Not examined out of frame; whole sheet visible. In good condition aside from slight discoloration and rippling to sheet. Small horizontal tear, approx. 1/4 in. lower left at edge. Bump to sheet edge upper left. Corners worn. Minute nick upper right. Apprx. 1/2 in. vertical tear at upper center. Creases in black paint where crosses into red at center. Slight scratch to black upper right. VERSO: appears to be mounted to backing at edges. 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.