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No. 4

May 27, 1955

Dear Mr. Seligman:

Since my last writing to you the case with the Ingres painting went off.

I received your cable:"INSURE TWO GROS PANELS ROLLED AIR SHIPPED MOMENTARILY" and at-once I wrote to McKay,enclosing my copy herein.

I received check for $ 450.- from Mr. H. Heilbronner and enclose copy of his letter as well as my acknowledgement herein.

Today Tice & Lynch, the forwarder for the Rijkmuseum, telephoned and informed me that Budworth is taking care of the packing. Budworth will call for the items Tuesday May 31. The date of the exhibition has been postponed to July 1st. You will find enclosed copy of my letter to McKay as regards the insurance.

I just received copy of your letter to Lef. Foinet and Me. Legraih as regards your purchase of the David pencil sketches. I know of course the costprice but I will need some more information such as the number of items, titles etc. in order to take put the transit insurance to N.Y. I assume the red tape involved will delay their departure anyhow, but please send me these indications at your earliest convenience.

I am enclosing copy of letter from McKay as regards our Stock Insurance, received today. I am at a loss to understand their astonishment our stock being insured for approximately $ 350.000.-. Every month I am reporting the value at risk which is in the neighborhood of this amount - the 600.000.- figure being the top limit. I remember very well (one or two years ago) to have once exceeded this figure on account of the Liechtenstein sculptures which we had for a while insured at selling prices.- but at normal our stock is valued for insurance xxxxxxxx purposes at 350.000 to 400.000.- It seems to me that in sending them our complete list they want to change the whole character of our policy. They misunderstood us. We don't want to give them every month a new list of items bought or sold and we made this clear in our last letter covering this topic.

I am not answering them for the time being and I think the best is to wait and see how the draft of the new floater, looks like. Please advise.

With best greetings,

Yours very sincerely