Note 1) The following Artprice.com record data and other auction data regarding Pagliacci sales warrant the conclusion that the presale estimate of $4,000-$9,000 is reasonable and justifiable. This very original and imaginative Pagliacci auction offering is a very large painting (17 5/8 in. x 66 3/8 in.); is in good condition, significantly larger than any of paintings listed in the below auction records, which establish a range of Pagliacci sale prices from $3,000 to $5,000. “Men In Boats Along A Canal, 1971,” sold for $3,000, is 16 in. x 20.50 in, and is the most comparable in terms of subject matter with the Pagliacci auction offering, which depicts a procession of a great number of people walking along a canal, The smaller painting is 328 square inches; the Pagliacci auction offering is approximately 1,168 square inches Thus, this Pagliacci auction offering is approximately 3 ½ times the size of the smaller canal scene, which brought $3,000. Such size factor differential is reasonably and justifiably reflected in the high presale estimate figure of $9,000 for the Pagliacci auction offering. Again, because of the great size disparity between the auctioned Pagliacci paintings listed below, which brought between $4,000 and $5,000, and the much larger Pagliacci auction offering, readily justify the $4,000 low presale estimate for the Pagliacci auction offering. Note that “S. Sebastiano In Tuta,” which is only 21 ½ in. x 19 5/8 in., sold for $5,000

Title/Subject: Stoned To Death, 1958 Signed and dated. Oil on masonite. 19 1/2 in. x 15 in. sold for $4,000 on 12/3/2011 at Stair Galleries, Hudson, New York

Title/Subject: Askari Signed. Oil on Panel. 13.78 in. x 31.50 in. sold for $3,239 on 11/29/2011 at Christie’s London

Title/Subject: S. Sebastiano In Tuta Signed.Tempera on panel. 21 ½ in. x 19 5/8 in. sold for $5,000 on 12/3/2011 at Stair Galleries, Hudson, New York

Title/Subject: Lavandaie Etiopiche (Ethiopian Laundresses) Signed. Oil on panel. 14.25 in. x 32 in. sold for $3,200 on 09/17/2011 at Julien's Auctions, Beverly Hills, CA

Title/Subject: Men In Boats Along A Canal, 1971 Signed and dated. Oil on artist's board. 16 in. x 20.50 in. sold for $3,000 on 05/11/2008 at Bonhams & Butterfields, San Francisco

Title/Subject: Meriggio Signed. Oil on panel 16 1/8 in. x 20 1/2 in. sold for $3,750 on 2/24/1995 at Sotheby’s, NY