ts, books and photographs all bring a moment to life, often with incredible power. Whether you collect letters from political figures, musical scores by great composers or pictures of famous actors with illuminating inscriptions – autographs offer valuable insights into the thoughts and aspirations of those who shaped history.

If you plan to invest in this sector the first thing to decide is what sort of collection is going to interest you. Avoid fads or anything which is too readily available and learn as much as you can about what makes an autograph authentic and important. Whilst diversification is important, remember that the best examples will always command the best prices. Therefore, focus on a small number of good autographs rather than a larger collection of mediocre examples. Don’t forget, either, that autographs fade if exposed to light so although it is fun to have signed, framed photographs of well known personalities or historic documents all over your house – it probably isn’t a good idea. Finally, tak

I used to have a friend whose hobby was writing to well known people asking them to autograph photographs. Recently he decided to sell his collection which I thought would be worth a few bob. But, to my surprise, when you deduct all his costs and allow something for his time, he barely broke even. How could this be? This week I thought I would investigate.

In 1997 you would have paid ?125 for a signed photograph of Paul McCartney. In 2005 the same photograph would have cost you ?1,250 – an increase of 900% in eight years. Shares, property, managed funds, commodities – they all have their place in a well-balanced portfolio and they all offer the active investor something to get his or her teeth into. No matter how profitable or interesting each of these areas may prove, however, none of them could really be described as entertaining. Which is a big reason to become interested in philography – the process of collecting autographs and signed historical documents. Here is a money making activity – the sheer potential for gain may surprise you – that is both enjoyable and intellectually stimulating. A money making activity, furthermore, that can involve putting your cash into something as serious as a letter signed by Henry VIII or as frivolous as one of Marilyn Monroe’s black nylon stockings.

There is nothing new about the idea of collecting autographs – its history can be traced back to the 16th century and before. What is new, though, is the way in which the market has expanded and stabilised - as evidenced by the number of regular auctions held in major capitals throughout the world. Every year in London alone there are a dozen major sales with prices for individual items ranging from ?25 to ?2.5 million

The reason for all this auction house activity is the sheer number of collectors. The days when the market was supported by a dwindling band of dedicated enthusiasts are long gone. It is estimated that there may be as many as 48 million collectors worldwide and growth has been fuelled by, amongst other things, strong Russian and Chinese demand for items connected with iconic western figures and the shift in demographics being experienced in many developed nations. The effect of affluent ‘baby boomers’ coming into retirement and looking for an interesting hobby, in particular, should not be underestimated. Also, autographs and historical documents have scarcity value as well as being portable and easy to store – making them an ideal way to hold wealth for those in unstable or highly taxed jurisdictions.

Alternative investments such as philography are only appropriate, of course, for those who have other assets such as a home and pension. It must be remembered, too, that past performance is no guide to future performance. This said, the Fraser’s 100 Index – which tracks the price of 100 typical autographs from year to year – has shown stupendous gains since it was started in 1997. Over the last eight years the total value of the 100 examples has risen from ?78,475 into ?238,335. This represents a return of 204% - or 14.9% a year. The index is run by Fraser’s Autographs (www.frasersautographs.co.uk) which is part of the Stanley Gibbons Group. Stanley Gibbons has been trading in collectibles for over 150 years – so they certainly know how to take the long-term view. They recently launched an autograph investment division offering a guaranteed annual return of 6% over 10 years. The minimum investment is ?5,000. Their experts will build a portfolio for you and store and insure it without charge. At the end of the term you can opt to a) take the guaranteed return, b) sell your portfolio for 75% of the catalogue price, c) sell it commission free at auction or d) keep it – as you prefer. Interestingly, one of their clients is Michael Forbes, publisher of Forbes Magazine, who says that: ‘None of my other investments give me the joy that autographs do, because they make me feel that I am holding a piece of history in my hand.’

Indeed, it is this sense that one is preserving history which seems to motivate many collectors. Signed letters, documents, manuscripts, books and photographs all bring a moment to life, often with incredible power. Whether you collect letters from political figures, musical scores by great composers or pictures of famous actors with illuminating inscriptions – autographs offer valuable insights into the thoughts and aspirations of those who shaped history.

