Experts are emphasizing the remarkable worth of first edition novels, highlighting one particular book that sold for £24,000 last year.
The book in question is actually a copy of JRR Tolkien’s 1937 work, “There and Back Again,” better known as “The Hobbit.” This beloved story is set in the enchanting realm of Middle Earth and centers around Bilbo Baggins, the wizard Gandalf, and 13 dwarves on their quest to reclaim treasure from the fearsome dragon Smaug.
After 75 years, it was adapted into a blockbuster film in 2012, featuring Martin Freeman as Bilbo. An auction last May estimated that such first editions might fetch “between £7,000 and £10,000,” since only 1,500 copies were published in September 1937.
However, on auction day, the estimate more than doubled, reaching a remarkable £24,000. The auctioneer noted that upon its publication, it was nominated for a Carnegie Medal and awarded the Best Boys’ Fiction title by the New York Herald Tribune. Additionally, it features a dust cover designed by Tolkien himself. Due to paper shortages during WWII, the book wasn’t readily available afterward. The first edition includes a unique corrected detail on the inner flap referencing “Dodgson,” the real name of Lewis Carroll.
Typically, rare first editions of “The Hobbit” can sell for between £6,000 and £20,000, with signed copies often exceeding £60,000. David Joyson, a home insurance expert at HomeProtect, recommends checking household bookshelves for potential hidden treasures.
This isn’t just relevant for avid collectors of Tolkien’s work. In 2024, Hanson Auctioners recorded a spectacular sale, where a first edition of “Harry Potter,” purchased for £10 in 1997, went for £36,000.
Rare books are frequently available at auctions, with some copies listed for £64,000 and £12,000. Joson remarked on the amazing increase in value for these novels, suggesting that in tough financial times, people may want to search their garages, attics, and storage spaces for overlooked valuable items.
First edition books are prized collectibles often unnoticed, so it’s important to research their significance before discarding or giving away old children’s books. If you suspect any items at home might be valuable, consider having them professionally appraised. Lastly, verify that rare or antique books are covered by your content insurance policy and ensure you have sufficient coverage for their value.
