Rare Book Monthly

Articles - May - 2005 Issue

Converting Old Prices To Current Value: Finally A Tool

"Current Estimates" show how greatly the first edition of the Book of Mormon has appreciated.


Here is an example: suppose a book sold for $5 in 1955. Next, let's imagine that it currently sells for $10. Was this book a good investment? As we just noted, it certainly was not. It has doubled in price, but you don't need a formula to recognize that this is a terrible rate of return for fifty years. But what if today's price is $50? Or $100? Maybe it's $150, or $200. Most people probably have no idea what that $5 translates to today. That's today's quiz, and at the end of this article, we will tell you. Until then, most people will not likely know what this price means, meaning that a wealth of valuable pricing data collected over decades if not centuries is totally worthless to them. But, it no longer needs to be.

Now we'll show you an example of a book that is growing far beyond the rate of a typical book. It has been an outstanding investment in the past. No guarantees here, but it looks to be a continued good value for the future. The book is the original 1830 Palmyra, New York, printing of The Book of Mormon. Mormon titles have become very collectible over the years. If you click the image to the left of this column to enlarge it, you will see the growth, not just in actual prices, but in current estimated dollar values as well. From values in terms of current dollars of $1,000-$2,000 in the 1920s and 1930s, more recent sales translate to near or over $10,000. The trend-line for this book is exceptional. On the other hand, The Adventures of Peregrine Pickle, a 1751 book by Tobias Smollett, has not fared so well. See the image on the next page to see what has happened to it. Of course not all copies are identical, and this will affect price, but the trends here are inescapable and very telling. I know now which books I want to collect.

Some of you may not see a need for this resource. Many people determine values from Abe, Alibris, Biblio and the like. These online book sites are wonderful places for buying and selling books. They are terribly misleading for establishing value. Prices are all over the place. One bookseller may want $10 for a book, another $100 for a similar copy. What does this tell us about its value? A site like Abe has some knowledgeable bookseller members, but it also has a great many amateurs whose prices are pulled out of thin air. Here's another thing to remember about Abe et al. While some of those prices may appear cause for optimism, at least for the seller, what you are mostly seeing are the prices of books that don't sell. The ones whose prices truly reflect the market don't hang around forever. The majority of what you see is books that have been there for ages, often many years. These are essentially the prices people won't pay. They tell the seller how to price books they don't want to sell; the buyer what to pay if they want to be financially underwater for years to come.

