t of F. S. Ellis and the death of James Toovey went
capitally, partly because they were supported by Mr. Quaritch (rather
glad perhaps to get rid of his two confreres). Then, more recently,
the collection formed by Mr. Warton brought quite unexpected figures,
and we feel justified in adding, figures sometimes scarcely warranted
by the property. These instances, and this other aspect of the
subject, strengthen our contention that the whole affair from
beginning to end is a sort of lottery, a type of gambling. If those
who enter into the fray do so with their eyes open, and do not object,
who should?

But assuredly the most egregious case in modern times of the absolute
despotism of name and ownership over all other considerations was that
of the portion of William Morris's library submitted to public sale in
December 1898. The books themselves were, as a rule, below mediocrity
in state, and could not have well possessed for the new acquirers even
that special interest and value which Morris recognised in them as
aids to his artistic and literary labours. Yet the prices realised
were beyond anything on record, and were simply absurd. There seemed
to be a violent struggle on the part of three or four competitors to
secure these treasures at any cost, and they did so. Let the very same
copies recur, and in the hands of a person of inferior celebrity, and
the shrinkage will probably be serious. The direct association was
dissolved when the lots were adjudged to the highest bidders, and here
the highest bidders were high indeed.

To the speculative investor in literary property what can we have to
say? He works with his eyes opened to their widest possibility of
expansion, and carries his fortune or success in his hands. No doubt
there are occasional flukes for him; but, generally speaking, the
greatest have been for collections formed and dispersed without any
view to profit, where the state of the market has accidentally
favoured the owner, or there was some nimbus round the name.

Before you set about forming a library, you should consider in what
sort of atmosphere, of your own or your friends' creation, it is
likely to be sold hereafter. You ought almost to be able to calculate
how celebrated you will die.

CHAPTER VIII

Early English literature--Absorption of the rarer items by public
libraries or by America--Future of collecting--Poetical writers
of the sixteenth and seventeenth centuries--Fr