EFTA01050283

From: "Jeffrey E." <jeevacation@gmail.com> To: Leon Black Subject: Fwd: Giacometti - Christie's proposal for London Date: Tue, 04 Apr 2017 17:40:27 +0000 Attachments: Giacometti_Muse_GBP.PDF Forwarded message From: Richard Kahn czil fr-• Date: Tue, Apr 4, 2017 at 7:32 PM Subject: Fwd: Giacometti - Christie's proposal for London To: "jeffrey E." <jeevacation@gmail.com> i spoke with heather and she said temporary import license was ok and that we should be fine for up to 2 years before it must become permanent christies requires an answer from us by friday on their proposal below and sotheby's is aware that we must receive their proposal by friday as well regarding showing to steve cohen heather was going to ask leon again as he initially did not respond to her email from a few weeks ago.. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: From: Heather Gray <I Subject: Giacometti - Christie's proposal for London Date: April 3, 2017 at 1:02:21 PM EDT To: Richard Kahn Good morning, Rich, Leon tells me that Jeffery has decided to sell the Giacometti at auction in London in June (instead of in NY in May). I have received Christie's proposal for an enhanced hammer option for the London sale (which I have outlined below). I am still waiting for Sotheby's proposal. EFTA01050283 Christie's is working on a guarantee option, as well, but they are not doing house guarantees at this point, so they would only be able to offer a third party guarantee (like they did for the Braque). Will you please ask Jeffrey is he is okay with a third party guarantee? If he is, Christie's will bring the potential guarantor to see the Giacometti at Chenue in Paris this week (probably on Wednesday) and then will provide info on the guarantee. Here is Christie's Enhanced Hammer proposal: SUGGESTED SALE: Impressionist & Modern Evening Sale -- June 27, 2017 RECOMMENDED AUCTION ESTIMATE £15,000,000 - 20,000,000 (they will not raise the low estimate — I already asked — but they will raise the high estimate to 25 million if Jeffrey wants them to) TERMS OF SALE Enhanced Hammer of 10% that will be reduced to 7% around £20,000,000 (and, once reduced, the proceeds will not drop below £20,000,000 (as outlined on the attached chart). PROPOSED MARKETING Christie's would be happy to undertake the following for this work: - A multi-page catalogue entry - Window display at Christie's King Street - Displayed on digital screens in selected Christie's locations globally, with a bespoke audio tour - Featured in Christie's Magazine - Included in the press release for the June sales of Impressionist and Modem Art - Prominent placement in the pre-sale view and during the week of high-profile client events (cocktail reception, private tours, dinner and lecture) - Included in the Chinese language brochure - TOUR to LA, NY and Hong Kong: Not only would we be happy to include the work in the LA tour (April 18 — 28) where it will be the only London highlight at the opening of our new flagship location (as all others works that will be exhibited are for the New York May sales) but we would also then wish to include it in the New York preview (May 6 — 15) and would also send it to Hong Kong in May during the international EFTA01050284 highlights tour. In order for the LA tour to be possible, we would need a decision by next Friday, April 7th, so that we can ship the work to LA for arrival by April 14th. I have also shared this info with Leon. Please let me know if you have any questions, and if Jeffrey is comfortable with a third party guarantee on the Giacometti. I'll send you Sotheby's proposal for London as soon as I receive it. Best, Heather Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York, NY 10022 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 EFTA01050285 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 EFTA01050286