Alfred J. Munnings, The Second Burst, 1951, page 134

The following condition report was kindly provided by Simon Parkes Art Conservation, Inc.: This panel has been cradled, most likely to stabilize a crack in the wood running through the forehead and neck of the horse. The paint layer is quite dirty and will respond well to cleaning. The restoration on the crack is not particularly accurate and could be improved. However, other than the small isolated restoration, there are no further losses and if required, the picture will restore very well.
"This lot is offered for sale subject to Sotheby's Conditions of Business, which are available on request and printed in Sotheby's sale catalogues. The independent reports contained in this document are provided for prospective bidders' information only and without warranty by Sotheby's or the Seller."

In 1920, at the invitation of Major Bouch, the master of the Belvoir, the Duke of Rutland's Hounds, Munnings visited Woolsthorpe in Lincolnshire where he had at his disposal horses, hounds and servants to create any composition he desired.  It was here that Study of a Clipped out Black horse after a Gallop was painted.

He took this extraordinary opportunity to use two of the Major's horses when composing Changing Horses which, ultimately, he created in two versions: one now in the collection of the Carnegie Institute in Pittsburgh (48 by 72 inches; 121.9 by 182.9 cm) and another, location unknown (26 by 32 inches; 66 by 81.3 cm). The present work is a preliminary sketch for these two paintings. Munnings places a fashion🐎able lady (his wife was the model) in full hunting regalia holding two horses, her tired dark bay on the ri🦹ght, sweating, head low, juxtaposed on the left with her fresh horse - a grey - head up, ears pricked forward, clearly responding to the baying of the nearby hounds.

Munnings writes in his autobiography about painting this series of works and how he diligently tried to capture the tired hunter, evidenced by the glistening of the sweat on the neck and withers of the dark bay horse, the saddle having just been removed by the groom. The head of the horse turns sympathetically toward the viewer, nostrils flaring. Tꦅo achieve this perfect pose of an exhausted horse just off the hunt, Munnings had his wife gallop around the fields numerous times to get it sufficiently tired.