An Economic Analysis of the Contemporary Visual Art Market in Australia, 1972-1989

J D Stanford, B. Econ., ASIA

A thesis submitted in fulfillment of the requirements for the degree of Doctor of Philosophy, University of Leicester

June, 1996 UMI Number: U086556

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ABSTRACT:

An Economic Analysis of the Contemporary Visual Art Market in Australia, 1972- 1989

J D Stanford

The analysis of the market is undertaken in both theoretical and empirical terms.

The theoretical analysis finds that the dynamics of the art market are important but are difficult to formalise; the primary market is one where prices are set administratively; the secondary market, auction market, is the one where market-clearing occurs; success in the art market will come only to those artists whose works can command the same price in the secondary market as is set in the primary market; the overall market operates with considerable lags so that it may talce many years before artists’ work appear in the secondary market; and the dealers in the primary market play an important role as intermediaries.

The results of the empirical studies carried indicate that the returns to owning art over the period, 1972-1989 have been high and higher than the returns to financial assets. The results of the Portfolio Study confirmed by the results of the resales aspect of the Auction Price Study and by examination of the performance of individual artists.

The justification of public support for contemporary visual art is not very strong. Considerable doubt has been cast on the value of the proposed Droit de Suite scheme because the basis of the scheme that artists are exploited cannot be substantiated; artists have difficult in maldng first sales; most resales do not result in capital gains; the potential costs of a collecting scheme are substantial; and the introduction of the scheme will reduce the current demand for contemporary visual art.

The criticisms of the Australia Council have been accepted as the activities of the Council work to advance the interests of artists and contribute to the oversupply in the market. MARKET IN AUSTRALIA, 1972-1989

CONTENTS

LKTCWTARU^ M ACKNOWLEDGEMENTS vii ABBREVIATIONS vüi INTRODUCTION p 1 CHAPTER 1. OUTLINE OF THE WORK, THE INTERNATIONAL ART MARKET, AND REASONS FOR GOVERNMENT INTERVENTION IN THE ART MARKET Outline o f the Work The International Art Market p 9 The Primary Market p 11 Historical Development p 11 Artist Dealer System p 13 A h and Financial Investment p 15 Changes in Tastes in Painting p 17 The Secondary Market p 18 The Role o f the AH Museum p 22 Determination o f Art Prices p 23 Government Intetyention in the AH Market p 27 Public Goods p 28 Externalities p 30 The AH s as Public Goods p 31 The AH s and Externalities p 33 Measurement o f Options Values and o f Externalities ■ p 33 Willingness to pay Extt'a Tax fo r AHs and Culture p 34 Merit Goods p 39 Multiple Pi'eferences or ”Higher Values” p 40 The AH s and Merit Goods p 41 Rent Seeking p 41 Other Reasons for Government SuppoH o f the AHs p 42 AHs Policy and Public Administration p 43 Evaluation of Arguments Concerning Government SuppoH fo r the AHs and Especially the Contemporary Visual AHs p 44

CHAPTER 2. EMPIRICAL STUDIES OF THE ART MARKET AND FINANCIAL INVESTMENT IN ART Inti'oduction p 50 Studies o f Individual Artists p 50 Rush’s Study o f Auction o f Prices p 51 Portfolio Examples p 52 The Economist's AH as Investment p 53 A h Auction Studies p 56 Taxation p 69 Transaction Costs p 74 11

Critique o f Art Auction Studies p 74 Art Auction Studies and the Market for Contemporary Visual AH p 76 CHAPTER 3. THE CONTEMPORARY VISUAL ARTS MARKET IN AUSTRALIA Introduction p 77 p 84 Income o f Artists p 96 Collectors p 98 Commercial Galleries p 101 Total Sales in Commercial Galleries p 112 Non Commercial Private Galleries p 112 Scholarships and Prizes p 116 Major Prizes p 117 Public Galleries p 121 Regional Galleries p 121 AH Auctions p 123 Government Assistance to the Contemporaty Visual AHs p 124 The Austt'alia Council p 130 National Gallety o f Australia p 130 ArtBank p 131 Taxation Incentives fo r Donations o f AH p 132 Other assistance: Australian Creative Fellowships p 132 State Government p 132 p 134 «ÿWfMMMWy OMff COMCfMSioW p 134 CHAPTER 4. EMPIRICAL STUDIES OF THE CONTEMPORARY VISUAL ART MARKET IN AUSTRALIA Inti'oduction p 135 The Portfolio Study p 135 Characteristics ofAirists in PoHfolio Study p 137 Results o f the PoHfolio Study p 142 The Auction Pi'ice Study p 149 Disti'ibution o f Sales p 151 p 154 Size o f A h Works p 155 Calculation o f Average Real Pi'ice p 156 Double Sales p 162 Real Capital Gains on Resales p 165 Estimated Real Rate o f Return on Resales p 167 Individual Artists p 168 Consistent Evidence o f Large Real Gains in the Australian Contemporaty Visual Ati Market p 174 CHAPTERS. A MODEL OF THE ART MARKET Introduction p 175 A Model o f the Market for Contemporaty Visual AH p 176 The Demand for Contemporary Visual AH p 177 Expectations in the Art Market p 179 The Artistic Market Place p 183 The Exhibiting Dealer's Gallety p 184 Price Détermination in the Cottîempomry Visual Ali. Market p 186 The Supply o f Contemporary Visual Art p 187 Aiiists and The Theoiy of Superstars p 188 Factors Affecting the Supply o f Art Works p 196 Ptice Determination in the Contemporary Visual A ii Market The Static or Instantaneous Case p 197 Dynamic Analysis - Low Sales p 200 Dynamic Analysis - Increased Sales p 204 Transition to the Auction Market p 207 Conclusion p 210 CHAPTER 6. MODEL ANALYSIS Introduction p 211 The Australian "Droit de Suite" Proposal p 214 The Australian Copyright Council Proposal fo r Droit de Suite p 215 Formal Analysis o f the Australian Droit de Suite Proposal p 218 Empirical Study of Resales in the Auction Market p 224 Taxation Incentive fo r the AHs Scheme p 227 Improvements to Taxation Incentive Scheme for the AHs p 230 Conclusions p 231 CHAPTER 7. THE GOVERNMENT AS A PATRON: NATIONAL CULTURAL POLICY TOWARDS THE CONTEMPORARY VISUAL ARTS IN AUSTRALIA Inti’oduction p 233 The Goals o f Policy p 234 McLeay Committee Views p 234 Comments onMcLeay Committee Views p 237 Arguments Advancedfor SuppoH o f the Arts in Australia p 239 The Instruments to Implement Policy p 242 Net Benefits p 243 An Oversupply o f Artists? And Do Aitists Subsidise AH? p 244 Is There an Oversupply o f Places at AH Colleges? p 245 Alternative Policies p 248 Subsising Sales o f AH Works p 249 An Alternative Proposal p 254 Conclusions p 255

CONCLUSIONS p 257 APPENDDC 1: DETAILS OF ARTWORKS BY ARTISTS INCLUDED IN PORTFOLIO STUDY p 263 APPENDIX 2: DETAILS OF ARTISTS IN EMPIRICAL STUDIES p 265 APPENDDC 3: DATA USED IN EMPIRICAL STUDIES p 291 BIBLIOGRAPHY p 382 LIST OF]

Table 1.1 Types of Private Commodities and Public Goods, Following Millerson Table 1.2. Willingness to Pay for the Arts, USA, 1975-1987 Table 1.3. The Market for Arts, Consumer Spending on Culture and Leisure, United Kingdom, 1976-1984 (current prices, GBP, million) Table 1.4. Arts Attendance in Britain, 1984/85 Table 1.5. Attendance at Museums and Galleries, Britain, 1984/85 Table 2.1. Price Increases, Impressionist and Post-Impressionist Schools Table 2.2. Three Portfolio Studies by Rush Table 2.3. Changes in the Price of Paintings, The Economist Survey, 1979, 1983 Table 2.4. Changes in Sotheby’s Art Price Index and in Inflation, U K and USA, Selected Years Table 2.5. Summary Findings of Empirical Studies of the Monetary Return to Art Table 2.6. Differences between Empirical Studies Table 2.7. Financial Return to Art and Other Investments, Selected Years Table 2.8. Real Rates of Return of Paintings before and after 1950 Table 2.9. Variables Used in Two Empirical Studies with Hedonic Regression Table 2.10. Comparison of Rates of Return, Baumol and Frey and Pommerehne Table 3.1. Main Achievement of Visual Artists, Australia, 1986-87 Table 3.2. Estimates of Number of Contemporary Visual Artists, Australia Table 3.3. Involvements in Cultural Activities, 12 Months ended March 1993, Australia, ‘000 Table 3.4. Training Undertaken by Visual Artists, Australia, 1980 Per Cent of Visual Artists Table 3.5. Sources of Income by Major Categories from Primary Creative Income, Visual Artists, Australia, 1986-87 Table 3.6. Distribution of Income from Primary Creative Activity, All Arts Sources and All Income, 1986-87, Per Cent of Artists Table 3.7. The Exhibiting Dealer Gallery - Profile of a Gallery and its Artists Table 3.8. Number of major Galleries by Location, Australia Table 3.9. Galleries, Duration of Operation, Australia Table 3.10. Number of Art Galleries as Listed in Three Sources, Australia Table 3.11. Estimated Survival and Expansion Rates of Galleries, Australia Table 3.12. Total Annual Sales of Visual Art/Craft through Commercial Galleries Table 3.13 Estimates of Sales of Artwork by Members of the Australian Commercial Galleries Association, 1993-94, AUD million Table 3.14 Estimates of Sales by Commercial Galleries by Sales Categoiy, Australia, 1993-94 Table 3.15 Date of Establishment of Continuing Art Prizes, Australia Table 3.16 Major Art Prizes as Determined by Two Critics, Australia Table 3.17 Total Number of Attendance at Public Galleries, Australia, by States, Selected Years, Millions Table 3.18. Major Public Galleries, Australia Table 3.19. National and State Museums, Australia, 1988, Share of Total Income, Per Cent Table 3.20. National and State Art Museums, Income from Different Sources, 1987-88, Per Cent of Total Income Table 3.21. Total Annual Budget, and Visual Arts Share, Australia Council, AUD Million, 1976 to 1989 Table 3.22. Proportion of Value of Grants by VA/C Board to Each State, Per Cent, 1977 to 1985 Table 3.23. Selected Statistics: ArtBanlc, Australia, 1988-1989 Table 3.24. Expenditure by State and Territory Governments on Visual Arts, 1986-87, AUD ‘000 Table 3.25. Total Cultural Funding, Local Government, Australia, 1986-87, AUD Table 4.1 Art Awards Won by Artists in the Portfolio Study Table 4.2 Artists in Portfolio Study Classified by Style Table 4.3 Artists in Study Classified by Years Since First Exhibition Table 4.4 Artists in Study Classified by Style and Years Since First Exhibition Table 4.5. Ages of Artists in Portfolio Study Table 4.6 Estimated Rate of Return to a Portfolio of Australian Contemporary Art, 1972-1989 Table 4.7. Distribution of Nominal Price Increases of Art Works included in Portfolio. Table 4.8 Annual Increase in the Real Auction Price of Two Contemporary Artists, 1973-1989, Per cent per Annum Table 4.9 Distribution of Artists' Sales at Auction, 1973-1989 Table 4.10 Distribution of Arts Works Sold at Auction by Artists included in the Portfolio Study by Medium of Art Work, 1973-1989 Table 4.11 Art Works sold at Auction Classified by Style of Art Work and Frequency of Sale of Artist Table 4.12 Art Works Sold at Auction Classified by Years Since First Exhibition and Frequency of Sale by Artist Table 4.13 Distribution of Arts Works Sold at Auction by Artists included in the Portfolio Study by Auction House, 1973-1989 Table 4.14. Distribution of Arts Works Sold at Auction by Artists included in the Portfolio Study by Size, 1973-1989 Table 4.15. Number of Arts Works Sold at Auction by Artists included in the Portfolio Study in Each Year, 1973-1989 Table 4.16. Frequency Distribution of Sales by Nominal and Real Price, All Artists, 1973-1989 Table 4.17. Average Real Price of Art Works by Major Medium, All Artists, 1973-1989 Table 4.18. Price of Each Medium in Relation to the Average Real Price of Oil Paintings, All Artists, 1973-1989 Table 4.19. Number of Art Works Sold Classified by Major Medium Table 4.20. Average Real Price of Art Works by Major Medium, All Artists, 1973-1989 Table 4.21. Frequency Distribution of Resales, 1973-1989 Table 4.22. Resales as a Proportion of Total Sales, Individual Artists,1973-1989 Table 4.23. Frequency Distribution of Resales, All Artists with Resales, 1973-1989 Table 4.24. Frequency Distribution of Real Capital Gains, 1973-1989 Table 4.25. Distribution of Real Rate of Return on Resales, 1973-1989 Table 4.26. Descriptive Statistics, Real Rate of Return on Resales, All Resales, 1973-1989 Table 4.27. Year on Year Change in Average Real Price, Oil Paintings, 3001-15000 sq cm. Selected Artists, 1973-1989, Per Cent. Table 4.28. Year on Year Change in Average Real Price, Oil Paintings, 3001-15000 sq cm, Selected Artists, 1973-1989, Per Cent, Cont. Table 4.29. Proportion of Average Real Price of Oil Paintings, 3001-15000 sq cm, by Selected Artists to Total Market Price, 1973-1989, Per Cent Table 4.30. Proportion of Average Real Price of Oil Paintings, 3001-15000 sq cm, by Selected Artists to Total Market Price, 1973-1989, Per Cent, Cont Table 4.31. Real Average Price, Artist 17, Brian Dunlop, 1973-1989, AUD Table 4.32. Real Average Price, Artist 19, Ian Fairweather, 1973-1989, AUD Table 4.33. Real Average Price, Oil Paintings, 3001-15000 sq cm, Artist 60, Grace Cossington Smith, 1973-1989 Table 4.34. Real Average Price, Oil Paintings, 3001-15000 sq cm, Artist 66, Brett Whiteley, 1973-1989, AUD Table 6.1 Returns to the Various Parties under a Droit de Suite Scheme Table 6.2 Descriptive Statistics, Nominal Capital Gains, Resales in Auction Price Study, 1973-1989 Table 6.3 Frequency Distribution, Nominal Capital Gains, Resales in Auction Price Study, 1973-1989 Table 6.4 Frequency Distribution of Real Capital Gains, Resales in Auction Price Study, 1973-1989 Table 6.5 Information about the Taxation Incentive Scheme for the Arts, Australia, at June 1988 Table 6.6 Goals of the Taxation Incentives for the Arts Scheme, Australia, and the Effect on Participants Table 7.1 The Most That People would pay to attend an Exhibition; Per Cent of Respondents Table 7.2 Selected Characteristics of Visual Artists, Australia Table 7.3 Predicted vs Actual Artists’ Income, AUD, per hour Grateful aclcnowledge is made to the Australian Commercial Galleries Association which allowed use of data on sales originally collected by the author.

I would also like to express my thanks to my supervisor Professor P M Jackson for his considerable support. ABBREVIATIONS

AUD Australian dollar AGNSW Art Gallery of New South Wales AGSA Art Gallery of South Australia AGWA Art Gallery of Western Australia ANG Australian National Gallery GBP Great Britain pound JPY Japanese yen NGV National Gallery of Victoria QAG Queensland Art Gallery TMAG Tasmanian Museum and Art Gallery USD United States dollar This work is an economic analysis of the market for contemporary visual arts in Australia and of the national government policy towards the contemporary visual arts over the period 1972-1989. This period has been chosen because of the availability of auction records and because major changes have occurred in respect of national government policy towards the arts. The empirical analysis carried out in this work is the first of its type in Australia.

Contemporary visual arts are taken to be visual art objects produced by living artists. More detailed definitions of the types of visual arts are given as appropriate in later chapters but the major focus is on paintings which comprise the traditional product of visual artists and which are the major art objects produced by contemporary visual artists.

The analysis deals with new and innovatory art because these types of art enter into current economic production whereas heritage art, the art which forms part of the cultural capital of the economy, is a legacy of past production.

The objectives of the analysis are to determine if the market for contemporary visual arts operates effectively or whether it experiences market failure which would the justification for government intervention in the market.

There is an active set of primary and secondary market for contemporary visual arts operating in Australia and there are detailed records of art auction records available since 1973. The Australian market for visual art differs from European markets in that there is not a such a long history of production of art works so that heritage and ‘old master’ paintings do not form a large existing stock of work available for collector or which dominates the market. In addition, the major demand for paintings in Australia is for contemporary work although there is a market for European works by private collectors and art museums which hold a stock of works to illustrate the development of art.

The concentration on contemporary visual art is important because it takes account of the effect of market activities and government policy on the production of new art works. The empirical studies of art markets which are examined in Chapter 2 are concerned with auction market activity in “the greatest paintings in the world” consider a situation where prices are demand determined and where the elasticity of supply is zero because the stock of such paintings is fixed. Changes in prices for these paintings cannot affect directly the production of paintings although they may engender the production of fakes and forgeries. In the contemporary visual arts market, changes in prices for paintings and government policy will affect the supply because contemporary visual artists will respond to the economic incentives in these market signals and policy changes.

This work asks two major questions: “Does the market for contemporary visual art operate effectively?’ And, given the answer to this question, “What policies should the national government adopt towards the contemporary visual arts?” Central to the first question is the issue of whether contemporary visual art constitutes a good financial investment. If collectors, who purchase contemporary visual art in the primary market, can make a profit on their holdings of art, there will be market incentives for artists to produce works which will find as well as a consumption demand an asset demand. The general, but not exclusive, findings from the empirical studies of the returns to holding art that it is not as rewarding a financial investment as one in traditional financial assets such as bonds and shares may not be directly relevant to the contemporary visual art market because cotemporary paintings can increase in price substantially as the painter achieves fame and enters into the area considered important in art history. The basic postulate of this work is that the acquisition of contemporary art works in the early stages of an artist’s career can prove to be profitable when these paintings are re-sold on secondary markets. This view, that prices paid for contemporary visual art can increase substantially, is relied on by advocates of Droit de Suite or the Art Re-Sale Royalty which claims that legislative provision should be made to ensure that artists receive some part of the capital gain when their work is re-sold.

Given an answer to this question, the justification of government intervention in the market can be assessed. The important subsequent question in respect of government intervention is whether it should be directed towards providing benefits for artists or for the community at large.

The basic emphasis in the primary market is on the artist-dealer or exhibiting dealer system. This system is one in which the artist and the dealer enter into an exclusive arrangement whereby the artists market their works exclusively through one dealer who acts as artists’ agent and as a “booster” for their work and career. This system developed in Paris in the promotion of works of the Impressionists and Post- Impressionists through the dealers Durand-Raul and Kahnweiler. This system was introduced into London by Gimpils- Fils gallery and developed in New York by the great contemporary dealer Leo Castelli. The system has been adopted generally as the major method of marketing contemporary visual art and has developed in Australia since the 1960s.

The major secondary market for contemporary visual art is the auction market which is now dominated throughout the world by the two auction houses of Christie’s and Sotheby’s. While these houses operate in Australia, there are a number of local auction houses which have a long history and the Australian auction market now has a number of sales of contemporary visual art and a thriving market for contemporary paintings.

Chapter 1 provides the detailed outline of the art market in general; this chapter deals with the market for all areas of the visual arts but the relevance of the general features to the market for contemporary visual art is drawn out. This market is the international art market in “high art” This chapter also examines the arguments for government intervention in general and the contemporary visual art market in general. This analysis sets the background for the examination of the policy of the national government towards the contemporary visual arts in Australia. Chapter 2 considers empirical studies of the international art market in “high art”. The critique of these studies is that they have not taken into account sufficiently some factors which affect the judgment about the profitability of holding art as a financial investment. These factors are the appropriate strategy, the optimum holding period, the effect of taxation policies decisions to sell paintings at auction or donate to museums. In addition, it is argued that long run studies over 200-300 years are irrelevant to decisions to buy contemporary paintings. This chapter also examines the empirical studies of the returns to owning art. The chapter provides a critique of these studies and concludes that there are some unanswered aspects of these studies which do not allow an unqualified acceptance of the view that the returns to art are less than that of financial assets. In addition, the special features of the market for contemporary visual art suggest that further investigation of the returns to the ownership of paintings have to be explored in Chapter 4.

Chapter 3 is a detailed analysis of the market for contemporary visual arts in Australia. This chapter introduces new statistical evidence on the size of the commercial market based on data compiled from returns from members of the Australian Commercial Galleries Association and on the activities of such galleries. The evidence is that exhibiting galleries major activity is selling, for the first time, the work of living Australian artists to the private sector. This analysis considers the market in the broadest light talcing into account the extensive factors which affect the operation of the market. The analysis focuses on the artist-dealer system or exhibiting gallery system and on the dynamic aspects of the market. This chapter introduces some analysis of the Australia Council’s approach to defining who are artists and how to provide support to the visual arts. This chapter raises the questions of whether the Australia Council’s view of artists is too broad and sets the ground for further analysis of the more general question of whether there is an over-supply of artists in Australia generated by the system of government support.

Chapter 4 provides an empirical analysis of the market for contemporary visual art in Australia by undertaking a number of studies of the return to art. The first of these studies is a Portfolio Study which estimates the real annual return, over the period of 1972-1989, to a portfolio of paintings by 68 artists originally sold by commercial galleries in 1972. The results of this indicate that this portfolio out-performed financial assets over the same period. The reasons that this finding differs from the general findings in the literature are considered at length. Two further studies are carried out using the auction sales of these 68 artists over the years 1973 to 1989. The auction sales provide a data set of 4915 observations which allow a Double Sales study of the 290 works which have been sold at least twice during this period. The Auction Price Study estimates a price index for the market for each year over this period. Finally, the data allows for a detailed examination of the returns to the sales of a number of artists. These studies provide confirmation that the results of the Portfolio Study are consistent with the Auction Price Study.

Chapter 5 develops a model of the market for contemporary visual art which provides a general framework for the operation of the exhibiting gallery system in a dynamic setting and which uses the Economics of Superstars to explain the widely observed phenomenon of a highly skewed distribution of income to contemporary visual artists. Chapter 6 uses this model to analyse two policy questions, the Arts ReSale Royalty or its French term, Droit de Suite, which is the proposal that artists have a legislated right to share the capital gain on the resale of their works. This proposal is based on assertion that there are gains to be made from selling art works and that artists are disadvantaged under current circumstances so that government intervention is required to protect their interests. The chapter analyses a specific proposal advanced in Australia. The second application of the model is to taxation incentives for the arts.

Chapter 7 is an examination of the national government’s policies towards the contemporary visual art. The analysis is centred on the questions of whether the policy provides benefits to the community or merely re-distributes income to artists; the question is posed as to whether the national government has become a patron of the contemporary visual arts. The second question is whether by concentrating policy on supply aspects, rather than demand factors, the policy creates an oversupply of artists. The findings of the empirical work on the operations of the market are relevant to this analysis. CHAPTER 1. OUTLINE OF THE WORK, THE INTERNATIONAL ART MARKET, AND REASONS FOR GOVERNMENT INTERVENTION IN THE ART MARKET

Outline o f the Work

Although this thesis is a study of the contemporary visual art market in Australia it is first necessary to consider the economics of the visual arts in a wider context and to consider whether the visual arts have public goods characteristics and whether there are reasons for government intervention in these markets. The visual arts can be considered in three categories which are heritage art, new art and innovatory art. Heritage art is the art from the past which has a special position in the history and appreciation of art; such art is usually, but not exclusively, held by public museums and galleries and in some countries official restrictions on the export of such art are maintained. New art is art which is current produced but is made in the tradition and style of the past. Innovatory art is art which is currently produced but which has been made by new techniques or approaches and which attempts to change perceptions about what is art and what are the appropriate cannons of aesthetic appreciation. The best historical example of innovatory art is the French Impressionist art of the nineteenth century which was at first rejected by the art legitimisation authorities (writers, critics, collectors and connoisseurs who are influential in shaping opinions about aesthetic and artistic standards) and which also was derided by practising artists. However, Impressionist art has been accepted not only as legitimate art but as high art worthy to take its place in the stocks of heritage art. In the last forty years. Impressionist art has been avidly sought by private collectors and public museums all around the world so that the prices for Impressionist art in the international art auction market have risen to very high levels. Impressionist art is viewed as the ‘blue chip’ stock by those who consider investment in art. The rapid increase in prices paid for artworks of the Impressionist and later schools during the life time of the artists who created the works prompted the call for Droit de Suite legislation to allow artists to share in the capital appreciation. The Australian proposal for Droit de Suite legislation is analysed in Chapter 6.

In this thesis contemporary visual art is taken to be new art and innovatory art which is currently produced by living artists; such art produced by recently deceased artists is also included. The market for contemporary visual art consists of a primary market and a secondary market. The primary market is where contemporary visual art is sold for the first time by artists to collectors. The major primary market considered in this thesis is that of the exhibiting dealer market. In this market, artists who are self-employed artisans who are motivated not only by the opportunities to earn income and accumulate wealth but also by the pursuit of fame which occurs if their art is accepted as a significant new art form which is included in the heritage art of the future. Collectors are categorised as private collectors who buy and own art because of a genuine interest in art and for aesthetic reasons but at the same time are aware of the prospects of capital gains. Corporate collectors collect for similar reasons although in many cases the decision to collect is determined by the interests of top management. In addition, corporate collectors use their collection of art to promote a particular corporate image. Public institutions usually, described as museums or galleries, assemble major collections of heritage in order to show through exhibitions of such art the development of art and the current standards of aesthetic appreciation. (Standards of appreciation of heritage art do change; in current times, paintings depicting sado­ masochistic themes of flagellation or the martyrdom of saints are poorly regarded by people interested in art and such paintings command very low prices in the market and minimal audiences in galleries.) Public institutions also buy contemporary art in order to be able to exhibit new developments in art and in order to acquire potential heritage art at low prices and in advance of general opinion. The public institutions in this way play a role as an art legitimisation authority and have an important influence in the market for contemporary visual art. Whether art is public good or is a good with significant externalities is discussed later in this chapter as is the question of the extent and appropriate form of government support.

Exhibiting dealers play an important role as intermediaries in the primary market and as agents of artists and as promoters of artists’ work. The exemplars of the exhibiting gallery are the Paris art dealers of the nineteenth century whose practices of entering into long term exclusive business relationships with artists has endured into the twentieth century by become standard procedure in the New York market. The role of dealers in the art market has generally promoted controversy and Chapter 5 of the thesis analyses the economic role played by dealers. The secondary market in visual art consists of the auction market and the broker market. As discussed at length in Chapter 5 the primary market is one where administered prices obtain and, for an artist to succeed, prices achieved in the primary market must be sustained in the secondary market. Extensive attention in this chapter is given to the international art auction market because this market has grown substantially in the current century and now occupies a pre-eminent position in the art world as the results of auctions are regularly reported and discussed in the quality press. As well, records of international auction prices for over three centuries have been maintained and have been extensively analysed by economists. These studies are considered critically later in this chapter and the techniques used in these studies form the basis of the empirical studies of the contemporary visual art market in Australia which are reported in Chapters 3 and 4. The studies derived from the international art market are taken as a benchmark in evaluating the results of the empirical studies reported in chapters 3 and 4. The broker or dealer market is another secondary art market but relatively little attention is given to it in this thesis because there is little published information available about this market and this market has declined over the last fifty years as competition from the auction market has diverted stocks away from the broker market. The auction houses have increased the incentive for sellers of artworks to send these to auction rather than to sell through a broker by reducing the commission charged on sales to the sellers; the compensating adjustment has been to increase the buyers’ premium.

The thesis contains two major areas of work; the first is the analysis of the art market and the second is a number of policy studies. The analysis of the art market proceeds by first establishing that there is a market for art. This is done by showing in the historical survey later in this chapter that primary art markets have existed for centuries in Europe and that these markets have generated both incomes for artists and capital gains for collectors. Of particular significance and interest are the Netherlands art market which was a thriving market patronised by a large segment of the population and the market in Victorian England which saw a strong market for contemporary art and which produced strong economic returns for the participants. The evidence is also conclusive that the secondary auction market has operated for centuries and has recorded a substantial number of sales. The general economic view is that returns to holding art, based on the evidence of double sales in the auction market, have been lower than the returns available from financial assets. This view conflicts with the findings of the empirical studies reported in Chapters 3 and 4 and a number of reasons is given to explain this discrepancy.

The building blocks for the analysis of the art market are demand and supply relationship although it is shown that dynamic elements rather than static analyses are important. The basis of the dynamic elements is drawn fi-om the Economics of Super Stars which attempts to explain the common statistical finding in relation to earnings of artists that the distribution of earnings from art is highly skewed with a few artists earning very large incomes relative to the mean which the majority are clustered around the mean. The Economics of Super Stars suggests that the difference in talent between artists is small and may be zero for the Super Stars and some artists who have not achieved fame. The basic hypothesis of the Economics of Super Stars is that the probability of success for new entrants to the art market is low but is roughly equally for all entrants. Success comes to artists as they gain from a series of critical events (which may be the luclcy breaks attributed to success in show business such as the understudy talcing over the star role.) At each critical point the probability of ultimate success is increased while on the other hand failure at a critical point reduces the probability of ultimate success. The Economics of Super Stars explains why young artists persist in the art market in the face of no or low initial sales. Young artists who enjoy non-pecuniary income and life style benefits continue in the art market in the hope of the ‘big break’; for young artists, the decision to be an artist is equivalent to buying a ticket in a lottery where, while the probability of success is low, the prize is very great and the price of the ticket in terms of income foregone is also relatively low. Artists are risk-lovers who base their supply decisions on an inflated probability of success so that they supply more art to the market than could be justified by a decision based on an objective assessment of the probability of success.

