Not all are bound for glory

If you are the proud owner of a first edition of J.K. Rowling's Harry Potter and the Philosopher's Stone, then you are in luck. The book, which first came out in 1997, is worth an estimated GBP10,000 (HK$127,000) to GBP12,000, which is a fair amount more than the few hundred dollars you probably spent on it.

This is just one example of many titles that have increased in value over the past decade thanks to a growing market for collectable books. While the trade is already well established in Europe and America, it's taking off in Asia thanks to the internet. And now that Hong Kong hosts the annual International Antiquarian Book Fair, numbers here are set to grow.

'The internet and e-commerce has completely changed the rare book industry in the past 15 years. It means that books can be found or researched easily on the internet,' says Jonathan Wattis, owner of Wattis Fine Art, which specialises in historical books about Hong Kong and Southeast Asia.

'There was always a community of people interested in buying but there was nowhere to go to. Now that the taps have been turned on for supply, there's more demand,' says Christopher Bailey, owner of Picture This Gallery.

Book collecting carries broad appeal because it covers many subjects. At Lok Man Rare Books, which opened five years ago, owner Lorence Johnston stocks more than 1,000 titles covering topics such as recipes and cocktail-making to poetry, children's books and travel.

An avid reader, he opened the store because he wanted to offer gifts not found elsewhere. For Dr Peter Kennedy, a professor at University of Hong Kong, book collecting is a passion that began at age 12. 'I was aware of the importance of books and reading from early on,' he says.