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[[Letterhead]] M. KNOEDLER & CO., INC. 14 EAST 57TH STREET NEW YORK PARIS, 22 RUE DES CAPUCINES LONDON, 15 OLD BOND STREET CABLE ADDRESSES "KNOEDLER" NEW YORK PARIS LONDON January 27th, 1936. Jacques Seligmann & Co., 3 East 51st. Street, New York City. Dear Sirs: Enclosed is a pedigree of the Woman Portrait by Frans Hals which you saw here this morning, and of which we send you a photograph under separate cover. We should be glad to send this over to you anytime, if you would care to have us do so, and could give you a net price on the picture of sixty-five thousand dollars. Very truly yours, M. KNOEDLER & CO. INC. Harriette Jansen Enclosure. For Mr. Henschel.