Word comes via Scott Brown at Fine Books blog that the hole left in the antiquarian book world by the announced closure of Heritage Book Shop will be partially filled by “LA businessman, philanthropist, and bibliophile” Michael Sharpe. The new venture Michael Sharpe Rare and Antiquarian Books will employ former Heritage staffers (the story was leaked to Brown by one of the former Heritage employees who will be involved in this new entity) and carry a $10 million inventory. The shop will be open to the public and will reside in an historic Craftsman home.
The inventory will be consist largely of material from Sharpe’s personal library (that was purchased from Heritage).
Unfortunately, this doesn’t help the trade much. The millions of dollars a year Heritage pumped into the trade is still missing, at least initially. It remains to be seen what buying patterns will emerge from the new venture.
Though hopeful news I wouldn’t say we are out of the woods yet.
The other news from the trade is the astounding success of the auction of the Frank S. Streeter Library held at Christie’s. In many ways the auction was, as Yogi Berra says, ‘deja vu all over again’.
Frank Streeter is the son of Thomas Streeter. Thomas Streeter amassed the greatest collection in private hands of Americana in the 20th century. Streeter died in 1965. His seminal collection of pre-statehood Texas material was sold to Yale. The rest of the books were sold in a series of 7 auctions held by Parke-Bernet. The auctions took 3 years to complete and realized $3.1 million. It became the poster child for American book auctions.
Now 40 years later the sale of his son’s books has the book world buzzing again.
The auction took in over $16 million with over 30 lots selling for over $100,000. Most items blew away the estimates. Either they have to fire the guy who came up with estimates or there is a strong heartbeat in the book world.
Books aren’t going anywhere.
Jeremy at PhiloBiblos has the skinny on the lots that went for over 100k .
Michael Stillman’s article at American Exchange “A Streeter Auction Returns This Month.”
Book Patrol’s previous post on the Heritage affair.