If you plan to invest in this sector the first thing to decide is what sort of collection is going to interest you. Avoid fads or anything which is too readily available and learn as much as you can about what makes an autograph authentic and important. Whilst diversification is important, remember that the best examples will always command the best prices. Therefore, focus on a small number of good autographs rather than a larger collection of mediocre examples. Don’t forget, either, that autographs fade if exposed to light so although it is fun to have signed, framed photographs of well known personalities or historic documents all over your house – it probably isn’t a good idea. Finally, take

gain may surprise you – that is both enjoyable and intellectually stimulating. A money making activity, furthermore, that can involve putting your cash into something as serious as a letter signed by Henry VIII or as frivolous as one of Marilyn Monroe’s black nylon stockings.

There is nothing new about the idea of collecting autographs – its history can be traced back to the 16th century and before. What is new, though, is the way in which the market has expanded and stabilised - as evidenced by the number of regular auctions held in major capitals throughout the world. Every year in London alone there are a dozen major sales with prices for individual items ranging from ?25 to ?2.5 million

The reason for all this auction house activity is the sheer number of collectors. The days when the market was supported by a dwindling band of dedicated enthusiasts are long gone. It is estimated that there may be as many as 48 million collectors worldwide and growth has been fuelled by, amongst other things, strong Russian and Chinese demand for items connected with iconic western figures and the shift in demographics being experienced in many developed nations. The effect of affluent ‘baby boomers’ coming into retirement and looking for an interesting hobby, in particular, should not be underestimated. Also, autographs and historical documents have scarcity value as well as being portable and easy to store – making them an ideal way to hold wealth for those in unstable or highly taxed jurisdictions.

Alternative investments such as philography are only appropriate, of course, for those who have other assets such as a home and pension. It must be remembered, too, that past performance is no guide to future performance. This said, the Fraser’s 100 Index – which tracks the price of 100 typical autographs from year to year – has shown stupendous gains since it was started in 1997. Over the last eight years the total value of the 100 examples has risen from ?78,475 into ?238,335. This represents a return of 204% - or 14.9% a year. The index is run by Fraser’s Autographs (www.frasersautographs.co.uk) which is part of the Stanley Gibbons Group. Stanley Gibbons has been trading in collectibles for over 150 years – so they certainly know how to take the long-term view. They recently launched an autograph investment division offering a guaranteed annual return of 6% over 10 years. The minimum investment is ?5,000. Their experts will build a portfolio for you and store and insure it without charge. At the end of the term you can opt to a) take the guaranteed return, b) sell your portfolio for 75% of the catalogue price, c) sell it commission free at auction or d) keep it – as you prefer. Interestingly, one of their clients is Michael Forbes, publisher of Forbes Magazine, who says that: ‘None of my other investments give me the joy that autographs do, because they make me feel that I am holding a piece of history in my hand.’

Indeed, it is this sense that one is preserving history which seems to motivate many collectors. Signed letters, documents, manuscripts, books and photographs all bring a moment to life, often with incredible power. Whether you collect letters from political figures, musical scores by great composers or pictures of famous actors with illuminating inscriptions – autographs offer valuable insights into the thoughts and aspirations of those who shaped history.

If you plan to invest in this sector the first thing to decide is what sort of collection is going to interest you. Avoid fads or anything which is too readily available and learn as much as you can about what makes an autograph authentic and important. Whilst diversification is important, remember that the best examples will always command the best prices. Therefore, focus on a small number of good autographs rather than a larger collection of mediocre examples. Don’t forget, either, that autographs fade if exposed to light so although it is fun to have signed, framed photographs of well known personalities or historic documents all over your house – it probably isn’t a good idea. Finally, tak

n and Chinese demand for items connected with iconic western figures and the shift in demographics being experienced in many developed nations. The effect of affluent ‘baby boomers’ coming into retirement and looking for an interesting hobby, in particular, should not be underestimated. Also, autographs and historical documents have scarcity value as well as being portable and easy to store – making them an ideal way to hold wealth for those in unstable or highly taxed jurisdictions.

