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Table of Contents Melissa Fouse Appraisals 308 G Street, Suite 208, Anchorage, Alaska 99501 907-744-5100 [email protected] TABLE OF CONTENTS TABLE OF CONTENTS PAGE 1 APPRAISAL VALUATION SUMMARY PAGE 2 PRIVACY POLICY STATEMENT PAGE 3 APPRAISER’S QUALIFICATIONS PAGE 4 APPRAISER’S CERTIFICATION PAGE 6 SCOPE OF WORK: APPRAISAL METHOD & DEFINITION OF VALUE PAGE 8 DISCLAIMERS, LIMITING CONDITIONS, & ASSUMPTIONS PAGE 10 MARKET ANALYSIS PAGE 14 ARTIST’S BIOGRAPHIES, OBJECT DESCRIPTIONS & VALUATIONS PAGE 15 GLOSSARY PAGE 20 RUSSO ESTATE MELISSA FOUSE, APPRAISER FAIR MARKET VALUE APPRAISAL FOR ESTATE PURPOSES PAGE 1 OF 23 EFFECTIVE DATE: 09 SEPTEMBER 2016 Melissa Fouse Appraisals 308 G Street, Suite 208, Anchorage, Alaska 99501 907-744-5100 [email protected] VALUATION SUMMARY ELLEN HENNE: PAIR OF PORTRAITS, NATIVE ALASKANS FAIR MARKET VALUE: $1000 JAMES BELCHER: HANDLINER FAIR MARKET VALUE: $700 JW (JUDGE) KEHOE: CACHE & MOUNTAIN FAIR MARKET VALUE $2000 RUSSO ESTATE MELISSA FOUSE, APPRAISER FAIR MARKET VALUE APPRAISAL FOR ESTATE PURPOSES PAGE 2 OF 23 EFFECTIVE DATE: 09 SEPTEMBER 2016 Melissa Fouse Appraisals 308 G Street, Suite 208, Anchorage, Alaska 99501 907-744-5100 [email protected] PRIVACY POLICY STATEMENT The policy of MELISSA FOUSE APPRAISALS with respect to personal information about our clients is: 1. We limit employee and agent access to information only to those who have a business or professional reason to know, and only to non-affiliated parties as required by law. 2. We maintain a secure office and computer environment to ensure that your information is not placed at unreasonable risk. 3. The categories of non-public personal information that we collect from a client depend upon the scope of the client’s appraisal engagement. This includes information about personal property assets and other necessary non-public information. Additionally, it may include information about transactions between clients and third parties and information from third party sources. 4. Unaffiliated third parties that may require access to our clients’ personal information, such as Federal and State tax regulators, insurance companies and the like, may only review company records as permitted by law. 5. We do not reveal the name of any client, private or institutional, unless specifically authorized by the client. 6. We do not provide client information to mailing list vendors or solicitors for any reason whatsoever. 7. Personally identifiable information will be maintained during the time a client is a client of the company and for the appropriate time thereafter that such records are required by the USPAP to be maintained, consistent with the AAA Code of Ethics. After this required period of record retention, all such information will be destroyed in a manner consistent with providing confidentiality to our clients. This policy statement is a required element of each appraisal report and is in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) and the Gramm-Leach- Bliley Act of 1999. MELISSA ABER FOUSE, MELISSA FOUSE APPRAISALS DATE RUSSO ESTATE MELISSA FOUSE, APPRAISER FAIR MARKET VALUE APPRAISAL FOR ESTATE PURPOSES PAGE 3 OF 23 EFFECTIVE DATE: 09 SEPTEMBER 2016 Melissa Fouse Appraisals 308 G Street, Suite 208, Anchorage, Alaska 99501 907-744-5100 [email protected] APPRAISER’S CV PROFESSIONAL EXPERIENCE MELISSA FOUSE APPRAISALS. AUGUST 2010-PRESENT. Qualified Personal Property Appraiser Emphasis on Fine Arts, Alaska Native Arts, Antiques, Decorative Arts, & Wine. USPAP Certificate. July 2010: New York University (in conjunction the Appraisers Association of America) intensive four- week certificate program designed for prospective and practicing appraisers, as well as dealers, collectors, and interior designers. Detailed methodology courses, as well as courses focusing on specific areas, such as fine art, silver, and furniture appraisal. Appraising fine art. Legal and ethical aspects of appraising. Internal Revenue Service legal guidelines in valuation of fine and decorative arts. Appraisal writing. Research methods for appraisers. Uniform Standards of Professional Appraisal Practice (USPAP). Continuing Education: Sydney Laurence Seminar, Anchorage Museum at Rasmuson Center, February 2012 New York University Wine Appraisal Class, Napa & Sonoma Valleys, 15-22 March 2013. 10- session elective. USPAP Certificate update 2013 Digital Photography Boot Camp, Anchorage Museum at Rasmuson Center, September 2013 International Society of Appraisers Conference, 26 & 27 April 2014, 8.25 PCE Hours RESURRECTION BAY GALERIE. OWNER. 