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^[[Cunningham estate]]

January 24th, 1974

Gentlemen:

I wish to advise you that I contemplate selling at auction the SPANISH PRIMITIVE painting attributed to BERMEJO, "Pietà", in which the late John J. Cunningham had an interest in case of sale with a profit.

I have come to no conclusion, but as a matter of courtesy, I thought I should advise you of such a possible eventuality. Though I feel certain that the terms of the different contracts between John Cunningham and my firm are well known to you, may I nevertheless sum them up here below:

The painting was acquired by my firm in 1952. As per the contract of 1968, it was decided that the new cost of the painting, in view of the expenses involved, with the exception of the insurance premiums, was then $15,335 (fifteen thousand, three hundred and thirty-five).

To this amount should be added $900 (nine hundred) in insurance premiums from the time of purchase through December 31st, 1973, bringing thus a total cost of $16,235 (sixteen thousand, two hundred and thirty-five).

In case of sale showing a profit above the above figure, the estate would be entitled to 15% of such profit. But on the other hand, he was indebted to this firm in the sum of $5,932.19 (five thousand, nine hundred and thirty-two, and nineteen cents). From this should be deducted the sum of $98.42 (ninety-eight, forty-two cents), which he re-imbursed since the agreement was made, leaving thus a balance of $5,833.77 (five thousand, eight hundred thirty-three and seventy-seven cents).

From Mr. Cunningham's share of the profit above mentioned, Mr. Cunningham or his estate was to repay the indebtedness to this firm, by turning over to us (or our retaining) 10% of the first $1,000 of his share of the profit and 15% of such profit in excess of $1,000.

Were I to proceed with auctioning this SPANISH PRIMITIVE painting, it would be shipped to one of the leading London firms of auctioneers, and sold without reserve. In other words it would go to the highest bidder, irrespective of the figure reached.

In this eventuality, 15% of the expense of the premiums for special maritime insurance, packing and shipping, as well as the charges of the auctioneer, would be to the debit of the estate.

Yours very sincerely,

Germain Seligman

^[[GS]]

^[[lawyers for the estate]]
McPhillips, Fitzgerald & Meyer
288 Glen Street, P.O. box 309
Glens Falls, New York 12801