Depreciation is a factor which must be taken into consideration, but it is not at present very widespread. It is quite easy to understand why editions of the classics and Thomas Hearne’s editions of “Chronicles,” &c., have gone down in price, because the publication of superior texts has partially superseded them; but one can scarcely explain why the set of “Byzantine Historians” should fall so much in price, for these ponderous volumes have not been superseded. At the Hamilton sale in 1884 a fine large paper set of these “Historians,” 1645-1777, eighteen volumes in red morocco by Ruelle, and five in calf, only brought £4, 10s. Mezeray’s _Histoire de France_, 3 vols. folio, bound in blue morocco by Derome, which sold formerly for £105, only sold for £33 at the Beckford sale. A large paper set of Hearne’s Works, bound in red morocco, was bought at Mead’s sale for fifty guineas by an ancestor of Meerman the bibliographer. It continued at the Hague with Meerman’s library until the sale of the latter in 1822, when it was bought by a London bookseller for £200. Pickering purchased it, and sold it to Hanrott for £500; at his sale in 1836 it was bought by the Duke of Buccleuch for £400. At Watson Taylor’s sale a set fetched £200. At the Beckford sale, the set of Hearne’s Works were all on small paper, with the exception of “Camden,” “Annales,” 1717, “Fordun’s Scoticronicon,” 1722, and “History and Antiquities of Glastonbury,” 1722. The twenty-seven lots only brought altogether £41, 10s. * * * * * In conclusion, there remain two points to lay stress upon and to reiterate-- (1) That price depends largely upon condition. This every one connected with book-buying knows, but the fact is almost entirely overlooked by those who know but little of books. Constantly when a very high price is announced in the papers some person finds that he has a copy of the identical book, for which he expects to obtain an identical price, and he cannot understand when he is told that his copy is practically valueless, because it is in bad condition. If a book is unique, he who wants it must take it as it is, and make the best of the missing leaves, the worm-holes, or the stained pages; but if several copies still exist, it will be found that the price of the bad copy bears no proportion to that of the good one. (2) The forger is abroad whenever prices rule high. We have seen how facsimiles have been sold as the originals, and bindings have often been doctored, Maioli’s and Grolier’s being manufactured for the ever greedy demand. Fortunately, however cleverly the frauds may be produced, the expert is pretty sure to notice something that makes him suspicious, and suspicion will soon be turned to certainty; but the public are easily gulled by that to which they are unaccustomed.