Rare Book Monthly

Articles - May - 2005 Issue

Converting Old Prices To Current Value: Finally A Tool

A0501

Want to see what has really happened to the value of this book? Read on.


By Michael Stillman

Figuring out the value of a book is probably the most vexing issue facing booksellers and collectors alike. Not that there is any lack of data. Books have been auctioned in the open market for over three centuries. Knowledgeable booksellers have been placing prices on them for at least that long. There is an enormous wealth of information. The problem is that many of these valuations are old. How can we use this enormous body of pricing data when the ravages of inflation and changing taste have made them seemingly meaningless?

The answer is to convert these old prices into current values. We need a scale, something akin to what the Consumer Price Index does for a loaf of bread. Such a scale could translate the price a bookseller or auction placed on that book years ago into today's dollars. It would bring those old prices up to date. Now updated prices would not necessarily establish current value. Some books will have appreciated more than others in the intervening years. Nevertheless, it would tell you on average what that old price equals today. It will tell you the value that bookseller or auction placed on your book. In a world where accurate pricing information is very hard to find, this would be a major step.

At the AE, we have been compiling an enormous database (the AE Bibliographic Database) of priced records, primarily from auctions and top booksellers of many generations. Now approaching a million strong, and growing rapidly by the day, these records give us a unique window into book pricing over the past century. Now we have sorted and selected through these reams of data to generate a scale that reflects the yearly trends in book pricing. So far, the scale takes us back to 1914, but in time it will go even farther. Once the scale was created, it became possible to apply it back to each individual record to determine what that old price means in terms of today's dollars. "Book dollars," if you will, for this scale is based not on the price of bread but on the price of books. It is, so to speak, the Consumer Price Index of books.

As we noted, not all updated prices will reflect current values because of differing rates of appreciation. However, this brings us to a second, and maybe even more important use for these updated prices. The ability to convert old prices into current values will tell you how fast a book is appreciating relative to other books, which is just a polite way of saying whether it has been a good or a poor investment. Think about that. If a book sold for $100 fifty years ago, and sold for $200 yesterday, it's been a terrible investment. Most books have far more than doubled in fifty years. But, if that book sold for the equivalent of $100 in today's "book dollars" fifty years ago, and $200 today, that is a book which is appreciating at twice the normal rate. Converting old prices to current values enables you to see which books are good investments, which are not so good. Now, if your interest in books is strictly for the pleasure they bring you, then you need read no further. If at least part of your motivation in buying books revolves around money, then please continue.

