From: jeffrey E. <[email protected]> Sent: Tuesday, April 25, 2017 6:45 PM To: Leon Black Subject: Fwd: giacometti Forwarded message -----_--- From: Richard Kahn Date: Tue, Apr 25, 2017 at 2:32 PM Sub=ect: Fwd: giacometti To: Jeffrey Epstein <[email protected] <mailto:[email protected]» Richard Kahn Subject: RE: giacometti<=r> Hi Rich, Just to make sure nothing is lost in =ranslation, what I told Leon was that it appeared that Christie's =nd Sotheby's thought the Giacometti would sell for around $20 million, based on their estimates/guarantees and on what they were say=ng about Gagosian (i.e., that Larry would have come to Leon if he received=an offer for $25 million, which in their minds seems to mean that the righ= price is around $5 million less than that). They could be totally wrong, of course, and the Giacometti cou=d sell for $30 million to a buyer that Larry didn't know existed.<=> You are correct that if the Giacomett= sells for $20 million, Christie's 110/107 enhanced hammer offer w=11 yield the highest proceeds. The reason to take a guarantee is not to maximize profit, but to minimize (down to zero) the ri=k of the work not selling. Assuming the work sells, you're a=ways going to get more proceeds on the enhanced hammer deal.=/span> Best, Heather From: Richard Kahn (mailt Sent: Tuesday, April 25, 2017 11:01 AM EFTA_R1_01895386 EFTA02652261