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—