Keeping important works of art in their country of origin is a dicey business, partly because collectors frequently have other ideas, and also because the general public often gulps at the cost of outbidding such collectors. In 2004, the UK government managed to use a combination of parliamentary maneuver and serious cash to keep the Macclesfield Psalter, a supposedly critical part of British art history, in country. But how truly important is the book, and was it really worth £1.7m just to keep it out of California?