The 1937 book was made into a Hollywood blockbuster 75 years after its release, featuring numerous famous faces
Got a stash of old books collecting dust at home? It’s probably worth giving them a closer look. Experts are now spotlighting the remarkable value of first-edition novels, including one popular book that sold for £24,000 last year.
The novel in question was none other than J.R.R. Tolkien’s 1937 version of ‘There and Back Again’, also known as ‘The Hobbit’. Set in the fantasy realm of Middle Earth, it details the adventures of Bilbo Baggins, wizard Gandalf, and 13 dwarves on a quest to reclaim treasure from the fearsome dragon Smaug.
It was transformed into a Hollywood blockbuster in 2012, 75 years after its initial publication, with Martin Freeman taking on the role of the Hobbit. Last May, Kinghams Auctioneers predicted that such a book would fetch ‘between £7,000 and £10,000’, with just 1,500 copies published in September 1937.
But on auction day, it sold for more than double this, at a staggering value of £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).”
Although rare first editions of The Hobbit typically command between £6,000 and over £20,000 at auction, signed copies are often worth more than £60,000. In light of this, David Joyson, home insurance specialist at Homeprotect, suggests it is perhaps time to look through bookshelves at home for other rare finds.
This isn’t just applicable to old versions of The Hobbit, either. In 2024, Hanson Auctioneers reported that one first-edition Harry Potter book, initially purchased for £10 in 1997, went under the hammer 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.”
