From: Heather Gray

From: Heather Gray To: jeffrey E. <[email protected]> CC: Joe Avantario Subject: Re: possible sales 9.15.16.xlsx Date: Thu, 15 Sep 2016 12:36:41 +0000 These are net numbers. The 1031's close on November 23, 2016 and as you know we have to have transferred title and received all payments by that date (I.e., be completely finished). Leon started with a larger list of works for possible sale, but has taken some works off the list either because he decided he didn't want to sell them or because the prices at which Christie's thought the works would sell was lower than what he wanted. Sent from my iPhone On Sep 15, 2016, at 8:27 AM, jeffrey E. <jm n®gmail.com> wrote: what happened to all the sales that were delayed until fall? are theese net numbers or before commission. ? when do the 1031 dates expire. On Thu, Sep 15, 2016 at 8:22 AM, Heather Gray < > wrote: Hi Jeffrey, Attached is a chart showing possible sales. The first six works are currently being offered for sale (the first five through Larry Gagosian, the sixth through Christie's as a private sale). The remaining works are not currently with a dealer or auction house. Leon initially told Joe that he anticipated selling the Giacometti for $34 million and the Braque for $7 million, but he told me $30 and $6, so I told Joe to use the higher numbers for cash flow purposes until I have a chance to confirm with Leon. We haven't received any offers on any of the works to my knowledge, but Larry is showing the Giacometti and the Picasso in a show opening next week at 980 Madison, so hopefully there will be some interest after that. I'll be at 760 Park this morning so please call me on my cell phone. any questions or need anything else. Best, or email me if you have EFTA00818305 Heather 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 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 all attachments. copyright -all rights reserved EFTA00818306