To the collector of moderate means, even though his library be small, his books represent a certain form of investment, fairly secured. It has been pointed out by Mr. J. H. Slater, editor of the English "Book Prices Current," that books bought as an investment are not really so, because to be a good investment they would have constantly to increase in value 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 hell1 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 in the book for a small commission on the price paid, and who will assume responsibility for the book being correct and perfect as represented in the catalogue.

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