Rare Book Monthly

  • <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> Rowling (J.K.) <i>Harry Potter and the Philosopher's Stone,</i> FIRST EDITION, first issue, 8vo, 1997. £15,000 to £20,000
    <b>Chiswick Auctions, Sep. 25:</b> Bible, Italian.- Malermi Bible, woodcut illustrations, folio, Lazaro de Soardi & Bernardino Benali, Venice,1517. £8,000 to £12,000
    <b>Chiswick Auctions, Sep. 25:</b> Germany.- Homann (Johann Baptist). <i>Atlas von Deutschland,</i> engraved half title, hand coloured, 87 double page engraved maps, [folio, Erben, Nuremberg, 1753]. £8,000 to £10,000
    <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> [Mirk (John)].- <i>Liber festivalis et Quatuor sermons</i> [bound with], [Le Roy (Pierre)] <i>A Pleasant Satyre or Poesie,</i> first edition in English, Widdow Orwin for Thomas Man, 1595, 8vo. £1,500 to £2,000
    <b>Chiswick Auctions, Sep. 25:</b> Antoninus Florentinus (Saint Archbishop of Florence). <i>Confessionale: Defecerunt…,</i> 8vo, Pietro Quarengi, Venice, 15 February 1499. £1,000 to £1,500
    <b>Chiswick Auctions, Sep. 25:</b> Jesuit Letters.- [Froes (Father Luigi) & et al.)] Avvisi del Giapone de gli anni 1582, 1583, 1584…, 1586 [bound with] Avvisi della Cina et Giapone…, FIRST EDITIONS, Rome. £1,000 to £1,500
    <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> Plutarch & Probus (Aemilius). <i>Plutarchi Cheronei et Aemilii Probi Illustrium,</i> folio, Nicolas de Pratis for Jean-Petit, Paris, 1521. £1,000 to £1,500
    <b>Chiswick Auctions, Sep. 25:</b> Bible.- English. <i>The Byble in Englyshe of the Largest and Greatest volume,</i> elaborate woodcut border, text vignettes, folio, 1541. £1,000 to £1,500
    <b>Chiswick Auctions, Sep. 25:</b> Fore-edge Painting.- Lord George Byron, The Giaour, a Fragment of a Turkish Tale, bound with 10 other titles, 4 plates marked 'Proof.', 1813. £800 to £1,200
    <center><b>Chiswick Auctions<br>Books & Works on Paper<br>September 25, 2019</b>
    <b>Chiswick Auctions, Sep. 25:</b> Manson (John). Twelve by Sixteen Papers of John Mason, a collection of 50 sheets of paper, some watermarked, 12 x 16”, c.1978. £800 to £1,200
    <b>Chiswick Auctions, Sep. 25:</b> Fleming (Ian). <i>Dr. No,</i> FIRST EDITION, original boards, dust-jacket, 8vo, 1958. £700 to £900
    <b>Chiswick Auctions, Sep. 25:</b> Eliot (T.S.) <i>Four Quartets,</i> NUMBER 121 of 290 COPIES, signed by author, 1960. £400 to £600
  • <b>Swann Auction Galleries Illustration Art:</b> Eric Carle, <i>The Very Hungry Caterpillar,</i> hand-painted collage. Sold for a record $20,000.
    <b>Swann Auction Galleries Illustration Art:</b> Charles Addams, <i>Couple passing a giant bird house,</i> watercolor cartoon for <i>The New Yorker,</i> 1948. Sold for $16,250.
    <b>Swann Auction Galleries Illustration Art:</b> Miriam Troop, <i>Rain on Laundry Day,</i> oil on canvas, cover for <i>The Saturday Evening Post,</i> 1940. Sold for $40,000.
    <b>Swann Auction Galleries Illustration Art:</b> Rockwell Kent, <i>To All Fascists,</i> ink broadside for The League of American Writers, circa 1937. Sold for $6,500.
    <b>Swann Auction Galleries Illustration Art:</b> Jo Mielziner, <i>Pet Shop Drop,</i> backdrop design for <i>Pal Joey</i> on Broadway, 1940. Sold for a record $55,000.
    <b>Swann Auction Galleries Illustration Art:</b> Lee Brown Coye, acrylic cover illustration for the 25th anniversary of <i>Weird Tales,</i> 1944. Sold for $18,750.
    <b>Swann Auction Galleries Illustration Art:</b> Virgil Finlay, <i>The Outsider & Others,</i> pen & ink dust jacket illustration for H.P. Lovecraft's book, 1939. Sold for $5,500.
    <b>Swann Auction Galleries Illustration Art:</b> Al Hirschfeld, <i>Paul Robeson as Othello,</i> illustration for <i>The New York Times,</i> 1942. Sold for $68,750
    <b>Swann Auction Galleries Illustration Art:</b> Frederic Remington, pen & ink illustration for <i>A Scout with the Buffalo Soldiers</i> in <i>The Century</i> magazine, 1889. Sold for $17,500.
  • <b>Bonhams, Sep. 17:</b> EARLY AVIATION PHOTOGRAPHY ARCHIVE. Chronicling 20th century aviation from the earliest Wright Brothers images through commercial and military applications. $50,000 to $70,000.
