Marc Grychendler, France (acquired directly from the artist) 
Sale: Artcurial, Paris, May 28, 2013, lot 331
Acquired at the above sale by the present owner

The work is in excellent condition. Executed on the recto of the frontispiece of Picasso's "La Guerre et la Paix". The sheet is hinged at two places along the upper edge of its verso. The medium is bright and fresh. The sheet is slightly time stained along the right edge of the sheet.
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.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING CONDITION OF A LOT, ALL LOTS ARE OFFERED AND SOLD "AS IS" IN ACCORDANCE WITH THE CONDITIONS OF SALE PRINTED IN THE CATALOGUE.

Claude Picasso has confirmed the authenticity of this work.