In modern
western literary tradition a great deal of emphasis is placed on books as physical objects. The pinnacle of the emphasis is the first edition of a well-known author's
first work, which is usually from a small print run (sometimes as low as a hundred). Possession of such a book implies that the possessor noticed a, then unknown,
literary genius before the rest of the world, or acquired it from someone who did.
First editions of famous works often get very high prices when sold, especially those displaying good literary technique, that have entered the Literary Canon and are full of obscure literary references, but it should be remembered that most books aren't literary or commercial successes and only ever have a first edition. First editions are never read. If you can afford a decent, well-bound edition for your bedside table and a small stack of cheap paperback editions in case a `friend' urgently needs to refer to the work.
The phrase ``extensive collection of first edition's'' is the literary equivalent of ``extensive collection of mint condition playboy's.'' See well-read.
Electronic publishing in platform independent formats through digital libraries obsoletes the concept of the significance of a first edition, by making any copy of any edition infinitely copyable and a cost approaching zero. In such situations the preferred edition is generally the best annotated rather than the first. I agree with wharfinger that certain people love books as fetish objects, however there are a good many geeks who love the delivery mechanism of digital libraries (i.e. their computers) as fetish objects too. Just because they're younger and geekier, doesn't make their fetishes any less valid.