A rumor I recently picked up: Brad Pitt is a Nabokov collector.

Is there the least bit of truth to it? I have no idea. I wonder if that Russian oligarch I was imagining is really a Hollywood movie star.

Nah.

What’s going on?

My speculation is that a Russian oligarch, for reasons of pride, patriotism, and prestige, approached Christie’s or DM and began negotiating. If I understand the one news report, the buyout is £500,000 over the high estimates of the 111 lots. Is the 25% commission in the original book costs with the £500K added on? Or does Christie’s get its 25% out of the £500K. I can imagine other ways of calculating who gets what.

The high estimates of the 111 lots adds up to £187,200. Christie’s premium, in a standard auction situation, would then be £46,800, for a total of £234,000 ($384,663 at the 6 June exchange rate). So this mysterious oligarch is paying either £687,200 (more likely) or £734,000. So the least being paid is probably $1,127,548. That’s £6191 per item. The average pre-auction high estimate is £1686 per item.

Conclusions: Signed, inscribed, lepted, or whatever VN items just became more dear. By a lot. Dealers won’t be offering any of those books because they will end up in a museum/library or the private stash of a probably very private person. The deal implies high four-/low five-figure valuations on special VN items.

One thing I don’t understand. It is now 11pm on Tuesday. This deal was revealed early this morning, around 5:30am. Why no Google hits, other than the one? (Bing/Yahoo didn’t pick it up at all.)

Another point: I wonder why this Russian oligarch, or whomever he/she is, didn’t buy the Laura manuscript at auction at the end of last year. Maybe because it was in English. It was ultimately won by an Italian dealer.

The Nabokoviana auction at Christie’s on June 13 is off. All items have been withdrawn.

“A private collector” has preempted the sale by scooping up all 111 lots for “500,000 pounds higher than the overall estimate for all lots”, whatever that might exactly mean, according to “World News – Russian opinion”, an English language website located in the Russian Federation.

My speculation is that a Russian oligarch, for reasons of pride, patriotism, and prestige, approached Christie’s or DM and began negotiating. If I understand the one news report, the buyout is £500,000 over the high estimates of the 111 lots. Is the 25% commission in the original book costs with the £500K added on? Or does Christie’s get its 25% out of the £500K. I can imagine other ways of calculating who gets what.

The high estimates of the 111 lots adds up to £187,200. Christie’s premium, in a standard auction situation, would then be £46,800, for a total of £234,000 ($384,663 at the 6 June exchange rate). So this mysterious oligarch is paying either £687,200 (more likely) or £734,000. So the least being paid is probably $1,127,548. That’s £6191 per item. The average pre-auction high estimate is £1686 per item.

Conclusions: Signed, inscribed, lepted, or whatever VN items just became more dear. By a lot. Dealers won’t be offering any of those books because they will end up in a museum/library or the private stash of a probably very private person. The deal implies high four-/low five-figure valuations on special VN items.

One thing I don’t understand. It is now 11pm on Tuesday. This deal was revealed early this morning, around 5:30am. Why no Google hits, other than the one? (Bing/Yahoo didn’t pick it up at all.)

Another point: I wonder why this Russian oligarch, or whomever he/she is, didn’t buy the Laura manuscript at the end of last year. Maybe because it was in English.

The VN market is actually very young and very small—the demand of a few dozens of people (can any institutions afford the books?), at the most, chasing after a few fluttering dozens of supply. The marketplace has its distortions, hiccups, and surprises. Dmitri has, in a sense, a corner on his father’s lepidopterized books. But what does a corner mean in such a small market? I don’t know. And I don’t know an economist who can parse this out for me.

I don’t take the “high estimates” as marketplace valuations. They are simply a scheme by Dmitri and Christie’s to make the books attractive to the largest audience possible, to get people to bid, and to move as many of the books as possible. Dmitri has learned his lesson: He can’t ask, as he and his dealers have in the past, five figures minimum for each of the books. He may need the cash, wants to move the inventory (as does Christie’s; an unsold book nets them nothing) before he himself moves on. So he figures that he’ll let the books rise to their own values. This is what he did the second time he offered the index card manuscript of The Original of Laura at Christie’s in London last year. And lost about $100K compared to what it was bid up to in the first auction at Christie’s in 2009 before it stalled under the reserve and was bought in.

Lots 354/5 – Inconsistent description by Christie’s. A25b is as much a first edition as A25a. They are two variants, not issues.

I’m still studying the stuff and haven’t made any decisions yet on what I’m really interested in. But my initial criteria are: fill a hole; upgrade; something unusual, like one of those drawings (but no glasses, clocks, drawing sets, chess sets, or typewriters); an American first with a colorful butterfly dedicated to Vera. Of course all predicated on some budget I haven’t yet decided on.