2008 – 2010. Fine Art Gallery in Seward, Alaska (2008). Among artists shown/represented/sold: Jamiyan Puujee (Mongolia), Robert Grogan, Alice Thaggard, Randy May, Robert Grogan, Fred Machetanz, Scott McDaniel, Catherine (Doss) Senungetuk, Joe Senungetuk. Also antique smalls, particularly antique Burmese baskets (for charity) and silver table items. Art consulting. Inventoried and sold artwork in clients’ collections to include identifying, having authenticated, and selling an unsigned William Henry Johnson oil painting. Also dba “The Little Red Gallery” – small gallery in antique mall. Summer 2010 RUSSO ESTATE MELISSA FOUSE, APPRAISER FAIR MARKET VALUE APPRAISAL FOR ESTATE PURPOSES PAGE 4 OF 23 EFFECTIVE DATE: 09 SEPTEMBER 2016 Melissa Fouse Appraisals 308 G Street, Suite 208, Anchorage, Alaska 99501 907-744-5100 [email protected] RESURRECTION BAY GALERIE. PARTNER. 1984 – 2005. Fine Art Gallery in Seward, Alaska. Seasonal. Gallery specialized in original fine art from Alaska and Western Artists. Among artworks/artists shown/represented/sold were Judge Kehoe, Alice Evelyn Blair, Marvin Mangus, Deland Anderson, James Behlke, Eustace Ziegler, Byron Birdsall, Alvin Amason, Diane Widom, Diana Tillion, Alex Combs, Tom Missel, Sheri Solari Sanders, Hugh McPeck, Robert Kertcher, Randy May, Fred Machetanz, George Aghapuk, Ernie Robertson, Scott McDaniel, Deland Anderson, David Rosenthal, Susan Swiderski, Gail Niebrugge, William Gollings, and many emerging artists. Juried Art Show 1985 (juror Byron Birdsall) Shown/sold were Alaska Native artworks to include baskets, masks, sculpture, scrimshaw and beadwork. Among Native Alaskan artists represented: Jim Schoppert, Alvin Amason, Wanda Slwooko, Tim Tiulana, and Sylvester Ayek. Seasonal Business. THE TURQUOISE BARRABORA. PARTNER. 1974-1982. Fine Art to include Alaska artists Rie Munoz, Michelle Corder, Jim Schoppert, John Tetpon & Melvin Olanna. Millpond Press Prints Dealer, Greenwich Workshop Prints Dealer, Antique Smalls, Silver and Turquoise Jewelry. Cooper Landing, Alaska. Seasonal Business. EDUCATION BA. Philosophy/Applied Ethics. University of Alaska Anchorage. Master’s Degree work in Public Administration. University of Alaska Anchorage. Master’s Honours Classes, Philosophy. University of St. Andrews, Scotland. RUSSO ESTATE MELISSA FOUSE, APPRAISER FAIR MARKET VALUE APPRAISAL FOR ESTATE PURPOSES PAGE 5 OF 23 EFFECTIVE DATE: 09 SEPTEMBER 2016 Melissa Fouse Appraisals 308 G Street, Suite 208, Anchorage, Alaska 99501 907-744-5100 [email protected] APPRAISER’S CERTIFICATION MELISSA FOUSE OF MELISSA FOUSE APPRAISALS, hereby certifies: That, at the request of Larry Russo, personal representative for the Russo Estate, Melissa Fouse, appraiser for Melissa Fouse Appraisals, personally examined 3 items for this Fair Market Value appraisal for estate purposes at Anchorage, Alaska on 18 August 2016. A comparative market data approach was used in determining value. The appropriate marketplace is the United States unless otherwise stated. That she is a professional appraiser, qualified to appraise personal property including fine art and decorative arts, and that, based upon her judgment and opinion, the statements of fact contained in this report are true and correct. Effective Date of Appraisal: 09 September 2016 Appraisal Document Pages: 23 Total number of articles appraised: 3 Research dates: 18 August – 09 September 2016 Issue Date of this Report: 09 September 2016 Remuneration for this appraisal was based upon an hourly rate and not contingent upon on a percentage of the appraised value or reporting predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. As of this date, Melissa Fouse Appraisals and Melissa Fouse have no personal financial interest or bias in the appraised property or with respect to the parties involved. This appraiser prepared all opinions set forth in the appraisal report. No change of any item in the appraisal report shall be made by anyone other than the appraiser, and the appraiser shall have no responsibility for any unauthorized change. Information supplied by others shall be assumed to be reliable, but is not guaranteed by the appraiser. This Self-Contained appraisal report is based upon the judgment of Melissa Fouse as to the Retail Replacement Value and is in accord with the Code of Ethics and Standards of Professional Appraisal Practice (USPAP) 2012. The Disclaimer, Limiting Conditions, and Assumptions contained in this report are an integral part of this document. The appraiser carefully examined the items in situ in Anchorage, Alaska. Valuation is based solely on personal research and analysis of comparative market data as performed by the appraiser. Although the statements of fact contained in this report are true and correct, the reported analysis, opinions, and conclusions are limited
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