EFTA02347576

From: Heather Gray Sent: Wednesday, November 5, 2014 11:27 PM To: Jeffrey E.; Richard Joslin Cc: Richard D'Agostino Subject: RE: Today's auction Please see below in re= the results from today's Impressionist & Modern Art Day sale at=Sotheby's. Overall, the auction was a bit of a disappointment.=nbsp; I would estimate that 30% of the works in the auction did not sell, and those that did were generally selling at or below their low =stimates. The two Cornell boxes are in next Wednesday's Contem=orary Art Day sale, and the Severini will be sold in London in February. P=ease let me know if you have any questions. Best, Heather From: Richard Joslin Sent: Wednesday, November 05, 2014 9:06 AM To: Heather Gray; Jeffrey E. Cc: Richard D'Agostino Subject: Today's auction PIERRE BONNARD $300,0=0-$400,000 (Tax basis $300K) Marthe sur divan=o:p> Did not sell at the auctio=. There were no bidders in the room or on the telephone. Sothe=y's will let us know if anyone makes a post-sale offer for this work= They will also reach out to underbidders on other Bonnard works to see if they might be interested in this one4=pan> http://ww=.sothebys.com/en/auctionsiecatalogue/2014/impressionist-modern-art-day-sal=1109220/lot.396.html chttp://www.sothebys.conVen/auctions/ecata=ogue/2014/impressionist-modern-art-day-sale-n09220/lot.396.html> JUAN GRIS $250,000-$3=0,000 (Tax Cost $124K) Nature morte a=la cafetiere EFTA_R1_01320498 EFTA02347576 Sold for a hammer price of=$240,000 http://ww=.sothebys.com/en/auctionsiecatalogue/2014/impressionist-modern-art-day-sal=-n09220/lot.199.html <httpliwww.sothebys.com/en/auctions/ecata=ogue/2014/impressionist-modern-art-day-sale-n09220/lot.199.html> MAX BECKMANN $50,000-=70,000 (Tax Cost $84K) Taubstumme Sold for a hammer price of=$42,500 http://ww=.sothebys.com/en/auctions/ecatalogue/2014/impressionist-modern-art-day-sal=-n09220/lot.376.html <http://www.sothebys.conVen/auctionsiecata=ogue/2014/impressionist-modern-art-day-sale-n09220/lot.376.html> Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 (w) (646) 589-0305 (c) (203) 581-0509 (f) (646) 589-0330 2 EFTA_R1_01320499 EFTA02347577