EFTA02652261

From: jeffrey E. <[email protected]> Sent: Tuesday, April 25, 2017 6:45 PM To: Leon Black Subject: Fwd: giacometti Forwarded message -----_--- From: Richard Kahn Date: Tue, Apr 25, 2017 at 2:32 PM Sub=ect: Fwd: giacometti To: Jeffrey Epstein <[email protected] <mailto:[email protected]» Richard Kahn Subject: RE: giacometti<=r> Hi Rich, Just to make sure nothing is lost in =ranslation, what I told Leon was that it appeared that Christie's =nd Sotheby's thought the Giacometti would sell for around $20 million, based on their estimates/guarantees and on what they were say=ng about Gagosian (i.e., that Larry would have come to Leon if he received=an offer for $25 million, which in their minds seems to mean that the righ= price is around $5 million less than that). They could be totally wrong, of course, and the Giacometti cou=d sell for $30 million to a buyer that Larry didn't know existed.<=> You are correct that if the Giacomett= sells for $20 million, Christie's 110/107 enhanced hammer offer w=11 yield the highest proceeds. The reason to take a guarantee is not to maximize profit, but to minimize (down to zero) the ri=k of the work not selling. Assuming the work sells, you're a=ways going to get more proceeds on the enhanced hammer deal.=/span> Best, Heather From: Richard Kahn (mailt Sent: Tuesday, April 25, 2017 11:01 AM EFTA_R1_01895386 EFTA02652261 To: Heather Gray Subject: giacometti as the expected price is around 20 million dollars i= appears that Christie's 110 percent of hammer would yield the mos= proceeds please advise on your thoughts thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 <=p> =C24› please note The information contained in this co=munication is confidential, may be attorney-client privileged, may c=nstitute inside information, and is intended only for the use of the ad=ressee. It is the property of JEE Unauthorized use, disclosure or co=ying of this communication or any part thereof is strictly prohibitedand may be unlawful. If you have received this communication in error,=please notify us immediately by return e-mail or by e-mail to [email protected]</=>, and destroy this communication and all copies thereof, including =11 attachments. copyright -all rights reserved --001a11c11930b324f0054e021f60-- conversation-id 46285 date-last-viewed 0 date-received 1493145911 flags 8590195713 gmail-label-ids 7 remote-id 708337 2 EFTA_R1_01895387 EFTA02652262