Finding the Value of Old and Rare Books

A Beginner’s Guide to Rare Books

The world of rare books can seem daunting and confusing, with so many terms thrown around and prices seemingly fluctuating based on minor differences between copies. In this article, I’ll cover a few brief points about what makes books valuable and what to look out for.

Condition
Few things are more important than the condition of a book, which is why booksellers spend hours cataloging and ensuring they accurately describe each book. For modern first editions, it’s all about the dust jackets. The difference in value between an Agatha Christie or Ian Fleming title with or without a dust jacket can be huge. Generally, the earlier the title, the less likely it is to have a pristine dust jacket—or one at all. While wear and tear over time is a major factor, two other interesting points contribute to this. Firstly, dust jackets were originally intended to protect the book’s boards, and many owners simply discarded them upon bringing the book home. Secondly, the materials used for dust jackets—especially around WWII—were weak and prone to tearing, making intact dust jackets particularly rare. One of my favorite books, George Orwell's Down and Out in Paris and London, is considered a “white whale” among book dealers if found in its original dust jacket.

Edition
As a rule of thumb, first editions are the most sought-after books. A first edition Casino Royale, for example, is worth thousands more than a later printing. However, later editions can still hold value and are often sought after by collectors just starting out or those looking to fill out their collections. Reprints, like Book Club Editions, are typically less valuable, but if you enjoy them, don’t hesitate to add them to your collection!

Some terms used in the trade may also appear, such as “first edition thus,” which indicates a title’s first appearance in a specific format, such as a paperback release or illustrated edition. These variants can appeal to collectors who appreciate unique editions, even if they’re not the earliest printings.

Scarcity/Rarity
In the world of rare books, less is more—the fewer copies there are, the higher the price they can command. Limited editions, small print runs, and signed copies usually come with higher price tags. A famous example is J.K. Rowling's Harry Potter and the Philosopher’s Stone, which had a print run of just 500 hardback copies; these copies can now reach tens of thousands of pounds. By contrast, later books in the series had print runs in the millions and are now often found on bargain shelves.

Pop Culture and Demand
Popularity greatly influences a book’s value. High-demand authors like Agatha Christie, John le Carré, and Ian Fleming are prized by collectors, and their books fetch high prices as a result. However, demand is dynamic; an author may lose appeal if trends shift or if they’re embroiled in controversy. Conversely, demand can spike when a book is adapted into a popular movie or if there’s an anniversary or notable event surrounding the author or title.

Provenance
An often-overlooked factor, provenance refers to the history of a book’s ownership. If a book was once owned by a notable person or has an interesting story behind it, this history can increase its value. In some cases, even marginalia—notes written in the book’s margins by previous owners—can add to its appeal, especially if the notes were made by someone notable or offer unique insights.

Additional Tips for New Collectors

• Start with what you love—whether it’s a favorite author, genre, or era. Collecting should be enjoyable, with investment potential as a secondary consideration.

• Familiarize yourself with common book terms, such as “foxing” (small brown spots on pages due to age) and “edge-worn” (wear along the cover edges).

• Join online communities or visit local rare bookstores to learn and see books in person. Engaging with other collectors and sellers is a great way to deepen your knowledge and appreciation for rare books.

Collecting rare books is as much about passion as it is about investment, and the journey of discovery is often the most fulfilling part. If you have questions or books to sell, please reach out—we’d be happy to help answer any questions you may have!

CABS Report: How I Stopped Worrying And Learned to Love Collation.

I had no clue what to really expect from CABS. I had done the British counterpart, YABS, a year before and found it exciting and fulfilling, but I looked at the American trade with great interest—for how it works and the cool things they deal in. I also love meeting new book people, hearing their stories, and learning from them.

In short, it was brilliant—but I think I need to write a bit more than just that. If you're on the fence, go to CABS!

The most notable change for me, in how I view the trade now, came very early on when Garrett Scott delivered his research methods lecture. He explained how he was doing research on a piece of ephemera and started connecting dots, finding links that made the item more intriguing and valuable. It really stuck with me as the right approach: instead of just giving it a quick glance and listing it online, actually doing the work is worth it. It’s changed how I view cataloging—from my least favorite thing to, "Oh brilliant, I get to work some stuff out."

Maria Lin, my assigned faculty member, also went through cataloging antiquarian books with us. I told her at the start, "Cataloging isn't my thing." Cut to three days into CABS, and I'm excitedly cataloging a French cookery book and enjoying it.

While the research and "book" parts were fantastic, the practical side didn’t disappoint either. Rebecca Romney's talk on the economics of the trade was exceptional in getting down to the simple fact: it's hard to make money, and here’s what you have to do.

Amir Naghib's talks on modern firsts were brilliant, as was his presentation on fakes and forgeries. I now have his voice in my head saying, "Don’t buy bad books," which was repeated many times. It’s already saved me money while scouting.

Alex Akin's talk on his work was brilliant and pushed me further toward wanting to deal in the weird and wonderful.

The talks on selling to institutions were fantastic as well. During the talk, I actually just googled the universities near me and realized it’s a viable path for me.

I especially appreciated how progressive and inclusive CABS is, with many discussions about making the trade more welcoming for all, which is just brilliant.

From all the conversations I had with faculty, to the last night’s drinks (which were really very funny), to all the friends I’ve made—who I still keep in touch with, ask for advice, and have a laugh with—I was inspired and happy. I gained so much from CABS.

I want to thank all of the faculty—you were all fantastic and made it a week to remember. And thank you to ILAB for the opportunity. Since coming back from CABS, I have been even more inspired and determined to make it in this trade than I was before.