There are four policy studies in the thesis: 1. a general study of reasons for government intervention in the art market; 2. an analysis of the Australian proposal for Droit de Suite legislation; 3. an analysis of the Australian Taxation Incentive for the Arts; and 4. an evaluation of the Commonwealth Government’s policy towards the contemporary visual art in Australia. The general study of government intervention is based on the public economics concepts of public goods, merit goods and externalities and is undertaken in this chapter. The argument suggest that in face of the fact that there is a well functioning market for art market failure is limited and the reasons for intervention are much stronger in relation to heritage art than contemporaty visual art.

Chapter 3 gives an intensive examination of the Australian contemporary visual art market and shows that extensive and well functioning primary and secondary markets exist. The empirical studies of Chapters 3 and 4 shows that the financial returns to owning Australian contemporary visual art is high and the prospect of substantial capital exists.

Chapter 6 shows that, while private contracts cannot enforce all the aspects of the proposed Droit de Suite, the current market price of art includes the present value of the expected capital gain and that introduction of a Droit de Suite proposal would be expected to reduce the current price of paintings and sales. The argument of this analysis continues the dynamic analysis of Chapter 5 by showing that it is the dynamic operations of the art market process which creates the value of artworks. Chapter 6 analyses the Australian Taxation Incentive for the Arts scheme which encourages donors to gift artworks to galleries and museums. The theoretical justification for this Scheme is a merit goods argument but the practical effects of the Scheme do not ensure that donations to public collections are what the collection requires.

The analysis of the Commonwealth Government’s policy to the visual arts accepts the proposition that the objective of government policy is not to provide benefits to artists but to give benefits to the community. An alternative policy to subside the demand for contemporary visual art is advanced and this proposal suggests the subsidisation of works shown in exhibitions and the institution of an art union, a lottery, to encourage greater ownership of contemporary visual art.

This chapter proceeds to consider the historical development of the international art market, the factors affecting the prices of artworks, empirical studies of the art market and the reasons for government intervention in the art market. 10

The International Art Market

There have been organised markets for artworks for hundreds of years; records of art auctions exist from 1650. There was a thriving art market in seventeenth century Holland while the modem primary art market with the artist-dealer system has its origins in the Parisian art market of the late nineteenth century. The art dealers, Durand-Ruel and Kanweiler, did much to shape the structure of the modern market for contemporary art. In the twentieth century, the focus of the contemporary art market has moved to New York where one of the doyens of art dealers was Leo Castelli. The primary market for contemporary art where paintings are sold for the first time is now based on the artist-dealer system under which artists and galleries enter into a long term contractual relationship. There are other forms of the primary market particularly in the United Kingdom where the Academy remains an important outlet for first sales.

The secondary market consists of a dealer market and the auction market. Dealers may act as principals, brokers or as agents. The auction market is now dominated by the two international auction houses of Christie’s and Sotheby’s. The international auction market is now centred on London but other important centres are Paris and New York as well as European centres in Switzerland and Germany. In general, the art market remains substantially unregulated although restrictions on the export of artworks and control of auctioneers in many European countries have assisted the movement of the market to London.

The auction market is competitive with the other major secondary market, the dealer market, which also interacts with the auction market as dealers are significant actors in the auction market. The auction market generally does not deal in contemporary visual art produced by young and emerging artists whose work is sold in the primary market and in the dealer market. In general, it is only when artists achieve some standing that their works are sold in the auction market. The auction market concentrates on sale of artworks with an established position in art appreciation.

There are no published empirical studies on the contemporary visual arts market but there are a number of studies of the auction market which seek to determine whether holding art for 11 financial investment purposes is profitable. These studies are examined and some criticisms of their conclusions are offered.

Attention is given to the factors which determine the price of paintings. The insights from this examination and of the empirical studies are used in the examination of the Australian contemporary visual arts market, the empirical studies of the Australian contemporary visual arts market and in the model of the contemporary visual arts market.

The Primary Market

The primary market is that in which art works are sold for the first time.

Historical Development

The primary market for art has developed substantially over the centuries. The major developments have been: o from patronage to market; o from craftsmanship to artistic creativity; o the development of dealer relationship; and o the increased role of government.

In times before the 17th century, the primary market was one in which private patrons, principally the Church and the nobility, commissioned specific works to be made by artists who were regarded as craftsmen or tradesmen. The commissions were usually detailed often requiring the incorporation of particular images and the use of particular styles or materials. In consequence, the discretion available to the artist was limited. The themes of art works were derived from religious or classical topics. In the Renaissance, artists depicted more secular and contemporary themes and exercised more independent judgement about the selection of the topic and the execution of the work. This development became more pronounced in the Dutch art market which saw the emergence of genre painting which represented scenes of ordinary life such as incidents in the annual cycle of rural life; celebrations such as weddings or events from domestic activity.

In the 19th century, artists and dealers developed more formal and complete relationships which set the foundations for modem art markets in which dealers consciously attempted to 12 promote the fortunes of the artist to the profit of both parties. The artist dealer system supplanted the dominance of the Academy as a vehicle for exhibitions of new art works and for the development of artists. The Academy, as instituted in France and England, effectively certified the competence and standing of artists by imposing conditions on the election of artists to the Academy and then by providing exhibition space only to members of the Academy. In the 19th century, Impressionist paintings were excluded from the annual Academy exhibition giving rise to the alternative exhibition for rejected works, the Salon de Refuse. While the Academy represented a government process supporting the credentialing of artists, more extensive government support of the arts occurred in the 20th century when direct funding was provided to the arts. In England, the concept of arm-length, peer-reviewed grants to individual artists and arts organisations was instituted. Similar developments were implemented in the United States where further support to the arts was provided by generous taxation relief concessions to donations of works of art to museums. The 20th century also saw the expansion of public museums in England and non-profit museums in the United States.

It is possible to identify a number of market outlets for artists in which art works are sold for the first time which include: (1) from the studio or self arranged exhibition; (2) on commission; (3) through an Academy; (4) through an exhibiting dealer.

Artists have sold, and still do sell, through their own efforts but, in general, such arrangements are unlikely to be satisfactory. In the first place, in doing so, artists advertise their lack of recognition and lack of support from established art outlets. Secondly, such arrangements require artists to devote time to promotion and sales activity which diverts them from their activity of creating art works. In order to succeed in this way artists need business sldlls and experience which are not generally combined with the artistic life.

However, these methods of sales may be appropriate in any of the following circumstances: a. when the artist has an established following; 13 b. when the artist wishes to introduce a new style of painting which does not gain immediate acceptance in orthodox circles; or c. when the artist wishes to make an artistic statement about artistic practice or to take a particular artistic position.

Centuries ago, artists were typically commissioned by a patron, usually an aristocrat or the church, to produce art works for private or public display. The commission remains available in the modem market and, while it is not uncommon for artists to receive commissions for public art, usually sculpture, and portraits, this practice is now usually considered to be a minor part of the market.

In some countries, but particularly in England, an artistic Academy, which is both a credentialing authority and an outlet for artists' work, is an important market place. Membership of the Academy, often in several grades, confers public recognition on the achievement of the artist. The Academy organises regular exhibitions of members' work to which the public are invited as potential purchasers. Works hung in the exhibition may be subject to jury selection or subject to quota under which different classes of members have different quotas. The Academy will take a commission on all sales made at the exhibition but does provide a marketplace for artists and the provenance for collectors.

Aiiist Dealer System

The role of the dealer in the contemporary visual art market to provide services to both collectors and artists and the commission obtained by the dealer is a reward for providing these services. The dealer has not always been seen in this light; much of the dislike of producers and consumers for the middle man comes into play in some previous attitudes to the dealer. In the past, dealers have been berated for having the "temerity to charge 10 per cent commission on the sales of pictures" and have been referred to slightingly as middle-men "to act between the painter and buyer like a broker or commission agent"\ In a similar view, Piclcvance has written of the dealer, the more empirical of us "will do more than grudgingly admit him as a necessary evil, a dark shadow across the body artistic. For that shadow has

’ Maas, (1975), p53 14 become a reality, a fact of artistic life, from 1850s onwards. So much has the power and influence of the dealer increased that his tastes and instincts, his actions and decisions have affected the development of painting, as well as the course of collecting"^.

Development of art dealers, who are based on the concept of artist-dealer originated by Durand - Ruel in promoting the work of the Impressionists but adopted by other Paris based dealers, became the standard approach to dealing in contemporary visual art^. The idea is essentially that an artist contracts to sell his works only through the agency of one dealer, in return for which the artist receives an annual allowance, or simply a share of the higher prices for his work resulting from the dealer’s promotional activities. There have been some circumstances where artists are retained on a stipend and all their output is acquired by their dealer; Kahnweiler did this for some artists in Paris and in current times some dealers in New York have followed this practice'^.

Modem dealers have liked to portray themselves in a more favourable light. Some of the spirit of modern dealing has been expressed by Kahnweiler, the famous Paris dealer, firstly in stating what he was not and then by expressing what he wanted to be. Kahnweiler spoke of the other type of dealer in the following way ; "He was the kind of dealer who provided his customers with the merchandise they desired" but "I wanted to be an art dealer who would offer for public admiration, if I may say so, painters whom the public did not Icnow at all, and for whom it would be necessary to clear the way"^.

^ Cited in Maas (1975) p53 ^ Keen (1971) noted that the foundations of the London market in contemporary painting were laid by two foreign dealers who had settled in London after the war, Erica Brausen, of the Hanover Gallery, and Pierre Gimpel, of Gimpel Fils and that they brought with them to London the concept of the artist-dealer relationship

'' There are historical analogies to this practice. Haskell (1980) p6 states: "The closest relationship possible v between patron and artist was the one frequently described by seventeenth-century writers as servitu particolare. The artist was regularly employed by a particular patron and often maintained in his palace. He was given a monthly allowance as well as a normal market price for the work he produced." ^ Kahnweiler (1971) p38 15

Art and Financial Investment

While there is an attitude about art that it is a higher level activity above the concerns of commerce or ordinary market transactions, it is true that many people seek to make a living from art. There have been markets for art for a long period of time as it has been said that painting became a commodity with the birth of easel painting®.

Historical evidence suggests that the idea of collecting art for financial investment is not a new idea. Keen (1971) notes the development of the art market in Flanders and Holland during the 16th and 17th centuries which rivalled Italy as centres of artistic innovation. In this market the social context was very different. Whereas in Italy, collecting was essentially limited to the rich and the noble, in the northern market by contrast, this period saw the rise of the middle-class collector. It was noted that it was common for middle-class merchants to spend lavishly on collecting paintings and works of art and that “the most important element introduced into the art market was speculation. The Antwerp bourse was at the time something like a European Wall Street, a centre of frenzied speculative activity. Then, as now, the gambling instinct, once encouraged, spread rapidly. Speculation on the fame of artists was a natural development, paralleled in seventeenth century Holland by a wildly speculative market in tulip bulbs.” The country was extremely prosperous and the production of paintings to meet this demand was prodigious. The large number of Dutch paintings still on the market today stands witness to this extraordinary era. Faith (1985) notes that for over 200 years the Dutch showed how an art market can be socially broadly-based, and achieve an acceptable balance between collecting for pleasure and profit.

The Victorian era was described as a Golden Age for contemporary British artists. Maas (1975)’ explained how the Victorian contemporary art market worked. Pictures by living

®Moulin (1987) pi ’ "The new patronage came appropriately from the 'new men' - the great tycoons of the industrial Midlands, the cutlers and cotton Icings of the forties, the druggists and textile merchants of the fifties, and the ironmasters of the sixties and seventies. Feverishly they laid the foundations of their great fortunes, building large houses - often with entire wings made into galleries - and employing vast retinues of domestic servants. Some aftected the airs of the landed gentry, and others flaunted the humbleness of their origins and hung the garishly flock- papered walls of their mansions with genuine Old Masters - if shrewdness and luck were on their side - or, as often as not, tawdry oven balced falces ... 16 painters became objects to be commissioned, discussed, exhibited, bought singly or by the score, hung, returned to the artist for alteration, rehung, bartered, exchanged, sold by private treaty, auctioned, copied (in duplicate or triplicate), revised, and sold yet again. The prices of this art leapt in bounds, fell, rose again in multipliers of five, ten or fifty. In 1848, the August n umber of the Art-Journal declared that “it is the middle class chiefly by whom our school is patronised: many of these are gathering around them galleries of Art which, at some future day, will rank as high as any of past times, and in monetary value will be as marketable.”

Keen (1971) also notes that American collecting only began to make a powerful impact in the market towards the end of the 19th century. It is only since the Second World War that American collectors have shifted their interest to the work of contemporary artists. This view is supported by Faith (1985) who held that Americans came relatively late to the idea that it was possible to make money out of art. Even outside Holland it was nothing new. In his h istory of Christie’s, published in 1926, H. C. Mariller writes of'people who buy pictures as an investment or at least with the idea of an investment at the back of their minds’.

Other factors which were important in confirming the possibility of financial gain from collecting and owning art were the importance of portable wealth as a hedge against inflation and depreciating currencies. So much that a survey conducted by the French magazine Amater d ’art in 1953 found that investment and speculation were overwhelmingly the most important motives behind art collecting*. The other factor was the favourable taxation treatment of donations of art to museums particularly in the United States. Faith (1985) claims that these 20th century changes overthrew the practice of hundreds of years because the new rich had a many of the new collectors lacked the full benefits of formal education, and were largely self-improved in the maimer best prescribed by Samuel Smiles. The great manufacturers of Manchester, Liverpool and Birmingham were in due course to malce it a point of honour to buy pictures by living artists, and often talce particular care to see them in the 'maldng' from start to finish...

Small wonder it was, in this great time of prosperity, that art became Art. Pictures by living painters became objects to be commissioned, discussed, exhibited, bought singly or by the score, hung, returned to the artist for alteration, rehung, bartered, exchanged, sold by private treaty, auctioned, copied (in duplicate or triplicate), revised, and sold yet again for prices that leapt in bounds, fell, rose again in multipliers of five, ten or fifty - all this and more on what became a massive scale.

By 1848 there could be no doubt as to the identity of the new collecting class. In the August number of the Art- Joumal of that year, the writer roundly proclaimed:'it is the middle class chiefly by whom our school is patronised: many of these are gathering around them galleries of Art which, at some future day, will ranlt as high as any of past times, and in monetary value will be as marketable. ^ Cited in Faith (1985). 17 vested interest in keeping prices high, thus showing that they had consumed lavishly, but yet shrewdly and profitably. Nevertheless, their influence would not have been dominant without the tax change, which produced a new conspiracy, of rich 'benefactors’ and museum curators, vitally interested in keeping market values up.

In standard economic theory, tastes are taken as a datum not subject to further explanation; however, this is not entirely satisfactory in the market for contemporary visual art because, as has already been argued, the principal economic agents in this market not only expect tastes to change but further expect to anticipate this change in tastes to their own advantage. This expectation is based on a general reading of the development of appreciation of art; this reading says that what was once avant-garde, revolutionary, innovatory and disturbing to then established taste will become, in time, lauded conventional, generally acceptable and a part of standard culture. This implies also that some art works once regarded as belonging to the high culture can be displaced completely or displaced to an inferior position.

There are many examples which support the first reading; the most famous is the contrast between the initial reception given to the work of the Impressionists and their later acceptance which moved to the current cult status this work enjoys. A story from Vollard (1978) illustrates how new work displaces the old^. Another story due to 'Vollard (1978) illustrates the influence of peer pressure and middle class pretensions in shaping tastes^®.

He tells of the Paris collector who, when selecting a work of art as an investment for his daughter's dowry, chose to purchase, on the advice of his cousin, a Professor of Drawing, a watercolour by Detailed for 15,000 francs, rather than Van Gogh's Champ de Coqulicots, as recommended by Vollard. The collector returned to Vollard 25 years later to ask what a picture-dealer would give for the Champ de Coqulicots. "Well my friend you would get more than three hundred thousand francs". "What about my Detailed, then?" "Your Detailed! The Musee du Luxembourg has had what was considered his masterpiece - the Battle of Huningen - talcen up to the garret, and even the rats won't look at it.” p63 "I nearly let myself in for one of those bloody Impressionists", another visitor remarked. "One day, without looldng at the signature, I bought a picture of the very bit of the Oise where my wife and I are fond of going for a wallc. It was the image of the place. When we saw it in the window, we couldn't help it: we went off with it at once: ' What! You're got a Pissaro in your house? I wasn't long in getting rid of it, I can tell you! To begin with, Impressionist painting is against my principles; and besides, my vrife says that when one has five daughters, one must be carefiil to give a good tone to the home.” p39 18

Other readings of the development of taste point to the significance of political factors; two examples are given by Reitlinger” . Other facts suggest that the process of gaining recognition and acclaim can be very slow'^.

The Secondmy Market

The secondary market is that in which art works originally sold in the primary market are re­ sold. The major segments of the secondary market are the dealer market and the auction market.

The Dealer Market

The dealer market is a secondary market selling previously created art works. Dealers take on a number of forms; some purchase stock for resale, some have galleries, some try to avoid outright purchase to act only as brokers, some act only on commission, some ignore auctions and some buy only at auction for stock or for clients. The interdealer market can also be active. The dealer market has as its customers collectors who seek particular works or examples of a style or a school to complete a collection and museums. In modem times, the auction market has become increasingly competitive with the dealer market by attempting to obtain stock by reducing the commission charged to sellers at auction.

” "After 1975, when the French invasion of Holland brought several Dutch collections to London, the English cult for the Dutch school reached extravagant heights. Some of the prices, paid by the Prince Regent in 1811 and 1812 through the Marquess of Hertford and Sir Francis Baring, were not equalled till after 1900. At this time the Dutch paintings had become something more than substitutes for good examples of the Italian school that were unobtainable. They had become a form of political taste, a Whig taste. Painted by republicans, for the most part Protestants, at the time of the English Civil War and the Commonwealth, they acquired new virtues during the political struggles of Fox and Wilkes against court influences." Reitlinger (1961) pl3

"... the growth of the French taste for Dutch and Flemish pictures of low company had become involved with politics, just as it had in England. In France the background was not of fashionable Whiggery but fashionable rationalism. The Dutch and Flemish genre painters inflicted no dim religious light on their clients. The more their work recalled the daily scenes of life, the more their compatriots lilced it." Reitlinger (1961) p 14 "With Vermeer the situation has been very different. The fact that the existence of several works of the most modem-minded of Dutchmen was discovered, just when this seemed no longer possible, created in the first place several daring buyers and in the second place the most daring forgeries in history. In 1888-1892, in spite of a more serious attitude to the subject, Vermeer prices were still dull and five of the very finest changed hands at GBP 2000 to GBP 2600. The soft tonal fashion in painting of the fin du siecle then gave Vermeer pictures a tremendous boost." Reitlinger (1961) p206. 19

The Auction Market

The market for art works is an international market consisting of a supply of art which has been produced in previous years; this market is not concerned with currently produced art. Modern art by living artists, which has achieved some art historical status, does enter the market.’* The market is primarily an auction market dominated by the two firms, Sotheby's and Christie's, which conduct auctions throughout the world but principally in London and New York; other major centres are Paris, Amsterdam and Geneva. The market has become an international market in which bidders can participate from other locations by telephone and proxy.

The market participants can be categorised as dealers, collectors and museums. Dealers consist of those who operate a retail gallery with purchased stock; dealers who act as brokers; dealers who trade on the interdealer market. Museums are generally buyers of art although some are now becoming sellers under policies of de-accessioning.

The market is centred in London because it is relatively free from government regulation; it has been described as one of the last examples of almost unregulated laissez-faire capitalism’^’. Estimates of the total size of the market vary with the precise definition and particularly whether decorative items such as antiquities, ceramics, photographs but the market was estimated as USD 10-40 billion in 1988’® while the top estimate for the market in 1991 was made at USD 20 billion’®. Turnover of each of Christie's and Sotheby’s first exceeded USD 1 billion in 1987” and Sotheby's turnover was claimed to be nearly USD 3 billion in 1989.

Other centres have become significant; US collectors have been important since 19th century but since the Second World War have concentrated their interest on contemporary art making New York the Mecca for modem artists. Tolcyo is a substantial centre due to an upsurge in Japanese collecting which is regarded as relatively unsophisticated being concentrated on

” "Contemporary Art: There's One Bom Every Minute," The Economist, 311, 27 May 1989, 17-22 reports that works from artists such as Jackson Pollock, Andy Warhol and Francis Bacon are joining the impressionists and post-impressionists as the most expensive art that money can buy. Stevenson (1990), si-si 5 ” Lee 1988) pp. 65-70. Merril Stevenson (1990) SI-SI5 ” "The Best Is Yet To Come," Asian Finance, 14, 9, 15 September 1988, 28-31 20

Impressionist and Post-Impressionist works. It is estimated that Japan accounts for 30 per cent of the international art market reflecting in the value of paintings imported to Japan’* and 60 per cent of the market in the Impressionist and Post-Impressionist market’®". Other Asian markets are growing in activity with auctions in Hong Kong receiving support from collectors from Singapore and Taiwan.

The importance of each centre in the international auction market is determined by the extent of official restrictions on the market. In some countries, government regulations affect the operation of the market. For example, in Italy, there are export restrictions under which all works of national interest are required to be listed with an official who has the right of enforced purchase of listed work. In addition, exports of art are licensed and an export tax levied. In France, national museums have a pre-emptive right of purchase at auction sales and, as in Italy, export licensing in force. Licenses can be refused in which case the State is not obliged to purchase the work. In consequence of these and similar restrictions, activity in the market has gravitated towards centres, such as London and New York, where such impediments do not exist.

European centres tend to suffer as a result of government regulation. In Italy, the export of art works is subject to discretion of government officials who hold a list of all art works which are considered to form part of the artistic heritage of Italy; in France, the State has a pre-emptive claim to acquire works of national significance at the final bid at auction; in England, export of art works considered part of the national heritage may be delayed to allow funds to be raised to buy the object to be retained in England^®. In general, art works are not offered at centres where such restrictions are likely to pose a problem for buyers and sellers.

The government of countries can create barriers to entry as an auctioneer and can be significant in determining "the rules of the game" for auctions. In many countries, auctioneers are state officials or licensed by government. In Austria, the local Land issues licences for

Miller (1990) p68, p70. Paterson (1990) also claims that Japanese collections now contain seven of the 10 most expensive paintings ever sold at auction. Reeves and Boll (1991) p 356. 21 holding auctions at which Business Operation Rules, the procedure under which the auction is conducted, as approved by the authorities are posted; in the Netherlands publicly appointed officials must be in attendance at auctions of moveable goods to ensure the rules of the game are followed.

The object of the auction is to determine the market price for the work on offer; the market clears when the price is greater than or equal to the lowest price the seller is prepared to accept and less than or equal to the highest price a buyer is willing to pay. The actual conduct of the auction is carried out according to "the rules of the game. " The rules of the game as applying to art auctions cover such matters as the setting of reserves, cataloguing, provision of estimates, the fees charged by the auctioneer, and the rights of participants.

Bidding is conducted under the English system with bids ascending in value with the highest bidder obtaining the work at the hammer price; the seller of the work is allowed one bid, the reserve price, and, if not exceeded, the work remains with the seller.

The auctioneer charges the seller a percentage of the hammer price and in a growing number of auctions the buyer a buyer's premium as well.

The auctioneer prepares a catalogue of works for sale usually indicating the price range (the estimate) at which it is expected that the work might sell. Catalogues have tended to become elaborate with illustrations and careful descriptions of the works and their provenance.

Auctioneers have an incentive to see that all works offered are sold and are sold at the highest price so setting the estimates and the reserve prices requires skill and Icnowledge. Attribution of works to named artists requires expert Icnowledge and is made according to a defined code. Attribution becomes much less of a problem with modem and contemporary art works.

The potential for conflict between auctioneers and other market participants has been increased by the recent practices of auctioneers of offering financial support to buyers and 22 guarantees of a minimum price to sellers^’. These and collusive bidding on the part of groups of buyers can distort the market; taxation measures and the charging of a buyer's premium increase transaction costs. Despite this and sporadic claims of market manipulation, prices received at auction are regarded as market prices and the auction market as one of the few relatively unregulated markets.

Sales and prices have increased since Second World War. In the 20 years to 1970, according to Times-Sotheby’s Index, art prices multiplied generally by a factor of at least 10 The market is subject to booms and slumps - from 1988 to 1990 contemporary art prices as measured by the Times-Sotheby’s Index doubled but this segment of the market suffered a correction in 1991 when large proportions, 20-40 per cent, of offerings were unsold at auction and the estimate for even notable works had been seriously reduced**.

The Role of the Art Museum

The role of the museum is fundamental to twentieth century notions of the art market. The museum provides a stock of art works on view so novices can learn more about art, more experienced participants can enhance their appreciation and scholars advance researches*'’. In addition, there has been an expansion of the number of public art museums financed by government grants and supported by donations from private persons who often receive taxation advantages for doing so. Museums are an important factor in the market as their purchases take art works from the market reducing the potential supply. A new policy of de- accessioning collections, that is, selling works from museum collections, has been introduced in the late 1988s and 1990s; this policy, which is controversial, has not however been adopted on such a widespread scale to expand the supply of works to the market.

Wechsler (1990) p 42 claims that Sotheby’s is the only auction house to offer a guarantee to consignors under which the consignor receives a minimum amount but if the work sells for more Sotheby's receives a higher rate of commission on the difference and that in 1989 Sotheby's financed USD 200 million of sales. Geraldine Keen (1971) p24 Dobrzynsld (1990), p51 claims that Willem de Kooning's July, priced at an estimated USD 8-10 million in 1989, would be catalogued in at an estimate of USD 5-7 million. Keen (1971) 23

Determination o f Art Prices

While the art market is seen as an ordinary market in which supply and demand factors are the determinants of art prices, there are some factors, particular to the art market which are important in determining the price of pictures which include:

1. the medium; 2. artistic merit of the picture; 3. the reputation of artist; 4. whether the picture is a museum pieces or a collector piece; 5. the art historical importance of the picture; 6. the strength of an attribution from an expert; 7. the picture's provenance; 8. the condition of picture; and 9. whether the picture is rare.

1. Medium

The medium in which the art work is made is an important determination of the price. Generally speaking, oil paintings sell for a higher price than other mediums such as watercolours. Prints which are produced in multiple-copy editions sell for less than single copy works. Prints sell for less, in part, because they are less rare; oil paintings sell for more because they are more durable.

2. Artistic Merit

Modem taste places a premium on artistic merit rather than fine craftsmanship. Artistic merit is now seen as being derived from original creativity than highly refined sldlls or dexterity. One of notable features of modem times is the higher status given to artistic genius than fine craftsmanship. Impressionists and modem paintings are pace makers of the auction market; the Old Master market is dominated by museum demand. 24

3. The Reputation of the Artist

The reputation of the artist is thus quite critical in modem markets. In the contemporary visual arts market artists together with their dealers are concemed develop their reputation so that their prices will rise.

4. Museum Pieces or Collector Pieces

Some art works are, by their nature, particularly their size, seen as being museum pieces rather than as collectors’ items to be held in private homes. This factor leads to a segmentation of the market where the demand for some art works depends purely on the strength of the museum demand.

5. Art Historical Importance

There is a wide spectrum of prices between modest work of the same medium and size and a really fine or important painting which has an assured place in art history. A work may be important because it marks a tuming point in the development of the artist’s work, is a strildng example of the style or has had some effect on the development of an art style beyond the particular artist’s work. This factor gives the art historian a particular role in the art market as a definitive article or book can shape the reputation of an artist. This factor is of especial importance in contemporary visual arts markets where the eventual significance of an art work waits on significant critical appraisals.

6. Strength o f an Attribution

This factor is not of especial importance for modem paintings but does come into play in respect of work from earlier periods where artists worked together in studios or more informal circles and where artists employed apprentices to prepare canvasses or undertake some blocldng-in of preparatory work. Such circumstances have created some difihculty for modem collectors who cannot be absolutely sure that a work is actually the product of a particular artist. The auction houses have an elaborate code to describe attributions so that a catalogue 25 entry which stated a work is “by A. N. Artist” is a statement that the work is believed to be by A. N. Artist whereas entries such as “attributed to A. N. Artist” ; “from the school of A. N. Artist”; “in the style of A. N. Artist” and “from the circle of A. N. Artist” are statements of varying authority implying that the work most likely is not by A. N. Artist and as such would be expected to command a much lower price. Such codes are well loiown and publicised in art auctions and well Icnown to experienced participants in the market. However, such attributions are not absolute and can be changed by reference to expert opinion. While it is not common for attributions to be changed, there are examples where this has occurred. The ability to affect and change attributions gives a power to experts whose deliberations can affect dramatically the value of a picture.

7. The Picture's Provenance

The provenance of a picture is simply its relevant history of ownership. Pictures which have a good provenance or a detailed history of ownership will command higher prices because there is greater certainty of their authenticity and less likelihood of a changed attribution. The provenance of modem and contemporary works is generally well established and is unlikely to be significant in determining prices in contemporary art markets.

8. The Condition of Picture

Pictures in good condition will command a premium over those which have been damaged or require restoration in some other way. Certain techniques have endured because they intrinsically provide durability and the foundation for retaining good condition. Thus, painting in oil on canvas is a time honoured technique which is Icnown to be durable. The practices of artists during the 1960s which lead to experimentation with new synthetic paints on non- traditional surfaces was innovative but has lead to doubts about the long mn condition of such works. 26

9. Rarity but must be enough interesting examples

Pictures must be in defined supply, other things being equal, to realise good prices in the auction market so rarity is a bull factor. However, a unique work is simply that and can only be sold once; auction houses prefer works to be rare but to be members of a small class of works so that the sale of one work will affect future prices of the other members of the class.

The Role o f Government

As indicated previously, the role of the government in the art market has increased in this century; in the following section the economic reasons for this intervention are considered.

Reasons for Government Intervention

Why should the national government intervene in the contemporary visual arts market? The next section examines the general case for the support of the arts by government and the particular case for government support of the contemporary visual arts.

