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EXCERT OF LETTER DATED DECEMBER 19, 1940, FROM MR. GERMAIN SELIGMAN TO MR. ARTHUR SACHS

Now as regards the TITIAN portrait of which you very kindly gave me a photograph yesterday, the price which you want to obtain is at least $35,000., net to you - I to quote a figure around $45,000., or $50,000., on which selling price I would receive 15%.

I trust that these represent our "gentlemen's agreement".

In connection with the latter portrait, I am wondering whether you recall if and where it has been exhibited since it has been in your possession. I am just asking you this, as you know in this country whatever data one has about so important a painting is valuable.

(Footnote handwritten by Mr. Sachs): I do not recall the Titian Portrait being exhibited. I think once lent to Fogg Museum.

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