From: "Jeffrey E." <jeevacation®gmail.com> To: Heather Gray < >, Richard Kahn Subject: Re: Date: Thu, 22 Jun 2017 12:36:42 +0000 so do we buy excess insurance for exhibits etc. . do we have a full appraisal for insurance as well as fair market. ? im unclear sorry, . the 8 million braque appraisal . was insurance value or fair market , what were the two giamcometti values. . is it your view that gagosian burned the sculpture? not what i do. sorry On Thu, Jun 22, 2017 at 8:19 AM, Heather Gray < > wrote: We insure the bank collateral art at fair market value, so once we raise the bank line to $800 million of available cash/$1.6 billion of collateral we will need to give the bank a letter from our insurance broker showing that we have $1.6 billion of coverage. Barry mentioned the dealer idea. Interesting and definitely a longer discussion. Sent from my iPhone On Jun 22, 2017, at 8:12 AM, Jeffrey E. <[email protected]> wrote: great then how much insurance do we carry on the bank collateralized art . not urgent , I m thinkin whether or not we shoudl set up a dealer operation for better overall treatment for only certain works. it is a longer discussion that requires long term views. basis analysis, and ownership transfer issues. we would have a resale number and be capable of trade ins etc. On Thu, Jun 22, 2017 at 8:08 AM, Heather Gray < > wrote: We give the bank fmv (because that is what they require) and we use fmv for Noel Calb. The difference varies - some specialists put insurance at 150% of fmv, some go slightly lower or slightly higher. There is no hard and fast rule. They are supposed to be considering what it would cost to go to a gallery today to buy the same work or art or something very similar. Sent from my iPhone On Jun 22, 2017, at 7:49 AM, Jeffrey E. <jeevacation®gmail.com> wrote: what do we give to the bank/ ? how much do they differ from insurance value? which did we use for noel calb? On Thu, Jun 22, 2017 at 7:19 AM, H