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value. (We attach hereto as appendix B a list of each item’s
lower and upper estimated values, agreed reserve (i.e., the
minimum price at which an asset could be sold by Christie’s at
auction), auction price (in the case of the 19 items sold at
auction), high bid (in the case of the six items not sold at
auction), and Carmona’s appraised value.9) These lower and upper
estimated values are estimates by Christie’s of the likely
amounts that bidders would bid at an auction for the assets.
These estimated values do not reflect the requirement of
Christie’s that buyers also pay to Christie’s on each sale a
commission equal to 15 percent of the first $50,000 of the
purchase price and 10 percent of any excess. Nor do the
estimates (or the ultimate sales prices) include sales tax that
is payable on the sales.
The 25 seized assets consist of 11 items of jewelry and 14
loose gemstones. Of those assets, six items of jewelry and 13
loose gemstones were sold at the auction held by Christie’s. The
remaining six assets (i.e., five items of jewelry and one loose
gemstone) did not sell at the auction.
The six items of jewelry sold at auction for a total auction
price (exclusive of buyer’s commissions) of $79,100. Christie’s
9 The descriptions of the assets in appendix B also are
cross-referenced to the specific descriptions in Carmona’s report
by way of the number and letter in the parenthesis following the
description.
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