• <b>Christie’s London June 5:</b> <i>Le Neptune François, ou Atlas Nouveau des Cartes Marines. Levées et Gravées par ordre exprès du Roy...</i> Paris: Hubert Jaillot, 1693 [but Amsterdam: Pieter Mortier, 1693-1700].
    <b>Christie’s London June 5:</b> BLAEU, Willem Janszoon. <i>Le Flambeau de la Navigation monstrant la description & delineation de toutes les Costes & Havres…</i> Amsterdam: Jan Jansson, 1620.
    <b>Christie’s London June 5:</b> [WALDSEEMÜLLER, Martin.] <i>Orbis Typus Universalis Iuxta Hydrographorum Traditionem.</i> [Strasbourg: 1513].
    <b>Christie’s London June 5:</b> KEULEN, Johannes van. <i>De Groote Nieuwe Vermeerderde Zee-Atlas ofte Water-Werelt.</i> Amsterdam: Johannes van Keulen, 1688.
    <b>Christie’s London June 5:</b> DONCKER, Hendrick. <i>De Zee-Atlas of Water-Waerelt.</i> Amsterdam: Hendrick Doncker, 1666.
    <b>Christie’s London June 5:</b> GARNIER, Francis and Ernest DOUDART DE LAGRÉE. <i>Voyage d'exploration en Indo-Chine effectué pendant les années 1866, 1867 et 1868 par une Commission Française.</i> Paris: Hachette, 1873 [-1875].
  • <b>Bonhams, Jun 13:</b> Darwin, Charles. <i>On the Origin of Species.</i> Presentation Copy. Very Fine. $200,000 to $300,000
    <b>Bonhams, Jun 13:</b> Darwin, Charles. Autograph Letter Signed, 3 pp, negotiating the 2nd American edition with Appleton $20,000 to $30,000
    <b>Bonhams, Jun 13:</b> Hemingway, Ernest. Autograph Letter Signed, 8 pp, Paris, 1924, to his father discussing Bullfighting, Stories, and his new baby. $20,000 to $30,000
    <b>Bonhams, Jun 13:</b> Shakespeare, William. <i>Corialanus.</i> London, 1623. 1st printing [Extracted from the First Folio]. $40,000 to $60,000
    <b>Bonhams, Jun 13:</b> Swift, Jonathan. <i>Gulliver's Travels.</i> London, 1726. 1st edition, Teerink's A edition, fine, large copy. $15,000 to $25,000
    <b>Bonhams, Jun 13:</b> Neill, John R. Pen-and-ink drawing from Oz, "He raised his gun, took aim and fired," $6,000 to $8,000
    <center><b>Bonhams<br>Fine Books and Manuscripts<br>June 13 - New York</b>
    <b>Bonhams, Jun 13:</b> Shakespeare, William. <i>Sonnets.</i> 1901. 2 volumes. Printed on vellum and illuminated by Ross Turner, bound by Trautz-Bauzonnet. $8,000 to $12,000
    <b>Bonhams, Jun 13:</b> Thompson, Kay. <i>Eloise at Christmastime.</i> New York: Random House, [1958]. First edition. In custom binding by Asprey. $3,000 to $5,000
    <b>Bonhams, Jun 13:</b> Beardsley, Aubrey. <i>The Birth, Life, and Acts of King Arthur.</i> 1893-94. 2 volumes. Contemporary painted vellum gilt by Chivers. $2,000 to $3,000
    <b>Bonhams, Jun 13:</b> Assisi, St. Francis. <i>The Canticle of Brother Sun.</i> Illuminated on vellum, for the Grolier Society. $7,000 to $9,000
    <b>Bonhams, Jun 13:</b> Taylor, Deems. <i>Walt Disney’s Fantasia.</i> New York: 1940. In custom binding by Asprey. $3,000 to $5,000
    <b>Bonhams, Jun 13:</b> Proust, Marcel. <i>Du coté de chez Swann.</i> 1st edition, 1st issue. Inscribed by Proust. $5,000 to $7,000
    <b>Bonhams, Jun 13:</b> Rackham, Arthur. <i>Peter Pan in Kensington Gardens.</i> 1/500 copies signed by Rackham. $1,500 to $2,500
  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Bouchette (Lt.-Col.Joseph, Canadian Surveyor-General of British North America). A Plan of the Province of Upper Canada, manuscript map, [c.1790-1795]. £20,000 to £30,000
    <b>Forum Auctions May 30:</b> Browne (W.H.). Ten Coloured Views taken during the Arctic Expedition of Her Majesty's Ships "Enterprise" and "Investigator", first edition, presentation copy, 1850. £4,000 to £6,000
