As a second hand
bookstore operator I often get asked to value a book. In most cases, the book
in question isn’t worth much more than $10 or $20 and I watch as a wave of
disappointment creeps across the customers face. This disappointment generally
stems from the common misconception that if a book is old it must be worth
something. There are two glaring problems with this assumption. The first is
the customers’ perception of what defines old. In book collecting terms, a book
is not old if it was printed in the 1950s, yet most customers perceive it to be
old and therefore valuable. In collecting terms a book must have been around more
than 100 years to even begin to be considered old and preferably more like 200
years. The second problem with this perception is that people equate age with
value. This is a complete falsehood. Whilst age can contribute to the value of
a book, the most important indicator of a book’s value is its rarity. And even
this statement needs further elaboration because the truth is that second hand
book selling is just like every other global marketplace. It’s controlled by
the forces of supply and demand. So whilst a book might be scarce and the only
one of its kind in the world, if nobody wants to read it then scarcity means
nothing. The book is worth nothing. For a book to be considered rare it must be
more than scarce. It must be scarce relative to the demand for it.
All that
considered, let’s look at what different characteristics can make a book rare
and thus influence its value. I have listed what I consider to be the top ten
influences on value below, in no particular order.
Book/Dust
Jacket Condition
In real estate its location, location,
location. In the second hand book trade its condition, condition, condition. The
closer a book is to its original state the more value it will carry. This
refers just as much to the dust jacket as it does to the book itself. A book in
very good condition is worth little if its’ dust jacket is missing. It’s also
important to understand that a very, very old book is worth little if it’s
falling apart. The second hand book industry has developed its’ own grading
terminology to help describe the condition of a book. This information is
usually presented in the form of VG/VG, Fine/Good, VG/--, etc. The first part
refers to the condition of the book, whilst the second refers to the dust
jacket condition. If a "/--" is present, it usually means that the
dust jacket is not present. The terminology used is as follows.
New - Unread,
in print, perfect condition with no missing or damaged pages.
As New – The
book is in the same condition it was published.
Fine – Close
to the condition of ‘As New’, but without being crisp and has no defects.
Very Good -
The book shows some signs of wear, but has no tears or defects noted.
Good - The average used worn book that has all pages intact and defects are noted.
Good - The average used worn book that has all pages intact and defects are noted.
Fair – A worn
book that has all pages intact but may lack endpapers, half-title etc. Binding
or jacket may also be worn and defects are noted.
Poor -
Describes a book that is sufficiently worn to the point that its only merit is
as a reading copy. This copy may be soiled, scuffed, stained or spotted and may
have loose joints, hinges, pages, etc. Defects should still be noted.
NB: Despite this industry
standard terminology there will always be discrepancies between people and
their perception of the condition of a book. Where possible you should see the
book for yourself and when buying over the internet we suggest you ask to see
photos.
Signature
Generally speaking, if a book has been
signed by the author or the illustrator then this will add some value to your
book, but don’t get too excited. If no-one has ever heard of the author or
no-one wants to read the book then a signature can mean absolutely nothing. Further
to this, contemporary authors are known for their book junkets when their
latest novel is released. This means they sign many copies of their books at
public events in an effort to promote sales. This makes their signature fairly
common and adds little to the market value of the book. Also be careful of the printed signature
because this is not the same as a penned signature. A printed signature is one
that is printed in every copy of the book using the same process as printing
the text. A penned signature is added to the book personally by the author
after publication. A printed signature is worth nothing, whereas a penned
signature can add value. I will also make note here of inscriptions by authors.
An inscription generally has more wording than just a signature and can add a
little more value. Where inscriptions can really affect the value of a book is
when they have been presented to an important associate, friend or family member. These inscribed book copies are often referred to as as presentation or association copies and they can often demand a high price.
NB:
Signatures can be a tricky thing to authenticate, particularly if the authors
signature is a squiggle and resembles nothing like their name. Do your homework
and try and authenticate the signature. There are websites, like TomFolio, that
archive scans of author’s signatures just for this purpose, so take the time to
check them out.
First
Edition
The term ‘edition’ as taken directly from The
ABC for Book Collectors (Carter,
1997, p84) refers to “…all copies of a book printed at any time
or times from one setting-up of type without substantial change.” Usually,
information about editions is included on the copyright page of the book. In
cases where this information is not provided you will need to do further
research to determine whether a book is a first edition or not. First editions
are one of the most collectable types of book and therefore their market value in
fine condition can be at a premium. Though, as with all items on this list,
just because a book is a first edition doesn’t make it valuable, as there has
to be demand for it at the same time. I will also note here the importance of
limited editions. This term is used for editions where there is a limitation statement.
A limitation statement usually gives the total number of copies and then
assigns an individual number to each specific copy (e.g. No 53 of 1000).
Limited editions can in some cases derive a high value.
First
Book
A first edition of an author’s first book
will generally be worth more than their subsequent books. The underlying
reasoning here is that in most cases the print run of an author’s first book is
generally quite small in comparison to the print runs of their later works. The
perfect example of this is J.K. Rowling. The first instalment of her Harry
Potter series only had a print run of 500, whereas the last in her series had a
print run of around 12 million. Needless to say first edition copies of Harry
Potter and the Philosopher’s Stone are valued in the tens of thousands, whereas
a first edition Harry Potter and the Deathly Hallows carries little value
unless signed by Rowling herself.
