Experts suggest visiting libraries that showcase rare books from private collections and talking to experts to learn more about them. Getty Images
Experts suggest visiting libraries that showcase rare books from private collections and talking to experts to learn more about them. Getty Images
Experts suggest visiting libraries that showcase rare books from private collections and talking to experts to learn more about them. Getty Images
Experts suggest visiting libraries that showcase rare books from private collections and talking to experts to learn more about them. Getty Images

How investing in rare books can give your portfolio a boost


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As geopolitical events shake equity markets, many investors are finding refuge in alternative investments.

Those seeking to diversify their portfolios may find attractive opportunities in rare and antiquarian books.

The market for such books has seen surging interest lately, racking up new sales records and clocking handsome returns.

In September, Christie’s auction house sold a pair of books by Agatha Christie and Arthur Conan Doyle for $63,968 and $226,555, respectively. Both books belonged to the late Rolling Stones drummer Charlie Watts.

October saw Sotheby’s host a series of auctions in New York City and London, comprising a rare book library, Bibliotheca Brookeriana, estimated to command over $25 million.

A couple of months before that, the earliest and most complete Hebrew Bible fetched a record-breaking $38.1 million at Sotheby’s, becoming the most valuable manuscript ever sold.

Global rare collectable books (including books, maps and manuscripts) at auction clocked $1.6 billion in 2022, comparable to the $1.15 billion revenue in 2021, when the market doubled in size from three years ago, according to rare books expert Bruce McKinney.

Aside from financial gains, investing in rare books is an engaging hobby that involves exciting experiences ranging from finding a timeless tome at a dusty bookstore to evaluating the collectible value of a book.

But before you rush to the nearest dealer, take a moment to grasp what makes books a sound investment.

Why invest in rare books?

People collect books for several reasons – some for scholarly pursuits, others are captivated by the allure of classic works, and some see them as a hedge against market volatility.

“Owning a book can connect you directly with the past in a way that is very satisfying,” says Ian Ehling, director of fine books and manuscripts at Bonhams, in New York.

People who buy rare books are usually doing it out of a passion for the material and a connection to history, says Christina Geiger, head of books and manuscripts department at Christie’s Americas.

Compared to some other pastimes, collecting books tends to yield attractive long-term returns, she adds.

For some people, it's about the excitement of searching and the joy of chancing upon a rare gem.

Former investment banker Sam Dogen came upon one such gem in 1991 in Isaac Asimov’s science fiction novel Foundation and Earth.

“I bought a first edition, first printing, signed copy of the book at a used books store for $40,” he says.

After Asimov died, the appeal of the book increased. That book, Mr Dogen says, is now worth over $1,000 and is the most valuable in his collection.

The advent of digital technology and e-books has also increased the rarity of paper versions.

“There has been a move towards digital books,” says Wendy Guerin, co-founder of Cookbook Village, an online store that specialises in collectable and vintage cookbooks.

“Many people assume print is of low interest and throw books away or give them to someone else who discards them, which leads to shrinking supply.”

What to consider

Like any category of collectables, the biggest question on every new entrant’s mind is where to start and what to consider.

Those who specialise in the field recommend starting slowly and not expecting instant riches.

Christie’s’ Ms Geiger suggests visiting libraries that showcase rare books from private collections and trying to learn more about them by talking to experts.

Another piece of advice for beginners is that they should explore antiquarian book fairs, trusted book dealers and auction houses.

Consider zeroing in on a specific genre. This could include exploring books from a particular historical era, first editions of popular literary works or seeking out copies bearing the authors’ inscriptions.

“Focusing on a niche genre will help an investor learn about the market and make smarter purchasing decisions,” Ms Guerin contends.

Pros and cons

Collecting books follows the basic investment mantra: grasp the fundamentals through research.

Gilded pages, a mildewed cover or the year of publication are no guarantee of collectable value.

“New collectors often equate the age of a book with its value, assuming the older the book, the higher the value, which is not the case,” Ms Guerin says.

She cautions against approaching “investing in rare books as a land grab, using scanners [apps and websites] to find ‘valuable’ books”.

An expensive book must possess rarity in the form of a unique flaw, fewer specimens or famous associations.

“Rarity along with special attributes increases value,” says Mr Dogen, creator of personal finance website Financial Samurai and author of Buy This Not That.

A rare book could also serve as a hedge against economic uncertainty and provide asset diversification from stocks and cryptocurrencies, Mr Dogen contends.

Experts like Ms Geiger caution that if you get into collecting rare books hoping for a financial windfall, you’re likely to be disappointed.

If you get into collecting rare books hoping for a financial windfall, you’re likely to be disappointed
Christina Geiger,
head of books and manuscripts department, Christie’s Americas

A con worth pointing out is, regardless of the subject's appeal, a true collector might not flip through and savour their acquisition since “even the smallest crease, bent corner or mark will lower the value of a book”, Mr Dogen warns.

What determines a book’s value

Key attributes that determine a book’s collectable value are condition, scarcity, author, edition, age, content and subject matter.

Imperfections such as damaged covers, missing dust jackets, ripped or dog-eared pages, mildew and stains are all value destroyers.

A close association with the writer, the earliest edition and first prints also plays into burnishing a book’s worth as a collectable.

“When we price a book, we take into consideration the author [is he or she of note?], the title [is this one of the better works?], the imprint and limitation [is this the first edition], and how many copies were printed,” says Bonhams’ Mr Ehling.

The origin and history of a book also play a crucial part.

In 2022, a first printing of Harry Potter and the Philosopher’s Stone sold at Bonhams in London for £220,000 (about Dh1 million).

“The cover price for this first book in the Harry Potter series in 1997 was just £10.99,” says Mr Ehling.

Seek out first-edition, first-print books by promising authors who are not famous yet.

“First-edition books have errors and typos made by either the editor or the author,” says Mr Dogen.

Early copies of JK Rowling's 'Harry Potter and The Philosopher’s Stone' have an error that made the book a collector's item. Getty Images
Early copies of JK Rowling's 'Harry Potter and The Philosopher’s Stone' have an error that made the book a collector's item. Getty Images

A book's content also significantly influences its appeal. The most prized books are those that altered the course of history or enhanced human understanding.

Examples include the Gutenberg Bible (1455), Isaac Newton's book on gravity Principia Mathematica (1687) and Charles Darwin’s On the Origin of Species (1859).

The best places to buy rare books

Apart from renowned auction houses, book lovers can scout digitally at AbeBooks and Biblio. eBay, Amazon and search engines Bookfinder.com and BookScouter can also be used.

Enthusiasts are also known to have stumbled upon precious pieces of work at unusual places.

“Estate sales, garage sales and thrift stores or collectable malls, swap meets or flea markets all have [turned up] great finds,” says Ms Guerin.

The Antiquarian Booksellers' Association and the Antiquarian Booksellers' Association of America have rich archives of knowledge on book collecting.

Investing in rare books is a refined art requiring a discerning eye and a nuanced understanding of the market.

After all, it’s an investment in literature, not just leatherbound pieces of paper.

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

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Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

THE SPECS

Cadillac XT6 2020 Premium Luxury

Engine:  3.6L V-6

Transmission: nine-speed automatic

Power: 310hp

Torque: 367Nm

Price: Dh280,000

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.

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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')

Southampton 0

The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

What can victims do?

Always use only regulated platforms

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Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

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  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
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  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
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Six industrial scale vats of 500litres each are used to cook the kanji or broth 

Each vat contains kanji or porridge to feed 1,000 people

The rice porridge is poured into a 500ml plastic box

350 plastic tubs are placed in one container trolley

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Updated: January 05, 2024, 10:50 AM