    <b>Forum Auctions May 30:</b> Lovelace (Ada).- Lacroix (Silvestre Francois). <i>An Elementary Treatise on the Differential and Integral Calculus,</i> first edition in English, Lovelace's copy, Cambridge, 1816. £3,000 to £4,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Rackham (Arthur). <i>Grimm's Fairy Tales,</i> one of 750 copies signed by the artist, 1909. One of several signed limited editions by Rackham in the sale. £1,000 to £1,500
    <b>Forum Auctions May 30:</b> Schedel (Hartmann). <i>Liber chronicarum [German] Das Buch der Croniken und Geschichten,</i> Augsburg, Johann Schonsperger, 1500. £10,000 to £15,000
    <b>Forum Auctions May 30:</b> Gandhi, Mohandas.- Eichenberg (Fritz, German-American illustrator). Autograph inscription by Ghandi with celebrated bust-length wood-engraved portrait by Eichenberg, c.1942. £10,000 to £15,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Shakespeare (William). <i>A Collection of Poems,</i> 2 vol. in 1, for Bernard Lintott, [1710-11]. £8,000 to £12,000
    <b>Forum Auctions May 30:</b> Churchill (SirWinston Spencer). Midland Conservative Club. Presidential Address Delivered by Winston Spencer Churchill, Esq., June 1st, 1899, first edition, [1899]. £10,000 to £15,000
    <b>Forum Auctions May 30:</b> [Walpole (Horace)]. <i>The Castle of Otranto, a Story,</i> first Dublin edition, Dublin, 1765. £800 to £1,200
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. May 30, 2019</b>
    <b>Forum Auctions May 30:</b> Dickens (Charles). Sketches by "Boz," Illustrative of Every-day Life, and Every-day People, [First Series] - Second Series, together 3 vol., first editions, first issues , 1836-7. £10,000 to £15,000
    <b>Forum Auctions May 30:</b> Wilde (Oscar). [Works], 14 vol., first collected edition, one of 80 sets on Japanese vellum, Methuen & Co., 1908. £8,000 to £12,000
    <b>Forum Auctions May 30:</b> Rowling (J.K.). <i>Harry Potter and the Philosopher's Stone,</i> first edition, first printing, 1997. £20,000 to £30,000
  • <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br><i>Breviarium Romanum,</i> before 1478. Est: € 15,000
    <b>Ketterer Rare Books, May 27:</b><br>C. Ptolemaeus, <i>Geographie,</i> 1513.<br>Est: € 140,000
    <b>Ketterer Rare Books, May 27:</b><br>M. Chagall, <i>Daphnis & Chloé,</i> 1961.<br>Est: € 130,000
    <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br>F. Colonna, <i>Hypnerotomachia Poliphili,</i> 1499. Est: € 20,000
    <b>Ketterer Rare Books, May 27:</b><br>J. H. van Linschoten, <i>Itinerarium,</i> 1644. Est: € 50,000
    <b>Ketterer Rare Books, May 27:</b><br>M. Chagall, <i>Cirque,</i> 1967.<br>Est: € 120,000
    <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br>G. L. L. Buffon, <i>Histoire naturelle des oiseaux,</i> 1765-83. Est: € 30,000
    <b>Ketterer Rare Books, May 27:</b><br>K. Marx, <i>Das Kapital,</i> 1867.<br>Est: € 30,000
    <b>Ketterer Rare Books, May 27:</b><br>P. J. Redouté, <i>Les liliacées,</i> 1802-16.<br>Est: € 120,000
    <center><b>Ketterer Rare Books<br>Auction on May 27th</b>
    <b>Ketterer Rare Books, May 27:</b><br>M. E. Bloch, <i>Naturgeschichte der Fische,</i> 1782-95. Est: € 50,000
    <b>Ketterer Rare Books, May 27:</b><br>H. A. Châtelain, <i>Atlas historique,</i> 1718-20. Est: € 18,000
    <b>Ketterer Rare Books, May 27:</b><br>Bauhausbücher, complete series, 1925-30. Est: € 28,000

