• Freeman’s | Hindman, June 25: [Keats, John] Spenser, Edmund: The Works of that Famous English Poet, Mr. Edmond Spenser. $50,000 - $80,000.
    Freeman’s | Hindman, June 25: (Walton, Izaak): The Compleat Angler or the Contemplative man's Recreation. Being a Discourse of Fish and Fishing. $30,000 - $50,000.
    Freeman’s | Hindman, June 25: Thomas, Gabriel: An Historical and Geographical Account of the Province and Country of Pensilvania; and of West-New-Jersey in America. $25,000 - $35,000.
    Freeman’s | Hindman, June 25: [Carroll, Lewis]: The Game of Alice in Wonderland. $2,000 - $3,000.
    Freeman’s | Hindman, June 25: Athias, Joseph, et al.: Biblia Hebraica. $7,000 - $10,000.
    Freeman’s | Hindman, June 25: [Warhol, Andy, and Jens Quistgaard] Dansk Designs Salesman's Presentation Catalogue. $2,500 - $3,500.
  • Sotheby’s, June 26: Poe, Edgar Allan. Tamerlane — the most poignant rarity in American literature. 400,000 - 600,000 USD
    Sotheby’s, June 26: The Declaration of Independence. "We hold these truths to be self-evident, that all men are created equal..." 2,500,000 - 5,000,000 USD
    Sotheby’s, June 26: William Blake. “Poems with very wild and interesting pictures” 1,200,000 - 1,800,000 USD
    Sotheby’s, June 26: Thomas Taylor [artist]. The original cover art for Harry Potter and the Philosopher’s Stone. 400,000 - 600,000 USD
  • Old World Auctions (Jun 5-19):
    Lot 4. Blaeu's Magnificent Carte-a-Figures World Map in Full Contemporary Color (1642) Est. $12,000 - $15,000
    Old World Auctions (Jun 5-19):
    Lot 125. 1775 Edition of the Landmark Fry-Jefferson Map of Virginia and Maryland (1775) Est. $15,000 - $18,000
    Old World Auctions (Jun 5-19):
    Lot 673. Rare Frontispiece in Full Contemporary Color with Gilt Highlights (1662) Est. $4,000 - $4,750
    Old World Auctions (Jun 5-19):
    Lot 717. Complete Tanner Atlas with Important Maps of Texas & Iowa (1845) Est. $4,000 - $4,750
    Old World Auctions (Jun 5-19):
    Lot 3. Henricus Hondius' Baroque-Style World Map (1641) Est. $9,500 - $11,000
    Old World Auctions (Jun 5-19):
    Lot 258. Complete Set of De Bry's Native Virginians & Picts from Part I of Grands Voyages (1608) Est. $2,750 - $3,500
    Old World Auctions (Jun 5-19):
    Lot 608. Superb Work on 18th Century Russia with over 100 Maps and Plates (1788) Est. $3,500 - $4,250
    Old World Auctions (Jun 5-19):
    Lot 49. One of the Most Important 16th Century Maps of the New World (1556) Est. $5,000 - $6,000
    Old World Auctions (Jun 5-19):
    Lot 706. Superb Image of the Annunciation in Contemporary Hand Color (1518) Est. $900 - $1,100
    Old World Auctions (Jun 5-19):
    Lot 123. One of the Earliest Maps to Show Philadelphia (1695) Est. $4,000 - $4,750
    Old World Auctions (Jun 5-19):
    Lot 631. One of the Earliest Printed Maps of Afghanistan & Pakistan (1482) Est. $1,900 - $2,200
    Old World Auctions (Jun 5-19):
    Lot 689. Proof Copy Engraving of the Senate Floor During the Compromise of 1850 (1855) Est. $1,500 - $1,800

Rare Book Monthly

Articles - April - 2015 Issue

Operator of Massive Manuscript Business, Claimed Ponzi Scheme, Arrested

Aristophil website, since closed down.

The owner of an incredible manuscript business has been arrested in France, following the shuttering of his business earlier amid claims that it was a Pyramid (Ponzi) Scheme. The name “Madoff” has been bandied about frequently by the press in connection with the case. The business' operator, Gérard Lhéritier, has vehemently denied the charges.

