jdmyprez_deo_vindice
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I initially tried to post this as a blog but it said it was too long. Oh well... I hope some of you can get use out of this.
I had a message from a fellow activist who informed me that he had always been interested in collecting and buying old books as an investment but was always intimidated by it. I know most of us here are avid readers and I have known several others who have expressed interest in old books so this is a good place to start.
Difficulty in locating – 3 (on a scale of 1-10)
Investment risk – 4 (on a scale of 1-10)
Knowledge needed – basic
Best places to find – Estate auctions, general consignment auctions, yard sales, flea markets, antique shops and if you don't mind paying book value than try antiquarian book shops.
First things first, just because a book was printed in the 18th or 19th century does not mean it has value. It never failed when I would go on a consignment call or an appraisal, they always had old books and they were always convinced they were worth a fortune. Sadly, 95% of the books printed in the 1700's and 1800's are worth essentially nothing. Just because it is old does not mean that it is interesting or rare. There are literally millions of books left out there from these time periods so before you begin collecting or investing it is wise to eliminate the idea that age equals money.
CONS – There are a few cons to both collecting and investing in antique books. The most obvious is the demand for space that these will take up. If you get carried away than you could easily find entire rooms of your home dedicated to nothing but bookshelves. Along with space concerns you need to be aware that book collectors are some of the pickiest people on earth and what you do not see an issue with is something they will. So you will need to learn some basic appraisal skills along with some basic book terminology and, if you choose the path of an investor, you will need to develop the skill of looking at an item as a collector first. I will cover some of the basic terminology and potential areas of concern when it comes to appraising condition a little later on.
PROS – Rare books tend to retain their value even in rough economic conditions. Some of the most dedicated rare book collectors are people of means and those involved in academia who all but worship the written word and thus they can afford to add to their collections in rough times or they place such an emphasis on their collections that they would gladly do without in other areas of their life in order to acquire that one treasure. Another big pro is that you can literally find a rare book just about anywhere you go and they are often undervalued simply because of a lack of basic knowledge by the seller. Reproductions are almost non existent because it is impossible to replicate the patina that a book acquires naturally over time. It is also not cost effective from reproducers to attempt the process and so consequently, it is not common at all. In fact in 22 years of auction, antique and appraisal experience I cannot recall even one situation in which I encountered a reproduction book.
Now not all books are created equal and and some genres or categories hold up better than others in the collecting markets. There are a few rules of thumb to follow that apply to all categories you will encounter.
1.) Condition is EVERYTHING – If the book looks like crap than it is probably not worth the investment. Only the rarest of the rare will still be worth your time and energy while in poor condition.
2.) First Editions are where the money is – Collectors want first editions and subsequent editions tend to drop in value according to what printing it is.
3.) Avoid modern where possible – Books originally published in the last 30 years tend to make very risky investments. Take Harry Potter for example. Right now a first edition Harry Potter will fetch into the tens of thousands but this has happened before with popular books only to see the value drop when the initial fascination wore off. That is not to say that Harry Potter will not retain it's value but it seems highly unlikely that it will continue this momentum. Modern books that have yet to pass the test of time stand a better than 75% chance of becoming a bad investment.
4.) Avoid paperbacks – Most paperbacks are only worth the paper they are printed on and in most cases should just be avoided unless you just want to read it.
5.) Signatures – An author's signature will typically increase the value especially if the author is well known. A personalized signature (ex: To Robert with warmest regards, Walt Whitman) would be great but one that just says “Walt Whitman” is better. You usually do not have to question the legitimacy of an author's signature but in the case of an author who would be considered highly prized than you may want to exercise some caution. Look around and find examples of known authentic signatures and compare. Also check the ink coloration on antique books. Many old inks contained metallic content and thus they would develop a somewhat rusty color over time. This can be a great way to help validate the age of a signature though there are exceptions to this.
6.) Ex library copies – A book, no matter how rare or valuable will always be negatively effected by being an ex library copy. You can identify these by finding a paper slot where a card would be held in the back of the book. If you do not see one than check the inner back cover for any traces of glue which could indicate that there was once a slot there. Also, check near the front of the book to see if you can find any library stamps or stickers inside the book. Also check along the spine for Dewey decimal identification numbers. Even the rarest of books will take up to a 90% hit in value if they are ex library copies so be sure to double check and make a wise investment.
7.) Book Club editions – Much like ex library copies, these retain very little value and should be avoided in all but extreme circumstances. You can usually identify these easily by looking on the title page or on the page where the detailed publishing information is contained and you will see, in small print, the words “book club edition” or some version of that.