The Standard Reasons

The general case for subsidising the arts and the contemporary visual arts has to be made in the context of the economic analysis of public goods, externalities, merit goods and distributional issues. The case against government support for the contemporary visual arts rests on the considerations that the major markets for visual art contemporary visual art are private markets which appear to work well. In addition, the major components of the earnings of contemporary visual artists from arts activities are from sales through commercial galleries into private markets.

The contemporary art market is one in which private goods, artistic objects such as paintings*®, prints*®, photographs*’ and other such as sculpture, are sold**; contemporary

“ Paintings are defined as “two dimensional works of art dependent upon the predominance of representional of masses as opposed to drawings which depend largely on linear representation. In its technical sense, works of art created usually with a brush by means of a medium oriented to the depiction of mass areas such as oil, gouache, synthetic polymer paint, tempera or watercolour.” Committee on Taxation Incentives for the Arts Scheme. (1989). It is usual to regard pastel and collage as a form of painting. 27 visual artistic practice now encompasses "post-object art", which includes computer art, video-art, performance art and some forms of conceptual art*®, which is not readily saleable. The market for art is dominated by sales of paintings and prints.

Government Intei^vention in the Art Market

The general presumption in economic analysis is that competitive market outcomes are socially optimal; this conclusion*® is valid only if the following conditions hold;

1. no economic agent has market power; 2. the commodities sold in markets are private goods; there are no public goods or externalities in consumption or production; and 3. the initial distribution of income and wealth is regarded as equitable or "fair".

The standard economic answer to the question of why the government should intervene in a market points to the existence of externalities and merit goods. Three main arguments in support of the proposition that the market tends to underestimate the value of "arts commodities" when compared to other goods and services have been advanced. These are that artistic activities generate externalises or spillover benefits for the whole society which are not included in the market price of the arts activity, for example, the price of a ticket for a performance or the price of a painting or a sculpture. Arts commodities may also be regarded as merit goods. Consumers may place an option value on the opportunities to enjoy cultural activities even if they currently reserve their rights to exercise that option. The value placed on this option by consumers is the amount that they are willing to pay to preserve that option over time. This value is not actually collected in monetary terms but exists in addition to the market receipts from cultural activities. One external effect generally attributed to the arts is the establishment of cultural, social and national values.

Prints are defined as “limited edition multiple images printed under the artist’s supervision.” .” Committee on Taxation Incentives for the Arts Scheme. (1989). It is usual to distinguish between prints in this sense and “reproductions”, mass- produced replicas of visual material, which are referred to as, incorrectly, “prints”. ” Photographs are defined as “images reproduced through the chemical action of light on senitised paper or other support.” .” Committee on Taxation Incentives for the Arts Scheme. (1989). ^ A formal analysis of markets for the contemporary visual arts has been made in Stanford (1989) ^ Especially installations which incorporate perishible commodities. Further and more formal discussion is given by Atkinson and Siglitz (1980). 28

Public goods are goods which are consumed collectively and for which there is no meaningful distinction between individual and total consumption. As Samuelson (1954) explained that "... each individual’s consumption of such a good leads to no subtraction from any other individual consumption of that good”. For a private good with two consumers, Samuelson (1955) defines the total consumption of that good as the total of the consumptions of all consumers so that, for two consumers, total consumption of the private good, Xi, = Xi’ + Xi* whereas for a public good, total consumption is Xg’ = Xg and X 2* = X%

A public good has three properties:

1. one person’s use of it does not mean that there is any less of it available to everyone else, that is, non-rivalness in consumption or zero opportunity cost in consumption; 2. no one can be denied access to it, that is, non-excludability from consumption obtains; and 3. everyone must use it or be affected by it whether they want wants to or not, that is the public good must enter into the consumer’s preference or be a matter of “individual concern”.

These characteristics of a public good provide for the polar case but there are many goods which fall between the other pole of a private good and this. Milleron (1972) states that “It is not easy to provide a unique and clear definition of a pure public good” and provides a more detailed classification of private and public goods based on the concepts of exclusion of use, individual concern as opposed to collective concern and free disposal.

Exclusion of use exists in relation to private goods, for example, consumption of a private good such as potatoes by a consumer means that this consumption precludes consumption of same potatoes by anyone else. However, in the case of a public good, such as street lighting. 29 the enjoyment of that lighting by one consumer does not preclude the enjoyment of the same lighting by other people.

Individual concern obtains where a variable does not concern more than one agent so that this variable is defined an individual concern variable. Collective concern obtains when a variable concerns at least two agents so that it is a collective concern variable.

Free disposal is a term used to overcome the difficulty of using the term ‘consumption’ in discussing the theory of collective consumption. The meaning of private consumption is clear because it is related to the idea of “destruction” by individual use. In relation to public goods, consumers may be concemed with a variable which also enters into their utility function, but their concern does not lead to destruction of that variable as is the case with private goods. An example of such a variable is given as the number of hospital beds available during year. Consumers may be concerned with this variable even though they believe it unlikely that they will use the facilities during the coming year. Such variables are better defined as “environmental variables” which are essentially collective concern variables.

The classification of private commodities and public goods based on these criteria ie shown below Table 1.1. 30

Table 1.1 Types of Private Commodities and Public Goods, Following Millerson

Exclusion of Use Exclusion of Use No Exclusion of No Exclusion of Use Use Individual Concern Private commodity Private commodity Public good Private commodity vrithout free with free disposal without free vrithout free disposal disposal disposal and with externality A B

Collective Concern Private commodity Private commodity envirorunental Private commodity without free with free disposal variable with free disposal disposal and vrith and with externality and vrith externality externality C D E G

Under this classification, the existence of art collections and art museums can be counted as “environmental variables”.

Externalities

Externalities or external economies imply that, as a rule, market prices in a competitive economy will not reflect marginal social costs of production. Hence ' a market failure’ arises meaning that the market economy cannot attain a state of efficiency on its own. Specifically, in an otherwise 'perfect’ market economy, a producer who has external economies (positive external effects) on other producers would not extend his externally-generating activity to the point where marginal cost of production equals marginal social benefits of production which amounts to the market value of his marginal output plus the market value of the side-effect on the output of other producers. Externalities in this meaning were once referred to as technological external economies reflecting the fact that the effects were transmitted outside the market mechanism and altered the technological relationship between the recipient firms output and the inputs under its control. The visual arts display some externalities in that public collections can be viewed by more visitors without excluding other viewers. Such collections are subject to congestion. 31

The Avis as Public Goods

In many ways the visual arts do not meet the criteria for pure public goods. Individual art works have the characteristics of private goods particularly of excludability although there is a degree of collective consumption because enjoying the services of an art work; liking at or “appreciating it” by one consumer does not prevent another from doing so at the same time. Individual art works may be what Milleron refers to as “a private commodity with exclusion of use and free disposal with externality” if some account of is taken of the other’s consumption of this. The public good aspect of the arts may lie in the aspect referred to by Milleron as “environmental variables”. The examples of art as a public good include Robbins (1976) view that art is part of the cultural heritage of a country and hence is a value which should be preserved. Gramp (1984) maintains that the cultural heritage is in two parts: one is the art of the past that a nation possess while the other part is the tradition of doing such things, for example, painting. Gramp regards the second part as what properly belongs in the argument that art is should be subsidised as a public good because only in that way the activity be perpetuated. Under this argument, it is claimed that art is an activity of which the people of a country are proud and want to see assisted.

Gramp points to two further concepts of art as a public good: the first of these is that art is something people value not because they continuously experience it, as they do with the cultural heritage, but, because it is available as an option open to them, to have if they should want it. This concept is described as an option demand. The second concept of art as a public good makes it a source of national pride (which is enhanced by the admiration and the envy of people of other nations). These concepts are what Milleron classifies as “environmental variables”. Gramp refers to other ways in which art is said to have the properties of a public good by: 1. stimulation of creative thinldng; 2. encouragement of a critical attitude towards social institutions, thereby to make them better; 3. improvement of manners, 4. refinement of taste; 32

5. provision of a public amenity; 6. engendering fellow feeling; and 7. talcing the dampness out of society.

Similarly, the claims of Frey and Pommerehne (1989) that there are public goods aspects or positive external effects of the rely on the existence of environmental variables. They point to: 1. An option value which arises because an individual may benefit from the supply of culture even if he does not currently use it. Such a demand is not reflected in the market because no effective demand is exerted;

2. A positive existence value of art which exists for those not using them. In articular, this value may exist for historic buildings which, once destroyed, are unlikely to be rebuilt in the original state on purely commercial grounds.

3. A positive bequest value under which the preservation of art may have benefits for future generations, which cannot express their preferences on currently existing markets. As a result, valuable traditions of artistic production may be lost forever if they are not exercised and handed over to the next generation.

4. A positive prestige value which exists because art institutions may have a value even for those who do not use their services, or who are not interested in art at all. Examples are the Paris Opera or the Scala in Milan, which provide a sense of national pride and help to maintain the national cultural identity.

5. An education value under which artistic activities have a value in that they may help a society to foster creativity, to improve the capacity for cultural evaluation and to develop aesthetic standards. These aspects benefit all persons in a society. The corresponding utilities created are difficult, and sometimes impossible, to internalise within the market. Mass media and other industries also benefit from art by enjoying positive external effects without correspondingly carrying the cost of education of artists producing this art. 33

The Avis and Externalities

In addition to the externalities considered by Frey and Pommerehne above, Gramp considers the argument that art yields positive externalities in the sense that, in addition to the people it benefits directly, it benefits others indirectly. If such a proposition is true, there is a case for the subsidisation of art from public funds. The externalities created by the arts can be “real” if they increase total production or can be pecuniary if they increase the money income of people who are affected indirectly as well as directly by payment of subsidies. Gramp points out that the pecuniary externality most credited to the arts is that they attract people to a city or country. The other class of externalities is real externalities and these have been described by Netzer (1978) as 1. each art form is better, the greater the amount of art in other forms; 2. each will itself be better in the future, the more there is in the present; and 3. the greater is the amount of art in any form at any time, the more likely is some of it to be experimental.

The wealcness of the argument in relation to pecuniary external economies are that: o what one community gains fi'om a subsidy another loses by having fewer visitors and by possibly having to pay higher taxes to finance the subsidy; o The losses are most evident within a country where o the arts are subsidised in some cities and not in others; and o the subsidies are provided by the national government.

Measurement o f Options Values and o f Externalities

Public attitudes towards government assistance can be considered in three ways by: 1. asldng people in a representative survey whether they are satisfied with the level of government involvement in the arts, and, if, they are not, whether they prefer more or less public support; 2. observing how people actually behave (revealed preference). Citizens are looked at in their capacity as voters. In principle, a voter may express his demand for the government’s 34

cultural activities by supporting those political parties meeting his wishes at elections. A more direct and informative way is to analyse the outcome of popular referenda on proposals referring to art; and 3. calculating the indirect effects of arts expenditure.

Willingness to pay Extra Tax for Arts and Culture

In the United States, an opinion poll has been conducted to give an indication of how much taxpayers would be willing to contribute by way of increased taxation to support for the arts. The poll asked the question, “The federal government now pays out over USD 900 per capita for defence, USD 140 for education, and no more than 75 cents per capita for the arts. Would you be willing to pay USD 25 (USD 15, USD 10, USD 5) more in taxes per year for the arts, or would you not be willing to do that?” 35

The answers given to that question over the period 1975-1987 are shown below:

Table 1.2. Willingness to Pay for the Arts, USA, 1975-1987

Year (in percent) 1987 1984 1980 1975 USD 25 more: Willing 56 53 51 41 Not willing 42 45 45 53 Not sure 3 2 4 6 USD 15 more: Willing 62 61 59 46 Not willing 36 38 39 50 Not sure 2 1 2 4 USD 10 more: Willing 70 66 65 51 Not willing 28 32 33 44 Not sure 2 2 2 5 USD 5 more: Willing 75 72 70 58 Not willing 23 26 28 37 Not sure 2 2 2 5 Source: Americans and the Arts V, Louis Harris and Associates, Inc., cited in Fullerton, D. ‘Tax Policy Towards Art Museums.’ in Feldstein (1989).

These data indicated that taxpayers express a willingness to pay more for support of the arts; indeed, there appears to be an increasing willingness to support increased taxation for this purpose. The criticisms of these studies is that those interviewed do not have to pay any money and are not given any alternatives such as an increase in taxation for some other expenditure program. 36

Myerscough (1988 a, b and c) has undertaken a number of studies of arts and cultural expenditure in the United Kingdom. His definition of “art and culture” is very broad as shown by the data in the table below;

Table 1.3. The Market for Arts, Consumer Spending on Culture and Leisure, United Kingdom, 1976-1984 (current prices, GBP, million)

Consumer spending on: 1976 1979 1980 1981 1982 1983 1984 Recreational and entertainment services 0.7 1.2 1.4 1.6 1.6 1.8 1.9 Books, records, newspapers, photo 1.4 2.2 2.7 3.0 3.3 3.5 3.7 Radio, TV, instruments, durable 2.0 2.9 3.2 3.5 4.1 4.6 4.9 Total 4.0 6.3 7.2 8.1 9.1 9.8 10.5 as percentage of consumer expenditure 5.3 5.4 5.3 5.3 5.5 5.4 5.4 Source: Myerscough (1989 a, b and c)

Myerscough adopts a very wide definition of culture including such items as admissions to theatres, cinemas, other arts events, galleries and museums and country houses and social subscriptions and spectator sports; the club fees include sports and swimming clubs. Photographic equipment is included under durables, radio, TV, musical instruments, TV and video hire charges, licences fees and repairs.

Table 1.4. Arts Attendance in Britain, 1984/85

Consumer spending on admission GBP Million

Attendance Per Cent Per Cent Millions Museums and Galleries 73 29 18 4 Built Heritage 59 24 34 8 Theatres and concerts 49 20 256 59 Cinema 70 28 125 29 Total 251 100 433 100 37

Table 1.5. Attendance at Museums and Galleries, Britain, 1984/85

Attendance Attendance Number Millions Percentage of Facilities National Museums and Galleries 25.1 34 54 Local authority museums and galleries 22.6 31 750 Other museums 19.7 27 906 Galleries and temporary loan exhibitions 5.4 7 255 Total 728 100 1955

This method of the analysis of the economic impact of the arts is to measure the three income streams generated by arts spending. These income streams are referred to as direct income, indirect income and induced income. Direct income is defined as the income paid to employees and proprietors of theatres, galleries; indirect income is defined as income paid by suppliers to the theatres, galleries while induced income is that income paid as a result of the re-spending of income earned directly and indirectly. To summarise the effects of arts expenditure it is possible to calculate two multipliers, the incremental multiplier, and the proportional multiplier which are defined in the following way; The incremental multiplier = Direct income + indirect income + induced income / Direct income The proportional multiplier = Direct income + indirect income + induced income / Initial spending

The case for subsidising the arts is supported because there exist pay-offs from public spending in the following ways: 1. a source of significant levels of income and employment; 2. a source of export earnings; and 3. a stimulus to ancillary industries, especially as a loss leader for tourism.

In addition, there is claimed to be further potential areas of benefit arising from: 1. the generation of extra jobs; 2. the provision of lines of artistic and financial support to commercially-based industries; 38

3. a supply of public benefits which are not translated into effective demand by the marketplace such as the 4. prestige value of the arts: people enjoy a feeling of local or national pride and identity promoted by arts organisations even though they do not attend events and performances themselves 5. option value: individuals believe that arts organisations should be kept in being, because they, their family and friends, may wish to make use of them one day 6. legacy value: artistic traditions, organisation and products should be maintained for the sake of future generations who are not in position to express a preference in today’s market place. 7. Intrinsic value: individuals who do not enjoy the arts themselves, but, appreciate their artistic or creative worth, derive satisfaction indirectly from the enjoyment that family, friends or others derive from them.

In Myerscough (1988 b), a study of the effects of arts spending on a local region, Glasgow, the major findings on the economic value of the arts; the arts were: 1. a significant economic sector in their own right; 2. an expanding part of the economy; 3. generators of growth in ancillaty industries; 4. a source of spin-off into a growing number of industries; 5. a source of export earnings for the regional economy; 6. stimulus to tourism; 7. a cost-effective means of job creation; 8. providers of lines of financial and artistic support to the commercially-based cultural industries; and 9. a catalyst for urban renewal.

Less tangible effects revealed by the study were: 1. improvement of the image of the city and make the region a more attractive place to live and work; 2. locator firms take account of the cultural amenities of Glasgow. 39

Merit goods differ from public goods in that merit goods are those goods which are evaluated by a norm, alternative to that of consumer sovereignty^ \ Musgrave (1987) states that the concept of merit goods cuts across the distinction between public and private goods so that a “more fundamental set of issues is raised, issues which do not readily fit into the conventional framework of micro theory as based on a clearly defined concept of free consumer choice.” Musgrave sees the most appropriate setting for merit goods as being one where an alternative norm replaces consumer sovereignty; an example is a setting where individuals, as members of the community, accept certain community values or preferences, even though their personal preferences might differ. Examples given such as concern for maintenance of historical sites, respect for national holidays, regard for the environment or for learning and the arts are cases in point. Such general acceptance, in turn, may affect one’s choice of private goods or lead to budgetary support of public goods or lead to budgetary support of public goods even though own preferences spealc otherwise. By the same token, society may come to reject or penalise certain activities or products which are regarded as demerit goods. Community values generate merit or demerit goods and common values reflect the outcome of a historical process of interaction among individuals, leading to the formation and establishment of common values or preferences.

Other settings in which merit goods exist, according to Musgrave, are;

1. Patemality in Distribution and 2. Multiple Preferences or ’’Higher Values”

The context in which Patemality in Distribution is to be considered is either by voluntary giving or redistribution through the political process of majority rule. A donor may derive utility from giving to a recipient in Idnd rather than in cash under voluntary giving. Such paternalistic giving does interfere with the recipient’s preferences. However, the recipient is not harmed by the gift, even though the gain is less than that from a cash grant, because it is open to the recipient to refuse the grant. Charity by way of paternalistic giving thus involves

Musgrave (1987) p452 40 imposition of the donor’s preferences, of what goods the donor considers of merit for the recipient. At the same time, giving in kind is in line with consumer sovereignty at the donor level, as the donor’s satisfaction depends on what the recipient consumes.

While recipients may prefer to take cash, they may do better by settling for in-ldnd programmes under redistribution through the political process of majority rule which appeal to donors. Redistribution by majority rule may occur through in-kind transfers. In a similar way to patemality in distribution, donors may impose their preferences on recipients but only subject to the terms of the social contract. Many budget programmes rendering services to the poor such as health welfare and low -cost housing are of this type and have been classified as merit goods.

The role of merit goods arises in the context of primary distribution. The general case is delivering an entitlement to 'fair shares’ in income and wealth but leaving the use of such income and wealth to individual choice. However, this concept may be viewed in terms of a fair share of particular goods or bundles of particular goods and services. In which case, the merit good argument allows allocation in an in-ldnd form. It is possible to combine both approaches in various ways. For example, society may view it as fair to modify the distribution of income via a tax-transfer scheme, while, at the same time, also arranging the distribution of certain goods such as scarce medical treatment outside the market rule. Alternatively, society may wish to assure an adequate minimum provision, but to do so by providing for a bundle of necessities rather than the equivalent minimum income to be spent at the recipient’s choice. Goods separated out for non-market distribution might then be viewed as merit goods.

Multiple Pi'eferemces or ^Higher Values”

A further perspective on the concept of merit goods views the problem within the sovereignty context. This approach postulates that that preferences may be derived from conflicting sets, as in the distinction of Harsyani (1955) between subjective and ethical preferences, and in the concept of disinterested choice due to Rawls (1971). The term, merit good, has been applied to goods chosen under the latter ( ethically superior’ ) set of preferences. Such choice may 41 involve private as well as public goods, although they may be more likely to enter in the latter context where they may prove less costly due to the sharing of tax burdens.

Musgrave states that the other contexts in which the term merit good can be used include the pathological cases where the norm of consumer sovereignty remains the preferred solution, but where difficulties in implementation have to be met. These may be viewed as exceptional circumstances and not part of the essential merit good problem. Musgrave further states that the rule of fashion does not define merit goods.

The Arts and Merit Goods

The Merit Good argument is a common argument applied to government support to the arts. This argument rests on the belief that art should be supplied in response to an ethical superior set of preferences rather than consumer preferences. Gramp (1984) has given expression to such a view by saying that Art is a merit good, which people believe they should have more of but do not demand more even though they can afford it. If they are to have what they believe they should have it must be subsidised. The concept of Patemality in Distribution in the arts applies to the common provision of encouraging acquisition of art works by museums from benefactors through in-kind donations prompted by taxation incentives. This concept would provide some justification for the imposition of donors’ tastes on the community.

Rent Seeking

Rent seeking has been identified as a common activity in economic behaviour; rent seeldng is the attempt to gain an advantage by obtaining special treatment from the government. The existence of rent-seeldng implies that some people receive a benefit, at the expense of others, which is not necessary to ensure the supply of a commodity or service. The success of rent - seeldng is more likely if the number of seekers is small relatively to the number of others who incur the cost of the rents in the form of higher prices, higher taxes and lower incomes. As governments become more involved in the provision and financing of the arts, there is greater scope for people to obtain a sectional advantage. Gramp (1984) states that people in the arts not only are convinced they are entitled to assistance but that they are also convinced that they, and not those who provide it, should decide how that assistance is to be provided. 42

Gramp further states that the rent -seeldng of the audiences for the arts comes at a low price because most of the effort is made for them by the arts organisations, like museums and performing companies which of course capture some of the rent themselves. Similar considerations apply to the activities of artists who seek government grants. Successful applicants gain a benefit for themselves at the expense of taxpayers and an advantage over artists who do not receive grants. Those who gain permanently from arts subsidies include people whose talent or ability is scarce and is much in demand and would be even if the arts were not subsidised but is in greater demand because they are.

Other Reasons for Government Support o f the Avis

There are a number of other arguments advanced for government support of the arts. These include the following; 1. The demand for art depends on the supply or supply is a creator of demand; 2. Art should be available to everyone for reasons of equity; 3. Art is labor intensive; and 4. The stock of art must be maintained

King and Blaug (1976) state the view that tastes, and hence, demand tend to be stimulated by the mere provision of artistic facilities; Gramp (1989) expresses this argument by stating that the demand for art depends on the supply, in the sense that without art being made available to people they never would know its value, and in order that it be available in the proper amount it must be subsidised.

Under policies of Access and Equity, art should be available to everyone, for reasons of equity as well as efficiency, and not available only to those who can afford it. In order to ensure that art is available to all, it must be subsidised. This argument makes the two factual assumptions that there are now only a few people who have an interest in art and there would be more with such an interest if its price was reduced. This argument tends to be contradicted by the evidence of attendance at art galleries and museums which indicate that interest in arts is limited and is limited to well educated and high income persons. 43

The argument that art is labour intensive implies that as, labour becomes expensive over time, the relative cost and price of art rise and that without a subsidy to keep the price down, the amount of art demanded falls and activity in the arts declines. This argument is more often put in relation to the performing arts rather than the visual arts.

Maintaining the stock of art to meet option, heritage and legacy demands is not an activity which is profitable as a private activity so there must be a subsidy. This argument implies that art held by the state or a non-profit body would be maintained better than art held in private hands.

Art is displayed under conditions of decreasing average cost. If museums are to be utilised fully the price of admission must be low; but at a low price they cannot meet all their costs. Hence a subsidy is required to cover the operating loss.

Arts Policy and Public Administration

Many of the decisions relating to government provision or support of the arts are made in the context of public administration so that the mechanisms by which government support is provided is important in the actual operation of arts policy. In the United Kingdom, government support to the arts is provided through direct grants to museums and galleries and through the Arts Council, an organisation operating at arms-length from central government and providing support through a system of peer-review so as to provide State support without State control. In the USA, support for the arts has been provided through taxation incentives and by direct grants. Art museums in the USA are mostly private non-profit organisations administered by a body of trustees. Direct grants to artists and arts organisations are made in the United States by the National Endowment for the Arts, NE A, established in 1965. The objectives of the NE A are to make the arts more widely available to the public and to strengthen arts organisations. The NBA operates at arms length from government, the enabling legislation specifically provides for this separation, and employs peer-review panels to evaluate grant proposals; this approach, derived from that used by the National Science Foundation, is seen as a bulwark against attempts by politicians or bureaucrats to impose their artistic preferences on the arts community. Evaluation o fArguments Concerning Government Support fo r the Arts and Especially the Contemporavy Visual Arts

The arguments for government support for the arts are various but not all relate directly to support for the contemporary visual arts. It is useful to consider three types of visual art: o heritage; o new; and

o innovatory.

Heritage art is art which has gained acceptance as being important or as “high art”. New art can be thought of as that currently produced in the manner and tradition of an established artistic tradition or in the style of an accepted artistic custom or convention. Innovatory art is art currently produced in a style which heralds a break with tradition and custom; it is avant garde art. Contemporary visual art comprises both new art and innovatory art.

Public support for heritage art is justified on public good grounds as it has, by definition, heritage values, but also has option, bequest and education values. Just how much consumers value these options is another matter as is the question of how holdings of heritage art are to be maintained and displayed. Stocks of heritage art are usually held by public or private non­ profit museums rather than private for-profit museums which would be unable to price entry charges so as to cover all costs. If access and equity considerations are important, the appropriate policy for displaying the heritage stock is not one of centralisation but one of dispersal in regional galleries and of the provision of touring exhibitions.

The justification of public support for contemporary visual art is less clear. The case for support can be made in terms of encouraging an artistic practice or tradition, of providing education in the arts and of ensuring the production of new art for future potential inclusion in the stock of heritage art. These matters will considered further in the specific context of policy towards the contemporary visual arts in Australia. 45

It is difficult to deny that government subsidy to the contemporary visual arts rewards rent- seeldng behaviour. Grants to contemporary visual artists clearly benefit the recipients but it is not clear what benefits accrue to others. The economic test which such grants must pass is whether the total benefits will exceed the benefits derivable from grants to some other activity. It is further not clear how the subsidies to the contemporary visual arts should be financed. Under Lindahl principle, the subsidies should be financed by levies on the people who benefit from it. As Gramp (1984) expresses it, if a subsidy benefits everyone, it should be paid for by taxing each proportion to his benefit; if it benefits only particular people, they and they alone should bear the cost of it. The evidence is that attendance at art museums and galleries is drawn from higher income groups and the better educated. For example, in the United States, results of a 1985 household survey cited by Clotfelter in Feldstein (1989) show that attendance at galleries and museums rises with income and education measured by years at school.

Frey and Pommerehne (1989) argue that there exists no such thing as the 'welfare of society’ in any area and least of all in the cultural field. What there is are only interpretations by public decision-makers of what Idnd of art should be supported. It would be expected that there is a large subjective element in such interpretations even though those decision makers may not be aware of the subjectivity. Thus, Frey and Pommerehne maintain that, even if politicians and administrators were inclined to pursue the common good in the case of art, they would do so in a quite personal way. Frey and Pommerehne claim that such a circumstance can lead to providing returns to rent-seekers. As decision-makers have private interests in the cultural area being reflected in a great many personal, political, social and regional relationships to some artists and art institutions, and none to others, it is obvious that public support tends to be directed into those areas of the arts with which decision makers are most familiar. The greater the amount of money involved, the greater will be the economic interest in the distribution of subsidies. Rent seekers will attempt to expand the importance of this economic interest by resorting to arguments such as that the arts have a stimulating influence on the economy, and that they are particularly good for boosting tourism.

While the merit good argument is used as a justification for the support of the contemporary visual arts, this argument implies that public subsidies should be directed towards those who do not attend arts venues. The merit good argument provides a basis for the encouragement 46 of donations in-ldnd to museums through the taxation system. If art works are seen as merit goods through the agency of higher preferences, it is appropriate for donors to be able to impose their preferences on museums and the public.

Conclusiom and Summavy

The discussion in this Chapter has shown that there is an international market for the visual arts of long standing; that artists are able to sell their work into the primary market and that the existence of a secondary market allows collectors to resell artworks possibly for a profit and to obtain capital gains. The extent to which sales in the secondary market produces a profit and capital gains is subject to extensive examination in Chapter 2.

The finding that there is a market in art eliminates the basic reason to treat the visual arts as a public good and to justify a public subsidy. The arguments considered in this Chapter suggested that the case for considering that there were externalities in the art market rested on the following premises. The visual arts produce a cultural heritage which consists of a stock of artworks from the past and a tradition of producing artworks. While the private market provides an incentive to maintain this stock because of its private value realisable by sale in private markets, there are other non-market values which increase the overall value of the stock of artworks. These values are identified as being an option value, an existence value, a bequest value, a prestige value and an education value. Hence citizens may be willing to pay taxes or support some other policy action in order to maintain a stock of artworks. There remains a fundamental problem of measurement of the amount that citizens are willing to pay. The survey technique under which people are asked the amount they would pay to support an arts related activity will give misleading results unless the alternatives are specified. The types of government activity which would find support are subsidy of museums and galleries, government purchase of important or significant artworks; prohibitions on the export of artworks and public expenditure on education about art.

Since art is created under market conditions, the original holdings of heritage art will be in private hands. Under these circumstances it is necessary to enquiry if private incentives will be sufficient to maintain the stock of heritage art. Private owners have an incentive to hold 47 heritage art in anticipation of capital gains and for prestige reasons as the ownership of important artworks confers a particular status on the owner similar to that resulting from the ownership of stately homes or historic buildings. The cultural heritage can be preserved if the stock of heritage art remains in private hands even if the stock is not available for public viewing. However holding heritage art in this way is less than socially optimal for two reasons. The first deviation from optimality occurs because some citizens would be prepared to pay to have the art displayed to the public in order to realise the prestige value of art to the entire community. If national communities can be thought of as being in competition for prestige, a public display of one country’s heritage art is necessary to demonstrate superiority over another country. The second deviation occurs if an educational value of heritage art exists, it is necessary to be able to access the stock of heritage art.

