While printed book sales may increase or decrease depending on the market situation, the rare book industry continues to boom, according to Bdtonline.
While printed book sales may increase or decrease depending on the market situation, the rare book industry continues to boom, according to Bdtonline.
Auction house Christie’s recently sold two rare books, The Thirteen Problems by Agatha Christie and The Hound of the Baskervilles by Arthur Conan Doyle – for $63,968 and $226,555 respectively. These books belong to Charlie Watts, drummer for the Rolling Stones.
A few months earlier, in May 2023, the oldest, most complete Hebrew Bible attracted a record price of $38.1 million at Sotheby’s auction. This 1,000-year-old publication is the most valuable religious work ever sold at auction.
While print book sales may ebb and flow, the rare book industry continues to boom. Part of the reason is the recent Covid-19 pandemic period.
Rare books are increasingly welcomed
The strong development of the digital age has changed the way people buy and read books. Today, print book sales are competing strongly with audiobooks, e-books and even PDF editions.
However, the durability of paper books is an undeniable value. Many enthusiastic readers have always praised the unparalleled durability of printed books. And if these editions are rare books, the material and spiritual value of the book will increase exponentially.
Christie’s recently successfully auctioned two rare books. Photo: Forbes.
The current rare book market spans many genres, from literary works, Bibles, maps, to other bound documents. Currently, the rare book market is also peaking at an unprecedented level.
Collectible book auctions increased 4% last year, from 505,000 to 526,000. However, the average price of collectible books fell from $2,094/issue in 2022 to $1,863/issue in 2023. While this is not good news for sellers, the decline in average prices has prompted pushed readers to buy more rare books priced under $100 and this caused rare book sales to increase by 20%.
According to a report by IBIS World, many factors, including the Covid-19 pandemic and the growth of e-commerce, have contributed to the recent growth of the rare book market.
The lockdown period during the Covid-19 pandemic caused people to have more free time and spend more time reading books. While the online book market has grown significantly since the mid-1990s, supply chain issues and lockdowns due to the Covid-19 pandemic have helped raise the profile of the world of digital books and works. modern.
As a result, the prices of rare books are reduced. At this time, their prices became more accessible to many readers and motivated many people to buy some moderately priced rare books, thereby promoting the development of the rare book market.
In this market, a few booksellers and antique shops have long been the main players controlling the market. They significantly limited public access and gradually made the hobby of collecting rare books restricted to a select few, often wealthy collectors. For a long time now, booksellers have been able to easily raise the prices of rare book publications, and buyers often have no choice but to spend more than their actual value.
However, in the context of the increasingly booming rare book market, the number of booksellers and auction houses, both online and in-person, has increased over the past few years and has gradually completely changed the old trading style. .
As buyer access to rare books improves and transparency increases, new buyers can quickly join the ranks of seasoned collectors.
How the rare book market works
Public demand and market capitalization are not the only factors that influence the value of a rare book. There are many criteria that drive prices, such as public demand, the number of copies of a particular edition, and their authenticity.
In addition, the market value of a rare book also depends on its condition and preservation. Buyers and auction houses always pay attention to the condition of books and care about how to preserve them to avoid frivolous reselling and reducing the value of the work.
For owners of antique books, they can contact bookstores and thereby connect with potential buyers. In addition to local bookstores, they can also contact auction houses, which is now very easy via online or in-person methods.
For buyers, it is also increasingly easier for them to access rare book publications. Gone are the days when book collectors were mainly in their 40s or 50s. Today, the younger generation that has grown up with technology is increasingly interested in paper books.
Their participation also helps expand the range of works in the market, especially non-religious publications, including novels. At the end of 2021, the first edition of Harry Potter and the Philosopher’s Stone (Harry Potter and the Philosopher’s Stone) sold for $471,000 at Heritage auction house. This is also a world record for auctioning modern literary works. First edition of the book The Chronicles of Narnia (Chronicles of Narnia) by Clive Staples Lewis also sold for $45,699 last year.
