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March 12, 1946

Dear Mr. Valentin:

Pursuant to your statement of March 9, we are enclosing our check on the Fifth Avenue Bank of New York in the sum of $300.- (three hundred 00/00 dollars), being in full payment of our one-half share interest in a drawing by PICASSO which we are buying in joint account. We understand from your letter of February 26 in the same reference that due to present foreign exchange regulations in Switzerland you agreed to pay for this drawing in advance.

Kindly send us a receipted invoice for the above remittance.

Yours very truly,
Jacques Seligmann & Co., Inc.

Enc.   (O. A. Liechti)

Mr. Curt Valentin
Buchholz Gallery
32 East 57th Street
New York 22, N.Y.
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