• <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> SHERBURNE, BRANTZ, and WIRGMAN. The Original Drawings of the First Modern Scientific Survey of the Patapsco River and Chesapeake Bay. $350,000 to $500,000.
    <b>Arader Galleries, Dec. 5:</b> LAFON, Barthelemy. The Earliest Comprehensive Survey of Louisiana and its Adjacent Regions. $350,000 to $450,000.
    <b>Arader Galleries, Dec. 5:</b> Giacomo GASTALDI. The Most Important Renaissance Wall Map of Asia Published in the 16th Century – with all four sheets having full margins. $300,000 to $400,000.
    <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> CAO, Junyi. The Most Important Map of China to Come to Market in 50 Years. One of only three known copies of the last Ming Dynasty world map. $325,000 to $375,000.
    <b>Arader Galleries, Dec. 5:</b> ORTELIUS, Abraham. Ortelius Atlas Spanish 1588 Magnificently Rich Original Hand Color in Full. $225,000 to $350,000.
    <b>Arader Galleries, Dec. 5:</b> An Exceptionally Fine and Historically Important Manuscript Map Showing the Origins of Texas in the 19th Century. $250,000 to $350,000.
    <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> PRICE, William and BONNER, John. Map of Boston 1769. $225,000 to $325,000.
    <b>Arader Galleries, Dec. 5:</b> John James AUDUBON. Audubon’s Brilliant Icon, That Has Never Been Equaled for Drama. $150,000 to $250,000.
    <b>Arader Galleries, Dec. 5:</b> Pierre-Joseph REDOUTE. Original Watercolor, Red Lily. $175,000 to $250,000.
    <center><b>Arader Galleries<br>December Sale<br>December 5, 2020</b>
    <b>Arader Galleries, Dec. 5:</b> John James AUDUBON. The Most Famous Image of a Bird in All of History. $150,000 to $200,000.
    <b>Arader Galleries, Dec. 5:</b> Martin WALDSEEMULLER. The Finest Example in Existence of Martin Waldseemuller’s Map of the New World, with Spectacular Full Original Color. $150,000 to $200,000.
    <b>Arader Galleries, Dec. 5:</b> GORDON, Peter. The First State of the First View of Savannah: The Template for American Urban Planning. $100,000 to $150,000.
  • <b>Swann Auction Galleries Dec 17:</b> Bernardus Sylvanus, one of the earliest printed maps of the New World, woodcut, Venice, 1511. $20,000 to $30,000.
    <b>Swann Auction Galleries Dec 17:</b> Johannes Blaeu, <i>Nova et Accuratissima Totius Terrarum Orbis Tabula,</i> Amsterdam, 1662. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 17:</b> Emanuel Bowen & John Gibson, <i>Atlas Minimus,</i> miniature atlas, London, 1758. $2,500 to $3,500.
    <b>Swann Auction Galleries Dec 17:</b> Henry Andrews, <i>The Botanist's Repository for New & Rare Plants,</i> London, 1797-1815. $3,000 to $5,000.
    <b>Swann Auction Galleries Dec 17:</b> John James Audubon, <i>Night Heron or Qua Bird, Plate CCXXXVI,</i> hand-colored aquatint, 1835. $25,000 to $35,000.
    <b>Swann Auction Galleries Dec 17:</b> Basilius Besler, group of 30 folio engravings, <i>Hortus Eystettensis,</i> Eichstatt, 1613. $7,000 to $10,000.
    <b>Swann Auction Galleries Dec 17:</b> Henri Chatelain, <i>Carte Tres Curieuse de la Mer du Sud...,</i> Amsterdam, 1719. $8,000 to $12,000.
    <b>Swann Auction Galleries Dec 17:</b> Arnoldus Montanus, <i>Die Unbekante Neue Welt...,</i> German text edition, Amsterdam, 1673. $4,000 to $6,000.
