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>Bonhams, Mar. 6:</b> Helvelius. Two Autograph Letters Signed to Francis Aston, Royal Society Secretary, noting his feud with Robert Hooke, 5 pp total, 1685. $70,000 to $100,000.
    <b>Bonhams, Mar. 6:</b> Newton, Isaac. Autograph manuscript on God, 4 pp, c.1710, "In the beginning was the Word...."?$100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> Beethoven's Ninth Symphony. First edition, first issue. Untrimmed copy in contemporary boards. $30,000 to $50,000.
    <b>Bonhams, Mar. 6:</b> Lincoln, Abraham. Signed photograph, beardless portrait with Civil War provenance. $80,000 to $120,000.
    <b>Bonhams, Mar. 6:</b> IMPEACHMENT. Original engrossed copy of the first Andrew Johnson impeachment resolution vote. $120,000 to $180,000.
    <b>Bonhams, Mar. 6:</b> Mucha, Alphonse. 11 original pencil drawings for?<i>Andelicek z Baroku,</i> "Litte Baroque Angel," Prague, 1929. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Einstein, Albert. Annotated Galley Proofs for <i>The Meaning of Relativity.</i> 1921. $25,000 to $35,000.
    <b>Bonhams, Mar. 6:</b> Silverstein, Shel. Original maquette for <i>The Giving Tree,</i> 34 original drawings. $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Roth, Philip. Typed Manuscript with substantial autograph corrections for an unpublished sequel to <i>The Breast.</i> $10,000 to $15,000.
    <b>Bonhams, Mar. 6:</b> Taupin, Bernie. Autograph Manuscript, the original draft of lyrics for Elton John's "Candle in the Wind," 2 pp, 1973. $100,000 to $150,000.
    <b>Bonhams, Mar. 6:</b> HARVEY, WILLIAM. <i>De Motu Cordis et Sanguinis in Animalibus Anatomica Exercitatio.</i> Padua: 1643. $12,000 to $18,000.
    <b>Bonhams, Mar. 6:</b> CESALPINO, ANDREA. <i>Peripateticarum Quaestionum Libri Quinque.</i> Venice: 1571. $30,000 to $40,000.
  • <b>ALDE, Feb. 26:</b> Leon TOLSTOÏ. <i>Anna Karenina.</i> Moscou, 1878. First and full edition of the Russian novel, in the author’s language.<br>Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Mark TWAIN. <i>Adventures of Huckleberry Finn (Tom Sawyer's comrade).</i> New York, 1885. First American edition.<br>Est. 5 000 / 6 000 €
    <b>ALDE, Feb. 26:</b> Walt WHITMAN. <i>Leaves of Grass.</i> Brooklyn, New York, 1856. Second edition gathering 32 poems. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> Karen BLIXEN. <i>Out of Africa.</i> Londres, 1937. First edition in the UK, before Danish translation and American release.<br>Est. 1 500 / 2 000 €
    <b>ALDE, Feb. 26:</b> Ernest HEMINGWAY. <i>A Farewell to Arms.</i> New York, 1929. First edition with $2.50 on the dust and A on the copyright page.<br>Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Ulysses.</i> Paris, Shakespeare and Company, 1922. First edition published by Sylvia Beach. Est. 3 000 / 4 000 €
    <b>ALDE, Feb. 26:</b> James JOYCE. <i>Dubliners.</i> Londres, 1914. First edition. Nice copy in publisher’s cardboard. Est. 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> Franz KAFKA. 8 novels in German first edition, published in München, Leipzig and Berlin 1916-1931. Est. from 300 / 400 to 2 000 / 3 000 €
    <b>ALDE, Feb. 26:</b> David Herbert LAWRENCE. <i>Lady Chatterley's Lover.</i> Florence, 1928. Privately printed first edition. Est. 4 000 / 5 000 €
    John STEINBECK. <i>The Grapes of Wrath.</i> New York, 1939. First edition. Nice copy with $2.75 on the cover. Est. 1 000 / 1 200 €
  • <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> Harriet Tubman Cabinet Card by H.S. Squyer, Auburn, NY, 1892. $10,000 to $15,000
    <br>Cowan’s, Feb. 20:</b> Scarce <i>Events of the Tulsa Disaster,</i> First Edition, 1922. $4,000 to $6,000
