- First in our new Modern Treasures series
- What your items valued? Find our how in the box at the bottom of the story
Last year, I was browsing in a charity book shop and saw a hardback copy of Jurassic Park by Michael Crichton. When I looked inside, it revealed it was a first edition.
I bought it for £9 (and read it), and it now sits alongside one of my favourite books of all time – In Cold Blood, by Truman Capote, which was gifted to me by a dear friend of mine for a special milestone. This is also a first edition.
They take pride of place on my bookshelf, but was wondering how much they might be worth – when I looked on eBay, prices fluctuated massively – and whether they could grow in value. Via email.
Novel returns? This week, our expert valuer Dan Hatfield runs the rule over two first edition hardback books
Lee Boyce, This is Money editor, replies: Welcome to our new Modern Treasures series, where our expert valuer – Dan Hatfield – runs the rule over YOUR items and collections, to give you a rough price.
If you’d like to submit your items, find out how to do so at the box at the bottom of the story. Enjoy.
Dan Hatfield, expert valuer, replies: I couldn’t have dreamt of a better way to kick off my brand new column than by delving into the mysterious, often confusing, yet always interesting world of books and publishing.
Just recently I presented a segment on ITV’s This Morning where I was discussing the value of a first edition Harry Potter book, so it won’t be a surprise that following this, I received a tsunami of requests from people wanting me to ascertain whether their books were worth anything.
So let’s turn to our reader. Firstly, Jurassic Park – a wonderful book I have thumbed through myself, many times – and also, In Cold Blood, which I haven’t had the joy of reading yet, but it is on my list.
With over 155million different book titles in circulation, it’s hardly surprising that many people can’t identify whether they have a book that is worth significant money.
But more importantly, how do we know what makes a book valuable or not?
Broadly speaking, there isn’t a hard set rule here, many factors determine the market price of a book, whether that’s condition, scarcity or demand. So, you really need to look at each book individually.
With these two books, I know that they are first editions which can hold a decent value, but first editions don’t always mean money. So what is a first edition and how can you tell if you have one?
In basic terms, a first edition is the very first book(s) produced for a title and distributed commercially.
But, as books grow in popularity, they are often produced in other countries, by other publishing houses – these books can authentically be called ‘first editions’ but the value will likely not be as a high as a ‘true first edition’ (the books produced on the original publication date by the original publisher).
You also have multiple print runs, often referred to as impressions, so, the first edition first print will usually be the most valuable.
As print numbers continue the value will decrease, so even if you have a first edition, it may be a 3rd or 4th print and therefore is less likely to hold any significant value.
It’s also worth pointing out ‘book club editions’, as whilst these can be first editions, they are created for book subscription retailers and often produced using cheaper materials to save money, therefore holding much less value.
To understand if you have a first edition, you need to look at the below four things that can all be found within the very first pages of a book.
1. The Publisher
Research who originally published the book in question. This needs to be the publishing house of the very first book in its country of origin.
2. The Copyright Date
This is within the first few pages amongst all the other legal and technical information. You want the copyright date in your book to be the same as the publishing date.
3. Edition Number
Sometimes this is written on the first pages but publishers each have their own policy with regards to this, so often it may not be that easy to identify.
4. The ISBN Number
This is clearly identifiable and will consist of 10 numbers if it was printed pre-2007.
After this year, it will have 13 numbers. It would take a whole other article for me to explain all the numbers and their meaning but basically you are looking for the lowest number to indicate print run.
A ‘1’ will confirm a first edition. So, with all this information now in our locker, does this mean your books are worth big bucks?
Roarsome: Before becoming one of the most successful film franchises of all time, Jurassic Park was one of the most popular fiction titles of the early 1990s
Jurassic Park
Let’s start with Michael Crichton’s Jurassic Park.
The very first books were produced in 1990, in a limited run for Franklin Library, signed by the author and bound in beautiful charcoal leather with a gold gilt design.
Although it’s never been disclosed exactly how many were produced, we do know that there were few so demand and value is high. These editions can go for figures in the late hundreds and early thousands of pounds.
After this copy was published, the first trade ones were produced in the US by Alfred A Knopf (also in 1990). They have the phrase ‘first trade edition’ on the copyright page. Many collectors consider this to be the ‘true first edition’ – these go for around £60 to £120.
Upon examination, beneath the dust jacket of your copy is an off white book. So, straightaway I can eliminate this as a Franklin copy or a ‘true first edition’ because they are a majestic blue.
Gazing at the copyright page I see that this was produced in 1991, the same year as the copyright.
It was published by the Random Century Group in Britain, so I can be pretty sure it was the first UK Edition.
When I looked at the ISBN number, there is a 1 in the sequence to confirm my beliefs.
So now, for what it’s worth – as I have already said, books hold their market value on many factors.
One big one, is its condition and let’s remember, books are made to be loved, enjoyed and poured over, but constant handling can cause stains and rips and reduce their value – and yours clearly has some wear and tear.
Another problem we face is marketplaces such as Ebay and Etsy where the seller can set the advertised price at whatever they want – for this title, I saw prices ranging from £20 to a bonkers £2,000.
It wasn’t just private sellers asking for silly money as well, what appear to be long established book dealers are also asking for prices that are just not reflective of the book’s true value.
These unauthenticated prices will do nothing but confuse and camouflage a book’s true value, which is why you can never trust one site.
Gary Donn, an auctioneer friend of mine who has sold a plethora of books in his time, told me that a lot of these sites often have books priced at three to four times their true value.
With everything I have seen (the edition, UK print, condition and market research), I would be confident that the reader’s Jurassic Park would generate interest at around £40 – £200.
The reason for such a variable is demand… I have found some that have gone for the higher side of this estimate and some bizarrely lower.
If I were to nail my colours to the mast, I would value this book realistically at about £40-£80 which may not fund your retirement, but is a fairly ‘roarsome’ return on your £9 investment.
Truman Capote: In Cold Blood is a non-fiction novel detailing a murder case from the late 1950s
In Cold Blood
With regards to Truman Capote’s In Cold Blood, I would also be confident to conclude it is a first print edition.
Again, condition is king and this book looks in fabulous health, despite being published in the 1960s.
Having done my thorough research and market value analysis, I would value this at £80 to £120.
If you were to sell either of these books, you need to think cleverly about where to attract the best price.
For instance, I believe you’d be best placed to sell Jurassic Park on Ebay as this marketplace attracts collectors looking for a 1990s classic.
But with In Cold Blood, I would put this in a physical auction where it is likely to make you much more than an online marketplace.
I’m guessing you won’t want to sell either of these books just yet as they sit pride of place on your bookshelf – and they will likely increase in value.
I am seeing the value of books take big jumps in value as the world faces uncertain economic times and book production falls, meaning many investors are now turning to literature to broaden their portfolios.
So, if you love reading and want to build up decent investment for the future, your hobby could be the answer you’ve been looking for.