8.) Consider the artwork – There are many instances where the binding of an older book will be in terrible condition but the pages are in great shape. In these instances, give it a quick glance to inspect for any book plates (or prints contained in books). If you find some by well known illustrators or that have an exceptional quality or color (color book plates are always better than black and white which typically have minimal value) than the book may be worth picking up after all. Many old books have almost zero value by themselves but the artwork, once separated from the book, has tremendous value. One example of this is an illustrator named Maxfield Parrish. He was notorious for doing illustrations for a wide variety of books which have virtually no value but the book plates of his art can fetch into the thousands.
9.) Country of origin – It pays to know what country a work originated in. I hate to return to Harry Potter as an example but since it is something most will be familiar with I will use it again. Everyone knows that Harry Potter was originally published in the UK and so a first edition there is a true first edition while a first edition printed in the United States is only a first edition in this country. The more valuable one is the first edition printed in the UK and it is more valuable by quite a significant margin.
FICTION
Novels – Most novels are worth nothing. If you want to make money on novels than find well known authors and classic works. An old novel by an author nobody ever heard of just means you have an old book that nobody cared about then either and you should not expect to make any real money on it regardless of condition. Stick with the classic works or well known or highly desirable authors and you will be fine. There are some authors and works that may not be well known to you but could have a cult following in the collecting community so it will serve you well to research numerous authors to see who brings what but most will be obvious to you.
Childrens literature – These have a strong market and it should continue to be strong. You are not likely to find a book worth many thousands in this category with the exception of first edition Dr. Seuss books but if you can find a group of old childrens books in good shape than you should be able to make a quick profit on them. On word of caution here, it will be tempting to buy up books from very popular series such as “The Hardy Boys” but I bet you probably have a raging clue right now that I am going to tell you that this is a bad choice and you would be correct. These books were produced in the millions and while the first editions do have some value, they are usually not big money items. Little big books and little golden books are popular items and have been for quite some time. Character counts in this department and what I mean by that is that books that feature well known characters such as Tarzan, Mickey Mouse, etc will bring a premium if an early pressing and in good condition. This is also one area where you need to pay special attention to the artwork. Childrens books are often in terrible condition because, of course, they were “loved” by children but often times the artwork is intact and in pretty good shape. One last word of advice, there are many sub-genres that were turned into serials just like the “Hardy Boys” and “Nancy Drew” but that retain more value. These series were written around themes of early technology and not only appeal to book collectors but also collectors of these pieces of early technology. The crossover appeal helps maintain the value. Some examples of these would be the “Radio Boys” and some series about “flying machines”.
Condensed Books – These will include poetry journals, Reader's Digest books, etc. In the case of poetry journals, unless it features the first appearance of a poem by a famous poet than it is essentially worthless and you should probably avoid them. With Reader's Digest books and things of that nature.. just throw them away or give them away or donate to a library or something because they are 100% worthless.
NON – FICTION
A word about non – fiction works. The more specific the subject here, the better off you are. For example, a book about World War 2 in general will typically not have a great value whereas a book from the late 1940's about the 1st Cavalry Division in Japan in 1945 will have a tremendous collector appeal to not only book collectors but to militaria collectors and overall history buffs as well. So the more specific the subject the better off you generally are.
Biographies – Bio's have a strong market and in this case, the less well known the subject is than the more value you are likely to encounter. The reason is that people like Washington, Lincoln, Lee, etc have had thousands of biographies written about them where someone like General Pershing has far less. So a first edition biography of General Pershing will typically command more value than one on Washington unless there is something otherwise significant about that particular Washington biography.
Warfare and military history – Historical texts dealing with military history have a strong market and rare books on this subject can command hefty prices. Again, I cannot stress enough that the more specific the title, the more value it will typically have. Another rule of thumb here, the closer to the date of the event being discussed that the book was published the better. A book about the War Between the States (American Civil war) published in 1866 will typically command a better price than one published in 1932.
Political works – This is one category that has a very hot and a very cold side to it. First edition books that are credited with starting political philosophies or revolutions have a tremendous value. Books like the Federalist Papers, Mein Kampf or works by Karl Marx carry a tremendous collector and historical value and as such are wise investments. On the other side you will find books laying out arguments for or against some specific political ideology and for some reason these tend to carry little to moderate value with most of them holding very little value at all. They are not a bad buy if you find them incredibly cheap.
Scientific and medical books and journals – Unless it is a first edition that first talked about a new technology or procedure than these rarely hold any significant value. One exception here relates to any works of this nature that shows evidence of being owned by a well known or respected scientist/doctor or ones that are marked as being used in military service during a time of war. These factors add historical value to the books and as such, hold a crossover appeal to not only collectors of these books but to collectors of militaria or military history books as well.
