Acknowledgement from the mayor of Budapest for participation in an exhibition of Dutch graphic art

On the left, a naked man with a drawing hook, a squirrel, and a crane under a woman with a brush and paintbox. Next to the woman, a large initial B at the beginning of the text: 'Budapest székesföváros polgármestere (...) és elismerését nyilvánitja' ('out of gratitude and recognition for participation in the representative exhibition of Dutch graphic art held in Budapest in December 1933'). Only the first three words of this text are printed, the rest was added by hand in the designated open space.