The past winter in New York has scarcely kept pace with its immediate predecessor in the number and merit of the collections of pictures opened to public inspection or disposed of at auction. The unprecedented prices obtained for the really excellent collection of Mr. Wolfe, in Christmas week of 1863, seemed to have inoculated art collectors and dealers with what may be called a _cacoethes vendendi_, and until far into the succeeding summer the picture auctioneers were called upon to knock down dozens of galleries of "private gentlemen about to leave the country," varying in merit from respectable to positively bad. In these sales the moderns had decidedly the best of it, the few {137} "old masters" who ventured to appeal to the sympathies and pockets of our collectors being at last treated with proper contempt. But the prices realized by the Wolfe gallery, even when reduced to a specie basis, were too high to become a recognized standard of value, and gradually the interest in such sales, as well as the bids, declined, until the sellers became aware (the purchasers had become aware some time previous) that the market was overstocked and the demand for pictures had ceased. The contributions of the foreign artists to the New York Sanitary Fair brought probably less than a third of the money that would have been obtained for them had they been sold in January instead of June, and such collections as have been scraped together for sale during the present season have met with but moderate pecuniary success. It is gratifying to know, however, that our resident artists, both native and foreign-born, have for the most part been busily and profitably employed, and that in landscape, and in some departments of _genre_, their works have not suffered in competition with similar ones by reputable European painters. Without wishing in any respect to recommend or suggest a protective system for fostering native art, we cannot but rejoice that the overthrow of the late exaggerated prices for foreign works will tend to encourage and develop American artists. The principal art event in anticipation is the opening of next exhibition of the National Academy of Design in the building now hastening to completion at the corner of Fourth avenue and Twenty-third streets. It is to be hoped that the contributions will be worthy of the place and the occasion. Recent exhibitions have not been altogether creditable to the Academy. Durand, the late president of the Academy, and one of our oldest and most careful landscape painters, has a characteristic work on exhibition at Avery's Art Agency, corner of Fourth street and Broadway. It is called "A Summer Afternoon," and is pervaded by a soft, pensive sentiment of rural repose. In the elaboration of the trees and in the soft, mellow distances the artist shows his early skill, albeit in some of his later pieces the timid handling inseparable from age is discernible.