Atlases and charts – It sounds funny but usually what is inside of these books individually is far more valuable than the book as a collective. A first edition atlas with maps showing the first impressions of an area or an early impression of an area can command tens of thousands of dollars. Check dates on these and look for anything significant and you very well could end up with a goldmine.
Textbooks – Old textbooks are for all intents and purposed totally worthless. Some people like them but you are hard pressed to find them in excellent condition and even the rare ones will only bring a few dollars and the market for these is not likely to increase in our lifetime. Yes, old textbooks are kind of cool but are really not worth the effort to collect and are pointless to buy for investments.
Diaries and Journals – Usually old diaries and journals are fairly worthless though there can be some exceptions to this. Most diaries you encounter will be written by ordinary people but be sure to look at the dates and read carefully because sometimes ordinary people found themselves in quite extraordinary situations. This person could have been a participant or a witness to an event of historical importance. Diaries from those involved in wars can have tremendous value and are great investment pieces and you can often find them for next to nothing.
Bibles and other religious texts – Most bibles, even ones from the 1700's, are absolutely worthless. There are exceptions of course. If it is a small bible than look to see if it was carried by a soldier during a time of war. Look and see if it has any Masonic markings or anything unusual. These types of bibles can sometimes have a hefty value and make sound investment pieces as they will continually increase in value. Other religious texts tend to hold little to no value unless it was a first edition credited with the development of a particular religion or helped shape a specific philosophy. If it does not meet that criteria than it is best to pass.
Ledgers and logs – Most ledgers and logs are neat to read through but hold very little value unless it contains unique information. Typically nautical logs are a better investment than old store ledgers as it is much more fun to read through those than it is a store ledger. Again, look for anything historically significant and perhaps you will get a steal and a great investment.
Encyclopedias – Totally worthless.. donate, give away, whatever
Sets – Old limited number sets can be quite valuable. Subject really matters here as some subjects are more valued than others and from reading the rest of this you should be able to figure out what is what. Be careful to check that all volumes are there and if it is just a single volume than it is typically not worth your time to invest in it. Collectors usually like to buy complete sets and not have to assemble them which can be almost impossible if it is an old, rare set.
Catalogs – This may sound stupid but old catalogs can be worth a mint. Usually, catalogs for specific items (ex: seeds) will bring more than a general merchandise catalog. Condition really counts here but surprisingly, many of them were very well preserved. At auctions, you can sometimes find stacks of these for next to nothing and turn around and sell them for hundreds or thousands of dollars each. Collectors love these things.
Collectors guides – These typically have no value but some that contain numerous illustrations or highly detailed illustrations on a specific subject can hold some value regardless of how outdated they are. Avoid basic price guides as those are essentially worthless once they have exhausted their usefulness.
Newspapers and periodicals – So o.k., these and catalogs and ledgers, etc are not truly books but are often included with them in sales and where you find old book you are bound to find old magazines and newspapers. Newspapers of non historical significance are called “atmosphere” editions and are for all intents and purposes, no matter how old, worthless. Editions with historical significance are typically only worth a small amount with a few rare exceptions. Also, papers with a historical significance are valued higher if it is from the area in which is occurred. For example, a newspaper about the massive early 20th century earthquake in San Francisco will be worth much more if the paper originated from the Bay Area and not worth quite as much if it is a paper about the same event but from Chicago or another city. Magazines are pretty much the same with the exception of first printings of famous magazines such as time or playboy or covers that became historical. Editions that hold real value are rare with most being essentially worthless or only worth a few dollars. Some magazines contain advertisements or cover art illustrated by famous illustrators and when removed from the magazine can become quite valuable. So otherwise worthless magazines can actually be worth a small fortune. Confused yet? It is best to just skim through and look for anything colorful that really pops out and if you see something than take a chance because you will probably not have to pay much and it will be a sound investment.
So now that most of the major genres and sub-genres you will encounter have been covered let's discuss some basic vocabulary that you will need to know in order to not only appraise books but deal with hardcore collectors who will want every detail possible before they make a purchase.
DUST JACKET – This is a paper sleeve that protects the hardcover of a book and usually contains illustrations and some minimal information about the book. Most true antique ( a true antique is an item that is 100 year old or older) were published before dust jackets came into fashion but for books that were initially published with a dust jacket, the presence of the original dust jacket can add tremendously to a book. In some cases, the dust jacket is even worth more than the actual book. Always check the dust jacket's condition. If it is in terrible shape than that is not an immediate value killer but even if it is in terrible shape than do not discard the jacket because even one in bad shape will add a little value. It can be difficult to determine what books were originally issued with jackets but a good rule of thumb is to examine the hard cover. If there is detail on the hard cover than the odds are that the book never had a dust jacket. If the cover is plain with only the title or only the title along the spine than it is a good chance that the book originally had a dust jacket. Also, books prior to 1900 rarely had dust jackets so if it is a title printed before that time than it likely never had one no matter how plain the cover is. Also, most books made prior to the American Civil War featured plain, brown leather covers and never had any ornamentation.
