Books

Guess the Value of Just 500 First Edition Harry Potter Novels

Libraries have thrived or struggled in different regions of the United States. Rare books are something else entirely. The collectors market for rare books has continued to make headlines and grab the public’s attention. With the holidays approaching we all might find ourselves enjoying a good book by a fire. Maybe that idea is why Heritage Auctions chose to have their December 9 – 10 Rare Books Signature Auction 6241 so close to the holidays. Nostalgia for book titles millions grew up with is one of the reasons for the prices. Heritage Auctions did not provide estimates for these books but a first edition of J. K. Rowling’s Harry Potter and the Philosopher’s Stone (First Edition in hardcover; London; Bloomsbury) from 1997 just sold for an amazing $471,000.00.

Collectors Dashboard evaluates high-end collectibles as an alternative asset class. This means collectibles are attracting the same capital that could have been invested into stocks or bonds. Many collectibles now cost thousands of dollars (or much more). Collectors with a passion to own a collectible for years frequently have to compete directly against investors whose only desire is to make a profit in the future.

Image provided by Heritage Auctions

Harry Potter first edition novel

It is unknown if investors were bidding here, but $471,000 for rare books could have gone a long way in stocks or bonds or other traditional investments. According to AbeBooks (UK) a Harry Potter and the Philosopher’s Stone (book 1 – UK) hardcover First Edition only had 500 books published, and 300 reportedly were sent to libraries. Heritage Auctions has just sold an example for nearly half a million dollars.

As for the $471,000 for the first edition of the Harry Potter release, and pay attention to the original name, Heritage also sold many other key books. Those books would have commanded a serious attention premium had it not been for “Mister Potter!”

Here are the books that we at Collectors Dashboard noticed at this auction:

  • J. K. Rowling. Harry Potter and the Philosopher’s Stone. First Edition in hardcover [London]: Bloomsbury, [1997]. Sold for $471,000.00 after 29 bids.
  • J. R. R. Tolkien. The Lord of the Rings Trilogy. London: George Allen & Unwin, Ltd. 1954-1955. The First Editions with original first state dust jackets sold for $103,125.00 after 18 bids.
  • Dashiell Hammett. The Maltese Falcon. New York: Alfred A. Knopf, 1930. The First Edition in the first state dust jacket sold for $47,500.00 after 15 bids.
  • C. S. Lewis. The Chronicles of Narnia. London: Geoffrey Bles, [1950-1954] [and:] Bodley Head, 1955-1956. First editions, in original, unrestored dust jackets sold for $100,000.00 after 16 bids.
  • F. Scott Fitzgerald. The Great Gatsby. New York: Charles Scribner’s Sons, 1925. The First Edition sold for $100,000.00 after 17 bids.
  • Ian Fleming. Casino Royale. London: Jonathan Cape, [1953]. The First Edition book sold for $42,500.00 after 14 bids.

There is some proof that hardback books are worth way more than paperback novels.

The Harry Potter movie franchise always released a new movie for the series around the holidays. Here is a second Harry Potter First Edition as well as the Heritage Auction description:

  • J. K. Rowling. Harry Potter and the Philosopher’s Stone. [London]: Bloomsbury, [1997]. First Edition in paperback sold for $16,250.00 after 23 bids.

Collectors will recognize these titles and for some it will bring back memories of youth. Harry Potter is a name that anyone under 35 or 40 grew up glued to. Remember the bookstores opening up at midnight for the release? All the kids dressed as wizards waiting in line for an opportunity to stay up the rest of the night reading it. Maybe what we’ll all miss is not buying a second Harry Potter hardcover book and immediately encapsulating it in plastic.

If there were just 500 novels, let’s do a market cap analysis here if all were equal to this book’s first run. If there were just 500 and none had been damaged or lost or stolen, and they all commanded this price… That would be $235.5 million! Now imagine how many people are trying to think of where they put those darned novels!