Estate of the artist
Marina Picasso (the artist’s granddaughter; acquired from the above)

Japan, L'Association des Musées d'Art Yomiuri Shimbun Sha, Exposition Pablo Picasso, Collection Marina Picasso, 1986-87, no. PM-20, illustrated in the catalogue 
Cannes, Centre d'art La Malmaison, Picasso, l'atelier de La Californie, 1994, n.n., illustrated in the catalogue
Barcelona, Museu Picasso, Picasso, Paisaje interior y exterior, 1999-2000, no. 127, illustrated in colour in the catalogue 
Mexico City, Museo del Palacio de Bellas Artes, Picasso revelado por David Douglas Duncan, 2014, no. 126, illustrated in the catalogue 

The panel is sound. There are a few scattered studio stains and some light handling marks. There are a few nicks and scratches to the surface to the panel which are possibly original to the support, predominantly in the sails of the boat which is second from left, at upper centre and in the upper right quadrant. There are some small nicks to the edges of the panel, notably in the upper corners, where there are small losses. Some further lines of surface abrasion running vertically across the composition.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."