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LEWISOHN-DUBRUJEAUD continued - by the Ls. one should buy the Dubrujeaud painting at a higher figure, I am sorry to say I do not follow as it does not fit in with my own ideas. There are enough crazy prices for modern paintings that we can have on consignment or on some sort of consignment. If we buy, therefore, it has to be on a reasonable basis, otherwise we can't buy. We know further that [[/strikethrough]] neither the Ls nor Mr. Jacob Goldschmidt got anywhere with their crazy prices.

PURCHASES: I have often repeated to you and I want to take advantage of these lines to do so once more, that our only hope is in OLD PAINTINGS, as I am sorry to have to admit that I certainly cannot see my way clear under present circumstances as regards economical international and financial conditions, to put such amounts of money into modern paintings. The more so as after the sale is done, everyone seems to be displeased. If we hadn't sold the Seurat even without a profit, I most probably wold not have bought the Compel, and if we hadn't sold the "Etoile" for as low a price as we did - and that is a deal which you closed and for which we have not been paid yet - Bob perhaps would not have bought his "Repasseuses", etc.

I can't see little Millet drawings or Delacroix watercolors for $1200., and $1400. - or Frs.45,000 to 50,000. - as much as I may love them.

MANET-BRAME for Arthur Sachs: The latter is in Europe, most probably in Paris or in one of his country places - he has two or three. Why don't you get in touch with him and cable me if you want the painting. I am returning therefore, Paul Brame's letter to you in connection with this.

RENOIR-DECAP: I am playing with the idea of buying the Decap Renoir, though I must say that Hitler's conduct is no encouragement to buy anything. I know that you have always been against the painting and that I have always cared a great deal for it. I shall probably cable you an answer in a day or so. Twenty-five thousand dollars is practically a million Francs and when I think of it in those terms I must say it is sheer lunacy.

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Let us hope that your next news - and that from other corners of the world - will be more jovial and more encouraging.

C.M. de Hauke, Esq.,
Paris.

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