• <b>Swann Auction Galleries, Feb 15:</b> Icons & Images: Photographs & Photobooks
    <b>Swann Auction Galleries, Mar 1:</b> Vintage Posters Featuring Highlights from the Gail Chisholm Collection
    <b>Swann Auction Galleries, Mar 8:</b> Early Printed, Medical, Scientific & Travel Books
    <b>Swann Auction Galleries, Mar 13:</b> 19th & 20th Century Prints & Drawings
    <b>Swann Auction Galleries, Mar 22:</b> Autographs
    <b>Swann Auction Galleries, Mar 29:</b> Printed & Manuscript African Americana
    <b>Swann Auction Galleries, Apr 12:</b> Printed & Manuscript Americana
    <b>Swann Auction Galleries, Apr 26:</b> Fine Illustrated Books & Graphics
    <b>Swann Auction Galleries May 3:</b> Graphic Design
    <b>Swann Auction Galleries May 15:</b> 19th & 20th Century Literature
    <b>Swann Auction Galleries, Jun 7:</b><br>Maps & Atlases, Natural History & Color Plate Books
    <b>Swann Auction Galleries, Jun 21:</b> Revolutionary & Presidential Americana from the Collection of William Wheeler III
  • <b>Sotheby’s, New York: Fine Printed and Manuscript Americana, Including Cartography. January 17, 2018</b>
    <b>Sotheby’s NY, Jan. 17:</b> Hayden, Ferdinand V. <i>The Yellowstone National Park, and the Mountain Ranges of Portions of Idaho, Nevada, Colorado and Utah</i>. Boston, 1876. $250,000 to $350,000
    <b>Sotheby’s NY, Jan. 17:</b> Colton, G. Woolworth. <i>Colton’s New Map of the State of Texas, The Indian Territory and Adjoining Portions of New Mexico, Louisiana, and Arkansas</i>. New York, 1882. $4,000 to $6,000
    <b>Sotheby’s NY, Jan. 17:</b> [Jefferson, Thomas]. <i>The Committee appointed to prepare a Plan for the temporary Government of the Western Territory, have agreed to the following Resolutions.</i> … [Annapolis, 1 March 1784]. $250,000 to $350,000
    <b>Sotheby’s, New York: Fine Printed and Manuscript Americana, Including Cartography. January 17, 2018</b>
    <b>Sotheby’s NY, Jan. 17:</b> Mitchell, Samuel Augustus. <i>A New Map of Texas Oregon and California with the Regions Adjoining. Compiled from the Most Recent Authorities</i>. Philadelphia, 1846. $12,000 to $18,000
    <b>Sotheby’s NY, Jan. 17:</b> Bodmer, Karl [illustrator] — Prince Maximilian Zu Wied-Neuwied. <i>Reise In Das Innere Nord-America In Den Jahren 1832 Bis 1834</i>. 1839-1841. $250,000 to $350,000
    <b>Sotheby’s NY, Jan. 17:</b> Bry, Theodor De, Thomas Hariot, and John White. <i>[Hariot's Virginia]. Wunderbarliche, Doch Warhafftige Erklärung, Von der Gelegenheit und Sitten der Wilden in Virginia</i>... Frankfurt, 1590. $200,000 to $300,000
    <b>Sotheby’s, New York: Fine Printed and Manuscript Americana, Including Cartography. January 17, 2018</b>
    <b>Sotheby’s NY, Jan. 17:</b> Bry, Theodor De, Thomas Hariot, and John White. <i>[Hariot's Virginia]. Wunderbarliche, Doch Warhafftige Erklärung, Von der Gelegenheit und Sitten der Wilden in Virginia</i>... Frankfurt, 1590. $200,000 to $300,000
    <b>Sotheby’s NY, Jan. 17:</b> Catlin, George. Catlin's North American Indian Portfolio. Hunting Scenes and Amusements of the Rocky Mountains and Prairies of America. London, 1844. $70,000 to $100,000
    <b>Sotheby’s NY, Jan. 17:</b> Franklin, Benjamin ["Richard Saunders"]. <i>Poor Richard Improved: Being an Almanack and Ephemeris ... For ... 1756</i>. Philadelphia: B. Franklin And D. Hall, 1755. $10,000 to $15,000
    <b>Sotheby’s, New York: Fine Printed and Manuscript Americana, Including Cartography. January 17, 2018</b>
    <b>Sotheby’s NY, Jan. 17:</b> Paine, Thomas. <i>Common Sense; Addressed to the Inhabitants Of America... A New Edition, with Several Additions in the Body of the Work</i> ... Philadelphia, [1776]. $60,000 to $80,000
    <b>Sotheby’s NY, Jan. 17:</b> The Declaration of Independence. In Congress, July 4, 1776 … Salem, Massachusetts-Bay: Printed By E. Russell, By Order Of Authority, [Ca. 18–20 July 1776]. $1,000,000 to $1,500,000
    <b>Sotheby’s NY, Jan. 17:</b> Hamilton, Alexander, James Madison, and John Jay. The Federalist. A Collection of Essays, Written in Favour of the New Constitution … New York, 1788. $200,000 to $300,000
  • <b>Bonhams, Feb. 11:</b> A Rare 3-rotor German Enigma I Enciphering Machine. $70,000 to $90,000
    <b>Bonhams, Feb. 11:</b> Important collection of correspondence between Werner Heisenberg and Bruno Rossi. $40,000 to $60,000
    <b>Bonhams, Feb. 11:</b> Walt Whitman Autograph manuscript containing his thoughts on death. $20,000 to $30,000
    <b>Bonhams, Feb. 11:</b> David Roberts. <i>Holy Land</i>. Six volumes. 1842-1849. First edition. $15,000 to $25,000
    <b>Bonhams, Feb. 11:</b> Extensive collection of Ray Bradbury's primary works, most signed or inscribed. $15,000 to $20,000
    <b>Bonhams, Feb. 11:</b> Peter Force. Declaration of Independence. $12,000 to $18,000
    <b>Bonhams, Feb. 11:</b> Steinbeck. <i>Grapes of Wrath</i>. A fine copy of the first edition. $10,000 to $15,000
    <b>Bonhams, Feb. 11:</b> Lewis & Clark. <i>Travels to the Source of the Missouri River</i>... First English edition, extra-illustrated. 1814. $10,000 to 15,000
    <b>Bonhams, Feb. 11:</b> Manuscript document signed by Nuno de Guzman relating to Hernan Cortes, 1528. $8,000 to $12,000
    <b>Bonhams, Feb. 11:</b> “Nos los inquisidores..." The first book in English printed West of the Mississippi. [1787]. $5,000 to $8,000.
  • <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>

