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[[preprinted letterhead]]
[[image-crest with bear and crown]]
Telefon
56771

GRAND HOTEL CONTINENTAL
MUNCHEN
[[/preprinted]]

Dear Germain.

I finally saw the Raphael portrait.  It is in my opinion a North Italian work & not in too good condition at that.

The owner of the Milan portrait was away & not back till Sept 15th, so it was not to be seen, but I don't think we have missed much.

Frankly I don't want to go into the Fouquet.  I know he is a rare master, but the condition is such - I would not care to father it.  Such a picture