Fine Art Advisory and Appraisal
PROJECT 1 - Fernand Léger
Time: Fall 2021
Artist: Fernand Léger (France, 1881-1955)
Property: A late Léger's gouache on canvas from a private collection
Purpose: Asset evaluation
Value: Fair Market Value, in $800K - $900K range
Client: A New York-based art dealer
Project summary:
Highlight: Suspicion on the authenticity of the appraised property
The work came with a certificate of authenticity from the artist's foundation and a reputed expert in his work. However, the artist's signature on the painting looked slightly different from most other works I examined during my research. Although an appraisal does not serve as a statement nor representation of fact, nor is it a representation or warranty for authenticity, genuineness, or provenance, I still took some time to reach out to Le Musée Nationale Fernand Léger (The Fernand Léger National Museum) in Biot, France, for verification. Below is the museum's statement I received and forwarded to my client following my inquiry:
"We have two tapestries on the same motif in our collection but which were woven postmortem (circa 1960) by the workshop 'Pinton Frères.' There are several weavings. Considering its (the appraised property's) dimensions, your client's gouache is probably rather a cardboard for these tapestries, but it is not certain that it is the hand of Léger. (- Chargée des collections et de la documentation, Musée Nationale Fernand Léger, Biot, France)"
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Below:
Fernand Léger (French, Argentan 1881-1955, Gif-sur-Yvette), The Village, 1914.
Oil on canvas. 31 1/2 x 39 1/2 in. (80 x 100.3 cm).
Leonard A. Lauder Cubist Collection, Purchase, Leonard A. Lauder Gift, 2013.
Image resource: https://www.metmuseum.org/art/collection/search/500488
© 2023 Artists Rights Society (ARS), New York
PROJECT 2 - Yayoi Kusama
Time: October 2021
Artist: Yayoi Kusama (Japan, 1929-)
Property: An iconic sculpture from a distinguished collection in Asia
Purpose: Asset evaluation
Value: Fair Market Value, in $3M - $4M range
Client: A distinguished collection in Asia
Project summary: A distinguished Asian private collection needed to evaluate one of its iconic Kusama sculptures for a potential sale
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Below:
Yahoi Kusama (Japan, Dresden, 1929-), one of Kusama's Pumpkin Sculpture in Naoshima, Kagawa Prefecture, western Japan
Image resource: https://www.artnews.com/art-news/news/yayoi-kusama-pumpkin-sculpture-damaged-typhoon-lupit-1234601174/
© 2023 Art Media, LLC. ARTnews
PROJECT 3 - Gerhard Richter
Time: End of 2021
Artist: Gerhard Richter (Germany, 1932-)
Property: An early Richter's abstract oil on canvas from an European private collection
Purpose: Asset evaluation
Value: Fair Market Value, in $5.5M - $6.5M range
Client: A New York-based art dealer
Project summary: A European private collector needed to evaluate his Richter painting for a potential sale
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Below:
Gerhard Richter (German, Dresden, 1932-), Abstraktes Bild (648-3), 1987.
Signed, numbered and dated 'Richter 1987 648-3' (on the reverse)
Oil on canvas
88 3/4 x 78 3/4 in. (225.4 x 200 cm.)
Image resource: https://www.christies.com/en/lot/lot-5846092
© 2023 Christie's, New York
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PROJECT 4 - Jacob Lawrence
Time: January 2022
Artist: Jacob Lawrence (USA, 1917-2000)
Property: An egg tempera on hardboard in one of the artist's most important series created in the 1950s
Purpose: Asset evaluation (with the combined purpose for the approval of the Accredited Membership of Appraisals Association of America)
Value: Fair Market Value, in $600K - $700K range
Client: A private collector in New York
Project summary: A New York-based private collector needed to evaluate one of his Lawrence paintings for a potential institutional donation. With the client's permission, I used the same appraisal in my Non-Cash Charitable Contribution for IRS Income Tax Purposes mock report for the Accredited Membership of Appraisers Association of America that I obtained later in the same year.
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Below:
Jacob Lawrence (American, 1917 - 2000), The Business Men, 1947.
Egg tempera on hardboard
20 1/8 x 24 in. (51.1 x 70 cm.)
