One of the most spectacular pieces in his collection of some 1,000 maps shows an enormous, roughly triangular island hugging the western coast of a continent called Nova Granada, below a land simply labeled "Terra Incognita." Although this island–actually California–did not exist in 1666 when Dutch cartographer Pieter Goos printed the map, it was a widely popular theory, persisting on maps of North America until the 18th century.

TOP: A rendering by French mapmaker Nicolas de Fer depicting California as an island, ca. 1720, listed for $35,000 at the Arader Gallery in New York. Above: The Library of Congress has completed the $10 million purchase of the only known copy of the 1507 world map by Martin Waldseemüller, a section of which is shown. (W. Graham Arader III; Geography and Map Division, Library of Congress)

Now that there are no more blank spots on the globe, and GPS receivers can pinpoint our locations within a few feet, it may seem strange to the uninitiated that outdated maps of an illusory island would be worth much. But prices are skyrocketing. A rendering by French mapmaker Nicolas de Fer from 1720 listed for $35,000 at the Arader Gallery in New York.

To McLaughlin, a former financial executive and Air Force pilot, this makes perfect sense. Over the past three decades, he has built what is arguably the world’s most comprehensive collection of such maps, worth about $1 million. Like many serious collectors, McLaughlin scorns what he calls "pretty maps" in favor of those with historical significance. The maps in his collection illustrate the acquisition of knowledge over the course of more than 100 years, and like other hardcore cartographiles, he has a fondness for maps of his home turf–California, a state that, despite plate tectonics, remains firmly attached to North America.

"I used to go to private dining clubs in New York, and we’d just see scenes of English people fox hunting. This is an alternative to that, very much a California alternative," McLaughlin explains. "You have the ability to trace the progression of not just the island out in isolation, [but] North America from the East Coast on through."

The antique maps that now command thousands of dollars on the auction block have always been extremely valuable. In fact, during the reigns of Philip II and Charles V of Spain, printing and disseminating a map without the king’s permission carried a penalty of death. Maps, laborious and time-consuming to create, served as both a tool to advance power through trade routes and a means to articulate that power by claiming undiscovered lands. The naming of a territory is considered so important that the Library of Congress spent $10 million in 2001 for a 1507 map by Martin Waldseemüller featuring the first known reference to America–the highest recorded price for a single map.

Thanks in part to New York—based dealer W. Graham Arader III’s efforts to popularize the trade over the last 30 years, today there is a small but thriving American market for antique maps. It is a clubby world, where major collectors know one another and map conventions attract only a few hundred faithful.

Fueled by demand from serious collectors, as well as interior decorators, prices have risen steadily over the past two decades. For example, a popular world map by legendary English cartographer John Speed, which fetched £1,500 ($2,000) at auction at Sotheby’s in London in 1984, commanded £7,000 ($12,600) last year. Early maps and atlases were rare luxury items when originally produced, and few have survived. New York—based collector Eric Goldstein believes the market has been fueled lately by low interest rates. Goldstein, a financial executive, claims he can expect an 8 to 10 percent annual return on a map, while enjoying ownership of a fascinating work of art.

Cartographic Violence
In June, however, the map world’s veneer of gentility was rudely ripped away when Massachusetts dealer E. Forbes Smiley III was arrested and charged with stealing maps from Yale University’s Beinecke Rare Book & Manuscript Library. His status as a trusted insider–Smiley helped Lawrence Slaughter assemble the collection donated to the New York Public Library after Slaughter’s death in 1996–sent shockwaves through the industry. "It doesn’t seem to match the person we thought we knew," says Alice Hudson, curator of the Map Division at the New York Public Library. A spokesman says the library is assessing its collection.

Smiley pled not guilty to three counts of larceny and was released on bail; the case was pending at press time. The Times of London reported in October that FBI sources said Smiley owned up to stealing more than 100 maps, which the FBI is trying to locate. Smiley’s attorney, Richard A. Reeve, declined to comment.

VALUE JUDGMENT: Map collectors live in a clubby yet thriving world, where annual returns are now typically running between 8 and 10 percent. Values can soar much higher for the rarest and most desirable items. Aficionados often take an academic approach to the field, and love it for its connections to history. But a trusted dealer’s arrest last June on charges of stealing rare maps from a Yale library has roiled this tightly knit community.

It is unclear yet just how far the fallout of the Smiley scandal will extend, as map librarians and dealers review their holdings for signs of missing maps and possible links to Smiley. But some collectors see a potential benefit in the form of greater attention to provenance, and the implementation of stricter security measures.

"It’s going to rapidly speed up what should have been done a long time ago, which is better security in libraries," says Goldstein, whose collection is valued at roughly $100,000. "That’s just the modern world. You’re not going to have access to old things in libraries with no security."

