張大千 行書〈水調歌頭〉

款識：
橫槊發浩唱，釃酒憶臨江。武昌夏口相望，山水鬱蒼蒼。何處舳艫千里，當日英雄一世，歛手避周郎。成敗渺千古，人物費平章。縱一葦，淩萬頃，溯流光。 盈虛消長，如彼逝水一何長。只有清風明月，耳目取之無盡，物我足相忘。洗盞與子酌，枕藉白東方。〈水調歌頭〉
隱括坡仙〈前赤壁賦〉。書似延青小姐正拍。八十二叟爰。

鈐印：「張爰之印」、「大千居士」。

-Very light foxing can be found on the paper, which can be improved by restoration. Otherwise, generally in good condition.
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

上款：「延青」即劉延青，早歲留學美國，返台後得臺靜農之介，任大千先生之英文秘書。本幅及編號1220之行書〈滿江紅〉同書於「摩耶精舍製」紅絲欄箋上，贈劉延青。