Association
with Previous Owner
The association of a book with a previous
owner can add value to a book where that person is either famous or important,
or if that particular book held special significance. Here’s an example. Let’s
say you found a book inscribed to a friend by Hemingway’s wife. This would add
value to that copy of the book.
NB:
There are pirates in every trade and the book dealing trade is no different.
Forged signatures and other distinctive markings like bookplates and ownership
stampings are more common than you think. So make sure that any association
with a previous owner has been authenticated. A quality book dealer should be
able to provide you with the correct documentation.
Age
As I’ve already touched upon, age by itself is not enough to make a book valuable. The
importance of the text, the condition of the book, and demand for it will
determine the value of an old book. However, certain age categories of books
are more sought after. As a general rule, most books printed before 1501 are
rare and there is normally value attached. If we are being specific to certain
countries, it’s also fair to say that English books printed before 1641 are
prized, and books printed in America before 1801 are also highly collectible.
Materials
Used
In the era of mass market paperbacks and
e-books, book binding is fast becoming a dying art. So much so that many people
will never set eyes on a finely crafted book. Leather bound books, bamboo
folded books, limp vellum, wooden boards - you name it and there’s probably
been a book made out it. There are even books that have been bound in human
skin! Techniques used include Coptic binding, Ethiopian binding, long-stitch
book binding, Bradel binding, secret Belgian binding, Japanese stab binding –
the list goes on. Suffice to say, books that have been published using some of
the older and more traditional styles and materials of book binding can often command
a high premium.
Importance
of the Text
People value books
either because of their contents or because of their physical characteristics.
First editions of important literary or historical works and initial reports of
scientific discoveries or inventions are prime examples of books that are
important because of their contents. Illustrated books that give a new
interpretation of a text or are the work of an esteemed artist are also valued.
Books that were suppressed or censored can be considered both important and
scarce, since few copies may have survived. Physical characteristics, such as a
special binding, an early use of a new printing process, or an autograph,
inscription, or marginal annotations of a famous person, may also contribute to
a book's importance and its market price.
Combinations
By themselves, the influences I have
listed so far add a certain amount of value to a book, but found in combination
these characteristics can add a whole lot more. Let’s consider. A first edition
of a popular author in good condition might be worth OK money, but a signed
first edition of a popular author in good condition will be worth more
money. And, a signed first edition of a popular author in fine condition
will be worth even more money. You see where I’m going with this. Essentially,
the more characteristics listed here that you can find in combination with the
one book, the rarer it becomes, and more value is placed upon it.
Sentimentality
It might seem like a cop out to finish off
with this one, but it’s actually really quite important. So far, this list
refers only to the collecting value of a book. It makes no attempt to address
any sentimental value that one might have attached to a particular book. The
most valuable books I have in my collection are not signed, nor are they first
editions. They are made up of the books that my parents read to me in
childhood, were given to me by special friends, or include the characters I
admire or fell in love with. It may sound a bit cheesy, but sentimentality does
add value to a book and the memories we attach to books can often make them
seem priceless.
Thank you so much for this entry, dear friend. I've needed this clarification. Over the years I've collected first editions and have had family books handed down to me, which I treasure. It's so good to know how they would be valued. Not that I'm ever parting with any of them in my time! :}
ReplyDeleteJust happy to skip over here and see you once in a while..
Deborah/TheBookishDame
http://bookishdameyafancifulfiction.blogspot.com
Please stop by my other blog if you get a moment.
http://abookishlibraria.blogspot.com
Hey, Nice to be in this blog. Very well said and I totally agree with your thoughts here. Keep posting more about books.
ReplyDeleteDo stay in touch.
Excellent article! Definitely worth the read.
ReplyDeleteThanks for all the positive comments about this article so far. Much appreciated!!
ReplyDeletewell worth reading! happy to see a new generation picking up the habit and being interested in book selling. my hat of to you.
ReplyDeleteAdrian
Yep, clearly expressed and enjoyable to read. What else have you written?
ReplyDeleteHi Ruth, Thanks for the positive feedback (you too Adrian!). Everything I've written has been uploaded to this blog, but I have to admit to only recently putting my head down and really working on quality content. I plan on continuing with similar articles about the book collecting trade, so please follow!! Thanks, Amber.
ReplyDeleteThanks for providing your lists of factors affecting a second hand book's value. I enjoyed reading your aspect on this, which is more considering of the personal value developed. Similar lists such as the one presented on rarebooksdigest.com - http://rarebooksdigest.com/2011/09/19/rare-books-what-makes-them-rare/
ReplyDeleteare more geared towards the general collector value. Thanks again, for the post.
Hi Liz, Thanks for your comment. I popped across to the Rare Books Digest and read through the post you suggested. You're right - our lists are similar!! And as you pointed out my list is probably a little more personal. You can't put a price on sentimentality!!
ReplyDelete