From: Heather Gray <MM
Sent: Friday, April 14, 2017 2:18 PM
To: jeffrey E.
Subject: Re:

No

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On Apr 14, 2017, at 7:16 AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com» wrote:

but do i pay a sellers commission!?

On Fri, Apr 14, 2017 at 10:16 AM, Heather Gray
wrote:

Correct, you do not receive any of the buyer's premium when you have a=guarantee. Christie's keeps all of the buyer's premium plus 25% of the ove=age above the guarantee.

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On Apr 14, 2017, at 7:12 AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com» wrote:

so no commision?

On Fri, Apr 14, 2017 at 10:09 AM, Heather Gray <=pan direltr"> wrote:

$4,875,000

Sent from my iPhone

On Apr 14, 2017, at 6:57 AM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com» wrote:

braque sells for 5 million , how much do i rec=ive after commision

wrote:

If the Braque doesn't sell or the hammer price is $4.5 million or less= you get $4.5 million, so you pay no commission. If the hammer price is $5=million, for example, you get $4.875 ($4.5 guarantee plus 75% of the amoun= by which the hammer price exceeds the guarantee). If the hammer price is higher than the guarantee, you effe=tively pay a commission equal to 25% of the overage.

On the Giacometti if you go with the enhanced hammer instead of the guarant=e, you will receive the full amount of the hammer price plus an extra 10% =f the hammer price (up to proceeds of GBP 20 million, then an extra 7•%onc= proceeds exceed 20). Christie's not only isn't charging you a commission, they are paying you a portion of=the buyer's premium that they collect from the buyer (of which they normal=y keep 100%). The downside, of course, is that if the Giacometti does not =each the reserve (the minimum price that you set which can't be more than the low estimate), it won't sell and=you won't receive anything other than the sculpture back.

## Sent from my iPhone

On Apr 14, 2017, at 6:14 AM, jeffrey E. <jeevacation@gmail.com

<mailto:jeevacation@g=ail.com> > wrote:

leon thinks taking the 100 percent of hammer in london is =he right thing.

m unclet if we sell =he brazqu for the guarantee , do we pay commission? = or is 4.5 sale the same as 5 after

commision and split?

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<mailto:jeevacation@gmail.com>, and

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## Sent from my iPhone (cont.)

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 jeevacation@gmail.com

<mailto:jeevacation@gmail.com>, and

destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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 jeevacation@gmail.com <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

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

## Sent from my iPhone (cont.)

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 jeevacation@gmail.com <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved