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[[pencil initials]]

January 27, 1948

Dear Mr Seligmann;

Following our conversations, we hereby confirm that in accordance with the terms and conditions of our modification agreement dated July 1, 1944, you have received as additional compensation for the year ending December 31, 1947 the sum of $1,200.- (Twelve hundred 00/100 dollars), as indicated in the following paragraph:

One-half interest in #7570, Gouache by LA FRESNAYE "Castor and Pollux" |  $ 350.--
Check to your order on J.P.Morgan & Co., Inc. enclosed herewith | 623.30
United States Income Withholding Tax on $1,200.00. | [[underlined]] 226.70 [[/underlined]]
As above | [[double underlined]] $1,200.00 [[/double underlined]]

(TWELVE HUNDRED 00/100 DOLLARS)

Therefore, the full cost price of the above gouache by LA FRESNAYE being $700.-, you now own it in equal shares with our firm.

May we point out to you that in case of sale of this picture, there will be deducted from your share, as is customary, your proportionate part of our expenses connected therewith, such as framing, matting, insurance, packing, shipping, etc., as well as sales commissions, taxes, special publicity, and share in exhibition expenses.

We draw your attention to this since, as you know, such expenses, as per our accounting principles, are charged off in our books as they occur, through the General Expense Account and do not remain in our records.

You will note that we have already disbursed in respect to the above, $7.50 for an inset and $4.50 for a frame.

Trusting that you will find the above in order and asking you to kindly sign and return to us the appended copy of this letter, thereby indicating your full accord,

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

(O.A. Liechti)

Enc.
Georges E. Seligmann, Esq.
116 East 53rd Street
New York 22, N.Y.

GS