The following condition report has been provided by Matt Hayes of Pietro Edwards Society of Art Conservation, 336 West 37th Street, Suite 1580, New York, NY 10018, 212-457-8956, mh@edwards-society.com, an independent restorer who is not an employee of Sotheby's.

Many passages of this delicate tempera painting are in remarkably good condition, for

instance the fine brushstrokes of the hair and flesh tones and the sgraffito decoration of the Madonna's

dress. Much of the gilding is likewise well preserved. Discrete lacunae are also evident, the largest in

the right calf of the infant Christ and in the gilding at upper right; a few scattered, more recent losses

are also visible, mostly to later gesso fills in the lower register. There is some wear to the mantle and

to the mordant-gilt decoration. Retouching, present throughout, is discolored and matte. The

varnish has darkened, and the surface gloss is uneven.

The panel appears generally stable, with some old vertical cracks following the wood grain.

The wood has been thinned to about 1 cm and a cradle affixed, likely during the first half of the

twentieth century.

While the picture shows some signs of age, it is well preserved in important parts and has the

potential for vast improvement through careful restoration.

"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. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue.

NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."