-Mart places new titles on sale for $8.98 online.


By Michael Stillman

We are at a moment of momentous change in the book industry. Where it all will play out remains anyone's guess. All we know is that it will soon be very different from what we have known before. Elsewhere in this month's issue of AE Monthly we tackle the court battle of Google vs. Amazon, Microsoft and others over the selling of digital copies of copyrighted books, and the plunging prices of and growing demand for electronic book readers. Here are three more book stories, two involving printed books. In one, Wal-Mart has slashed the price of some new, printed books to amounts so low they are below cost, while HP, the large computer manufacturer, has jumped into the business of print-on-demand books. Meanwhile, Barnes and Noble, the largest bricks and mortar printed book retailer, announced the introduction of their own electronic reader, the Nook, as they try to muscle in on the ebook field. Why all of this interest in the book business? For all the talk of books being in decline, there are a lot of very large companies making big bets on the business. Perhaps they know something?

One of the greatest price wars the book industry has seen broke out when Wal-Mart, tired of watching Amazon sell $10 ebooks, countered by offering selected, popular new titles through Walmart.com for $9.99. These are not ebooks, but hardcover copies, hundreds of pages of ink and paper at less than the price of an ebook. Amazon matched the deal, and Target jumped into the fray announcing they too would offer selected titles at comparable prices. Wal-Mart quickly upped the ante, dropping the price to $8.99, clearly below cost. Amazon matched them. The last we saw, Wal-Mart had inched their price down another penny, to $8.98. Among the new releases offered at this incredible price are books by Stephen King, Michael Crichton, Dean Koontz, Barbara Kinsolver, and - oh my gosh - Sarah Palin.

One can only wonder where this is going. Wal-Mart has the money and the nerves to crush just about anyone on price. However, Amazon is in the midst of enjoying unparalleled prosperity. Optimistic forecasts sent their stock soaring a week ago. Amazon's stock leapt by 26%, reaching an all-time high, finally eclipsing its high water mark of a decade ago at the peak of the internet bubble. However, one group that may not be able to withstand this fierce competition is the independent bookseller. The American Booksellers Association, their voice, has asked the Justice Department to investigate what it considers predatory pricing. Wal-Mart and Amazon may have the deep pockets to sustain this war, but independent sellers, already struggling through this difficult economy, do not have such leeway.

While cutting the price so low might sound like a positive for the printed book, there is a great risk here. Books cannot be sold below cost forever. The large retailers may push publishers for lower costs. Meanwhile, readers may become accustomed to $9 books. Long term, the only way publishers may be able to cut prices, and buyers continue to get books for $9, will be through electronic copies, with no costs for paper and printing. Crazily cheap pricing could prove to be a dagger in the heart of printed books, even if short term it boosts sales.

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>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
  • <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>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.

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