From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: Fwd: LDB suggestion for Braque Date: Wed, 08 Mar 2017 22:41:50 +0000 Attachments: Guarantee.pdf i have not yet called sharon at christies to negotiate hammer as i wanted to discuss attached with you along with delivery issues Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 212-320-0381 cell 917-414-7584 Begin forwarded message: From: Heather Gray Subject: LDB suggestion for Braque Date: March 8, 2017 at 5:35:15 PM EST To: Richard Kahn < Hi Rich, As I mentioned, Leon wanted to suggest to Jeffrey that if he is concerned about recouping his investment, he may want to ask Christie's for a guarantee. Leon had me run the numbers with a $5 million guarantee to Jeffrey, and then a split of the hammer price above $5 million as follows: 80% Jeffrey/20% Christie's for the hammer price from $5-6 million, 70/30 for the hammer price from $6-7 million and 60/40 for the hammer price above $7 million. In this scenario, Jeffrey shares a portion of the hammer price above $5 million with Christie's in exchange for them guaranteeing him $5 million. The last two columns on the right (past the highlighted column) show Christie's proposal with the estimates at $5-7 million (so you can easily compare the two scenarios). The guarantee is basically an insurance policy to protect against the work not selling. Best, Heather Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York, NY10022 646.589.0315 EFTA00648126 EFTA00648127