For a book to carry a high price tag, it must be important for some reason. It may be that it was the first book of a major author, such as Hemingway. Or it could be because of it’s impact on the community it addresses. A good example would be On the Origin of Species by Charles Darwin. It may be that the importance is due to the press or publisher that issued the book such as William Morris’ Kelmscott Press. Alternatively, it may be the illustrator. Some, with deep pockets, collect the first and limited editions of works illustrated by Arthur Rackham.

Age of the book by itself is not a factor. Contrary to many who possess old books and because of their age they believe they have something valuable. We have books that are 200 years old that are in great condition and very scarce – but who cares if it is a meaningless book.

How rare a book is will have a significant impact on the value of an important book. There are mythical rare books, such as first editions of Edgar Allan Poe’s Tamerlane. Find one and retire! Typically, it is the early works of famous authors that are valuable because there are not many of them. Later works are produced in high numbers so even if it is a great work it has little value because it is very common. So first editions of Stephen King’s Carrie and Salem’s Lot are scarce and very pricey. The value of his books decreases as he became better known and printed copies escalated. Often, with great “modern” writers the publishers create scarcity by publishing special limited editions of works that are signed by the author and illustrator if there is one. And this manufactured “scarcity” works in the collector marketplace.

The condition of a book is of vital importance for the vast majority of books. And this is one of the first attributes that a book dealer will note when describing a book. There is no set of descriptions that is used by all collectors and dealers, unfortunately. Some describe a book as “fine” or “as new”. They would mean the same thing. Typically, you will see the following terms used – Fine; Near Fine; Very Good, Good and Fair. Collectible books stop at “Very Good”. A common phrase is that “a good book ain’t good!” This system of grading breaks down somewhat in that the description is based on the graders personal opinion. It is not unusual to see a book graded at Near Fine but when you read the description it would appear that a categorization as “Good” would be more appropriate.

The Dust Jacket is almost as important as the book itself, and dealers will describe both the condition of the book and then the dust jacket so you will see a double notation such as F/NF. In the world of modern first editions the condition of the book and of the dust jacket are of equal importance. Dust jackets deteriorate quickly if not treated with respect. Many dealers protect the dust jacket with mylar plastic covers.