<table><tr><th>From:</th><th>Heather Gray</th></tr><tr><td>Sent:</td><td>Wednesday, November 5, 2014 11:27 PM</td></tr><tr><td>To:</td><td>Jeffrey E.; Richard Joslin</td></tr><tr><td>Cc:</td><td>Richard D'Agostino</td></tr><tr><td>Subject:</td><td>RE: Today's auction</td></tr></table>

Please see below in re= the results from today's Impressionist & Modern Art Day sale at=Sotheby's. Overall, the auction was a bit of a disappointment.=nbsp; I would estimate that 30% of the works in the auction did not sell, and those that did were generally selling at or below their low =stimates. The two Cornell boxes are in next Wednesday's Contem=orary Art Day sale, and the Severini will be sold in London in February. P=ease let me know if you have any questions.

Best,

Heather

From: Richard Joslin
Sent: Wednesday, November 05, 2014 9:06 AM
To: Heather Gray; Jeffrey E.
Cc: Richard D'Agostino
Subject: Today's auction

PIERRE BONNARD $300,0=0-$400,000 (Tax basis $300K)

Marthe sur divan=o:p>

Did not sell at the auctio=. There were no bidders in the room or on the telephone. Sothe=y's will let us know if anyone makes a post-sale offer for this work= They will also reach out to underbidders on other Bonnard works to see if they might be interested in this one4=pan>

http://www.sothbys.com/en/auctions/ecatalogue/2014/impressionist-modern-art-day-sal=-n09220/lot.396.html

JUAN GRIS $250,000-$3=0,000 (Tax Cost $124K)

Nature morte a=la cafetiere

Sold for a hammer price of=$240,000

http://ww=.sothebys.com/en/auctions/ecatalogue/2014/impressionist-modern-art-day-sal=-n09220/lot.199.html
<http://www.sothebys.com/en/auctions/ecata=ogue/2014/impressionist-modern-art-day-sale-n09220/lot.199.html>

MAX BECKMANN $50,000-=70,000 (Tax Cost $84K)

Taubstumme

Sold for a hammer price of=$42,500

http://ww=.sothebys.com/en/auctions/ecatalogue/2014/impressionist-modern-art-day-sal=-n09220/lot.376.html
<http://www.sothebys.com/en/auctions/ecata=ogue/2014/impressionist-modern-art-day-sale-n09220/lot.376.html>

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Richard Joslin

CFO

Elysium Management LLC

445 Park Ave

Ste. 1401

New York, NY 10022

(w) (646) 589-0305

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