SPINE – If you place books properly on a bookshelf than this will be the area that you see when looking at the shelf. This is the area where the title is written. You need to examine this area closely to look for rough spots. On books where the title is written horizontally across the spine, be sure to check that area thoroughly because in many instances, those titles are printed on separate pieces of leather and then glued to the spine. If it is loose than collectors will want to know.
BOOK BOARD – This is simply the front and back hard cover. Be sure to examine these for scratches, defects or stains as they will impact the value.
JOINT – the joint is the small groove in the book where the book boards are joined to the spine. You will need to examine this area to check for small tears or to see if it is loose at all. If you buy for an investment and intent to sell at some point than diehard collectors will want to know the condition of the joint.
RAISED BAND(s) – This is a raised area that usually runs horizontally across the spine. In antique books this is because the band is hiding the string that was used to bind the book together. In modern books they are just used as ornamentation. Collectors of antique books will want to know the condition of these bands so look carefully.
TAIL – If you place a book vertically on a flat surface than the area of the book touching the surface (the bottom of the book) is the tail. There is usually some form of wear in this area but those you would attempt to sell to will be picky about how much. Look for thin area in the material that makes up the binding/cover.
CROWN – Same situation as above but the part not touching the surface (top of the book) is called the crown. Again, there is usually some form of wear in this area but those who you attempt to sell to will want to know to what extent so look carefully.
END SHEET – The end sheet is the white paper that you find glued to the reverse of the front and reverse book board. It seems silly but collectors will want to know the condition of this area. Did the original owners write their names in it? Does the area have any type of staining or foxing? Does it have any tears? You need to examine this area carefully.
FORE EDGE – The fore edge is simply the edge of the paper that is not bound and is visible. In some higher end books the fore edge of the paper will be colored. This is usually gold and it is actual gold called gold leaf. Examine the fore edges for tears, staining, etc. On books where gold leaf is present than examine it also for loss of gold coloration.
TEXT BLOCK – This is simply what you call all the pages combined. You need to check these for rips, tears, wrinkles, stains, foxing, etc. It is imperative to know the condition of the text block.
TITLE PAGE – This is a page of the book that will be found early into the text and before the bulk of the text block begins. This will usually feature the title of the book, the name of the author and often the publishing house and year of publication. In some books you will find the words “first edition” on a title page.
COPYRIGHT PAGE – The copyright page is most often found immediately following the title page. On this page you will typically find information that can inform you what edition or printing the book is along with any other detailed information.
FIRST EDITION – A first edition simply means that the book was run in the first batch of books printed from plates or blocks set up without changes. This is the most sought after edition of the book and subsequent editions are almost always valued less. Beyond the second or third printing, even the most beloved book on the planet will start to lose collector value. Most antique books will either simply read “first edition” on the title page or copyright page or will only feature one date in the book which in indicative of it being a first edition. Many modern publishers have formed their own way or marking first editions with the most common form being a numerical countdown that looks like “10 9 8 7 6 5 4 3 2 1” If there is a one or a one followed by a zero at the right side of the numerical line than the book is a first edition. If the one is not there than it is not a first edition and is the edition that corresponds with the lowest visible number.
FIRST PRINTING – If you see a book that says “first printing” than it is essentially saying it is the same thing as a first edition. There are slight differences but it is so insignificant that it is not even worth mentioning. Just make sure that if you intend to sell, you specify if it says “first edition” or “first printing” as some collectors will make a big deal out of it.
DOGEARRING – While looking at the text block, look in the upper corners of the pages to see if you see evidence of any of them ever being folder over. Some people will fold the corners to use as an impromptu book mark and this will impact the value of a book.
FOXING – If you look at old paper and see small brownish red spots on the paper than you are looking at what is called foxing. It takes it's name from the similarity in color to the fur of a fox. It is caused by a chemical in older papers and inks called Ferric Oxide. Usually, light amounts of foxing can be tolerated but it is best to avoid cases where the foxing is severe so be sure to examine the text to make sure none of it is obfuscated by the discoloration.
So now you should be ready to go in search of rare and valuable books at your local auction houses and yard sales, etc and hopefully you will make a pretty penny through wise investments. Make sure to pack a magnifying glass or jeweler's loupe along with a flashlight for your rummaging as many older books have tiny, hard to read writing on the title and copyright pages and many auction house and other locations can have very poor lighting. So enjoy yourself, don't be intimidated and make some sund investments.
