EFTA00714750.pdf

From: Richard Kahn To: "Jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Giacometti, Figure moyenne II Date: Fri, 24 Mar 2017 19:31:26 +0000 Attachments: doc02507720161129141850.pdf; Giacometti_Scenario_23Mar17.pdf 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 2 to fa ce Begin forwarded message: From: Heather Gray Subject: LDB comments on Christie's proposal Date: March 24, 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 EFTA00714750 Begin forwarded message: From: Heather Gray 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. Please let me know if you have any questions. Best, Heather From: Farber, Sheri [mailtc 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 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 EFTA00714751 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. 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 & Modern Art Evening Sale • The Giacometti will be illustrated on the wrap of the Impressionist & Modern Art Evening Sale catalogue • The Giacometti will be illustrated as a frontispiece of the Impressionist & Modern 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 & Modern Evening Sale highlight video • The Giacometti will be featured as a highlight of the Impressionist & Modern 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 New York, NY 10020 phone cell emoi . 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. EFTA00714752