Image resource: https://www.sothebys.com/en/auctions/ecatalogue/2018/contemporary-art-evening-sale-n09932/lot.18.html
© 2023 Sotheby's, New York
PROJECT 5 - Zhang Enli
Time: February 2022
Artist: Zhang Enli (Mainland China, 1965-)
Property: An early Zhang's triptych oil on canvas from a distinguished New York-based Asian private collector
Purpose: Market analysis and valuation for future sale
Value: Fair Market Value
Client: A distinguished Asian private collector in New York
Project summary: A distinguished New York-based Asian collector needed my assistance evaluating her triptych for a potential auction sale. Upon the client's request, I conducted a market investigation, analysis, and valuation for the work. My client later sold her collection at Christie's Hong Kong in the spring season of 2022 with a buyer's premium price identical to my valuation.
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Below:
Zhang Enli (Mainland China, 1965-), Bar, 1994.
Oil on canvas
Permanent collection of Long Museum West Bund, Shanghai, China
© 2023 Google Arts & Culture
PROJECT 6 - Salman Toor
Time: May 2022
Artist: Salman Toor (Pakistan/American, 1932-)
Property: A mural size oil on canvas from a New York-based private collector
Purpose: Non-Cash charitable museum donation
Value: Fair Market Value, in $2M - $2.5M range
Client: Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to prepare an appraisal report for a New York-based client's non-cash charitable donation for a prestigious art museum in the U.S. I was in charge of the entire project's writing. The project took roughly six weeks to be accomplished, followed by two revisions requested by the collector with important adjustments in the following six months. The case was closed before the end of 2022.
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Below:
Salman Toor (Pakistan/American, 1983-), Four Friends , 2019.
signed Salman Toor and dated '19 (on the reverse)
Oil on panel
40 x 40 in. (101.6 x 101.6 cm.)
Private collection
Image resource: https://www.sothebys.com/en/buy/auction/2022/the-now-evening-auction-5/four-friends
© 2023 Sotheby's, New York
PROJECT 7 - Nicolas Party
Time: September 2022
Artist: Nicolas Party (Swiss, 1980-)
Property: A still life in soft pastel on linen from an Asian institutional collection in New York
Purpose: Asset evaluation
Value: Fair Market Value, in $2M - $3M range
Client: Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to prepare an appraisal report for a New York-based institutional client's asset evaluation on its collection. I was in charge of the entire project's writing. The project took roughly four weeks to be accomplished.
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Below:
Nicolas Party (Swiss, 1980-), Installation view of Nicolas Party's solo exhibition, Cascade, in Xavier Hufkens Gallery, until 4 March 2023, St-George, Brussel
Image resource: https://www.xavierhufkens.com/exhibitions/nicolas-party
© 2023 Xavier Hufkens
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PROJECT 8 - Zao Wou-Ki
Time: November 2022
Artist: Zao Wou-Ki (French/Chinese, 1921-2013)
Property: An oil on canvas from the artist's Hurricane Period from a corporate collector
Purpose: Asset evaluation
Value: Fair Market Value, in $5.5M - $6.5M range
Client: Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to prepare an appraisal report for a corporate client's asset evaluation on its collection. I was in charge of the entire report's writing. The project took roughly four weeks to accomplish.
Other projects about Zao Wou-ki: An appraisal report for a New York-based private collector's collection for Asset Evaluation purposes. The project included a group of lithographs Zhao created in the 1960s for insurance purposes.
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Below:
Zao Wou-Ki (French/Chinese, 1921-2013), Juin-Octobre 1985, 1985.
Image resource: https://news.artnet.com/art-world/zao-wou-ki-65-million-triptych-hong-kong-1360900
© 2023 Sotheby's
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PROJECT 9 - Ai Weiwei
Time: February 2023
Artist: Ai Weiwei (Mainland China, 1957-)
Property: A sculpture from a private collection in the U.S.
Purpose: Asset evaluation
Value: Fair Market Value, in $ 500,000 - $ 700,000 range
Client: Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to appraise a private collector's collection. I was in charge of the appraised property's markets research, analysis, and writing, the comparables' analysis and description, and the FMV valuation. The project took roughly six weeks to accomplish.
