Must-read advice: First editions can book a big return
How novel! Investment nets up to £377,000
BOOKS will be at the top of many Santa wish lists this Wednesday, but few will have put them there seeking a shrewd investment. For book collectors, first editions – usually of classics – are the most sought after and valuable. This is because initial print-runs were usually limited.
There is no official measurement for the value of first edition books, but a ‘Rare Book Index’ compiled by stamp and coin specialist Stanley Gibbons found that first editions of the most valuable 20th Century classics have risen in value by almost 400 per cent over the past decade.
A first edition of Charles Darwin’s On The Origin Of Species sold for a record £377,000 last month. This 1859 copy was one of just 1,250 that cost 15 shillings (75p) when published. A decade ago, this book might have cost £50,000.
Brian Lake, a former president of the Antiquarian Booksellers’ Association and a partner at Jarndyce Antiquarian Booksellers, believes a love of literature is vital when looking to invest. He says: ‘It is often books that have captured the imagination of different generations that make first editions so valuable – they have a timeless appeal.’
The highest priced first edition novel is The Great Gatsby by F Scott Fitzgerald from 1925 – valued at £247,000 if in excellent condition. It explores the decadence of America in the Roaring Twenties – and the true value of money and its impact on society. This is a story that people can still relate to today. It was one of the earliest books to come with a colourful dust jacket – something many shops (and owners) would throw away.
A book with this wrapper increases its rarity value. Without it, a first edition of The Great
Gatsby might sell for £8,000.
ANOTHER favourite of first edition collectors is The Hobbit by JRR Tolkien, published in 1937. In top condition, complete with dust jacket, it can sell for £65,000. Without the jacket, you can expect to pay £10,000.
One of the recent investment winners is George Orwell’s Animal Farm that currently commands £5,000. A decade ago, it might have fetched £200. Since publication in 1946, this tale of politics and greed has struck a chord with each new generation that has read it.
The franchising of books and the power of the movie industry have also had a huge impact on their value – with fictional spy James Bond, penned by Ian Fleming, one of the most successful.
Find a 1953 first edition copy of the first 007 classic Casino Royale tucked away at the back of the bookcase and you may have a £35,000 treasure on your hands – as long as it has that much coveted dust jacket. Without one it may be worth no more than £1,000. Another author whose books have soared in value thanks to added interest fuelled by films is JK Rowling. Later novels in her seven-strong series of Harry Potter books had print runs in their millions, but the first run for debut novel Harry Potter And The Philosopher’s Stone was restricted to just 500 as the publisher feared it might be a flop. A first edition sold for £46,000 in October, compared with £10.99 when released in 1997.
Perhaps the greatest novelist of all in British literature is Charles Dickens – and at this time of year many households will bring out favourite copies of A Christmas
Carol. An 1843 first edition of A Christmas Carol – with hand-coloured illustrations by caricaturist John Leech – can command a price of £15,000 or more.
Later editions with the same colour illustrations still change hands for £500 because of their visual appeal. Lake says: ‘When it comes to first editions, condition is key. For example, a first edition of Great Expectations by Dickens from 1861 may be worth £25,000. But we recently sold a copy for about £140,000 as it was in near pristine condition – and incredibly well looked after.’
If buying an expensive first edition, he believes it is important to talk face-to-face with a book expert. He also warns against buying blind off internet auction websites and to visit shops that are members of the Antiquarian Booksellers’ Association.
He suggests contacting the Provincial Booksellers Fairs Association, which can provide details of any reputable book fairs being held locally.
Websites Abebooks and ViaLibri both lists books offered by a large number of sellers.
First editions signed by the author add to a book’s value. The first 100 copies of 1922 classic Ulysses were signed by James Joyce and printed on special paper – and one of these sold for £275,000 a decade ago.
A further 900 first edition copies not signed but with their original blue cover can sell for £37,500. Investors tend to own at least two copies of novels they love – one to be leafed through and another more valuable edition kept locked away from prying eyes and sticky hands.
When storing books it is important to keep them somewhere safe and dry, away from direct sunlight as this can damage the spine by making it brittle and yellow pages over time.