A lot of book collecting sites, dealers and what-not will tell you that Book Club Editions aren't worth collecting and that you should shy away from purchasing such editions, for collecting or resale.
As is often the case when so-called experts are involved, this isn't the whole story at all, at all. While usually true, there are exceptions, especially when it comes to Fantasy and Science Fiction.
If there was never a Trade Hardcover edition of the book issued, then a lot of folks wanting a HC will look for the BCE, assuming one was released. Booksellers often designate these editions as "First, thus," indicating that while it isn't a true 1st edition, it's a first in some sense. There are other types of books so designated, besides the case of BCE Hardcover 1st's.
A good example would be the Star Wars: New Jedi Order books. Only a handful of titles in the 19 book series were released in Trade HC editions and I've seen some of the BCE editions of the ones which were only released in ppb, go for as high as $70 on ebay for a single volume, though $20 or so is more typical for most of the titles. A set of 7 NJO BCE's, all in New condition and featuring two of the rarer BCE's from the series, recently sold on ebay for $250.
When the omnibus hardcover of Glen Cook's first three novels of the Black Company, Annals of the Black Company, first appeared on ebay, it was going for as high as $40. This title wasn't rare enough to sustain such a price, though and after a ton of people dug out their copies to make a quick buck, the price dropped significantly and a decent copy can now be had for $10 - $15, which is about what I sold my extra copy for a couple of years ago.
Another factor which can make a BCE Collectible, is when the original Trade Hardcover has become so valuable, that it's out of the price range of most collector's. For a while, the BCE of Eve Forward's Villains by Necessity was going for about $50, as the 1st edition had skyrocketed to over $200! The last time I checked, the 1st edition had come down in price to a much more reasonable $70 or so. A recent BCE still went for $25.
Which brings me to Mr. Feist. While Magician was re-released in a new Trade HC a few years ago, the BCE of the original release is still going for $25 on ebay. I don't know what the original 1st is going for, but some people are asking ridiculous prices for even the re-released trade.
So, yesterday I went back to my new favorite bookstore and found a copy of Mr. Feist's Magician, a BCE HC in beautiful, unread condition. Someone had taken exceptionally good care of this book, for almost 30 years. One small nick on the jacket, tight hinges, nice, straight boards, etc. As the price was less than five dollars, I quickly snatched it up! In the condition it's in, I could probably get at least $30 on ebay, for the thing. Unless, of course, I decided to keep it.
Spoilers!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Mr. Feist pisses me off! As a young lad of 16 or so, I was really enjoying reading his first series, which so reminded me of the Most Awesome Game in the World, that I had discovered a year or so, before. I devoured Magician: Apprentice and Master, Silverthorn and was just as thoroughly engrossed by A Darkness at Sethanon. With growing excitement, I tore through the chapters of the series' finale, wondering how, as the climax approached, the heroes would defeat the Valheru.
The piece of shit, deus ex machina ending turned me off of Feist, for good.
I have no idea how Magician would hold up, 26 years later. I don't remember being overwhelmed by the author's prose, but at 16, his ideas certainly fired my imagination, which is the first thing I demand of an author. I have serious doubts, that my 42 year old self would find the ideas in Magician to be as exciting.
And if I were to going to re-read the books, I could and would pick up some cheap reading copies, for somewhere between Free and $3. The Collector would consider the Unread HC to be worth keeping in its current condition.
Or, I could put my recent find on ebay and The Gamer could turn the profits into some cool rpg gear! :)
I'll probably keep it, as the book does bring back some nice memories. It looks good on my bookshelf, too.