Maurice Garnier Gallery, Paris 
Galerie Käte Perls, Paris
Private Collection

Christian Zervos, Pablo Picasso, Supplément aux années 1892-1902, vol. XXI, Paris, no. 195, illustrated pl. 77
The Picasso Project, ed., Picasso's Paintings, Watercolors, Drawings and Sculpture, Turn of the Century 1900-1901, Barcelona, Madrid and Paris, San Franci𒈔sco, 2010, no. 1901-445, illust꧂rated p. 244

Overall the work is in very good condition. Executed on cream wove paper laid down on Japan paper. Hinged to a mat at three places on the verso (affixed to the Japan paper backing) along the upper edge, at the upper right corner, upper center, and upper left corner. The sheet appears time-darkened overall and its edges are slightly uneven, perhaps indicating that the work was hand cut from a sketchbook or album. Beneath the Japan paper backing a number of studio stains are visible; these do not correspond to and are not visible on the recto. There is a faint pencil inscription that appears to have been almost completely erased from the right side of the sheet. Along the left edge there is a faint mat stain that extends less than 1 cm from the perimeter. One artist's pinhole is visible at the extreme upper right corner. The charcoal and crayon pigments have maintained their depth and intensity throughout the composition.
In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective qualified opinion.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING CONDITION OF A LOT, ALL LOTS ARE OFFERED AND SOLD "AS IS" IN ACCORDANCE WITH THE CONDITIONS OF SALE PRINTED IN THE CATALOGUE.

Fig. 1 Pablo Picasso, Two Women, 1901, charcoal with stumping and erasure on paper, National Gallery of Art, Washington, D.C.