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April 15, 1975

Dear Mr. Fitzgerald,

This morning's mail brought Christie's disappointing report of last Friday, April 11th's sale.

As you will notice on the enclosed photostat, the painting brought 4,725. less their 10% commission (see the last column), which at the exchange rate (as per the New York Times, April 14th) of 2.35, brings a figure of $ 11,104. less 10%, $ 9,993.

As you know well, the exchange rates have been fluctuating, but these differences in rates as observed for the past few weeks would not alter drastically the above figures.

The figure of $9,993. being unfortunately so much below the basic one (see my letter of January 24th), of $15,335., that I need not, you will agree, add the additional expenses which, of course, would further reduce the $9.992. quoted above.

Though this settles the matter of John J. Cunningham's interest in this painting, were you to require further informantion I would be happy to answer you accordingly.

Yours very sincerely,

Germain Seligman

Mr. John W. Fitzgerald
McPhillips, Fitzgerald, Meyer & McLentithan
288 Glen Street, P.O. Box 309
Glen Falls, N.Y. 12801

Enc.

^[[GS]]