From: Richard Kahn

From: Richard Kahn To: Heather Gray Subject: Re: update Date: Wed, 26 Apr 2017 21:30:11 +0000 thank you for update and good luck tomorrow hope everything goes smoothly i will reach out to christies now about separate catalogue and forward sharon response once received Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 On Apr 26, 2017, at 5:27 PM, Heather Gray < > wrote: Hi Rich, Sotheby's just came back to us and said they cannot raise the guarantee or the enhanced hammer any higher, so their offer stands at a guarantee of $18.75 million and an enhanced hammer of 108% with the overage split 80/20. Leon is planning to call Amy himself in the morning and tell her that she can have the Giacometti if she comes up to 110% on the enhanced hammer. I'm not sure if she will be able to go up to 110%, but he wants to try one last time. Christie's, as you know, is at an enhanced hammer of 110% with overage split 80/20, stepping down to 107% once the proceeds to Jeffrey reach GBP 20 million. (Their guarantee was through a third party guarantor and was capped at $15- 16 million.) In the meantime, Leon thinks having a separate catalogue for the Giacometti is an important marketing tool (for what it's worth, I agree with him), so he wants to know if Christie's will give the Giacometti both the back cover of the main Evening Sale catalogue (as they had previously agreed to do) and a separate catalogue just for the Giacometti. Will you please find out from Sharon? Leon says a decision will be made tomorrow morning. As usual, I'm assuming that he's talking to Jeffrey about all of this, but I want to make sure you're in the loop simultaneously just in case there are questions. I'm only reachable tomorrow morning until around 10 am and then I'm going into the hospital for an operation — should be straightforward, but I'm not going to be on email/phone the rest of the day tomorrow. I'll email you any updates I have in the morning and then will be back online on Friday. While I'm out you guys can obviously just call Leon directly. Best, Heather EFTA01047976 Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York. NY 10022 EFTA01047977