• Fonsie Mealy’s, Dec. 12-13: Roberts (David) & Croly (George). The Holy Land, Syria, Idumae, Arabia, Egypt and Nubia. Lond. 1842 - 1843 [-49]. First Edn. €10,000 to €15,000.
    Fonsie Mealy’s, Dec. 12-13: Incunabula: O'Fihily (Maurice). Duns Scotus Joannes: O'Fihely, Maurice Abp… Venice, 20th November 1497. €8,000 to €12,000.
    Fonsie Mealy’s, Dec. 12-13: An important file of documents with provenance to G.A. Newsom, manager of the Jacob’s Factory in Dublin, occupied by insurgents during Easter Week 1916. €6,000 to €9,000.
    Fonsie Mealy’s, Dec. 12-13: WILDE (Oscar), 1854-1900, playwright, aesthete and wit. A lock of Wilde’s Hair, presented by his son to the distinguished Irish actor Mícheál MacLiammóir. €6,000 to €8,000.
    Fonsie Mealy’s, Dec. 12-13: Heaney (Seamus). Bog Poems, London, 1975. Special Limited Edition, No. 33 of 150 Copies, Signed by Author. Illus. by Barrie Cooke. €4,000 to €6,000.
    Fonsie Mealy’s, Dec. 12-13: Binding: Burke, Thomas O.P. (de Burgo). Hibernia Dominicana, Sive Historia Provinciae Hiberniae Ordinis Praedicatorum, ... 1762. First Edition. €4,000 to €6,000.
    Fonsie Mealy’s, Dec. 12-13: COLLINS, Michael. An important TL, 29 July 1922, addressed to GOVERNMENT on ‘suggested Proclamation warning all concerned that troops have orders to shoot prisoners found sniping, ambushing etc.’. €3,000 to €4,000.
    Fonsie Mealy’s, Dec. 12-13: Scott Fitzgerald (F.) The Great Gatsby, New York (Charles Scribner's Sons) 1925, First Edn. €2,000 to €3,000.
    Fonsie Mealy’s, Dec. 12-13: Yeats (W.B.) The Poems of W.B. Yeats, 2 vols. Lond. (MacMillan & Co.) 1949. Limited Edition, No. 46 of 375 Copies Only, Signed by W.B. Yeats. €1,500 to €2,000.
    Fonsie Mealy’s, Dec. 12-13: Miller (William) Publisher. The Costume of the Russian Empire, Description in English and French, Lg. folio London (S. Gosnell) 1803. First Edn. €1,000 to €1,500.
    Fonsie Mealy’s, Dec. 12-13: Miller (William) Publisher. The Costume of Turkey, Illustrated by a Series of Engravings. Lg. folio Lond.(T. Bensley) 1802. First Edn. €800 to €1,200.
    Fonsie Mealy’s, Dec. 12-13: Mason (Geo. Henry). The Costume of China, Illustrated with Sixty Engravings. Lg. folio London (for W. Miller) 1800. First Edn. €1,400 to €1,800
  • ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
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    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
    ABAA VBF: Holiday Edition
    November 30-December 2
    abaa.org/vbf
  • Sotheby’s
    Fine Books from a Distinguished Private Library
    28 November 2023
    Sotheby’s, Nov. 28: Captain Thomas Brown | Illustrations of the American ornithology. £80000-120000
    Sotheby’s, Nov. 28: William Hamilton | Campi phlegraei. £40000-60000
    Sotheby’s, Nov. 28: Nicola Zabaglia and Domenico Fontana | Castelli, e ponti con alcune ingegnose pratiche. £6000-8000
    Sotheby’s, Nov. 28: Bible, German | Nuremberg: Koberger, 1483. £40000-60000
    Sotheby’s, Nov. 28: Bible, English | King James version. £8000-12000
  • Forum Auctions
    Fine Books, Manuscripts and Works on Paper
    30th November, 2023
    Forum Auctions, Nov. 30: Saint Jerome penitent, woodcut with contemporary hand-colouring and letterpress text beneath, [Augsburg], [Johann Froschauer], [c.1498]. £15,000 to £20,000.
    Forum Auctions, Nov. 30: Elimithar (Elluchasem) "Ibn Butlan". Tacuini sanitatis, first edition, Strasbourg, Johann Schott, 1531. £15,000 to £20,000.
    Forum Auctions, Nov. 30: [Missale Romanum], Latin, Incipit ordo missalis secundum consuetudinem Curiae Romani, manuscript in Latin, on vellum, 234ff. [c. 1400]. £15,000 to £20,000.
    Forum Auctions
    Fine Books, Manuscripts and Works on Paper
    30th November, 2023
    Forum Auctions, Nov. 30: Foyle copy.- [Shakespeare (William)]. Macbeth. A Tragedy: With all the Alterations, Amendments, Additions, and New Songs. As it is now Acted at the Theatre Royal, for Hen. Herringman, 1687. £5,000 to £7,000.
    Forum Auctions, Nov. 30: Dickens (Charles). A Christmas Carol. In Prose. Being a Ghost Story of Christmas, first edition, first impression, first issue, Chapman & Hall, 1843. £12,000 to £18,000.
    Forum Auctions, Nov. 30: Lawrence (T.E.) Revolt in the Desert, working draft typescript, 1927. £10,000 to £15,000.
    Forum Auctions
    Fine Books, Manuscripts and Works on Paper
    30th November, 2023
    Forum Auctions, Nov. 30: Hampstead Bindery.- Phillips (Stephen). Marpessa, exquisitely bound by The Hampstead Bindery, almost certainly P.A. Savoldelli, 1900. £6,000 to £8,000.
    Forum Auctions, Nov. 30: Matisse (Henri).- Joyce (James). Ulysses, one of 1500 copies, this one of 250 signed by the author and artist, New York, The Limited Editions Club, 1935. £8,000 to £12,000.
    Forum Auctions, Nov. 30: Burroughs (Edgar Rice). Tarzan at the Earth's Core, first edition, signed presentation inscription from the author to his son, New York, 1930. £5,000 to £7,000.
    Forum Auctions
    Fine Books, Manuscripts and Works on Paper
    30th November, 2023
    Forum Auctions, Nov. 30: Fitzgerald (F. Scott). Tender is the Night, first edition, first printing, signed by the author, New York, 1934. £15,000 to £20,000.
    Forum Auctions, Nov. 30: Fleming (Ian).- Hooks (Mitchell) and David Chasman. Dr. No, British film poster, Stafford & Co Ltd, [1962]. £10,000 to £15,000.
    Forum Auctions, Nov. 30: America.- California.- Palou (Francisco). Relacion Historica de la Vida Y Apostolicas Tareas delVenerable Padre Fray Junipero Serra..., first edition, second issue, 1787. £6,000 to £8,000.

