Equestrian watercolour, signed DEM (Denis Moulin)

Beautiful watercolour depicting a resting horse, signed DEM (Denis Moulin?). The ink lines are lively, very free, with accepted corrections. The horse is well understood: neck, hocks, belly mass, head viewed from the front… It’s vibrant. The grey-blue washes are applied quickly, with a rather elegant economy of means. A lovely composition in generally good condition.