Circle of Hans Holbein the Younger

Generally in good condition, the ink and wash very fresh. Three very small losses: two over the line of the circle near the top, a pin point hole over the right shoulder and a smaller one on the left outside the drawn circle. At the margin above the figure a small loss at the edge and another small dent to the right. Surface dirt and a small light brown stain at the top of the paddle.
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.

This finely drawn allegorical figure is probably a representation either of the element of water, from a series of the four elements, or of a particular river.  The format and scale of the drawing would suggest that it is most likely to have been made as a design for a metal plaque or medal, although it could also perhaps have been made for a print or glass roundel.  In any case, no connected work has so far been identified. 

In terms of handling, the fine penwork in the figure and the background, the very detailed, sculptural use of wash and the facial type are all reminiscent of Holbein, and although the style is not quite that of Holbein himself, the drawing would seem to originate from very much the same artistic milieu.