Owners of heritage art do have an incentive to open the collection to public viewing either by displaying the collection in a public place where no charge is levied (an example would be where a financial institution with a collection of heritage artworks displayed these in the foyer of its offices) or by charging for admission. The appropriate public policy under circumstances where prestige values exist is to encourage the exhibition of heritage art by a subsidy to the private owners to meet additional exhibition costs and to meet the costs entailed in loans of the works for public display. It is also appropriate to subsidise the costs of international exhibitions of heritage art held in private hands. Similarly, if heritage art has an educational value, an appropriate policy is for the educational authorities to pay the private owners to access the artworks. In this way the costs of accessing the heritage collection is met in the educational authority’s budget.

Government intervention may be required if private owners wish to dispose of the stock of artworks. Maintaining the stock of national cultural heritage requires interference with the right to dispose of a privately owned collection. In a domestic sale, action by government purchase or subsidy of another collection to acquire artworks, is required to prevent the dispersal of a significant collection. Government action to prevent the export of significant cultural artworks can take the form of a prohibition of the exports of designated works, the delay of permission to export to allow domestic sources to raise the funds necessary to purchase the works or by pre-emptive government purchase. A general prohibition on the 48 export of cultural heritage artefacts may reduce the value of the work to the private collector as for example in the case of Impressionist paintings owned by French residents as the value of such paintings is higher on the international market than on the domestic market. A prohibition on the export of such paintings will maintain the national stock of heritage artworks at the expense of the private owner. An alternative policy is to delay permission to export an artwork of heritage significance for a period in order to allow domestic sources to raise the funds necessary to match the price offered by the foreign purchaser. During this period, domestic sources can attempt to raise funds by public appeals for donations; if the donations are enough the artwork remains in the country and the seller receives the full market price for the work. That the community is prepared to donate sufficient to purchase the artwork is evidence of the existence of the externalities. The third approach is for a government agency to purchase the work at the market price; such a purchase requires either a specific subsidy or diversion of existing funds.

In modem times the exhibition of heritage art is the province of public institutions and private art museums are rare. The rise of public museums is a result of specific government policies such as tax exemption for non-profit organisations and tax exemptions for donations to public museums. Private collections are dispersed by realisations from capital gains, on the death of the owner and through changes in company policy.

Public museums have two functions: to acquire a collection of heritage art and to display that collection. Acquisitions are made by purchase, through donation either outright or for tax exemption and by in-ldnd payment of taxes. The general strategy is to acquire a coherent collection to reflect fully the notion of cultural heritage. The appropriateness of tax exemption policies is further considered at length in the Australian context in Chapter 6. The merit goods argument in respect of Patemality in Distribution suggests that donors be allowed to impose their tastes on the collection of cultural heritage. The general question of the appropriate museum acquisitions policy is not considered directly and at length in this work.

The arguments of this Chapter imply that public museums should, under the user pays principle, charge for entry and that foreign tourists should pay more than local residents. The existence of the extemalities considered in this Chapter means that total revenue from 49 museum entry charges will fall short of the complete social benefit of the exhibition of the collection of cultural heritage. While some public subsidy may be justified to take account of, for example, option values, there are private means to bridge this gap by private sponsorship of exhibitions, encouragement of persons to contribute to the maintenance and preservation of specific artworks and by donations through auxiliary gallery societies and organisations of “Friends of the Gallery”. To meet educational requirements, specific times of free admission can be provided.

The second aspect of cultural heritage is the tradition of creating art. The case for government intervention in supporting this activity is restricted by the fact that the operation of the art market provides incentives for artists to produce works. In Chapter 5 the theory of the economics of superstars is used to provide an explanation of the supply responses of artists.

The general propositions derived in this Chapter will be extended in following chapters in the following way. Chapter 2 will examine the existing literature to see whether investment in art is profitable; Chapter 3 will be a detailed study of the contemporary visual arts market in Australia. In Chapter 4, the results of a number of empirical studies of the Australian art market are reported. These studies are a Portfolio Study and an Auction Price Study which provides data for a double-sales study and a study of individual artists and artworks. Chapter 5 is a formalisation of the artmarket. Specfic policies towards the arts, the Droit de Suite and the Taxation Incentives for the Ait scheme, are examined in Chapter 6 while Chapter 7 is an examination of the Commonwealth Government’s policy towards the contemporary visual arts in Australia. 50

CHAPTER 2. EMPIRICAL STUDIES OF THE ART MARKET AND FINANCIAL INVESTMENT IN ART

Introduction

This chapter examines art and financial investment to see Avhether purchasing and owning art is profitable. This chapter examines the general literature on the subject while the next chapter undertakes some specific studies of the contemporary visual art market in Australia. A number of specific empirical studies of the art market are here examined in detail.

Studies o f Individual Aviists

A study of the price history of individual paintings or of the paintings of individual artists can provide rates of return to paintings which give a partial insight into the financial return to investment in paintings. Reitlinger has a number of these examples. Others are used to promote the idea that the returns to art are high. Also such examples usually quoted in more popular discussions of the art market. One interesting example of the returns to an individual painting, which has been referred to by Frey and Pommerehne (1987) and Chanel et al.(1990) is that of Van Gogh’s Irises which was bought in 1948 for USD 84,000 and which was sold in 1987 for USD 53.7 million. This represents an annual real rate of return of 12.5 per cent which is greater than the rate of return of 8.6 per cent achieved by common stocks over the same period. The question is whether such a return is abnormal or, alternatively, could have been gained as part of some strategy of financial investment. Chanel et al claim that this rate of return could have been achieved on any bundle of painters considered as good as Van Gogh in 1948. 51

Rush’s Study o f Auction Prices

This study by Rush (1961) is confined to the three great auction houses in two of the major art centres of the world: the Parke-Bemet Galleries (subsequently acquired by Sotheby’s) in New York and Christie’s and Sotheby’s in London. This study took into account the following standards in charting the prices of particular artists: 1. No painting which seemed of doubtful authenticity was selected for the recording of price; 2. The paintings chosen were typical works of the artist; 3. The painting selected had to be of excellent quality'; and 4. The size of the paintings was medium;

Rush notes the following difficulties using auction prices to determine changes in the value of an artist’s paintings: 1. The retail price is frequently higher than auction prices for the same quality painting; 2. The more important galleries frequently have quality paintings not found in auctions; 3. In determining a price trend it is not possible to compare exactly alike items. 4. Prices have to be converted to a common currency, in this case, the United States dollar, USD; 5. May be buying “ring” of dealers at auction; 6. Buy backs by the owners can artificially establish high prices; 7. Paintings can have non-commercial values; 8. The selection criteria limits the number of paintings that can be included; and 9. Each market has a bias against certain paintings and painters.

Given these reservations Rush makes the following comparisons of individual painters from the Impressionist and Post-Impressionist schools:

' This qualification means for example that poor Renoirs were not put in, and among the 6000 paintings he produced, some were of much lower quality than others. Rush (1961). 52

Table 2.1. Price Increases, Impressionist and Post-Impressionist Schools

Price History 1930-1960 Price History 1925-1960 Price History 1927-1960 Increase over Increase over Increase over 1930 prices 1925 prices 1927 prices Factor Factor Factor Impressionists: Monet 6 6 Degas 15 ' 7 Renoir 32 70 Post Impressionists: van Gogh 15 75 Cezarme 5 5 Gauguin 125 126

These comparison’s show that the prices of paintings on these artists over these periods have increased markedly.

Poiifolio Examples

Collectors usually do not buy just one painting or paintings by one artist but acquire a set of paintings by a number of artists and even a number of schools. It is then interesting to consider whether such collections or portfolios of art show good rates of return to financial investment. Rush considers the history of three collections or portfolio and his studies involve the use of estimated values of the portfolio to estimate the return to the portfolio. These studies are summarised in the table below; 53

Table 2.2. Three Portfolio Studies by Rush

Collection Date Sold Type of Art Sale Value Estimated Number of in Collection at Sale Value -1960 paintings Stanley N. April, 20 1944 Impressionist USD USD 689,500 34 Barbee and Modem 114,500

William H April, 18-19 Nineteenth USD USD 112,500 98 Vanderbilt 1945 Century 284,500 Naturalistic

Edward T Nov 18, 1944 British USD USD 127,000 17 Stotesbuiy Portraits 127,000

This study shows that, for one portfolio, the rate of return was high (a nominal increase of a factor of six over a period of 16 years) but the other two did not show an increase over this period. The question is whether it would have been possible to have devised a financial investment strategy in 1944 which would have selected one portfolio in preference to another. It could be suggested that an informed strategy in 1944 would have been to prefer a portfolio of Impressionist and Modem paintings.

The Economist's Art as Investment^

The Economist’s study of art investment starts from the basis that the prices achieved at auction sales should be the general guide to overall trends. The criterion for selection of works for the study was that the object should have been sold at a major auction (ie those held by Sotheby's and Christie's in all their auction rooms around the world) at least twice during this period ideally first in 1960 and again in 1983.

As the study points out the problem presented by this short period is that very few works of art are offered for sale within 20 years or so. Consequently the sample is very small and there must be some doubt about the statistical validity of the results derived from this.

The results in respect of paintings are as follows;

■ Butler (1984) 54

Table 2.3. Changes in the Price of Paintings, The Economist Survey, 1979, 1983

Paintings Number in Number in Sample: Sample:

1979 1983

1979 1983 + 0 - + 0 - %%% %% %

Old masters 10 15 60 10 30 60 - 40 English and 19th 11 14 73 9 18 72 7 21 Century

Impressionists 25 32 52 4 44 50 9 41

Modem 7 13 100 - - 84 - 16 American 28 12 55 - 45 58 ■ 42

The Sothby Index

Sotheby’s, a pioneer in quantifying the performance of art prices, first supplied an index of art prices for publication in The Times in London. A revised index has been published in Barron's since November 1981; the index covers 12 categories of art objects including five for paintings. Sotheby's index measures the changes in the hammer prices achieved in auction for a basket of items in each category.

Construction of Times- Sotheby art-price index is by the following formula;

It = Z Pit r; qit X 100/P no Z qu where

It = index number in year t

Pit = average price of picture in group i in year t n = ratio (1967 price of group n)/(1967 price group i) 55

qit = number of pictures in group i in year t

P no = average price of group n in 1950-52 (Unweighted mean for 1950, 1951, and 1952 of the average 'equivalent group n price’ of all the pictures sold in each year.)

Using this formula, an annual index of the value of Renoir’s work could be calculated between the base year 1950-52 and 1967. Using the same method, price indices were established for the other five artists. It is impossible to devise an entirely satisfactory method of measuring the change in art prices and this method, like any other, has some obvious faults. The assumption that the value of one example of an artist’s work remains a constant fraction or multiple of the value of any other is a major simplification. In practice, one type of painting or period may suddenly become more popular, while another goes out of fashion. Further it appears to be a general rule that the more a painting costs in absolute terms, the more slowly it climbs proportionately in price.

In a year when a large number of paintings come on the market representing a wide spectrum of quality, the Index is a fairly faithful reflection of changing price levels. In a year when the artist is sparsely represented at auction, one very expensive or very cheap picture can affect the level of the Index to an unrealistic extent. Paintings of very exceptional quality, on the rare occasions when they come on the market, are not used in the Index calculations. There is no right price’ for a masterpiece and no sensible basis can be evolved the figure it reaches at auction with the price of any other work.

The comparison of the index and inflation rates in the UK and USA is shown below: 56

Table 2.4. Changes in Sotheby’s Art Price Index and in Inflation, U K and USA, Selected Years

Time Inflation:

Period: Sotheby Index United Kingdom USA 1975 to 1980 153.0 96.4 53.1 1981 1.6 11.2 14.1 1982 1.2 10.6 3.9 1983 5.2 2.9 1.5 1975 to 1983 165.0 150.2 84.2 Source: Calculated from Art as Investment

There has been a number of studies of art prices based on auction prices; these studies generally conclude that art is not a good investment, performing less well than financial assets. However, a study by Chanel et al. (1990), using a different statistical technique, concluded, on the other hand, that the returns to Impressionist paintings have been very high and that they constitute a good investment. A similar finding in relation to modem prints has been made by Penn (1980). The results of these studies has been summarised in Table below. 57

Table 2.5. Summary Findings of Empirical Studies of the Monetary Return to Art

Study: Real Rate of Time Period Data Set Return Higher than Return Per Year Financial Assets

Baumol (1986) 0.55 1652-1961 Reitlinger No Frey (1989) 1.50 1635-1987 Retlinger and more No resales

Stein (1977) 1.60 1946-1968 Art Price Current No Anderson (1974) 3.30 1780-1970 Reitlinger and No International Auction Records

Chanel et al (1990) 6.50 1855-1914 Reitlinger Yes 0.50 1915-1949 Yes 12.00 1950-1970 Yes 5.60 1855-1970 Yes Goetzmaim (1993) 3.20 1716-1986 Reitlinger and No Meyer

Penn(1980) 24.88 1954-1978 Auction Yes Catalogues Prints, only

Pesando (1993) 1977-1992 Gordon’s Print No Price Annual Prints only

One common data source used for the empirical work reported in the table above is the collection of auction prices assiduously compiled in Reitlinger (1961), the doyenne of art market statisticians; these prices refer to the paintings judged by Reitlinger to be the best Icnown in the world and are taken from sales in London which, until quite late in the time period covered by the studies were dominated by Christie's.

The procedure adopted by Baumol was to select from the complete compilation those works which had been sold at least twice and to calculate the gross annual real rate of return for the works so selected. The rate of return in Table 2.5 is a mean gross rate of return which makes no allowance for sales commission paid or costs of maintaining the 58 paintings^. The dispersion around the mean was large, implying that the returns to paintings were very risky.

Baumol concluded that, in comparison with holding government securities, holding art imposed an opportunity loss on the holder of close to two percentage points a year. Moreover, he concluded that the rates of returns on painting were remarkably dispersed implying that investment in art was quite risky. Baumol was extremely sceptical about the contention that informed Icnowledge can select paintings to improve on these rates of return because of the ficldeness of taste.

The study of Frey and Pommerehne (1989) includes the prices of paintings sold in Europe to provide an extended sample to 1987 which provides a time period of 350 years. The rate of return calculated in this study is net of all costs'' connected with buying and selling at auction. Frey and Pommerehne find in contrast to Baumol that, "up to World War II, superior Icnowledge of art, in particular expert Icnowledge of paintings, could have helped to achieve a higher return than someone who picked auctioned painting simply by chance" and "...it may be possible to systematically make profits." Frey and Pommerehne's study does use the same technique as Baumol but their study cannot be compared directly with those of Anderson (1974) and Stein (1977) because both the time periods and the approaches differ. Frey and Pommerehne conclude that investment in paintings may have become more relatively more profitable in the post-war years compared with the period 1650-1949 due to the failure of the return on financial assets to adjust to inflation but that it may be rational for individuals to own paintings. The reasons advanced for this are that the owner may derive a psychic return from paintings; paintings are legally or de facto exempt in whole or part from property, capital gains taxation and death duties; and donations of paintings to museums may attract favourable treatment under the income taxation laws.

Stein (1977) developed price indices for paintings on the assumption that paintings at auction are randomly and independently sampled from an underlying fixed stock of

^ An indication of the costs of dealing in art is given by Butler (1984). Frey and Pommerehne (1989) estimate that these costs on both sides of the market range from at least 18 per cent in the United States up to 35 per cent in Germany. 59 auctionable paintings and hence the auction prices of individual paintings constitute observations from the underlying distribution of painting values. In consequence the price indices for the total stock can be based on observations of the prices of different paintings each year.

The fixed stock of paintings for Stein's study is all paintings by artists who died before 1946 and the annual indices are for the period 1946-1968. The ratio of the geometric means of prices in any two periods was used as the price index because it was argued that this measure would provide an unbiased estimate of the mean. Stein identified two sources of bias; the first due to museum collecting and the second due to the likelihood that auction prices do not represent a uniform sample of the values of auctionable paintings. Museum purchases represent a possible source of bias in that they may remove from the market works of higher quality. Stein maintains that museums did not become important in auctions until near the end of the time period of his study and that most of the top-quality work suitable for museum collections are sold privately through negotiation rather than at auction. Stein further maintains that works of fashionable artists or schools may dominate the auction rooms out of proportion to their share of the total stock and very expensive paintings are unlikely to be auctioned because of the sliding scale of commission. Stein assumes that the net proportional bias caused by all these factors is randomly distributed about a mean which is constant over time, so that the net effect is to displace the geometric mean auction price from the average value of all auctionable paintings by the same expected proportion year after year. The relative appreciation is an unbiased estimate of the relative price index for all auctionable paintings.

The source of the data for Stein’s study was "Art Prices Current" and screening of prices eliminated those paintings which experts in the auction houses expressed doubts about their authenticity; or where the painter was unknown or the painting was attributed to ‘the school of; or the painter was still living in 1946.

Stein’s conclusions, after applying the capital asset pricing model, were that: 60 a. there is a relationship between the return on paintings and that on the market portfolio; b. paintings are probably a somewhat conservative investment in comparison with equities; c. the estimated annual net return from durable services is low at 1.6 per cent indicating that collectors regard paintings as capital assets irrespective of whether they also regard them as durable goods; d. only if nonpecuniary viewing pleasure were valued above 11.5 per cent per annum would paintings be estimated to be an efficient investment. Stein claims that the rental market would not produce returns greater than 11.5 per cent; and e. there was no relationship between painting prices and both the US share price index and British share prices.

Anderson (1974) estimated rates of return for sub-periods over the 1950-1969 time period and computed an average rate of return for Impressionists of 18 per cent a year and 23 per cent for Twentieth Century paintings.

Chanel et al. (1990) employ the statistical technique of hedonic regression to make use of all information from the data set. The characteristics used in the hedonic regression are: a. a dummy representing the artist's fame; b. the size of the work (height, width and surface); c. the year of production; d. the year of sale; and e. the auction house sub-classified by: o all Christie's; o all Sotheby's; o all Paris houses; and o all New York houses except Sotheby's and Christie's.

The data is taken from Reitlinger (1960) and completed for the years 1960-1970 by additions given in Reitlinger (1971) as well as painters' curricula and data such as 61 dimension, date of creation missing in Reitlinger. The data set consisted of all artists, 46 in all, considered by Reitlinger and some 2957 sales of which only 1900 observations proved useable (for some part of the work, the number of useable samples was reduced to 1200). Prices were converted to constant prices and no allowance was made for transaction costs and costs of maintaining paintings.

Chanel et al. (1990) claim that the price index they construct does not represent the value of an "average" collection consisting of one painting by Picasso and 250 pieces by some unlcnown artists nor does it represent the rate of return a "representative consumer" could have achieved but that it is the rate of return which could have been achieved by a reasonably smart investment banlcer, or by an investment fund comparable to those which operates today or by any bourgeois amateur, had he read Reitlinger's book thirty years ago and known a smart investment banker.

Chanel et al. (1990) conclude that a. their estimated returns differ markedly from Baumol and Frey and Pommerehne; b. this difference is due in part to the difference in data sets; both Baumol and Frey and Pommerehne use resales only; c. the sample of painters is different; d. the technique of analysis is different; and e. there is a difference in interpreting the various results.

For instance, Chanel et al (1990) note that Frey and Pommerehne have included paintings in their 1950-1970 sub-period for which the first sale took place sometime before 1950. So, what they compute is not the growth rate of paintings sold between 1950 and 1987 but the average return made on paintings sold between 1950 and 1987 which were bought at least 20 years earlier. A painting bought in 1910 and sold in 1950 has an annual return of 1.3 per cent, while the same painting bought in 1950 and sold in 1970 has a return of 12 per cent per year.

Penn (1980) examines the returns to prints; prints are not paintings but are part of contemporary visual art in the sense throughout this thesis. The stringent definition of 62 an original print is an art work which has been produced in limited editions from a matrix (stone, steel plate, woodcut, linocut) prepared by the artist and destroyed after production of the print run; no trial or artist's proofs are considered as original prints and only prints of the Modem period are considered in this analysis.

The market in Modern Prints is large with an estimated annual auction turnover at ranging between USD 20 and USD 30 million. The analysis takes the hammer price as the current net market value of the print.

The study took a random sample of modem prints from the auction catalogues of five major international auction houses between the years 1944 and 1978 on the following criteria: a. minimum edition size was 75 and maximum 250 impressions; b. only prints traded at auction in 1977 were eligible for inclusion; and c. each print had to have an auction value of at least USD 1,000 in 1977.

Penn (1980), after taking account of transaction costs, calculates a 25.3 per cent retum for prints as compared with stocks and commodity futures. On the assumption that print and commodity investments are tumed over every four years while stocks are tumed over every four years, the annual , average returns to prints are reduced by 1.58 per cent, by 0.12 per cent for commodities and by 0.05 per cent.

Some differences between the studies are noted in the table below: 63

Table 2.6. Differences between Empirical Studies

Study; Number of Method Transactions Sales with Buyers Observations: costs: minimum Premium: time span of 20 years:

Baumol (1986) 640 Rate of Retum No Yes No Frey (1989) 1198 Rate of Retum Yes Yes Yes Stein (1977) different for Annual Price No No No each year of Index - geometric Index but large mean Anderson (1974) 1693 Hedonic No No No (total) Regression Chanel (1990) 1105 Hedonic No No No (minimum for Regression six global regressions) Goetzmann 3329 repeat-sales No No No regression (RSR) (1993)

Penn (1980) annual prices Yes No No for 15 prints Pesando (1993) 27,961 Semiannual price No No Yes index

The table above clearly indicates that there is no common method for computing rates of retum to artworks and there is some disputation about aspects of the studies; the more important of these; 1. the use of auction prices; 2. the use of double sales or repeat sales approach; 3. the time period; 4. the efficiency of market; 5. the method used; and 6. other factors.

1. Use of Auction Prices

It is claimed by Penn (1980) that the auction process provides an almost perfect solution to the price determination of prints mentioning that there are some exceptions to this mle such as auction rings, bid bouncing and price protection by gallery owners. 64

Stein (1977) claims that very expensive paintings are unlikely to be auctioned because of the sliding scale of commission fees and notes that the existence of “dealer rings” and “buy-backs” can distort the auction results. Frey and Pommerehne (1989) stress the distinctions between the hammer price and the price paid by the buyer due to the buyer’s premium and the transaction costs. Pesando (1993) includes the buyer’s premium in the price. Goetzmann (1993) notes that auction prices are not always transaction prices. Paintings that are “bought in”, that is, those failing to make the seller’s reserve, may be recorded as sales at the reserve price. The reservations about the use of auction prices made by Rush and Keen have previously been noted.

2. Use of Double Sales or Repeat Sales Approach

The use of the double sales approach is important if attempting to standardise on quality in the study. There are, however, some problems in that a reported sale may not actually have taken place; that the owner may have bid in the painting himself either at the first sale or second sale; or that a group of dealers, bidding together, may have manipulated the price. It is generally agreed that these practices may occur but whether they do so on a large scale is unlcnown. The disadvantages of this approach are that it ignores a great deal of information about the art market from excluded sales; it does not take account of paintings sold in other secondary markets or donated to museums. The data obtained under this approach forms a sample but whether it is a representative sample is another matter. This can be considered by asldng the question: Is there some thing particular about paintings which are sold at least twice? This cannot be answered without detailed examination of the data and after analysis by another method.

3. Time Period

The rate of return on art work over periods of time involving 200 years or more is not relevant to financial investment decisions of art collectors who, if motivated by speculative considerations, would like to see a return in their lifetime. Consequently, the analysis of Frey and Pommerehne (1989) that large gains and large losses may be 65 experienced by those investors with a short holding period excludes the question which is to answered. They show that those collectors keeping a painting between 20 and 39 years, for example, had returns between - 19 per cent and + 26 per cent per year and a standard deviation of 6.3 which begs the question of whether it is possible to devise a strategy which would achieve high positive gains. Their suggestion that the appropriate holding period is between 100 and 119 years where the real rates of return are within a much smaller band (-3 to +6 percent), with a standard deviation shrunlc to 2.4 is unrealistic as this holding period exceeds the life span of collectors. Rush (1961) originally suggested that a relevant period would be 35 years but noted that the idea of collecting for financial return became more prevalent in the 1960s. This change in attitude towards owning art implies that the optimum holding period may have shortened and now may be less than 35 years. There is strong evidence from the studies that the results are sensitive to the time period involved. For instance, Pesando (1993) stated that an earlier version of his paper using data for the period 1977-1988 drew much more favourable conclusions regarding the attractiveness of prints as an investment. Penn (1980) argued that a time span of 15-16 years was the optimum holding period for prints. Goetzmann (1993) also shows that the rate of return to art depends on the time period chosen and, in particular, that the rate of return has increased in more modern time periods which is consistent with other information about the development of the market. Goetzman’s results for three time periods, which are shown in the table below, indicate clearly that the rate of return to art has increased substantially in the later period and that the standard deviation has not increased implying that there has been no increase in riskiness. 66

Table 2.7. Financial Return to Art and Other Investments, Selected Years

Return to Art and other Investments 1716-1986: Mean Standard deviation Inflation 0.012 0.183 Bank of England rate 0.045 0.093 Consol bond returns 0.043 0.169

London Stock Exchange 0.015 0.196 Art 0.032 0.565 1850-1986:

Inflation 0.024 0.242 Banlc of England rate 0.042 0.130 Consol bond returns 0.041 0.215 London Stock Exchange 0.026 0.260 Art 0.062 0.650 I900-I986: Inflation 0.042 &088 Banlc of England rate 0.047 0.036 Consol bond returns 0.048 0.106 London Stock Exchange 0.049 0.219 Art 0.175 0.528

Frey and Pommerehne (1989) have compared the real rates of return to paintings before and after 1950; their results are shown below; 67

Table 2.8. Real Rates of Return of Paintings before and after 1950

Period Between 1635 Between 1950 and 1945 and 1987 Number of Buy/Sell transactions 783 415 Rate of return (in percent per year):

mean 1.4 1.6 median 1.6 2.0 positive 463 261 zero 73 40 negative 247 114 min. -15 -19 max. +26 +16 Standard deviation 5.3 4.7

These results, which take account of transaction costs, also indicate a decline in risk but do not show the change in the rate of return which appears in Goetzmann.

4. Efficiency of the Market

The question of the efficiency of the art market is considered later in Chapter 5 but, at this juncture, it can be noted that there is some evidence of inefficiency in the print market. Pesando (1993) notes that there is substantial price variation in contemporaneous sales of the same print. In part, such price variations can be noise reflecting unobserved variations in the quality and condition of prints. In addition, Pesando's results indicate that, on average, prices during the period 1977-1992 are higher in the United States than in London or Europe. For all artists, the mean price of prints sold in the United States exceeds the mean price in London by 7 per cent and the mean price in Europe by 10 per cent. (Pesando shows that the latter spread is statistically significant at the 5 per cent level.) He then states that “There is no ready explanation for this rather anomalous finding.” In addition, he shows that the mean price for German Expressionist prints is 14-percent higher in the United States than in West Germany. This is contrary to the expectation in the art trade that prices for these prints are systematically higher in Germany-speaking countries. Furthermore, he 68 shows that prices at Sotheby’s in New York are higher than similar prints at Christie’s. (This difference is statistical significant). There is no evidence that this difference is declining over time. On the other hand, price received at both auction houses in London are basically the same.

5. Method Used

The method of calculation used in the studies differs; again it is difficult to Icnow if this is important. A direct comparison of two studies using hedonic regression can be made as shown in the table below;

Table 2.9. Variables Used in Two Empirical Studies with Hedonic Regression

Anderson: Chanel et al: year sold the year of sale price price size in square inches the size of the work (height, width and surface) year painted the year of production age of painter when painted whether the artist was alive when it was sold place of sale the auction house sub-classified by all Christie's all Sotheby's all Paris houses all New York houses except Sotheby's and Christie's a dummy representing the artist's fame subject matter previous ownership

Both these studies use fewer variables than would be suggested by the previous discussion of the determination of art prices although some of these variables are difficult to quantify. The regression studies do not explain statistically all of the price with the variables. It appears that there is no common agreed standard for use of any particular method in art price studies. 69

6. Other Factors

Frey and Pommerehne (1989) maintain that there are other reasons (than rate of return) why people may rationally chose to hold paintings; these iriclude: 1. the owner derives a sufficiently high psychic benefit from looldng at the paintings; 2. paintings are legally or de facto only partially, or not at all, subject to property tax or death duties; and 3. buying pictures and after some time giving them to public museums may allow a net reduction of the individual’s tax burden.

Taxation

There are taxation advantages to the ownership of art in the USA and in England. The capital gains tax in England implemented in 1965 applied to all works of art sold for over GBP 1,000 pounds. Also in England, art receives favourable treatment in respect of death duties in that any work of national importance can be exempted from death duties. Until 1969, death duties on exempted works of art when sold were charged on the realised value at the rate calculated for the rest of the estate. In the extreme case of an estate which was comprised entirely of exempted works of art no death duty was payable. In 1969 a new provision was added; it became necessary to add the amount realised by the sale of works of art to the rest of the estate before the rate of death duty was calculated, if the pieces were sold within three years of the death of the previous owner, and affecting the position even after this three- year period. When major works are sold to museums after the death of the previous owner, the museum is entitled to offer a 25 per cent rebate of duty of the picture’s agreed value.

The United States taxation laws have been very generous to citizens making donations of art works to museums. Keen (1971) states that the United States taxation laws allow donations to be made to public museums, in cash or kind, to be set against the donor’s current tax liabilities, up to a level equivalent to 30 per cent of gross income in any year and remarks that, “As with any tax law, this one was at one time subject to 70 frequent abuses although it has now been tightened up. A painting could be bought..., someone cajoled into valuing it at a much higher price, and that amount of tax deducted if the picture was given to a museum. In a case of this sort the donor could obviously show a substantial profit on his generosity.’ Until 1965, collectors could set the bequest of their paintings to a museum against tax and still keep them in their home until his death. Faith (1985) claims that the United States taxation laws had a substantial effect on the art market; “Since 1954, as Sutton put it, ‘the sale-room has been examined with a solicitude usually reserved for the stock exchange.’ It allowed collectors relief from capital gains tax - and their heirs equal relief from inheritance taxes - on the full market value of works of art donated to a museum, even if the collector had kept them for his own enjoyment during his lifetime.” As noted above this loophole was closed in 1965^.

