The sorcerer's book that was going to be discarded ended up making headlines. One of the first 500 hardback copies of Harry Potter and the Philosopher's Stone, recently fetched a small fortune at an auction in Paignton. But here's the catch, the rare copy featured a typo. The back cover missed the 'O' in "philosopher's". And the price, you ask? Let's say it cost more than a year at Hogwarts!
You May Also Like: 13 Essential Books For The Modern Man
In a world that chucks out newspapers, printed books and magazines for the Kindle downloads and AI-generated stories, the idea of a book making millions seems like a pastime from a bygone era. But because books hold history, tell us where we are going and where we've been, they are artifacts of culture and makers of influence. And for many a tangible investment that ages better than most stocks!
What Makes Some Books Bid Worthy?
From books with mistake on covers, a withdrawn copy, signed copies or banned ones, books have held a special spot at auction houses over the years. I mean, for bibliophiles, it was a moment of excitement when Rolling Stone drummer-owned handwritten manuscript of The Hound of the Baskerville set new world auction record for a printed book in 2023.
You May Also Like: New Books to Read on that Really Long Flight
Sir Arthur Conan Doyle's crime novel featuring the celebrated detective Sherlock Holmes made a smooth sale of $226,555 at the auction. Some books have simply shaped the culture and literature!
So, what exactly determines the value and desirability of books, sometimes even beyond their literary importance?
Scarcity, First Editions & Limited Print Runs
First editions especially, those with limited number of copies printed, are highly sought after. The fewer the copies available, the more valuable they become. Moreover, if the books are in demand, the value will go up and if collectors and institutions are competing over a specific edition, the sky is the limit!
Printing Errors and Withdrawn Copies
While misprints and errors for social media users are an everyday thing. Misprints, typos, or changes between editions can make a book unique and worthy of auction. Even copies that have been recalled or withdrawn due to errors or legal issues tend to be bid worthy.
Autographs and Annotations
If you're a bookworm who may be spotted at various literary festivals carrying copies of your favourite books with an autograph - especially with a personal dedication-those copies may command higher price. It's an heirloom really! Why? Annotations, sketches, and dedicated notes often provide insights into the author's thoughts, making them special.
Provenance and Ownership History
If a book has been owned by someone historically significant like the intriguing glimpse Javed Akhtar Sahab gave on Angry Young Men, revealing his prized possession- a signed copy by Faiz Ahmed Faiz- it gains an added layer of cultural importance and literary value.
Conditions and Original Dust Jacket
While tear-stained or coffee-stained books might look aesthetic, they are a big no-no. Dust Jackets, particularly for 20th century books, can account for a higher value if they remain intact. If your book has some missing pages, forget about it.
Take A Look at Some of The Most Coveted Rare Editions That Made History at Auction Houses:
The Great Gatsby (1925) by F.Scott Fitzgerald
Auction Price: $400,000+ (first edition with the iconic celestial-looking dust jacket designed by Francis Cugat intact)
The Catcher in the Rye (1951) by J.D Salinger
Auction Price: $150,000+ (first edition, signed)
Alice's Adventures in Wonderland (1865) by Lewis Caroll
Auction Price: $2.4Million (withdrawn first edition)
Shakespeare's First Folio (1623) by William Shakespeare
Auction Price: $9.98Million (the ultimate collector's pride as the folio has all Shakespeare's plays without which we would have lost works like Macbeth and Twelfth Night forever)
The 13 Problems (1932) by Agatha Christie
Auction Price: $63,968 (the rare edition broke Christie's personal auction record for The ABC Murders)
Harry Potter and the Philosopher's Stone (1997) by J.K Rowling
Auction Price: $471,000 (First edition, typo error '1 wand' printed twice in the school supply list on the back cover)