Everyone has a unique signature whether it’s rendered in a florid script or precisely laid out in neat block-letters. The way we sign our names reveals clues to our personalities, to our priorities and to our private thoughts. A signature is as much a part of a person as the color of their eyes or the shape of their face. So, for that reason many of us are intrigued by autograph collecting. After all, asking for the autograph of that celebrity you just happened upon by chance is certainly more tasteful than asking for a lock of hair, and, it’s just as personal a remembrance.

Perhaps you’re already an autograph collector, carefully archiving those signatures of favorite personalities. Perhaps you want to begin a collection. Or, maybe you’ve happened upon an autograph that you think could be quite valuable. If any of these apply, you’ve certainly come to the right place.

For many years, The Sanders Price Guide to Autographs has been a valuable resource for autograph collectors in helping them evaluate, enhance and market the investment they’ve made in their collections. Even the most seasoned of collectors relies on this helpful tool. In my own journey with autograph collecting, I have gone from simply a collector to a proprietor of a thriving autograph-related business, and I still find this guide to be especially useful.

We modern autograph collectors follow in the footsteps of many generations before us. For over five centuries, everyday people have had the pleasure of collecting the autographs of the famous, infamous and even the almost-famous.

The phenomenon of autograph collecting finds its official roots in the 16th century when German students kept albums of their correspondence with family, friends and noblemen. By the 18th century, autograph collecting had evolved into our present concept of the hobby and had become a favorite pastime of millions of people from all walks of life.

As more and more people began collecting autographs, the nature of the desired signatures began to shift. Collectors were increasingly interested in obtaining the autographs of the most popular figures in their culture—those in power and those in vogue. The most sought after autographs were those of the most celebrated personalities in politics, religion, art, sports, theatre and literature.

The Perception of Value

The perceived worth of autographs has changed with time. In fact, whether out of passion for their hobby or with a head for business, many collectors invest small fortunes in their collections. Educated collectors are becoming increasingly discriminating, resulting in an amplified desire to find only the highest quality signatures.

But, what makes a high quality autograph? Primarily, the significance is in the details. Is the autograph a full signature or simply the first initial and the family name? There’s a major difference between A. Lincoln and Abraham Lincoln, after all. Another important factor is if the autograph has a notable and verifiable provenance or history. Let’s say that the signature is on a letter that cites specific dates or historical events or mentions a notable person of the day, that autograph has a higher value than one that has no such references. For example, the autograph of a United States president is more valuable if it can be dated to the time of the president’s term in office. Such a distinction has been termed, "Signed as President" in order to distinguish the autograph from other less valuable examples.

Furthermore, an autograph on a desirable medium will fetch a more premium price. Let’s say you have two identical signatures—both of them authenticated—if one is on a preferred medium, it will garner a higher value. An autograph on a simple piece of plain paper (or what we call a "cut" signature) is less valuable than one on a full-page letter, important document, handwritten note or an item that places the signature within a certain period or context. A signature of Abraham Lincoln will be more valuable when on a handwritten note that mentions the Gettysburg Address than it would be if it were simply a cut signature of the president.

When to Collect

The time to collect is now! We are living in an exciting time to be collecting autographs. A dizzying number of our most prominent figures are taking the time to record their thoughts for posterity. Very often these works are signed by the person. Still, as collectors, we must keep in mind the value of the medium. One of the most sought out (and most valuable) media is signed books.

Books have always been prized and coveted. Long before the invention of moveable type and the printing press, books were a luxury very few could afford and fewer still could appreciate due to the fact that mostly only the wealthy and formally educated could read. However, changes in technology and an increased emphasis on literacy and widespread education allowed others to amass small libraries of their own.

By the 19th century, as more people were able to read and the merchant class grew to rival the wealthy few, authors were beginning to become celebrities in a never-before seen manner. During this period, many hunted for the autographs of a favorite or celebrated author, adding both personal and monetary value to the already prestigious medium of the book. From that time on, the collecting of signed books became both a rewarding and lucrative hobby.

It was my interest in signed books that grew my passion for collecting rare and special autographs. That interest allowed me to transition from my full-time profession to my current multi-million dollar business.

The area of signed books is the fastest-growing segment of the autographed collectibles arena. In my work, I’ve noticed an interesting trend. Even during the most turbulent of economic times, the value of signed books continued to rise. The reason for this is quite simple. When the stock market is up, people have the extra time and money to spend on those things that they most enjoy. Still, when the stock-market is down and the cost of living goes up, people are loathe to waste money on luxuries that have no real value. Instead, they seek investment opportunities, and, in doing so, continue to invest in what most interests them. Those that love collecting signed books when the money is flowing will continue to invest in them when economic times are tight.

The value of signed books is consistently growing. While other collectibles suffer fluctuations in value, signed books enjoy a dedicated following for a variety of reasons not the least of which is that beyond the value of the autograph, a signed book offers hours of reading pleasure and escape from a sometimes cruel world.

Flatsigned

Of course, no investment comes with a guarantee. However, some collectors have seen the market value of their signed first edition books skyrocket over time. In some cases, a signed book that was valued at $2000 can be appraised at $25,000 in just a decade. That’s a pretty impressive return on an investment. I believe that we will see the value of signed books increase exponentially as interest in this exciting hobby continues to grow.

The most widely desirable signed books are those that are "flatsigned." This means that the author has signed the book directly on the title page (as opposed to on a bookplate or sticker) and has not left a personalized inscription. For example, a signed edition of To Kill a Mockingbird will be more valuable when simply signed by Harper Lee than if it is signed, "To Sue Jack" or "To Danny."

