Album3 (LP, CD, MC): The Art Of Excellence, Columbia FC 40344, 1986.
The Art Of Excellence was Bennett's first album after re-signing with Columbia Records, "sold in compact disc, cassette, and album simultaneously, an unusual marketing strategy".
The tune was also added, as a bonus song, to the 2005 re-issue of Ray's Friendship album. But for some reason someone chose a variant (but just-as-nice) track to put on this compilation. This was repeated on The Very Best Ray Charles Duets (Columbia, 2014).*
Recorded with The Ralph Sharron Trio (Ralph Sharon - p; Joe Labarbera - ds; Paul Langisch - b) at the Larrabee Studios in Santa Monica. Arranged by Jorge Calandrelli.
NBC News Archives (ID T860324) describes a news show item of 24 March 1986, titled Singer Tony Bennet Discusses His Career, with interview footage, on his double talent for music and painting. And, "In studio he sings Everybody Has The Blues with black singer Ray Charles".
CBS produced an other item on the duet, also with footage from the recording studio, in The Early Show that aired on 10 January 1986. Source here.
* Information kindly shared by Joël Dufour.