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October 23rd, 1973

Dear Mr. Davidson;

It is good of ;you indeed to try to interest one of your clients in the SPANISH PRIMITIVE, "DESCENT FROM THE CROSS" attributed to BERMEJO, belonging to this firm, and in which the estate of our friend, the late John J. Cunningham, has an interest.

By bearer you will receive an elaborate exhaustive pamphlet, reflecting the amount of research we have undertaken, referring to his painting, as well as an enlarged photograph, and, too, a colored transparency.

However, before proceeding, it seems advisable to remind you of parts of the agreements drawn between John Cunningham and this firm.

His estate is to receive 15% of the profit, but on the other hand, he was indebted to this firm in the sum of $5,932.19.  From this should be deducted the sum of $98.42, which he re-imbursed since the agreement was made, leaving thus a balance of $5,833.77.

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 the amount in excess of $1,000.

The cost of the painting was $15,335., to which at present should be added $900 in insurance premiums (the painting was purchased in 1957).  These, you will understand, were only alluded to in the last contract, as perforce they vary from year to year. The cost thus today amounts to $16,235.

Before establishing the profit realized from the sale, say and all commissions paid to intermediaries helping in the sale would have to be deducted from such profit.  I had thought that you would like to receive these precisions, though I assume that your relationship with the estate would enable you to be posted aboutt these facts.

Looking forward to hearing further from you, and with best greetings,

Sincerely yours,

Germain Segliman

^[[GS]]

Mr. Peter H. Davidson
DAVIDSON & CO., INC.
1166 Second Avenue New York, N.Y. 10021