Laserfiche WebLink
6.1.H. - Page 12 <br />PPCF <br />February 11, 2016 <br />Ilya and Emilia Kabakov <br />1700 Park Avenue <br />Mattituck, NY 11952 <br />Re: Appraisal for "The Pirates Ship/"The Devil's Raqe" (2012). <br />Dear Ilya and Emilia Kabakov: <br />At your request, The Pace Gallery LLC ("Pace") is pleased to present an appraisal of the current <br />insurance value of certain artwork described below (the "Artwork"). This appraisal is based on certain <br />statements that you have made to Pace and is subject to the terms and conditions that follow. By accepting <br />or using this appraisal, you confirm that such statements are true and accurate and that you accept <br />such terms and conditions. <br />You acknowledge that have provided us with all of the facts regarding the Artwork within your <br />knowledge that are relevant to this appraisal. You also represent and warranty that you have free, clear and <br />marketable title to the Artwork. <br />We have relied on standard appraisal methodology, including stylistic analysis and sale prices of <br />comparable property in the appropriate marketplace. No scientific tests have been performed on the <br />Artwork. <br />Our appraisal represents our opinion as to the current insurance value of the Artwork but it is not a <br />statement of fact. Pace has assumed that the Artwork is in good condition. However, Pace has not <br />inspected the Artwork and makes no guarantee of its authenticity, authorship, period, source, origin, <br />provenance, or condition. <br />You agree that this appraisal will be used solely by you and solely for insurance purposes. Pace <br />makes no warranty that the Artwork will realize its appraised value if offered for sale, or for any purpose <br />related to taxes, including but not limited to income tax deductions for gifts to non -profits, gift taxes, or estate <br />or inheritance taxes. <br />You agree not to call upon Pace or any of its employees, representatives, or affiliates (collectively, <br />the "Pace Parties") to testify with regard to this appraisal or to involve any of the Pace Parties in any related <br />proceedings, litigation or disputes. If any of the Pace Parties is called upon to testify in any proceedings, <br />litigation or dispute in connection with this appraisal, you will pay Pace for all reasonable costs and expenses <br />it incurs including attorneys' fees and expenses and you will pay Pace reasonable compensation, as <br />specified by Pace at such time. <br />32 East 57th Street New York NY 10022 212.421.3292 pacegaliery.com <br />