Rare Book Monthly

Articles - September - 2011 Issue

It's Been a Tough Month for Large Book Retailers

Borders bids its final farewell.

This has not been a good month for large, chain bookstores, especially so for their investors. Physical retailing has been battling online selling for a decade, and physical books have been battling electronic ones for the past two years. Neither has fared well. Both will survive for many years to come, but will continue to lose market share to their electronic counterparts. It makes for a difficult business, and tough investment.

 

A little over a month ago, the number one bricks and mortar book retailer, Barnes and Noble, its stock long in the doldrums, received some good news. Liberty Media, noted for buying up troubled companies, made an offer of $17 per share. Now this may not seem exciting for a company whose share price reached $45 five years ago, but it had spent most of the year under $15, and briefly hit an all-time low under $10. However, Liberty was less interested in its stores than its Nook electronic reader, a surprising success after belatedly entering the market way after Amazon's Kindle. Kindle remains by far the leader, but the Nook has become a solid number two, garnering around a quarter of the market and growing.

 

However, it appears that Liberty and Barnes and Noble could not agree on the value of the Nook, so Liberty withdrew its takeover bid and instead purchased $204 million worth of B&N preferred stock. It pays a hefty 7.75% dividend and can be converted into a 16.6% share of the company. This provides the company with welcome cash, but the dividend rate it must pay is high, and a conversion of the preferred stock to common will result in shareholder dilution. The investment may be good for the company, but not so good for shareholders. The stock price quickly dropped to $10, and recently was trading for $11. That $17 offer doesn't look so bad now.

 

For the number two physical retailer of books, there is really no more to say. In February, Borders filed for bankruptcy protection, and in July announced that no buyer for the chain could be found. Instead, it would close all of its stores and liquidate its assets. That liquidation should be completed by the end of this month, bringing a final end to Borders' 40-year career. You may find some bargains in the next few days at your local Borders store as discounts are large, but what is likely to be left now are the dregs. You can also find Borders stock at a cheap price. It has ranged between 2 and 4 cents a share the past few weeks. At its peak it cost $37. Don't waste your money. It isn't worth 2 cents. Eventually, it will settle at zero.

 

The third largest bricks and mortar book retailer in America, soon to be number two, is attempting to pick up some sales from the Borders bankruptcy. Books-A-Million, the southern-based bookstore chain, attempted to purchase the leases, fixtures, and inventory of 30 defunct Borders locations. The two could not reach a deal, but Books-A-Million will be taking over the leases of 14 closing Borders locations. BAM (as Books-A-Million is also known) is looking to expand its footprint north. Stores in Maine, New Hampshire, Connecticut, Maryland, New Jersey, Illinois, Wisconsin, Michigan, Pennsylvania and Ohio are reportedly among those sought to be taken over.

