This study represents a further modification in the position of the woman at the right. In contrast with the preceding study she is seen from behind and in front of her companion.

On the reverse is a quickly drawn sketch of the two women, seen in a position similar to that represented in [Study for “Undertow” II].

—Egbert Haverkamp-Begemann, Standish D. Lawder, and Charles W. Talbot, Jr., Drawings from the Clark Art Institute, 2 vols. (New Haven: Yale University Press, 1964), 1:144, no. 345.