In a letter to Mrs. Crossman, dated April 26th and sent from The Royal Academy of Art, Munnings mentions the present lot won in a raffle - "I am very glad that you have the little sketch because your late husband was certainly Sam's best friend - we all know it only too well and so does Sam. It certainly was an extraordinary coincidence that the draw should do as it did. Alas, although the Guards picture is being well hung here I am very disappointed with it".
The finished picture, of which the present lot is a reproduction, was exhibited at the Royal Academy in 1930, no.140 and subsequently in 1956, no. 166.
A plein air preparatory version of the final picture Presentation of New Standards, 1927 was sold at Christie's New York, 9 December 2004, lot 53.
The date 1927 is significant because it was the first time that the Presentation of New Standards ceremony took place on Horse Guards Parade at Whitehall in London. The regiments of the Household Cavalry have received new Standards every ten years since then with interruptions only during World War II.