 

While Books-A-Million has been swimming against the tide by actually expanding its physical presence, it still has not been an easy time for the growing chain. The firm recently reported a $2.9 million loss for the second quarter, compared to a $1.9 million gain for the same quarter in the previous year. Its recent stock price, below $2.50, is approaching historic lows. That's about one-quarter of its price of 20 years ago, not a great long-term investment. The troubling results showed an 11.4% decline in overall revenue and a 12.9% decline in sales at same stores year over year. CEO Clyde Anderson stated, "A soft publishing lineup, the effect of e-book migration and the impact of Border's liquidation all contributed to the decline in comparable-store sales."

 

However, there remains one positive book investment story - Amazon.com. The largest online bookseller, and leader in the electronic book field, continues to trade around the $200 per share level, near its record high price reached earlier this year. Indeed, if you bought Borders stock for $37 in 1998, you could have purchased Amazon for half that price. Now Amazon stock is worth $200 and Borders 2 cents. The challenge for investors today is to figure out which companies are the next Amazon, and which are the next… Borders.

Rare Book Monthly

  • Chiswick Auctions
    Fine Books, Manuscripts and Works on Paper
    29th Nov. 2023
    Chiswick Auctions, Nov. 29: Lot 150
    Simpson (William). India Ancient and Modern, 2 vol., 50 chromo-lithographed plates, 1867 Est. £15,000 - £20,000
    Chiswick Auctions, Nov. 29: Lot 32
    St. James the Apostle, large historiated initial ‘A’ on vellum from a monumental Lectionary of Martyrology. [mid C.12th.] Est. £4000 - £6000
    Chiswick Auctions, Nov. 29: Lot 257
    Gill (Eric) Artist, Sculpture & Illustrator. Crucifixion. original drawing/watercolour. n.d. Est. £4000 - £6000
    Chiswick Auctions, Nov. 29: Lot 254
    Fleming (Ian). Casino Royale, first edition, second impression, inc. dust jacket, 1953 Est. £4000 - £6000
    Chiswick Auctions
    Fine Books, Manuscripts and Works on Paper
    29th Nov. 2023
    Chiswick Auctions, Nov. 29: Lot 209
    Forster, (E.M.) Correspondence from Forster to Bob Buckingham’s family, with books from the library of Forster and Buckingham including presentation and signed copies. Est. £4000 - £6000
    Chiswick Auctions, Nov. 29: Lot 67
    Churchill (W.S.) Freedom of Blackpool, 7 records relating to Churchill’s Honorary Freedom of Blackpool, Sept. and Oct. 1946, with related ephemera. Est. £800 - £1200
    Chiswick Auctions, Nov. 29: Lot 104
    America.- Cator (Joseph). Manuscript account of a journey from Jamaica through North America to Boston, Mass. and to England, April—August 1764. Est. £2000 - £3000
  • Swann
    Maps & Atlases, Natural History & Color Plate Books
    December 7, 2023
    Swann, Dec. 7: Samuel Augustus Mitchell, A New Map of Texas, Oregon and California with the Regions Adjoining, Philadelphia, 1846. $3,500 to $5,000.
    Swann, Dec. 7: 17th–19th-century case maps of various locations. $1,500 to $2,000.
    Swann, Dec. 7: Andreas Cellarius, Haemisphaerium Stellatum Boreale Cum Subiecto Haemisphaerio Terrestri, celestial chart, Amsterdam, 1708. $2,500 to $3,500.
    Swann
    Maps & Atlases, Natural History & Color Plate Books
    December 7, 2023
    Swann, Dec. 7: Vincenzo Coronelli, Set of engraved gores for Coronelli’s monumental 42-inch terrestrial globe, Venice, circa 1688–97. $18,000 to $22,000.
    Swann, Dec. 7: Lucas Janszoon Waghenaer, group of four navigational charts, Antwerp, 1580s. $2,000 to $3,000.
    Swann, Dec. 7: Thomas Bros, Block Book of Berkeley, Oakland, 1920s. $800 to $1,200.
    Swann
    Maps & Atlases, Natural History & Color Plate Books
    December 7, 2023
    Swann, Dec. 7: John Nieuhoff & John Ogilby, An Embassy from the East-India Company of the United Provinces, map of China, plan of Canton, London, 1673. $1,200 to $1,800.
    Swann, Dec. 7: Frederick Sander, Reichenbachia, St. Albans, 1888-1894. $5,000 to $7,000.
    Swann, Dec. 7: Two early illustrated works on horsemanship and breeding, Nuremberg, early 18th century. $700 to $800.
    Swann
    Maps & Atlases, Natural History & Color Plate Books
    December 7, 2023
    Swann, Dec. 7: John Gould, A Monograph of the Ramphastidae, or Family of Toucans. Supplement to the First Edition, London, 1834; 1855. $40,000 to $60,000.
    Swann, Dec. 7: John Pinkerton, A General Collection of the Best and Most Interesting Voyages and Travels in All Parts of the World, London, 1808–14. $1,500 to $2,500.
    Swann, Dec. 7: Oakley Hoopes Bailey, Hackensack, New Jersey, Boston, 1896. $800 to $1,200.

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