Rare Book Monthly

Articles - April - 2013 Issue

Someone Very Rich Still Believes in Newspapers

Newspile

Do you still believe in newspapers? Many have written them off, consigned them to virtual extinction over the next decade or so. However, one person who does still believe in newspapers is America's most successful investor. Warren Buffet has put his money where his mouth is. Well, let's not get too carried away. We'll say he sort of believes and has sort of put his money there. It is a somewhat tepid endorsement, but a welcome one nonetheless. What was once the major if not only way to deliver current news needs all the friends it can get.

Mr. Buffet devoted several pages of his annual letter to shareholders to newspapers. Even he was aware that this might seem an odd investment, beginning the section with the ironic heading, “We Buy Some Newspapers. . . Newspapers?” He goes on to write, “During the past fifteen months, we acquired 28 daily newspapers at a cost of $344 million. This may puzzle you for two reasons. First, I have long told you in these letters and at our annual meetings that the circulation, advertising and profits of the newspaper industry overall are certain to decline. That prediction still holds.”

Circulation, advertising, and most of all, profits falling doesn't sound like the basis for an investment. Not depressed enough? Buffet goes on to write about how “newspapers were the primary source for an incredible variety of news, a fact that made them indispensable to a very high percentage of the population.” International, national and local news, sports and stock quotes all arrived first through your newspaper. Additionally, the advertising was a form of “news,” providing job openings, movie listings, and supermarket specials to readers. That made the local newspaper “indispensable to advertisers.” In communities with just one newspaper, and most cities saw the field condense to one, “its profits were certain to be extraordinary.”

“Now the world has changed,” Mr. Buffet continues. Stock and sports news is out of date before “the presses begin to roll.” The internet has replaced classified advertising, national news flows quickly from the television set. “In one area of interest after another, newspapers have therefore lost their 'primacy.' And, as their audiences have fallen, so has advertising.” Buffet has really made a strong case for newspapers. Why on earth would anyone invest $344 million in such a dying business?

Here is Buffet's answer: “Newspapers continue to reign supreme, however, in the delivery of local news. If you want to know what’s going on in your town – whether the news is about the mayor or taxes or high school football – there is no substitute for a local newspaper that is doing its job... Wherever there is a pervasive sense of community, a paper that serves the special informational needs of that community will remain indispensable to a significant portion of its residents.”

Still, Mr. Buffet acknowledges that local newspapers face difficulties and uncertainties. They need an internet presence, and have traditionally offered their online content for free. “How could this lead to anything other than a sharp and steady drop in sales of the printed product?” he asks. He notes that some newspapers have begun charging for web content, and said these have seen their circulation hold up better than most. Charging, however, is only a relatively recent phenomenon and he remains uncertain as to whether it will resolve the issue of subscribers moving from a paid newspaper to a free website. Unstated is the issue that charging for online content may be difficult because people are used to web content being free, and TV stations and others, used to providing free content, compete online for local news. “Whatever works best – and the answer is not yet clear – will be copied widely,” he adds uncertainly.

Buffet, and his company, Berkshire Hathaway, have mostly limited themselves to smaller market daily newspapers. His largest are in Omaha and Buffalo, but he has owned them for a long time. Were it not for his own beginnings in the newspaper business and a personal fondness, it is questionable whether he would be invested at all. When he purchased a group of newspapers a year ago, he deliberately left out the largest group in the chain, the Tampa daily. The risk appears lower when staying out of the large cities.

And then there is the point about that $344 million invested. To you and I, that sounds like a lot of money. For Mr. Buffet, who is personally worth over $50 billion, it is not. Berkshire Hathaway maintains a market capitalization of over $250 billion. To this company, its investment in newspapers is barely more than one-tenth of one percent of its net worth. Recently, the company announced a $23.6 billion offer to purchase H.J. Heinz Co. That's $23 billion for ketchup and pickles versus $343 million for newspapers. Mr. Buffet may be toying with a business he loves more than making a serious investment. The space in his letter devoted to newspapers far outweighs the size of his investment. Nonetheless, we will take anything positive about print media these days, especially when it comes from a man with such a sterling reputation.