Rare Book Monthly

Articles - September - 2010 Issue

Bookstore For Sale: Barnes & Noble

B&nstockchart

Barnes and Noble's stock was not doing well this year prior to their


By Michael Stillman

Barnes and Noble, America's largest bricks and mortar bookseller, made two potentially important announcements this past month. The word "potential" must be used with any moves the company makes at this point, as the viability of any large chain of bookstores in this digital age is not beyond question. Barnes and Noble has been waging an uphill battle for years against online retailer Amazon.com, and its competitor has regularly gotten the better of B&N for a long time.

Last month, the company announced, in effect, that it was putting itself up for sale. In a news release, the company announced its "Board of Directors intends to evaluate strategic alternatives, including a possible sale of the company, in order to increase stockholder value." The Board hired Wall Street firm Lazard to serve as their financial advisor. It stated that the decision was made because the Board believes its stock is "now significantly undervalued." A contrary point of view was expressed by James B. Stewart in the Wall Street Journal. He commented, "in my experience, most companies sell when they believe their shares are expensive." Stewart added the ultimate cut by stating that putting itself up for sale amounted to "rendering it the corporate equivalent of the remaindered books it sells at a discount."

Of course, the market is the ultimate arbiter of value. In other words, the stock is correctly priced until such time as the company can show its prospects deserve a higher value, or events show it deserves a lower one. Until then, the trend would indicate, if anything, that the stock price is in the midst of a long decline.

The Board issued the following statement in support of its new strategy: "As the world's largest bookseller, Barnes & Noble has an iconic brand and unique competitive advantages we believe will position the company to succeed over time in a rapidly changing market. The Board is confident in Barnes & Noble's strategy and fully supportive of the senior management team, which is delivering explosive growth in our fast-developing digital business. The Board has concluded that a review of strategic alternatives is the appropriate next step to take full advantage of our compelling digital opportunities and to create value for shareholders, customers, and employees."

