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-2- Continued from previous page. I was much interested in their comments, and I pointed out to them the crispness and the definite brush strokes of certain parts of the painting, and this in opposition to those which they thought were weak, and which obviously, to me, are the parts which have been restored; Namely, the head and the hands. If, on the other hand, we examine the head of the horse, its "caparaçon", the armor of the King, and the trophies under the horse, such as the shield, the helmet, the flags, as well as the white scarf of the King, we find there a freshness, the aforementioned crispness, and an originality of treatment which to me is quite indicative of a master. Now, also, I should point out to you an important detail which I had not mentioned in my first letter. Below the shield, and slightly to the right, it is hardly visible on the photograph, and looks more like a scratch, there is a signature, which could by read as Caron. This is not a statement, as it is very indistinct, but it could be defined as such. As per your request, I am enclosing herein three photographs of the painting. They are from a negative I had made recently, and thought they are perhaps not especially good, give a clear idea of the painting in its present state. Now, to answer your question as to the price. Having in my previous letter expressed to you my desire of sparing no efforts to facilitate the purchase of this painting by one of the museums in France, where I definitely feel it should be, I consider that the fairest way to handle this matter is to give you exactly the price which was paid by my firm for this painting, namely $1,200 (one thousand two hundred dollars.). Should a French museum wish to acquire it, I would not wish to make of this purchase a business transaction. You will understand, therefore, that the indication of my cost price is to be considered as strictly confidential, as I am just revealing this for the sake of one of the museums you mention. Faced with any other proposition you will realize I feel certain, that my stand would have to be a different one. It is necessary to say at this point that I do not know what amount was actually received by Mr. McClure, my purchase having been made from an intermediary. I am much interested to read of the study you have made recently, and about which you tell me that it will appear in the Burlington Magazine, of March 1950. May I also express the hope that by the time my letter reaches you, you will have completely recovered from your bad attack of influenza, and looking forward to hearing from you, I remain, Yours very sincerely, Monsiuer Jean Ehrmann 81 Avenue de Villers Paris, France (Germain Seligman) footnote: "The Drawings of Antoine Watteau" by K.T. Parker. London, B.T. Batsford, Ltd. Top of page 4.