Oskar Graf, Cologne;
Thence by descent to his widow, Heidrun Grimm;
Anonymous sale, London, Sotheby's, 17 April 1991, lot 23.

The panel is made up of four, uncradled horizontal planks, the uppermost plank has split from the rest, and the lowermost plank has a horizontal split running from the right-hand side into the centre of the panel (visible in the catalogue illustration). The painting has suffered several large losses, predominantly on the left-hand side (also all visible in the catalogue illustration), and much of the paint surface around these areas is liable to further flaking and losses. There are multiple areas of retouching throughout, again predominantly on the left-hand side of the composition, the largest, most concentrated areas of which include an area, upper left, in the dark background; a large area in the red drapery below Leda’s elbow, and also in the lower left-hand corner. There are other areas of repaint throughout, confirmed by inspection under ultraviolet light. In overall poor 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."