Next I want to show you a diagram that graphically expresses my view of collecting books in the Americana and European-Americana fields. If you can remember this picture you will do fine in collecting in this field. The horizontal line expresses the value of a copy of a single book. Lets call it The Rambler in North America, by Charles Joseph Latrobe. This is the first American edition, printed in New York in two volumes in 1835. The true first edition was published in London the same year. The first American edition, in superb condition, is probably worth about $800. At the high upper end, the asking price might exceed $1,000, but at that level it needs to be quite exceptional. This title passes for common in the world of rare books, which simply means there are more copies around than there are libraries, collectors and dealers who want it. For comparison, the first edition of Lewis and Clarke is, I suspect, almost as common but is not so reasonably priced. The difference is that the first edition of Lewis and Clark, printed in 1814 in Philadelphia, is an icon. One thousand five hundred copies were printed and 1,473 survived the binding experience. The two volumes of Lewis and Clark herald the opening of the west and its excellent map shows the way. A less than perfect copy commands a $120,000 asking price on the web. By comparison, at $1,500 the heirs of Charles Latrobe will toast their sire and hope the buyers judgment is vindicated by the market in the years ahead.

Why such a difference? Most books are not iconic. They are good and solid and appropriate for a serious collector but they do not bring one’s blood to a boil, diminish all vestiges of sanity or leave one gasping in uncertainty as the book and check exchange hands. The Lewis and Clark will always find a market. The Latrobe needs to be part of a focused collection to have power. It is much more reasonable in part because it is much more of a challenge. Many accounts of the emerging United States were published in the 1810 to 1850 period. Collections that focus on this period will always want a copy. And of course there are many other ways to find a place for Latrobe in your collection whether you collect African American history, state history or have an interest in Native Americans. For this example I use Latrobe.

History of the Expedition Under the Command of Captain's Lewis and Clark....by Paul Allen, Esquire, Philadelphia: Published by Bradford and Inskeep, 1814