The recent news that Sotheby’s bought out the Mei Moses Art Index illustrates a current trend in the art world to think that art fits into a programmable “landscape”. What does this mean?
To meet the growing needs of our clients, ARAI has formally expanded to the West Coast, with an office located in Portland, OR.
According to Yann Walther, head of the Swiss firm Fine Art Expert Institute (as quoted in an article by Nina Larson published by the on-line art newsletter artdaily.org), somewhere between 70% and 90% of the artworks the FAEI examines turns out to be by an artist other than that indicated by the signature.
In the September issue of The Art Newspaper, a brief article described issues surrounding recent settlements in the Knoedler “art forgery” cases. Comments by an art advisor suggested that the gallery debacle has affected many, especially when it comes to sales. “Now you have to cross all your t’s and dot all your i’s ” said the advisor. The questions is, why would this not be the standard from the get-go?
Appraisers are often called upon to appraise prints and other works of art for which a “certificate of authenticity” has been issued. Depending on the issuer of the certificate and claims it makes, this piece of paper can be valuable or valueless.
A long awaited tax court decision in the matter of Elkins v Commissioner was recently decided on appeal in a Fifth Circuit court decision. The issues surrounding this case included effective estate planning and fractional ownership interests in art.
The concept of blockage refers to a discount that would apply to the valuation of a large group/groups of “similar” properties that would hypothetically enter the marketplace on/about the same date.
I recently had the pleasure of reading a fun and informative book by Thomas Hoving, former Director of the Metropolitan Museum of Art, titled False Impressions: The Hunt for Big Time Art Fakes (New York: Simon & Schuster, 1996), which includes a checklist that the author created for his curators at the Metropolitan Museum of Art to use when considering potential acquisitions.
Japanese Woodblock Prints produced during the 18th, 19th and early 20th centuries have many unique characteristics. It is easy to assume that their printing and publishing traditions were the same as European and American prints, but this is not the case.
While not a physical exercise, creating a step-up in basis is a prudent fiscal exercise that may be warranted when someone dies, especially if there is a surviving spouse, even if the estate is not taxable.
Although we regularly appraise all types of prints, frequently we are not able to view these artworks unframed. Although appraisers can certainly value a print in its frame, caveats apply, and it might be prudent of both the appraiser and the collector to take the extra step of having it unframed to make sure that there are no additional characteristics of value to consider.
As an appraiser, there have been times when a past, present or potential client informs me that our services will not be needed because they are having an appraisal that is being done for “free”.
The outcome of critical lifetime events such as separation of business assets, divorce, and distribution of family assets can have a significant financial impact on involved parties.
Depending upon a collector’s interests, the focus of a book collection can vary greatly.
In order to arrive at a credible value conclusion, appraisers must collect data across multiple levels of trade, regardless of the intended use of the report, including at both auction and retail.
You will want to be as careful choosing an appraiser as you would choosing any other professional service provider.
Art has traditionally been considered for aesthetic qualities, but It’s time to think about it as something more.
According to the Uniform Standards of Professional Appraisal Practice, “value” is defined as “the monetary relationship between properties and those who buy, sell, or use those properties.” The USPAP comment to this definition clarifies that it is an economic concept, and, as such, is an “opinion of a worth of property at a given time.”
Art is often in the news and there is a great deal of interest when the news concerns an event that could have long ranging effects.
Almost totally unregulated internationally, buying and selling art presents a ripe territory for laundering money derived from illegal activities.
It’s so common to pick up the newspaper today and to hear about the fabulous artworks that are selling for millions of dollars, with some of these sales setting world records.
Collectors of ivory and scrimshaw have to be aware of regulations that limit the marketability for these collections and can affect the value of what you own.
In the current buoyant collector market for cutting edge contemporary art, and the quest to find the next great “art star” we are reminded of Andy Warhol’s statement which was actually, “ In the future the everybody will be world-famous for fifteen minutes”.
Through the efforts of various professional organizations, including the American Society of Appraisers, and the development of the Uniform Standards of Professional Appraisal Practice in the 1980s, the field of personal property appraising has become increasingly regulated and the standards to which its appraisers are held are continuously being raised.