Illustrating Values.
One of the most delightful sights in Paris is the fascinating array of stalls of second-hand books that line the quays along the Seine. They stretch out interminably, boxes and counters crowded with old books of all sorts. At night, the lids are lowered over them and padlocked, and the queer bookstores are closed.
One of the proprietors of these literary establishments had bought at auction a little book of 230 pages. It was the "Complete Works" of Jean Devaines, an old-time member of the French Academy. He had paid one franc for the book, and he offered it at five francs. No one wanted it. Then four francs. Not a nibble. Then the price descended to three francs. Still apathy on the part of the public. Then two francs fifty centimes—half a dollar. And still the "Œuvres Completes" was unappreciated.
But just then someone read at the Institute a paper on this Jean Devaines, bringing out the facts that only fourteen copies of his Complete Works were ever printed, and only four of these were known to exist.
Presto! The price of that little book on the quay went up to $50, and a buyer was found, at that price, in half a jiffy!
Oh, what nonsense is all this! The writings of Jean Devaines were no wiser, not a whit, the day after that paper was read at the Institute than they were the day before. The book was no more valuable, taking value in its strict sense. It was worth no more. People were ready to pay more for it, that was all.
Let us not be caught in any such folly. The rarity of an estimable thing may properly add to its value, but nothing is more valuable just because it is rare. A rare engraving, or book, or rug may be a good investment, just because of its rarity; but if the picture and rug are not beautiful or the book wise and entertaining, then in buying it you are not buying art or literature; you are dealing in a commodity, precisely as a grocer buys sugar or molasses or dried beans.