s paid a century or more ago for early
editions of the Greek and Latin classics, while treasures of early English
literature sold for a few shillings; while at the present time these
conditions are almost entirely reversed and some almost unique classic
volume in extraordinary condition is required to create much of a
sensation. It may be remarked here, however, that the early classics, the
foundation of our present language, should have a permanent value, if such
an attribute can be rightly assigned to any books at all, and it may be
assumed that almost certainly the day will come when these early and
important works will again be in great demand and will bring prices all
the higher because of the scarcity which has accrued to them in the
meantime through the loss, in one way or another, of many of the extant
copies.

The greatest care is necessary in purchasing modern editions, especially
of modern authors, as the number of modern books and editions, whether the
books be good, bad or indifferent--the latter two adjectives usually
applying, unfortunately--present an extremely complex field from which
only great foresight will select books of merit which will be sought after
several generations hence.

The amateur should also observe with a certain amount of suspicion books
printed in very "limited" editions, with a view of establishing immediate
rarity, permitting himself an interest only in those of obvious merit,
where the limited edition is not necessitated by limited demand, and
avoiding those books so printed of which previous editions much in demand
have been issued. Privately printed books in limited editions, such as the
books issued by the Villon Society, which include John Payne's important
translations from the French and Italian, and the various issues of the
Kama Shastra Society[30], in which Sir Richard Burton, the gifted
orientalist, was actively interested, being not only first editions and of
marked literary merit, but also books fairly certain to be in demand, and
rare, may generally be considered of sound value and interest. Books from
famous private presses, examples of the highest state of typography of
their time, such as the Kelmscott Press books printed by William Morris,
or books printed by some famous printer, such as John Baskerville, of
Birmingham, are almost certain to increase substantially in value in the
long run over their present-day prices and are, moreover, delightful books
to have.