From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: Re: LDB suggestion for Braque Date: Wed, 08 Mar 2017 22:46:59 +0000 can i call you? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 On Mar 8, 2017, at 5:45 PM, jeffity E. <jeevacation®gmail.com> wrote: ok with me On Wed, Mar 8, 2017 at 6:41 PM, Richard Kahn > wrote: 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 Begin forwarded message: From: Heather Gray <1 Subject: LDB suggestion for Braque Date: March 8, 2017 at 5:35:15 PM EST To: Richard Kahn Hi Rich, EFTA01052665 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, 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 communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and EFTA01052666 destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01052667