Despite the scandal, antique maps inspired feverish bidding at auctions last fall. A composite atlas of 16th-century maps by Venetian cartographers fetched £1.46 million ($2.6 million) at Sotheby’s in London. Bidders knew the maps had a provenance traceable to Admiral Giovanni Andrea Doria, who died in 1606. The same atlas was sold twice before at Sotheby’s, fetching £225,000 in 1988 and £140,000 in 1980.

A room lined with wall-to-wall Audubon prints at Arader’s 72nd Street gallery provides a tranquil contrast to Arader himself. "Call San Francisco and get the four most expensive maps of Paris," he barks to an assistant during an interview. Then he puts his feet up on a table and leans back in his chair to elaborate on what is clearly one of his favorite subjects: the follies of the antique map trade. Detailing four elements of his grading system, Arader pauses for emphasis when he reaches rarity. "This is the refuge of the ignorant, lazy dealer," he says scornfully. "Rarity [is immaterial] if the map has no historical importance, is nasty-looking and in terrible condition."

Arader can afford to make himself comfortable. Revenues at his company increased 20 percent in 2005, with maps making up half the sales. His home contains $100 million worth of maps, prints and antiques–including a 1646 map of Dorset by John Speed that Arader bought when he was a 16-year-old scholarship student in England.

Passion Meets Patience
Sometimes a single map is all it takes to spark a life-long obsession. Denver-based investment banker Wesley A. Brown did not plan to embark on a consuming hobby when, at 18, he spent $40 on an 1860 map of the Colorado area published by J.H. Colton. Brown started by scouting for maps for his father, who was a collector, but soon he found he wanted the maps for himself.

Brown has since traded up to a better copy of the 1860 Colton, and developed two collections, one focused on Colorado and the other on world maps printed before 1540. Even after 33 years of collecting, he still spends time every day on his hobby, searching eBay or checking in with dealers.

Though he owns several maps valued in the six-figure price range, Brown’s voice grows animated when he describes an $8,000 online deal. He had set his price a week earlier, but felt inspired to raise it 20 minutes before the close of bidding, knowing all the serious offers would come in during the last 10 seconds. That increase was what it took to secure the map. The seller, excited to receive eight times the price he expected, offered to drive from Iowa with the map and its original frame, which turned out to include a seal from a 19th-century art and book seller who was located one block from where Brown’s office now stands.

A 16TH-century atlas, traceable to Admiral Giovanni Andrea Doria, sold for £1.46 million ($2.6 million) in 2005 at Sotheby’s in London. (Image Courtesy Sotheby’s London.)

"It’s kind of a hunt," Brown says. "The key is to stay in the hunt for a very long time. My approach has been to read and learn and become more and more knowledgeable. This allows me to make my own judgments."

Despite recent price increases, the field remains dominated by passionate collectors, rather than those focused on financial return. Patience is a prerequisite. Commissions can add up to 30 percent to a map’s price, so even maps that appreciate by 10 percent a year require that a collector hold them for at least three years just to break even.

Still, newcomers can acquire attractive, historically significant maps for only a few thousand dollars. Arader recommends spending time getting to know a map librarian, which he did while a student at Yale. The New York Public Library’s Hudson is happy to meet with novices to provide basic training in maps, focusing on features such as paper quality, watermarks and map condition. Maps are best preserved in acid-free liners at controlled temperatures. Those who plan to hang a map should use a museum-quality frame.

Map fans can find information online, in dealer and auction house catalogs and in Map Forum magazine (in print or at www.mapforum.com). Many local map clubs, including the New York Library’s Mercator Society, offer insight. Sotheby’s website features a database of auctioned maps and their prices.

Bidding for an a rare 16th-century Venetian atlas was feverish, despite a recent scandal in the map world.

Hardcore collectors need to develop good relationships with dealers to gain access when the rarest specimens come to market. Collectors say that it helps to specialize; many dealers prefer to sell to a buyer building an important collection on a given subject. "The key is to get the dealer to call you," Brown says.

The walls of Goldstein’s Manhattan apartment are lined with rare maps. One of his favorites is a 1655 depiction of New England and the Dutch colony on Manhattan. After stopping by Arader’s gallery one day with a friend, Goldstein recommended the map to another collector–then returned the following day to buy it himself after the other man passed.

As with McLaughlin’s maps of the fantasy island of California, Goldstein’s map contains more than a few mistakes. The Dutch cartographer, Nicholaes Visscher II, made it to encourage Dutch people to emigrate, so there is a huge section labeled New Netherland–containing towns with English names. "The map is totally messed up," Goldstein admits. But it is also a gorgeous work of art, with original hand-tinted color and gold highlights. He believes his $9,000 investment has easily doubled in value in the five years since he purchased it.

Catherine Curan is a New York—based freelancer.