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Jan. 21st, 1935.

My dear Mr. Tannahill:

I looked into the matter of the price of "The Nude" by MODIGLIANI.

The picture costs us $11,000.-, and we would these days accept an offer below that price. On the other hand, if we were not to sell the picture immediately, it would be worthwhile for us to hold it for a considerably higher price, as it is generally considered one of Modigliani's most important and finest works.

Will you please consider this letter as confidential.

With my kindest regards, believe me

Yours very sincerely,

(René Selgimann)

Robert Tannahill, Esq.,
Hotel Gladstone,
114 East 52nd Street,
New York City.