The complete history of the book is as follows:
First Edition: 40 copies printed on a dot matrix printer, November 1988. No pictures. There are some pirate copies around, but the original 40 were all distributed to good friends, so they are hard to come by.
Second Edition: 20 copies, same format as first, November 1989. Distributed updates to the 40 owners of the first edition.
Third Edition: limited edition of 1000 copies, fall 1994. Gave the first 80 away to players at the Renaissance Cup, sold most of the rest for $100 each. Hardbound, and edited to exclude comments somebody might have taken as "personal", but still no pictures. Still have about 50 in my office, but stopped selling them when one was immediately resold for profit; recently sold a couple to raise money for charitable causes.
Fourth Edition: Sleeping Bear Press, 1996. Text barely edited from the limited edition above, but with pictures. I think there were 10,000 of these.
Second Printing: 1997 or 98. The only change was to put Stonewall instead of High Pointe in the Gourmet's Choice section. Unfortunately, because those courses were alphabetized, there was a printing error and the text for Garden City Golf Club was printed for Durban CC as well. This was fixed and anybody who sent their book back got a replacement, but there are still some "error" books out there. I think this final print run was 2,000 copies.
Bryon: The real value of the book is to save you from spending $$$ to go see a course which isn't all it's cracked up to be. That's worth a lot, if you agree with my point of view.
The actual market price is all about supply and demand. There have been a couple of articles written about the book in recent years (one in The Wall Street Journal) which raised the demand significantly and drove up the price for a while. With 12,000 copies in print the book shouldn't be worth even $400, but it's got a following, and as Brian Morgan always told me, the real way to make money in the golf business is to do limited-edition works and sell them for $$$$$. There are plenty of people in golf with too much disposable income.