Booker first editions may become prized items

Collecting first editions of Booker Prize novels is an affordable, pleasurable and potentially rewarding investment. The challenge of assembling a library of the winning books, or, space permitting, the shortlisted titles is attractive to readers of literary fiction and a growing number of rare books collectors.

Founded in 1969 as the Booker Prize, the re-named Man Booker Prize is open to writers of fiction in the Commonwealth and Ireland. Generally considered the most glamorous of all literary awards, the winner receives £50,000 and can usually expect a huge boost in sales.

Last year's cheque went to Co Leitrim, home to D.B.C. Pierre, the author of Vernon God Little. When the result is announced on October 19th the laurels could fall to Clonakilty, Co Cork, home of bookies' favourite David Mitchell, for Cloud Atlas.

But Irish eyes will be on The Master by Colm Tóibín - one of six novels on the shortlist. Signed copies of the first edition, published by Picador earlier this year at £15.99, are already being offered by various dealers in London at prices up to £80. Their value could rise steeply if the book wins.

Over the past three decades many Irish novelists have been shortlisted, but there's only been one winner when Roddy Doyle's Paddy Clarke Ha Ha Ha defied the pundits in 1993.

William Trevor has been shortlisted on four occasions - more than any other Irish writer, followed by Brian Moore on three. This is Colm Tóibín's second appearance; his last was for The Blackwater Lightship in 1999.

Two novelists have won the prize twice: the Australian Peter Carey (Oscar and Lucinda in 1988 and True History of the Kelly Gang in 2002) and South African J.M. Coetzee (in 1983 for Life & Times Of Michael K and 1999 for Disgrace).

Some of the winning novels become best-sellers and their authors achieve great fame but many languish unloved by readers.

Novelists don't always get shortlisted or win for their "best" or most popular work. Ian McEwan won in 1998 with Amsterdam but in 2002 his highly acclaimed Atonement was pipped by Peter Carey. Atonement far outsold the Australian novel but, to a collector of Bookers, the Carey is deemed more desirable. Collecting Booker winners is subject to the general rules which apply to collecting all first editions. The first issue (or print run) is the one to look for.

Be careful - The Master and some of this year's other potential winners have already been reprinted several times and the "true" first is already quite scarce. The book's dust jacket must be intact and pristine.

The author's signature can enhance the value but resist the temptation to ask for a dedication. "To Mary with Love, Colm Tóibín" may thrill the object of your affections but, unless she is the President or Tánaiste, such an inscription will cut the book's value.

And never write your own name on the flyleaf - unless you are better-known than the author is or intend to be - as this will deter future buyers.

One other point of note. Some novels are now specially printed in very limited and expensively bound editions. For example, 55 copies of The Master were bound in goatskin by Kenny's of Galway and now trade for about €400.

The most valuable Booker winner is Salman Rushdie's Midnight's Children from 1983. A good copy is worth about €900. Rushdie was still relatively unknown at the time and consequently the print run was quite small. He later became a household name when Satanic Verses earned him a fatwah and death threats from extremist Muslims.

Other winners of notable value include The Ghost Road by Pat Barker, which goes for about €220 signed and €130 unsigned, and The God of Small Things by Arundhati Roy, which is also in this price range.

Some of the winning novels were adapted for cinema and are also collected by movie buffs. These include: The Remains of the Day by Kazuo Ishiguro at €400; Schindler's Ark by Thomas Keneally at €500; Heat and Dust by Ruth Prawer Jhabvala at €75; and The English Patient by Michael Ondaatje at €400.

A number of winners have gone on to win the Nobel Prize for Literature, which provides added cachet. Ones to watch in this category include A Free State by V.S. Naipaul at €160 and Rites Of Passage by William Golding at €80.

Of Irish interest, a good, signed copy of Roddy Doyle's winner is worth €120 while an unsigned copy goes for around €100.

Some shortlisted novels by Irish authors currently attracting collectors' interest include: John Banville's The Book of Evidence at €90; Séamus Deane's Reading in the Dark at €60; Roddy Doyle's The Van at €120; Thomas Kilroy's The Big Chapel at €100; Patrick McCabe's The Butcher Boy (which also won the Irish Times/ Aer Lingus Award) at €200; John McGahern's Amongst Women at €50; Brian Moore's The Colour of Blood at €40 and William Trevor's The Story of Lucy Gault at €200.

The prices quoted above should be treated with caution. The value of an individual copy is best assessed by a specialist auctioneer or rare books dealer.

Bookmakers William Hill have installed Mitchell as the favourite for the 2004 award and it currently quotes odds of 5-1 for Tóibín. However, the judges have a tradition of surprising authors and the reading public alike.