PRICES.--The subject of prices is one so complex and indeterminate that one writes of it only with hesitancy. That which seems excessive to one collector will be willingly paid by another. No stable standard exists; I have had equally good copies of certain Hiroshige prints offered me at prices as various as 10s. and £10. In discussing the matter, one can give nothing more than an individual impression of the normal and usual figures at which prints change hands to-day. Experience is the only means by which a collector can equip himself on this subject. He will acquaint himself with the prices asked by dealers and the prices at which other collectors have obtained their specimens; and from these, together with a careful study of auction sale catalogues, he forms his judgment. Auction prices are likely, however, to be misleading unless one sees the prints sold; for the fact that a certain print brought only £3 at Sotheby's is no indication that another copy of the same print may not be worth the £30 asked for it. Variations in condition and quality of impression make vast differences in value. An Artist's Impression of Hiroshige's famous Tokaido print, "Rain on Shono Pass," might bring £20; a Fine Impression would perhaps sell for half that; a Good Impression would be worth about £4; while a Late Impression would bring less than £2. Similarly a Kiyonaga might vary from £40 to £4 on this account. In the matter of condition there would be parallel differences. A rare Kiyonaga or Utamaro triptych might vary as follows: Publisher's State, £200; Collector's State, £100; Good State, £60; Ordinary State, £30; Defective State, £5. A great Sharaku might, in the same way, be priced at £100, £70, £50, £20, and £3; and a Harunobu at £60, £50, £20, £8, and £3. Pillar-prints in perfect preservation are rare; therefore the differences would be even greater; in the case of an exceptional Koriusai, perhaps £30, £15, £10, £3, £1. The following very rough generalizations may suggest something to the inexperienced collector. Small Primitive sheets in fair condition can seldom be obtained for less than £5 to £15; the rare large sheets and Pillar-prints generally bring £20 to £100. These are minimum prices; for special treasures such as Kwaigetsudō, prices may rise to several hundred pounds. Harunobu's work in perfect condition brings from £20 to £100. Shunsho actors are sometimes to be had very cheap, for a pound or two; but the finest designs will bring from £10 to £20. Buncho is rare; one may expect to pay at least £15 to £40 for a fine example. Shunyei and Shunko are about the same in price as Shunsho. A good Shigemasa is worth £20 to £50.