Below:
Ai Weiwei (Mainland China, 1957-), Forever Bicycles, public art installation, 2013.
Image resource: https://www.royalacademy.org.uk/
© 2023 Royal Academy of Arts
PROJECT 10 - Ai Weiwei
Time: March 2023
Artist: Ai Weiwei (Mainland China, 1957-)
Property: A sculpture from a private collection in the U.S.
Purpose: Asset evaluation
Value: Fair Market Value, in $ 1M - $ 1.5M range
Client: Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to appraise a private collector's collection. I was in charge of the appraised property's markets research, analysis, and writing, the comparables' analysis and description, and the FMV valuation. The project took roughly two weeks to accomplish.
Below:
Ai Weiwei (Mainland China, 1957-), Forever Bicycles, public art installation, 2013.
Image resource: https://www.royalacademy.org.uk/
© 2023 Royal Academy of Arts
PROJECT 11 - Yayoi Kusama
Time: April - May 2023
Artist: Yayoi Kusama (Japan, 1929-)
Property: An early work from a private collection in the U.S.
Purpose: Asset evaluation
Value: Fair Market Value, in $ 1M - $ 1.5M range
Client: Sharon Chrust & Associates (Stamford, CT)
This project is in collaboration with Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to appraise a New York-based private collector's collection. I was in charge of the appraised property's markets research, analysis, and writing, the comparables' analysis and description, and the FMV valuation. The project took roughly three weeks to accomplish.
Below:
Yayoi Kusama (Japan, 1929-), A Gill, gouache, India ink and oil on paper, 1955.
Image resource: https://www.sothebys.com/en/buy/auction/2023/contemporary-day-auction/yayoi-kusama-cao-jian-mi-sheng-a-gill-sai
© 2023 Sotheby's
PROJECT 12 - Damien Hirst
Time: July 2023
Artist: Damien Hirst (UK, 1965-)
Property: A private collection in the U.S.
Purpose: Retrospective appraisal
Value: Fair Market Value, in $ 20k - $ 50k range
Client: Sharon Chrust & Associates (Stamford, CT)
This project is in collaboration with Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to appraise a New York-based private collector's collection. I was in charge of the appraised property's markets research, analysis, and writing, the comparables' analysis and description, and the FMV valuation. The project took roughly two weeks to accomplish.
Below:
Damien Hirst (UK, 1965-), The Currency - Last Night I Walked Inside, 2022
Image resource: https://www.artsy.net/artwork/damien-hirst-the-currency-last-night-i-walked-inside-1
© 2023 Artsy.net
PROJECT 13 - David Hockney
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Time: July 2023
Artist: David Hockney (UK, 1937-)
Property: A private collection in the U.S.
Purpose: Retrospective appraisal
Value: Fair Market Value, in $ 20k - $ 50k range
Client: Sharon Chrust & Associates (Stamford, CT)
This project is in collaboration with Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to appraise a New York-based private collector's collection. I was in charge of the appraised property's markets research, analysis, and writing, the comparables' analysis and description, and the FMV valuation. The project took roughly two weeks to accomplish.
Below:
David Hockney (UK, 1937-), The Entrance, 2019
Image resource: https://www.hockney.com/home
© 2023 https://www.hockney.com/home
PROJECT 14 - Jasper Johns
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Time: July 2023
Artist: Jasper Johns (USA, 1930-)
Property: A private collection in the U.S.
Purpose: Retrospective appraisal
Value: Fair Market Value, in $ 20k - $ 50k range
Client: Sharon Chrust & Associates (Stamford, CT)
This project is in collaboration with Sharon Chrust & Associates (Stamford, CT)
Project summary: I was hired by Sharon Chrust & Associates to appraise a New York-based private collector's collection. I was in charge of the appraised property's markets research, analysis, and writing, the comparables' analysis and description, and the FMV valuation. The project took roughly two weeks to accomplish.
Below:
Jasper Johns (USA, 1930-), Usuyuki, 1982
Image resource: Sezon Museum of Modern Art, Nagano, Japan
© 2021 Jasper Johns/VAGA at Artists Rights Society (ARS), New York
