Galerie et Éditions, Paris
Michael Werner Gallery, New York & Cologne
Private Collection (acquired from the above in 2000 and sold: Sotheby's, New York, May 6, 2009, lot 125)
Acquired at the above sale

New York & Cologne, Michael Werner Gallery, Francis Picabia, Late Paintings, 2000, no. 2, illustrated in color in the catalogue
New York & Cologne, Michael Werner Gallery, Francis Picabia: Drawings 1902-1950, 2006, illustrated in the catalogue

This work is in fairly good condition. The sheet is affixed to an acid free mat along the top edge, at bottom corners and at several places along the left and right edges. The sheet is time stained overall with some selective areas of fading, most noticably around the edges of the composition. The pattern of dots of color around the edges, now a light brown, were once blue. And the more thinly applied gouache and watercolor in pink and blue, just behind and around the central figure in black, were more fugitive and have faded more noticably. That said, the black watercolor and ink line is strong, the pencil line looks well, and the image presents well overall.
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.