I would love to buy the books individually, but I understand that established sellers usually try to lump the books together and sell it as a set.
May I ask how you would allocate the value of each book? For example, lets say the set is worth GBP 30,000. Hypothetically all three books are in equivalent near-fine condition. Would you say, individually they are worth 1:1:1 of GBP 30,000 (GBP 10,000 each, I know highliy unlikely)? What do you guys think? Obviously the Return of the King would cost far less since it was printed in larger number.
I think there is a markup on complete sets as you say - it would be possible to assemble a set from individual volumes bought over time for less, but essentially impossible for them to look like a matching set.
Fellowship of the Ring: 3000 copies printed
The Two Towers: 3250 copies printed
The Return of the King: 7000 copies printed
(All numbers from Hammond's Bibliography pp. 83-86).
I think, given the gradual release of the three volumes, that the likelihood of finding them in fine condition goes up quite a bit for each (Fellowship the rarest in other words).
Yeah, RoTK should be priced lower as it is more common on the market. I would place FoTR and TT in the similar price range.
Here is a part of my grandfather's and father's first edition collection. Most of the collection is stored in boxes as I do not have enough space for everything at this time. There are a lot of early (and first) impressions. I did buy some of the first editions myself to complete the impressions.
What is interesting, I do have some variations that are not mentioned anywhere, not even in Hammond.
For instance , I have a first impression RoTK wih dozens of variants, not just the famous 4 variant.