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PAUL, WEISS, RIFKIND, WHARTON & GARRISON
1285 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019-6064

TELEPHONE (212) 373-3000
FACSIMILE (212) 757-3990
TELEX WUI 666-843

RANDOLPH E. PAUL (1946-1956)
LOUIS S. WEISS (1927-1950)
JOHN F. WHARTON (1927-1977)

ADRIAN W. DeWIND
LLOYD K. GARRISON
JOSEPH S. ISEMAN
JAMES B. LEWIS
PAUL J. NEWLON
MORDECAI ROCHLIN
HOWARD A. SEITZ
SAMUEL J. SILVERMAN
NORMAN ZELENKO
COUNSEL

DOMINIQUE FARGUE**
EUROPEAN COUNSEL

1615 L STREET, NW
WASHINGTON, DC 20036-5694
TELEPHONE (202) 223-7300
FACSIMILE (202) 223-7420

199, BOULEVARD SAINT GERMAIN
75007 PARIS, FRANCE
TELEPHONE (33-1) 45.49.33.85
FACSIMILE (33-1) 42.22.64.38

AKASAKA TWIN TOWER
17-22, AKASAKA 2-CHOME
MINATO-KU, TOKYO 107, JAPAN
TELEPHONE: (81-3) 3505-0291
FACSIMILE (81-3) 3505-4540

26/28 MOUNT ROW
LONDON W1Y 5DA, ENGLAND
TELEPHONE 071 495 2983
FACSIMILE 071 499 2562

NEALE M. ALBERT
MARK H. ALCOTT
ALLAN J. ARFFA
DANIEL J. BELLER
MARK A. BELNICK
MITCHELL L. BERG
MARK S. BERGMAN
BRUCE BIRENBOIM
ALLAN BLUMSTEIN
RICHARD S. BORISOFF
JOHN F. BREGLIO
DAVID C. BRODHEAD
RICHARD J. BRONSTEIN
JOSEPH E. BROWDY
CAMERON CLARK
LEWIS R. CLAYTON
JAY COHEN
JEROME ALAN COHEN
EDWARD N. COSTIKYAN
JAMES M. DUBIN
LESLIE GORDON FAGEN
PETER L. FELCHER
GEORGE P. FELLEMAN
BERNARD FINKELSTEIN
MITCHELL S. FISHMAN
ROBERT C. FLEDER
MARTIN FLUMENBAUM
TERENCE J. FORTUNE
MAX GITTER
BERNARD H. GREENE
JAY GREENFIELD
GAINES GWATHMEY, III
ALBERT P. HAND
GERARD E. HARPER
SEYMOUR HERTZ
ROBERT M. HIRSH
JAMIE P. HORSLEY*
ARTHUR KALISH
LEWIS A. KAPLAN
ALAN W. KORNBERG
RUBEN KRAIEM
ANTHONY B. KUKLIN
STEVEN E. LANDERS
ROBERT L. LAUFER
WALTER F. LEINHARDT
ARTHUR L. LIMAN
MARTIN LONDON
JOHN P. McENROE
COLLEEN McMAHON
ROBERT E. MONTGOMERY, JR.
ROBERT H. MONTGOMERY, JR.
DONALD F. MOORE
TOBY S. MYERSON
MATTHEW NIMETZ
KEVIN J. O'BRIEN
LIONEL H. OLMER*
JOHN J. O'NEIL
STUART I. ORAN
MARC E. PERLMUTTER
JAMES L. PURCELL
LEONARD V. QUIGLEY
CAREY R. RAMOS
CARL L. REISNER
SIMON H. RIFKIND
STUART ROBINOWITZ
SIDNEY S. ROSEITCHER
RICHARD A. ROSEN
STEVEN B. ROSENFELD
PETER J. ROTHENBERG
ERNEST RUBENSTEIN
JEFFREY B. SAMUELS
TERRY E. SCHIMEK
BRIAN L. SCHORR
ROBERT B. SCHUMER
JOHN A. SILVERMAN
MOSES SILVERMAN
EILEEN S. SILVERS
STEVEN SIMKIN
ROBERT S. SMITH
MARILYN SOBEL
THEODORE C. SORENSEN
JOHN C. TAYLOR, 3RD
ALLEN L. THOMAS
JUDITH R. THOYER
JAY TOPKIS
JOSE E. TRIAS
DAVID T. WASHBURN
ALFRED D. YOUNGWOOD

*NOT ADMITTED TO THE NEW YORK BAR.
**CONSEIL JURIDIQUE IN FRANCE ONLY.

WRITER'S DIRECT DIAL NUMBER
(212) 373-3386

February 1, 1991

Ms. Susan Brundage
Leo Castelli Gallery
420 West Broadway
New York, New York 10012

Richard Serra

Dear Susan:

I understand you spoke with Clara Serra earlier this week regarding contracts covering Richard's pieces on consignment with you. As you know, Richard is signing contracts with all the galleries he works with. Most importantly, we have now concluded an agreement with Pace. This is the same agreement we expect to use with the Castelli gallery.

Accordingly, I enclose a copy of the final form agreement with Pace, which, you will see, refers in paragraphs 1 and 4 to the Leo Castelli Gallery since certain works are represented jointly by the two galleries. For those works which are on consignment solely to your gallery, I will remove Pace's name from the form and it will just be with the Castelli gallery.

When you read the agreement, you will see that it is necessary to have a breakdown of the "Fabrication Costs" and "Installation Costs" for each piece on consignment with you. I would appreciate it if you could gather this information for me.