    <br>Cowan’s, Feb. 20:</b> Unpublished CDV of Frederick Douglass by Benjamin F. Smith, 1864. $3,000 to $5,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> California Imprint of <i>President Lincoln's Emancipation Proclamation</i> Broadside, 1864. $10,000 to $15,000
    <br>Cowan’s, Feb. 20:</b> John C.H. Grabill Cabinet Card of Buffalo Soldier Wearing Buffalo Coat, ca 1886. $8,000 to $10,000
    <br>Cowan’s, Feb. 20:</b> Rare <i>What Mrs. Fisher Knows About Old Southern Cooking,</i> 2nd Cookbook Published by African American. $6,000 to $8,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> Frederick Douglass Walking Stick, 1888. $3,000 to $5,000
    <br>Cowan’s, Feb. 20:</b> Only Known Slave Narrative Published Independently in California, <i>Life and Adventures of James Williams.</i> $2,000 to $4,000
    <br>Cowan’s, Feb. 20:</b> Rare First Edition of History of Black Literature, Abbé Grégoire <i>De La Littérature des Nègres</i>. $2,500 to $3,000
    <center><b>Cowan’s Auctions<br>The Road West: The Steve Turner Collection of African Americana<br>February 20, 2020</b>
    <br>Cowan’s, Feb. 20:</b> African American Soldier and Medal of Honor Winner Christian A. Fleetwood CDV, PLUS. $8,000 to $10,000
    <br>Cowan’s, Feb. 20:</b> Jack Johnson vs. Jim Jeffries Pennant, 1910 Reno, Nevada. $2,000 to $4,000
    <br>Cowan’s, Feb. 20:</b> Joe Gans Photograph at 1906 Goldfield, Nevada Fight by Percy Dana. $600 to $800
  • <b>Swann Auction Galleries Feb 20:</b> Jane Austen, <i>Sense and Sensibility: A Novel, By a Lady,</i> 3 volumes, London, 1811. $30,000 to $40,000.
    <b>Swann Auction Galleries Feb 20:</b> Virginia Woolf, <i>Kew Gardens,</i> limited edition, signed by Woolf & Bell, London, 1927. $5,000 to $7,500.
    <b>Swann Auction Galleries Feb 20:</b> <i>[Arabian Nights],</i> Calcutta II version, 4 volumes, Calcutta & London, 1839-1842. $12,000 to $18,000.
    <b>Swann Auction Galleries Feb 20:</b> Princess Diana, 6 ALS to <i>Harper’s Bazaar</i> editor, anticipating Christie’s sale of her dresses for charity, 1995-97. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Jane Austen, <i>Emma,</i> first edition, London, 1816. $15,000 to $20,000.
    <b>Swann Auction Galleries Feb 20:</b> Hirohito & Nagako, Emperor & Empress of Japan, 2 photographs signed, showing Nagako in kimono & obi bearing the imperial seal. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Princess Diana, 6 autograph letters signed to <i>Harper’s Bazaar</i> editor Elizabeth Tilberis, anticipating Christie’s announcement of a sale of her dresses for charity, 1995-97. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Sarojini Naidu, complete galley proof of <i>The Broken Wing</i> signed with several holograph pages & an autograph letter signed to writer Edmund Gosse, 1916. $6,000 to $9,000.
    <b>Swann Auction Galleries Feb 20:</b> Fernando Pessoa, <i>Mensagem,</i> first edition, presentation copy, signed & inscribed, Lisbon, 1934. $5,000 to $7,500.
    <b>Swann Auction Galleries Feb 20:</b> Graham Greene, <i>The Basement Room,</i> first edition, Greene’s personal copy, signed with annotations throughout, London, 1935. $4,000 to $6,000.
    <b>Swann Auction Galleries Feb 20:</b> Abraham Lincoln, partly-printed document signed, call for troops issued during America’s first national draft just days before the NYC draft riots, 1863. $15,000 to $25,000.
    <b>Swann Auction Galleries Feb 20:</b><br><i>Les Chansons de Bilitis</i> by Pierre Louÿs, illustrated by George Barbier & F.L. Schmied, Paris, 1922. $8,000 to $12,000.

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