Re: Fwd: Giacometti sale matter...

Darren,

Below is the email I sent to Les on October 13^th following his call to me about another matter and reporting the sale of the Giacometti at $7.9 million dollars (less commission) with payments to be received over approximately 3 months.  The price falls nearly right on my suggested asking price of $8 million, given to Abigail and Les when I visited them in Columbus in late April last year.  This would constitute a substantial margin over the recent record price for a comparable work, but we all felt that the scarcity of work would merit it.  Abigail and I had a telephone conversation again about the selling of this work in late June before we arranged to collect the sculpture from Columbus in mid July.  I remember her double checking with Les (who was in the room) at the time to make sure that they did indeed want to sell this work – she did this while I was on the phone.  Our practice over the past few years has been to go ahead and close any sales we can within a pre-agreed range, but to call and discuss offers if we feel they merit consideration, but fall below the range.

I heard from Peg this morning and we will wire the full proceeds to Les’ account in the morning per her instructions.  Please call if you need anything else.  I’m sure I have other correspondence related to this, but the letter below was the only one I found on my laptop here in New York .

Paul

Les,

The Dubuffet I mentioned was a complete disappointment – not worth your time to see.  I must say I felt the same way about the Joseph Kosuth painting at Sotheby’s, but let me know if you’d like me to arrange to bid – it would be very fair value up to the high estimate or even a little more as it is early and in good condition.  There are a number of wonderful museum shows in London however: Holbein, Rodin and a Hockney retrospective “PORTRAITS” at the National Portrait Gallery which includes the painting we sold for you several years ago, the one that used to hang in your family room.

Another positive note:  Yesterday we completed negotiations with a European collector on the Giacometti, Femme de Venise #1.  They are paying $7.9 million in 3 payments over 90 days.  The last auction sale of a comparable work was 18 months ago for just under $5.6 million. 

In case you did not catch yesterday’s NY Times about the Geffen/Johns sale article I have included a link below.  Sadly (or perhaps not sad but unfortunate) I just heard that Steve Wynn’s Picasso sale of The Dream fell apart when it was revealed to the buyer that the painting had suffered a 6 inch tear (now repaired) sometime last year.  Mr. Wynn, who has macular degeneration, accidentally put his elbow through it during a party.  I don’t imagine THIS is going to make the newspapers.

Best to Abigail,

Paul

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ARTS / ART & DESIGN   | October 12, 2006
Works by Johns and de Kooning Sell for $143.5 Million
By CAROL VOGEL
In a flush art market, David Geffen sells two major paintings to Kenneth C. Griffin and Steven A. Cohen, successful hedge fund billionaires.