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COPY Stamped in blue ink: COPY IN LETTER BOOK.

New York, June 12, 1916.

Dear Mr. Duveen: I return herewith cable from Lockett Agnew enclosed in your favor of the 9th. I thoroughly agree with you, and would suggest in place of the word "outrageous" the word "ridiculous." I hope you will not be led to offer or pay a fancy price for these pictures. The owner does not know anything about their value, and there is nobody in the world going to pay such ridiculous prices. I have been approached by several people who told me the pictures could be bought, but the owner did not want to sell through a dealer – preferred to sell direct. The owner is evidently, and quite properly, trying to work the price up. Don't be uneasy; you have no competitor, of that I feel sure.

Yours very truly,

Mr. Joseph Duvenn, Messrs. Duveen Brothers, New York, N. Y.