Rare Book Monthly

  • Sotheby’s
    Modern First Editions
    Available for Immediate Purchase
    Sotheby’s, Available Now: Winston Churchill. The Second World War. Set of First-Edition Volumes. 6,000 USD
    Sotheby’s, Available Now: A.A. Milne, Ernest H. Shepard. A Collection of The Pooh Books. Set of First-Editions. 18,600 USD
    Sotheby’s, Available Now: Salvador Dalí, Lewis Carroll. Alice's Adventures in Wonderland. Finely Bound and Signed Limited Edition. 15,000 USD
    Sotheby’s
    Modern First Editions
    Available for Immediate Purchase
    Sotheby’s, Available Now: Ian Fleming. Live and Let Die. First Edition. 9,500 USD
    Sotheby’s, Available Now: J.K. Rowling. Harry Potter Series. Finely Bound First Printing Set of Complete Series. 5,650 USD
    Sotheby’s, Available Now: Ernest Hemingway. A Farewell to Arms. First Edition, First Printing. 4,200 USD
  • Leland Little, Apr. 26: First Edition of Piccolomini's De La Sfera del Mondo (The Sphere of the World), 1540.
    Leland Little, Apr. 26: First Edition of Vellutello's Commentary on Petrarch, With Map, 1525.
    Leland Little, Apr. 26: Finely Bound Definitive, Illustrated Edition of I Promessi Sposi, 1840.
    Leland Little, Apr. 26: Rare First Edition of John Milton's Latin Correspondence, 1674.
    Leland Little, Apr. 26: Giolito's Edition of Boccaccio's The Decamerone, with Bedford Binding, 1542.
    Leland Little, Apr. 26: First Edition of the First Biography of Marie of the Incarnation, with Rare Portrait, 1677.
    Leland Little, Apr. 26: First Aldine Edition of Volume One of Cicero's Orationes, 1540.
    Leland Little, Apr. 26: First Edition of Bonanni's Illustrated Costume Catalogue, with Complete Plates, 1711.
    Leland Little, Apr. 26: An Important Incunable, the First Italian Edition of Josephus's De Bello Judaico, 1480.
    Leland Little, Apr. 26: First Edition of Jacques Philippe d'Orville's Illustrated Book of the Ruins of Sicily, 1764.
    Leland Little, Apr. 26: An Incunable from 1487, The Contemplative Life, with Early Manuscript.
    Leland Little, Apr. 26: Ignatius of Loyola's Exercitia Spiritualia, 1563.
  • Jeschke Jadi
    Auction 151
    Saturday, April 27, 2024
    Jeschke Jádi, Apr. 27: Lot 546. Christoph Jacob Trew. Plantae selectae, 1750-1773.
    Jeschke Jádi, Apr. 27: Lot 70. Thomas Murner. Die Narren beschwerung. 1558.
    Jeschke Jádi, Apr. 27: Lot 621. Michael Bernhard Valentini. Museum Museorum, 1714.
    Jeschke Jadi
    Auction 151
    Saturday, April 27, 2024
    Jeschke Jádi, Apr. 27: Lot 545. Sander Reichenbachia. Orchids illustrated and described, 1888-1894.
    Jeschke Jádi, Apr. 27: Lot 1018. Marinetti, Boccioni, Pratella Futurism - Comprehensive collection of 35 Futurist manifestos, some of them exceptionally rare. 1909-1933.
    Jeschke Jádi, Apr. 27: Lot 634. August Johann Rösel von Rosenhof. 3 Original Drawings, around 1740.
    Jeschke Jadi
    Auction 151
    Saturday, April 27, 2024
    Jeschke Jádi, Apr. 27: Lot 671. Jacob / Picasso. Chronique des Temps, 1956.
    Jeschke Jádi, Apr. 27: Lot 1260. Mary Webb. Sarn. 1948. Lucie Weill Art Deco Binding.
    Jeschke Jádi, Apr. 27: Lot 508. Felix Bonfils. 108 large-format photographs of Syria and Palestine.
    Jeschke Jadi
    Auction 151
    Saturday, April 27, 2024
    Jeschke Jádi, Apr. 27: Lot 967. Dante Aligheri and Salvador Dali. Divina Commedia, 1963.
    Jeschke Jádi, Apr. 27: Lot 1316. Tolouse-Lautrec. Dessinateur. Duhayon binding, 1948.
    Jeschke Jádi, Apr. 27: Lot 1303. Regards sur Paris. Braque, Picasso, Masson, 1962.
  • Fonsie Mealy’s
    Rare Book & Collectors Sale
    24th April 2024
    Fonsie Mealy, Apr. 24: McCarthy (Cormac). Cities of the Plain, N.Y., 1998, First Edn., signed on hf. title; together with Uncorrected Proof and Uncorrected Advance Reading Copies, both signed by the Author. €800 to €1,000.
    Fonsie Mealy, Apr. 24: Stanihurst (Richard). De Rebus in Hibernia Gestis, Libri Quattuor, sm. 4to Antwerp (Christi. Plantium) 1584. First Edn. €525 to €750.
    Fonsie Mealy, Apr. 24: Fleischer (Nat.) Jack Dempsey The Idol of Fistiana, An Intimate Narrative, N.Y., 1929, First Edn. Signed on f.e.p. by Rocky Marciano. €400 to €600.
