" always
ready to take a chance where the outcome is problematical. Many fine
collections have been gathered by well-informed private buyers, who
made a point of attending auction sales, and purchasing desirable
items, when for some reason the prices were lower than usual. Some of
these collections have since been sold at auction, and the owners have
netted a handsome profit on their investments.

Many book buyers entertain erroneous ideas regarding the condition of
the volumes sold at leading auction houses, confounding them with
those sold at storage warehouses, furniture auction rooms, etc. The
fact is, a very large proportion of the books, even of the older
species, are in fine, clean condition, many being in choice bindings,
and equal to the most fastidious requirement.

An indication of the important relation of the book auctioneer to the
market, as a source of supply, may be judged from the issue of a
bulletin by the American Library Association during the past year,
calling attention of the three thousand or more public libraries of
the country to the advantages of purchasing at auction sales,
recommending certain named houses, and outlining the mode of procedure
in sending bids. It took years of hard and discouraging labor to bring
about conditions that would warrant this recognition.

The great majority of buyers at book auctions reside in localities
widely removed from the cities where the sales are held, and it is, of
course, necessary that these customers should be given equal
advantages with the home buyers in effecting purchases at sales. The
printed catalogue is made the medium of this accomplishment. The books
are described in detail, mention being made of the author's name, the
title, size, binding, place, and date of publication, and condition
(if either above or below the average). If the edition is special, or
it is a large paper copy, this is duly set forth in the description.
All imperfections are carefully noted. The aim of the auctioneer is to
bring the book or set of books so clearly before the mind of the
prospective buyer as to gain his confidence. An express stipulation is
made in the conditions of sale that any book found to be otherwise
than as described may be returned, but as the auctioneer desires to
avoid this contingency, he is generally careful in his descriptions,
and they may, as a rule, be depended upon.

A printed slip is enclosed in each catalogue on which the intending
pur