RARE BOOK SELLERS LAS VEGAS GAMBLE PAYS OFF
Gould’s “Birds of Great Britain” an ornithological plate book that contains a series of spectacular plates, colored by hand, plunking down $100,000.
Later he paid $500,000 for a first edition of Isaac Newton’s “Principia.”
“Most people don’t look up”
The couple got into rare books quite by accident, recalled David Bauman, a gentle, soft-spoken man in his 70s, after espying some at Freeman, the auction house in Philadelphia where they lived as newlyweds. “For $1 we bought a first edition of a volume of Samuel Johnson’s works, then we bought a first edition of James Joyce’s “Ulysses” for $12, and we started to think about it as a business,” he said. “We were not afraid then, because we did not know enough to be afraid.”
They opened a small store on the second floor of a building across the street from Freeman’s. “But what we did not realize is that most people don’t look up,” David Bauman said.
So they decided to go to antique shows around the country selling books. They eschewed New York because “we were told it was just terrifying,” Natalie Bauman said. “But when we finally came to the city, we made more money in one day as we made in six months going around the country.”
They next set up shop at the Waldorf Astoria, because “you want to put yourself where the kind of people who buy your books will go,” Natalie Bauman said. Easy enough, right? Nope.
“The first week, we did not sell any books. No one even came into the store,” she recalled.
But then Nelson Doubleday appeared. Doubleday had been chairman of Doubleday and Co., his family’s business, but had sold it for hundreds of millions. “He looked around and bought half of our inventory and had it shipped to his yacht. He was also the godson of Rudyard Kipling,” David Bauman said.
Eleven years later, the Baumans decided to open at 535 Madison Ave., where they remain, after walking up and down the blocks there to evaluate the market. “Mostly businessmen,” David Bauman said.
One day, two women from the Midwest walked into the store. “We came to New York to see different, great things, and there is magic in your store,” one told Natalie Bauman.
Some years later her husband went to visit a cousin working on a project in Las Vegas. “I realized that there was over 1 million feet of convention space underneath the hotels,” he said. “Casinos have studied everything about their customers. They were making more money from the stores than from the casinos.”
He realized that the millions of visitors who arrive in Las Vegas each year “are there to enjoy themselves. They have the time to look at books and put a toe in the water. When you are on vacation, you have more discretionary income and more time to spend it.”
Buzz Aldrin’s teletype
Still, for the Baumans, opening in Vegas was a big investment. They wanted a store that had the elegance of a wonderful library. “We believe we sell beautiful things so they should be housed in a beautiful place,” David Bauman said. The store also required a staff of nine people, since it is generally open 13 hours a day.
Its sales staff has to be very knowledgeable. “He would quiz us,” Eric Pederson, who now manages the Manhattan store, said. “David would point to a book and ask us to tell us everything we knew about it.” Today a 32-person staff works in New York, Las Vegas and Philadelphia, where much of the research and online business takes place.
Over time experts learn what makes a book valuable. For example, Pederson explained, the earliest copies of the first edition of Ernest Hemingway’s “The Sun Also Rises” said “author of ‘In Our Times’” on the dust jacket. “You had to know it was an error that was soon “corrected to “In Our Time.” “The mistake told you that book was an earlier copy.”
Initial printings of “Huckleberry Finn” had errors as well. On page 57 a sentence read: “With his was ...” because the letters for the word “saw” had been reversed. In later printings it was corrected to: “With his saw.”
And a copy of “Ulysses” signed by both James Joyce and Henri Matisse was printed before their dispute because Joyce grew upset when he realized that Matisse had relied on Homer’s “Odyssey” as a source of inspiration, rather than Joyce’s “Ulysses.”
But erudition is not enough to keep the Baumans afloat. Marketing and event planning are equally important. In July 2009, the 40th anniversary of the first moon landing, the store promoted a group of space exploration items including Buzz Aldrin’s Teletype message of the safe touchdown, which he later signed, and six volumes of limited editions by astronauts including John Glenn and Scott Carpenter. For a nice stocking stuffer one year, the Baumans offered a first edition of Charles Dickens’ “A Christmas Carol,” published in 1843. The price: $38,000.
For gamblers who pray to win, and may need a little help, the store had offered an exhibit of rare bibles like a fragment of the microform containing 50 pages of the King James Bible. Three years ago, it held an exhibit of cookbooks, including the first Jewish one published in America.
The Baumans, who spend most of their time in New York and a 12,000-square-foot headquarters in Philadelphia, remain obsessed by books. “When we are going on vacation, we have to pick a place with no bookshops,” David Bauman said. “We like Thailand, Vietnam and Turkey: Turkey because you could not buy and take away old Qurans because they are antiquities. So all we could buy was fabric.”
Their success in Las Vegas has been “a pleasant surprise,” he said, with a few unexpected advantages.
For example, the city attracts more than 42 million visitors a year, but the average stay is only 3 1/2 days. “You don’t have to change your windows very often,” David Bauman said.