• <b>Doyle, The Estate of Oleg Cassini. June 27</b>
    <b>Doyle, The Estate of Oleg Cassini:</b> KENNEDY ONASSIS, JACQUELINE Typed letter signed to Oleg Cassini. $400 to $600
    <b>Doyle, The Estate of Oleg Cassini:</b> [CASSINI-KENNEDY FASHIONS] Important archives related to the development of fashions for Mrs. Kennedy… $4,000 to $6,000
    <b>Doyle, The Estate of Oleg Cassini:</b> [CASSINI-KENNEDY FASHIONS] Detailed ledger of the Kennedy White House years… $500 to $800
    <b>Doyle, The Estate of Oleg Cassini:</b> KELLY, GRACE. Four autograph letters to Oleg Cassini. $5,000 to $8,000
    <b>Doyle, The Estate of Oleg Cassini. June 27</b>
    <b>Doyle, The Estate of Oleg Cassini:</b> CASSINI, OLEG. Group of Kennedy-era original fashion sketches. $1,000 to $1,500
    <b>Doyle, The Estate of Oleg Cassini:</b> KENNEDY ONASSIS, JACQUELINE. Autograph letter signed to Oleg Cassini. $800 to $1,200
    <b>Doyle, The Estate of Oleg Cassini:</b> CASSINI, OLEG. Fashion sketch titled “Mrs. Kennedy-Palais de Versailles-State Dinner.” $800 to $1,200
    Doyle, The Estate of Oleg Cassini: [CASSINI, OLEG - KENNEDY, JACQUELINE.] Group of approximately 130 original fashion designs… $800 to $1,200.
  • <b>Bonhams, Jun 13 results:</b> Darwin, Charles. <i>On the Origin of Species.</i> Presentation Copy. Sold for $500,075.
    <b>Bonhams, Jun 13 results:</b> Darwin, Charles. Autograph Letter Signed, 3 pp, negotiating the 2nd American edition with Appleton. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Hemingway, Ernest. Autograph Letter Signed, 8 pp, Paris, 1924, to his father discussing Bullfighting, Stories, and his new baby. Sold for $25,075.
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Corialanus.</i> London, 1623. 1st printing [Extracted from the First Folio]. Sold for $50,075.
    <b>Bonhams, Jun 13 results:</b> Swift, Jonathan. <i>Gulliver's Travels.</i> London, 1726. 1st edition, Teerink's A edition, fine, large copy. Sold for $21,325.
    <b>Bonhams, Jun 13 results:</b> Fitzroy, Robert. Autograph Letter Signed to agent Thomas Stilwell, informing him of the progress of H.M.S. Beagle. Sold for $17,575.
    <center><b>Bonhams<br> Property from the Collection of Nicole and William R. Keck II</b>
    <b>Bonhams, Jun 13 results:</b> Shakespeare, William. <i>Sonnets.</i> 1901. 2 volumes. Printed on vellum and illuminated by Ross Turner, bound by Trautz-Bauzonnet. Sold for $13,825.
    <b>Bonhams, Jun 13 results:</b> Beardsley, Aubrey. <i>The Birth, Life, and Acts of King Arthur.</i> 1893-94. 2 volumes. Contemporary painted vellum gilt by Chivers. Sold for $5,325.
    <b>Bonhams, Jun 13 results:</b> Assisi, St. Francis. <i>The Canticle of Brother Sun.</i> Illuminated on vellum, for the Grolier Society. Sold for $7,575.
    <b>Bonhams, Jun 13 results:</b> Proust, Marcel. <i>Du coté de chez Swann.</i> 1st edition, 1st issue. Inscribed by Proust. Sold for $8,825.
