The market is very young on yearbooks. By 1995, only two yearbook archivists were listing in trade magazines, Seth Poppel in New York, and Brandon Ross, the owner of Spanky’s Yearbook Archive in Iowa City, Iowa.
Most of the time, the senior yearbook is considered most valuable.
On occasion, the underclass yearbook may be of more value, as in the case of Ted Williams who though only profiled in his senior picture in his senior annual, is pictured on the baseball team and glorified in a paragraph within the junior yearbook.
Junior high (grades 6-9) yearbooks can be more valuable than the senior high yearbooks (9-12), since they are generally many times more difficult to find.
Yearbook Gallery.
Yearbook Values.
Alfred E. Neuman before Mad Magazine.
Yearbooks Online: DeadFred