Alternative investments such as philography are only appropriate, of course, for those who have other assets such as a home and pension. It must be remembered, too, that past performance is no guide to future performance. This said, the Fraser’s 100 Index – which tracks the price of 100 typical autographs from year to year – has shown stupendous gains since it was started in 1997. Over the last eight years the total value of the 100 examples has risen from ?78,475 into ?238,335. This represents a return of 204% - or 14.9% a year. The index is run by Fraser’s Autographs (www.frasersautographs.co.uk) which is part of the Stanley Gibbons Group. Stanley Gibbons has been trading in collectibles for over 150 years – so they certainly know how to take the long-term view. They recently launched an autograph investment division offering a guaranteed annual return of 6% over 10 years. The minimum investment is ?5,000. Their experts will build a portfolio for you and store and insure it without charge. At the end of the term you can opt to a) take the guaranteed return, b) sell your portfolio for 75% of the catalogue price, c) sell it commission free at auction or d) keep it – as you prefer. Interestingly, one of their clients is Michael Forbes, publisher of Forbes Magazine, who says that: ‘None of my other investments give me the joy that autographs do, because they make me feel that I am holding a piece of history in my hand.’

Indeed, it is this sense that one is preserving history which seems to motivate many collectors. Signed letters, documents, manuscripts, books and photographs all bring a moment to life, often with incredible power. Whether you collect letters from political figures, musical scores by great composers or pictures of famous actors with illuminating inscriptions – autographs offer valuable insights into the thoughts and aspirations of those who shaped history.

If you plan to invest in this sector the first thing to decide is what sort of collection is going to interest you. Avoid fads or anything which is too readily available and learn as much as you can about what makes an autograph authentic and important. Whilst diversification is important, remember that the best examples will always command the best prices. Therefore, focus on a small number of good autographs rather than a larger collection of mediocre examples. Don’t forget, either, that autographs fade if exposed to light so although it is fun to have signed, framed photographs of well known personalities or historic documents all over your house – it probably isn’t a good idea. Finally, tak

ex is run by Fraser’s Autographs (www.frasersautographs.co.uk) which is part of the Stanley Gibbons Group. Stanley Gibbons has been trading in collectibles for over 150 years – so they certainly know how to take the long-term view. They recently launched an autograph investment division offering a guaranteed annual return of 6% over 10 years. The minimum investment is ?5,000. Their experts will build a portfolio for you and store and insure it without charge. At the end of the term you can opt to a) take the guaranteed return, b) sell your portfolio for 75% of the catalogue price, c) sell it commission free at auction or d) keep it – as you prefer. Interestingly, one of their clients is Michael Forbes, publisher of Forbes Magazine, who says that: ‘None of my other investments give me the joy that autographs do, because they make me feel that I am holding a piece of history in my hand.’

Indeed, it is this sense that one is preserving history which seems to motivate many collectors. Signed letters, documents, manuscripts, books and photographs all bring a moment to life, often with incredible power. Whether you collect letters from political figures, musical scores by great composers or pictures of famous actors with illuminating inscriptions – autographs offer valuable insights into the thoughts and aspirations of those who shaped history.

If you plan to invest in this sector the first thing to decide is what sort of collection is going to interest you. Avoid fads or anything which is too readily available and learn as much as you can about what makes an autograph authentic and important. Whilst diversification is important, remember that the best examples will always command the best prices. Therefore, focus on a small number of good autographs rather than a larger collection of mediocre examples. Don’t forget, either, that autographs fade if exposed to light so although it is fun to have signed, framed photographs of well known personalities or historic documents all over your house – it probably isn’t a good idea. Finally, tak

ts, books and photographs all bring a moment to life, often with incredible power. Whether you collect letters from political figures, musical scores by great composers or pictures of famous actors with illuminating inscriptions – autographs offer valuable insights into the thoughts and aspirations of those who shaped history.

If you plan to invest in this sector the first thing to decide is what sort of collection is going to interest you. Avoid fads or anything which is too readily available and learn as much as you can about what makes an autograph authentic and important. Whilst diversification is important, remember that the best examples will always command the best prices. Therefore, focus on a small number of good autographs rather than a larger collection of mediocre examples. Don’t forget, either, that autographs fade if exposed to light so although it is fun to have signed, framed photographs of well known personalities or historic documents all over your house – it probably isn’t a good idea. Finally, take advantage of the many knowledgeable dealers. This is an area where it pays to listen to specialist advice.

Not listening to specialist advice was obviously my mate’s mistake. For an autographed photo to be worth much it must have scarcity value. The fact that personalities he wrote to were willing to sign anything for anybody says everything about how rare their signature actually is.