Rare manuscripts and first-edition books constitute one of the valuable personal possession categories that we offer secured asset loans against at peer-to-peer lender platform Unbolted, so we thought we’d explain how and why they’ve become such prized investments.
Here’s a simple but true story: in 1997, a totally unknown author named J. K. Rowling secured a publishing deal for her first novel, Harry Potter and the Philosopher’s Stone. No one, least of all the publishers, thought it was destined to be a big success. They were right; it wasn’t - it was a stellar, mind-bogglingly huge success! If you’d bought one of the 500 originally printed hardback copies for the retail price of £10.99, you’d have in your possession today a rare first edition that, in good condition, is worth more than £15,000.
Islington-based book collector and trader Deborah Davis explains “You cannot beat a great classic. With increased interest in the internet and electronic books the world has become more transient. There is a beauty about physical books with the shared memories of when you first read them that is becoming more valuable than ever.”
Deborah advises book lovers to only buy what they like, but to aim for the best quality they can afford. This is something that those who’ve used their beloved rare book or manuscript collections as collateral for an Unbolted loan can agree with. The best way of gauging the quality of these items is to make physical contact, then study them in person.
Condition counts for as much as 90 percent of the value of a book - true bibliophiles do not simply look at these items as something enjoyable to read but as an investment, disciplining themselves as far as they can against purchasing items with creases, nicks, removed price labels and/or non-author signatures.
Dust jackets, in particular, carry an especially high premium. The survival of older books unscathed by the ravages of time is actually incredibly rare. According to Dan Wade of Paul Fraser Collectibles, a dust jacket alone can account for about 75 percent of the book’s price. Just look at an example: a 1938 first edition of Graham Greene’s Brighton Rock. In pristine condition, but minus a dust jacket, it would reach a value of £700. With the jacket, and in a similar condition, it would reach £20,000 or more.
If the book has an author inscription, especially if it's poignant, the value can blast through the stratosphere. An inscribed first edition of The Big Sleep from 1939 bore the following penned comment from its author, Raymond Chandler, addressed to his wife: “For my Cissy, who wants something much better but was pleased even with this.” In 2011, it sold for $254,000 (£150,000).
Rare first-edition books aren’t the only hot property for collectors of the written word to consider. Historic manuscripts, such as royal documents from the Tudor period or letters written by war heroes or great politicians, are absolutely unique and therefore extraordinarily valuable. In 2012, a document signed by Richard III fetched £109,250 at Christie’s.
If you’re the proud owner of a high-value asset similar to these, and you’ve got short-term borrowing needs, then p2p lender Unbolted and our specialist valuation partners will do our utmost to help out.