Let's take a look at that statement, perhaps a bit more objectively than the enthusiastic Board can. Certainly the company has "unique competitive advantages." It has the largest number of bricks and mortar stores in the U.S. However, that advantage is also its albatross. Those stores bring all kinds of costs with them Amazon does not have to face. It is very hard to be price competitive with all of that overhead, as so many other chains learned when internet competition appeared. People still go to their local stores to browse and learn, but then buy the item for the lowest price they can find online. Barnes and Noble still needs to find a way to leverage that local presence into local dollars, and that remains an enormous challenge.

Compounding this issue is the rising popularity of electronic readers. The advantage of instant gratification that Barnes and Noble enjoys with physical books disappears with digital books. Electronic books' share of the market is increasing rapidly, and physical books may become nothing more than a niche market in the years ahead. This is definitely not to Barnes and Noble's advantage.

Next, the Board speaks of Barnes and Noble's "explosive growth" in the digital business. Of course, any sales when you start from zero can be described as "explosive," certainly on a percentage basis. None of this accounts for the fact that Amazon saw this market first and is way out ahead, both in terms of sales of electronic readers and digital books. Meanwhile, others such as Apple are also ahead of B&N when it comes to electronic readers, and Google and others plan to provide even more stiff competition for the selling of digital books. Old technology Barnes and Noble has a lot of catching up to do, and it remains to be seen whether its one asset/albatross, local presence and a well-known brand name, can somehow make up the difference.

