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.
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.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More on animal trafficking
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
The years Ramadan fell in May
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
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%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
More coverage from the Future Forum
UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UAE currency: the story behind the money in your pockets
A list of the animal rescue organisations in the UAE
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Killing of Qassem Suleimani
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