I had a message from a fellow activist who informed me that he had always been interested in collecting and buying old books as an investment but was always intimidated by it. I know most of us here are avid readers and I have known several others who have expressed interest in old books so this is a good place to start.
Difficulty in locating – 3 (on a scale of 1-10)
Investment risk – 4 (on a scale of 1-10)
Knowledge needed – basic
Best places to find – Estate auctions, general consignment auctions, yard sales, flea markets, antique shops and if you don't mind paying book value than try antiquarian book shops.
First things first, just because a book was printed in the 18th or 19th century does not mean it has value. It never failed when I would go on a consignment call or an appraisal, they always had old books and they were always convinced they were worth a fortune. Sadly, 95% of the books printed in the 1700's and 1800's are worth essentially nothing. Just because it is old does not mean that it is interesting or rare. There are literally millions of books left out there from these time periods so before you begin collecting or investing it is wise to eliminate the idea that age equals money.
CONS – There are a few cons to both collecting and investing in antique books. The most obvious is the demand for space that these will take up. If you get carried away than you could easily find entire rooms of your home dedicated to nothing but bookshelves. Along with space concerns you need to be aware that book collectors are some of the pickiest people on earth and what you do not see an issue with is something they will. So you will need to learn some basic appraisal skills along with some basic book terminology and, if you choose the path of an investor, you will need to develop the skill of looking at an item as a collector first. I will cover some of the basic terminology and potential areas of concern when it comes to appraising condition a little later on.
PROS – Rare books tend to retain their value even in rough economic conditions. Some of the most dedicated rare book collectors are people of means and those involved in academia who all but worship the written word and thus they can afford to add to their collections in rough times or they place such an emphasis on their collections that they would gladly do without in other areas of their life in order to acquire that one treasure. Another big pro is that you can literally find a rare book just about anywhere you go and they are often undervalued simply because of a lack of basic knowledge by the seller. Reproductions are almost non existent because it is impossible to replicate the patina that a book acquires naturally over time. It is also not cost effective from reproducers to attempt the process and so consequently, it is not common at all. In fact in 22 years of auction, antique and appraisal experience I cannot recall even one situation in which I encountered a reproduction book.
Now not all books are created equal and and some genres or categories hold up better than others in the collecting markets. There are a few rules of thumb to follow that apply to all categories you will encounter.
1.) Condition is EVERYTHING – If the book looks like crap than it is probably not worth the investment. Only the rarest of the rare will still be worth your time and energy while in poor condition.
2.) First Editions are where the money is – Collectors want first editions and subsequent editions tend to drop in value according to what printing it is.
3.) Avoid modern where possible – Books originally published in the last 30 years tend to make very risky investments. Take Harry Potter for example. Right now a first edition Harry Potter will fetch into the tens of thousands but this has happened before with popular books only to see the value drop when the initial fascination wore off. That is not to say that Harry Potter will not retain it's value but it seems highly unlikely that it will continue this momentum. Modern books that have yet to pass the test of time stand a better than 75% chance of becoming a bad investment.
4.) Avoid paperbacks – Most paperbacks are only worth the paper they are printed on and in most cases should just be avoided unless you just want to read it.
5.) Signatures – An author's signature will typically increase the value especially if the author is well known. A personalized signature (ex: To Robert with warmest regards, Walt Whitman) would be great but one that just says “Walt Whitman” is better. You usually do not have to question the legitimacy of an author's signature but in the case of an author who would be considered highly prized than you may want to exercise some caution. Look around and find examples of known authentic signatures and compare. Also check the ink coloration on antique books. Many old inks contained metallic content and thus they would develop a somewhat rusty color over time. This can be a great way to help validate the age of a signature though there are exceptions to this.
6.) Ex library copies – A book, no matter how rare or valuable will always be negatively effected by being an ex library copy. You can identify these by finding a paper slot where a card would be held in the back of the book. If you do not see one than check the inner back cover for any traces of glue which could indicate that there was once a slot there. Also, check near the front of the book to see if you can find any library stamps or stickers inside the book. Also check along the spine for Dewey decimal identification numbers. Even the rarest of books will take up to a 90% hit in value if they are ex library copies so be sure to double check and make a wise investment.
7.) Book Club editions – Much like ex library copies, these retain very little value and should be avoided in all but extreme circumstances. You can usually identify these easily by looking on the title page or on the page where the detailed publishing information is contained and you will see, in small print, the words “book club edition” or some version of that.