Rare Book Monthly

  • <b>Swann Auction Galleries June 6:</b><br>John Carte, <i>The Frontispiece of the Cosmographical Clock,</i> hand-colored broadside, London, circa 1699. $2,000 to $3,000.
    <b>Swann Auction Galleries June 6:</b><br>John Fisk Allen & William Sharp, <i>Victoria Regia,</i> Boston, 1854. $15,000 to $20,000.
    <b>Swann Auction Galleries June 6:</b> George Catlin, <i>North American Indian Portfolio,</i> London, 1844. $30,000 to $50,000.
    <b>Swann Auction Galleries June 6:</b> Abraham Ortelius, <i>Islandia,</i> Antwerp, 1598. $5,000 to $7,500.
    <b>Swann Auction Galleries June 6:</b> Plancius Petrus, map of Southern Africa, Amsterdam, 1592-94. $3,000 to $5,000.
    <b>Swann Auction Galleries June 6:</b> Pieter Verbiest, <i>Nova Totius Terrarum Orbis Geographica,</i> Antwerp, 1636. $10,000 to $15,000.
    <b>Swann Auction Galleries June 6:</b><br>Emil B. Fischer, <i>Map of Southwestern Colorado,</i> lithograph, 1893. $2,000 to $3,000.
    <b>Swann Auction Galleries June 6:</b><br>A.P. Folie, <i>Plan of the Town of Baltimore,</i> Philadelphia, 1792. $7,000 to $10,000.
    <b>Swann Auction Galleries June 6:</b> Lewis Evans, <i>A General Map of the Middle British Colonies,</i> proof copy, annotated, signed & dated by Evans, Philadelphia, 1755. $30,000 to $50,000.
    <b>Swann Auction Galleries May 23:</b> Lester Beall, <i>Rural Electrification Administration,</i> 1939. $20,000 to $30,000.
    <b>Swann Auction Galleries June 6:</b> Jacob Robyn, after Arent Roggeveen, <i>The First Part of the Burning Fen,</i> with English text, Amsterdam, circa 1680. $20,000 to $30,000.
    <b>Swann Auction Galleries June 6:</b> Large bird’s-eye view of New York City, hand-painted photo, circa 1933. $2,000 to $3,000.
    <b>Swann Auction Galleries June 6:</b> Arundel Society, group of approx. 185 chromolithographed Renaissance paintings, late-19th century. $6,000 to $9,000.
  • <center><b>Chiswick Auctions</b>
    <b>Chiswick Auctions, May 29:</b> Rumphius (Georgius Everhardus). <i>D’Ambionsche Rariteitkamer,</i> FIRST EDITION, 61 handcoloured engraved plates, 1705. £10,000 to £15,000
    <b>Chiswick Auctions, May 29:</b> Collodi (Carlo) Le avventure di Pinocchio. <i>Storia di un burattino,</i> FIRST EDITION, frontispiece and 61 illustrations by Enrico Mazzanti, 1883. £8,000 to £12,000
    <b>Chiswick Auctions, May 29:</b> De Bry (T, J T & J I). <i>[Great Voyages, part IV] Americae sive Insignis & Admiranda Historia de Reperta primum Occidentali India,</i> FIRST EDITION, 23 engraved plates, 1594. £4,000 to £6,000
    <b>Chiswick Auctions, May 29:</b> Wine & Beer.-Kellermaysterey. <i>Gründtlicher bericht wie man alle wein Teütscher und Welscher landen vor allen zufallen bewaren...,</i> 16 leaves of manuscript notes, 1548. £2,000 to £3,000
    <b>Chiswick Auctions, May 29:</b> Table Globe'- Doppelmayr (J G) & Puschner (J G, engraver). An 8-inch German terrestrial table Globe, diameter c.200 mm, height c.300 mm, 1730. £6,000 to £8,000
    <center><b>Chiswick Auctions</b
    <b>Chiswick Auctions, May 30:</b> An album with 107 original watercolours featuring landscapes and views of various places in England, Scotland and Ireland, late 1840s. £600 to £800
    <b>Chiswick Auctions, May 30:</b> Hemingway (Ernest). Black and white, landscape photograph of man on horseback, signed and inscribed by Hemingway. £1,000 to £1,500
    <b>Chiswick Auctions, May 30:</b> Unrecorded autograph letter by Charles William Stewart to his father the Marquess of Londonerry, describing the ceremony of the presentation to Consul Bonaparte in January 1803. £6,000 to £8,000.
    <b>Chiswick Auctions, May 30:</b> Davis (William Heath). <i>Seventy-five Years in California,</i> Author's Section of the Argonaut Edition, no. 142 [of 250 copies] signed by the editor and publisher on limitation leaf. £1,500 to £2,000
    <b>Chiswick Auctions, May 30:</b> Prussian Royal Family. Six signed photographs of members of Prussian Royal Family, in a contemporary folding triptych, ebonised wood display case. £1,500 to £2,000

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