Purdue University Purdue e-Pubs Charleston Library Conference The Out-of-Print Book Market and the Theft of Library Materials Robert P. Holley Wayne State University, [email protected] Follow this and additional works at: http://docs.lib.purdue.edu/charleston An indexed, print copy of the Proceedings is also available for purchase at: http://www.thepress.purdue.edu/series/ charleston. You may also be interested in the new series, Charleston Insights in Library, Archival, and Information Sciences. Find out more at: http://www.thepress.purdue.edu/series/charleston-insights-library-archival-and-information-sciences. Robert P. Holley, "The Out-of-Print Book Market and the Theft of Library Materials" (2009). Proceedings of the Charleston Library Conference. http://dx.doi.org/10.5703/1288284314777 This document has been made available through Purdue e-Pubs, a service of the Purdue University Libraries. Please contact [email protected] for additional information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¶VDQG'9'¶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³>V@HDUFKFRPSDUHDQGVDYHDW!ERRNVWRUHVGHDOHUVDQGPLOOLRQVRIERRNV $GG$OO8VHG$QG2XWRI3ULQW6HDUFK2Q0DUFKDVHDUFKRQ+DOIFRPRQHRI WKHPDMRUVLWHVLQGLFDWHGWKDWLWVLQYHQWRU\LQFOXGHGERRNVPXVLF WLWOHVPRYLHVDQGYLGHRJDPHV+DOIFRP,QFDWDORJLQJWHUPVWKHVH QXPEHUVUHSUHVHQWLQGLYLGXDOELEOLRJUDSKLFHQWULHVUDWKHUWKDQFRSLHV6LPLODUO\$OLEULV FODLPVWRSURYLGHDFFHVVWR³>R@YHUPLOOLRQXVHGQHZDQGRXWRISULQWERRNV´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¶VDQGPXVLF&'¶VLQJRRG FRQGLWLRQZKHWKHURUQRWWKH\KDYHOLEUDU\PDUNLQJVVRWKDWWKHVHLWHPVDUHWDUJHWVIRU WKLHYHVZKRGRQRWKDYHWKHVNLOOVRUWLPHWRVHOOPDWHULDOVRQWKH,QWHUQHW7KH&OLQWRQ 0DFRPE3XEOLF/LEUDU\LQ0LFKLJDQORVWGLVFVWKDWUHSUHVHQWHGDERXWRQHVL[WKRI LWVFROOHFWLRQRI&'VDQG'9'V³YDOXHGDWLQFOXGLQJSURFHVVLQJ¶¶EHIRUHWKH OLEUDU\WRRNFRXQWHUPHDVXUHV³WRXVHDSLHFHRIODPLQDWHWRFRYHUWKHWDJWKDWKDGEHHQ SHHOLQJRII´DQG³SODFLQJDLWHPOLPLWRQFKHFNRXWV´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³GLVFDUG´RU³ZLWKGUDZQ´VWDPSWKH\FDQVLPSO\RUGHUVXFKDVWDPS IURPDORFDOVWRUHRUIURPDQRQOLQHYHQGRU³7KHSUREOHPLVWKDWZLWKWKHSXUFKDVHRID UXEEHUVWDPSWKDWVD\VÄGLVFDUG¶DEX\HURIWKHVHERRNVKDVQRZD\WRNQRZZKHWKHUWKH ERRNLVWUXO\DGLVFDUGRUWKHWKLHIKDVPDGHDQLQYHVWPHQWLQDUXEEHU VWDPS´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³ERRNVRQWKHVKHOYHVRIRXUOLEUDULHVPD\EHPXFKPRUHYDOXDEOH WKDQZHWKLQN´2QHRIKLVH[DPSOHVLVWKH0LGGOHEXU\&ROOHJH/LEUDU\ZKHUHDOLEUDULDQ¶V DQDO\VLVRIWKHFROOHFWLRQDJDLQVWWKH2&/&GDWDEDVH³GLVFRYHUHGWKDWKLVFROOHFWLRQ FRQWDLQHGRYHUWZRWKRXVDQGXQLTXHLWHPV´WKDWPRVWOLNHO\ZRXOGIHWFKDJRRGSULFHRQ WKH,QWHUQHW,QDGGLWLRQKHDIILUPVWKDW³OLEUDU\PDUNLQJVXVHGWREHWKHNLVVRIGHDWKWR WKHYDOXHRIWKHERRNEXWWKH\QRORQJHUDIIHFWWKHSULFHVRIWHFKQLFDODQGVFLHQWLILF ZRUNVWKDWDUHVRPHRIWKHPRVWVRXJKWDIWHUERRNV´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³>S@URVHFXWRUVVD\3LODDUFKHFNHGRXWERRNVDQG'9'VDQGVROGPRVWRIWKH LWHPV´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³>D@Q\RQHEX\LQJRUVHOOLQJSURSHUW\ZLWKRXWWKH SHUPLVVLRQRIWKHRULJLQDOOHJDORZQHULVOLDEOHWRWKHRULJLQDORZQHUIRUWKHWRUWFLYLO ZURQJRI FRQYHUVLRQ WKHOLEUDU\FRXOGUHFRYHUWKHVHLWHPVIURPVXEVHTXHQW RZQHUV´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³'HDQRI/LEUDULHV7KRPDV0RRUHVDLGWKDWWKHVWROHQORDQHGERRNVPD\ SURPSWVRPHVHFXULW\PHDVXUHVIRUWKHXQLYHUVLW\¶VLQWHUOLEUDU\ORDQSURJUDP´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³OLNHQHZ´RU ³YHU\JRRG´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³VKHGLGQ¶WUHDOL]H LWZDVZURQJ´VLQFH³PDQ\ZHUHGHVWLQHGIRUWKHJUD\'XPSVWHUVL]HELQ«ZKHUHWKH\ ZRXOGKDYHVHQWWRDVKUHGGHU´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³7KHUHDOVLJQLILFDQFHRIRQOLQHERRN DXFWLRQVWROLEUDULHVLVWKDWIRUWKHILUVWWLPHLQKLVWRU\WKHDIWHUPDUNHWERRNWUDGHKDV EHHQOLEHUDWHGIURPPLGGOHPDQEURNHUVDQGWKHHQWLUHZRUOGLVQRZSDUWLFLSDWLQJLQZKDW ZDVDVPDOODQGFRQWUROOHGPDUNHWSUHYLRXVWRWKHXQLYHUVDODYDLODELOLW\RIWKH LQWHUQHW´%XUNH $GG$OO8VHG$QG2XWRI3ULQW6HDUFK>FLWHG0DUFK@$YDLODEOHIURP KWWSXVHGDGGDOOFRP $OLEULVFRP>FLWHG0DUFK@$YDLODEOHIURPKWWSZZZDOLEULVFRP $PD]RQFRP>FLWHG0DUFK@$YDLODEOHIURPKWWSZZZDPD]RQFRP %LEOLRIXWXUH/LEUDU\7KHIWVDQGH%D\,Q/,61HZV/LEUDULDQDQG,QIRUPDWLRQ 6FLHQFH1HZV %XUNH-XOLH2QOLQH%RRN$XFWLRQV%RRQRU0HQDQFHWR/LEUDULHV">FLWHG0DUFK $YDLODEOHIURPZZZSHUVRQDONHQWHGXa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
© Copyright 2026 Paperzz