From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Leon Black Subject: Fwd: Braque - Sotheby's & Christies Date: Tue, 07 Mar 2017 17:41:16 +0000 Forwarded message From: Richard Kahn Date: Tue, Mar 7, 2017 at 1:26 PM Subject: Fwd: Braque - Sotheby's & Christies To: jeffrey E. <[email protected]> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 Begin forwarded message: From: Heather Gray Subject: RE: Braque - Sotheby's Date: March 7, 2017 at 12:18:05 PM EST To: Richard Kahn Hi Rich, Sotheby's sale is the following evening, on May 16th. The deadlines for these sales are probably next week — they are usually around the 15th (because the auction houses need to time to professionally photograph and research the works and prepare and print the catalogues), so you might just want to let Jeffrey know that he will need to make a decision fairly quickly once he has all info. Best, Heather EFTA01052555 From: Richard Kahn [mailto: Sent: Tuesday, March 07, 2017 11:05 AM To: Heather Gray <I Subject: Re: Braque - Sotheby's thank you i spoke wit our contact at Christies, and sent her the appraisal this morning. she is traveling but hope to have proposal to us by end of the week christies impressionist & modem art evening sale is may 15th what is proposed sale date at Sotheby's? please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 On Mar 7, 2017, at 10:58 AM, Heather Gray < > wrote: Hi Rich, Please let Jeffrey know that Sotheby's said they would set the auction estimates at $4-6 million for the Braque and they would pay the consignor 104% of the hammer price. As you may know, the hammer price is the price that is announced at the auction, before the auction house adds on their buyer's premium. The buyer has to pay the hammer price plus the buyer's premium and the auction house usually keeps all of the BP for itself EFTA01052556 as its commission. In some circumstances, for the right seller and the right object, the auction house will offer to "share" its BP with the seller, and that is what Sotheby's is doing here. So in this scenario, if the Braque sold for a $4 million hammer price, the trust would receive $4,160,000, and if it sold for a hammer of $5 million, the trust would receive $5.2 million, etc. (FYI, I did not explain the ownership of the work to Sotheby's, as I thought it was not necessary at this point.) Will you please let me know what Christie's offers? If Christie's offer is higher but close to Sotheby's, I would like to go back to Sotheby's to see if they will match/beat Christie's. It is of course totally up to Jeffrey which house he ultimately decides to sell with, but Leon has some momentum with Sotheby's right now so Jeffrey may end up with a better deal. Best, Heather Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York, NY 10022 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 EFTA01052557 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 EFTA01052558