    <b>Bonhams, Sep. 17:</b> SPUTNIK-1 EMC/EMI LAB MODEL, 1957. Full scale vintage test model of the Sputnik-1 satellite, Moscow, [February, 1957]. $400,000 to $600,000.
    <b>Bonhams, Sep. 17:</b> FIRST TELEPHONE CALL TO THE MOON. Partial transcription signed by Apollo 11 astronauts and President Nixon. $20,000 to $30,000.
    <b>Bonhams, Sep. 17:</b> Apollo 11 Beta cloth crew emblem, SIGNED BY THE ENTIRE APOLLO 11 CREW. $8,000 to $10,000.
    <b>Bonhams, Sep. 17:</b> GEMINI 1/8 SCALE MODEL. Rarely seen large-scale contractor's model. $3,000 to $5,000
    <b>Bonhams, Oct. 23:</b> SMITH, CHRISTOPHER WEBB. 1793-1871. <i>Indian Ornithology.</i> [Patna, India]: 1828. $50,000 to $80,000.
    <b>Bonhams, Oct. 23:</b> DUPRÉ, LOUIS. 1789-1837. <i>Voyage à Athènes et à Constantinople, ou Collection de portraits, vues et costumes grecs et ottomans.</i> Paris: Dondey-Dupré, 1825. $60,000 to $90,000.
    <b>Bonhams, Oct. 23:</b> ADAMS, JOHN. Autograph Letter Signed ("J Adams"), [to Dr. Perkins?] while recovering from his small pox inoculation, [late-April, 1764]. $30,000 to $50,000.
    <b>Bonhams, Oct. 23:</b> AUSTEN, JANE. Autograph Letter Signed ("J. Austen"), to her sister Cassandra, 4 pp, "Thursday – after dinner," [September 16, 1813,] Henrietta St. $80,000 to $120,000.
    <b>Bonhams, Oct. 23:</b> AUDUBON, JOHN JAMES. 1785-1851. <i>The Birds of America, from Drawings Made in the United States and Their Territories.</i> New York & Philadelphia: J.J. Audubon & J.B. Chevalier, 1840-1844. $20,000 to $30,000.
    <b>Bonhams, Oct. 23:</b> DODWELL, EDWARD. 1767-1832. <i>Views in Greece.</i> London: Rodwell and Martin, 1821. $20,000 to $30,000.
    <b>Bonhams, Oct. 23:</b> JAMES, JESSE. Autograph Letter Signed ("Jesse W. James"), to Mr. Flood demanding Flood retract spurious accusations, 3 pp, June 5, 1875. $200,000 to $300,000.
  • <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Joyce (James). <i>Dubliners,</i> first edition, signed presentation inscription from the author, 1914. £100,000 to £150,000
    <b>Forum Auctions, Sep. 26:</b> The Beatles.- Baker (Geoffrey.) 3 Autograph Letters and 1 Autograph Card signed to Ann Gosnell, addtionally sgn’d by George Harrison, John Lennon, Cynthia Lennon and others, 1968. £5,000 to £7,000
    <b>Forum Auctions, Sep. 26:</b> Pilgrim Press.- Dod (John). <i>A plaine and familiar exposition of the tenne commandements ...,</i> [Leiden], [William Brewster], 1617. £15,000 to £20,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Automaton Chess Player & Mechanical Illusion.- Reynell (H., printer). “The Famous Chess-Player, No.14, St.James's-Street, next Brooks's,” broadside advertisement for "The famous Automaton", [1784]. £2,000 to £3,000
    <b>Forum Auctions, Sep. 26:</b> Clemens (Samuel Langhorne). <i>Life on the Mississippi,</i> first English edition, signed presentation inscription from the author, 1883. £8,000 to £12,000
    <b>Forum Auctions, Sep. 26:</b> Arctic Sledge Flag.- Fulford (Reginald Baldwin). Sledge flag... HMS Discovery, 1875. £4,000 to £6,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Rowling (J.K.) <i>Harry Potter and the Philosopher's Stone,</i> first edition, first printing, 1997. £20,000 to £30,000
    <b>Forum Auctions, Sep. 26:</b> Piranesi (Giovanni Battista). <i>Le Antichità Romane,</i> 4 vol., 1756. £20,000 to £30,000
    <b>Forum Auctions, Sep. 26:</b> Canaletto (Giovanni Antonio Canal, called). <i>Urbis Venetiarum Prospectus Celebriores,</i> 3 parts in 1, Richard Ford's copy, Venice, Giovanni Battista Pasquali, 1751. £10,000 to £15,000
    <b>Forum Auctions: Fine Books, Manuscripts and Works on Paper. September 26, 2019</b>
    <b>Forum Auctions, Sep. 26:</b> Atlases.- Speed (John). <i>A Prospect of the Most Famous Parts of the World,</i> bound with <i>The Theatre of the Empire of Great Britaine,</i> 1631-27. £12,000 to £18,000
    <b>Forum Auctions, Sep. 26:</b> Anatomical illustration.- Aselli (Gaspare). <i>De lactibus sive lacteis venis... dissertatio,</i> first edition, Milan, Giovanni Battista Bidelli, 1627. £20,000 to £30,000

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