volumes of the kind, is at present a matter of speculation. It is clear, however, that while exceptionally fine or extra-illustrated 'collectors' books" copies of what have come to be known as stand much in the same position as heretofore, those which are merely of good quality have, for whatever reason, fallen materially in the market. The best books are, or eventually become, the cheapest, for the popular demand must be satisfied. Collectors' books are those which, whether of the best or not, are naturally scarce, or have purposely been made so, reprints not being taken to adequately represent the originals, even though the text be the same or even improved by the correction of obvious errors or the addition of more or less valuable notes. Collectors' books consist mainly of first editions, published at a time when the author was not sufficiently well known to justify any large number of copies being printed. When this is not the case it will usually be found that some special circumstances exist, as, for example, the presence of illustrations by first-rate artists, or the fact of the author having suppressed his book. Scarcity is to the collector, quâ collector, an absolute essential, otherwise a reprint would be as good, or perhaps better, than the original. At A casual glance at some of the early catalogues of sales by auction is sufficient to demonstrate that the tastes, and therefore the requirements, of collectors do not always remain the same. the beginning of this century the now excessively rare and practically unprocurable early quartos of Shakespeare cost no more than those, for instance, of Marlowe or Heywood; but such a great demand then arose for editions of the older dramatists, and many other books-among which early English poetry and works of chivalry and romance stand pre-eminent-that the value began to increase by leaps and bounds, so that in a very short time none but the richest collectors could hope to obtain them except by the merest accident. This is an illustration of the fact that the circle bounding the desires of this special class of bookmen is continually expanding. What was once scarce becomes at last unprocurable, except at a ruinous price which may or may not be maintained, and so fresh classes of books, or, in the alternative, new authors, are drawn upon to supply the deficiency. It is only comparatively recently that the book-illustrators were brought to the assistance of authors like William Combe and Pierce Egan, who without their aid might have sunk into oblivion. That some material change is, even now, coming over the bookmarket is evident. Fashionable books in the finest condition, or which for one reason or another are exceptionally desirable, hold their ground, as already stated; but most of the others in the same category appear to be slowly, but surely, declining in value. Collectors are possibly beginning to formulate a new rule, creditable to their taste no less than to their discretion, that the real value of a book does not only consist in the price paid for it, for that may dwindle away in after-years, but also in its power to instruct and improve, always remembering, however, that the question of scarcity can never be entirely eliminated, for if it could, it were better at once to have a library of reprints at a small cost than a few books at a high price. This suggestion would, from the collector's point of view, be rank heresy-an offence which it is desirable to avoid the commission of. It is, however, equal or worse heresy against the best traditions of literature to esteem a book, not on account of its merits, but merely because it sells for a large amount of money. This, very probably, represents the feeling which is gradually coming over the great mass of book-collectors, for it is noticeable that works of utility and real merit are being credited primarily, and not secondarily, with those qualities, and realising higher prices than they did a year or two ago. The time may even come when the ancient classic authors, now sadly neglected, may once more occupy their former enviable position, to the still greater detriment of a mass of light literature, got up in limited editions for the mere purpose of stimulating the desires of those who are not rich enough to compete for recognised and very expensive rarities. Some of the sales reported in this volume-notably, that at page 325-show how easy it is to violate the technical rules laid down by the universal consent of a large section of Bibliophiles, and what the inevitable result of such a proceeding must be. This library had been formed at considerable expense, and was sold at a great loss. It also comprised just the class of books that are likely to deteriorate in pecuniary value as time goes on, and which, if the results of two or three hundred important sales by auction are anything to go by, have, exceptions apart, been declining in value for some time. On the whole, it appears tolerably clear, to some minds at least, that collectors of the immediate future may universally associate utility with rarity, and in that way open up a still more extensive field for enterprise. In abandoning much, they will gain immeasurably more. 3, Plowden Buildings, Temple, E.C. J. H. S. |