Investing in antique books

Misc | admin | June 21, 2011 at 9:33 am

Businessman and scriptwriter Vipul Rawal, 43, has a passion for documenting history. He collects antique newspapers, and over the past 30 years, has spent Rs 8-10 lakh to buy old news. Today, his collection is valued at over eight times this amount. "I have received several offers starting from Rs 75 lakh, but the price has been too low to tempt me to sell the entire lot," says Rawal. However, over the past few years, he has sold some papers for an estimated Rs 20 lakh.

Value of old books

The market for antiquarian books, newspapers and magazines has always appealed to avid readers. Of the three, the market for vintage books is more developed because these have a better shelflife than the others. Also, as the number of copies for a book is fewer than that for the other two, they are more in demand.

Like any collectible market, the pull between demand and scarcity governs the price for antique books. Dan Gregory, general manager, Between the Covers Rare Books, a US-based bookshop that has a rare collection of antique books, explains that the value of a book depends on four factors—edition, condition, scarcity and desirability.

For most titles, the first print of the first edition of the book is generally the most desirable. This is partly because fewer books are printed in the first tranche. Another reason is that in many cases the first printing is closest to the author's desired text. If it is a series, such as a trilogy, the first book will command the highest premium.

For instance, the first print of Harry Potter and the Philosopher's Stone (the first novel) will be of much greater value than the other books in the series. This is because the later books and editions were produced in larger quantities and are not likely to be scarce enough to become collectibles.

The edition of a book can be checked by the 10- or 13-digit International Standard Book Number (ISBN). This is a unique number printed near the bar code of the book and can be checked on various websites, such as biblio.com, alibris.com and abebooks.com. These sites also have calculators that can help sellers estimate the price a tract is likely to fetch. You can even sell books through them, for which they will charge 10-15% of the price as commission for their services.

Booking profits

Other than selling your collectibles directly to a website, you can also auction them. However, before you put a price on your books, get them valued by a professional. You can approach renowned professors or curators. Even if they can't help you directly, they will be able to lead you to the people who could.

Just because a book is old, doesn't make it a collectible. Neither will its rarity ensure a high price. There are other factors, such as its condition, which will affect its value. John Harvey, founder of the website bidforabook.co.uk, says, "The books with missing pages, severe foxing (discolouration), damage, water staining and worm holes will be of minimal value to the collector."

So, make sure you take adequate measures to preserve your prized collections. Humidity and excessive sunlight can play havoc with your books, so they should be kept away from the sun in a dry and relatively cool place.

This is the reason that though Rawal is based in Mumbai, he has stored his collection in various places in Gujarat just to protect his newspapers from Mumbai's high humidity. "I have stored a part of my collection in two bank lockers, one each in Vapi and Vadodara. The rest is at my house in Surendranagar," says Rawal.

Dilanavaz Mehta, proprietor of Rare Finds, a Mumbai-based shop selling antiques, says, "Sometimes, if the book is in a bad condition, it fetches a lesser amount, but if an archival restoration is done by a professional, the value will appreciate."

Desirability for a particular title or author will also affect the price. For instance, there are a large number of copies of the first edition of Margaret Mitchell's Gone with the Wind, yet each of these is expensive because the demand for the bestseller continues to be high. Harvey says, "The origin of a book could also affect its value. For example, a novel written by a British author and first published in Britain will be far more valuable than if it were published in the US."

Keep in mind

"There are very few ways to assess appreciation in an accurate and scientific manner. Many important books have shown a steady increase in value over time, but as with any market, previous performance is no guarantee of future results," says Gregory. So, if a particular volume has sold at an astronomical price, it doesn't mean yours will sell too, even if you have the same edition.

If you want to start investing in this field, you'll have to conduct research as there are no guides on the right books to collect. The best way to choose a book is according to the subject and author one prefers, says Mehta.

Source: Economic Times

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