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Lot 9
Signature cut of John Jacob Astor, the wealthiest man in the early 1800's
Description:

Astor John 1763 - 1848 John Jacob Astor, signature cut of the wealthiest man in the early 1800's



Signature cut 4" x 1.25" of John Jacob Astor, clipped from a document, and backed with additional paper for strength. Signed in pen "John Jacob Astor" with a large flourish under the signature. Near fine with light handling marks

The rise of John Jacob Astor, the wealthiest man in the country by the time of his death in 1848 is entrenched in the "American dream" - that of coming to America, the land of opportunity to make your fortune. At his death, his fortune was estimated to be about $20 million (estimated between 2.5 and 3 billion in today's dollars). Driven to succeed, John Jacob Astor built a family and a fortune that became a part of American history.

His story has simple beginnings, growing up in a family that struggled financially. He left for America after the death of his mother and subsequent remarriage by his father. He worked his way down the Rhine River saving enough money to pay for passage to London and ultimately for passage to the new United States and set for passage by ship across the Atlantic Ocean. Astor was not one to pass up opportunities, even in mid-ocean; on the passage he met another German emigrant who had been to North America before, and who had dealt successfully in the fur trade. He questioned the man extensively, and by the time the ice had melted from the bay, Astor was sure the fur trade was for him.

By 1786 he married, opened a store on Water Street where he sold musical instruments and bought furs. The Astors tended strictly to business, living frugally, and devoting themselves almost exclusively to making money. Astor himself often left the shop in his wife's care while he went off to the frontier. Within a few years he knew the fur trade well and had established connections, not only throughout the American Northwest territories, but also in Montreal, which was the heart of the trade. He gained a great advantage over his competitors in 1796 when Jay's Treaty, between the United States and Great Britain, was put into force and by 1800, Astor was recognized as the leading American merchant in the fur trade and was thought to be worth a quarter of a million dollars. He was still only beginning. As he expanded his reach and interest, including venturing into trade with China, he placed a part of his profit into the purchase of real estate in New York City, property that later proved to be the real basis of the Astor fortune.

Perhaps the most interesting note about the process of this mans life is that during the financial Panic of 1837, while investors throughout the city were losing their proverbial shirts, John Jacob Astor, the founder of the Astor dynasty, was prospering. In the midst of a freefall in property values, Astor snapped up $224,000 in Manhattan real estate. Later, when interest rates climbed to 7 percent and property owners could no longer make payments on the mortgages he controlled, Astor promptly foreclosed on scores of them, he would acquire vacant plots of land from the city and leave them undeveloped or unmaintained. In some cases, Astor was buying properties for such low prices that the now-defunct Court of Chancery made him pay more money for some of the lots. In one case he picked up an entire city block in Harlem, which was estimated to be worth $1 million, for $2,000.

Astor's had an expansive interest for New York real estate. On his deathbed in 1848, he is said to have exclaimed, "Could I begin life again, knowing what I now know, and had money to invest, I would buy every foot of land on the island of Manhattan... a thought that is hard to imagine based on what New York looked like in the early 1800's

Although we can think of many proverbs while understanding the story of Astor, perhaps one of the most salient thoughts while reflecting on Astor's life is that sometimes the most obvious is right in front of you, you just need the right lens.

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Bid Increments
From: To: Increments:
$0 $99 $10
$100 $299 $20
$300 $499 $25
$500 $999 $50
$1,000 $1,999 $100
$2,000 $2,999 $200
$3,000 $4,999 $250
$5,000 $9,999 $500
$10,000 $19,999 $1,000
$20,000 $49,999 $2,500
$50,000 + $5,000