8.) Consider the artwork – There are many instances where the binding of an older book will be in terrible condition but the pages are in great shape. In these instances, give it a quick glance to inspect for any book plates (or prints contained in books). If you find some by well known illustrators or that have an exceptional quality or color (color book plates are always better than black and white which typically have minimal value) than the book may be worth picking up after all. Many old books have almost zero value by themselves but the artwork, once separated from the book, has tremendous value. One example of this is an illustrator named Maxfield Parrish. He was notorious for doing illustrations for a wide variety of books which have virtually no value but the book plates of his art can fetch into the thousands.
9.) Country of origin – It pays to know what country a work originated in. I hate to return to Harry Potter as an example but since it is something most will be familiar with I will use it again. Everyone knows that Harry Potter was originally published in the UK and so a first edition there is a true first edition while a first edition printed in the United States is only a first edition in this country. The more valuable one is the first edition printed in the UK and it is more valuable by quite a significant margin.
FICTION
Novels – Most novels are worth nothing. If you want to make money on novels than find well known authors and classic works. An old novel by an author nobody ever heard of just means you have an old book that nobody cared about then either and you should not expect to make any real money on it regardless of condition. Stick with the classic works or well known or highly desirable authors and you will be fine. There are some authors and works that may not be well known to you but could have a cult following in the collecting community so it will serve you well to research numerous authors to see who brings what but most will be obvious to you.
Childrens literature – These have a strong market and it should continue to be strong. You are not likely to find a book worth many thousands in this category with the exception of first edition Dr. Seuss books but if you can find a group of old childrens books in good shape than you should be able to make a quick profit on them. On word of caution here, it will be tempting to buy up books from very popular series such as “The Hardy Boys” but I bet you probably have a raging clue right now that I am going to tell you that this is a bad choice and you would be correct. These books were produced in the millions and while the first editions do have some value, they are usually not big money items. Little big books and little golden books are popular items and have been for quite some time. Character counts in this department and what I mean by that is that books that feature well known characters such as Tarzan, Mickey Mouse, etc will bring a premium if an early pressing and in good condition. This is also one area where you need to pay special attention to the artwork. Childrens books are often in terrible condition because, of course, they were “loved” by children but often times the artwork is intact and in pretty good shape. One last word of advice, there are many sub-genres that were turned into serials just like the “Hardy Boys” and “Nancy Drew” but that retain more value. These series were written around themes of early technology and not only appeal to book collectors but also collectors of these pieces of early technology. The crossover appeal helps maintain the value. Some examples of these would be the “Radio Boys” and some series about “flying machines”.
Condensed Books – These will include poetry journals, Reader's Digest books, etc. In the case of poetry journals, unless it features the first appearance of a poem by a famous poet than it is essentially worthless and you should probably avoid them. With Reader's Digest books and things of that nature.. just throw them away or give them away or donate to a library or something because they are 100% worthless.
NON – FICTION
A word about non – fiction works. The more specific the subject here, the better off you are. For example, a book about World War 2 in general will typically not have a great value whereas a book from the late 1940's about the 1st Cavalry Division in Japan in 1945 will have a tremendous collector appeal to not only book collectors but to militaria collectors and overall history buffs as well. So the more specific the subject the better off you generally are.
Biographies – Bio's have a strong market and in this case, the less well known the subject is than the more value you are likely to encounter. The reason is that people like Washington, Lincoln, Lee, etc have had thousands of biographies written about them where someone like General Pershing has far less. So a first edition biography of General Pershing will typically command more value than one on Washington unless there is something otherwise significant about that particular Washington biography.
Warfare and military history – Historical texts dealing with military history have a strong market and rare books on this subject can command hefty prices. Again, I cannot stress enough that the more specific the title, the more value it will typically have. Another rule of thumb here, the closer to the date of the event being discussed that the book was published the better. A book about the War Between the States (American Civil war) published in 1866 will typically command a better price than one published in 1932.
Political works – This is one category that has a very hot and a very cold side to it. First edition books that are credited with starting political philosophies or revolutions have a tremendous value. Books like the Federalist Papers, Mein Kampf or works by Karl Marx carry a tremendous collector and historical value and as such are wise investments. On the other side you will find books laying out arguments for or against some specific political ideology and for some reason these tend to carry little to moderate value with most of them holding very little value at all. They are not a bad buy if you find them incredibly cheap.
Scientific and medical books and journals – Unless it is a first edition that first talked about a new technology or procedure than these rarely hold any significant value. One exception here relates to any works of this nature that shows evidence of being owned by a well known or respected scientist/doctor or ones that are marked as being used in military service during a time of war. These factors add historical value to the books and as such, hold a crossover appeal to not only collectors of these books but to collectors of militaria or military history books as well.
