Collecting books, manuscripts, and ephemera has been a centuries-old passion. Printed text has and continues to be sought after for historical importance, visual appeal, information content, ownership history, prestige, and financial investment. It’s no surprise that the “rare book trade” (an overarching term for those selling books, manuscripts, archives, and ephemera) is a mature industry with well-established secondary markets.

The bookselling business has changed in the last twenty years more than in the previous two centuries. Thanks to the internet, information that was once esoteric is increasingly widely available. Technology may even encourage collecting, as buyers can locate and acquire sought-after editions at a faster rate than ever before. And with e-books widely used, printed works are increasingly treated as historical objects in their own right. Still to this day, the book is a symbol of learning, knowledge, and civility. And in a digital era, the tangible and transient quality of periodicals, journals, and ephemera have garnered a new allure.

Overall, the three main types of buyers for the rare books field are collectors, institutions, and the trade. To participate in the rare books marketplace, one needs literacy, an acquisitive nature, and a disposable income. A buyer can view multiple online examples of common and even rare books, allowing greater access to identification and pricing information from sellers worldwide. Yet, despite the increased exposure to information and markets, it can still take years for scarcer books to reappear publicly for sale.

While there are no easy formulas, generally, printed works become rare when demand exceeds supply. In other words, a rare book is both hard to find and highly sought after. Therefore, just because a book is old or scarce doesn’t necessarily mean it is rare, especially if there is little demand. A second-hand or used book is one that was previously owned and not considered an important edition with special characteristics. Consequently, market values for used books are typically modest. 

Other factors that affect a book’s value in the marketplace include but are not limited to the following: author, publisher, age, scarcity, size, edition, historical/cultural importance, content, condition, completeness, illustrations/plates, binding, provenance, and visual appeal. Broadly speaking, the first printing of a first edition tends to be of higher value than later editions or printings. Regarding condition, issues such as foxing (mold), dampstaining, and minor tears are common for antique and vintage books and are typically accepted by collectors due to age. 

In addition, the blurring of distinctions between market levels continues (e.g., gallery versus auction). In fact, Sotheby’s predicts an ongoing configuration of the market players due to information consolidating and being widely available. At the same time, there is a trend for increasing differentiation between used and rare bookselling. At one end of the spectrum are sellers who retail inexpensive used books in bulk, focusing on quantity and quick turnaround. Another business model is for dealers to specialize in a few genres, gathering quality examples in their inventory and waiting for the right buyer.

For example, a specialized dealer may focus on Counterculture, with one of the subcategories addressing LGBT literature. Counterculture is a broad category that incorporates many marginalized communities that differ substantially from those of mainstream society. With such a wide-ranging description, many subsections are often defined by community, event, and/or era. In particular, regional pride can influence local prices for works that have perceived cultural ties to a specific place or group.

Indeed, the rare book marketplace is in the midst of a transformation as it experiences a blurring of boundaries between retail and auction levels, local and global sources—with buyers purchasing from a hybridity of all sectors. When valuing a rare book collection, it’s imperative to be aware of general market trends as well as the particular dynamics of a niche area of interest.

Enjoyed reading? Subscribe to our newsletter.

Sources:

·       “2021 Art Market Trends and Predictions” from Sotheby’s, 2021.

·       “Goodbye, Columbus: A Look into the Dwindling World of Rare Books” by Jason Tesauro for Bloomberg, 2018.

·       “13 Secrets of Rare Book Dealers” by Rebecca Romney for Mental Floss, 2017.

·       “A 21st-Century View of Our Collectors, Our Research Libraries, and Our Booksellers” by Gordon Hollis, republished in The New Antiquarian Blog for Antiquarian Booksellers’ Association of America, 2016.

·       “Collecting Americana: Find Your Focus” by Kristin Masters for Books Tell You Why, 2013.

·    Illustrations used are in the public domain. Click on each image to discover original source.

© Courtney Ahlstrom Christy 2022

Ahlstrom Appraisals LLC | Valuation of Fine Art, Rare Books & Material Culture