The panel is in excellent condition considering its age. It is clean and displays a painted surface that is tightly bound. The paint has been thinly applied, most likely by means of a spray gun so there are areas of exposed wood where the dowels were not painted. All of the dowels are present and are well adhered to the panel. Minor cracking around some of the dowels was noted which is a result of dimensional changes in the wood and characteristic of aged wood. These cracks are stable and do not pose a threat to the stability of the dowels. Small hairline fissures can be seen in the paint on some of the dowels, which is consistent with the age of the artwork. Along the four sides of the panel the seam has separated slightly as a result of movement in the wood. The panel is structurally sound. (This condition report has been provided courtesy of Wilson Conservation.) 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.