Atlases and charts – It sounds funny but usually what is inside of these books individually is far more valuable than the book as a collective. A first edition atlas with maps showing the first impressions of an area or an early impression of an area can command tens of thousands of dollars. Check dates on these and look for anything significant and you very well could end up with a goldmine.
Textbooks – Old textbooks are for all intents and purposed totally worthless. Some people like them but you are hard pressed to find them in excellent condition and even the rare ones will only bring a few dollars and the market for these is not likely to increase in our lifetime. Yes, old textbooks are kind of cool but are really not worth the effort to collect and are pointless to buy for investments.
Diaries and Journals – Usually old diaries and journals are fairly worthless though there can be some exceptions to this. Most diaries you encounter will be written by ordinary people but be sure to look at the dates and read carefully because sometimes ordinary people found themselves in quite extraordinary situations. This person could have been a participant or a witness to an event of historical importance. Diaries from those involved in wars can have tremendous value and are great investment pieces and you can often find them for next to nothing.
Bibles and other religious texts – Most bibles, even ones from the 1700's, are absolutely worthless. There are exceptions of course. If it is a small bible than look to see if it was carried by a soldier during a time of war. Look and see if it has any Masonic markings or anything unusual. These types of bibles can sometimes have a hefty value and make sound investment pieces as they will continually increase in value. Other religious texts tend to hold little to no value unless it was a first edition credited with the development of a particular religion or helped shape a specific philosophy. If it does not meet that criteria than it is best to pass.
Ledgers and logs – Most ledgers and logs are neat to read through but hold very little value unless it contains unique information. Typically nautical logs are a better investment than old store ledgers as it is much more fun to read through those than it is a store ledger. Again, look for anything historically significant and perhaps you will get a steal and a great investment.
Encyclopedias – Totally worthless.. donate, give away, whatever
Sets – Old limited number sets can be quite valuable. Subject really matters here as some subjects are more valued than others and from reading the rest of this you should be able to figure out what is what. Be careful to check that all volumes are there and if it is just a single volume than it is typically not worth your time to invest in it. Collectors usually like to buy complete sets and not have to assemble them which can be almost impossible if it is an old, rare set.
Catalogs – This may sound stupid but old catalogs can be worth a mint. Usually, catalogs for specific items (ex: seeds) will bring more than a general merchandise catalog. Condition really counts here but surprisingly, many of them were very well preserved. At auctions, you can sometimes find stacks of these for next to nothing and turn around and sell them for hundreds or thousands of dollars each. Collectors love these things.
Collectors guides – These typically have no value but some that contain numerous illustrations or highly detailed illustrations on a specific subject can hold some value regardless of how outdated they are. Avoid basic price guides as those are essentially worthless once they have exhausted their usefulness.
Newspapers and periodicals – So o.k., these and catalogs and ledgers, etc are not truly books but are often included with them in sales and where you find old book you are bound to find old magazines and newspapers. Newspapers of non historical significance are called “atmosphere” editions and are for all intents and purposes, no matter how old, worthless. Editions with historical significance are typically only worth a small amount with a few rare exceptions. Also, papers with a historical significance are valued higher if it is from the area in which is occurred. For example, a newspaper about the massive early 20th century earthquake in San Francisco will be worth much more if the paper originated from the Bay Area and not worth quite as much if it is a paper about the same event but from Chicago or another city. Magazines are pretty much the same with the exception of first printings of famous magazines such as time or playboy or covers that became historical. Editions that hold real value are rare with most being essentially worthless or only worth a few dollars. Some magazines contain advertisements or cover art illustrated by famous illustrators and when removed from the magazine can become quite valuable. So otherwise worthless magazines can actually be worth a small fortune. Confused yet? It is best to just skim through and look for anything colorful that really pops out and if you see something than take a chance because you will probably not have to pay much and it will be a sound investment.
So now that most of the major genres and sub-genres you will encounter have been covered let's discuss some basic vocabulary that you will need to know in order to not only appraise books but deal with hardcore collectors who will want every detail possible before they make a purchase.
DUST JACKET – This is a paper sleeve that protects the hardcover of a book and usually contains illustrations and some minimal information about the book. Most true antique ( a true antique is an item that is 100 year old or older) were published before dust jackets came into fashion but for books that were initially published with a dust jacket, the presence of the original dust jacket can add tremendously to a book. In some cases, the dust jacket is even worth more than the actual book. Always check the dust jacket's condition. If it is in terrible shape than that is not an immediate value killer but even if it is in terrible shape than do not discard the jacket because even one in bad shape will add a little value. It can be difficult to determine what books were originally issued with jackets but a good rule of thumb is to examine the hard cover. If there is detail on the hard cover than the odds are that the book never had a dust jacket. If the cover is plain with only the title or only the title along the spine than it is a good chance that the book originally had a dust jacket. Also, books prior to 1900 rarely had dust jackets so if it is a title printed before that time than it likely never had one no matter how plain the cover is. Also, most books made prior to the American Civil War featured plain, brown leather covers and never had any ornamentation.
