Classic Books are booming but it's the famous authors' cache not the literature that are the money spinners
Pawnbrokers are reporting a massive climb in the number of books it is offered for sale or for their owners to take out temporary loans.
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James Constantinou, owner of posh Prestige pawn chain, claims that classic books are having a moment
Credit: Lancton - Fabulous
Harry Potter books are making magic returns with £10,000-plus for mint condition first editions but classics from Enid Blyton and Fyodor Dostoevsky are also big money-spinners, says James Constantinou, owner of the Prestige Pawn chain.
'We're seeing a major shift with a 300% increase in book submissions this year,' adds James, star of the hit Channel 4 TV show Posh Pawn.
'Books are now being treated like art, jewellery or watches – rare, cultural items that hold and grow in value and people are starting to realise how much hidden value they've got at home.'
A flawless first edition of Harry Potter and the Sorcerer's Stone, which was part of an original US print run, recently secured a £10,000 loan, while translation of works by Dostoevsky and Paul Dirac have been valued at around £4,000.
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'These editions, printed in the UK with gold-inlaid spines, are significantly more valuable than their US counterparts. In one case, a customer pawned these classics to fund the purchase of an original Russian translation.' said James.
'Books are resilient, long-term investments - with loan valued climbing by 5-7% annually - and that goes for everything from classic literature to children's book,s with a first edition of The Wind in the Willows selling for £32,400, and rare Enid Blyton books fetching up to £1,000.
'Last year, we were getting five book submissions a week but that has tripled and there is a real feeling that people are becoming more aware of their value so it is worth checking out your bookshelves for any family heirloom first editions that could be worth a small fortune.'
Rare Harry Potter books have good resale value but they are eclipsed by a first edition of Odyssey by James Joyce printed on handmade paper which was sold for £275,000 while first edition of F. Scott Fitzgerald's The Great Gatsby have been valued at £245,000.
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The iconic first edition of Harry Potter and the Philosopher's Stone which can fetch up to £20,000
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Enid Blyton books are also raking in large figures
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