It’s OK to Spend Money on Books (Big Money)

Heritage Bookstore is the largest rare bookstore in L.A. Opened on Hollywood Boulevard in 1964 by New Yorkers Ben and Lou Weinstein, Heritage Books moved to its present location on Melrose Avenue in 1986. Housed in a beautiful little stone castle originally built as a mortuary, the Heritage Bookstore has found the perfect environment for its wares; visiting the store is like opening a treasure chest.

Specializing in 19th- and 20th-Century first editions in literature, fine bindings, books with hand-colored plates, books that are valuable because of who the printer was and early printed books from the 15th and 16th Century, Heritage Books usually has about 15,000 rare books in stock (10% of which are in foreign languages), along with 8,000 to 10,000 reference books that aren’t for sale. Prices may go as low as a hundred dollars, average $750 and may go as high as hundreds of thousands of dollars. The average markup is around 30%. They once sold a first folio of Shakespeare at a price in the seven figures.

The oldest book on record, of course, is “The Gutenberg Bible,” which is presently worth from $10 million to $15 million; Heritage occasionally carries individual pages from the Bible, and recently sold one for $22,500. “The most expensive book we have in stock right now is ‘The Fust and Schoffer Bible,’ ” says Ben Weinstein. “Fust and Schoffer were Gutenberg’s partners and when he went out of business they took over. This is the fourth printed Bible and the first one to be dated--prior to 1461 we just guess at the dates. It’s printed on vellum, it’s highly illuminated, was the first Bible to be printed in two volumes separating the Old and the New Testament, and it sells for $650,000. We also currently carry a first edition of Samuel Johnson’s ‘Dictionary,’ a second folio of Shakespeare from 1632, a first edition of Robert Burton’s ‘Anatomy of Melancholy,’ which was published in 1621 and was the first book on psychology, first editions of Donne’s poems and Twain’s ‘Huckleberry Finn,’ a first edition of William Blake’s ‘The Book of Job’ and two books printed by William Caxton, the first printer in the English language.

“The amount of illustration in a book doesn’t necessarily determine the price--I have a first edition of ‘Frankenstein’ that sells for $50,000 and has no illustration,” Weinstein continues. “Nor does age govern value--we carry 16th-Century books that sell for $150 (religious texts are the cheapest type of early book). Books that are taught in universities--the books that ‘Cliffs Notes’ have been written on--tend to be books people collect.”

Heritage also carries rare letters and maps, and operates a hand bindery on the premises. The bulk of its stock comes from major auctions such as Christie’s and Sotheby’s, and most of its sales are made through the mail. “We issue catalogues approximately five times a year that go around the world, and get lots of orders from libraries and private collectors,” Weinstein says.

“The market for rare books is surprisingly stable,” Weinstein concludes. “Prices are either at a plateau, or are moving up. Forgeries aren’t a problem in this business either, because faking a book takes too much work.”

The Heritage Bookstore, located at 8540 Melrose Ave., is open Tuesday through Friday from 9:30 to 5:30, Saturday from 10:00 to 4:30, and Monday by appointment. For further information: (310) 659-3674.