Medium: Watercolor wash on paper with watermark to lower right. Title: Le Jeune Cavalier, c. 1906. Signature: Lower right side. Dimensions: 16 3/4 x 11.75 inches (sheet is slightly trimmed). Lot note and provenance: Private collection, Pennsylvania. From a Chicago private collection. Acquired from an estate sale which featured contents of an art collector/dealer who had passed away with a large collection. The work was purchased at the estate sale in 2016 with the frame covering a good amount of the signature. There was visible provenance written on the backside and additionally provenance information only revealed after the work was taken out of the frame completely. Backside labeling reads "Purchased from Sterr Otto Meder. Anselm and Ruthard Gallerie Berlin, Germany in 1929.” - Additional writing present - "Picasso Col. G.L. Bollag Zurich. Lastly, after removal of the frame and a full examination - " "Vendu en 1925 1,100 Francs a Mr. A. Flechtheim”. Full translation reads in English: "Sold in 1925 for 1100 Swiss Francs to Mr. A. Flechtheim”. Alfred Flechtheim was a German art dealer, art collector, journalist and publisher known for selling major works of art. The work was shown to various galleries who had mentioned they have no doubts this is a work by Pablo Picasso and believe it to be a preliminary work of The Watering Place (1906) which features a near identical boy on horse. Mr. Alfred Flechtheim also owned the painting- The Watering Place and was a previous seller of the work. Picasso was known to take direct images and draft them separately on paper, making changes to each work until he finalized and approved the final image featured on his paintings. Over 400 hours of research, emails and phone calls and in person examinations were done by the previous owner (owned work in 2016) with the help of the galleries who specialized in works by Pablo Picasso. Please see last image for the full and complete draft of Le Jeune Cavalier by Pablo Picasso which was sold by Sotheby's London -Impressionist & Modern Art - February 5th, 2001 - Lot #00018 - sold in house with auction estimates - ($368,905-516,467). Please contact us for additional images of this work.