  • <b>ANZAAB Joint Catalogue:</b> BULLER, Walter Lawry. <i>A HISTORY OF THE BIRDS OF NEW ZEALAND.</i> London, Van Voorst, 1873. Special De-Luxe edition of this already rare work.
    <b>ANZAAB Joint Catalogue:</b> GIBBS, May. <i>Gum-Nut Babies.</i> Sydney: Angus and Robertson, Ca. 1918.
    <b>ANZAAB Joint Catalogue:</b> SWIFT, Jonathan. <i>TRAVELS INTO SEVERAL REMOTE NATIONS OF THE WORLD.</i> London: Printed for Benj.Motte. 1727.
    <b>ANZAAB Joint Catalogue:</b> JUKES, Joseph Beete. <i>NARRATIVE OF THE SURVEYING VOYAGE OF H.M.S. FLY…</i> London: T. & W. Boone, 1847. First Edition.
    <b>ANZAAB Joint Catalogue:</b> <i>SOMERVILLE, E OE. IN THE VINE COUNTRY.</i> London: W H Allen & Co Limited, 1893.
    <b>ANZAAB Joint Catalogue:</b> MAWE, John. <i>The voyager’s companion, or shell collector’s pilot.</i> London : 1825. Rare.
    <b>ANZAAB Joint Catalogue:</b> PARKINSON, John. <i>Theatrum Botanicum, The Theater of Plants…</i> London, Thomas Cotes, 1640.
    <b>ANZAAB Joint Catalogue:</b> c. 1150 decorated MONASTIC MISSAL LEAF, Southern Germany/Austria.
    <b>ANZAAB Joint Catalogue:</b> LEGGE, Captain W. Vincent. <i>A HISTORY OF THE BIRDS OF CEYLON.</i> London, The Author, 1880.
    <b>ANZAAB Joint Catalogue:</b> AUNT HANNAH. <i>SOME ADVENTURES IN THE LIFE OF A COCKATOO.</i> Published in New York by R. Shugg and Co., 1872.

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

  • <center><b>Sotheby’s<br>English Literature, History, Science,<br>Children’s Books and Illustrations<br>1 – 8 December, 2020</b>
    <b>Sotheby’s, 1-8 Dec.:</b> JAMES OF MILAN | <i>Pricking of love,</i> illuminated manuscript in Middle English [England, fifteenth century]. £60,000 to £80,000.
    <b>Sotheby’s, 1-8 Dec.:</b> BEARDSLEY | <i>The Toilet of Helen,</i> original ink drawing for Savoy, 1895. £30,000 to £50,000.
    <b>Sotheby’s, 1-8 Dec.:</b> DICKENS | <i>A Christmas Carol,</i> 1844, seventh edition, presentation copy inscribed by the author. £20,000 to £30,000.
    <center><b>Sotheby’s<br>English Literature, History, Science,<br>Children’s Books and Illustrations<br>1 – 8 December, 2020</b>
    <b>Sotheby’s, 1-8 Dec.:</b> DARWIN | <i>For Private Distribution... Extracts from Letters addressed to Professor Henslow...,</i> 1835, original wrappers. £70,000 to £90,000.
    <b>Sotheby’s, 1-8 Dec.:</b> DEFOE | Autograph manuscript poem, 'Resignation', 1708. £20,000 to £30,000.
    <b>Sotheby’s, 1-8 Dec.:</b> GRAHAME | <i>The Wind in the Willows,</i> 1908, first edition, dust-jacket. £12,000 to £16,000.
  • <center><b>Sotheby’s<br>Livres et Manuscrits<br>7 – 15 December, 2020</b>
    <b>Sotheby’s, 7 – 15 Dec.:</b> [RELIURE BRODÉE]. <i>Horae beatissimae...</i> Anvers, 1570. Reliure brodée de la Renaissance aux armes du duc d'Anjou. €50,000 to €70,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> ARTOIS, comte d', futur Charles X. 75 lettres autographes au comte de Vaudreuil entre 1792 et 1804. €15,000 to €20,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> [Pascal, Blaise]. <i>Lettres de A. Dettonville ...</i> Paris, 1658-1659. Rarissime édition originale en reliure de l'époque. €30,000 to €50,000.
