Rare Book Monthly

Articles - June - 2005 Issue

Following Up a 25-Year-Old Book Investment Scheme

Fedwards

Rare book investment portfolio proposal.


By Michael Stillman

Books are purchased primarily for two reasons, reading and collecting. While the first purpose is the main reason they are published in the first place, it is generally a one-time shot. Read it once and its usefulness has been depleted. However, collecting has a permanence. It gives books a long term, and likely increasing, value. And once something has these attributes, a third purpose raises its head: investing. Most people who collect books for the sheer love of them are probably aware of this secondary purpose. Still, it isn't often that books are collected solely for investing. Once in awhile, they are, and a chance encounter with a 25-year-old pamphlet gives us an opportunity to look back on such a scheme.

While digging through boxes of old auction catalogues being prepped for the Americana Exchange Database*, we chanced upon a pamphlet produced by Francis Edwards, Ltd., of London, around 1980. Before we continue, we need to point out that this is not the same Francis Edwards of today. Francis Edwards today is again a traditional antiquarian bookseller, just as the firm was for more than a century before this pamphlet was printed. This pamphlet dates from a brief period between the 1978 sale by the Edwards family to venture capitalists to its early 1980s purchase by the current owners. The firm of Francis Edwards is now back to selling books in the British book town of Hay-on-Wye, as well as in London, as it has done through most of its existence since founded by Mr. Edwards in 1855.

During the brief venture capital period around 1980, the firm published this pamphlet, Rare Books for the Collector From the Investor's View, Francis Edwards Limited, Creating a Portfolio. Basically, the plan worked like this. You would invest a sum of money, minimum GPB (British pounds) 500, with the firm. This, they explained, was "the minimum feasible sum which will permit a balanced portfolio of titles across subjects, authors and countries." Then, "specialists identify titles which in their opinion will provide good appreciation over a period of several years." The purchaser could take physical possession of these books if he liked, or store and insure them with Edwards for 2% per year. They could be sold at any time, but the firm explained that this "scheme" (their words, not mine) was designed for those expecting to hold the books for "3 to 5 years."

Rare Book Monthly

  • <b>19th Century Shop:</b> Charles Darwin on sexuality and the transmission of hereditary characteristics: Autograph Letter Signed to Lawson Tait. Down, 17 January [1877].
    <b>19th Century Shop:</b> MILTON, JOHN. <i>Paradise Lost. A Poem written in ten books.</i> London: 1667. A very rare example with the contemporary binding untouched and with a 1667 title page.
    <b>19th Century Shop:</b> Hamilton secures the ratification of the Constitution: <i>The Debates and Proceedings of the Convention of the State of New-York, assembled at Poughkeespsie, on the 17th June, 1788.</i>
    <b>19th Century Shop:</b> The social contract “Man is born free, and everywhere he is in chains”: ROUSSEAU, JEAN-JACQUES. <i>Principes du Droit Politique [Du Contract Social]</i>. Amsterdam: Michel Rey, 1762
    <b>19th Century Shop:</b> “The first English textbook on geometrical land-measurement and surveying”: BENESE, RICHARD. <i>This Boke Sheweth the Maner of Measurynge All Maner of Lande…</i>
  • <b>Swann Auction Galleries Mar 8:<br>Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries Mar 8:</b> Caius Julius Hyginus, <i>Poeticon Astronomicon,</i> first illustrated edition, Venice, 1482. $15,000 to $20,000.
    <b>Swann Auction Galleries Mar 8:</b> Giovanni Botero, <i>Le Relationi Universali... divise in Sette Parti</i>, Venice, 1618. $3,000 to $5,000.
    <b>Swann Auction Galleries Mar 8:</b> <i>L'Escole des Filles</i>, likely third edition of the first work of pornographic fiction in French, 1676. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 8:<br>Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries Mar 8:</b> Illuminated Book of Hours in Latin on vellum, Flanders, early 16th century. $6,000 to $9,000.
    <b>Swann Auction Galleries Mar 8:</b> Johannes Regiomontanus, <i>Calendarium,</i> Venice, 1485. $8,000 to $12,000.
    <b>Swann Auction Galleries Mar 8:</b> Pedro de Medina, <i>Libro d[e] gra[n]dezas y cosas memorables de España,</i> Alcalá de Henares, 1566. $3,000 to $5,000.
    <b>Swann Auction Galleries Mar 8:<br>Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries Mar 8:</b><br>Luis de Lucena, <i>Arte de Ajedres,</i> Salamanca, circa 1496-97. $10,000 to $15,000.
    <b>Swann Auction Galleries Mar 8:</b> Andrés Serrano, <i>Los Siete Principes de los Ángeles, válidos de Rey del Cielo,</i> Spain, 1707. $800 to $1,200.
    <b>Swann Auction Galleries Mar 8:</b> Johannes de Sacrobosco, <i>Sphaera mundi,</i> first illustrated edition, Venice, 1478. $15,000 to $20,000.
  • <b>Bonhams, Feb. 11:</b> A Rare 3-rotor German Enigma I Enciphering Machine. $70,000 to $90,000
    <b>Bonhams, Feb. 11:</b> Important collection of correspondence between Werner Heisenberg and Bruno Rossi. $40,000 to $60,000
    <b>Bonhams, Feb. 11:</b> Walt Whitman Autograph manuscript containing his thoughts on death. $20,000 to $30,000
    <b>Bonhams, Feb. 11:</b> David Roberts. <i>Holy Land</i>. Six volumes. 1842-1849. First edition. $15,000 to $25,000
    <b>Bonhams, Feb. 11:</b> Extensive collection of Ray Bradbury's primary works, most signed or inscribed. $15,000 to $20,000
    <b>Bonhams, Feb. 11:</b> Peter Force. Declaration of Independence. $12,000 to $18,000
    <b>Bonhams, Feb. 11:</b> Steinbeck. <i>Grapes of Wrath</i>. A fine copy of the first edition. $10,000 to $15,000
    <b>Bonhams, Feb. 11:</b> Lewis & Clark. <i>Travels to the Source of the Missouri River</i>... First English edition, extra-illustrated. 1814. $10,000 to 15,000
    <b>Bonhams, Feb. 11:</b> Manuscript document signed by Nuno de Guzman relating to Hernan Cortes, 1528. $8,000 to $12,000
    <b>Bonhams, Feb. 11:</b> “Nos los inquisidores..." The first book in English printed West of the Mississippi. [1787]. $5,000 to $8,000.

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