The panel appears to be made up of 4 vertical boards, beveled on the left and right edges, is in a stable condition and supported by 3 horizontal cradling bars. There are some areas of lifting and losses to the left edge. The paint surface is a little uneven, most notably through the middle of the cloak and hind quarters of the horse and below the horse's tail with resulting retouching. Inspection under UV reveals minor older retouching to the hind quarters of the left hand horses, in the horses front legs, the hilt of the sword and in the rider's left arm. The painting has an uneven, yellowed varnish and would benefit from a fresh varnish.
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.

According to legend, the battle of Clavijo (circa 930) was going badly for the Spanish who were fighting against the Saracens.  King Ramirez of Castile had a dream in which Saint James promised him victory.  The next day, the saint appeared on the 💎battlefield on a 🍒white charger and led the Spanish to victory.  Their battle cry became "Santiago!" and, in this context, Saint James is known as "Santiago Matamoros," or the "Saint James the Moor-slayer."