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3 East 51st. Street,
New York, New York.
November 5th., 1932.

My dear Friends:

I am sending you herewith copies of two letters written today to [[underlined]] Mr. George Blumenthal [[/underlined]] and which are self-explanatory.  You will notice -

1 - The reserve prices for his auction have been changed and that items have also been added.  Therefore, change the list which you had previously, accordingly  You will have to bid [[underlined]] exactly [[/underlined]] up to these prices, not anything below and not anything above - unless of course you should have an order for some one of these items, and, as long as you know the [[underlined]] reserve prices [[/underlined]] you will endeavor to obtain orders which will be [[underlined]] beyond the reserve prices. [[/underlined]]

I am laying stress on this for the fact that I have specially asked Mr. Blumenthal whether he would be willing to let any of these items go for 5,000 or 10,000 Francs below the indicated reserve prices, should we be able to secure an order for any of these items within a limit of 5,000 or 10,000 Frs. from his reserve price.  His answer was most definite "that these prices were the minimum which he thought these items should fetch and that consequently if they should not reach exactly this figure they would be 'bought in'."

2 - That I obtained from Mr. Blumenthal to reduce the consignment prices to us of his rugs and that these prices only hold good [[underlined]] until MARCH 1st., 1933. [[/underlined]]

MM. Jacques Seligmann & Fils,
57 rue St. Dominique,
PARIS.

November 8th., 1932.

P.S.  Since writing you the above about the consignment prices, I have been called up over the telephone by Mr. G. B., who told me that he would reduce the consignment price of the big Persian rug to $25,000.  (Twenty-five Thousand Dollars).  Will you alter the price accordingly.  These are, of course, [[underlined]] only consignment prices, [[/underlined]] on top of which we have to add our profit, the sales taxes and the possibility of a reduction.

Mr. G. B. also told me.....