Rarity.—The rarity of a print may be a factor in determining whether or not it should be purchased. Not only does rarity affect monetary value, but it sometimes indicates to the collector that this is perhaps the only opportunity he will ever have to acquire this particular design. The rain scene from Hiroshige's "Yedo Kinko Hakkei" has a higher value than the equally beautiful rain scene from the "One Hundred Yedo Series," for the simple reason that copies of the former are very few, and that many collectors desire it because of its beauty. There is, however, a danger into which many collectors fall, of esteeming rarity as a precious element per se. Rarity alone, detached from other elements of value or interest, is perhaps the most ridiculous element that the human race has ever chosen to esteem.

Associations.—Certain prints have an historical value that makes them particularly interesting to the collector. For example, there is the well-known triptych by Utamaro which, because of its portrayal of one of the Shoguns in scandalous surroundings, was the cause of the imprisonment and death of the artist. Also there is the famous memorial portrait of Hiroshige by Kunisada, which is an especially desirable possession because of its associations and because the subject is the great landscape painter. Dated prints are of interest by reason of the light they may throw on uncertain points in Ukioye history. Prints that have belonged to famous collectors, Hayashi, Wakai, Fenollosa, and others, derive a double interest from that fact; the association is interesting, and the previous possession by a discriminating collector confirms the present owner's estimate of the high quality of the print. It should not, however, be forgotten that enterprising Japanese dealers recognize this fact. A small red stamp can be made in Japan for about two shillings; and a considerable number of prints now bearing the Wakai and Hayashi seals never formed a part of these collections.

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.

Kiyonaga is expensive; an attractive small sheet by him will cost £5 to £15; a fine large sheet, £15 to £40; a triptych brings scores or hundreds. Shuncho and the other Kiyonaga followers are only a little less costly. A notable Sharaku is rarely obtainable for less than £40 to £80. Shunman brings almost as much, as also does Kitao Masanobu.

Small or unimportant sheets by Yeishi, Yeisho, Utamaro, Choki, Toyokuni, and Toyohiro can be had for a pound or two. From this level, prices go up to several hundred pounds, which has been paid for Utamaro's "Awabi Shell-Divers." Triptychs, silver-prints, and large heads by these men are especially expensive, rising from £20 to much larger sums.

Two to five pounds will buy a fair Hokusai; £20 or more may be asked for an unusually fine one, and certain rare treasures bring much more than that. Prices for Hiroshige prints vary so with the quality of the impression that generalizations are impossible. It can only be said that the purchaser who gets a Hiroshige of the highest quality for £5 is fortunate. On the other hand, it must be stated that fine Hiroshige prints are often obtainable for considerably lower prices than this.

All these prices apply to the best prints in good condition. Dealers frequently ask unreasonably high sums for second-rate designs or defective copies; in such cases the collector should refuse to be made a victim.

Experience alone can dictate to a collector what prices he may prudently pay. In the most uniformly fine private collection I know—a collection comprising only one hundred and fifty prints, but each one a treasure—there are few, if any, sheets that cost less than £5, and many that cost £20 to £40. Their value ten years from now may very possibly be ten times those prices, so admirable has been the taste of this particular amateur in selecting beautifully preserved masterpieces.