wow, that sounds expensive. On the other hand, as far as ostentatious displays of wealth go, that sounds like one of the more classy ones.
(admittedly not perfectly, but enough to look good and last).
It started because a group of us at uni found out we really really love books, it was a bit of an addiction actually, so we started our "libraries" for a bit of fun.
Originally we were meant to have read every book for it to count :) but that quickly became impractical. I have about 6,000 books (most in boxes, sadly, till I find a bigger place) but that is small compared to some of the group :)
Not always a recommended hobby; it is impossible to walk past a second hand bookshop now, and they are surprisingly common :)
Personally, though, I'd rather spend time reading the books than rebinding them so they look nicer.
but yeah, I can understand the want to collect books, even books that you likely won't have time to read. But, I mean, if it's not something you are likely to read, it's more of a collectible or decoration than a book, especially if you are going to put a lot of labor into making them look good, which is why I say it sounds like a display of wealth.
People have strange habits when it comes to books, or almost anything else.
Never understood it. I find something quite profound/exciting in a big bookshelf full of different sorts of books :)