artunderwraps -- Collectible Book Values, Auctions Prices Realized and Estimates

artunderwraps

Collectible Book Values, Auctions Prices Realized and Estimates

How much is my book worth? Estimating the Value of Antiquarian, Rare and Collectible Books

Just as art is in the eye of the beholder, putting a dollar value on a book is a subjective and very imprecise exercise, ultimately dependent on the value to a willing and able buyer at a given point in time. Collectible books -- like art, memorabilia, and canceled stamps -- have little or no intrinsic value and produce no income as an investment, so value is utterly subjective and may be coveted one day and worth little to nothing the next. Nevertheless, there are resources antiquarians use to aid them in determining what a willing buyer and seller may agree is a proper range of values for a collectible item, and the past may provide us clues to the future.

First thing’s first: Make certain you are comparing apples to apples. Every edition should be valued separately, so the title, publisher, year, and place of publication need to match. US, UK and Canadian editions are separate. And once you know the edition, you then need to know the printing and issue (typically the first issue is most coveted). The “first issue points” are the characteristics that distinguish a first issue (the first run of the first printing) from later ones. Limited editions, trade editions and book club editions are also distinct. A copy lacking a dust jacket is often worth significantly less than one with an original jacket.

Condition is absolutely critical to most collectors and therefore strongly reflected in price. Look for foxing, staining, re-bound or worn copies, fading, and loose binding. Jacket condition is assessed separately and ones in fine condition highly prized. Copies with authentic author or illustrator signatures and inscriptions, interesting provenance, and original artwork (e.g., original lithographs and etchings) often command a significant premium.

Once you know your book’s edition and printing, and after you have assessed the book’s condition, it’s time to do some research. A good place to start is by researching auction prices realized for similar material. Auction houses such as PBA Auctions, Swann Galleries, Heritage and Bonhams publish prices realized for auctions going several years back and will show you unsold items. Review inventory on Abebooks, although keep in mind that those copies are offered at retail prices which bear little resemblance to the wholesale or auction values. Consider taking your book to a properly credentialed professional appraiser, particularly one working at an established auction houses.

Keep in mind, since condition is so critical, most appraisers and antiquarian professionals will insist on examining the book in person. I wouldn’t trust one otherwise. Ultimately, the only way to know for sure what the market will command is to offer your book for sale, either through auction or to a reputable dealer nearby. Valuing collectible books, you will find, is imprecise as evidenced by auction results which vary wildly even for copies of the same edition in similar condition. As always, caveat emptor, or perhaps “caveat venditor” is more appropriate in this case.