Do Rare Books Appreciate in Value?

That's the question posed recently on the International League of Antiquarian Booksellers website.

From the piece...

2) What does the value of a book depend on? And what leads to an appreciation in value?


Many factors dictate the value of a book, but the four basic variables are edition, condition, scarcity, and desirability. For most titles, the first printing of the first edition of the book is generally the most desirable, often by so wide a margin that nothing but the first printing has any value as a collectible. This is partly because most books have a smaller first printing than their subsequent printings, partly because in many cases the first printing is closest to the author’s desired text (republished editions are more likely to be edited by someone else), and partly because historically this is what the book collecting market wants.

In addition, most collectors desire copies of books that are as close to the original condition of the book when it was first offered for sale. They often pay considerable premiums for copies that are considered in “fine” condition, particularly if such copies are difficult to obtain, and if the condition of the book has not been restored or repaired. Some books, such as the latest releases by bestselling authors like J.K. Rowling, have very large first edition printings and such books will never be sufficiently scarce to be collectible, even in fine condition (excluding books signed by the author or otherwise special copies). But other books, such as J.K. Rowling’s first Harry Potter book, had very small first edition printings and copies are quite difficult to find. Scarcity is not only determined by the size of the first printing, but also by how many copies survive. For example, the first edition of Herman Melville’s Moby-Dick did not sell very well and it languished in literary obscurity for several generations before it was widely accepted as a classic in the early 20th Century. To add injury to insult, 272 copies of the first edition were destroyed in a warehouse fire. So, relatively few of the originally printed copies survive, and the book is scarce.

All the preceding variables (edition, condition, and scarcity) can be in alignment, but if the book is not one that many people care about, or at least two people are willing to compete for, the book will have little value. Conversely, there might be many copies of a first edition, but if a great number of people of means are willing to compete for them, then that book can have substantial market value. Some books, such as Margaret Mitchell’s Gone with the Wind, had very large first printings but copies of the first edition are nevertheless expensive because there is still a greater demand for nice copies of the first edition than there is a supply.

In addition to the four basic variables already mentioned, there is a fifth variable, association, which distinguishes the most exceptional copies. An association copy is one that was presented to or owned by someone whose life or work has bearing on the author and the author’s work. A copy presented by the author to his parents, spouse, or mentor would be such a copy. These copies often appreciate at a much higher rate than other signed copies.

Many books see a slow but steady rate of appreciation in value – these tend to be works which are to some extent canonical in either academia or popular culture. The American novelist William Faulkner, for example, is now routinely taught in American high school and college courses, and probably always will be. Thus a large number of literate people, some small percentage of whom may become book collectors, are exposed to his work in their schooling. To give another example, the children’s book The Wizard of Oz was the beginning of a popular book series and then made into a film which is viewed every year by millions of children on television. The characters of the book have entered popular culture and so, even if the book series is not as widely read as it once was, the book itself will always be very collectible.

From time to time a few books and authors have a quick and significant rise in desirability, which creates a commensurate rise in value. The American writer Cormac McCarthy, for example, has been publishing novels since the mid-1960s. But he was not well known until the 1990s, when his books started to hit the best-seller lists, were adapted into films, and won major awards. Any one of these three changes (best-sellers, film adaptations, major awards) is likely to increase interest in an author’s works, raise the desirability of collectible copies, and so raise the values. In the case of McCarthy, before 1990 most of his first editions could be purchased quite easily for under $100, whereas after 1990 they cost several hundred and now many are several thousand dollars.