    <b>Bonhams, Jun 13 results:</b> Rackham, Arthur. <i>Peter Pan in Kensington Gardens.</i> 1/500 copies signed by Rackham. Sold for $4,825.
  • <center><b>Sotheby’s<br>Fine Books and Manuscripts Online<br>Now through June 21</b>
    <b>Sotheby’s Online, June 21:</b> THOREAU, HENRY DAVID. <i> Walden: or, Life in the Woods.</i> Boston: Ticknor and Fields, 1854. $15,000 to $20,000
    <b>Sotheby’s Online, June 21:</b> BUKOWSKI, CHARLES. Archive of Correspondence Addressed to Kay "Kaja" Johnson, Los Angeles, California: July – November 1961. $20,000 to $30,000
    <b>Sotheby’s Online, June 21:</b> DICKENS, CHARLES, AND GEORGE CRUIKSHANK [ILLUSTRATOR]. Unpublished autograph letter signed, to Cruikshank, completed on the artist's proof, related to the publication of The Pic-Nic Papers. $7,000 to $10,000
    <center><b>Sotheby’s<br>Fine Books and Manuscripts Online<br>Now through June 21</b>
    <b>Sotheby’s Online, June 21:</b> FEYNMAN, RICHARD. <i>"Surely You’re Joking Mr. Feynman!" Adventures of a Curious Character.</i> As Told to Ralph Leighton. New York: W.W. Norton & Co., 1985. $12,000 to $18,000
    <b>Sotheby’s Online, June 21:</b> GERSHWIN, GEORGE. Autograph music manuscript of "Leavin’ for de Promise’ Lan’" from the opera Porgy and Bess, Act One Scene Two. $25,000 to $35,000
    <b>Sotheby’s Online, June 21:</b> LINCOLN, ABRAHAM. Document signed ("Abraham Lincoln") as sixteenth president, being a military commission for Rufus H. Johnson. $8,000 to $10,000
  • <b>Swann Auction Galleries:</b> Ian Fleming, <i>Goldfinger,</i> first edition, inscribed to Sir Henry Cotton, MBE, London, 1959. Sold for $25,000.
    <b>Swann Auction Galleries:</b> Joseph Brant, Mohawk Chief, ALS, writing after pledging support to King George III against American rebels, 1776. Sold for a record $35,000.
    <b>Swann Auction Galleries:</b> Sonia Delaunay, <i>Ses Peintures</i> . . ., 20 pochoir plates, Paris, 1925. Sold for a record $13,750.
    <b>Swann Auction Galleries:</b> Diana, Princess of Wales, 6 autograph letters signed to British <i>Vogue</i> editor, 1989-92. Sold for $10,400.
    <b>Swann Auction Galleries:</b> Alexander Hamilton, ALS, as Secretary of the Treasury covering costs of the new U.S. Mint, 1793. Sold for $12,500.
    <b>Swann Auction Galleries:</b> Benjamin Graham & David L. Dodd, <i>Security Analysis,</i> first edition, inscribed by Graham to a Wall Street trader, NY, 1934. Sold for $20,000.
    <b>Swann Auction Galleries:</b> George Barbier & François-Louis Schmied, <i>Personnages de Comédie,</i> Paris, 1922. Sold for $9,375.
    <b>Swann Auction Galleries:</b> Alphonse Mucha, <i>Ilsée, Princesse de Tripoli,</i> Paris, 1897. Sold for a record $13,000.
    <b>Swann Auction Galleries:</b> Ralph Waldo Emerson, <i>The Dial,</i> first edition of the reconstituted issue, Emerson’s copy with inscriptions, Cincinnati, 1860. Sold for a record $3,250.

