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Theater producer David Belasco was famous in the 1920's for the elaborate special effects and hyper-realistic sets in his Broadway productions.
Why did the owl-eyed man refer to Gatsby as a “real Belasco” when describing the library?
The books in the library were an elaborate hoax, and the casual observer would not notice they were fake.
Gatsby had invested in several Broadway productions and several elaborate performances were planned for the party.
The man had discovered that Gatsby wasn’t even at the party yet and that the entire thing was a wild production intended to highlight his own grand entrance.
The owl-eyed man thought it remarkable that Gatsby would go to the trouble of stocking his library with real books, since it was obvious no one had or would ever read them.
The man was very drunk and believed he was in a play on Broadway.