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: A New York art dealer requires an appraisal for a Léger work for his client
The work in question came with a certificate of authenticity from the artist's foundation and a reputed expert in his work. However, during my research, I noticed a discrepancy - the artist's signature on the painting looked slightly different from most other works I examined. This detail raised a red flag, prompting me 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)"
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 prominent Asian private collection sought to appraise an iconic Kusama sculpture for a potential sale
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 private collector in Europe needed to evaluate his Richter painting for a potential sale
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 private collector based in New York needed to evaluate one of his Lawrence paintings for a potential donation to an institution. With the client's permission, I incorporated the same appraisal into my mock report for Non-Cash Charitable Contribution for IRS Income Tax Purposes. This report was created for the Accredited Membership of Appraisers Association of America, which I completed later in the same year.
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 Asian collector based in New York sought my assistance in evaluating her triptych for a potential auction sale. At her request, I conducted a thorough market investigation, analysis, and valuation of the artwork. Later, my client successfully sold her collection at Christie's Hong Kong in the spring of 2022, achieving a final sale price that matched my valuation including buyer's premium.
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: Sharon Chrust & Associates engaged me to prepare an appraisal report for a New York-based client's non-cash charitable donation to a prestigious art museum in the United States. I was responsible for writing the entire report, which took approximately six weeks to complete. After the initial report, the collector requested two revisions, along with important adjustments made over the following six months. The case was closed before the end of 2022.
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: Sharon Chrust & Associates hired me to prepare an appraisal report for an asset evaluation of a client's collection. I was responsible for writing the entire report, which took approximately four weeks to complete.
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: Sharon Chrust & Associates hired me to prepare an appraisal report for a corporate client's asset evaluation on its collection. I was responsible for writing the entire report, which took approximately four weeks to complete.
Other projects related Zao Wou-ki including an appraisal report for a New York-based private collector's collection for Asset Evaluation purposes. The project featured a group of lithographs created by Zhao in the 1960s for insurance purposes.
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: Sharon Chrust & Associates hired me to appraise a private collector's collection. I was responsible for conducting markets research, analyzing the property, and writing the appraisal report. This included investigating and describing comparables and determining the collection's fair market value (FMV). The project took approximately six weeks to complete.
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: Sharon Chrust & Associates hired me to appraise a private collector's collection. My responsibilities included conducting market research, performing analysis, and writing the appraisal report. I also analyzed and described comparable properties and determined their fair market value. The project took approximately two weeks to complete.
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: Sharon Chrust & Associates hired me to appraise a private collector's collection based in New York. My responsibilities included:
-
Conducting market research.
-
Performing an analysis of the appraised property.
-
Writing the report.
-
Evaluating comparable sales.
The project took approximately three weeks to complete.
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: Sharon Chrust & Associates hired me to appraise the collection of a private collector based in New York. My responsibilities included:
-
Conducting market research and analysis.
-
Writing the appraisal report.
-
Analyzing and describing comparable items.
-
Determining the collection's fair market value (FMV).
The entire project took approximately two weeks to complete.
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
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 collection for a private collector based in New York.
My responsibilities included:
-
Conducting market research.
-
Analyzing and describing comparable properties.
-
Determining the fair market value (FMV) of the collection.
The entire project took approximately two weeks to complete.
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
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 collection owned by a private collector based in New York. I was responsible for conducting market research, analyzing the appraised property, and writing the valuation report. This included analyzing and describing comparable properties, as well as determining the fair market value (FMV). The project took approximately two weeks to complete.
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
PROJECT 15 - Appraisal Consulting Service
Time: June - September 2024
Client: Thomas Chen (New York, NY)
Subject: Consultancy related to appraisal of the client's private collection
Project summary: I was contacted by Thomas Chen, a well-known Chinese private collector, trustee, and major donor of Queens College New York, as well as the owner of the Chrystal Park Foundation, via WeChat for consultancy service for two specific cases:
1. Determining the fair market value for five paintings created by three emerging artists from Taiwan.
2. Providing advice on the purchase decision for a landscape painting by the famous Chinese modern artist Zhang Daqian.
In the first case, the client's deadline was exceptionally tight compared to their expectations. To meet the requirement for the fair market value (FMV) without compromising the ethics of the art appraisal profession, I offered three solutions overnight.
In the second case, at the client's request, I went the extra mile and collected insights from several specialists in Chinese modern art, including experts from Christie's Hong Kong, Poly Auction Hong Kong, and Bonhams Hong Kong. This collaborative effort ensured my client received the most accurate assessment regarding their impending purchase.
My prompt and resourceful responses enabled the client to evaluate each situation effectively and make informed decisions about both projects.
Below:
Chang Dai-chien, Divine Redwood Trees (Shenmu) in Taiwan, 1970, framed panel, ink and colors on paper, 148.9 x 209.2 cm.
PROJECT 16 - Appraisal Case Review Service
Time: September - October 2024
Client: Privarte Collector (Cincinnati, OH)
Subject: Case Review service for a private collection including 30-50 pieces
Project summary: A private collector in Cincinnati contacted me through the Appraisers Association of America (AAA) website, seeking an experienced appraiser to evaluate 30 to 50 pieces in the design and decorative arts. The evaluation was intended for potential sale. Although I wasn't an expert in these specific fields, I assisted the collector by reviewing the case and researching professionals within the AAA network. I reached out to nearly 30 appraisers who specialize in these areas and helped the collector select the most suitable appraiser and auctioneer to work with. The entire process took approximately one month to complete.
Below:
THE GRAY COLLECTION 19th & 20thC DECORATIVE ARTS, an online auction in May 2022.