    <center><b>Sotheby’s<br>Livres et Manuscrits<br>7 – 15 December, 2020</b>
    <b>Sotheby’s, 7 – 15 Dec.:</b> Aragon, Louis. Ens. de 8 ouvrages avec envois à Jacques Lacan, dont "Blanche et l'oubli", 1967, sur grand papier. €2,000 to €3,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> Fermat, Pierre de. <i>Varia opera mathematica.</i> Toulouse,1679. Petit in-folio. Edition originale. De la bibliothèque de Jacques Lacan. €6,000 to €8,000.
    <b>Sotheby’s, 7 – 15 Dec.:</b> Leduc, Violette. <i>La Bâtarde.</i> 1958-1963. Important manuscrit autographe, premier jet. 20 cahiers, env 2048 p. ms. €40,000 to €60,000.
  • <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> Joyce (James), <i>Ulysses,</i> 4to, Paris: (Shakespeare & Co.) 1922, First Edn. €7,000 to €9,000.
    <b>Fonsie Mealy, Dec. 9:</b> Of the Utmost Rarity with Swift Association. Harward (Michael). <i>Philomath. A New Almanack for the Year of Our Lord,</i> 1666. €6,000 to €9,000.
    <b>Fonsie Mealy, Dec. 9:</b> With Full Complement of Hand Coloured & Other Plates. Rosellini (Ippolito). <i>Monumenti dell Egitto e della Nubia,</i> Vols. I, II, & III Plate Volumes only. €5,000 to €7,000.
    <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> With Magnificent Hand Coloured Plates. [Bivort, Debabay, & others] <i>Annales de Pomologie,</i> 8 vols., folio, Brussels, 1853-1861. €4,000 to €6,000.
    <b>Fonsie Mealy, Dec. 9:</b> With Very Fine Coloured Plates & Illustrations. Barbier (George) Vogel (Lucien) & others, <i>Gazette du Bon Ton - Arts-modes et frivolities, </i> 1914 to 1922. €4,000 to €6,000.
    <b>Fonsie Mealy, Dec. 9:</b> “I have seen War... I hate War," Signed Presentation Copy to William C. Bullitt, Roosevelt (Franklin D.) August 14, 1936. €3,000 to €4,000.
    <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> Victorian Hostess & Horticulturist. An Important Collection Relating to Lady Dorothy Nevill (1826-1913). €2,500 to €3,200.
    <b>Fonsie Mealy, Dec. 9:</b> Fine Original Portrait Photos of The O'Brien Ladies by Margaret Cameron. Two black and white Photos, each 8" x 10". €1,200 to €1,800.
    <b>Fonsie Mealy, Dec. 9:</b> James Hume Nesbitt Illustrations: A collection of twelve pen and ink Drawings and Etchings intended for publication as book of illustrations for his thriller novels. €800 to €1,200.
    <center><b>Fonsie Mealy Auctioneers<br>Christmas Rare Books<br>& Collectors’ Sale<br>9 & 10 December 2020</b>
    <b>Fonsie Mealy, Dec. 9:</b> Attributed to Kitagawa Utamavo (1753-1806). A pair of attractive colourful woodblock prints, of Court Ladies in decorative robes with numerous stamps and script. €800 to €1,000.
    <b>Fonsie Mealy, Dec. 9:</b> Contemporaneous Notes from Captain Cook's Voyage Travel: [Anon] <i>Voyage to the South Sea by Mr. Banks, Mr. Parkinson and Dr. Solender, with Capt. Cooke,</i> a 7 page m/ss document. €700 to €1,000.
    <b>Fonsie Mealy, Dec. 9:</b> Very Rare First U.K. Edition with Yellow Paper Band. Herbert (Frank). <i>Dune,</i> 8vo London (Victor Gollancz Ltd.) 1966. €500 to €700.

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