In speaking of books as an investment, one implies first editions. First editions are scarce; tenth editions, as Charles Lamb stutteringly suggested, are scarcer, but there is no demand for them. Why, then, first editions? The question is usually dodged; the truth may as well be stated. There is a joy in mere ownership. It may be silly, or it may be selfish; but it is a joy, akin to that of possessing land, which seems to need no defense. We do not walk over our property every day; we frequently do not see it; but when the fancy takes us, we love to forget our cares and responsibilities in a ramble over our fields. In like manner, and for the same reason, we browse with delight in a corner of our library in which we have placed our most precious books. We should buy our books as we buy our clothes, not only to cover our nakedness, but to embellish us; and we should buy more books and fewer clothes.
I am told that, in proportion to our numbers and our wealth, less money is spent on books now than was spent fifty years ago. I suppose our growing love of sport is to some extent responsible. Golf has taken the place of books. I know that it takes time and costs money. I do not play the game myself, but I have a son who does. Perhaps when I am his age, I shall feel that I can afford it. My sport is book-hunting. I look upon it as a game, a game requiring skill, some money, and luck. The pleasure that comes from seeing some book in a catalogue priced at two or three times what I may have paid for a copy, is a pleasure due to vindicated judgment. I do not wish to rush into the market and sell and secure my profit. What is profit if I lose my book? Moreover, if one thinks of profit rather than of books, there is an interest charge to be considered. A book for which I paid a thousand dollars a few years ago, no longer stands me at a thousand dollars, but at a considerably greater sum. A man neat at figures could tell with mathematical accuracy just the actual cost of that book down to any given minute. I neither know nor want to know.
There is another class of collector with whom I am not in keen sympathy, and that is the men who specialize in the first published volumes of some given group of authors. These works are usually of relatively little merit, but they are scarce and expensive: scarce, because published in small editions and at first neglected; expensive, because they are desired to complete sets of first editions. Anthony Trollope's first two novels have a greater money value than all the rest of his books put together--but they are hard to read. In like manner, a sensational novel, "Desperate Remedies," by Hardy, his first venture in fiction, is worth perhaps as much as fifty copies of his "Woodlanders," one of the best novels of the last half century. George Gissing, when he was walking our streets penniless and in rags, could never have supposed that a few years later his first novel, "Workers in the Dawn," would sell for one hundred and fifty dollars, but it has done so. I have a friend who has just paid this price.