Ernst Philip Goldschmidt was a 30-year-old book collector when he took a position with the Vienna bookseller Gilhofer and Ranschburg of Vienna in 1917. It was wartime and there was a shortage of help. He was so skilled they kept him on after the war, but by 1923, Goldschmidt saw his wealth was eroding away due to hyperinflation. He moved to London, where he set up shop on Bond Street. He specialized in incunabula and 16th century books, along with medieval manuscripts. In the years going forward, he would branch out to other areas, but these would always be specialties of the firm.

Ernst Goldschmidt died in 1954, but his firm continued under the leadership of Jacques Vellekoop. Vellekoop had come to work for Goldschmidt as an assistant in 1948. Goldschmidt left the firm to his assistant who carried on for another four decades. The firm finally closed in 1993 when Vellekoop decided it was time to retire.