The book bound in coloured paper would fetch several hundred pounds

The book, bound in coloured paper, would fetch several hundred pounds.A few coffee spots, or one missing page can cut a book's value dramatically. At the other end of the scale, 20th century texts can be worth four figures by dint of a dust jacket, especially if it is a popular text.For example, a first edition of Ian Fleming's first Bond novel, Casino Royale, in its dust jacket could fetch about pounds 2,000 in good condition An immaculate copy recently sold for $12,500 (pounds 7,900). These publications would be in paperback, and there is a market for these usually slim volumes. A copy of W H Auden's first book of poetry was published by Stephen Spender.

For example, a presentation copy of The Satanic Verses should fetch considerably more than its cover price, as the text has become significant, and its author became disinclined to court publicity. In contrast, it is said to be difficult to find a copy of Baroness Thatcher's memoirs that is not signed.Some of the very earliest Penguins are worth a few pounds. For example, the first Penguin, Maurois' biography of Shelley, is worth pounds 80 to pounds 100 in decent condition. A first edition of Naked Lunch will also be in paperback, and is worth around pounds 200.Several 20th century poets published their first volumes privately, which they often later disowned. As a general rule, however, any pre-1800 text, provided that it is rare, will be worth something.Even recent works can be sought-after. However, Jane Austen fans are prepared to pay an arm and a leg for any surviving copies.A book will not be valuable simply because it is old and an important literary work Even an old book may be one of many copies around today. Nightingale". Six late-18th century Gothic novels, listed as being "really horrid" by a character in Northanger Abbey, are of little literary merit.

A selection of bible readings, published in 1850 and which was worth about 50p in its own right, was recently sold for pounds 1,000, because it was inscribed to a sick soldier in the Crimea, and signed "F. In ascending order of importance, age, absolute rarity, beauty, and the importance of the text have the greatest bearing on a book's value Associations can also be important. If your bookshelves bulge with your late great aunt's favourite reading, then they may also be lined with gold Second-hand books can be surprisingly valuable. Although the principal rule of the second-hand, or antiquarian, trade is: "A rare book is one you don't have", you might still find the odd nugget, particularly if great aunt Maud had a taste for scouring second-hand bookshops, or house clearances. Should you therefore want to sell at some time in the future, quality pieces will be easier to realise. Signed pieces by Cartier, Boucheron, Van Cleef & Arpels, and other international names, are firm favourites with buyers.If you have to view jewellery as an investment, the secret is to anticipate what will be sought tomorrow.

My tip is the 1970s work of Andrew Gima, which typifies the decade.For a copy of The Bentley Collection, an illustrated compendium of fine jewels for sale, telephone 0171 629 0651.Several good jewellers are at Gray's antiques centre, 58 Davies Street, London Wl. The Fine Art and Antiques Fair will be held at Olympia (London) from 15 to 21 November For information telephone 0171 370 8188.. The grading of stones is a very complex area and requires considerable expertise.Condition is also important as damage detracts from an item's value. Alterations also have a negative affect, but pieces in original cases sell for far greater sums than those that are not in their contemporary boxes."Buy only what you like," is the advice of Alexandra Rhodes of Sotheby's.

Equally, jewellery from both sources can be pricey in relation to the market as a whole.Putting a value on a piece of jewellery is a complex matter Quality is of paramount importance. This embraces both the craftsmanship of the jeweller and the size and quality of the stones used. They sold for pounds 2,760, including buyer's premium.On the day of the sale, an identical pair, save that the eyes were rubies, were being offered at pounds 850 by Anthea AG Antiques at Gray's antiques centre in London.A prudent buyer will seek jewellery from both dealers and auctions Both can yield good buys. For example, Mark Evans of Bentley & Co in New Bond Street has recently repurchased a cased set of five Faberge miniature nephrite Easter eggs, which he sold in the 1960s for pounds 150. This year he paid the original purchaser pounds 6,500.As David Warren of Christie's neatly replied when asked if jewellery was a good investment: "It depends on what you pay." Beauty is certainly in the eye of the beholder and the interaction of supply and demand at auction can result in some extraordinary saleroom prices.For example, at Bonhams in September, two equally determined bidders battled over a pair of cufflinks in the form of well-modelled owl heads set with small diamond eyes It was anticipated they would realise pounds l,000. Indeed, it is possible that over time this could even increase. The result is a retail price considerably above that at which the items sell on the secondary market.