this picture is now knowto be a copy, but morgan's impornce as a collector of raphael should not be underestimated. he spent more than half his fortune on works of art and set the example that other collectors would follow. like mrs. gardner, morgan never succeeded in obtaining an autographed madonna by raphael. the first american to accomplish this was henry walters of baltimore. walters made a fortune consolidating railways and was reputed to be the richest man in the south. well-educated, well-traveled, cultivated, walters, like morgan, had a taste for precious objects. nevertheless, he felt it was important to include a raphael in his collection. in 1901 walters acquired the madonna of the candelabra, believed to be at least partly by the master's own hand. scholars attribute the virgin and child to raphael and the angels to an assistant. walters proudly displayed his madonna in a gallery which he built adjacent to the family house in baltimore. owning a raphael had a significance beyond that of acquiring a beautiful work of art. he was the only artist whose prestige had endured all changes of

this picture is now knowto be a copy, but morgan's importance as a collector of raphael should not be underestimated. he spent more than half his fortune on works of art and set the example that other collectors would follow. like mrs. gardner, morgan never succeeded in obtaining an autographed madonna by raphael. the first american to accomplish this was henry walters of baltimore. walters made a fortune consolidating railways and was reputed to be the richest man in theouth. well-educated, well-traveled, cultivated, walters, like morgan, had a taste for precious objects. nevertheless, he felt it was important to include a raphael in his collection. in 1901 walters acquired the madonna of the candelabra, believed to be at least partly by the master's own hand. scholars attribute the virgin and child to raphael and the angels to an assistant. walters proudly displayed his madonna in a gallery which he built adjacent to the family house in baltimore. owning a raphael had a significance beyond that of acquiring a beautiful work of art. he was the only artist whose prestige had endured a