AP Photo/Remy de la Mauviniere
Book lovers rejoice! Even in a tough economy you can still feed your habit without feeling completely guilty. You just have to adjust your mindset, that's all, and change a few habits. You have to stop thinking of your book-buying budget as discretionary spending and think of it as an investment
opportunity.
That's right. The Dow Jones may be half of what it once was (and so is my 401K), but the market for book collectors is on fire. And, as a book collector, not just a book buyer, this means you can have your book and read it, too.
Did you know that just last month at AbeBooks.com (a great resource, by the way, for new, used, and rare books – uh, I mean investments) at least 10 books sold for more than $3,500? The top-selling book at AbeBooks.com, an autographed copy of The Catcher in the Rye by J.D. Salinger, reportedly sold for $11,000 last month. Second place went to a signed copy of President Obama's book, Dreams from My Father, which had a hefty $8,500 price tag.
Now, I know what you're thinking: the first book is a classic from 58 years ago and the second is a first edition of a book authored and signed by the President, right? Of course they're valuable. But, wait a
minute. You're thinking like a buyer, not an investor. Remember, collectors collect. And not just the classics!
In other words, you don't have to wait 58 years or find a book from the next leader of the free world to make a sound investment. For instance, did you know AbeBooks.com is also selling signed first edition copies of the Harry Potter series of books by J.K. Rowling? These were very popular books that maybe you purchased for yourself or your kids in just the last few years. If you had been a book investor back then instead of just a book buyer, then you wouldn't be about to kick yourself when I tell you that these books are now on sale for $25,000.
So, how do you do it? How do you begin collecting books?
The truth is, forget about the money. Just collect the books you love from the writers you love. Go to readings and signings as often as you can. Support a community that treasures books, and cherish the books you do decide to collect. After all, it's your appreciation of a book that leads to a book's appreciation in the marketplace.
Of course, a first edition is always best in terms of a book's potential value beyond retail, and the better the condition, the more valuable your book could be, if you ever choose to sell it. So make sure you always keep the book and dust-jacket (this is a must) as new, don't write in them, or fold any pages. Keep them dry and out of direct sunlight and, before you know it, you'll have a great collection whose return on investment is truly difficult to measure – outside of AbeBook.com.
Comments
Let me, as a bookseller for over 30 years, correct just a minor point or two. First of all, you are not writing about rare books. You are writing about modern first editions which have value not because of rarity but because of demand. Unlike rare books, modern firsts are very common but have more collectors than current availability.
Second, ABEbooks is not nearly as comprehensive as ADDALL.COM or VIALIBRI.COM, both of which index other databases
Thanks, Gordon, for the clarification.
Actually Frank you don't mention rare books at all in the article except in reference to abebooks.com.
as a bookdealer for 10 years now i'll give you the real scoop - a book is a book. you want to make an investment - rare manuscripts - handwritten, one of a kind.
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