to
equal the income from the purchase price, had it been invested in another
way. This increase in value, however, often actually takes place, and in
a fair sized collection of books, judiciously gathered, the abnormal
increase in the value of some volumes will help to balance the
sluggishness or depreciation of others. The bibliophile, however, may well
rest content, and consider himself well repaid for his efforts to buy
carefully, if the value of his collection as a whole remains equal to the
sum total of his expenditures, and he may accept the pleasures of
possessing and reading the volumes in lieu of interest on the investment.

To get a general idea of the run of prices, the collector should obtain as
many priced dealers' catalogues as possible and study these carefully, in
making comparisons noticing any description of condition or binding which
might account for a difference in price between two copies of the same
work catalogued by different dealers. He should also study the volumes of
"Book Prices Current," both the English and American editions, which are
issued each year to subscribers and may be found at almost any large
public library. These books, for each year, give the prices realized at
auction during the year before, for all books which brought over three
dollars. These prices, however, must be considered with caution, as they
do not always represent true values, particularly in reference to sales in
Great Britain, where the operation of dealer's "knockout" cliques,
conspiring to keep prices low, except on items where collectors bid
direct, has been the cause of much scandal.

Advance catalogues of books to be sold at auction will be mailed by the
auction houses, on request. At auctions free from suspicion of unfairness,
the amateur will often find it to his advantage to buy, since he generally
has a certain amount of advantage over the dealer, not being obliged to
buy books so low that he may sell again at a good profit. He need
anticipate little difficulty in competition over books of moderate value,
provided he has taken the trouble thoroughly to inform himself as to the
correctness of the edition he proposes to buy and is able intelligently to
collate, either before the sale or immediately afterward. With items of
considerable importance, it is sometimes a better plan for several
reasons, under present auction conditions, to place the bid in the hands
of a well-known, reliable dealer who will bid