Rare Book Monthly

Articles - February - 2012 Issue

Borders is Buried, but Kobo Lives On

Borderskobo

Borders and Kobo were partners in sales in an earlier time.

The final significant steps in the dismemberment and burial of Borders have played out, and we now know how many bones are left to be picked over by creditors. Not many, at least if you are an unsecured creditor. The secured creditors will be paid in full, a lesson for everyone loaning money or selling goods on credit. A security interest provides a seat at the table, while unsecured creditors battle like dogs for the crumbs that are spilled below.

Last February, Borders filed for protection from creditors in bankruptcy court. Borders once had over 1,000 stores in America, and at the time of their filing, was still the second largest bookstore chain in America with 642 stores remaining. After the bankruptcy filing, the firm began paring down their weaker stores as it sought a buyer to take over the company as an ongoing business. It looked like that would happen in July, but creditors were dissatisfied with the offer and voted it down. Instead, they chose to shut Borders down, and liquidate its assets. The 399 stores still remaining in July were all shuttered down by the end of September.

Assets, including various leases and inventory were sold. The Borders name and mailing list was purchased by main rival Barnes & Noble for just under $15 million. More recently, its collection of internet URLs was sold for around three-quarters of a million dollars. Along the way, the sale of secured assets paid out the secured creditors in full. What remained unsure is how much the unsecureds, notably the publishing houses that supplied Borders their books on credit, would get. Now we know.

It isn't pretty. The good news is that it appears they will receive something on the high end of the expected range. The bad news is that this amount was expected to be something between 4 and 10 cents on the dollar. It now looks like the amount will be closer to a dime, but a dime is still a dime, not a dollar.

The last significant piece to go, and which figures to throw a few more pennies to those who are still owed between $812-850 million, is Borders' interest in Kobo. Kobo is the firm that made Borders' electronic readers. E-readers have been the success story of these difficult times for large bookstores. For Amazon, the quite successful online book and general merchant, the Kindle electronic reader has propelled them into the huge electronic tablet area, once the sole domain of Apple and its iPad. For Barnes & Noble, seeming to sink rapidly toward irrelevancy and perhaps the same fate as Borders, its Nook e-reader may prove to be the company's savior.

Borders had no e-reader of its own, nothing substantial enough to save the company. It bought its e-readers from Kobo. Kobo was formed by the Canadian bookseller Indigo. That firm held about a 50% interest in Kobo, having sought out investors to help the company along. One was Borders. Borders purchased a 10% share of the company. That is a relatively small percentage, and Kobo trails well behind Amazon and its Kindle, and Barnes & Noble and its Nook. Nevertheless, it does hold a couple of percentage points of the e-reader market, and while dominant nowhere, apparently has a piece in a lot of markets. It is stronger outside of the U.S. than within. In the end, this 10% share of Kobo was the one asset of at least modest value the bankrupt Borders could sell to provide a few more cents in repayments to its unsecured creditors.

Recently, Rakuten, a large Japanese internet retailer (some like to call it the “Amazon of Japan”), decided to purchase Kobo. They paid around $160 million for Chapters' share of the company. An offer was put in with the bankruptcy court for Borders' share, which the court has approved. Borders will receive something in the $27-$32 million range for its share. That is just a drop in the bucket towards the $850 million it owes, but for the unsecured creditors, it was a drop or nothing. And, for those who knew Borders in its final stages, when it finally got around to offering an e-reader, a piece of what was once a part of Borders will survive. Of course, a small electronic device will hardly fill the memories of those spacious floors and aisles, comfortable chairs, coffee and pastry, and long rows of shelves filled with your favorite new books. Keep pressing the buttons on your e-reader. That other experience is gone forever.

