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[[letterhead]]  
                           PAUL DREY
Telephone PLaza 3-2551     Old Paintings and       11 East 57th Street 
Cable Address              Works of Art            New York, N.Y.
ASDREY New York                                        

[[/letterhead]]



September 7, 1940

Dear Germain:

I know that you are moving and will, of course, hold our Marble Madonna here until you are settled and I hear from you in this respect. My best wishes for best success in the new location.

Regarding the Deruta Plate which we have in joint account: I share your opinion that we should not sacrifice the piece; but on the other hand, we should be clear that we cannot make a profit or even fully realize our cost price. According to my records, it seems to me that we paid at the time of the purchase (which, by the way was in June 1913) $2100.. I believe that we should accept $1200. and possibly even $1000. for it - if we can get it!

I look forward to seeing you soon, and with kindest regards,

Sincerely
Paul Drey

Germain Séligmann Esq.
5 East 51st Street
New York, N.Y.