Through my work in the very hot area of collecting signed documents and memorabilia, I have seen flatsigned, first printing books become the most highly prized and regarded autograph collectibles of the twenty-first century. With that soaring demand, the value and price of these signed books has only increased accordingly.

Being First

How does one define true "first printing" as it relates to the world of book collecting? Literally, a first printing is a book from the initial print run of that title. Each copy of a book that comes from the first setting of type by the printer is considered a "first edition."

This is a term that has a rich history, stemming back to the days when each letter of each word on each page of a book was set by hand. Following the printing of the book, those letters were removed so that the press could be set for the printing of a different book.

Times have changed as the use of computers has revolutionized the printing industry. An entire book is typeset on a computer, flowed into one document and saved so that it can

be printed identically, repeatedly and at different times. Typically, a book that will be reprinted multiple times will use the same source file and thus make each printing a "first edition." The distinction then becomes whether or not the book was a "first printing." A "printing" refers to a single run on a printing press. If a publisher orders a first print run of 10,000 copies, then, later, orders a run of another 5000 copies to be printed with no changes, the result is a first and second printing of a first edition.

In terms of collecting, it is only the first printing that is truly desirable. Let me note that in the example I’ve just given that if an expert refers to a first edition without qualification, she is referring to the initial run of 10,000 copies or the "first printing of the first edition." Also, let me point out that printers in the United Kingdom use the term "impression" to mean "printing."

The State (or Issue) of Things

Now that I’ve explained the meaning of a true first printing, I should mention that sometimes it is possible for copies of a book from a single printing to differ from one another. This occurrence is called a "state" or "issue."

A separate state (or issue) of a printing occurs when a change is made to book during the press run while all the books are still published simultaneously. Let’s say that of the 10,000 initial copies from our example, that after 2000 were printed, someone in the editorial department noticed a typographical error in the text. The press would be stopped; the error would be corrected in the source file which would be sent back to the printer who would continue printing the remaining 8000 copies of the initially ordered print run. When the printing was complete, the finished books (all 10,000 of them) would be sent to the publisher for distribution. In this instance, the publisher would be distributing both a first and second state of the first edition with the second issue referring to those 8000 books that were printed with the typographical error corrected.

A particularly famous example of a first and second state of a book occurred with John Steinbeck’s Of Mice and Men when, after the book had been sent to press, the word "pendula" on page seven was changed to "loosely." Only a few thousand books had been printed with the word "pendula" before the change was made. In the world of collecting, those few thousand books (the first state) are vastly more desirable. Had twenty thousand books been printed with the word "pendula" and only five thousand printed with the word "loosely," the "pendula" books would still be more valuable because a collector will always seek out the earliest version of the book even if it is not the rarest.

Critical Condition

Collectors need to be careful when purchasing a signed book either as an addition to a collection or as an investment. You should always be mindful of the condition of the book. Those books that are in excellent, undamaged condition—called "MINT" or "NEAR MINT"—will fetch the highest prices in the market.

We find that condition is most important when dealing with "hyper-modern" books. The term "hyper-modern" refers to books printed during the last twenty or so years during the period where people have been more carefully preserving their treasured tomes. When looking at a flatsigned hyper-modern book, a greater value will be assigned to those in the best condition.

Still, keep in mind that even "GOOD" copies of books (meaning not MINT OR NEAR MINT, but still in good condition) that are highly prized will still command a good price. For example a J.D. Salinger book labeled "GOOD" will still be considered quite a fine investment.

Future Collectibles

So, you’re in your local bookstore and notice that a new author is holding a book signing that has garnered considerable interest. Perhaps you’ve read some good reviews of this author’s first novel. Maybe you’ve gotten the sense that one day this fledgling writer will be the next big thing. What could it hurt to buy a copy and stand in line for a signature?

Keep an eye open for new authors. If you spend even $50 on a MINT hardcover signed first printing of a new book, you could have in your hands a future fortune. The worst that can happen is you have another book to read and another autograph for your collection. The best that could happen is that you have in your collection the signature of the next Hemmingway, a piece of history.

Another good idea is to stay abreast of the latest literary awards. One of the first signs that an autographed book will go up in value is if the author or the title itself wins a prominent award.

Other sure-fire good investments are those books signed by established authors with consistent track-records. These signed books often make the best investments. A Hemingway, a Steinbeck, a Faulkner, a Fitzgerald or even a Steven King or Anne Rice, are going to remain consistent in the marketplace.

Most importantly of all, always collect what you enjoy. The real thrill of collecting is being able to hold a part of something that excites you, something that you value. Chances are, if you value it, someone else will, too.

Collecting autographs and autographed books is an exciting adventure. It allows you to be a part of a living history. To this day, I still get a thrill from holding the signature of a famous author, politician, artist or celebrity in my hands. For that brief moment, it’s as if we’re in the same room. I’ve been most fortunate to not only have this exciting hobby, but also to make my living at it. My wish for you is that you can experience the same fortune with collecting that I have.

About Tim Miller:  Tim Miller has been collecting books all his life and began his large collection in its current form over 10 years ago. He started using the term FLATSIGNED when he began selling his books on the Internet. The word has since become a popular term for describing these desirable books. The web site for Flatsigned.com was started in April 2000.

For more information about Flatsigned Press, please visit www.flatsigned.com.