December 17, 1981

Dear Carl:

I am happy to tell you that the Audemars Piguet "Royal Oak" wrist watch, Serial #1829, arrived this morning, and appears to be perfectly satisfactory.  Further to our agreement, I am enclosing my check in the sum of $8,500 representing the balance due of the purchase price, and I am also enclosing the Certificate of Origin and Guarantee pertaining to the watch for completion by you, and at your convenience, for subsequent return to me.

If it is possible, I would be grateful for a valuation certificate on the watch, which I will present to my insurers.

It has been a pleasure to do business with you, and I will have no hesitation in recommending you and your firm to others whom I find preparing to make a similar purchase.

Kindest Regards,

Howard J. Cohen
Tiburon, California