    Fonsie Mealy’s
    Rare Book & Collectors Sale
    24th April 2024
    Fonsie Mealy, Apr. 24: Smith - Classical Atlas, Lond., 1820. Bound with, Smiths New General Atlas .. Principal Empires, Kingdoms, & States throughout the World, Lond. 1822. €350 to €500.
    Fonsie Mealy, Apr. 24: Rare Auction Catalogues – 1856: Bindon Blood, of Ennis, Co. Clare: Sotheby & Wilkinson. €320 to €450.
    Fonsie Mealy, Apr. 24: [Mavor (Wm.)] A General Collection of Voyages and Travels from the Discovery of America to the Commencement of the Nineteenth Century, 28 vols. (complete) Lond., 1810. €300 to €400.
    Fonsie Mealy’s
    Rare Book & Collectors Sale
    24th April 2024
    Fonsie Mealy, Apr. 24: Mc Carthy (Cormac). Outer Dark, N.Y. (Random House)1968, Signed by Mc Carthy. €250 to €300.
    Fonsie Mealy, Apr. 24: Three signed works by Ted Huges - Wodwo, 1967; Crow from the Life and Songs of the Crow, 1970; and Tales from Ovid, 1997. €200 to €300.
    Fonsie Mealy, Apr. 24: The Garden. An Illustrated Weekly Journal of Horticulture in all its Branches, 7 vols. lg. 4to Lond. 1877-1880. With 127 colored plates. €200 to €300.
    Fonsie Mealy’s
    Rare Book & Collectors Sale
    24th April 2024
    Fonsie Mealy, Apr. 24: Procter (Richard A.) Saturn and its System: Containing Discussions of The Motion (Real and Apparent)…, Lond. 1865. First Edn. €160 to €220.
    Fonsie Mealy, Apr. 24: [Ashe] St. George, Lord Bishop of Clogher, A Sermon Preached to the Protestants of Ireland, now in London,... Oct. 23, 1712, London 1712. Second Edn. €130 to €180.
  • Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    Starting 10AM CST
    April 18, 2024
    Potter & Potter, Apr. 18: [RUTH, George Herman “Babe” (1895-1948)]. Signed photograph. Circa 1930s. 191 x 248 mm. $1,500 to $2,500.
    Potter & Potter, Apr. 18: HARRISON, Benjamin. Document signed (“Benj Harrison”) as governor of Virginia, certifying the service of Daniel Cumbo, a Black Revolutionary soldier. $6,000 to $9,000.
    Potter & Potter, Apr. 18: ONE OF THE FIRST PRINTED ANNOUNCEMENTS OF THE DECLARATION OF INDEPENDENCE. $4,000 to $6,000.
    Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    Starting 10AM CST
    April 18, 2024
    Potter & Potter, Apr. 18: FIRST PRINTING OF LINCOLN’S IMMORTAL GETTYSBURG ADDRESS. $4,000 to $6,000.
    Potter & Potter, Apr. 18: HIGHLY IMPORTANT MORMON ARCHIVE. ALLEY, George. Archive of 23 Autograph Letters Signed by Mormon Convert George Alley to His Brother Joseph Alley. $10,000 to $20,000.
    Potter & Potter, Apr. 18: [AVIATION]. [ARMSTRONG, Neil A.] Aviation Hall of Fame Gold Medal MS64 NGC, Awarded to Neil Armstrong in 1979. $2,000 to $3,000.
    Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    Starting 10AM CST
    April 18, 2024
    Potter & Potter, Apr. 18: NEWLY DISCOVERED FIRST PRINTING OF "WITH MALICE TOWARDS NONE... " FROM THE ONLY NEWSPAPER ACTUALLY ALLOWED TO PARTICIPATE IN LINCOLN’S SECOND INAUGURAL PROCESSION. $4,000 to $8,000.
    Potter & Potter, Apr. 18: THE MOST IMPORTANT GEORGE WASHINGTON DOCUMENT IN PRIVATE HANDS; GEORGE WASHINGTON’S COMMISSION AS COMMANDER IN CHIEF, 1775, ONE OF ONLY TWO ORIGINALS. $150,000 to $250,000.
    Potter & Potter, Apr. 18: A VERY RARE ACCOUNT OF BLACKBEARD’S DEATH AND ONE OF THE MOST IMPORTANT PIRATE ITEMS EXTANT. $3,000 to $5,000.
    Potter & Potter Auctions
    How History Unfolds on Paper:
    Choice Selections from the Eric C. Caren Collection
    Part IX
    Starting 10AM CST
    April 18, 2024
    Potter & Potter, Apr. 18: EDISON, Thomas. Patent for Edison’s Improvements on the Electric-Light, No. 219,628. [Washington, D.C.: U.S. Patent Office], 16 September 1879. $2,000 to $3,000.
    Potter & Potter, Apr. 18: [VIETNAM WAR]. The original pen used by Secretary of State William P. Rogers to sign the Vietnam Peace Agreement, Paris, 27 January 1973. $10,000 to $15,000.
    Potter & Potter, Apr. 18: SONS OF LIBERTY FOUNDER COLONEL BARRÉ ANNOTATED TITLE-PAGE, “WHICH OUGHT TO ROUSE UP BRITISH ATTENTION”. $4,000 to $6,000.

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