From what i gather from voynich.nu is that Panofsky,
who was a master in Art history and held in high esteem and wrote at least one very influential book,
looked at the VMS for approximately 2 hours , made some statements which someone else wrote down,
then took away some photostats and never mentioned the VMS again and never wrote about it,
until 20 years later till when someone sent him a questionnaire about it.
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Again according to Voynich.nu another Art Historian,
Prof. Ewa Sniezynska-Stolot of the Jagiellonian University in Cracow has looked at the VMS and thinks its a students notebook.
also so has Prof. Dieter Blume, though they both apparently concentrated on the astrological section
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Altogether , a proper paper or article on the VMS especially concerning its imagery by an art historian with solid credentials
is something that would be very helpful and enlightening.