Sale: Christie's, London, 6th April 1976, lot 48
Private Collection (purchased at the above sale)
Private Collection (by descent from the above. Sold: Christie’s, London, 9th December 1998, lot 602)
Purchased at the above sale by the present owner

Fanny Guillon-Laffaille, Raoul Dufy, Catalogue raisonné des aquarelles, gouaches
et pastels, Paris, 1981, vol. I, no. 804, illustrated p. 294

Executed on cream wove paper, not laid down and hinged to the mount in the upper two corners.The sheet is slightly time-stained and the paper is very gently undulating due to the application of the medium. There are some minor spots of foxing, most notable in the upper half of the work. The left, right and lower edges of the sheet are slightly deckled, not visible when framed. There is a light crease to the extreme lower right corner, a small flattened crease in the lower quadrant, and a small scratch to the right of the rightmost horse. There is some minor hairline craquelure in places to the yellow and white pigments, all only visible on very close inspection.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."