Rare book collecting booms in lockdown

The trade in rare books has taken off during the pandemic, says Chris Carter.

The Nuremberg Chronicle
The Nuremberg Chronicle could be yours for $200,000
(Image credit: © Bonhams)

The market in very rare books is doing a roaring trade in spite of the pandemic – or perhaps even because of it. “Rich people are still rich, and they’re still spending serious amounts of money on things that bring them joy – and, perhaps, a return on investment later,” says James Tarmy on Bloomberg. “[The] consensus among dealers is that the overall market has sustained itself even as the rest of retail has been thrown into turmoil, and that the peak of the market has soared past many participants’ expectations.”

The sale last month of a “first folio” edition of William Shakespeare’s collected plays from 1623, just seven years after Shakespeare’s death, is a case in point. Christie’s in New York had expected it to sell for at least $4m, but it ended up going for $10m. Granted, this was a particularly fine example of which only five complete copies are in private hands, as the auction house notes. The last time a complete first folio came onto the market was with Christie’s in New York in 2001, when it sold for $6.2m – a record until last month.

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

You can follow Chris on Instagram.