Your Old Books in the Attic: Appraising Antiquarian Books
Presented by Mr. Thomas Joyce
Thursday, October 21, 1999, 7:30pm
Staff Lounge, Founders Memorial Library (Lower Level)
The second program of the Friends of NIU Libraries 1999-2000 season was an evening spent with Mr. Thomas Joyce, antiquarian book dealer and owner of Joyce and Company of Chicago (400 N. Racine). Joyce and Company specializes in first editions, rare books, and autographs. This was the third Friends presentation for Mr. Joyce, and he noted the increased attendance at this program.
The presentation was on how to appraise old books. A book can have different values. The fair market value is the price that an informed buyer would pay an informed seller. Replacement value is generally a higher value based on an assumed inflation. Probate value is for tax purposes which can be either lower--favorable for estate purposes or higher--favorable for write-off purposes. Wholesale value is the book buyer price. Price is based on supply and demand, further factored by the book's condition, edition, and other variables such as sudden fame of the author. Interestingly, a book's dust jacket can increase the value, especially if it is in good condition. Finally, certain presses as a press item can have value.
For serious book collectors, three reference books were recommended: first, Edward Zempel's First Editions: A Guide to Identification, 2nd edition; second, Ahern's Collected Books, 2nd edition (1998); and third, American Book Prices Current. The latter provides auction records, and an index volume will lead to the contents in the annual volumes.
Mr. Joyce indicated that the book trade itself is being changed by the Internet. Years back value may have been partially derived on a book being the only known copy in Illinois or in the Midwest. Now that is diminished given the national and global reach of the Internet. In addition, the Internet is affecting the book trade by being able to sell copies for less. Lower prices are based on lower overheads. At the same time, online auctions can drive the price of a book beyond its fair market value.
During the concluding part of the evening, Mr. Joyce appraised and commented on approximately two dozen books brought in by those attending. Audience members kept a focused sense of curiosity as to the value of each book. Appraisals ran from lows of approximately five dollars to highs into the hundreds of dollars. While giving brief explanation as to a books' value, Mr. Joyce also gave numerous tips on preservation. Noteworthy was his formula for preserving leather bindings: a 50/50 mix of neatsfoot oil and lanolin rubbed in to the leather.
- Byron Anderson
For more information, please call (815) 753-9838 or e-mail libraryfriend@niu.edu.
Last Updated: August 23, 2007