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THE PHILLIPS COLLECTION A GALLERY OF MODERN ART AND ITS SOURCES 1600-1612 21stST., N.W. Washington, D.C. 20009 (202) 387-2151 February 22, 1977 Mr. Herbert Fried, President Charles Levy Circulating Company 1200 North Branch Street Chicago, Illinois 60622 Dear Mr. Fried: The beautiful little painting, Two Pink Roses, by Horace Pippin, has been received. I feel the insurance valuation of $6,000 is far too low. Therefore in accordance with our telephone conversation I have marked the loan form contract to show a valuation of $15,000. I am sorry the color didn't come out truer. The fault seemed to be with the photographer. The printer only had the transparency to go by. However, as printed it makes a most charming addition to the catalogue. Thank you for your generous loan and looking forward to seeing you at the opening Friday evening, Sincerely yours, James McLaughlin James McLaughlin Curator JM:ls