EFTA02653005.pdf

From: jeffrey E. <[email protected]> Sent: Monday, April 10, 2017 3:03 PM To: Melanie Spinella Subject: Fwd: Giacometti Forwarded messag= From: Richard Kahn Date: Mon, Apr 10, 2017 at 10:45 AM Subject: F=d: Giacometti To: "jeffrey E." <[email protected] <mailto:jeevacat=on@gmailcom» Richard Kahn HBRK Asso=iates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Heather Gray (=Ma Subject: =span style="font-family:-webkit-system-font,Helvetica Neue,Helvetica,san=-serif">Giacometti Date: April 10, 2017 at 9:41:49 AM EDT To: Ri=hard Kahn Hi=Rich, I can't remember if we spoke in the midst of the=chaos that was last Friday for me, so I just wanted to send you a quick em=il to make sure you know everything that I know about the Giacometti. =AO Jeffrey called me right as I was getting on a plane Friday night, so he has all of this info, as does Leon.<=> EFTA_R1_01896493 EFTA02653005  Sotheby's offered a $16 million guarantee (in US dollars even =hough the sale would be in London) with overage split 70/30. Amy Cap=ellazzo did not want to discuss estimates at this point and did not give m= information about an enhanced hammer scenario because she said that when she spoke with Leon, he was foc=sed on a guarantee. Please let me know if Jeffrey would also like So=heby's proposal for an enhanced hammer and I'll go back to=Amy. Christie's third party guarantor said he would do=a guarantee "around $15 —16 million" with a 70/30=split on overage. His guarantee was also expressed in US dollars (he=is apparently based in the US) even though, again, the sale would be in London. Christie's thinks the estimates should be GBP =5- 25 million. Christie's has offered an enhanced hammer of =10% until the proceeds reach GBP 20 million, and then 107% after that. =AO They have also offered to exhibit the work in LA, NY and Hong Kong, although when I discussed that with Leon he thought it might be too =uch travel as the sculpture is quite fragile. Jeffrey asked me if there was a benefit to waiting until Nov=mber or possibly later to sell and I told him that Christie's said=they would not change the estimates if the sale was later, but that it mig=t be good to have some additional time between when Gagosian was offering the work and putting it up at auct=on. They also said that there might be some intangible benefit to waiting =ecause there is a Giacometti exhibition at Tate Modern this summer and, ev=n though Jeffrey's Giacometti is not in the show, it might get people more excited about Giacometti. =he November sales are in NY, so maybe not ideal. Both auction houses=have October sales in London, so if Jeffrey wanted to wait, those would pr=bably be the right sales. =C2 I know that Leon discussed the Soth=by's offer with Jeffrey, but I'm not sure if the two of th=m have had a chance to discuss Christie's. Sorry if none of this is new info — I just wanted to=make sure you know everything that I know! I'm in LA this we=k for work (for an appraisal at the house out here), so I'm reacha=le by email and on my mobile phone Best, Heather =/u> Heather Gray<=p> Art Counsel Elysium Management=LLC 445 Park Avenue, Suite 1401=/u> 2 EFTA_R1_01896494 EFTA02653006  New York, NY 10022 <=iv class="gmail_signature" data-smartmail="gmail_signature"> please note The=information contained in this communication is confidential, may be att=rney-client privileged, may constitute inside information, and is inten=ed only for the use of the addressee. It is the property of JEE U=authorized use, disclosure or copying of this communication or any part=thereof is strictly prohibited and may be unlawful. If you have receive= this communication in error, please notify us immediately by return=e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and al= copies thereof, including all attachments. copyright -all rights reser=ed --001a11c148ae79c6f5054cd144c3-- conversation-id 47968 date-last-viewed 0 date-received 1491836564 flags 8590195713 gmail-label-ids 7 6 remote-id 703579 3 EFTA_R1_01896495 EFTA02653007