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Another Case for Putting Kindles and iPads Aside

This article is more than 10 years old.

Why do people buy physical books these days when they can download electronic versions onto Kindles or iPads at the drop of a hat? The most common reason why people are wedded to paper and ink is that they love the touch, look and even smell of books in their hands and want to keep them on their bookshelves at home.

However, buying the very best quality copies possible can also make them money in the long run. Certainly, the market for rare modern books and manuscripts is growing rapidly. On October 25, Bloomsbury Auctions is selling a large collection of modern first editions in London, including a first edition of F. Scott Fitzgerald's novel The Great Gatsby, expected to fetch £50,000 to £75,000 ($81,000 to $121,000).

But these days, even books written recently by contemporary novelists, that can be picked up for the cover price in a book store, can appreciate in value a lot. Hard cover first printings of the first editions of novels by acclaimed authors, particularly those that are signed and in pristine condition, are the most sought after. A first edition of Harry Potter and the Philosopher’s Stone, (released in the US as Harry Potter and the Sorcerer's Stone) of which just 500 were printed in 1997, was sold by Christie's in 2007 for over $40,000. The first editions of an acclaimed author's first novel are often more valuable, as the print run is generally much smaller than later runs after the author has grown in popularity.

Figuring out which book was actually the 'true first' printing and edition can be tricky, but those editions tend to be even more valuable if they include rare features. Back in 2004, the first printings of the UK hardcover first edition of David Mitchell's Cloud Atlas had a promotional band wrapped around the book. Pristine signed copies of that book with the promotional band intact were selling for $100 four years ago; now they are selling for around $500. The first printing of the first edition of David Foster Wallace's Infinite Jest in 1996 has the name of one of the book's reviewers, William Vollmann, misspelled on the back of the dust jacket. Those could be picked up six years ago for less than $50. Pristine first printings of that first edition now sell for over $700.

Books signed by the author, particularly where they are not dedicated to one particular reader, are even more valuable, so it can be worth investigating which authors are appearing at upcoming book signings nearby. If their favorite author is doing a book signing soon, fans can take along their first edition copy of the author's previous work, as most will sign two books per person. Some bookstores also sell pre-signed copies of books by new authors, so if buyers want to speculate on the literary stars of the future, that's a good option.

There are also good places online to pick up rare books. At AbeBooks, which aggregates the books that thousands of different retailers have for sale, buyers can search for signed, rare and out-of-print books on the company's database, including limited editions, compare prices, and buy copies.

Clearly, this is not a liquid market or one where buyers can make money quickly, especially once they factor in the bookseller or auction house's commission if they decide to sell. Still, for bibliophiles who believe that rare printed books might become even more scarce in this digital age, it could be worth the wait.