SPINE – If you place books properly on a bookshelf than this will be the area that you see when looking at the shelf. This is the area where the title is written. You need to examine this area closely to look for rough spots. On books where the title is written horizontally across the spine, be sure to check that area thoroughly because in many instances, those titles are printed on separate pieces of leather and then glued to the spine. If it is loose than collectors will want to know.
BOOK BOARD – This is simply the front and back hard cover. Be sure to examine these for scratches, defects or stains as they will impact the value.
JOINT – the joint is the small groove in the book where the book boards are joined to the spine. You will need to examine this area to check for small tears or to see if it is loose at all. If you buy for an investment and intent to sell at some point than diehard collectors will want to know the condition of the joint.
RAISED BAND(s) – This is a raised area that usually runs horizontally across the spine. In antique books this is because the band is hiding the string that was used to bind the book together. In modern books they are just used as ornamentation. Collectors of antique books will want to know the condition of these bands so look carefully.
TAIL – If you place a book vertically on a flat surface than the area of the book touching the surface (the bottom of the book) is the tail. There is usually some form of wear in this area but those you would attempt to sell to will be picky about how much. Look for thin area in the material that makes up the binding/cover.
CROWN – Same situation as above but the part not touching the surface (top of the book) is called the crown. Again, there is usually some form of wear in this area but those who you attempt to sell to will want to know to what extent so look carefully.
END SHEET – The end sheet is the white paper that you find glued to the reverse of the front and reverse book board. It seems silly but collectors will want to know the condition of this area. Did the original owners write their names in it? Does the area have any type of staining or foxing? Does it have any tears? You need to examine this area carefully.
FORE EDGE – The fore edge is simply the edge of the paper that is not bound and is visible. In some higher end books the fore edge of the paper will be colored. This is usually gold and it is actual gold called gold leaf. Examine the fore edges for tears, staining, etc. On books where gold leaf is present than examine it also for loss of gold coloration.
TEXT BLOCK – This is simply what you call all the pages combined. You need to check these for rips, tears, wrinkles, stains, foxing, etc. It is imperative to know the condition of the text block.
TITLE PAGE – This is a page of the book that will be found early into the text and before the bulk of the text block begins. This will usually feature the title of the book, the name of the author and often the publishing house and year of publication. In some books you will find the words “first edition” on a title page.
COPYRIGHT PAGE – The copyright page is most often found immediately following the title page. On this page you will typically find information that can inform you what edition or printing the book is along with any other detailed information.
FIRST EDITION – A first edition simply means that the book was run in the first batch of books printed from plates or blocks set up without changes. This is the most sought after edition of the book and subsequent editions are almost always valued less. Beyond the second or third printing, even the most beloved book on the planet will start to lose collector value. Most antique books will either simply read “first edition” on the title page or copyright page or will only feature one date in the book which in indicative of it being a first edition. Many modern publishers have formed their own way or marking first editions with the most common form being a numerical countdown that looks like “10 9 8 7 6 5 4 3 2 1” If there is a one or a one followed by a zero at the right side of the numerical line than the book is a first edition. If the one is not there than it is not a first edition and is the edition that corresponds with the lowest visible number.
FIRST PRINTING – If you see a book that says “first printing” than it is essentially saying it is the same thing as a first edition. There are slight differences but it is so insignificant that it is not even worth mentioning. Just make sure that if you intend to sell, you specify if it says “first edition” or “first printing” as some collectors will make a big deal out of it.
DOGEARRING – While looking at the text block, look in the upper corners of the pages to see if you see evidence of any of them ever being folder over. Some people will fold the corners to use as an impromptu book mark and this will impact the value of a book.
FOXING – If you look at old paper and see small brownish red spots on the paper than you are looking at what is called foxing. It takes it's name from the similarity in color to the fur of a fox. It is caused by a chemical in older papers and inks called Ferric Oxide. Usually, light amounts of foxing can be tolerated but it is best to avoid cases where the foxing is severe so be sure to examine the text to make sure none of it is obfuscated by the discoloration.
So now you should be ready to go in search of rare and valuable books at your local auction houses and yard sales, etc and hopefully you will make a pretty penny through wise investments. Make sure to pack a magnifying glass or jeweler's loupe along with a flashlight for your rummaging as many older books have tiny, hard to read writing on the title and copyright pages and many auction house and other locations can have very poor lighting. So enjoy yourself, don't be intimidated and make some sund investments.
