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April 16, 1946

Gentlemen:

We shall appreciate your opinion with respect to the following:

Our Licence #NY - 332126-T, expiring on January 31, 1947, authorizes us to "sell within the United States at fair market values" certain works of art belonging to foreign nationals "provided the share of the proceeds to the respective national is deposited with a domestic bank for credit to the blocked account of such national".

We are in receipt of instructions from a French national residing in France to sell for his account two paintings which he gave us on consignment for sale at a price which is below his original consignment price to us (as stated in our original application for licence), but which, nevertheless, represents in our opinion a fair market value. In view of the consignor's instructions, we are considering the conclusion of this transaction, the selling proceeds, of course, to be deposited to the blocked bank account of the French national.

Should you be of the opinion that this sale is against present regulations, we shall appreciate your advice,

Yours very truly,
JACQUES SELIGMANN & CO., INC.

(O. A. Liechti)

Federal Reserve Bank of New York
Foreign Funds Control Department
67 Wall Street
New York 5, N.Y. 

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