The epilogue addresses the complicated legacy of Warburg’s reception and takes the Nachleben of the Warburg scholars as the object of their own analysis. While interest in Panofsky has declined, enthusiasm for Warburg continues to rise. Yet Warburg died in 1929 and did not have to revise his ideas in the wake of exile or World War II. Thus, this chapter argues that it is all the more important to historicize the divergent reception of these scholars and to correct the portraits for which the second generation of the Warburg School, in particular, Gombrich, is largely responsible. The reinvention of the Warburg school in exile reinforces the importance of context in analyzing their ideas.