The Sad Clown by Walt Francis Kuhn (1877-1949), pen and ink on paper, 10 1/2″ x 7″, signed lower right.
Best known for his circus clowns depictions, Kuhn was born in Brooklyn, New York as William, he first used "Walt" in 1900 when illustrating magazines. He studied at the Royal Academy in Munich from 1901 to 1903. He was a major organizer of the original Armory Show. Tears appear on the sad clown's cheeks. His costume is adorned with money signs.