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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.