By
Mark Jensen
This is Part Two of our Six Part Series on Magic Book Collecting. Once again, when I refer to book, I mean books, lecture notes and periodicals unless I state otherwise.
Investment
Magic books are an investment in your future. First they are a source of knowledge. However, you have to read them to gain this knowledge. Would you buy a new televison and never turn it on? Of course not, then why buy a book and just put it on a shelf?
Second, magic books can be a financial investment that could reap substantial rewards for you in the future. There are several reasons a magic book will increase in value. These include quickly going out of print due to small print runs ranging from 500 – 1000 copies, fame of the author, fame of the book subject and fame of who previously owned the book.
So, now you must decide on what type of library you want.
The first is a working library where you are primarily interested in the knowledge you will gain from your books. With this type of library, you don’t need a first edition copy of Hoffman’s Modern Magic for $100 when a $5 copy of the current Dover edition will work just fine for you.
The second is an investment library. Rarity and Condition are two primary concerns for you. Also, it should be understood that rare editions often require additional investment to ensure they are properly protected. More on this later when we discuss care and handling of your books.
Finally there is the combination working/investment library. This is what I consider mine to be. My library contains both inexpensive books and rare titles that I enjoy owning.
Mark’s Rule #1: Try to keep within your Subject Areas of Interest.
If you spend $400 on a Hardbound edition of Cards as Weapons and they decide to reprint it or find a warehouse full of copies it will likely drop in value. If you purchased it because of one of your Interest Areas (Ricky Jay, Cards, Stunts, Naked Women in Magic Books, etc) then at least you will still have a book that is of interest and thus value to you. However, if you bought it just because you thought it was rare and would increase in value…you’ve just thrown away your money. More expensive than throwing cards don’t you think?
What if you don’t have a lot of money to invest in magic books, but would like to have an investment library. Following Mark’s Rule #1, I would recommend buying books that are still in print. As a general rule, based on your budget for a specific title you plan on buying, first go for a limited edition if available, then hardbound and finally softbound.
The Cards as Weapons book by Ricky Jay is the perfect example. This was a mass market book that you could have purchased new in 1977 for $4.95. Today, the same softbound edition would cost you over $100.
Finally, no matter what type of library you have, you should determine what it is worth and talk to your insurance agent to determine what steps you should take to protect yourself in case of loss. Your library may be covered under your general policy or it may require a separate rider policy. Your insurance agent will also tell you what proof of ownership they will require in case of loss.
nce you decide whether your library is a working library, investment library or a combination, you next need to think about storage. I will discuss storage next month. Until then…Happy Collecting.
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