From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <jeevacation@grnail.com> Subject: Re: Giacometti, Figure moyenne II Date: Fri, 24 Mar 2017 20:52:49 +0000 i spoke with heather and she told me that christies was mistaken that Mnuchin was attempting to sell in 2014 leon told Heather that Mnuchin gallery only had the giacometti for an exhibition and was not offering it for sale. Heather also said that Gagosian was only quietly shopping the piece in NY and Europe in 2016 Heather said that by tuesday afternoon we will have Sothebys estimates and also hopefully Christies guarantee Per Heather Leon still strongly believes it will sell for more than 25mm Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cell On Mar 24, 2017, at 3:49 PM, jeffrey E. <jeevacation@gmail.com> wrote: asdk her to call leon and check that this is trye On Fri, Mar 24, 2017 at 3:31 PM, Richard Kahn < > wrote: below estimates are concerning as heather mentioned that christies rationale for low numbers may be that Mnuchin gallery unsuccessfully tried to sell in 2014 and then Gagosian recently has faced the same struggles. i attached christies may 2016 appraisal that heather provided when we purchased from Leon showing value of 20mm.. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax= cell EFTA01051474 Begin forwarded message: From: Heather Gray <I Subject: LDB comments on Christie's proposal Date: March 24, 2017 at 12:26:55 PM EDT To: Richard Kahn • Hi Rich, I just wanted to pass along to you Leon's comments on the Christie's numbers. He may have already given them to Jeffrey, but just in case. Leon thinks they are way too low on the estimates (as I'm sure Jeffrey does), so he's asked me to go back to them and say estimates should be $22.5 million - $27.5 million. He also thinks the guarantee should be no less than $20 million, so I'm going to give them that feedback and we'll see what happens next. Best, Heather Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York, NY 10022 Begin forwarded message: From: Heather Gray <I Subject: FW: Giacometti, Figure moyenne II Date: March 24, 2017 at 11:49:54 AM EDT To: Richard Kahn • Hi Rich, Here is Christie's email with estimates, marketing and the Enhanced Hammer option for the Giacometti. As I mentioned, they are still working on the Guarantee and said they hoped to be back to me later today on that or Monday at the latest. I'm still waiting for estimates and proposals from Sotheby's. They want to see the work in person in Paris, so I am trying to set that up for Tuesday of next week. EFTA01051475 Please let me know if you have any questions. Best, Heather From: Farber, Sheri I Sent: Friday, March 24, 2017 11:16 AM To: Heather Gray Cc: Los, Maria C. Subject: Giacometti, Figure moyenne II Dear Heather: As we discussed over the telephone this morning, below please find what we propose for the special and unique Giacometti, Figure moyenne 11. RECOMMENDED AUCTION ESTIMATE $18,000,000 - 25,000,000 TERMS OF SALE Christie's will absorb all sale related costs including • Seller's Commission • Packing and shipping • Loss & Damage Liability • Marketing • Catalogue Illustration • Plus all other incidental sale-related expenses Furthermore, we would like to offer an Enhanced Hammer of 10% until Proceeds reach $25 million or 7% thereafter, provided that the reduction in Enhanced Hammer shall not reduce Proceeds below $25 million. Please see the attached slide illustrating the breakdown at different levels of the Proceeds. EFTA01051476 As previously mentioned, we are currently working on a Guarantee Option. As soon as we determine the feasibility for this we will be back in touch. PROPOSED MARKETING We would be delighted to undertake the following for this work: • This work will be the masterpiece by Giacometti featured in the Christie's Impressionist & Modem Art Evening Sale • The Giacometti will be illustrated on the wrap of the Impressionist & Modem Art Evening Sale catalogue • The Giacometti will be illustrated as a frontispiece of the Impressionist & Modem Art Evening Sale catalogue • The Giacometti will be presented with a multi-page scholarly essay • A special web feature on this work will be produced highlighting it as a unique and exceptional example of the subject • The Giacometti will be included in the Chinese language mini-catalogue • The Giacometti will be featured in the Impressionist & Modem Evening Sale highlight video • The Giacometti will be featured as a highlight of the Impressionist & Modem Evening Sale on Christies.com • • The Giacometti will be advertised in the Post-War & Contemporary Evening Sale catalogue The Giacometti will tour to Los Angeles, to coincide with the opening of our new flagship location As always, we are here for you should you have any questions or concerns. Please do not hesitate to reach out for any reason. All our best, Sheri and Maria Sheri Farber Senior Vice President/Senior Director Chairman's Office CHRISTIE'S 20 Rockefeller Plaza EFTA01051477 New York, NY 10020 phone: cell: email: / fax: Visit www.christies.com to explore special multi-media sale promotions, browse our illustrated catalogues and leave absentee bids through LotFinder(R), Christie's online search engine, and register for Internet bidding with Christie's Live(TM). This message and any attachment are confidential. If you are not the intended recipient, please telephone or email the sender and delete the message and any attachment from your system. If you are not the intended recipient you must not copy this message or attachment or disclose the contents to any other person. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01051478