Panel is uncradled. under a dirty, uneven old varnish. there is an area of paint loss in mountain in background at center, two other paint loss areas in water at lower right, and some along bottom edge. also, a couple of old, filled losses can be seen in sky to right of tree and an area on tree trunk. detail in figures and horses is quite well retained and overall the composition still reads very well. examination under UV light reveals some small retouches in clouds and sky, some in water, a few in rocks and in background architecture. painting has not been attended to in a long time and would benefit from careful restoration and light cleaning. offered in a gilt wood frame with some nicks. 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.