Collecting Books
The love for a particular author
Some collectors are inspired by the reader’s love and passion for a particular author. These collectors often choose a beautifully produced edition of a loved title, perhaps bound in leather, perhaps with illustrations, or even a limited edition which, given limited production quantities, can only be owned by an exclusive small circle of buyers.
Others will want to obtain first editions of an author’s oeuvre as this is the text that was released to the public for the first time. Some collectors, not content by merely owning a first edition, seek out proofs (usually cheaply produced paperbacks that were printed for a circle of proof-readers or reviewers) or even manuscripts of the original work.
In truth few people can afford acquiring original manuscripts especially of landmark books (In 2001 the original typed manuscript of Jack Kerouac’s On the Road sold for a whopping USD 2.4 million). However, owning a signed copy of a book is an excellent choice. This way the collector owns a book which the author handled, touched the paper and left his personal signature, perhaps even with a nice dedication to the reader or to somebody close to the author (an association copy). Some collectors become completists wishing to acquire all first editions of every single book the author ever published
We know of collectors who not only chase the seven Harry Potter books first published in English, but also all foreign language editions. One thing is guaranteed with that way. You will need a lot of shelf space and you will never run out of material to collect.
Owning a piece of history
Just like with stamps, coins, maps and other collectables often the major motivation behind buying and collecting first edition books is the history behind it. Holding a book from the year and day it was first published transports us to that very time since we are holding the book from the day it was born.
William Golding’s first edition of ‘Lord of the Flies’, for example, had a low print run of 3,000 copies. It is a testimony of a debut novel with little faith of the publisher that it would sell well. It became a book that is being read and studied at schools around the globe, and is arguably Golding’s most important novel contributing to his 1983 Nobel Prize in Literature. The original dust jacket radiates a certain 1950s flair and so does the cheap cloth bound production typical of the time. When you hold this first edition book in your hand all of this history becomes tangible, we experience history with our senses, the touch, the feel, the smell of the book.
Collectors to varying degrees also become custodians of the objects they collect with a great service to posterity. Since condition is an important factor collectors not only buy those books for their personal pleasure but they also conserve these objects in good condition for the next generations, sometimes even in pristine museum quality. Thanks to the efforts of many bibliophiles around the world we still get to see, for example, an A.A. Milne first edition of ‘Winnie-the-Pooh’ in exactly the same condition as back in October 1926 with the beautiful Ernest Shepard dust jacket, or the elusive original Agatha Christie dust jackets from the 1920s and 1930s, or even the original instalments of Charles Dickens’ famous novels from the mid 19th century.
Economic prospects
Value appreciation and the possibility of economic gain/ making a profit is one aspect why many people collect books. We stress this as a possibility because there is no guarantee that one book or another will appreciate in value just because time lapses and the objects become older. What we state below is no investment advice what you should be doing with your hard-earned money; it is mere observation we have made over the years and is congruent with comments made by other experts in the trade on this issue.
Scarcity, although one obvious factor in contributing to value is not the prime determinant of what a book is worth. It is always the demand and supply situation at the time of the transaction (see our section on what are my books worth), and ultimately a book is only worth as much as another person is willing to pay for it. Fashions change and books that are in high demand now can be less coveted in years to come. Likewise, seemingly forgotten titles can suddenly surge in value. When buying books as investment buyers should be aware that tangible assets are not liquidity and they cannot be as quickly converted into cash as certain financial products like shares listed on the stock market. What is a disadvantage is likewise an advantage. Tangible assets such as first edition books are produced in limited quantities. It is not possible to issue more first editions unlike company shares. And unlike shares, which are linked to a companies ‘quarterly and annual profit performance, the value of books does not fluctuate according to reports but are driven by demand and supply only.
In recent years more and more of our clients have revealed that they buy certain books as an investment, to hedge against inflation or for similar economic reasons. This is not surprising as media reports have tackled and focused on the topic of ‘alternative investments’, and modern first editions seem to have done quite well in this context, especially those books that we consider landmark books, i.e. titles that most people have heard of and have had an impact on literature and popular culture at large. The media attention has somewhat helped book collecting to make a step from a bibliophile’s niche to wider appeal although the market is still tiny compared with other assets. If you do buy for investment purposes it is worth keeping in mind that diversification spreads the risk. Betting on one title or one author only is inherently more risky than choosing from a wide range of authors and titles. Likewise, buying only books for investment purposes might not be wise either, and spreading across a variety of tangible and liquid assets would also spread the risks more.