款識：
不信青春喚不回，不容青史盡成灰；
低徊海上成功宴，萬里江山酒一杯。
開國于今歲幾更，艱難日月作長征；
元戎元老騎龍去，我是攀髯一老兵。
直平老兄。于右任。〈題民元照片二首〉。

鈐印：「右任」。

-Foxing could be found throughout the calligraphy, which could be improved by restoration. Signs of paper crack and paper loss could be found at certain characters, which have been improved by restoration. Generally in fair 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."

上款：「直平」即徐速，生平詳見編號1290錢穆〈行書高啟詩〉之簡介。