Rush (1961), who became an advocate of art as an investment, explained the advantages; “The donor of a painting is allowed to deduct the present appraised value of his painting or other work of art up to a total of 20 per cent of his income before application of Federal income tax. If his income against which the tax is applied is USD 100,000, he can deduct a painting or other work of art up to an appraised value of USD 20,000. He then pays tax on only 80 per cent of his income.” Rush gave a specific example which assumed the following; o the original price was USD 5,000; o the sale at auction realised hammer price of USD 50,000 to net USD 40,000; o thus giving a net profit of USD 35,000; o a capital gains tax payment of USD 8,750;

The full consequences of this relief were spelt out by Fortune magazine at the end of 1955. 'Art standsout as one of the most attractive remaining targets for excess cash’, said the authors. From the broadest point of view art is an investment; The prime investment that men of great wealth can malce. ’ ... The investment was versatile, inflation proof and offered unique tax advantages: If a wealthy man whose taxable income is $500,000 a year owns a painting realistically appraised at $100,000 market value, a dealer might purchase it from him at one-third below that price - the discount being the dealer’s commission. The relinquishing owner would then have to pay a capital- gains tax on the difference between $66,666 and the price, probably much less, at which he long ago bought the painting. But if, instead of selling, the owner gives his painting to a museum, he gets a tax deduction for the full amount of its honest $100,000 appraisal as a gift to a taz-exempt charitable or educational institution. The difference, to a wealthy man, may be considerable. Not only would he legimately avoid a capital-gains tax: his taxable income that year could be only four-fifths of what it might have been without the deduction. Faith (1985). 71 o leaving a tax paid value of USD 26,250.

The alternative is for the taxpayer to donate the USD 50,000 painting at an appraised value of USD 50,000 to a museum and, assuming that the donor is in the 90 per cent tax bracket, the donor then receives a taxation refund of USD 45,000 on his last USD 50,000 of income which compares to the net tax paid return of USD 26,250 as calculated above.

This example can be generalised as follows: It is assumed that the auction yields a sale at a hammer price of, hp with a buyer’s premium of bp. The seller at auction pays a commission to the auction house of cm. The proceeds of the auction sale are subject to a capital gains tax of ct. The donor is able to escape capital gains tax and acquire a tax refund calculated by applying the marginal rate of income tax, yt, to a deduction valued at the hammer price plus buyer’s premium, hp+bp.

Comparison of a sale of painting versus donation to art museum then becomes:

Auction Donation

Gross return: hammer price (hp) hp + buyer’s premium (bp)

Commission cm

capital gains tax ct. {(l-cm)hp -Po} zero income tax yt.(hp+bp)

net return hp -cm - ct. {( 1 -cm)hp -Po } yt. (hp+bp) 72

In order to determine the taxation rates required to make the two values equal it is further assumed that the buyer’s premium is 10% so that bp = 10%; the commission payable by the seller to the auction house is also 10% so that cm = 10%. Under these assumptions, we have .9hp - ct.(.9)hp-Po and yt.( l.l.hp) Further assuming that the hammer price is USD 100,000 and the original price is USD 50,000 so that Po = USD 50,000 and hp = USD 100,000, we then have

.9hp - ct.(.9)(hp -Po) and yt.( l.l.hp) 90000 - ct.(90000 -50000) and yt. 110000 90000 -ct.40000 and yt. 110000 90000 -ct.40000 yt. 110000 if

Capital Gains Tax Rate: Income Tax Rate: . .20 .75 .25 .73 .30 .71 .35 .69 .40 .67 .45 .65 .50 .64 .60 .60 .74 .55 .88 .50 1.01 .45 1.29 .35 1.43 .30

The calculations shown in the Table above indicate that Rush’s example gives a favourable outcome to a donation to a museum because the marginal rate of income tax is high. With lower rates of tax the advantage of donation to a museum is not so clear cut. Nevertheless, the example considered above points to the factors which will 73 influence the decision to donate to a museum rather than sell and retain the proceeds. The donation will be more likely: 1. the higher the income taxation rate; 2. the higher the capital gains taxation rate; 3. the higher the commission charged on sales at auction; and 4. the higher the appraised value in relation to the market price of the artwork.

Other factors which will be important are the opportunities for taxation planning, for example, to make a donation in a year with a large income; the non-monetary return the donor obtains from the donation, particularly if the donor can attach conditions about the display of the donated art work. Feld, A. et al. (1983) discuss the effects of the taxation concessions in the United States and find that donations of art are significant in museums acquisitions and recommend reforms to the system. In the 1980s and 1990s, the taxation system of the United States, as in the United Kingdom, has undergone considerable change with a substantial reduction in maximum marginal tax rates. These changes would make donation of art to museums less attractive. The top Federal Personal Income Tax rate in the United States was 91 per cent in the period, 1954-1963. It was reduced to 77 per cent in 1964 and to 70 per cent for the period, 1965-1980. For the period, 1981-1986, the top rate was 50 per cent being further reduced to 38 per cent in 1987 and to 33 per cent in 1988®. These changes in taxation rates have had a substantial effect on donations of works of art to museums. It is reported that the number of donated works in 1988 was about 37 per cent of the 1986 lever.

Other aspects of taxation policy can be important in determining art prices; in the United States antique works of art may be imported and exported duty-free. This provision has contributed to the growth of art museums as well as enhancing the value of art works as internationally mobile assets in private collections.

® Fullerton, D. ‘Tax Policy Towards Art Museums.’ in Feldstein (1989). ’ Blattberg and Broderick. ‘Marketing of Art Museums.’ in Feldstein (1989). 74

Transaction Costs

Transaction costs in the art auction market are substantial. Pesando (1993) reports that Christie’s and Sotheby’s in United States charge the seller a commission of 6 per cent, if a dealer, otherwise 10 per cent while Frey and Pommerehne (1989) claim that total transactions costs can be more than double this in some markets. On a priori grounds, it would be expected that returns to art net of transactions costs would be markedly less than the gross returns. To shed some light on this, the comparison of returns gross and net of transactions costs made by Frey and Pommerehne (1989) is considered. Frey and Pommerehne compare their estimated returns, net of transactions costs, with those of Baumol which are gross returns; this comparison is pertinent since the data source and techniques used are similar. A more detailed comparison is shown in the table below:

Table 2.10. Comparison of Rates of Return, Baumol and Frey and Pommerehne

Author Period No. of Mean rate of Median Min. Max. S D Transactions return Baumol 1652- 640 0.6 0.8 -19 +27 5.3 1961

Frey and 1635- 1198 1.5 1.8 -19 +26 4.7 Pommerehne 1987

As the mean net rate of return is higher than the mean gross rate, the results are contrary to expectations and imply that an anomaly exists.

Critique o f Art Auction Studies

The two interesting questions about the art auction market are whether (1) financial investment in art is profitable and (2) whether it is possible to devise an ex-ante strategy which would produce superior returns to financial investment in art as compared with financial investment in more orthodox financial assets. The general conclusion of the empirical studies, which, as has been shown, is contested by two writers, is that financial investment in art does not produce a return superior holding financial assets. 75

There are some qualifications which need to be made to the conclusions of these empirical studies. The first qualification is that there is an inherent implausibility about the general tenor of the conclusions about financial investment in art. It has been shown that there has been a thriving art market for over three centuries in a number of countries. In addition, the art auction market has continued to be active with increased turnovers reported. The art auction market has been widely reported and discussed while, at the same time, the prices achieved at auction have been readily available. The question then has to be asked: If the returns to financial investment in art are systematically low and consistently inferior to holding financial assets, why do participants continue to own and sell art?. The answer given in some of the empirical studies is that the non-pecuniaiy returns to owning art makes the difference. If this is so, it would be possible to estimate the consumption value of art from the stock of existing art. To date, this has not been done.

The second qualification is that the art auction market is segmented and that the typical collector would not hold a market portfolio which included all the different schools and styles. Some markets, such as the Old Masters market, are essentially museum markets; other markets, such as the 19th century British historical school, has suffered a long term decline such that nominal prices may have fallen over this century. It may be possible that some markets such as the Impressionists, as suggested by Chanel et al., do produce systematically superior returns.

The third qualification has to do with the optimal holding period. As indicated previously, no collector has an investment horizon of 100 years much less one of 200 or 300 years. What the optimal holding period is not Icnown but developments in and since the 1960s suggest that collectors’ time horizons have shortened so that calculation of returns to art over periods of 20 years may give a better view of this question. The evidence from studies of the effect of taxation on donating paintings to museums indicates strongly that the returns to owning paintings can be high. 76

Art Auction Studies and the Market fo r Contemporary Visual Art

The empirical studies of the art market considered in this chapter have been concerned with heritage art or art made by deceased artists; this art has achieved a clear art- historical status. This is shown by the fact that the compiler of much of the data used in these studies, Reitlinger, defined the set of artists to whom his statistics applied as “the best loiown painters of the world”. As such and, as pointed out by Frey and Pommerehne, the number of such works produced by these artists is given and generally uniquely defined (this is especially true of the more modem works such as the Impressionists and Modern, that is post 1900, schools where the output of such painters is well documented; indeed, the activities of such artists are also documented.) Hence, the elasticity of supply is zero. These studies give a limited insight into certain aspects of the market for contemporary visual art. The market for contemporary visual art is concerned with the output of living artists whose place in art history has yet to be determined. Some works in the contemporary visual art market will show marked appreciation; this is the belief underlying the demand for Droit de Suite. Thus, analysis of the contemporary visual art market has to consider circumstances of a positive elasticity of supply and greater uncertainty about the future course of prices. The study of the art auction market has indicated a number of ways to analysing prices in the contemporary visual arts market. These are a Portfolio Study, a study of auction prices with double or repeat sales, study of individual artists using art auction prices.

These approaches will be applied in the empirical examination of the contemporary visual arts market in Australia in Chapter 4. 77

AUSTRALDl

Introduction

The intention of this Chapter is to gain an overview of the market for contemporary visual art in Australia both as a prelude to the art market empirical studies and to provide the stylised facts which underlie the model of the art market to be developed later in Chapter 5. The question of what precisely constitutes the market for contemporary visual art is an unsettled one and, at times, a very controversial one. The question of the definition of the contemporary visual art market is closely related to that of what are the contemporary visual arts and what is art. Definitive answers to these questions, which defy art critics and art historians, will not be explored in full but it is necessary to provide some base assumptions about issues arising jftom such questions.

The contemporary visual art market is seen as comprising a primary market in which newly produced art works are sold. This is a market in which the works of living artists are sold. (Even at this point it must be noted that works of recently deceased artists may be counted as being part of the contemporary market.) The art works to be sold in this market must have pretensions to being “high art”, that is, of a quality which will have an affect on the course of art histoiy and which will be eligible to inhabit art museums. A hallmark of contemporary visual art is that its standards and canons of judgement are internal and autonomous so that creativity is valued over craftsmanship. While these criteria may change over time and be difficult to enunciated precisely at any moment, there is substantial agreement, by participants in the contemporary visual arts market, on the major factors in these criteria for them to serve as criteria of discrimination between potential important art and ordinary art. In particular, these criteria serve to distinguish between serious artists and the large number of people who have developed manual dexterity and a Icnowledge of basic techniques which enables them to produce paintings of a stereotyped nature usually incorporating idealised representations of readily identifiable images among which 78 those of sea coast, rural life and animals figure prominently. Artists, producing these types of paintings, which have an easy sentimental appeal, are regarded by serious practitioners in the contemporary visual art area as “Sunday” or amateur painters. The conception of the contemporary visual art market in this Chapter would exclude the works of Sunday painters and would further exclude such painters as participants in contemporary visual arts market. Because the values of the contemporary visual arts are internal and autonomous, valuing creativity, standards of judgement can change over time under the influence of new movements in art. Moreover, at any time, these criteria do not recognise the necessity of, much less place a premium on, training and accreditation so that it is possible that many successful contemporary artists have been privately trained or self taught. Consequently, at any time in the market, there will a number of styles of art competing for sales and critical acclaim. There will be remnants of styles of art which have been generally, but not completely superseded, together with the work currently in vogue, and the avant garde work which seeks to displace the former styles as the dominant one. In addition, the number of persons who may be called “artists” is difficult to define unambiguously as many will work part time and the distinction between Sunday painters and serious practitioners is difficult to draw at the margin. These factors mean that there is usually controversy about both the definition of artists and their enumeration. The position taken in this Chapter is that the significant set of artists are those involved in the “Artist/Gallery” system or the exhibiting dealer gallery system.

As in most asset markets, there is, in the contemporary visual art market, a primary market and, at least, one secondary market. In the market for contemporary visual arts, the primary market consists of an exhibiting dealer market or as it is increasingly being referred to as the “Artist-Gallery” system. Under this system, the exhibiting dealer conducts a commercial gallery which has regular exhibitions of artists’ work. A typical system is that a series of exhibitions of individual artist’s work is undertaken and the dealer attempts to sell the work and to promote the artist’s career. Under this system, the artist is contracted, formally or informally to the exhibiting dealer who has a number of artists under contract at any time. In this system, the relationship between artist and exhibiting dealer is close and the fortunes of both are intertwined as the 79 dealer’s income depends, via commission, on the artists’ sales. The conception of the market for contemporary visual arts in this chapter regards the exhibiting dealer galleries as the heart of the market for contemporary visual arts as it is the point at which new works of contemporary art are introduced to the market. The exhibiting dealer gallery is seen as the more important category of gallery in the market as it is the means to promote new potentially significant art. The rationale of the dealer in the market for contemporary visual arts is that the dealer provides services to other economic agents in the market at lower real costs than the agents can. For collectors, the dealer will reduce search costs, risks and uncertainty, will increase the flow of information and expand their horizons and develop their tastes. For artists, the dealer will provide specialised business services, publicity and avenues of greater exposure for their work. The economic cost of these services is the dealers' commission. Since entry to the dealing business is completely free, it can be presumed that this cost reflects the value of services provided.

The dealer can be described as an entrepreneur, a financier and a risk taker\ Dealers are attempting to create a market for new art promoting work that, at the present, is not recognised but which they hope will become important and valuable in the future. Dealers face a number of particular risks in addition to the general risk that art sales will be affected by downturns in economic activity. These are that their preferences are too far ahead of public taste and that they have backed the wrong painter or style. These risks can be overcome in part by promotional activity on the part of the dealer and in this context forging an alliance with art critics and art writers is important. The stylised facts which describe the activities of the exhibiting dealer are:

1. the dealer maintains a gallery which is open to the general public, which offers a regular programme of exhibitions of contemporary visual art works for sale to the general public and in which the dealer maintains a stock room of art works from previous exhibitions and other works of exhibiting artists which are also available for sale;

' Moulin (1987) pp 45-65 80

2. the dealer has a stable of artists who exhibit exclusively through the dealer under an implicit or explicit contract^ under which the dealer receives a share of the receipts from the sale of artists' work; such a share is also taken from other receipts such as commissions and prizes;

3. the dealer acts as the general business agent of the stable of artists by ensuring that artists' works are entered in competitions, by soliciting commissions, by generating publicity for artists, by arranging exhibitions with other dealers and by exercising some influence or control over the flow of work from artists;

4. the dealer also develops relationships with a group of collector clients^ by building up a business relationship with clients; expanding the critical awareness of clients and by providing credit and deferred repayment terms for clients and casual purchasers. The dealer has the responsibility to price artists' work in accordance with the state of the market and the reputation of the artist In the Paris art market the convention was that paintings were priced by dimension; canvases were produced in standard sizes, referred to as "points", so that paintings of the same size, or points, carried the same price.

The secondary market is comprised of the auction market and of a broker or dealer market. The auction market, as discussed in the context of the international art market, is one which sells art works under the rules of the “English auction” and is dominated by a small number of international and national auction houses although general auction houses conduct occasional art auctions. Auction houses sell all forms of art works not just contemporary art works and contemporary visual artists must gain sales in the secondary market, as the ability to command sales and to maintain prices in this market is the basic determinant of the long run success of artists. Auction houses are regulated by general auction statute laws and by fair trading provisions

^ The practice varies from dealer to dealer and even with one dealer over time. Kanweiler originally had written contracts but moved to do business with painters on the basis of good faith promising to buy the entire output at prices determined by the dimensions. Kahnweiler (197) p36 ^ The number of collectors associated with each gallery may be relatively small. It has been said in relation to the New York dealer, Ivan Karp, that "... he can count on perhaps 25 loyal collectors who buy only from him, plus several hundred who see his shows and sometimes buy." Marquis (1991) p215 81 which are not national in coverage but vary from State to State. At times, this has been influential in determining the location of auction sales as some States prohibit the charging of a buyers’ premium. Auction houses do not specialise in art; even those which are important as art auction houses such as Joel’s and J R Lawson and the local branches of the international auctioneers, Sotheby’s and Christie’s, also conduct sales in fine art objects, other collectables such as antique furniture, stamps, coin, real estate and motor vehicles.

The broker or dealer market, which is not exclusively confined to contemporary visual art, is conducted by dealers who acquire art works by living or deceased artists for resale. Dealers in the secondary market assemble a collection of art works for an exhibition or may hold works in stock. The term, broker, is usually used to refer to those who acquire art works as an agent for an ultimate buyer, for example, a collector or an art museum which has particular requirements, or who acquire works speculatively for resale to such ultimate buyers. Dealers and brokers will buy and sell works in the auction market and are to some extent competitive with that market. Brokers typically deal in specialised areas such as assisting collectors to expand their collection or to acquire special works.

Generally, the market for contemporary visual arts for contemporary visual arts is a fluid one as the internal judgements of contemporary art change and as overall economic conditions affect the market. The major participants on the demand side in the exhibiting dealer segment of the contemporary visual art market are the artists, private sector collectors, public sector art galleries and art museums; these persons and institutions which are the buyers of contemporary visual art. Other influential factors are those which can make the reputation of artists; included among these are the art critics and the organisers of art prizes and scholarships. The institutions of art education produce the raw numbers of potential artists who, generally spealdng, will have a professional career only if they become members of the exhibiting dealer gallery system. 82

In general, the market is unregulated; entry is free and unrestricted. Artists are not required to have formal entry requirements and the number of artists and galleries is difficult to determine unambiguously. As well, there are no formal entry requirements to the gallery system and anyone is free to set up as a dealer or a gallery. Auctions are licensed under the general legislation relating to auctioneers and there is no regulation specifically of art auctions so that any auctioneer may organise an art auction. Other galleries exhibit and sell contemporary visual art but have no exclusive relationship with artists although they may have special agreements to market artists' work in a restricted area or restricted way.

Private collectors purchase art for aesthetic reasons and for the economic reason of capital gains. It was claimed by a director of Joel’s, a leading auction house, that, in 1989, 80 per cent of buying at auction was for investment and that the remainder was for “the love of art” and that these proportions had been reversed since the 1970s'‘.

Relatively little of the characteristics of private collectors is Icnown; some collectors court publicity while others, for security or other reasons, are reluctant to disclose their interest in art and to disclose details of their holdings of art. Official studies on the art market have concentrated on artists' circumstance and on activities of public institutions so there is little information from these sources about collectors.

The role of the government in the market for contemporary visual arts is, as indicated above, not one of regulator of private sector activities but one of expanding the supply of art works available for public consumption and through the education of the public. The role of the government may be defined as that of purchasing art works for display, conducting galleries and museums to display art works acquired and to provide assistance to artists through taxation incentives and direct subsidies. The activity of government in the art market is split between the Commonwealth Government and the governments of the several States. The Commonwealth Government has created and continues to fund the Australian National Gallery located in Canberra which holds and maintains the major public collection of contemporary visual art in Australia. The

‘ Brady (1989), pp 100-101 83

Commonwealth Government implements its assistance to artists through processes of arms length funding through peer view; the Australia Council is the agency established to carry out this process. In addition, the Commonwealth Government has created ArtBanlc an organisation which purchases contemporary visual art and leases it to public and private organisations. The Commonwealth Government now funds all art education institutions in the higher education sector.

State Governments maintain Art Galleries in each State Capital; nearly all of these were created in the 19th century and have substantial collections of early 19th century Australian art and 19th century British art. All State collections have major holdings of contemporary art and purchase regularly to extend these collections. These galleries mount displays of works from their collection as well as showing visiting exhibitions. State governments provide assistance to artists through various grants systems which are less extensive in scope and less well funded than those of the Commonwealth scheme. State governments maintain and fund some art education activities through the technical and further education sector.

The market for contemporary visual art is not static and its development is a result of its unregulated state and the nature of contemporary visual arts. The canons of appreciation of contemporary visual art are autonomous reflecting internal aesthetic and visual criteria which value highly innovation, novelty and challenge to the status quo. Out of contemporary art comes art works some of which obtain general acceptance and will become the high art of succeeding generations. To a large extent, the market for contemporary visual art develops tastes and establishes new standards of artistic appreciation and definitions of important art. In this process, there is a number of means to bring to prominence new work which is judged to be significant. One important way to do this is by the institution of prize and scholarships competitions; another is the activity of art criticism and review.

Art prizes and scholarships have been important in the market as a source of earnings for artists and as a public acknowledgment of their success and advancement. The importance of individual prizes has varied over time but a few, particularly the Archibald, remains significant, influential and controversial.

Major newspapers and magazines publish regularly art criticism while there is a constant stream of specialised art magazines and journals appearing in the market; the doyenne of which is the magazine “Art and Australia” which in its current format has had a continuous circulation of over 30 years. Publication of illustrated art books on general themes in Australian art and of individual artists works are common.

Artists are the creators and suppliers of newly created works entering into the primary market. There are a number of views about who should be considered an artist in the market; generally this Chapter takes a more restrictive view than other approaches of defining artists by limiting it to only those involved in the exhibiting dealer gallery system. The analysis of this section of this Chapter centres on seeldng answers to the following questions: What is the definition of an artist? How many artists are there? What are the earnings of artists? What is the distribution of artists’ earning? What is the importance of art training to artists income?

One of the interesting questions in the contemporary visual arts market is how to determine who is to be included in the classification of artists. The problem exists because we want to determine how many artists are to be included in the market of contemporary visual art in the sense of being professional artists creating potentially significant art work. The first area is to exclude “Sunday” painters but this does not end the problem. As is typical of any creative art form, there are many aspirants to a full time role in the market; typically many young people enter the market in search of fame and fortune but find, initially, that they are unable to support themselves from their earnings from their artistic endeavour and, in order to make ends met, work at other occupations while waiting for their big chance in art. Eventually it must be the position that most of these people leave the market as full time participants possibly remaining on an intermittent or part-time basis. Some artists combine a career of 85 creative artistic activity with other activities such as teaching, criticism, curating exhibitions and administration. The questions are whether to include all such aspirants in the definition of artist and, if not, what criteria should be used to define artists®.

There are five approaches to the problem of determining criteria for identification of an artist and for enumeration of artists. These are;

those contained in research studies; the major one of which is Snooks®; 2. those used by art encyclopedias, the major ones being McCulloch’ and Germaine*, to determine which artists are to be included; 3. definitions used in the population Census conducted by the Australian Bureau of Statistics; 4. those of Australia Council studies of artists’ circumstances; and 5. a count of those associated with exhibiting dealer galleries.

Research Studies

In the first major study undertaken of the visual arts profession, Snooks drew attention to the difficulty inherent in the study because only a small proportion of those receiving a formal training in art ever become professional artists in the sense that they earn a majority of income from the sale of their art. For the purposes of Snooks’ study, a visual artist was defined broadly as ' someone who earns at least part of his/her income from the sale of art to the public through the commercial gallery system.'^ This study undertook a survey of visual artists to obtain sample data. The sources used in

^ This problem is not one confined to the contemporary visual arts as it arises in other areas of the arts particularly the performing arts but also in professional sport. The number of aspirants to professional careers in football or golf, for example, are large in relation to those who actually pursue such a career. ® Snooks (1979). McCulloch (1984). * Germaine (1984). ® Snooks (1979). 86 compiling a comprehensive list of artists included the following which are arranged by the author'® of the study in approximate order of usefulness:

1. The art magazine, Art and Australia; 2. names of contemporary Australian artists 'o f note' taken from the 1968 edition of McCulloch; 3. names on the lists of art societies obtained from Art and Australia, McCulloch, newspapers and telephone books; 4. names of artists who applied for direct assistance grants to the Visual Arts Board of the Australia Council; 5. names of those who appeared under the headings, ' artists' and 'modellers and sculptors' in telephone directories; 6. names of artists in Trade Directories; 7. names of artists appearing the art column of newspapers and other selected magazines; and 8. names of artists appearing in number of art books.

These sources gave a total of 3,950 artists in 1974 but this figure was considered to overestimate the number of artists because firstly, some of the sources were out of date and included the names of artists who had died, retired, changed occupation or left the country. Secondly, some of the sources included lay members of art societies and applicants to the Australia Council for grants for other art activities. After making allowance for these factors, it was estimated that the number of practicing artists in Australia in mid 1974 was 2,876.

Census Definition

The total number of visual artists recorded in the 1986 Census in the category, "Painters, sculptors etc" was 2,116. This figure underestimates the total number of contemporary visual artists as the question asked in the 1986 Census was "In the main job held last week what was the person's occupation?" so that artists whose main job

Snooks (1982). 87 was a non-arts occupation were not included in the Census count". At the 1991 Census" this figure was 2,907 comprising 2,205 painters (artistic), 292 sculptors and 410 other artists described as ‘painters, sculptors and related professionals (n.e.c.)’.

The first of the major encyclopedias, McCulloch," has used the following criteria for selection of artists in the encyclopedia: 1. Purchase of an artist's work for an Australian public collection; 2. Award of a prize in open competition; 3. Significant contribution to art or cultural magazines and reviews, or the publication of a book on art; 4. References in an existing book on Australian art history, or in a state gallery catalogue; and 5. Outstanding general contribution to Australian art development.

On this basis, McCulloch enumerates 1,270 artists. The second of the two major encyclopedias, Germaine, has used the following explicit criteria for inclusion in his book. These are: 1. artists whose work is included in the collection of public galleries; 2. artists who have gained prizes or awards; 3. artists whose work has received favourable comments by critics in gallery exhibitions; and 4. those are pioneering or participating in interesting art projects or are leading art personalities or administrators".

On this basis, Germaine enumerates 2,770 artists. These criteria are similar to those mentioned above in connection with McCulloch but are less restrictive in that they

The Arts: Some Australian Data, Third edition, Australia Council, North Sydney, 1989 pl2 ’■ Australian Bureau of Statistics, “1991 Census Directory of Classifications”, [ABS Catalogue Number 2904.0 and Australian Bureau of Statistics, “1991 Census Dictionary”, [ABS Catalogue Number 2901.0] '^McCulloch (1969). ''' Germaine, Max, Artists and Galleries of Australia, Boolarong, (1984) p. ix. would tend to include more emerging artists who show in artist run spaces or are involved in public art projects than would McCulloch. Also Germaine's criteria would include artists whose work has been acquired by non-commercial means, that is, by donation of admirers or family to public galleries. McCulloch tends to include the more established artists as its coverage includes artists who have made a significant contribution to Australian art so it tends to exclude emerging artists. Moreover, there is difference in timing; McCulloch although published in 1984 appears to have experienced publication delays referring to a research completion date of 1980 while Germaine, also showing a 1984 publication date, is a revised edition of an earlier 1979 publication.

These estimates are consistent with survey evidence from the Australia Council which show the main achievement of visual artists, as reported in 1986-87, to the Australia Council survey:

Table 3.1. Main Achievement of Visual Artists, Australia, 1986-87

Achievement % of respondents: Achieved Major achievement Had Own Show at Major gallery 38 26 Had own show at minor gallery 49 31 Work(s) shown at major gallery 61 19 Work(s) shown in minor gallery 73 15 Work commission/purchased by public 49 18 gallery/institution Work published in boole/documentary form Source: Australia Council

The Australia Council survey gave as the estimated total of artists as 6,200. If we take the lower figure of the number of artists who regarded their major achievement as having a show at a major gallery as 1,600 (26 per cent of 6,200) or the larger figure of artists who have achieved a show at a major gallery we obtain a figure of 2,400 (38 89 per cent of 6,200). What constitutes a major gallery will be discussed later in the examination of galleries.

Australia Council Definition

The working definition of an artist used by the Australia Council is that of UNESCO; "... any person who creates or gives creative impression to, or recreates works of art, who considers his artistic creation to be an essential part of his life, who contributes in this way to the development of art and culture and who is or asks to be recognised as an artist, whether or not he is bound by any relations of employment or association."^^ This definition is very broad and enables artists to be self-defined in a way most other professions or economic occupations cannot be. This definition is one sided in that it accepted the self definition of the artist but does not incorporate any economic or market judgment so that it is probable that many self defined artists will have no involvement by sales or exhibitions in the art market. Practicing artists are aware of the difference between artists who are an integral part of the art market when they refer to "amateur artists" or "Sunday painters". It is perhaps useful to cast a very wide net to find all persons who consider themselves to be artists to obtain a global figure but not to accept that this number has any normative significance. On this broad basis, the Australia Council study enumerates 6,200 artists.

Artists Associated with Exhibiting Dealer Galleries

It is estimated that, over the major period of this study, 1972-1989, there were of the order of 75 exhibiting dealer galleries in Australia. This estimate is based on the number of member galleries of the Australian Commercial Galleries Association, the number of non-member galleries of a similar operation, the number of entrants to the Australian Contemporary Art Fairs and informal judgements of art market participants. This picture of the extent of the exhibiting dealer galleries is not static as there is a high

Cited in Throsby and Devon 1989 90 turnover of galleries which is discussed at length later in this Chapter. The number of artists in the exhibiting gallery system is made by assuming that each gallery has, on average, 30 artists in its stable. Thus it is estimated that there are of the order of 2,250 artists as thus defined.

