How to collect books that will become valuable
by Bruno Somerset
Everyone has heard of the astronomical prices that some books command today, from first editions of Hemingway to signed copies of the Harry Potter books. However, setting out with the goal of collecting books that will become valuable (rather than those that already are) is no easy task. And just to clarify, "valuable" here indicates an increased monetary value, not sentimental value. There is no way to put a price tag on a book that's been in your family for generations, unless that book is a Gutenberg Bible or Shakespeare's First Folio.
There is really no way to "know" which books will become valuable over time, any more that there is a way to know that a particular stock will rise or fall. But just like the stock market, you can improve your chances of success with a little research. There are several variables to consider regarding a book's value, and each is important:
1. Always buy a book in the best condition you can possibly afford. A book is not valuable simply because it's old, and a very old book in poor condition is worth little or nothing. For modern editions, the condition of the dust jacket is easily as important as the condition of the book itself when determining value. In fact, the dust jacket can account for up to 90 percent of the value of the book. For example, a "clipped" dust jacket (one where the original price on the inside cover have been clipped off) can cut the value of a book by 75 percent or more.
Books are graded according to condition. The standard grades are As New, Fine, Very Good, Good, Fair, Poor, Ex-Library, and Book Club Edition. You will often see "Near Fine" as well, and it is important to note that Book Club and Ex-Library Editions have next to no value except as reading copies. The problem, especially when purchasing books on the Internet, is that what one person calls Fine may in fact only be Good. If you are unable to personally inspect a book before buying it, at least ask for photographs of the dust jacket, binding, and copyright page.
2. In most cases, only the first printing of a first edition is of interest to collectors. This is one reason it is important to check the copyright page; especially for books printed in the past 20 years, the edition is typically clearly marked. There will be a series of numbers near the bottom of the page, and if a "1" is not visible, then you probably don't have a first printing. For example, you would want to see "First Edition" and 1 2 3 4 5 6 7 8 9 10 or 2 4 6 8 10 9 7 5 3 1. This is not true for all publishers, however, and it is worth the time and money to become thoroughly acquainted with the different ways some publishers identify a true first printing.
When speaking of first editions and first printings, this always refers to the hardcover edition. The only exception to this occurs when the book has no initial hardcover run and is released only in soft cover. This is rare for literary fiction, but does occur more frequently in the mystery and science fiction/fantasy genres. When only a paperback first edition exists, the rules regarding condition still apply.
3. Unless a later book became a huge seller, an author's first book will always be the most valuable. This is typically because a first book is usually released with a small first print run, making the book scarce from the outset, and more so if the author becomes popular later. J.K. Rowling is a perfect example of this: the first UK print run for "Harry Potter and the Philosopher's Stone" ("Sorcerer's Stone" in the US) was a tiny 500 copies, which now sell for tens of thousands of dollars. The final book in the series, "Harry Potter and the Deathly Hallows," had a first print run of 12 million, assuring that this book will never be collectible unless it has Rowling's elusive signature. A book must be either scarce or rare, or both, to generate enough interest to cause the value to increase.
4. Signed copies will always be worth more than unsigned copies, but the rules regarding condition and edition trump an autograph. In other words, while a signed first printing of "The Kite Runner" in Fine condition can be worth well over $1000, a signed copy of a fifth printing in Good condition will likely be worth less than the original cover price. Also remember that signed copies of books by an author who is hot today may be over-inflated, and could easily drop in value as time goes on. If you want to collect signed editions, the best way is to go to signings by the author where you can have them signed for free. Some authors will sign and return copies sent to them, but this happens far less often today than in the past. Always check with the author before sending anything.
Another way to collect signed first printings of an author's first book is to join one of the clubs offered by several independent mystery bookstores around the country. For example, The Mysterious Bookshop in New York offers the First Mystery Club. Once a month, members receive a signed first printing of a mystery novel by a new author chosen by the staff of the bookshop. The advantage here is that you get the knowledge of an experienced staff and still only pay the normal retail price for the book. Most signed books won't skyrocket in value, but some will; Tana French's 2007 debut "In the Woods" now sells for over $150.00.
Finally, unless you are planning to become a full-time book dealer, you should stick to collecting books by authors that interest you. This way, even if the value of a particular book doesn't increase (or worse, decreases), you will still have a book in your collection that you actually want, rather than something you bought simply as a commodity.
