Little idea of the prices of books can be obtained from the amounts given for a whole library, but as in future chapters particulars will be printed of the great libraries that have been disposed of by auction, it seemed well to mention here a few instances of libraries that have been sold entire. The greatest of these is the magnificent library of Earl Spencer, which was sold in 1892 to Mrs. Rylands, and has been transferred from Althorpe to Manchester. The exact amount paid for this library has not been announced, but it is supposed to have been about a quarter of a million pounds.
In respect to the history of prices of books, there have been times of inflation and times of depression, just as in the history of prices generally, but it will be seen that in spite of these vicissitudes scarce books have gradually increased in value. The first signs of the growth of bibliomania are seen in the sales of Dr. Mead’s and Dr. Askew’s libraries in the middle of the last century, which aroused a great interest among book collectors.
During the great Napoleonic wars books became very scarce, because Englishmen were prevented from purchasing on the Continent, but upon the conclusion of the peace there was a steady flow of books into the country.
The Duke of Roxburghe’s sale in 1812 was a great event, forming, as it did, an epoch in the history of book collecting, and the widespread fervour of bibliomaniacs may be dated from that period. Great sales followed, and then came the sale of the enormous Heber library, which let out too many books on the market at once. After this there followed a dull time, but a revival came with the Bright sale in 1846 and Stowe sale in 1849, and the Daniel and Corser sales between 1860 and 1870, and the Henry Perkins sale in 1873, were great events. The last few years have been marked by many great sales, those of the Sunderland, the Beckford, and Hamilton Libraries, and the Turner, Gaisford, Crawford, and Ashburnham collections being among the most remarkable. The greatly increased prices obtained for books have induced many proprietors to sell their literary treasures.
It is well to remember that the value of all books is not rising, but that whole classes have fallen in price. Greek and Roman Classics, and the Fathers and Theological Literature generally, have been most markedly depreciated in value.
Fashion guides alterations in the prices of books, just as she does in other less important matters. Thus we find at one time certain books quoted at high prices, which not many years afterwards have become drugs in the market. Still, a careful review of the subject will show that fashion is not nearly so potent as in some other departments, say, for instance, in the case of pictures, which certainly vary in price more than books. In spite, therefore, of signs of variableness, it will be seen that there is a continuous increase of price among certain classes of books which are sure to retain their value, and even to be still more esteemed as time passes.
It may be well to inquire what are some of the causes which lead to an increase in the price, and to distinguish between those which are permanent and those which are ephemeral. The growth of book-collecting in the United States has had a most potent influence, and large purchases made for many years in England have drained off a large number of books, low priced as well as high priced, which will never return to this country. Another cause is the increase of public libraries in Great Britain, and when books are bought for these libraries they are permanently removed from the open market, as they are not when sold to an individual, because his library will most probably eventually come to the hammer. These two causes would be sufficient in themselves to permanently increase the price of scarce books, but there are still others to be mentioned. There has been of late years a greatly increased interest felt in the history of books—in printing, in binding—and increased knowledge has shown the great claims of a large number of books to a higher appreciation than hitherto. Then again, the class of the wealthy who can afford to collect choice libraries has largely increased; and lastly, the belief that the collecting of books is by no means a bad investment has not been without effect. This last point opens up a very interesting question in ethics, Should a collector look upon his collections as an investment? The late Mr. J. Hill Burton argues very strongly against this view in his “Book-Hunter.” He writes—
“The mercenary spirit must not be admitted to a share in the enjoyments of the book-hunter.... If [he] allows money-making, even for those he is to leave behind, to be combined with his pursuit, it loses its fresh relish, its exhilarating influence, and becomes the source of wretched cares and paltry anxieties. When money is the object, let a man speculate or become a miser.”...
This is quite true, but we must remember that, after all, increased price is only an outward manifestation of increased public estimation, and it is always satisfactory to know that our opinion has been accepted by the public. The real point seems to be that the collector should use his judgment in respect to price, and not trouble himself whether the market value of individual books goes up or down, for he may be sure that if he buys wisely, the ups and the downs will balance each other. If a fair-sized library is purchased with judgment and knowledge, it cannot fail to become a profitable investment, because good books increase in value by reason of their companionship. All worthless books should therefore be ruthlessly weeded out. For instance, a library of 1000 choice books would probably sell for less with 500 books of little value added to them than if these were ruthlessly eliminated.
Mr. Andrew Lang writes in his pretty little book, “The Library”—