Rare Book Monthly

  • <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 39: Presidential Pardon Signed by John F. Kennedy. November 1962. $7,000 to $9,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 537: Marc Chagall. <i>Illustrations for the Bible</i>. Features 28 lithograph plates. First American edition, 1956. $2,000 to $3,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 252: Jack Kerouac. <i>On the Road</i>. 1957. First edition. $5,000 to $7,000
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 143: Arthur Rimbaud. <i>A Season in Hell</i>. With photogravures by Robert Mapplethorpe. The Limited Editions Club, 1986. $600 to $800
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 72: Group of 11 Harry Truman Signed Letters. Typed & signed by the former President. 1962-1970. $1,500 to $2,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 157: Arthur Conan Doyle. The Complete Works of Sherlock Holmes by The Limited Editions Club. 8 vols. 1950-52. $300 to $500
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 173: Jacob Lawrence. <i>The First Book of Moses, Called Genesis</i>. Illustrated with silkscreens by Lawrence. 1989. $2,000 to $3,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 239: William Faulkner. <i>Sartoris</i>. First edition. New York: Harcourt, Brace, & Company, 1929. $2,000 to $3,000
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 286: Walt Whitman. New Year’s Eve Postcard Signed, “Walt Whitman,” to the poet Gabriel Sarrazin. January, 1891. $4,000 to $6,000
    <b>Potter & Potter Auctions: Fine Books & Manuscripts. January 27, 2018</b>
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 351: Pair of European Fine Bindings. Including Gesanbuch (1831) & Naboznych Vylevov (1911). $200 to $300
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 423: August Luben. <i> Naturhistorischer Atlas der Saugethiere </i>. Includes complete set of 30 loose plates. Leipzig: 1858. $1,000 to $1,500
    <b>Potter & Potter Auctions Jan. 27:</b><br>Lot 386: <i>Famous Monsters of Filmland No 1</i>. Art by Will Elder, text by Forrest Ackerman. Warren’s first monster magazine. Feb, 1958. $2,000 to $3,000
  • <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> <i>Verve: Revue Artistique et Littéraire/An Artistic and Literary Quarterly,</i> nos.1-38 in 26 vol [a complete set], numerous colour lithographs by Picasso, Chagall, Matisse & others. £8,000 to £12,000
    <b>Forum Auctions, Jan. 25:</b> Wesley (John, Church of England clergyman and a founder of Methodism, 1703-91). Autograph Letter signed to Rev. John Bredin, 1782. £8,000 to £12,000
    <b>Forum Auctions, Jan. 25:</b> Austen (Jane). Brock (Charles Edward). A group of seventeen ink and watercolour drawings for Dent's edition of Jane Austen's <i>Sense and Sensibility,</i> 1908. £6,000 to £8,000
    <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> Tibullus (Albius) and Gaius Valerius Catullus. <i>Elegiae, sive Carmina,</i> Venice, Andreas de Paltasichis, 1487. £5,000 to £7,000
    <b>Forum Auctions, Jan. 25:</b> Doves Press. English Bible (The), 5 vol., one of 500 copies, signed and inscribed by Laurence Hodson, Doves Press, 1903. £5,000 to £7,000
    <b>Forum Auctions, Jan. 25:</b> Africa. Smith (Andrew). <i>Illustrations of the Zoology of South Africa,</i> 5 vol., first edition, original cloth, [1838-50]. £4,000 to £6,000
    <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> Longitude. <i>An Act for providing a Publick Reward for such Person or Persons as shall Discover the Longitude at Sea,</i> first edition of this highly important act, John Baskett, 1714. £3,000 to £5,000
    <b>Forum Auctions, Jan. 25:</b> Shirley (James). <i>Six new playes, viz. The Brothers. Sisters. Doubtfull Heir. Imposture. Cardinall. Court secret,</i> first edition, 1653. £3,000 to £4,000
    <b>Forum Auctions, Jan. 25:</b> Heaney (Seamus). <i>Ugolino,</i> number 77 of 125 copies, Dublin, Dolmen Press, 1979. £3,000 to £4,000
    <b>Forum Auctions: Fine Books and Works on Paper. January 25, 2018</b>
    <b>Forum Auctions, Jan. 25:</b> Lasinio (Carlo, 1759-1838). <i>[Ritratti Originali de Pittori Esistenti Nella Reale Galleria de Firenze],</i> 99 engravings, circa 1791-96. £1,800 to £2,200
    <b>Forum Auctions, Jan. 25:</b> Japan. Kusakabe Kimbei. Photograph Album, 50 hand-coloured albumen prints, oblong folio, [c.1890-1900]. £1,500 to £2,000
    <b>Forum Auctions, Jan. 25:</b> Polar. Expedition in search of Sir John Franklin. Arctic Expedition in search of Sir John Franklin, printed flyer, 1852. £1,000 to £1,500
  • <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> <i>The Massachusetts Magazine: or Monthly Museum of Knowledge and Rational Entertainment,</i> 1789. Signed by George Washington. $28,000 to $32,000
    <b>Case Antiques, Jan. 27:</b> George Washington Signed Letter to John Marshall. $12,000 to $14,000
    <b>Case Antiques, Jan. 27:</b> Picasso Signed “Vallauris” 1952 Exhibition Poster. $6,000 to $8,000
    <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> Military appointment commission document signed by both President Thomas Jefferson and Secretary of War Henry Dearborn, dated January 27, 1803. $2,400 to $2,800
    <b>Case Antiques, Jan. 27:</b> Doris Ulmann and Julia Peterkin. <i>Roll, Jordan, Roll.</i> New York, 1933, deluxe edition, preceding first edition of the same year. No. 74 of 350. $5,000 to $6,000
    <b>Case Antiques, Jan. 27:</b> John Marshall. <i>The Life of George Washington,</i> Philadelphia, 1832. Signed by author. $5,000 to $7,000
    <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> Samuel L. Margolies (American, 1897-1974). Aquatint and etching, "Builders of Babylon," 1937. $4,000 to $4,500
    <b>Case Antiques, Jan. 27:</b> Two Robert E. Lee (1807-1870) signed documents as President of Washington College. $3,000 to $3,500
    <b>Case Antiques, Jan. 27:</b> William C. Harris. <i>The Fishes of North America That Are Captured on Hook and Line</i>, Vol I., New York, 1898. 40 chromolithograph plates. $2,000 to $2,500
    <b>Case Antiques: Historic Winter Fine Art and Antiques Auction<br>January 27, 2018</b>
    <b>Case Antiques, Jan. 27:</b> $100 "Date Back" bank note 1902 from the Clarksville National Bank, Clarksville, Tennessee, depicting the portrait of John Jay Knox, Jr. $1,400 to $1,800
    <b>Case Antiques, Jan. 27:</b> View of the University of Virginia, Charlottesville and Monticello, Taken from Lewis Mountain, drawn and lithographed by Edward Sachse. $800 to $1,000
    <b>Case Antiques, Jan. 27:</b> Large Civil War photograph mounted on card stock depicting Rossville Gap in Missionary Ridge. $400 to $450

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