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OT/ML

Paris, August 2nd 1932

My dear Paul,

So sorry to delay an answer to your letter received last week, but vacations are cutting in to our schedule here, and I haven't had a chance to get at it before this. Then too, this depression you might have heard mention of before takes the spirit out of work and one is inclined to be just a wee bit lazy.

Your wire was just received too, repeating the information contained in your letter, and I think as long as the picture was not included in the big Picasso exhibition here, there is no use going to the expense of shipping it to Zurich, for there are hundreds of works here to choose from.

We have wired you to this effect, and I think you will agree with me.

The Picasso exhibition was most comprehensive and well done, there were not as many good pictures there as there should have been and the preponderance of works were very recent and less interesting.

Very little, if anything is being done, everyone is waiting to see how things turn out in America and, on the whole, few works of great quality are on the market

Do let me know if I can be of any help to you while I am here, and with very best wishes, please believe me

Yours very truly,

Mr. Paul REINHARDT
Reinhardt Galleries
730 Fifth Avenue, NEW YORK.