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March 3, 1951

March 3, 1951

Dear John:

These lines should be awaiting ^[[to greet]] you upon your arrival after I hope a pleasant and restful trip.

Since sketching out to you a processus as regards Wolff I have delved further into this matter and have worked out a proposition which has merit if I say so myself

I shall not go back to the premise which you will recall, namely that twenty-four drawings by one artist lose their intrinsic value due to their number.

Thus the proposition would be to acquire four or five at our choice with a proviso that for a period of two or three years the balance of drawing would not be offered for sale nor shown.

The price paid for the four or five would constitute at the same time the price or consideration for an option which we would have during this period of two or three years, to purchase the rest of the group or part of it at figures which could either be set now or later.

You will realize at once that the virtue of such a proposition would be to protect you against the dumping of the balance of the collection which is of course indispensable, and at the same for Wolff to obtain a comparatively higher figure for the four or five as well as for the balance.

Now the basis on which such negotiations could be started would be on a purely arithmetic calculation - namely if twenty-four are equal to 200,000 five would be worth roughly five times, not quite 8,500 for each drawing.

This anyway, I repeat myself, could serve as our basis. It goes without saying that if such a proposition were entertained an attorney would be needed to draft such a paper. I know one in that city upon whom we could call, but this is anticipating on events.

Hoping that you are not only well but in good fighting trim and with kindest thoughts,

Sincerely yours,

(Germain Seligman)

John J. Cunningham, Esq.
American Club
95 Piccadilly
London
England

^[[JS]]