The present lot is loosely based on Perugino's painting in the Pierpont Morgan Library. In a letter dated Nov. 26, 1994, Filippo Todini writes that he now believes that the painter of the present panel was a Florentine artist who was influenced both by Lorenzo di Credi and Flemish painting. He compares it to another almost identical painting by a Florentine imitator of Perugino, whom he calls 'The Master of the Schleissheim Madonna', sold at Christie's, London, Dec. 8, 1989, lot 100 as Associate of Pietro di Cristoforo Vannucci, called Pietro Perugino (#90,000=$142,000) which is also based on the Pierpont Morgan Madonna. Todini believes that the present lot is almost certainly by the same hand as a tondo formerly in the Toledo Museum of Art (Inv. no. 26.72) both of which are possibly the early works of an artist he identifies as 'The Master of the Campana Tondo' (ibid., II, pp. 562-3, figs. 1303-7)