Range o f Estimates o f Number o f Artists

The range of estimates of the number of artists in the contemporary visual arts market is summarised in the table below: 91

Table 3.2. Estimates of Number of Contemporary Visual Artists, Australia

Source: Estimate: Snooks 2,876 Census 2,907 Encyclopedias: McCulloch 1,270 Germaine 2,770 Australia Council 6,200 This Chapter 2,250

Even allowing for differences in timing, the range of the estimates is high but can be reconciled by considering the basis of the criteria used for the enumeration. The implicit definition of an artist used in examining the art market in this and succeeding chapters, and referred to in the introduction to this Chapter, is much more narrow than the Australia Council definition. The implicit definition is seeldng to determine whether an artist is a "professional artist" and to do so involves such criteria as whether:

1. the artist has a dealer who exhibits the artist's work, hold the artist's work in stock and promotes the artist's career; 2. the artist's work has been purchased by a public gallery or a private collector; and 3. the artist's work has been subject to critical appraisal and discussion by an art critic.

An alternative estimate based on a judgement about the number of exhibiting galleries and the number of artists represented by those galleries would place the number of contemporaiy visual artists at somewhat less than 2,500 as has been shown. This compares with the number of entries in the major reference encyclopedias which give the following numbers: McCulloch^® includes the names of 1,270 living artists while Germaine^’ has 2,770 names. These numbers would include painters, sculptors, and printmakers. The division between these categories may not be hard and fast; indeed,

' McCulloch, Alan, Encyclopedia of Australian Art, Hutchinson, Melbourne, 1984, 2 Vols. Germaine (1984). 92 as will be discussed later, it may be an optimum strategy for contemporary visual artists to work in a number of media in order to have a better product range.

On the implicit criteria, the number of professional artists will be much smaller than the number determined by the Australia Council approach even though the Australia Council attempts to make the UNESCO definition operational by incorporating specific criteria such as seriousness, practising and professional. However, these additional criteria can still catch in their net the "Sunday painter". There is a considerable number of people who have an involvement in painting and sculpture. A survey undertaken by the Australian Bureau of Statistics into work in selected Cultural/Leisure activities revealed that there were 185,000 involvements in art activities. The results are shown below: 93

Table 3.3. Involvements in Cultural Activities, 12 Months ended March 1993, Australia, ‘000 Type of Activity Involvements (a) Paid Unpaid only Paid and Unpaid Total Drawing 25 48 23 95 Painting 21 36 24 81 Sculpture 4 10 6 19 Total 50 94 53 185 Notes: (a) excludes hobby involvement Persons may be involved in more than one type of activity Source: Australian Bureau of Statistics, “Work in Selected Cultural/Leisure Activities”, March, 1993. [ABS Catalogue Number 6281.0]

"Seriousness" is judged by a self-commitment to artistic work even if arts work does not provide for the majority of income. "Practicing" focuses on artists who are currently worldng or seeldng to work in their chosen profession. This again relies on the self definition of an artist. "Professional" is used to indicate that there exists a set of professional standards by which the artist's work can be judged and that there is some degree of training, experience, talent or manner of working which provide qualifications for an artist. However, this criterion of professional sits very uncomfortably with the canons of appreciation of contemporary visual art which maintain fundamentally that standards of judgment in contemporary art are autonomous and are derived from internal aesthetic considerations and not from external objective measurements. For instance, it is not a requirement in contemporary visual art that landscape paintings should be, or attempt to be, a faithful reproduction of the external scene; in contrast, an attempt to render on canvas an external vista would be dismissed as "photographic" or regarded as the sign of a "Sunday painter". Landscapes in contemporary visual art may be rendered in an "Abstract" style or an "Abstract Expressionist" style each of which implies and individual and subjective approach to the creation of a work of art. Likewise, portraits in contemporary visual 94 art are not expected to be, (and would be derided if they were), a "close likeness" to the subject. In 1944, the judges, who were the Trustees of the Art Gallery of New South Wales, of the Archibald Prize, Australia's most famous portrait prize, were legally challenged by a group of disgruntled artists who maintained that the judges' choice for the prize was not a portrait but a caricature. The case was dismissed after extended legal argument leaving considerable bitterness in the art world and subsequent winning pictures of this premier prize for portraiture have not been regarded as "good likenesses" of the subjects. An extreme position is taken by the French contemporary artist Jean Debuffet, who has created the style known as "L'Art Brut", and who explicitly rejects both the conventions of the art school and the conventional techniques of contemporary art in favour of techniques drawn from consideration of the paintings of children and mentally disturbed people.

In 1988, the number of artists, as estimated by the Australia Council^* in accordance with its operational criteria based on the UNESCO definition, was 6,200. The categories of contemporary visual artists included in this enumeration are painter, muralist, sculptor, print maker, photographer, video/film artist, performance artist, illustrator and cartoonist. Of these categories, those of video/film artist and performance artist in particular are unlikely to generate art work which is sold in the private market while muralists and sculptors create "public art" which similarly relies on public competitions or commissions rather than private sales through a gallery, broker and auction system. Illustrators and cartoonists are more likely than other artists to work under formal contracts of employment, either regular or episodic, than other categories of artist who are more likely to be self employed.

The number of artists as estimated by the Australia Council includes a significant proportion of visual artists who are self taught or who have undertaken informal means of training indicating the criterion, "professional" is very wide and is unlikely to exclude anyone determined to be counted as an "artist". The responses to an Australia Council survey, which permitted multiple responses are shown in Table 3.4. below:

The major categories of contemporary visual artist as recognised by studies commissioned by the Australia Council are; Painter, Muralist, Sculptor, Printmaker, Photographer, Video/film artist. Performance artist. Illustrator and Cartoonist. 95

Table 3.4. Training Undertaken by Visual Artists, Australia, 1980 Per Cent of Visual Artists

Formal Training:

University 14 CAE/Institute of technology 35 Teachers College 10 Technical college 19 Art college 26 Art/craft school 12 Apprenticeship 1 Private Training:

Private teacher 7 Private tuition from practitioner 15 General training:

Specialist courses 16 Workshops 29 Adult education 13 Vacation summer schools 11 Acting as Artist-in-Residence 9 Competitions 23 Learning on the job 26 Self-taught 31 Source: Australia Council

The table above shows that 22 per cent of respondents claimed that private training was important while 57 per cent claim being self-taught or learning on the job is important. The emphasis placed by the Australia Council on the importance of training does tend to beg the question of what training is relevant in this context.

The distribution of visual artists generally corresponds to the distribution of the labour force and population in the States; however, visual artists are more than proportionately located in NSW and the ACT and are underrepresented in Queensland and Western Australia while, within each State the distribution of artists reflects the 96 distribution of the population, with the greatest concentration in the capital city, and the location of publicly funded art teaching institutes.

Income o f Artists

Contemporary visual artists are primarily self employed; a survey by the Australia Council shows that, in 1986-87, 86 per cent of income received by contemporary visual artists from their Primary Creative Activity came from non-salary sources. The Australia Council survey makes the useful distinction between "Primary Creative Activity" which is the creative practice of the principal artistic occupation, the standard by which the artist is defined, and "Other Artistic Work" which, for the most part, is teaching activity and non-arts activity. The distribution of income between major categories from primary creative activity for visual artists in 1986-7 is shown in the table below:

Table 3.5. Sources of Income by Major Categories from Primary Creative Income, Visual Artists, Australia, 1986-87

Source of Income: % of Total Primary Creative Income Salaries and Wages 14 Sales 66 Fees, Commissions 8 Royalties, Copyright, PLR 2 Grants, Prizes 9 Note: (a) PLR is Public Lending Right Source: Throsby and Devon, 1989

These figures are supported by the survey evidence on the regularity of visual artists's income; in 1986-87, only 35 per cent of artists reported receiving income on a "regular or semi-regular" pattern while 59 per cent reported receiving income on an "intermittent" pattern. The average income for visual artists tends to be low although the dispersion is quite high; however, a small number of artists earn high amounts as is shown in the table below: 97

Table 3.6. Distribution of Income from Primary Creative Activity, All Arts Sources and All Income, 1986-87, Per Cent of Artists

Income from: Income per year AUD Primary Creative Activity All Arts Income All Sources 0 - 4000 64 42 21 5000 - 9999 10 10 15 10000 - 14999 7 8 12 15000 - 19999 4 6 10 20000 - 24999 2 6 10 25000 - 29999 5 9 11

30000 - 34999 2 8 8 35000 - 39999 2 2 2 40000 - 49999 2 5 5 50000 - 59999 1 1 1 60000 and over 2 4 4 Mean ('000) 9.3 16.2 20.5 Median Income ('000) 2.8 8.8 15.5

Source: Australia Council

The distribution is highly skewed to the lower frequencies but, before the inference that visual artists are poorly rewarded for their activities is drawn, it should be pointed out that this pattern of rewards is, in part, explained by the amount of worldng time devoted to the principal creative activity. In the 1986-87, Australia Council survey nearly two-thirds of artists reported spending half or less of their working time on their principal creative activity while one-quarter of visual artists devoted half or less of their worldng time all arts related work. On the other side, only 16 per cent of visual artists allocated more than 75 per cent of their working to their principal creative activity. Overall, the mean proportion of artists' working time devoted to their principal creative activity was only 45 per cent while the mean proportion of working time devoted to all arts related work was 76 per cent. Confirmation of the part-time nature of many visual artists' work is given by the fact that half of visual artists worked less than 30 hours a week on their principal artistic occupation; in fact, the mean number of hours visual artists worked on their principal artistic occupation was 29. Two thirds of visual artists who would like to spend more time working on their most desired arts work claimed 98 that the factor preventing their undertaldng more work was "insufficient income fi-om that work" while 45 per cent of visual artists claimed the major difficulty experienced by them in developing the range and quality of their work was lack of finance. The Australia Council surveys appear to contact a large number of artists at the beginning and early stages of their career; in 1986-87, 14 per cent of visual artists described their career as "beginning" with a further 42 per cent describing their career as "becoming established".

The other side of the coin is that a significant proportion of visual artists enjoy a high income from art; in 1986-87, when an income of AUD 25,000 was higher than average by community standards and an income of AUD 50,000 was attained by only a small proportion of the worlrforce, 14 per cent of visual artists reported an income of AUD 25.000 and over with three per cent reporting an income of AUD 50,000 and over from their principal creative activity. Higher proportions of visual artists reported high income from all artistic sources with 29 per cent having incomes greater than AUD 25.000 with five per cent earning incomes of AUD 50,000 and over. The highest income interval reported in the survey is AUD 60,000 and over and in this open ended category two per cent and four per cent of visual artists earned incomes of this magnitude from the principal creative activity and all arts sources respectively. That some artists earn high incomes^^ from the sales of their work explains the incentive for large numbers of aspiring artists to devote time and energy to pursuit of fame. The question of the existence of an oversupply of artists is taken up in Chapter 7.

Collectors

Relatively little is known about private collectors; many prefer anonymity from modesty as well as from for security reasons. The 1980s saw the emergence of a number of entrepreneurs who developed large art collections; among these were

Other evidence indicates that the rewards to contemporary visual art are very high; in a court case in which the distribution of the estate of a deceased successful artist, Brett Whiteley, who is included in the Portfolio Study, it was revealed that the value of his estate was of the order of several millions. 99 persons such as Mr Bob Ansett (founder of Budget Car Rental), Mr Alan Bond (of Bond Corporation) and Mr Robert Holmes a Court (who was influential in many corporate takeover bids). These collectors accumulated Australian paintings as well as Impressionist works and were flamboyant buyers at auction. In the recession, the collections of many of the entrepreneurs were sold at auction and dispersed. Many collectors are private persons; others are corporations which maintain a collection and others are private businessmen whose private collections can scarcely be distinguished from those of the corporations they manage.

Corporate collectors

Major corporate collectors of art have been found in the financial sector, legal firms and large industrial companies. The tone for financial institutions was set for the Reserve Banlc of Australia which during the 1950s and 1960s acquired a large collection of contemporary Australian art. According to the Banlc, this collection showed a marked capital appreciation. Other banlcs with important collections are the ANZ Banlcing Group, the Rural and Industries Bank of Western Australia, the National Bank of Australia. Major industrial companies with large collections are BHP, BP Australia and Wesfarmers Ltd. Wesfarmers has an investment focus to its collection; according to its curator^®, the company continues to buy art works because the results of past acquisitions have measured up well to the investment criteria set by the company; to aid such comparisons the collection is frequently revalued.

An exhibition entitled Hidden Treasures which was held in early 1995 at the S. H. Irvin Gallery of the National Trust in Sydney displayed works held in major corporate collections. Hidden Treasures consists of 80 works from Sydney-based collections. The exhibitors include five banks, six firms of solicitors, John Fairfax Holdings, pencil maker Faber-Castell and IBM Australia, and ICI Australia. The ANZ Banlc is setting aside the Verdon Chambers in Melbourne's Collins Street to display the 25 principal "gems" of its essentially historically based collection.

Personal communication. 100

Ps'ivate collectors

Relatively little is Icnown about private collectors. There is some historical information available in the series of articles appearing in Art and Australia in the 1960s on collectors^\ The tone of the information is illustrated by the following exerts from the articles. The collection of collector 1, Mr K Bonython, is described as one "... which shows a complete attunement to the artist's work and its significant development. He will wait for the right moment and the right exhibitions, and travel wherever he needs to be, to acquire the particular work he wants. He buys direct from the artist as regularly as he buys from exhibitions."

The motivation of this collector is described in the following way: "Bonython has, for the most part, moved into the field early, not only before prices have rocketed but before the artists have had any great chance to lose the salt and savour of authentic painting motivations ...". This approach of buying artists’ work early before their prices have reached substantial heights is a more general approach by private collectors. The comments on collector 4, Mrs Carnegie, reveal the extent to which collectors are active in the art market: "During the last six years Mrs Carnegie has acquired approximately four hundred works of art. " The extract in relation to collector 6, Mr Eliot Aldridge, a pastoralist reveals something of the motivation of collecting: "Eliot Aldridge has said that he began collecting paintings when, as a younger man alone on a property north of Broken Hill, he felt the need for some pictorial solace in his isolation." He was influenced by a gallery to buy contemporary work: "... the pictures are large; even some of the drawings are large." In relation to collector 7, Mr Summons, it was revealed that his collection was small: "This collection now numbers some sixty items, a fair total for a small collection, but none of the paintings is of public gallery size and half the works are either less important paintings in various medium, or drawings, so the group remains manageable and easily comprehensive." Private collectors will devote time to exploring the range of art work available. "For a

Harris (1964); Miller (1964); Gleeson (1965); Thomas (1966); Shannon (1966); Preston (1966); Shannon (1967); James Mollison (1968); Thomas (1968); Thomas (1969);Thomas (1971); Dundas (1972); Bell (1973a); Bell (1973b). 101 serious collector, whose resources must be conserved, looking around at exhibitions and in dealers' stock-rooms is essential because for such a person it eventually proves difficult to find more things to add to the group of works already assembled." Whether such a collection would be regarded as significant in the 1980s is doubtful.

Galleries

There are a considerable number of difficulties in determining the total number of galleries in the contemporary visual arts market. Many of these difficulties are similar in principle to those encountered in the determination of the number of artists. Many retail establishments calling themselves “art galleries” sell artists’ supplies and reproductions of art works. Other establishments calling themselves “art galleries” are fi-aming shops which also sell framed reproductions and framed works made by their customers. The number of “art galleries” obtained from telephone directories is very large and very large in relation to the number of exhibiting dealer galleries.

Commercial Galleries

That artists regard galleries as being an important way to improve their income is shown by the responses of artists to the 1986-87 Australia Council survey when 24 per cent of respondents suggested that the way to improve promotion of their work was for the artist to obtain a gallery to represent their work. A further eight per cent of respondents wanted to exhibit their work at a better gallery while 33 per cent of respondents wanted their existing gallery to work harder.

The exact number of commercial galleries at any time is not known because there are no formal requirements for the establishment of a commercial gallery and as long as the ordinary zoning and other commercial regulations of local government authorities are complied with there is no impediment to starting a gallery and none to using the name "art gallery". The position is similar to that of artist, in that just as anyone may call themselves an artist, anyone may start an "art gallery". Some galleries may be operated in conjunction with other related businesses such as art supply, framing, gift shop. 102 ceramics, tourist goods and even coffee shops. The number of galleries promoting contemporary visual art is much smaller than the total number of self designated art galleries.

The basis of operation of those commercial galleries which are exhibiting dealer galleries is that the gallery will represent artists and exhibit their works on an exclusive basis (artists may negotiate relationships with galleries in other cities but the principal b usiness arrangement remains with the original gallery). The exhibiting dealer gallery will charge a commission on all sales (usually 33.3 per cent although higher commissions are applied by some galleries) in return for marketing the artists’ work. The marketing function includes, as well as mounting exhibition and holding art work in the stock room for sale, obtaining commissions for their artists, entering works in prize and scholarship competitions and obtaining publicity for the artists and their works. The basis of the agreement between artist and the dealer is that both expect to benefit from the relationship and that the artist will eventually sell enough for both parties to prosper. On any reasonable expectation, it may be a relatively long time even up to 20 years before the full benefits of the relationship are realised^^. Not all artists do succeed and there may be long period when the sales of artists work do not cover the expenses of mounting exhibitions^' . Some information on this is provided by data from a member gallery of the Australian Commercial Galleries Association^'^ in the table below;

Table 3.7. The Exhibiting Dealer Gallery - Profile of a Gallery and its Artists

Number of Artists Total commission earned from Classification of Artists in sales of each artist’s work as a terms of producing net income percentage of the cost of each for gallery artist’s solo exhibitions 400 - 500 % income 300 - 400% producing 200 - 300% artists 120 - 200%

Legge (1987). ^ Information supplied by one gallery illustrates this point. Two artists’ sales over a 16 year period showed that the artists had a'deficiency’ of AUD 22,000 (excess of exhibition costs over commissions from sales) in the early years of that period but that their sales had grown by a factor of ten over the whole period to make them ' income producing artists’. Information provided by the secretary, Australian Commercial Galleries Association 103

4 100 - 120% break-even artists 80 - 100 % 3

4 50 - 80% 0 - 50% 29

Total artists; 47

These data relate to a three year period during which the 47 artists had a total of 76 exhibitions at the gallery and the work of each artist was continuously promoted during this period. The promotion activities included shows from stock, exhibitions at other centres, attempting to sell works from the gallery stock room and store. Thus, over half of the artists represented by this gallery do not contribute to gross revenue of the gallery and the gallery relies on a small number of high selling artists for a large part of its gross revenue. Clearly the gallery cannot select, ex ante, which artists will be the high sellers nor can it predict which ones will persistently have low sales. The gallery takes a long term portfolio view in that it looks to returns on its overall activities which may be increased by having a large stable of artists and that it expects some of the artists with low sales will become popular and achieve higher sales. The options open to exhibiting dealer galleries are examined in more detail in Chapter 4.

There is a small number of commercial galleries of long standing, one of the most famous of which is the Macquarie Gallery in Sydney, but commercial galleries do not often survive over long periods as their fortunes are often intertwined with that of their creator. Very few gallery ovmers appear to be able to create an organisation which can survive them. The 1950s and 1960s saw a growth in commercial galleries particularly in Sydney in inner city locations which were undergoing urban renewal and gentrification. Among these can be included Australian Galleries, established in 1956, Rody Komon Gallery established in 1958 and acquired after Komon’s death by Ray Hughes Gallery in 1984^.

“Komon’s successor follows 'good art’ - not the market”, The Australian, 5-6 January 1985 104

Later in the 1950s, the Clune Gallery and the Barry Stem Gallery were established followed in the 1960s by Watters Gallery^^ Gallery A and Bonython Gallery^’. However, it has been estimated that over 100 galleries opened and closed in the period 1965-1975 and that nearly every serious gallery open in 1965 had gone out of business or changed direction by 1975. (Our art market studies in Chapter 4 suggest that 1972- 3 may have been a peak year in the art market and that a decline in the market, as measured by the average real price of paintings sold at auction, continued until the bottom in 1982.) Important galleries established outside Sydney were the Johnstone Gallery in Brisbane in 1957, Von Bertouch Gallery in Newcastle in 1963^® and Ray Hughes Gallery in Brisbane in 1972. The Johnstone Gallery which operated from 1952 to 1972 was regarded as a gallery of national significance^^.

The secretary^” of the Australian Commercial Galleries Association estimated from telephone directories and population statistics that, in 1994, there were over 750 commercial art galleries in Australia. His estimate of the number of galleries in the exhibiting dealer category was 70. The estimates of the number of commercial galleries are shown below:

^ “Watters - 25 Years portrait of a Gallery”, Watters Gallery, Sydney, 1989 McQueen (1988). ^ Von Bertouch (1989). Johnston (1978). Legge (1994). 105

Location Number of Comme Major Capital Cities; Sydney 225 Melbourne 225 Adelaide 57 Perth 85 Brisbane 87 TOTAL 679 Geelong/Colac Area 26 Tasmania 73 GRAND TOTAL 778

This estimate gives the upper bound of the number of commercial galleries in Australia; from a perusal of the telephone listings it would appear that most of these galleries are operated in conjunction with other retail activities mostly connected with art supply and framing. Other enumerations of the number of art galleries can be made from the sources used to enumerate artists.

The number of galleries listed in a standard art Encyclopedia/' McCulloch, totalled 216. These galleries distributed geographically in the following way;

McCulloch (1984). 106

Table 3.8. Number of major Galleries by Location, Australia

State or Territory Location Number Per Cent of All New South Wales Sydney 56 25.9 Elsewhere in State 33 15.9 Total 89 41.2 Victoria Melbourne 35 16.2 Elsewhere in State 15 6.9 Total 50 23.1 Queensland Brisbane 14 6.5 Elsewhere in State 26 12.0 Total 40 18.5 South Australia Adelaide 11 5.1 Elsewhere in State 4 1.9 Total 15 7.0 Western Australia Total 10 4.6 Tasmania Total 7 3.2 ACT Total 5 2.3 Australia Total 216 100.0

Most galleries appear to have been established for a relatively short period of time. Just under half of the galleries in this group reporting a date of commencement commenced operations after 1980 and approximately 40 per cent of this group had operated for less ten years. The time of the duration of the operation of commercial galleries noted in McCulloch are shown below in Table 3.9: 107

Table 3.9. Galleries, Duration of Operation, Australia

Year of Establishment Number of Galleries Per Cent of all Galleries 1930 or earlier 1 1.0 1931 to 1940 0 0.0 1941 to 1950 2 1.9 1951 to 1960 7 6.8 1961 to 1965 10 9.7 1966 to 1970 13 12.6 1971 to 1975 28 27.2 1976 to 1980 28 27.2 1981 to 1984 14 13.6 Total 103 100.0

Other measures of the number of commercial galleries are the number of respondents to an Australia Council survey'^ and the listing of galleries in the leading art magazine. Art and Australia.

Table 3.10. Number of Art Galleries as Listed in Three Sources, Australia

State or Territory Galleries Listed in: Australia Council Prosser McCulloch 1989 Survey Survey New South Wales 89 54 52 Victoria 50 35 11 Queensland 40 19 10 South Australia 15 8 4

Western Australia 10 8 5 Tasmania 7 4 5 ACT 5 9 2 Total 216 137 89

There is a relatively high rate of turnover of galleries; to estimate this the entries in relation to galleries in McCulloch were compared with the listings (not advertisements) in the leading art magazine^^ in 1989; the results are shown in Table 3.8 above.

■ Prosser (1989). ' Art and Australia Summer Issue 1989 108

The Expansion Rate is calculated as the percentage of new galleries ie those listed in Art and Australia but not in McCulloch to those originally listed in McCulloch and suggests that the rate of new entry to the commercial gallery scene is high particularly as this measure may understate the number of new galleries.

Table 3.11. Estimated Survival and Expansion Rates of Galleries, Australia

State or Territory McCulloch Art and New Galleries Survival Rate Expansion 1984 Australia Rate 1989 New South Wales 89 30 24 33.7 27.0 Victoria 50 9 26 18.0 52.0 Queensland 40 7 12 17.5 30.0 South Australia 15 4 4 26.7 26.7 Western Australia 10 2 6 20.0 60.0 Tasmania 7 2 2 28.6 28.6 ACT 5 4 5 80.0 100.0 Australia 216 58 79 26.9 36.6 Source: Calculated from McCulloch and Art and Australia, Summer 1984

The Survival Rate is calculated as a percentage of the galleries reported in Art and Australia to those originally reported in McCulloch. This calculation possibly underestimates the survival rate as it appears that the listings in Art and Australia are more restrictive than that in McCulloch because the listings in Art and Australia include relatively few regional commercial galleries. This measure initially suggests that the average survival rate of commercial galleries is low however two subsequent considerations are relevant. The first is that the high turnover rate is consistent with the view of the contemporary visual art market is a fluid one with new entrants seeking exceptional returns in a short period and in this sense is analogous to other industries which rely on fashion, novelty and innovation such as contemporary popular music in both the performance and recording areas, fashion design and fashion clothing. Costs of entry are relatively low and there are few sunlc costs to inhibit exit so that it may be expected that the average life of a gallery may be short. Even successful galleries may 109 not have a long expected life time as a gallery may achieve success by developing a specific group of new talent to maturity as would occur if the gallery supported a new style or school of art and continuing to exhibit this work to a relatively static group of collectors. Secondly, there are a number of galleries which do exist for a long period.

Total Sales in Commercial Galleries

As a result of the difficulty of determining the number of commercial art galleries in Australia it is also difficult to estimate the total sales of the commercial galleries. An early estimate is that of Prosser who, in 1989, estimated total sales by commercial galleries and retail outlets as AUD 235 million. Details of these estimates are shown in Table 3.12 below.

Table 3.12. Total Annual Sales of Visual Art/Craft through Commercial Galleries

Annual Sales AUD per cent of galleries less than 10,000 10

10,000 - 24,999 10 25,000- 49,999 16 50,000 - 74,999 13 75,000 - 99,999 18 100,000 - 199,999 14 200,000 - 499,999 8

more than 500,000 11 Source; Prosser

A later estimate of the sales of those commercial galleries, which would be identified as exhibiting dealer galleries, was able to be made when the author acted as statistician to the Australian Commercial Galleries Association to collect sales data made available on a confidential basis to compile total sales figures. The Australian Commercial Galleries Association, an industry grouping of major commercial galleries in Australia, has a membership of approximately half of the total number of exhibiting dealer galleries in Australia, sought to obtain estimates of total sales for the first time in 1994. 110

The estimates have been made available publicly by the Association and are shown below:

Table 3.13 Estimates of Sales of Artwork by Members of the Australian Commercial Galleries Association, 1993-94, AUD million. Sales Per Cent of Total Sales Total Sales 33.5 less sales of foreign artists 0.8 2.4 Total Sales of the work of Australian Artists 32.7 97.6 less sales/resales of work of deceased Australian artists 5.7 17.0 Total first sales of work of living of Australian artists 27.0 80.6 Purchases of first sales of work of living of Australian artists: Public Bodies 2.6 6.9 Private Sector 22.1 73.7 Source: Collected by the author on behalf of the Australian Association of Commercial Galleries.

The data reveal that the major activity, accounting for nearly three quarters of sales, of galleries represented in this survey is to make new sales of contemporary visual art by Australian artists to private buyers. Sales of foreign work is relatively limited and re­ sales of art work constitutes a minor activity. These comments are re-inforced after an examination of data in the Table below which gives sales data for galleries by size. I ll

Table 3.14 Estimates of Sales by Commercial Galleries by Sales Category, Australia, 1993-94

Total Sales Number of Per cent Per cent Percent of Percent of Percent of Per cent Galleries of of Total Sales Resales by Resales by of total Total Foreign by living deceased Resales Sales sales Australian Australian Australian Artists Artists Artists AUD

up to 5 1.8 0.0 1.9 0.3 0.1 0.1 100,000

100,001 8 6.6 0.0 6.8 3.6 0.4 1.3 to 250,000

250,001 5 10.9 0.0 11.2 3.1 8.7 7.1 to 500,000

500,001 7 17.5 5.3 17.9 19.5 8.8 11.9 to 750,000

750,001 3 19.9 29.6 19.6 5.1 12.9 10.7 to 1,500,000

1,500,001 3 43.3 65.0 42.6 68.3 69.1 68.9 to 4,000,000

TOTAL 31 100.0 100.0 100.0 100.0 100.0 100.0 Note: The sales bands have been chosen so as to prevent the identity of individual galleries being disclosed Source: Collected by the author on behalf of the Australian Association of Commercial Galleries.

The general pattern as revealed in the aggregate data is confirmed from the data in this Table although the disaggregated data indicates that the larger galleries tend to have a relatively higher proportion of foreign sales and of resales. In part, this may reflect the fact that larger galleries also tend to be the longer established and consequently have 112 artists whose careers are more firmed established and have greater connections with overseas artists and galleries.

Non Commercial Private Galleries

There are few non commercial private galleries which mount public exhibitions although there have been two notable developments one being the culmination of some years planning which came to fruition in the early 1990s. In 1987, the Museum of Contemporary Art, MOCA, a non-profit, self funding venture, was created to foster international and Australian contemporary art and to demonstrate how private enterprise can support the arts, by Mr James Baker, a major collector of contemporary visual art. MOCA was not conceived of as a static exhibition venue; the owner intended to create its own exhibition program. MOCA was not a dealer gallery but rented space occasionally for dealer exhibitions^''. MOCA was Australia’s first privately funded art museum^^ and operated two galleries, a printery, a bookshop, an experimental space and an art rental and consultancy business.

