Untitled1932 by Unknown

I bought this painting in an auction with works of major French artists. The auctioneer did not know the name of the artist. The only thing I have is a monogram (see a picture of it in my collection). I would be very glad if anyone could give me the name of the artist or even a way to start looking for it. Of course I already went through the major books with signatures and monograms. I am even prepared to put an award on finding the artist.
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