Estate of the artist (inv. 0346)
Marina Picasso (the artist's granddaughter; by descent from the above)
Acquired from the above by the late owner

Munich, Haus der Kunst; Cologne, Josef-Haubrich-Kunsthalle; Frankfurt, Städtische Galerie im Städelschen Kunstinstitut & Zurich, Kunsthaus, Collection Marina Picasso, 1981-82, no. 21
Venice, Centro di Cultura di Palazzo Grassi, Picasso, Opere dal 1895 al 1971 dalla Collezione Marina Picasso, 1981, no. 35, illustrated in the catalogue
Jerusalem, The Israel Museum, Picasso the Draughtsman, 103 Works from the Marina Picasso Collection, 1993, no. 6
Paris, Musée Jacquemart-André, La passion du dessin. Collection Jan et Marie-Anne Krugier-Poniatowski, 2002, no. 154, illustrated in colour in the catalogue
Vienna, Albertina Museum, Goya bis Picasso. Meisterwerke der Sammlung Jan Krugier und Marie-Anne Krugier-Poniatowski, 2005, no. 122, illustrated in colour in the catalogue
Munich, Kunsthalle der Hypo-Kulturstiftung, Das Ewige Auge - Von Rembrandt bis Picasso. Meisterwerke der Sammlung Jan Krugier und Marie-Anne Krugier-Poniatowski, 2007, no. 173, illustrated in colour in the catalogue

Christian Zervos, Pablo Picasso, supplément aux années 1892-1902, Paris, 1971, vol. XXI, no. 350, illustrated p. 131
Jürgen Glaesemer (ed.), Der Junge Picasso. Frühwerk und Blaue Periode, Bern, 1984, no. 171
The Picasso Project (ed.), Picasso's Paintings, Watercolours, Drawings and Sculpture. The Blue Period, 1902-1904, San Francisco, 2011, no. 1902-197, illustrated p. 62

Executed on cream wove paper, not laid down and attached to the mount intermittently along all four edges. The upper right and left edges are deckled and there are a few pinholes to the centre of the upper edge and to the upper right corner. There are some fine creases to the upper right corner and a horizontal crease along the lower left corner. There is a paper loss (clearly visible in the catalogue illustration) from the lady's chignon running down to the lower edge of the sheet, which very likely occurred in the artist's studio (the work is illustrated with this paper loss in the Christian Zervos catalogue, please refer to the literature in the cataloguing). There are some spots of pale staining mainly to the lower half of the sheet, probably by the artist, and some light paper skinning to the cheek-bone. Otherwise this work is in overall good condition.
"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. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."