In 1991 a new Museum of Contemporary Art, MCA, was opened in Sydney. The MCA is a museum to display works donated under the J W Power Bequest to the University of Sydney. The income of the MCA is from membership fees, admission charges, retail commercial activity and sponsorship^®.

Scholarships and Piizes

There are many prizes and scholarships available each year to artists. McCulloch lists a total of 277 prizes of which 58 were continuing prizes and 27 were scholarships available to artists; in addition there were more general scholarships not exclusively available to artists. The reasons for awarding prizes is many; some are the results of benefactions of art patrons; the Archibald, the Sulman and the Wynne, all long standing

Underhill (1987). Follent (1987). “Museum of Contemporaiy Art, Sydney”, Art Monthly Australia, 37, November/January 1990/91, 19-20 113 and well Icnown prizes, have been created from donations from the estates of art patrons while the McCaughey Prizes have been established in a similar way. Some prizes are provided by corporate sponsors; leading examples in this category are the Ampol Sculpture Prize, the Angliss Prize, the Caltex Oil (Australia) Pty Ltd Prizes and the Georges Invitation Art Award. Some prizes are given in response to particular events such as the opening of a new official building or centre; examples include the Kingsford Smith Airport Competition which provided a prize for a wall sculpture in a new airport terminal; the Matthew Flinders Bi-Centenary Fountain Project which was an award for a fountain erected in the Victorian Arts Centre; the Reserve Banlc Prize being for a sculpture as wall decoration for the new Reserve Bank headquarters building in Sydney.

Many prizes are held annually in conjunction with an arts festival or some other aimual event such as the Agricultural Society exhibition; examples are the Royal Agricultural Societies'^ in New South Wales, Queensland and Western Australia; the Barossa Festival Art Prize given in celebration of an annual wine festival; another is the Young Art Prize given at the annual Cherry Festival. The institution of a prize in a smaller country town is an important way of holding an exhibition of a wide range of contemporary visual art much of which may not be ordinarily accessible to local residents; examples include the Dalby Art Prize, the Grenfell Art Prizes, the Lismore Art Prize, the Momington Peninsula Arts Centre Spring Festival of Drawing, the Muswellbrook Art Prize, the Orange Festival Art Purchase, the Shepparton Art Gallery Prize and the Stanthorpe Art Prize.

Some prizes are open competitions available to all; others are by invitation; one such is the Beaumaris Art Prize held since 1979. Others still have age or sex limitations; examples are the Eltham Art Award which is restricted to artists under the age of 40 years being an award for travel to Europe; the Portia Geach Memorial Award being a prize for a portrait by a woman artist resident in Australia; the Moet & Chandon Fellowship, commenced in 1987, which provides for a year working in France for the

These prizes have declined in importance with the secular decline in agriculture exhibitions. Once highly significant, these prizes have become marginal reflecting canons of artistic appreciation no longer to the forefront. 114 winner is restricted to artists under the age of 35. The winner of the Fellowship receives hill financial support for one year to allow the Fellow to work in France. In addition, the Moet & Chandon Touring Exhibition consists of twenty works selected from entries to the Fellowship competition and is toured to State Galleries each year and provides an annual gift of AUD 50,000 to a State gallery or to the Australian National Gallery to purchase Australian contemporary visual art. The Moet & Chandon Fellowship competition attracted entries from 700 artists in its initial year^*.

Other competitions provide support to the contemporary visual arts through commissions. For example, the ANZ Banldng Group Bicentennial Art Commissions made available a total of AUD 200,000 to commission art works with a Bicentennial theme; the selected works toured as an exhibition and afterwards were donated to State galleries^^. The Jack Manton Prize was inaugurated in 1987 to promote a particular view of art, that is, the wider recognition of Australian artists and their contribution to the national culture"^®. This Prize is worth AUD 25,000 annually.

Other prizes are limited by the medium; examples are found in the Albuiy Art Prize which has divisions for various mediums; the various sculpture prizes, and the Fremantle Print Awards. Other prizes restrict entries to a particular theme; an example of which is the Winemakers' Art Prize for paintings 'on the theme of the Australian wine industry', the Blake Prize for religious art and the long running and important Archibald Prize is a prize for portraiture with entry restricted to artists resident in Australia. Some prizes are just that in being an award of money to the winning entry; examples are the Ashfield Prize, the Berrima District Art Society Awards and the Cairns Art Society Prize. Others are acquisitive in that the winning or selected work is acquired by the awarding institution for the amount nominated by the artist; examples are the Warringah Art Prize, the Bathurst Art Prize and the Bendigo Art Prize.

McCulloch lists a total number of prizes of 277 with a total number of scholarships of 27; the number of continuing Prizes is 58. The table below shows that some of the

' Moet & Chandon Touring Exhibition catalogue, 1987 ' Minchin (1987). ' MacAuIey (1987). 115 continuing prizes are of long standing with the majority of continuing prizes being established between 1950 and 1980.

Table 3.15 Date of Establishment of Continuing Art Prizes, Australia

Date of Establishment Number of Prizes Per Cent of Total Prior to 1900 1 1.7 Prior to 1930 2 3.5 Prior to 1940 2 3.5 Prior to 1950 3 5.2 Prior to 1960 15 2^9 Prior to 1970 17 29.3 Prior to 1980 18 31.0 Total 58 100.0

Many of the prizes are of local or transitory significance but others are important for the development of artists’ careers. Assessment of the significance of prizes will be partially subjective and will vary over time. To have some indication of the significance of the prizes, the views of two critics, Lynn and McCulloch, are examined. The first critic'*^ Lynn, in 1969, regarded thirteen prizes as being really important in that artists came to prominence from winning one of these prizes. The 13 are included in the table below together with those prizes listed in McCulloch:

Lynn (1969). 116

Table 3.16 Major Art Prizes as Determined by Two Critics, Australia

Prize Date Lynn McCulloch

1 Archibald Prize 1921 y y

2 Blalce Prize y y

3 Geelong Art Gallery Prizes y y

4 Georges Invitation Art Awards y y

5 the Transfield Prize 1961-71 y y became Bieimale of Sydney

6 Pring Prize 1966 n y in conjunction with Archibald

7 Sulman 1936 n y

8 Wynne 1897 n y

9 Trustees Watercolour Prize 1961 n y

10 Bathurst Art Prize 1955 n y

11 Portia Geach Memorial Award 1965 n y

12 Mosman Art Prize 1947 n y

13 Gold Coast City Art Prize 1967 n y

14 Trustees Prize, QAG 1972 n y

15 Wollongong Art Purchase Prize 1956 n y

The following section considers some of the major prizes in contemporary visual art in Australia. These prizes are the Archibald Prize, the Blake Prize, the Sulman Prize, the Wynne Prize and the Trustees Watercolour Prize. These prizes, particularly the Archibald, have a long history, are often associated with public controversy and are widely reported in the media. 117

Archibald Prize

In terms of the bequest of J F Archibald, deceased in 1919, former editor of the literary magazine, The Bulletin, the Archibald Prize is awarded by the Trustees of AGNSW to the best portrait, 'preferentially of some man or woman distinguished in Arts, Letters, Science, or Politics, painted by an artist resident in Australasia during the 12 months preceding the date fixed by the Trustees for sending in pictures'. The Archibald Prize was first awarded in 1921 and has at times been a controversial award. The Archibald Prize is widely reported in the press and its award confers some distinction of the winner. The Archibald Prize provides a substantial cash award to the winner; the amount varies from year to year with the earnings of the trust fund. In the 1980s, the amount of the prize has been augmented by sponsorship and, in the late 1980s, was worth of the order of AUD 30,000.

Blake Ptize

The Blake Prize is an annual Prize of AUD 3,000 for religious art which was first awarded in 1951. jSwfmaM A ize

In terms of the gift of the family of Sir John Sulman, who was a Trustee of the AGNSW from 1899 to 1934, the Trustees of AGNSW award an annual prize to the best subject painting or genre painting painted by an artist resident in Australia during the five years preceding the date fixed by the Trustees for sending in pictures. The Sulman Prize carries a cash award to the winner and was first awarded in 1936.

Wynne Prize and Trustees Watercolour Prize

In terms of the bequest of Richard Wyrme, who died in 1895, the Trustees of AGNSW award an annual prize to the best landscape painting of Australian scenery in oil or watercolour or the best example of figure sculpture by an Australian artist. The Wynne 118

Prize was first awarded in 1897. The Wynne Prize has a cash award to the winner. In addition, since 1961 the trustees have given a prize of AUD 2,000 for the best watercolour entered for the competition if the Wynne Prize were awarded to an oil painting or a sculpture.

Public Galleries

Surveys of public art galleries and art museums have been conducted by the Australia Council in 1987 and 1989; in 1987 there were 114 public galleries identified as being distributed among the following categories: per cent National and State 7 Other metropolitan 48 Regional galleries 45

Total attendance at those galleries by States are shown in the table below:

Table 3.17 Total Number of Attendance at Public Galleries, Australia, by States, Selected Years, Millions

State or Territory 1986-87 1987-88 Number Per Cent Number Per Cent NSW 1.3 22 8 1.4 21.2 Victoria 1.6 28.1 1.7 2^8 Queensland 0.8 14.0 1.1 16.7 South Australia 0.4 7.0 0.6 9.1 West Australia 0.6 10.5 0.6 9.1 Tasmania 0.3 5.3 0.3 4.5 N T 0.2 3.5 0.2 3.0 ACT 0.5 8.8 0.7 10.6 Australia 5.6 100.0 6.5 100.0

Attendance is concentrated in the more populous States, New South Wales and Victoria and the ACT which includes Canberra, the location of the Australian National Gallery popular with tourists. 119

Each mainland capital has a long established State government art gallery and the National Gallery of Australia, funded by the Commonwealth Government, is located in Canberra. The names of the galleries, their date of establishments and the abbreviation used in respect of each is shown below;

Table 3.18. Major Public Galleries, Australia

Name of Gallery; Abbreviation Date of Establishment Art Gallery of New South Wales AGNSW 1874 National Gallery of Victoria NGV 1861 Queensland Art Gallery QAG 1895

Art Gallery of South Australia AGSA 1879 Art Gallery of Western Australia AGWA 1895 Tasmanian Museum and Art Gallery TMAG 1863 Australian National Gallery ANG 1976

The national and state art museums accounted for over 80 per cent of the value added by the total group of art museums. These museums in 1988 mounted 1752 exhibitions of which 1055 (or 60 per cent) were from their own resources; the others were travelling exhibitions from Australia or overseas. The national and state art museums employed the majority (73 per cent) of paid staff in the total gallery sector. The museums had a total income in 1988 of AUD 45 million. 120

Table 3.19. National and State Museums, Australia, 1988, Share of Total Income, Per Cent

Gallery Share of Total Income, per cent ANG 49.9 AGNSW 15.1 NGV 12.0 QAG 2.7 AGWA 10.0 AGSA 10.2 Total 100.0 Source: Cultural Ministers Council Statistical Group, The Australian Cultural Industry - Available Data and Sources, 2nd edition, AGPS, Canberra, 1990

The Australian National Gallery is the best funded gallery of the major public galleries while the pattern of financing State galleries is affected by special factors.

Table 3.20. National and State Art Museums, Income from Different Sources, 1987-88, Per Cent of Total Income

Source of Income:

Art Museum Government Bequests Admissions Sales Other Total Sponsorship Merchandising Donations

ANG 70.1 7.1 4.9 14.3 3.1 100 AGNSW 662 16.2 4.4 4.4 8.8 100 NGV 11.1 24.1 9.3 24.1 31.5 100 QAG 100.0 0.0 0.0 0.0 0.0 100 AGSA 52.2 4.3 21.7 6.5 15.2 100 AGWA 8.9 0.0 0.0 4.4 86.7 100 Source: Cultural Ministers Council Statistical Group, The Australian Cultural Industry - Available Data and Sources, 2nd edition, AGPS, Canberra, 1990 121

Regional Galleries

There were 130 Regional, Local and Private Art Museums in 1988; of these 20 were associated with metropolitan educational institutions, just over half were located in non-metropolitan areas. The longest established set of regional galleries are in Victoria where the Ballarat Gallery was established in 1884; regional galleries in Victoria are administered by elected local committees'*^.

Regional galleries in New South Wales, as in the other states, are typically municipal galleries operated by the local government authority and most have been established since 1950.

A h Auctions

Art auctions are conducted by a number of auction houses. The major auctioneers are the international houses, Christie’s and Sotheby’s, (Christie’s held its first sale in Australia in 1969 and withdrew, temporarily from the market in 1978) and the specialist Australian art auctioneers, Australian Art Auctions, JR Lawson, Geoff K Grey, all located in Sydney and Leonard Joel in Melbourne. There are regionally significant auction house in Brisbane and Perth while general auction houses conduct occasional art auctions. Australian art is also sold in overseas auctions particularly in London. The total auction market, as reported by Australian Art Auction Records, is of the order of 7,000 paintings a year with realised sales of AUD 45 million in the two year period 1986 and 1987 and with total sales of AUD 77 million in the next two year period, 1988 and 1989.

The auction houses charge a vendors’ commission of 10 per cent of the hammer price although this may be varied in order to attract entries to the auction. Where it is allowed under State law, auction houses charge a buyers premium of 10 per cent of the hammer price; this buyers premium was increased to 15 per cent on lots up to AUD

' Thomas (1968). 122

50.000 in 1993'*'’. Buyers premiums were first charged in 1983. A recent development has been to charge vendor’s commissions a schedule based on total consignments to all auctions conducted by the auction house in a year. Auctions are concentrated in Melbourne with Christie’s, Sotheby’s and Leonard Joel the major houses.

The auction market has generally seen an increase in prices paid but has experienced cyclical conditions. The market retreated in the mid 1970s until 1979 when, according to the Australian Financial Review’s Saleroom correspondent, “the market comes back from the dead at Joel's November sale at the Malvern Town Hall.” In 1980, Joel’s an auction record for an Australian painting.

In 1980, an Australian auction record, this time for a work by a contemporary artist. Home Town by Russell Drysdale, sold by Geoff K Gray for AUD 120,000 followed in 1981 when Sydney dealer Mr Trevor Bussell produced an auction record of AUD 125.000 for Norman Lindsay's The Dancer at Gray's, Sydney.

In 1982, the market goes into retreat at Joel's in July with few sales but, in 1983 the market turns around at Sotheby's where Mr Alan Bond purchases John Webber's Portrait of Captain Cook for AUD 506,000. The sale introduces the buyer's premium of 10 per cent to Australia.

In 1984, the George Cowlishaw sale held by Sotheby's on October 17 establishes Sotheby's as the front runner in the Australian market while in the same year, at Phillips in London a record is set with the sale John Glover's, Natives in the Eucalyptus Forest, a colonial Australian painting for AUD 553,000.

In 1985, Eugene von Guerard's, View of Sydney Heads, another colonial painting, is sold for AUD 700,000 by Sotheby's, Sydney while in 1987 Benjamin West's Portrait of Sir Joseph Banlcs sold for AUD 4.3 million to Alan Bond who, in 1987, purchased Van Gogh's, Irises, in New York for AUD 69.95 million with a controversial loan from Sotheby's.

Ingram (1993). 123

The auction marker peaked in 1989 with the Christie’s auction of the Trout collection in Brisbane and remained depressed until 1992 when Christie's sold the Dallhold (Alan Bond) collection for AUD 5 million. This collection was offered for sale following the collapse of the Bond corporate empire. In 1991 Joel's offered the Farrow collection (Farrow was a group of building societies in Victoria which collapsed in controversial circumstances in 1990) but fails to find buyers. The market became glutted as collections acquired by entrepreneurs were realised in corporate liquidations. For instance, in 1991 Christie's sold works that had been leased by property developer Mr Serge de Kantzow raising AUD 467,610 while, in 1992, at a badly attended simultaneous auction in Los Angeles and San Francisco Mr Warren Anderson's collection of old master paintings raises only AUD 1.56 million against expectations of AUD 5 million.

In 1994 the Brian and Maijorie Johnstone collection was sold by Christie's in Brisbane in June for AUD 1.33 million with only one lot unsold; the Johnstones were the proprietors of the Johnstone Gallery which was a nationally significant gallery operating in Brisbane until 1972'*'*. This was one of few auctions of a major collection held outside Melbourne.

Government Assistance to the Contemporary Visual Arts

Government assistance to the contemporary visual art is provided through a range of programmes at the three levels of government. Commonwealth, State and Local; the total support through these programmes is of the order of AUD 20 million. The support is available in the following ways: 1. grants to artists through the Australia Council; 2. grants to artists through the various State government programmes; and 3. purchase of contemporary visual artworks through a variety of programmes including o the Australian National Gallery's acquisitions;

Details are talcen from Ingraham (1994). 124

o the State galleries' acquisitions; o regional galleries' acquisitions; o Art Banlc; o acquisition of artworks for the new Parliament House; o acquisition of artworks for embassies; and o various public art commissions.

Commonwealth Government

The Commonwealth Government provides assistance to the contemporary visual arts in a number of ways but the most significant continuing assistance is the Australia Council.

The Amstralia Council

The Australia Council was established in 1975 to foster the artistic life of the nation; its stated aims are to provide national leadership in the development of the arts and to offer national programs of assistance to artists and arts organisations. The Australia Council attempts to "encourage more Australians to become involved in the arts and develop awareness, both at home and aboard, of Australia's cultural achievements."

In 1976-77, the then Prime Minister announced that Australia Council was to become the Government's adviser on all artistic matters.

Changes to the role of Australia Council were made in 1976 by the transfer of the Film, Radio and Television Board's functions to the Australian Film Commission and by the transfer of the Public Lending Right Scheme (previously the Australian Authors Fund) to the responsibility to the Australia Council. The Aboriginal Arts and Crafts Pty Ltd was transferred from the Department of Aboriginal Affairs to the Aboriginal Arts Board 125

Under this re-organisation, the terms of appointment to Council and Board members were extended from three to four years and number of Council and Board members were reduced; two new positions were created. These were a Deputy Chairman and a General manager which has voting rights at Council meetings. In addition to the programmes conducted by each Board, the Council undertakes specific programmes: Entrepreneurial, Community Arts and International. The Australia Council’s Boards consist of Aboriginal Arts, Crafts, Film, Radio and Television, Literature, Music, Theatre and Visual Arts. In 1980, a further amendment to the Act saw the membership of Council reduced from 19 to between 10 and 14 parttime members and further saw the appointment of either a full-time or part-time chairman. The first frill time chairman appointed in September 1981.

Prompted by the report. Patronage Power and the Muse, generally referred to as the McLeay Report, which is discussed at length in Chapter 7, and which was critical of the general thrust of the Australia Council’s activities, the structure of the Australia Council was changed. The McLeay Report pointed out that the real objective of government policy was to provide benefits to the community and not just too artists. In consequence of government acceptance of the recommendations of the Report, the number of Boards was reduced to five from eight: Aboriginal Arts, Design, Literary Arts (formerly Literature Board), Performing Arts (formerly Music Board and Theatre Board) and Visual Arts/Crafts Board (formerly Visual Arts Board and Crafts Board). The re-structuring removed two government representatives from the 15 member Council thus making room for the appointment of all five Board chairs to the Council. The Australia Council further moved a four Board system with the Design Board replaced by a Council appointed design Committee and the functions of Community Arts Board were taken over by Community Cultural Development Unit.

Under the Australia Council legislation, the major functions of the Australia Council are to'*^

1. promote excellence in the arts;

Annual Report, Australia Council, 1988-89, p6 126

2. provide and encourage provision of opportunities for persons to practice the arts; 3. promote the appreciation, understanding and enjoyment of the arts; 4. promote the general application of the arts in the community; 5. foster the expression of national identity by means of the arts; 6. uphold and promote the rights of persons to freedom in the practice of the arts; 7. promote the knowledge of and appreciation of Australian arts by persons in other countries; 8. promote incentive for, and recognition of, achievement in the practice of the arts; 9. encourage the support of the arts by the States, local governing bodies and other persons and organisations; and 10.fumish advice to the Commonwealth Government on arts matters.

The Australia Council acts on the principles of "arms length funding" and "peer group review" in that the Australia Council receives a bulk grant from the government and then allocates this grant to the arts community through recommendations of the constituent boards which are comprised of practicing artists or persons with an interest in, and Icnowledge of, the arts. The arms length principle aims to ensure that decisions on specific grants is made independently of government and the Council remains independent of the day to day business of artists and the arts organisations which receive assistance. The peer review principle allows decisions on subsidies to be made by the professional peers of the applicants.

Among the many boards of the Australia Council, the one responsible for the contemporary visual arts is the Visual Arts/Crafts Board which was formed in 1978-88 by the amalgamation of the Visual Arts Board and the Crafts Board.

The function of the Visual Arts/Crafts Board "is to develop the quality and diversity of Australian visual arts and craft, to expand the role of arts organisations, art museums and public galleries, and to promote Australian visual art and craft nationally and internationally"'*®. The major programmes of the Visual Arts/Crafts Board in 1989 are: 1. Professional Development of Artists;

' Annual Report, Australia Council, 1988-89, p35 127

2. National Infrastructure Support for arts organisations; 3. Exhibitions and Access under which art museums and public galleries are supported; 4. International Program which attempts to develop the international recognition of 5. Australian artists; and 6. Advocacy under which the work of Australian artists is promoted by supporting research, critical writing, publishing and public commissioning.

Previously the Visual Arts/Crafts Board had provided assistance to the contemporary visual arts through three programmes;

1. Grants to individuals The purpose of these grants was to provide time for creative work by freeing artists from other employment, by providing assistance with short term projects, and to cover travel expenses for specific projects. Grants were available to artists who had 'achieved a high degree of professional competence in their field' and who were Australian nationals or permanent residents of Australia;

2. Artists programmes There were a variety of activities under this category including: o Artists Traineeship programme providing funding for emerging artists to work in professional workshops with established professional artists;

o Artist-in-Residence programme giving subsidies to artists to work in an institutional setting;

o Visiting Artists programme funding visits from overseas artists to Australia; and

o Artists Studios Overseas rented several overseas studios and giving grants to artists to work in these studios. 128

3. Public Art and Exhibitions programmes covers the following subprograms: o Grants for the commissioning and acquisition of Australian contemporary visual art in public places and institutions; o Australian Contemporary Art Acquisition programme giving grants to public art museums other than those fully funded by the Commonwealth Government to acquire significant works by living Australian artists; o assistance to exhibitions in institutions which complement the programs of the State and regional art museums; and o support for publication of scholarly works on the visual arts in Australia.

The Visual Arts/Crafts Board had provided assistance by way of small grants to artists but gave up this programme in favour of a policy of concentrating on larger grants to allow for "more consolidated periods of development" and "help artists establish themselves nationally and internationally"'*’. The Visual Arts/Crafls Board has a number of social objectives which include the promotion of equality and opportunity, (particularly by focussing on the professional disadvantages which may be encountered by women and the provision of childcare), the development of multiculturalism and the development of the cultural traditions of Australian workers and the trade union movement and the maintenance and development of artist's rights.

The visual arts have obtained an increased share of the budget of the Australia Council; the exact comparison over this period is complicated by the fact that funding for the national flagship performing arts companies, the Australian Opera and the Australian Ballet, was once in the hands of the Australia Council but has been removed as these organisation now obtain a grant direct from the Commonwealth Government. Details are shown in the table below:

Australia Council (1989). 129

Table 3.21. Total Annual Budget, and Visual Arts Share, Australia Council, AUD Million, 1976 to 1989

Financial Visual Arts/Crafts Board Australia Council Per Cent Year AUD Million Visual Arts/ ending June AUD Million Crafts Board

1976 0.9 23.2 3.9 1977 1.1 23.6 4.7 1978 1.1 23.7 4.8 1979 1.2 25.5 4.7 1980 1.3 26.3 4.9 1981 1.4 28.1 5.0 1982 1.4 30.4 4.6 1983 1.6 33.6 4.8 1984 2.0 38.2 5.2 1985 2.2 44.5 4.9 1986 2.2 39.8 5.5 1987 2.4 43.0 5.6 1988 4.8 44.7 10.7 1989 5.8 49.6 11.6 Source; Australia Council Annual Reports

In the Australian Federation, there are general complaints that the outlying States receive a smaller proportion of the national expenditure which tends to be concentrated in the States at the centre; some critics maintain that this is a result the central States’ enjoyment of a monopoly on decision making. These criticisms are fuelled by the decision to locate the Australia Council in Sydney. The distribution of grants between States is shown below: 130

Table 3.22. Proportion of Value of Grants by VA/C Board to Each State, Per Cent, 1977 to 1985

National NSW Vic Qld SA WA Tas ACT NT Total 1977 39 17 13 8 10 5 5 1 1 100 1978 22 29 20 9 10 3 5 1 1 100 1979 53 23 10 3 6 2 2 1 1 loo 1980 47 19 14 5 8 1 5 1 1 100 1981 53 15 12 5 6 4 3 0 1 100 1982 34 14 12 3 4 4 1 1 1 100 1983 30 29 18 4 8 7 4 1 1 100 1984 26 29 22 5 6 5 3 2 2 100 1985 16 33 23 7 7 7 5 1 2 100 Source; Annual Reports of the Australia Council

There has been an increasing trend for grants to be concentrated in New South Wales and Victoria; whether this represents some bias against the distant States or whether it reflects the concentration of artistic activity in the centre cannot readily be determined.

National Gallery o f Austi'alia

The National Gallery of Australia has a permanent home in Canberra and is the repository of the national collection.

ArtBank

ArtBanlc was established in 1980 to buy and display Australian works of art. The objective of ArtBank is to stimulate a wider appreciation of contemporary Australian art by maldng it available for display in Australia and in official posts overseas and to encourage contemporary Australian art and to recognise the achievement of Australian artists by buying their work. In December 1988 a permanent ArtBank exhibition space was opened in Parliament House to display the work of emerging Australian artists. In 1987-88 collection valued at AUD 5 million and works are rented at a fee is 18% pa of the value of the work. To 1989, demand for works owned by ArtBanlc was from 131

Government departments and statutory authorities - the major client is the Department of Foreign Affairs and Trade. Details of the operation of ArtBank in 1988 and 1989 are shown below.

Table 3.23. Selected Statistics; ArtBank, Australia, 1988-1989

Financial Commonwealth Acquisition Rental Revenue Number Number Per Cent Year: Government of of of Works Appropriation Artworks Artworks Rented Acquired in Stock AUD ‘000 AUD ‘000 AUD ‘000 1988 711 500 na 648 6142 75-80 1989 507 250 699 417 6559 66-70

Taxation Incentives for Donations o f Art

The Taxation Incentives for the Arts Scheme has operated since 1 January 1978 under section 78(1) of the Income Tax Taxation Assessment Act 1936. The Scheme encourages donations of items held in private collections to public art galleries, museums and libraries, by allowing donors a tax deduction. An expert advisory committee recommends the appointment of valuers for various classes of property and examines the documentation for donations, particularly the veracity of valuations. At 30 June 1991 216 institutions were participating. The value of donations since the inception of the Scheme was AUD 69.5 million. From January 1978, there has been a policy of allowing tax deductions on gifts to public galleries and museums and libraries. The scheme is examined in detail in Chapter 6. 132

Other assistance: Australian Creative Fellowships

The Australia Council administers the Australian Creative Fellowships scheme, commenced in 1989, on behalf of the Commonwealth Government. This programme was inaugurated as a result of government concern that senior and important Australian artists were often forced to work overseas or in professions not directly related to their art, because of the poor returns to their art in Australia. In creating these fellowships, the government aclcnowledges the significant contributions made by such artists to the community and to provide them with the opportunity to develop their work further.

State Government

The total support to the visual arts by State and Territory governments is shown in the table below.

Table 3.24. Expenditure by State and Territory Governments on Visual Arts, 1986-87, AUD ‘000

State: Aboriginal Arts Visual Arts Art Galleries Total

NSW 23 665 4317 5005

Victoria 25 1225 5959 7209

Queensland 4 86 3391 3841

South Australia 40 203 2192 2435

Western Australia 130 858 3775 4763

Tasmania 5 67 1822 1894

NT 11 2 3716 3729

ACT 0 181 156 337

Australia 238 3287 25328 288853 Source: The Arts: Some Australian Data, Third edition, Australia Council, North Sydney, 1989

The major expenditure on the contemporary visual arts by State governments is through maintenance of the State art galleries. 133

Local Government

Total Cultural Funding by Local Government includes funding for the operation and support of the performing arts, museums, art galleries, orchestras, the preservation of the national estate and the presentation of festivals - includes capital and current funding

Table 3.25. Total Cultural Funding, Local Government, Australia, 1986-87, AUD

State or Territory: Million Per cent of Total

NSW 14.6 27.2

Victoria 16.8 31.3

Queensland 9.7 7.1

South Australia 3.8 7.1

Western Australia 5.6 10.4

Tasmania 1.9 3.5

NT 1.3 2.4

Australia 53.7 100.0 Source: The Arts: Some Australian Data, Third edition, Australia Council, North Sydney, 1989

Art Training Institutes

The 1970s and 1980s saw an expansion of government funded art training institutes at tertiary level. These institutes have been funded entirely by the Commonwealth government since 1975 and since then have provided tuition free of charge to the students. Since 1975, there has been an increase in the number of students in art colleges and in the proportion of art students to total tertiary students. Enrolments in vocational art courses in higher education grew by 163 per cent between 1975 and 1985, higher than any other field except applied science. The implications of this expansion of arts colleges is examined in Chapter 7. 134

Smmmmy and Conclusion

The contemporary visual arts market in Australia is almost completely unregulated so that entry to the market is free. In consequence, the market undergoes substantial dynamic change.

There is no unambiguous definition of the market but this Chapter and the rest of the Chapters focus on the segment of the market which is potentially concerned with the high art of future generations, the art held in museums and accounted as important. While there is a large number of galleries, this focus is on the exhibiting dealer galleiy system which comprises no more than about 75 galleries at any one time with of the order of 2250 artists.