 

Lhéritier's business, Aristophil, has amassed a manuscript collection almost beyond comprehension. It is claimed to contain around 135,000 manuscripts, housed in storage and in museums in France and Belgium (now closed). It included the will of King Louis XVI, written just before his unsuccessful attempt to flee Paris, André Breton's surrealist manifesto, a large collection of Charles de Gaulle's wartime telegraph drafts, Napoleon's marriage certificate, Albert Einstein's writings while working on the Theory of Relativity. Other names contained in this massive collection include Voltaire, Goethe, Descartes, Tolstoy, Zola, Verne, Mozart, Beethoven, Newton, Pasteur, Edison, Eiffel, seven more French kings besides Louis XVI, Gandhi, Churchill, Franklin Roosevelt, and many, many more. Recently, the firm had purchased the Marquis de Sade's 120 Days of Sodom, the manuscript written while he was imprisoned in the Bastille, for €7 million (pushing US $10 million at the time).

 

The issue was how Lhéritier was financing his purchases. He sold interests in pools of manuscripts to investors. With the use of their money, he would buy at auction, from dealers, or privately. The problem was compounded by his buying at high prices. Some appraisers believed he was way overpaying. However, in so doing, and buying so much, he drove the prices up. This created the appearance of sharply rising prices and values in the field, which reassured investors of the wisdom of their investments and encouraged newcomers to join the party.

 

It has been alleged that Lhéritier promised investors an annual return of at least 8% for a five-year investment. Lhéritier has denied this, and apparently it was not in writing, but at least some investors evidently believed the return was guaranteed. When an investor wanted out, their shares would be repurchased at a healthy gain, again encouraging others to invest. Of course, this is also a basic attribute of a Ponzi scheme.

 

Lhéritier opened Aristophil in 1990, but it was not until the beginning of the new century that the business began to grow into a manuscript behemoth. It then expanded from a few hundred to many thousands of investors and opened its manuscript museums. The current collection was estimated to be worth something in the €500-800 million range, which at the top end could be approaching almost $1 billion. However, this may be a largely inflated value, based on Lhéritier's purchases or estimates. It does appear that cash investments made in the business are in the $1 billion range.

 

In November, a large contingent of officers from France's anti-fraud squad raided the company's headquarters, along with offices in Brussels and Luxembourg, the Paris and Brussels museums, Lhéritier's home, his accountant, several investment advisors, and the office of a bookseller who sold Lhéritier many manuscripts. The business and its assets were all seized, forcing it to close down. Lhéritier objected that he was being forced into bankruptcy without a trial, but the anti-fraud investigators evidently felt the case was such that they needed to act decisively to protect the investors' interests. Aristophil's employees, around 65, were laid off. The firm's website was also shut down.

 

In early March, the long-delayed but inevitable other shoe dropped. Gérard Lhéritier was indicted on suspicion of fraud. His daughter, who managed the collections, and a couple of others were indicted too. The claim is essentially based on what investigators believe is a huge difference in the value of the firm's assets and its declared value. Not surprisingly, investors are upset, some having invested large portions of their savings with Aristophil. If it turns out the assets are worth just a fraction of their declared value, their losses will be substantial, for many life-changing. Even if estimates weren't grossly exaggerated (and the state believes they were), prices were driven up by Aristophil's buying. Selling this material without Lhéritier setting the market is likely to result in significantly reduced prices. Add to that trying to sell these manuscripts in volume and the nature of the mess becomes painfully obvious.

