PrintOctober 2, 2007
The New York Times holds a yard sale
Like an elderly spinster selling off possessions to pay her bills, the New York Times Company is liquidating peripheral assets. Having moved into its brand new 52-story headquarters building, the New York Times Company is holding a yard sale of sorts to dispose of furnishings and other treasures from the old building. But it's the kind of yard sale befitting an elite New York institution that has seen better days: an auction at Christies.
Step right up, Ladies and Gentlemen, and don't be shy. You, too can own a piece of history. Over one thousand lots available, with the most expensive among them estimated at four to six thousand dollars. Conversation pieces abound. How about this?
"A GROUP OF THIRTEEN NEW YORK TIMES DEPARTMENT SIGNS,
Estimate 800 - 1,200 U.S. dollars Special Notice This lot is offered without reserve. [....] comprising the following labels: Critics, News Administration, Education, Editorial/Library, Maps, National Edition, Foreign Desk, Metro Reporters, Science, Composing/Circulation, Culture, Graphics, Arts & Leisure
The largest 12in. x 36in. (30.5cm. x 91.5cm.) (13)
Provenance: Removed from the Newsroom."
"United Nations Meeting, September 21, 1987[,] titled, dedicated, dated and signed by the subjects, one of which is Ronald Reagan (on the recto)
gelatin silver print 13 x 10½in. (33 x 26.7cm.)"
So President Reagan's signature is now enriching the New York Times. Well, he protected their freedom and won the Cold War for them, too, without many signs of gratitude. Of course, the photograph is credited to "anonymous" so there isn't a lot of appreciation for the work of others on display here.
If you want to see how Pinch and his publisher predecessors lived, how about snagging this for you next dinner party?
"AN EXTENSIVE ENGLISH PORCELAIN DINNER SERVICE, BLUE PRINTED MARKS FOR COALPORT, 20TH CENTURY, in the Blue Wheat pattern, comprising forty-three dinner plates, twenty-six salad plates, thirteen side plates, ten bread plates, twenty-four small shallow bowls, twenty-four two-handled broth bowls, twenty-four saucers, twenty-two coffee cups, twenty-four saucers, fourteen demi tasse cups, fourteen saucers, a sugar bowl and cover, two sauce boats and oval underplates, two oval vegetable dishes, thirteen large oval platters, and four large round serving platters
The large oval platters 16½in. (42cm.) long (261)
Provenance: Removed from the publishers' rooms."
The large oval platters 16½in. (42cm.) long (261)
Provenance: Removed from the publishers' rooms."
American Thinker has consistently been one step ahead in describing the dire circumstances of the New York Times Company in the wake of the disastrous tenure of publisher Pinch Sulzberger. Almost ten months ago, Rosslyn Smith pointed out the very substantial value locked in the artifact collections of many newspapers. More than three months ago, I speculated that the New York Times would have an extraordinary collection of signed documents, photos, and other memorabilia and highlighted the value that could be realized.
Given the need to pay the recently-increased dividend in the face of earnings which can't cover it, the company has chosen to sell off some of the family jewels. I suspect there may be more valuable items to come. But that must await an even greater need for cash. Such a need is likely to come, unless the company is able to increase earnings in the face of new and fierce competition.
Hat tip: Dart Montgomery
