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^[[Copy for New York]]

CMH/MH

Paris, July 21st 1938

Dear Mr. Clark,

I take pleasure in calling to your attention a matter which you might probably have vaguely heard about, referring to the sale of important 19th century French paintings by the German Government.

It appears that not only pictures from German Museums can be obtained, but also pictures from certain private collections, which have been, or might be confiscated.

At first glance, this news might lead one to suppose that a very great number of important pictures will come on the market, and thus make one reluctant to commit ones self too hastily.

We have very carefully studied the question, and come to the definite conclusion that if all the French pictures in Germany were to come on the market at the same time, as far as quality pictures are concerned, it can be narrowed down to 25 at the utmost, and furthermore, there is no probability that they will all be put on the market at the same time.  On the contrary, we are under the strong impression that it will be quite difficult to obtain the ones which are most desirable.

In any case, we are, as a firm, interested in buying 25 or 30 of the most important pictures, and it goes without saying that we can only afford to pay prices which would leave us a margin of profit when we resell them.

Thus the reason of these lines : should we find ourselves in presence of outstanding
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