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March 8, 1946

Dear Mr. Seligman:

You have authorized us to conclude the sale of the painting MODIGLIANI "Grand Nu Couche" at a sum below your consignment price to us of $11,457., which we understand is the cost of this picture.

We now have completed this transaction on the basis of $9,000. and we take pleasure in en-closing herein our check on J. P. Morgan & Co. in the sum of $8,500. (eight thousand five hun-dred 00/100 dollars) being in full payment, as agreed, of this painting as per enclosed credit note.

Thanking you for your kind consideration,

Yours very truly,
Jacques Seligmann & Co., Inc.

Enc. 2 (O. A. Liechti)

Mr. Germain Seligman
47 East 61st Street
New York 21, N.Y.