Worldwide, over 60,000 books are published each year in English alone. Most of these are textbooks, popular topic paperbacks and “how to” books. However, many of the books published yearly will assume cash value, and not always for the same reasons. The value of a book is based on demand, contents, condition, and occasionally, on whether the book can be displayed well in either a bookcase or exhibit case. Additional factors are its binding, its provenance and the significance of any inscriptions it may contain. Some books are desired for their well-tooled leather design or ornate covers, whereas books with content that is often quoted or used for authoritative information have lasting and often increasing value. When the market is flooded with too many books on a topic they can decrease in value (regardless of their quality) and a book that is considered a regional scarcity might have value in California but none in Kansas. Given the number of factors that affect the value of a title, a written appraisal is recommended for professional collectors, institutional libraries and private collectors alike.
An appraisal is a legal document providing an informed opinion with supportable background information relevant to the market the book would be traded in. It should be an unbiased estimate of value at a particular time and place and it is, therefore, a good idea to avoid conflicts of interest by getting your appraisal from someone who is not planning to buy the book from you, or sell it for you. A qualified independent appraiser is paid strictly on time and expenses or, occasionally, a pre-determined fixed fee. The report accompanying the valuation should include an explanation of purpose (such as sale, insurance valuation, estate planning etc.) a certification of limitations, a description and narrative about the book, a glossary of terms used, a bibliography of sources consulted, a privacy notice, and a listing of the appraiser’s experience and other qualifications. An appraiser that follows the principles of Uniform Standards of Professional Appraisal Practice as set down by the Appraisal Standards Boards of the Appraisal Foundation will have more professional competency.
A book appraiser will typically view as many as nine major factors that indicate value. In order of importance these are demand, condition, scarcity, association, evidential value, age, aesthetic value, edition and market considerations. Books in high demand are usually well written (such as a classic, like Charles Dickens’
) or have unique reference value (such as a German architecture dictionary of the early 19th century that contains specialized German architecture terms and their definitions).
But when it comes to books, tastes in collecting, like most things, are subject to fads and fashions. At the moment, the “high demand” category includes unique subject books, western history, flight, home improvement, animal picture books, high-quality art books, illustrated historical medical texts, classic juvenile titles, hiking books, biographies of stars, Civil War books, World War II books, quality cookbooks and books focused on an historical event. Some other books fall into less desirable categories, such as paperbacks with physical problems, textbooks, Time Life series, Readers Digest, National Geographic books, picture books, reprints, less expensive art books, most sports, dated biographies, travel guides, environmentalism and book club editions, but beyond that the vast majority of books have no viable market and are simply not collectable. They are worth only what they would sell for at a library sale, yard sale, or similar bargain outlet! Typically, two dollars for hardbound titles and fifty cents for paperback copies are standard fair market values.
For books that do have potential cash value, condition plays a prominent role. The highest valued books are often the most displayable books, without imperfections, and most of these have never been read. Even this, however, varies; if the book is being acquired as a study title rather than for display, being in readable condition becomes important. In either case a book is not in good condition if the binding is loose or detached, pages are loose or missing, or if it has tears, damp stains, marks and dirt. And an original dust jacket comprises almost three-quarters of the value of a modern literary first edition. Collectors will pay a premium for books with a complete dust jacket of a well-known writer such as poet Robert Frost.
Books are considered rare or scarce if fewer than one hundred copies exist in United States libraries, so popular books like the Harry Potter series that published well over 25,000 copies per title will not likely become rare. On the other hand, though a book may not be rare, it can have “hoopla value.” That is, it can be worth more if it was associated with a well-known figure of historic importance or notorious interest. Marginalia on the end papers, marks of ownership, doodles, sketches and relevant ephemera associated with an owner will command an exceptionally high value compared to the same book without any associative connection. The same is true of books associated with significant historical events or books that were banned, removed or destroyed because of political censorship.
A demonstrable printing history will also have an impact on a book’s evidential value. Evidential value is associated with any mark that will identify it as a particular edition. Look for watermarks, wax seals, cancels, printing techniques, dated publisher advertisements and typographic errors, known as “points” in the book trade.
Age, of course, has an impact on value but a book is not valuable just because it is old. Old books in good condition on topics that are in high demand become cultural artifacts that carry emotional weight as well as whatever intellectual content may yet be of value. In particular, early editions of classic fiction and nonfiction titles that have subsequently gone through revisions and editions have increasing value because of their closeness to the intended thoughts of the author.
When it comes to aesthetics there are many things to consider. Does the book have a special binding? Was it printed on an unusual paper, or bound in vellum? Does it have unusual typeface, flyleaves, fore-edge paintings or maps? If a book was printed by a noted printer or was the first book produced by a new printing process it is considered to have aesthetic value, and books with illustrations that are not easily reproduced such as original color prints, woodcuts, etchings, and engravings are purchased for their aesthetic value.
First editions are usually the most prized. A first printing of a novel by a famous author may be worth thousands of dollars whereas a later printing, or one in poor condition, may have little if any value. But not all “first edition” books are valuable. Remember that for the majority of books, the first edition was the only edition! Only about two percent of book titles go beyond a first edition. Aside from first editions, significant other editions are also sought, especially those with important revisions by the author, or the first English translation of works originally published in another language.
The final factor considered by a reputable appraiser will be market considerations. The wide use of the Internet has created more honest book values than in pre-internet times but there is both good and bad news about the Internet; it has increased the market for antiquarian books and can drive up the price of really scarce books. On the other hand, the Internet sometimes tends to drive prices down. A book dealer with the high operating costs of an actual storefront cannot charge any more than the dealer with the low operating costs of a laptop in the living room, and competitive pricing or undercutting another dealer’s asking price is common.
Keep in mind that when assessing the value of a book collection rather than of an individual title yet another factor comes into play; an appraiser will look for common characteristics. These characteristics, such as a story line or focus to the collection, can be keys to getting an estimated value on a collection’s current worth. An appraiser will compare books in a collection with a subject-specialized bibliography, a subject guidebook, a dealer’s subject catalog and routinely an auction house subject catalog. The most complete source-to-subject bibliographies found in the reference section of libraries is the 11th edition of the
edited by Robert Balay and sponsored by the American Library Association.
Collectors will typically collect a variety of topics and thoroughly enjoy the thrill of discovery. It can be said that a collector’s favorite title is the last book they bought, because they wanted it! Many collectors rely initially on dealers that they can relate to. But collectors also educate themselves and become knowledgeable about the subjects they have a passion to carefully acquire. Whether you are just starting out or already have a vast and impressive collection of books, there is much to be learned from the process of having your books appraised.
