_The present value of illuminated manuscripts._ On the whole a fine manuscript may be regarded as about the cheapest work of art of bygone days that can now be purchased by an appreciative collector. Many of the finest and most perfectly preserved manuscripts which now come into the market are actually sold for smaller sums than they would have cost when they were new, in spite of the great additional value and interest which they have gained from their antiquity and comparative rarity. For example, a beautiful and perfectly preserved historiated Anglo-Norman _Vulgate_ of the thirteenth century, with its full number of eighty-two pictured initials, written on between six and seven hundred leaves of the finest uterine vellum, can now commonly be purchased for from £30 to £40. This hardly represents the original value of the vellum on which the manuscript is written. Manuscripts of a simpler character, however beautifully written, if they are merely decorated with blue and red initials, commonly sell for considerably less than the original cost of their vellum[301]. Again, the more costly manuscripts of fine style, which now fetch several hundred pounds, usually contain a wealth of pictorial decoration and laborious execution far in excess of that which could be purchased for a similar sum in any other branch of art. _Want of taste._ Another noticeable point is that the modern pecuniary values of manuscripts, even those which are bought only as works of art, are by no means in proportion to their real artistic merits. Manuscripts of the finest period of the illuminator's art, the thirteenth and fourteenth centuries, are now sold for very much smaller sums than the immeasurably inferior but more showy and over-elaborated manuscripts of the period of decadence in the fifteenth and sixteenth centuries. _Modern want of taste._ A melancholy example of the existing want of taste and lack of appreciation of what is beautiful in art is afforded by the fact that such a thing as a manuscript signed and illuminated by Giulio Clovio would fetch a far larger sum than so perfect a masterpiece of poetic art as a fine example of a fourteenth century Anglo-Norman _Apocalypse_. So also the late and inferior _Horae_ of about 1480 to 1510 often sell for much higher prices than simpler but far more beautiful manuscripts of earlier date. Of course I am here speaking of the values of manuscripts regarded simply as works of art, not of those which are mainly of importance from the interest of their text. The result of this is that a collector with some real knowledge and appreciation of what is artistically fine can perhaps lay out his money to greater advantage in the purchase of manuscripts than by buying works of art of any other class, either mediaeval or modern. APPENDIX.