Rare Book Monthly

  • Sagen & Delås Auctions
    Towards the Poles: Accounts of Polar Exploration
    June 15, 2024
    Sagen & Delås, June 15: ROALD AMUNDSEN: PHOTO of «Fram» SIGNED by 17 members of the South Pole Expedition, Including Amundsen. €6,900 to €8,600.
    Sagen & Delås, June 15: ROALD AMUNDSEN: «Sydpolen», 1912. IN PARTS. €1,280 to €2,150.
    Sagen & Delås, June 15: JEAN-BAPTISTE CHARCOT: «Expédition Antarctique Francaise […] 1903-1905. », 1906. RARE, SIGNED. €2,100 to €3,400.
    Sagen & Delås Auctions
    Towards the Poles: Accounts of Polar Exploration
    June 15, 2024
    Sagen & Delås, June 15: FREDERICK A. COOK: «Through the first Antarctic Night 1898-1899. […]», 1900. First LIMITED & SIGNED edition. €2,100 to €3,400.
    Sagen & Delås, June 15: JAPANESE ANTARCTIC EXPEDITION UNDER NOBU SHIRASE: «Watashi no Nankyoku Tanken-ki», 1942. Publisher's wrappers. €1,280 to €2,135.
    Sagen & Delås, June 15: FRIDTJOF NANSEN: «Fram over Polhavet», 1897. LOT - 6 Variant bindings. €1,250 to €2,100.
    Sagen & Delås Auctions
    Towards the Poles: Accounts of Polar Exploration
    June 15, 2024
    Sagen & Delås, June 15: ABRAHAM ORTELIUS: «Septentrionalium Regionum Descrip», 1570. Beautiful handcoloured first state map. €2,950 to €3,800.
    Sagen & Delås, June 15: SCOTTISH NATIONAL ANTARCTIC EXPEDITION: [W. S. BRUCE]: «Life in the Antarctic», 1907. 2 copies in wrappers. €85 to €250.
    Sagen & Delås, June 15: ERNEST SHACKLETON: «The British Antarctic Expedition, 1907-9», 1909. Publisher's wrappers. €510 to €1,025.
    Sagen & Delås Auctions
    Towards the Poles: Accounts of Polar Exploration
    June 15, 2024
    Sagen & Delås, June 15: ERNEST SHACKLETON: «South», 1919. An attractive copy in publisher's cloth. €2,550 to €4,265.
    Sagen & Delås, June 15: UNITED STATES EXPLORING EXPEDITION UNDER CHARLES WILKES (1838-1842): «Narrative of the United States Exploring Expedition», 1845. €3,400 to €5,100.
    Sagen & Delås, June 15: HUBERT WILKINS: «Under the North Pole», 1931 | CONTRIBUTORS EDITION - LIMITED TO 29 COPIES. €1,280 to €2,550.
  • Heritage Auctions, June 27
    F. Scott Fitzgerald
    The Great Gatsby
    New York: Charles Scribner's Sons, 1925
    Heritage Auctions, June 27
    Mary Shelley
    Frankenstein: or, The Modern Prometheus
    London: Lackington, Hughes, Harding, Mavor, & Jones, 1818
    Heritage Auctions, June 27
    J. R. R. Tolkien
    The Hobbit; or, There and Back Again
    London: George Allen & Unwin Ltd., 1937
    Heritage Auctions, June 27
    Jane Austen
    Emma: A Novel. In Three Volumes. By the Author of "Pride and Prejudice," &c. &c.
    London: Printed for John Murray, 1816
    Heritage Auctions, June 27
    Robert Louis Stevenson
    An Inland Voyage
    London: C. Kegan Paul & Co., 1878
    Heritage Auctions, June 27
    Ernest Hemingway
    Three Stories & Ten Poems
    Paris: Contact Publishing Co., 1923
    Heritage Auctions, June 27
    Meriwether Lewis and William Clark
    History of the Expedition under the Command of Captains Lewis and Clark
    Philadelphia, 1814
    Heritage Auctions, June 27
    Emily Dickinson
    Autograph letter signed ("Emily and Vinnie"), to Mary Adelaide Hills
    Amherst, MA, Late April, 1880
    Heritage Auctions, June 27
    John Keats
    Autograph letter signed ("John Keats"), to Mrs. Jeffrey
    Honiton 4 or 5 May 1818
    Heritage Auctions, June 27
    Samuel Johnson
    A Dictionary of the English Language: In which the Words are deduced from their Originals…
    London, 1765
    Heritage Auctions, June 27
    H. P. Lovecraft
    Small archive of nine lengthy autograph letters signed variously over a period of six years to J. Vernon Shea.
    Various places, 1931-1937
    Heritage Auctions, June 27
    Izaak Walton
    The Compleat Angler or the Contemplative Man's Recreation…
    London: T. homas Maxey for Rich. ard Marriot, 1653
  • Dominic Winter Auctioneers
    Auctions on June 19
    and June 20
    Dominic Winter, June 19: Lot 70 - Warner (Robert). The Orchid Album, 11 volumes, 1882-1897. £5,000 to £8,000
