Lot Essay
The celebrated picture collection assembled by the Earls Cowper at Panshanger included two Raphael Madonnas, which were sold by Lady Desborough between the wars for the astonishing sum of $1,440,000, after she had inherited the estate from her uncle the 7th Earl, who had left no immediate heirs. Panshanger was sadly demolished soon after Lady Desborough's death in 1952.