I love the ones that have a brief moment in time, then flare out in obscurity.
There is a category of first edition book called “hyper moderns” - basically, buzz books. In other words, some famous author is publishing a surefire bestseller, the first printing is over 1 million copies, but some folks just have to get a first edition right when it comes out and are willing to pay a premium for it. But if anyone thinks that the newest Stephen King, Patricia Cornwall, or even James freakin’ Patterson will ever have any real collectible value is sadly misinformed. Note that I am discussing the Trade Hardcover first; it is a safe bet that those top authors will have limited edition runs up front, too - either to serve the hardcore fan base, or an even smaller vanity run, where they will produce 26 specially bound and individually-lettered copies for the author to distribute as they see fit. Those will have value.
The other type of hypermodern is the out-of-nowhere bestseller. When the Bridges of Madison County blew up, firsts were going for as high as $400. Now you can’t give them away. Same with Cold Mountain, Snow Falling on Cedar, The Lovely Bones, The Corrections (which had added buzz because of the Oprah Book Club kerfuffle and an error in printing which led true firsts to have an *errata *sheet tipped into the book) - there is always the next hype machine. They go for huge bucks for about a month or two then settle back down - usually way down…
On the guitar front, well, it is a different phenomenon - how do certain “Collectibles” actually maintain their value? Gibson and Fender produce the equivalent of Franklin Mint collectibles - buy an exact replica of Clapton’s Strat “Blackie” or Eddie Van Halen’s “Frankenstein” Parts-o-caster than he built (which includes an original 1971 quarter, just like Eddie used to tweak the bridge he installed!! Wow!). Anyway, some of these suckers go for $25,000 - $30,000!! and please note that Blackie was assembled from 3 Strats that Clapton bought for $100 apiece in the early 70’s and EVH built his guitar for about the same $300 amount and it is a junkyard dog of a guitar (cool as hell, but still…).
But these Franklin Mint guitars are holding their value. Each cost maybe $1,000 or a bit more to make - the only thing being sold is their limited edition collectibility - and Boomers are buying them up…I don’ get it.