Judging a book by its cover can prove to be a great investment
NEXT WEEK marks the 250th anniversary of the first publication of Encyclopedia Britannia. Books can give enormous pleasure and carry an extra allure to the eye of the discerning collector. Ideally chosen early after their initial publication or spotted later, first editions can prove to be a great investment.
No wonder charity shops and bookstalls are visited frequently by those who know the names and signs to look for.
As with antiques and other fields of collecting, there are pitfalls for the unwary and rogues operating. Instead of using unknown internet sources, get to know a recommended dealer who will guide within your budget.
Consider also auctioneers who have specialists but take into account the additional commission expenses where the buyer’s premium plus VAT can increase the cost by up to a third.
Visit leading fairs in order to make comparisons and to become better informed. Now in its 61st year, the leading such event is the London International Antiquarian Book Fair which attracts around 170 dealers. For the first time, it will be held next year in London’s Battersea Park (June 7-9).
“Beyond rarity, condition is everything,” says Julian Roberts, a noted dealer based in Sleaford. He gives
as an example where a ‘good’ copy can be worth £600 but a ‘fine’ one £5,000. The condition of a book should be as close to the state when it was first sold.
This applies to modern first editions in general – from Virginia Woolf to Roald Dahl. Yet sometimes the few copies extant mean that a poor condition has to be expected. This would particularly apply to early George Orwell, who used the pseudonym of Eric Blair.
Always seek a dust wrapper, rather like toy collectors who need the box to gain value. Sometimes this can be almost impossible, as with
Watch for books that are incomplete. It can be easy to not realise that some pages – notably photograph plates – are missing. Similarly, avoid special printings for book clubs which were often sold at discount prices. They were created to follow an already successful publication.
A signed first edition can add value if the author is making a dedication of note – such as to someone who inspired the work or a close family member – but not if they are known for multiple signings on a grand scale. The former is unique and will be highly collectable.
Beyond a dedication, some authors will add a cartoon or poem. Such individuality can certainly enhance the price.
To form a collection, it may be a single author is preferred but often a subject – such as a particular war – or theme (like books which have been made into films) can appeal.
The usual way to check if a book is a first edition is to look at the reverse of the title page where there is such a declaration.
Avoid any book with a qualification, such as “new edition” or “this edition”.
One easy mistake is to see that a book was first published in a particular year and to be followed by a series of numbers. If that range of numbers starts with any number other than one, it is not a first edition.
The market for modern first editions largely depends on the author. James Joyce, for instance, has been struggling in recent years. Matthew Haley, head of fine book and manuscripts at Bonhams, says: “We may see an uptick as we hit the centenary of
Popular film adaptations boost prices as the works of Ian Fleming, J.R.R. Tolkien and J.K. Rowling confirm. Golding and Orwell speak to the issues of today surrounding the media and political power with rising values as a result. Golding’s small 1954 volume has a dust wrapper with lovely artwork and is now scarce to find.
Haley gives some dramatic examples of with and without dust jackets at auction:
Tolkien (1937) £2,000-3,000 without but £20,000-30,000 with
Fleming (1953) £1,500-2,500 without but £15,000-25,000
Fitzgerald (1925) US$2,000-3,000 without but $50,000-80,000 with.
Part of the attraction of the Fleming example is because it is the first appearance of James Bond. Only 4,750 copies were printed with many bought by public libraries.
Simon Patterson from Hyraxia Books in Driffield gives a three tier example, citing Aldous Huxley’s first published in 1932: without jacket £100-400 depending on condition, £1,000-2,000 with “tatty” jacket and £5,000 with a fine jacket.
“In general, the jacket will add a zero on to the price,” states Patterson. He says some books are so rarely seen with their wrappers that collectors are unaware they exist. Examples include and
Books published far more recently can enjoy a strong following. Patterson gives two examples. which describes a school shooting, was the first book that Stephen King wrote under his Richard Bachman pseudonym in 1977.
Copies in good condition are fairly uncommon as they were paperback originals that never wore as well as hardbacks. He says a fine copy of the UK first edition can make £200-400 but the price can increase by a factor of 10 for an inscribed one owing to its rarity.
Patterson says Philip Dick’s 1965 science fiction
is highly sought. The author was not greatly popular until the late 1970s and died in 1982.
“Finding inscribed copies is a difficult task”, admits Patterson, who says a first edition can rise from £2,000-4,000 depending on condition to £16,000 recently for an inscribed copy.
If your own reading is for the likes of Martin Amis, Dick Francis, Graham Greene, the first editions are much in demand.
Check carefully before paying extra for a signed or dedicated copy as authenticity can come at a high price. Evelyn Waugh’s
which was first published in 1928 as selling without dust wrapper for £100-150 but raised to £3,000-5,000 if inscribed. On the same basis, Rowling’s 1997
can jump in price from £40,000-50,000 to £60,000-100,000.
Mark Wiltshire at Christie’s says the increased value for a presentation inscription depends on such factors as the personal significance to the author of the recipient, the rarity of presentation copies, what the dedication actually says and even the date made.
He says an extreme example would be the first edition of Leonard Cohen’s
inscribed to his muse and girlfriend Marianne Ihlen, which sold for £25,000 including premium at Christie’s in July whilst a standard copy which achieves around £100.
The golden formula for an investor is to source an iconic book with a rare dust wrapper in ‘fine’ condition. Notable titles would be
Dashiell Hammett’s and
Conal Gregory is AIC Regional Journalist of the Year.