    Dominic Winter, June 19: Lot 151 - United States. Melish (John), Map of the United States with..., British & Spanish Possessions, 1816. £40,000 to £60,000
    Dominic Winter, June 19: Lot 159 - World. Speed (John), A New and Accurat Map of the World, 1676. £4,000 to £6,000.
    Dominic Winter Auctioneers
    Auctions on June 19
    and June 20
    Dominic Winter, June 20: Lot 503 - American Civil War playing cards. Union Cards, New York: American Card Co., 1862. £500 to £800
    Dominic Winter, June 20: Lot 573 - Shepard (Ernest Howard), 'The Hour is Come’, original watercolour, [1959]. £10,000 to £15,000
    Dominic Winter, June 20: Lot 922 - Wilde (Oscar). An Ideal Husband, large paper limited issue, 1899. £4,000 to £6,000
    Dominic Winter Auctioneers
    Auctions on June 19
    and June 20
    Dominic Winter, June 20: Lot 744 - Disney (Walt). “Sketch Book” [of Snow White and the Seven Dwarfs], 1938. £700 to £1,000
    Dominic Winter, June 20: Lot 771 - Auden (Wystan Hugh). Portrait of the head of W. H. Auden, 1970. £1,000 to £1,500
    Dominic Winter, June 20: Lot 822 - Fleming (Ian). Goldfinger, 1st edition, signed by the author, 1959. £6,000 to £8,000
    Dominic Winter Auctioneers
    Auctions on June 19
    and June 20
    Dominic Winter, June 20: Lot 895 - Rowling (J. K.). A complete inscribed set of Harry Potter books plus ephemera. £8,000 to £12,0000
    Dominic Winter, June 20: Lot 883 - Orwell (George). Nineteen Eighty-Four, 1st edition, London: Secker & Warburg, 1949. £3,000 to £5,000
    Dominic Winter, June 20: Lot 700 - Ashendene Press. T. Lucreti Cari De Rerium Natura Libri Sex, Chelsea: Ashendene Press, 1913. £4,000 to £6,000
  • Doyle, June 20: CLAUDE MCKA. Home to Harlem. New York: Harpers, 1928. First edition. $700 to $1,000.
    Doyle, June 20: Haydn's VI Original Canzonettas, signed by the composer. $4,000 to $6,000.
    Doyle, June 20: A rare EP sleeve inscribed by John Lennon. $800 to $1,200.
    Doyle, June 20: An extremely rare 1961 concert set list and autograph letter from The King. $7,000 to $10,000.
    Doyle, June 20: Bryan Batt's copy of the Mad Men Yearbook, 2008-2014. $600 to $800.
    Doyle, June 20: An original Al Hirschfeld depicting comedian Fred Allen. $1,000 to $1,500.
    Doyle, June 20: A signed note from George Gershwin with reference to Porgy and Bess. $1,000 to $1,500.
    Doyle, June 20: An original Harold Arlen manuscript musical quotation from "Over the Rainbow.” $1,000 to $1,500.
    Doyle, June 20: A fine original Edith Head sketch for Grace Kelly's wedding trousseau. $3,000 to $5,000.
    Doyle, June 20: The poster for New Faces with inscriptions and the signature of Eartha Kitt. $200 to $300.
    Doyle, June 20: The classic "Jazz" Bowl by Viktor Schreckengost for Cowan Pottery. $15,000 to $25,000.
    Doyle, June 20: Tony Award Medallion won for "Kismet." $3,000 to $5,000.
  • Doyle, June 18: Stephen Sondheim's personalized Sweeney Todd asylum coat and jacket. $400 to $600.
    Doyle, June 18: Twelve Posters for Stephen Sondheim Musicals. $400 to $600.
    Doyle, June 18: Stephen Sondheim's Gold Record for the soundtrack to West Side Story. $1,000 to $1,500.
    Doyle, June 18: A manuscript musical quotation from Passion. The quotation headed "Tranquillo" above the music, the lyrics are also written out: "lov-ing you is not a choice, it's who I am..." 11 x 14 inches. $800 to $1,200.
    Doyle, June 18: Stephen Sondheim's retained set of The Sondheim Review. Comprising a complete run of Volume 1, Number 1 (Summer 1994) to Volume XXI, Number 4 (Fall 2015). $500 to $800.
    Doyle, June 18: Five amusing Victorian-era game boards, including Snakes and Ladders. $200 to $300.
    Doyle, June 18: A cased tabletop croquet set and two horse racing games. $300 to $500.
    Doyle, June 18: Four Posters Related to Various Sondheim Productions. $300 to $500.
    Doyle, June 18: The rare first American edition of The Phantom of the Opera. $100 to $200.

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