Rare Book Monthly

  • <b>Christie’s Paris:</b> Blaise Cendrars and Fernand Léger, <i>La Fin du monde filmée par l’ange N.-D.,</i> Paris, Editions de la Sirène, 1919
    <b>Christie’s Paris:</b> André Breton, <i>Second manifeste du Surréalisme,</i> Paris, Editions Kra, 1930
    <b>Christie’s Paris:</b> Paul Eluard and Pablo Picasso, <i>La Barre d’appui,</i> Paris, Editions « Cahiers d’Art », 1936
    <b>Christie’s Paris:</b> Blaise Cendrars and Fernand Léger, <i>La Fin du monde filmée par l’ange N.-D.,</i> Paris, Editions de la Sirène, 1919
    <b>Christie’s Paris:</b> Hans Bellmer, <i>Die Puppe,</i> Paris, G.L.M., 1936
    <b>Christie’s Paris:</b> Salvador Dali, <i>La femme visible,</i> Paris, Editions Surréalistes, 1930
  • <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Book of Hours. Illuminated manuscript, Flanders or northern France, c. 1450. With 12 full-page illuminated miniatures. £10,000 to £15,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Zahrawi, Abu’-Qasim, al- (c. 936-1013). <i>Albucasis chirurgicorum omnium,</i> Strasbourg, 1532. The first comprehensive illustrated treatise on surgery. £3,000 to £5,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Milles, Thomas. <i>The Custumers Alphabet and Primer,</i> 1608. Gilt supralibros of 17th-century English bibliophile Edward Gwynn. £2,000 to £3,000
    <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Guillemeau, Jacques. <i>Child-Birth or, the Happy Deliverie of Women,</i> 1st edition in English, 1612. The second midwifery manual printed in English. £1,500 to £2,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Rabisha, William. <i>The Whole Body of Cookery Dissected,</i> 1st edition, 1661. Rare. Five copies in libraries. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Royal binding. <i>An Abridgment of the English Military Discipline,</i> 1678. Contemporary red goatskin gilt by Samuel Mearne for Charles II (1630-1865). £1,500 to £2,000
    <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Pallavicino, Ferrante. <i>The Whores Rhetorick,</i> 1st edition in English, 1683. Rare anti-Jesuit satire. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Swift, Jonathan. <i>The Benefit of Farting,</i> 1st London edition, 1722. Teerink 19. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Edwards, George. <i>Natural History of Uncommon Birds</i> [and] <i>Gleanings of Natural History,</i> 7 volumes, 1743-64. Contemporary tree calf, 362 hand-coloured engraved plates. £8,000 to £12,000
    <center><b>Dominic Winter Auctioneers<br>The Library and Picture Collection of the late Martin Woolf Orskey<br>June 26</b>
    <b>Dominic Winter Auctioneers<br>June 26:</b> Campbell, Patrick. <i>Travels in the Interior Inhabited Parts of North America,</i> 1st edition, 1793. Howes C101; Sabin 10264. Uncut in original boards. £5,000 to £8,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Hearne, Samuel. <i>A Journey from Prince of Wales's Fort in Hudson's Bay, to the Northern Ocean,</i> 1st edition, 1795. Sabin 31181. Large-paper copy. £2,000 to £3,000
    <b>Dominic Winter Auctioneers<br>June 26:</b> Edgeworth, Maria. <i>The Match Girl, A Novel,</i> 1808. £1,000 to £1,500
  • <b>Chiswick Auctions:</b> Rowling (J.K). <i>Harry Potter and the Philosopher’s Stone,</i> FIRST EDITION, first issue, 1997. £15,000 to £20,000
    <b>Chiswick Auctions, seeking consignments:</b> Thornton (Samuel). <i>A Large Drought of the North Part of China Shewing…the Harbour of Chusan,</i> copper engraved map, 1711. £600 to £800
    <b>Chiswick Auctions, seeking consignments:</b> Stuart (Helen). Portrait of a Maori, over-painted gelatin silver print, signed and dated, 1885. £4,000 to £6,000
    <b>Chiswick Auctions, seeking consignments:</b> Picasso (Pablo). Minotaure vaincu, plate 89 from La Suite Vollard , signed, Paris, 1939. £4,000 to £5,000
    <b>Chiswick Auctions, seeking consignments:</b> Pissarro (Camille). Vachère au Bord de l'Eau, NUMBER 14 OF 100 PROOFS, etching, 1890. £800 to £1,200
    <b>Chiswick Auctions, seeking consignments:</b> Einstein (Albert). Copy of typewritten script of the episode "The Atom" of the TV programme "Your World Tomorrow", signed by Einstein. £2,000 to £3,000

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