When this lecture was delivered, I gave here some data for approximate estimates of the average value of good modern pictures of different classes; but the subject is too complicated to be adequately treated in writing, without introducing more detail than the reader will have patience for. But I may state, roughly, that prices above a hundred guineas are in general extravagant for water colours, and above five hundred for oils. An artist almost always does wrong who puts more work than these prices will remunerate him for into any single canvass—his talent would be better employed in painting two pictures than one so elaborate. The water-colour painters also are getting into the habit of making their drawings too large, and in a measure attaching their price rather to breadth and extent of touch than to thoughtful labour. Of course marked exceptions occur here and there, as in the case of John Lewis, whose drawings are wrought with unfailing precision throughout, whatever their scale. Hardly any price can be remunerative for such work.