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This satirical painting of Hemingway was done by his good friend and fishing companion, Waldo Peirce.
A critic had remarked that Hemingway looked like 19th century French writer Honore de Balzac.
In Peirce's painting, Hemingway appeared to be a slimmed-down version of Balzac (at least facially).
Hemingway was always comparing himself to famous writers and he probably enjoyed this - even though it was done in jest.