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80 Pinckney Street
Boston, Massachusetts

May 17, 1946

Dear Sirs:

Pursuant to your letter of May 17, 1946, I hereby consign to you for sale my German portrait of a bearded man, signed "H. B.", at the price of between $3,500 to $4,000 net to me, in other words, I hereby give you an option to purchase this painting at said figure.

It is understood and agreed that you will insure the painting for the sum of $4,000 on your Block Policy from the time it leaves my home until it is returned to me, if not sold in the meantime.

I consign the painting to you until July 10, 1946, but I am ready to prolong this agreement until the end of November upon your request.

Very truly yours,

(Malcolm Bradlee)

Jacques Seligmann & Co., Inc.
5 East 57th Street
New York 22, N.Y.