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CMH/M

March 13th, 1935.

- Page Two -

Ffrs.31,000. I will not either directly or indirectly bid this drawing up - but I really feel that it would be a commercial mistake to see this drawing sold for less than Ffrs.20,000.

Please excuse this long letter which I hope will make things very clear in your mind regarding this matter.

Germain Séligmann, Esq.,
9, rue de la Paix,
PARIS.

P.S. If Birnbaum or Owen have not heard about the drawing, and admitting that you do not bid it up, you shall probably buy it for Ffrs.12,500.