Let's start with one of the most instantly-rewarding - and economically rewarding categories of collectible books - Art Books...which we first started collecting back in the late 1950's. Aside from being wonderful just to look through from time to time (and a wonderful way to introduce your children to art too, as happened to us - and to all of our three kids) every art book in our collection has appreciated in value. We still buy second-hand art books that catch our eye - and, more often than not, whether you buy on E-bay, or in an art-book or general antiques store, the going price is typically three times or more the original ‘cover price'.

Another great category of collectible books - where it truly pays to buy the nicest editions you can find - is "great literature." When we first made our promise to ourselves, we signed up with the Heritage Society - a company that focused on printing very nicely printed - and nicely bound and illustrated editions of classic works - all of them in the public domain, so there were no royalties to pay the authors. They were about $16 each back then, including tax and shipping, if we recall correctly. A well-cared-for copy of one of those books today, in a second-hand bookstore,  is also around three times the original purchase price...for a book that is almost always much nicer and much better put together than a more recently printed version.

Collectible books, like the other ‘collectibles' we've covered in earlier columns are valued in much the same way as fine antiques, paintings, stamps, baseball cards...or whatever: Age and beauty play a big role...but condition and rarity - as well as how avidly the items are sought by collectors in general (like Art Books, for example) tend to count the most. And if you are looking strictly from an investment perspective, a real "collection" - one that has one or more areas of focus and concentration - also plays a big role in maximizing the value of your library. We, for example, have big "sub-collections" that focus on American, English and Russian authors...on Natural History, Native American studies...our Art Books, of course...and the writings and biographies of American Presidents.

Where to find collectible books:   

If you are just starting to build your library of fine books, we'd still advise joining one of those "societies" - like the Heritage Society or the British-based Folio Society. Not all their books are as nice as they were in the old days (so don't hesitate to return books that don't seem really special once you get them)...but they still turn out some very beautiful editions of classic works, at very reasonable prices.

We also buy pretty regularly from Easton Press (and, please note, no financial consideration has been received for these mentions), which specializes in leather-bound books...many of which (but not all) we consider to be not only beautiful, but beautifully made and "highly collectible." We bought quite a few "American Presidents books" from them...including all the works of Jefferson and Lincoln...and several books that are signed - by more recent presidents like Nixon (where, being ‘Lincoln Republicans" we are not big fans...except as "collectors"), Carter (ugh...ditto), Reagan (bound to appreciate big-time) and Ford...who suddenly is being recognized as quite a guy...and we're waiting for Bush Sr.'s signed book as we write.

Let's hear it again for antique shops, which often acquire some very nice books, as part of estate sales. One of our biggest "scores" book-wise, is a beautifull two-volume  first edition of the bio of that great American General and so-so President, Ulysses S. Grant. We bought at an antique show for $50.00 - and now, it can sometimes be had at rare book dealers for up to $4,500. We also found a two-volume, leather bound ‘companion set' about his "Travels" at another antique show (also written to bail him out of near bankruptcy, following his presidential term) for the same $50 bargain-basement price, which hasn't appreciated quite as much...but who cares?

For very beautiful books - which are sometimes mighty cheap too, if you collect in somewhat arcane areas - there are "Antiquarian Book Fairs"...but mostly, you end up kind of envious over spectacularly old and beautiful books that are basically over your budget.

Flea markets (don't laugh), often yield spectacular books at spectacular bargains! Many of our nicer books on Presidents - that were printed to memorialize them immediately after their death, for example - have been found at ‘fleas' for next to nothing.

The Web - as much as we are mad at it, for putting so many book-sellers out of business...or rather, forcing them to close their physical book-stores where you could browse and actually see and handle the books, and sell over E-bay instead - is an absolutely amazing source for books: Remember our advice about collecting books about art and artists in your art collection? In less than two years, we were able to acquire every book ever published about Indian art of the 17^th and 18^th centuries. This would have taken a lifetime...and may never have been accomplished without the web. Also, the better bookselling websites tend to be "specialists" in particular areas, and often have numerous versions of a book you may want. The best of them let you comparison shop for condition, bindings, and even "provenance" when some of their books come from the libraries of famous collectors.

Book Stores - and yes, aside from the big book chains, many actual and virtual book-stores still exist; many of them "specialists" in books on art, travel, history, natural history, first-editions - signed and unsigned - fine bindings - and the best of them make browsing easy - and a delightful way to pass a bit of time, and ideally, find a treasure.

New books: Every year, several publishers come out with one or more clearly ‘collectible' books: Last year, we got the enormously large and beautiful book on the Renaissance painter Botticelli for Christmas - so large it came in its own carrying case, with a luggage-like handle. This year, we treated ourselves to a big, leather-bound compendium of "The Notebooks of Leonardo da Vinci" - one of the most fascinating and ‘browse-able books' we've seen in a long time. And don't forget Museum Bookstores.

Important things to avoid when buying books: The biggest no-no in buying ‘collectible-seeming books' are books that have been overexposed to dampness, and that are, as a result, loaded with mold and mildew. We've bought books that were so bad they actually gave us chest-pains when we tried to read them. Although a few eventually aired-out and ‘recovered', most create the risk of contaminating your other books. So don't be bashful about smelling old books before you buy them.

A second big mistake - at least from an investment perspective - is buying a multi-volume set where one or more volumes are missing...even though from a reader's perspective it may seem OK, and actually be OK. (But, no surprise, it's always the best or most popular book of a set that's the missing one!)

An even bigger mistake, if you think you have a ‘collectible book',  is buying a book that you later discover has been "cannibalized" - by having original engravings, maps or other illustrations cut-out by a previous owner, to be sold as frame-able prints.

Another huge mistake - at least where first-editions are concerned (and this is one of the highest-end areas of collectible books) - is to discard the paper dust-jacket. Just like collectible toys - which are worth double or more if the original packaging is included - first editions with their dust jackets - however dog-eared they may be - are worth many times more than those without them.

The bottom line: If you're set to buy a famous book by a famous author, or a book you expect to refer to or read again - pay up for a really nice version. Thirty years from now, you - or your heirs - will still have the book. It will still look nice, and not be falling apart from old age...and it'll probably be worth three times or more what you paid for it. And it will still be around - and even more valuable in 100 years.