Have you got a collection of old books gathering dust at home? It might be worth giving them a second glance. Experts are currently highlighting the surprising value of first-edition novels, including one popular book that fetched £24,000 last year.
The book in question was actually J. R.R. Tolkien’s 1937 version of ‘There and Back Again’, more commonly known as ‘The Hobbit’. Set in the fantastical world of Middle Earth, the story follows Bilbo Baggins, wizard Gandalf, and 13 dwarves on their mission to reclaim treasure from the terrifying dragon Smaug.
It was made into a Hollywood blockbuster 75 years after its release in 2012, featuring numerous famous faces, including Martin Freeman as the Hobbit himself. Last May, Kinghams Auctioneers estimated that such a book could command ‘between £7,000 and £10,000’, given that only 1,500 copies were published in September 1937.
However, on the day of the auction, it sold for over double this estimate, reaching an impressive £24,000. “When published it was nominated for the Carnegie Medal and awarded a prize from the New York Herald Tribune for best juvenile fiction,” the auctioneers previously explained.
“It is illustrated in black and white by Tolkien who also designed the dust cover. During the war, the book was unavailable due to paper rationing. On the first edition, first impression there is a manual correction on the rear inner flap for ‘Dodgeson’, (better known as Lewis Carroll).”
While rare first editions of The Hobbit generally command between £6,000 and over £20,000 at auction, signed copies are often worth more than £60,000. Amidst this, David Joyson, home insurance specialist at Homeprotect, suggests it is perhaps time to rummage through bookshelves at home for other rare finds.
The tip isn’t just pertinent to avid collectors of Tolkien’s work. In 2024, Hanson Auctioneers reported a staggering sale where a first edition of Harry Potter, originally purchased for £10 in 1997, sold for £36,000.
Other copies have also sold for £64,000 and £12,000 at Rare Book Auctions. “It’s amazing to see how much the value of these novels has increased, and during tough financial times, it may inspire a lot of us to dig through our garages, attics, and storage units for hidden treasures that may be worth far more than expected,” Mr Joyson said.
“First edition books are a highly collectible and often overlooked and underestimated item of value, so before you give away or donate your old children’s books, do your research to ensure you aren’t throwing away a small fortune.
“If you have any of these valuable items lying around your home, or if you come across an item you think may have a high value, get them professionally valued, so you know if they are worth insuring and to avoid underinsuring.
“Rare or antique books may be covered by your contents insurance, but it’s always worth checking the specific policy terms with your insurer and to confirm that you have an adequate amount of contents cover.”