Total sales in this market are of the order of AUD 40-45 million a year with a wider view of the market having sales of over AUD 200 million. The auction market has total sales, not all of contemporary visual arts of the order of AUD 80 million.

The earnings and careers of artists are enhanced by a large number of prizes and scholarships.

The role of the government in the market is not a regulator but multi-faceted. Governments establish and operate art galleries and museums; provide grants to artists and purchase art works for a number of institutions. 135

CHAPTER 4. EMPIRICAL STUDIES OF THE CONTEMPORARY VISUAL ART MARKET IN AUSTRALIA

Introduction.

There are only two reported empirical studies of the art market in Australia; both by the present author. In this chapter the results of three types of studies of the market for contemporary visual arts in Australia are reported and compared with the studies considered in Chapter 2. The studies are a Portfolio Study and an Auction Price Study. The first study is a Portfolio Study which estimates that annual average real rate of return over the period 1972-1989 of a portfolio of 68 pieces of Australian contemporary art. The data-base for the Auction Price Study comprises the prices of all works sold by these 68 artists at auction over the period, 1973-1989. This data-base comprises 4915 entries. The data set is used to generate a Double Sales study which estimates the annual rate of return to paintings which were sold at least twice over this period using a similar approach to the studies reported in Chapter 2. In addition, this data set is used to estimate the rate of return to the works of individual artists. This data set is used further to gain an overall picture of the market for contemporary visual art to illuminate the analysis of Chapter 3.

The Portfolio Study

There is only two reported empirical studies of the art market in Australia*; both by the present author. These reported studies are based on the Portfolio Study over the period 1972-1989 which is the first study discussed in the Chapter. In this Portfolio Study, a representative portfolio of contemporary visual art was constructed based on actual sales of contemporary art in 1972; the return to this portfolio is measured by estimating the value of the portfolio in 1989 and the internal rate of return to the portfolio. The procedure followed in the Portfolio Study was to collect the prices and

' Stanford (1993a and b). Both articles report the results of data used in the Portfolio Study in this Chapter. The article irxArt and Australia compared the results obtained in the Portfolio Studies with the experience of the Reserve Bank of Australia whose collection was claimed to have the ‘highest rate of price appreciation of any asset the Banlc owned’. 136

Other information about art works sold in commercial galleries in Australia as reported in the art magazine, Art and Australia, in 1972. The galleries represented were exhibiting dealer galleries and were prominent in the contemporary visual arts market in 1972. Not all the information published was used as only works which satisfied the following criteria were included:

1. the artist had to be alive in 1972 and be recognised as an Australian artist (the criterion used was whether the artist appeared in a standard art encyclopedia of Australian art);

2. a full description of the work (medium, dimensions, title, if any) was available (this was required to gain an accurate estimate of the price in 1989); and

3. sales took place in an Australian gallery (a few sales were reported from New Zealand galleries).

The result of this procedure was to obtain data on art works by 68 artists. The object of the exercise was to ask how did prices of this portfolio change over the period 1972 to 1989? This question was answered by pricing the individual art works as at 30 June 1989. The pricing was achieved by reference to art auction records, dealers records, exhibition catalogues and information specifically supplied by dealers. The estimated prices were shown to a number of dealers and art valuers to ensure the valuation was reasonable. The consensus view was that the estimated prices were conservative. Some check on this procedure is available fi’om the Auction Price Study.

The portfolio consisted of 68 works including:

1 oil paintings; 2 acrylic; 3 four watercolours; and 4 the remainder were other media, mixed media and drawings. 137

The complete description of the works is contained in Appendix 1.

The paintings in the portfolio consisted of 55 by men and 13 by women; of the 55 men, 13 were bom overseas and of the 13 women, three were bom overseas. During the period 1972-1989, nine artists (seven men, two women) died. Complete biographical and bibliographical records of the 68 artists are contained in Appendix 2.

Characteristics o f Artists in Portfolio Study

Certain objective characteristics of the artists included in the Portfolio Study are examined to give some indication of their integration in the contemporary visual art market. All artists are represented in the standard art dictionaries, Germaine and McCulloch. The artists in the Portfolio Study have won a considerable number of prizes and other art awards. In terms of the art awards examined in Chapter 3 and considered significant, the artists in the Portfolio Study have gained such awards 66 times in the period, 1972-1989 covered by the study, and a small number are multiple winners of an award. The prizes won in these significant art competitions are shown in the table below; Table 4.1 Art Awards Won by Artists in the Portfolio Study

Art Award: Total Number Number of Number of of Awards artists who artists who Won by won an award won an award Artists in the twice more than Portfolio twice Study Archibald Prize ■ 13 2 1 Blalce Prize 9 1 1 Geelong Art Gallery Prizes 2 Georges Invitation Art Awards 7 Transfield Prize 2 Sulman Prize 9 2 1 Wynne Prize 4 1 Trustees Watercolour Prize 3 1 Mosman Art Prize 3 Gold Coast Art Prize 6 Trustees Prize, QAG 2 Wollongong Art Purchase Prize 6 Total 66 Source: Calculated from data in Appendix II. 138

The large number of awards in the Archibald Prize reflects the importance of this prize in the Australian contemporary visual arts market. Although the Archibald is nominally a prize for portraiture, the status of the prize in terms of national profile as well as the lump sum prize money induces many artists, who are not portrait painters in the usual sense, to enter the competition. Many artists who exhibit in the Archibald may paint a portrait only for entry to the prize. Of the 68 artists in the Portfolio Study, only one (Casseb) is described as a portrait painter as a major characterisation of her style. Nine of the artists in the Portfolio Study have gained an Archibald although the other eight artists are not described as principally portrait painters. In a similar way, the Blake Prize, nominally a prize for a work with a religious theme, also attracts entries from artists whose work is not usually concerned with such themes and who would not be described as 'religious painters'. These observations suggest that artists do respond to financial incentives in the art market.

The question of how important winning prizes is in developing an artist’s career is a very interesting one (the general issues are taken up in Chapter 5) but some observations are pertinent at this juncture. The nine artists who won an Archibald are all successful and nearly all have achieved some enduring fame. One successful artist, Whiteley, has been a prolific winner of major awards having won two Archibalds, two Sulmans and two Wynnes. In contrast, an artist, Grace Cossington Smith, with a career extending over 60 years and whose work has achieved both aesthetic and market success had won only two national awards.

The style of artists’ work is difficult to classify objectively but some indication of style is useful in indicating differences between artists. Although there are basic delineations of various styles, any classification is largely arbitrary at the edges particularly as artists’ styles may not be readily and unambiguously artists can change or modify their style over time. Nevertheless, an attempt was made to classify the style of artists’ work into five major categories; “contemporary”, “abstract”, “figurative”, “expressionist” and “other”. Other painters are classified as “surrealist”, “colour field”, “naive” and “post-impressionist”. The classification was determined by the classifications of artists in encyclopedias, auction records and books or articles about 139 artists which themselves are not precise as indicated in some of the entries in Appendix II. Generally speaking, the older artists in the study were of the more traditional style of figurative or representational painting although one of the older painters, Grace Cossington Smith, who was bom in the 1890s, is Australia’s leading “post- impressionist” and whose work is in many ways, “modem”. Younger painters who began their careers in the 1960s have been influenced by the “Pop art”, “hard edge abstract” and “colour field” movements in contemporary art. As will be seen later in the chapter, the artists whose work sells most frequently at auction are from the figurative and representationist traditions. The classification is shown below:

Table 4.2 Artists in Portfolio Study Classified by Style Style: Number of artists Per Cent of Artists contemporary 9 13.2 abstract 16 23.5 figurative 32 47.1 expressionist 5 7.4

other 6 8.9 Total 68 100.0

Nearly half of the artists included were described as “figurative” with another 37 per cent described as “contemporary” or “abstract”.

In some ways artists can be as “young” or “old” in terms of the time of their artistic career rather than by their age; a career can be measured by the time since an artist’s first exhibition at an exhibiting gallery. The table below shows time since first exhibition measured up to 1972, the first year of the Portfolio Study and reveals that there is a wide range of career age among the artists in the sample. 140

Table 4.3 Artists in Study Classified by Years Since First Exhibition

Years since First Exhibition until 1972 Number of Artists Per Cent of Artists 0 - 5 14 21.6

6 - 1 0 15 22.1 1 1 -2 0 20 29.4 2 1 -3 0 9 13.2 3 1 -4 0 6 8.8 41 and more 4 5.9 Total 68 100.0

This distribution is generally consistent with the evidence of the structure of the art market as examined in Chapter 3 that there is a high proportion of new and emerging artists. The artists in the Portfolio Study cover a wide range of experience as measured by time since their first exhibition.

The proposition that younger artists tend to follow more modem styles of painting is supported by Table 4.4 below in which artists' career age is classified by style.

Table 4.4 Artists in Study Classified by Style and Years Since First Exhibition

Years since First Exhibition:

Style 0-5 6-10 11-20 21-30 31-40 41 and more contemporary 1 7 1 abstract 4 4 7 1 figurative 8 3 9 4 5 3 expressionist 3 other 1 2 1 3 1 1 Total 14 15 20 9 6 4

The age distribution of artists whose work is included in the portfolio is shown in the table below: 141

Table 4.5. Ages of Artists in Portfolio Study

Men Women Men Women Age in Years: 1972 1989 1972 1989 20-29 9 0 1 0 30-39 16 8 1 0 40-49 12 16 3 1 50-59 10 2 1 0 60-69 2 13 0 5 70 + 6 9 3 1 Not available 0 0 4 4 Total 55 48 13 10

The age distribution indicates that, not only that it may take a long time for artists to achieve recognition and fame, but that contemporary visual artists can enjoy a longer career than is possible in other professions and callings.

Sales were from 22 commercial galleries; most were located in the metropolitan areas of Sydney and Melbourne with a predominance of galleries from Sydney. This reflects the fact that the Sydney galleries were dominant in exhibiting the work of new artists in the early 1970s. Galleries from those regional centres which were important in contemporary visual art were also represented. Galleries from Brisbane, Newcastle and Canberra were included. The galleries included some which were of great significance in the development of Australian contemporary visual art such as Macquarie Gallery and Johnstone Gallery which were discussed in Chapter 3; some which have remained important over the entire period, 1972-1989, such as Watters Gallery, Clune Gallery, Realities Gallery and von Bertouch Gallery. Other galleries such as John Cooper, Design Arts, Mavis Chapman, Prouds and David Jones have closed over the period.

The discussion of the characteristics of artists in the Portfolio Study is pertinent to the questions of whether this group of artists can be regarded as representative of contemporary visual artists in Australia over this period and whether the prices paid for their works in 1972 are reasonably representative of art market activity in that year. These questions are impossible to answer in a formal sense because the discussion of 142

Chapter 3 has shown that there is no clear description of the population of contemporary visual artists and there are no records of gallery prices available. In the end, the answers to these questions must be on the grounds of informed judgement. The judgement is that the artists in the Portfolio Study are reasonably representative of the contemporary visual art market in 1972.

Remits o f the Portfolio Study

The 1972 market price of the portfolio was AUD 47,000; in 1989, the market value had increased to just over AUD 750,000. However, during this time period retail prices, as measured by the Consumer Price Index, increased by over 500 per cent.

The annual real rates of return, compounded, to the portfolio and the rate of return, together with rates of return for some sub-groups of the portfolio are shown in Table 4.6: Table 4.6 Estimated Rate of Return to a Portfolio of Australian Contemporary Art, 1972-1989

Estimated Rates of Retum (% per year compound): Nominal Real Real Net

(1) (2) (3) Total Portfolio 17.9 7.7 4.5 Sub-groupings: by men 17.1 6.9 3.8 by women 210 12.3 9.0 by men bom in Australia 17.3 7.1 3.9 by men bom overseas 16.8 6.6 3.5 Rate of retum on Financial Assets:

10 year Bonds 1.84 Equities 2.20

Column (1) is the nominal rate of return; column (2) is the inflation adjusted rate of return and column (3) is an estimate of the net returns to the portfolio on the arbitrary 143 assumption that insurance and other carrying costs and selling costs, assuming the portfolio was sold in 1989 to realise its value, amounted to 40 per cent.

The overall conclusion is that ownership of the portfolio was financially rewarding; the net retum of 4.5 per cent is higher than the rate of retum to equities as measured by the All Ordinary Share Price Index over the same period. A comparison with the Accumulation Index cannot be made as this Index was not available until 1980.

Although the overall increase in the value of the portfolio was substantial, this was not true of all individual paintings in the portfolio. The prices of one-third of the art works included in the portfolio did not increase as fast as inflation, while the price of over one-half of the paintings did not show a positive net value return (after allowance is made for carrying and selling costs). A frequency distribution of nominal increases is shown in Table 4.7.

Table 4.7. Distribution of Nominal Price Increases of Art Works included in Portfolio.

Nominal Price Increase

1972-1989 Number % 200% or less 14 21 201% . 400% 14 21 400% . 800% 10 15 801% - 1200% 5 7 1201% - 1600% 8 12 1601% - 2400% 3 4 2401% - 3600% 7 10 3601% - 6800% 5 7 Over 6800% 2 3 Total 68 100

The retums to the sub-groupings in the portfolio are consistent with the retums to the overall portfolio except that the retum to the sub-groupings of women artists is significantly higher than the returns to the portfolio as a whole and all other sub­ groups. This is the result of two factors; the first is a shift in the appreciation of women 144 artists, while the second is the possibility that the sub-group is dominated by exceptional retums to the work of one artist.

In the 1930s, and immediately after the Second World War, there was an influx of European bom and trained artists who continued their careers by living and worlcing in Australia. These artists brought a new and different perspective to the contemporary visual arts which had generally been dominated by the English connection. However, it appears that, by 1989, this influence had dissipated or had been assimilated in the development of Australian contemporary visual art, which is now in tune with intemational trends. Some of the overseas bom artists in the portfolio arrived in Australia as young children and were, by training and orientation, Australian.

Over the period there were a number of factors which increased interest in the contemporary visual arts and contributed to an expansion of the market for contemporary visual arts.

There was a general increase in government funding of the arts in general and the visual arts in particular. The Australia Council was established in 1975 by the Commonwealth government. This provided, in addition to direct grants to artists, grants to public galleries to purchase contemporary visual art. In addition, as a result of increased funding from the Commonwealth government, the Australian National Gallery increased its purchases of contemporary visual art. The purchase of the painting, "Blue Poles" by United States artist Jackson Pollack, generated considerable controversy and heated public debate which focussed attention on contemporary visual art and its prices.

The private sector's interest in contemporary visual arts increased. Activity in the auction market expanded, with the major intemational auction houses, Christie’s and Sothebys, establishing a local presence and conducting a regular series of auctions at which contemporary art work made more frequent appearances. Auction programmes by long-established local firms such as Leonard Joel and J R Lawson were expanded. 145

Regular surveys of contemporaiy visual art were mounted; examples are the Biennale of Sydney and Perspecta. More definitive assessments of artists' work and careers were made. One consequence of the feminist movement of the 1970s was a general re­ assessment of women's art in general and of a few women artists in particular.

Against this background some general comments about the portfolio study can be made.

Part of the high retums to the portfolio is due to a general increase in the demand for Australian art. Part of the increase is due to the recognition of young artists. Works of young artists, at the beginning of their careers, are sold at low, common prices. It is unlikely that there will be any marked difference in price between young artists' because at this stage of their careers it is not possible to distinguish between talent of youth and talent which will lead to sustained long term achievement. Also it is a reasonable expectations that many young artists will not develop. However, some will and their prices will rise markedly.

A further part of the increase results from the fact that there over this period there was virtually no down-side risk in nominal terms. The minimum cost of an art work is set by the cost of materials particularly of framing. These costs have increased at least in line with inflation so that it was unlikely that any painting in the portfolio would have been sold in 1989 for less, in nominal terms, than in 1972. The average 1972 price of art works in the portfolio was under AUD 700; some were as low as AUD 200. Our observation is that any painting sold in 1972 would have sold for at least AUD 200 in 1989.

The rate of return to the portfolio is higher than the retum to paintings as calculated by the studies reported earlier in Chapter 2. There are good reasons why this is so. The paintings included in those studies are by artists with a well established reputation, “the greatest paintings of all time”, whereas the Portfolio Study includes emerging contemporary artists whose reputations are still to be made and whose works are not extensively sold in auction markets. If any of these artists achieves fame, critical 146 acclaim, and aesthetic appreciation, the price of their work will rise substantially and then will be sold in auction markets. Some part of the increase in value of the portfolio has been due to the emergence of artists into a position of art-historical importance. One such case would be Grace Cossington Smith.

It is postulated that collectors of contemporary art seek to acquire works by emerging artists at an early stage of their career in order to reap the capital gains and the recognition of being a shrewd judge with a keen "eye".

The performance of all of the artists, whose works are included in the Portfolio Study, at auction is examined in the next section but some preliminary treatment of the behaviour of auction prices of artists in the Portfolio Study is warranted to see if the retums estimated in the Portfolio Study are consistent with other evidence. Studies of the prices of two artists achieved at auction are undertaken to provide a counterpoint to the Portfolio Study. The two artists chosen for these Auction Price Studies are Arthur Murch and Grace Cossington Smith, who have had long careers in Australian contemporary art, whose works are regularly sold at auction and who were included in the Portfolio Study.

Although both artists sold regularly at auction over the period 1973-1989 (art auction records are available only from 1973), the market is thin as about 200 of Murch's works and 100 of Smith tumover at auction during this time. Moreover, these works were of diverse size and artistic attainment.

To get a reliable basis of comparison, the works sold were classified into a number of sizes; the average real price per size each year calculated and the weighted average real price of all paintings for the year calculated over all sizes of paintings. The year on year change was then calculated.

The first artist included in the Auction Price Study was Arthur Murch (1902-1989) who won the Archibald Prize in 1949. Murch followed the typical career of artists in Australia; after early studies in Sydney at the Royal Society Art School and East 147

Sydney Technical College, he studied in London and Italy under the Society of Artists Travelling Scholarship. Murch was also well known as a sculptor, having completed a large number of commissions, including many murals. He was an official war artist in the Second World War. As a painter his work was principally of portraits, figures and landscapes.

Murch has been a recognised figure in Australian art since the late 1920s. Basil Burdett in "Art in Australia" in September 1929 had written, "There is every indication that Murch's form needs refining - this is particularly evidenced in his drawings. But, nevertheless, his composition in tempera, 'The Calf, which was exhibited at the Society of Artist's special exhibition, and, despite the ffanlcness of its influences, Lambertian and early Italian was, perhaps, the most interesting figure composition by a young painter seen in Sydney since Lambert left it as a student."

A series of pencil studies of Aborigines Murch had completed on a trip to Central Australia were featured in "Art in Australia" in 1933. Pencil studies of Aborigines by Murch have regularly appeared at auction.

Over the period 1973-1989, nearly 200 of Murch's works appeared at auction in Australia; most are oils with some pencil studies. Most of the paintings were relative small; under 1750 square centimetres, that is, a work smaller than 45X38 cm).

The second artist included in this Auction Price Study is Grace Cossington Smith (1892-1984), who was bom of an Anglo-Australian family. Grace Cossington Smith was a serious and well regarded painter for over 60 years in Australia, being the leader of the post-impressionist movement. Her work had received critical notice for 60 years and she has shown regularly in the Macquarie Gallery in Sydney, one of the oldest and most respected in Australia. In 1929, "Art in Australia" commented; Grace Cossington Smith, of New South Wales, received her first lessons in drawing from A. Datillo Rubbo, before she went to Europe in 1912 to study landscape painting in England and Germany. During the last ten years she has exhibited with the Royal Art Society, the Society of Artists, and the Contemporary Group. In 1928 she held a 148 notable exhibition at the Grosvenor galleries in Sydney. Miss Cossington Smith is in strong sympathy with what is Icnown as the modem movement. She has pure and delicate sense of colour, and her work, as a mle, is refreshingly set in a high key.' Her work in the early 1970s commanded solid, if undramatic, prices. Significant critical acclaim came to Grace Cossington Smith in the mid-1970s when Daniel Thomas curated a touring retrospective exhibition of her works for the NSW Art Gallery. As well, greater attention to the work of women artists during the 1970s increased her stature so that Grace Cossington Smith is now a major figure in Australian art. Over the period 1973-1989, only 100 paintings by Grace Cossington Smith were sold at auction. There was a wide ranges of sizes most being relatively small.

The annual increase in the real price of paintings by Murch and by Grace Cossington Smith are shown in Table 4.8. 149

Table 4.8 Annual Increase in the Real Auction Price of Two Contemporary Artists, 1973-1989, Per cent per Annum

Year Murch Grace Cossington Smith 1974 0 0 1975 -12 -13 1976 -10 -8 1977 -13 11 1978 1 -12 1979 4 -4 1980 19 10

1981 16 68 1982 22 14 1983 37 86 1984 16 10 1985 63 41 1986 171 189 1987 174 66

1988 36 6 1989 15 -1 Source; calculated from data in Australian Art Auction Records various issues

The results of these studies of individual artists’ performance at auction are consistent with the results of the Portfolio Study.

The Auction Price Study

The Portfolio Study examined the aggregate change in the value of a portfolio of contemporary visual art. The results of the Portfolio Study gave a view of the change in art prices over the beginning and end points of a given period but did not show the movement of prices in the years between. In addition, the Portfolio Study did not use market prices exclusively as some prices were estimated because there were no market 150 price available for a work similar to that included in the portfolio on the end date of the Portfolio Study.

A study of market prices can be valuable in a number of ways; in the first place, such a study provides information which is not available from the Portfolio Study such as the annual price movements; secondly, it gives information about the auction market which is the best source of market prices; and it adds further information about the operation of the contemporary visual art market.

The study of auction prices was carried out by collecting the auction prices of all works sold by the artists included in the Portfolio Study over the period 1973 to 1989. The source used was Australian Art Auction Records which record auction sales at all major art auctions. The time period covered by Australian Art Auction Records is the Australian financial year which ends at 30 June.

The total number of sales reported by the artists included in the Portfolio Study over the period 1973 to 1989 was 4915. 151

Most paintings sold at auction were by a few artists; the distribution of sales is shown below: Table 4.9 Distribution of Artists' Sales at Auction, 1973-1989 Number of Number of Per Cent of Number of Per Cent of Paintings Sold Artists Artists Paintings Paintings 0 10 14.7 0 0.0 1-5 12 17.6 24 0.5 645 13 19.1 173 3.5 26-100 18 2&5 1086 22.1 101-200 9 4.4 1364 2T8 201-300 3 1.5 734 14.9 301-400 1 1.5 374 7.6 401-500 0 0.0 0 0.0 501-600 1 1.5 559 11.4 601-700 1 1.5 601 12.2 Total 68 100.0 4915 100.0

No art works by 10 artists, nearly 15 per cent of all artists in the Auction Price Study, were sold at auction over the period 1972-1989 while art works from a further 25 artists represented only four per cent of all sales. In other words, over half of the artists in the Auction Price Study accounted for only four per cent of all sales. At the other end of the spectrum, 15 artists or 11 per cent of artists accounted for nearly 75 per cent of all sales. Even after 16 years the work of the large majority of artists in the Auction Price Study had not reached the secondary market on any scale.

The dominant medium was oil, the traditional vehicle for painting, but works in a number of other mediums were sold. Definitions of “paintings” and “prints” have been previously given. A “drawing” is defined as a “two-dimensional works of art dependent upon the predominance of linear representation as opposed to paintings which depend mainly on the representation of masses. In its technical sense, a work of art created by means of linear material such as pencil, charcoal, chalk, pen and inlc and the like. It is 152 impossible to establish a firm borderline between drawings and paintings”^. The distinction between drawings made by the medium of inlc and drawings made by other mediums is established in Australian art auction catalogues although it cannot be certain that the difference is always recognised. A “watercolour” is defined as “a transparent painting medium of which water is the vehicle” applied to paper. “Gouache” is translucent or opaque watercolouri. Again, “gouache” is identified as a distinct category in Australian practice in recognition of the fact that a number of artists are specialist exponents of this medium. Two of the artists in the Portfolio Study, Fairweather and Friend, have done highly regarded work in “gouache”. “Mixed media” is just that: works in which two or more mediums are used. The category, “Other”, included the rest which encompasses non-traditional paints such as the synthetic paints. The categories cannot readily be defined as mutually exclusive or collective exhaustive but any blurring of the edges will not introduce a serious bias because, of all these art works, the great majority are oil paintings with just over 60 per cent in this category. The classification of oils can be assumed to be reliable. The distribution of the works by medium is shown below:

Table 4.10 Distribution of Arts Works Sold at Auction by Artists included in the Portfolio Study by Medium of Art Work, 1973-1989

Medium: Number Per Cent of Total Oil 2960 60.2 Print 255 5.2

Drawing 242 4.9 Mixed Media 245 5.0 Water Colour 327 6.7 Gouache 254 5.2 Inlc 386 7.9 Other 246 5.0 Total 4915 100.0

Committee on Taxation Incentive for the Arts (1993), p.25. Committee on the Taxation Incentive for the Arts (1993), p.35. 153

The fact that the majority of art works in the sample are oil is also a reflection of the dominance of older painters of the figurative style in the auction sales. The table below shows artists’ sales classified by style of the art work. Table 4.11 Art Works sold at Auction Classified by Style of Art Work and Frequency of Sale of Artist

Number of Artworks Sold 1973-1989:

Style 0-5 6-25 26-50 51-100 101-200 201-300 301 and Total more contemporary 7 1 1 9 abstract 3 5 3 2 3 16 figurative 9 5 3 6 4 2 3 32 expressionist 1 1 2 1 3 5 other 2 2 2 6 Total 22 13 7 11 9 3 3 68

It can be seen from the table that artists of the figurative style pre-dominate in frequency of style. This observation is supported by the view that artists with a longer professional career tend to have a greater frequency of sale at auction. Data is given in the Table below;

Table 4.12 Art Works Sold at Auction Classified by Years Since First Exhibition and Frequency of Sale by Artist.

Years since First Number of Paintings Sold 1973-1989: Exhibition:

0-5 6-25 26-50 51-100 101-200 201-300 301 and Total more 0-5 8 3 2 1 14 6-10 8 4 1 2 15 11-20 4 4 2 4 3 3 20 21-30 1 1 1 3 1 2 9 31-40 1 1 1 2 1 6 41 and more 1 3 4 Total 22 13 7 11 9 6 68 154

Auctioneers

Over the period, sales were recorded from over 25 auctioneers of which some did not operate art auctions regularly over the period. Some were regional auction houses whose sales did not have a big impact on the total market. The sales by the six major auctioneers accounted for 84 per cent of all the works sold at auction by artists included in the Portfolio Study. The major auctioneers are the intemational art auctioneers, Christie’s and Sothebys, and the specialist Australian art auctioneers, Australian Art Auctions (Sydney), Leonard Joel (Melbourne), James R Lawson (Sydney) and Geoff K Gray (Sydney). The other auctioneers include significant regional auction houses, particularly in Brisbane and Perth as well as general auction houses which conduct occasional art auctions. Also included in this category are overseas auction houses, mainly in London, where Australian art is sold.

The distribution of the sales over the auction houses is shown below;

Table 4.13 Distribution of Arts Works Sold at Auction by Artists included in the Portfolio Study by Auction House, 1973-1989

Auction House: Number Per Cent of Total Australian Art Auctions 684 13.9 Christies 575 11.7

Leonard Joel 1084 22.1 James R Lawson 668 13.6 Sotheby’s Australia 313 6.4 Geoff K Gray 814 16.6 Other 717 15.7 Total 4915 100.0 155

The art works were also classified into six sizes in square centimetres: 1 0 - 200; 2 201 -500; 3 501 - 1500; 4 1501 - 3000; 5 3001 - 15000; and 6 and 15001 and over.

Three sizes, 501 - 1500, 1501 - 3000, and 3001 - 15000, accounted for nearly 88 per cent of the art works.

The distribution of the art works by size is shown below:

Table 4.14. Distribution of Arts Works Sold at Auction by Artists included in the Portfolio Study by Size, 1973-1989

Size: Number Per Cent of Total (in Square Centimetres) 0 - 200 102 2.1 201 - 500 361 7.3 501 - 1500 1341 2T3 1501 - 3000 1308 26.6 3001 - 15000 1671 34.0 15001 and over 132 2.7 Total 4915 100.0

Larger sized art works are generally taken to be institutional or museum pieces while smaller art works are considered to be collectable for domestic residences and thus to have a wider market. 156

The annual sales show a generally increasing volume of sales rising to a maximum in 1988 although it must be remembered that the records are on a financial year basis, ending in 30 June, so that the 1989 figure does not show all sales for that year.

The number of sales in each year is shown below:

Table 4.15. Number of Arts Works Sold at Auction by Artists included in the Portfolio Study in Each Year, 1973-1989

Year: Number Per Cent of Total 1972 9 0.2 1973 138 2.8 1974 319 6.5 1975 235 4.8 1976 152 3.1 1977 181 3.7 1978 142 2.9 1979 297 6.0 1980 282 5.7 1981 252 5.1 1982 228 4.6 1983 246 5.0 1984 349 7.1 1985 306 6.2 1986 371 7.5

1987 472 9.6 1988 666 13.2 1989 270 5.5

Total 4915 100.0

The growth in sales is due to the general growth of the auction market as well as greater relative sales by artists in the Auction Price Study; there is a cyclical element to the auction market as seen in the data on prices displayed later in this Chapter. 157

Calculation o f Average Real Price

The average real price of all art works in the Auction Price Study was calculated by deflating all prices by the Consumer Price Index with a base of 1989. A comparison of the frequency distribution of sales in nominal and real terms is shown in the Table below:

Table 4.16. Frequency Distribution of Sales by Nominal and Real Price, All Artists, 1973-1989

Nominal Price AUD Real Price (1989 Prices) Price Range: Number Per Cent Number Per Cent 0 - 1000 1928 53 1202 33 1001-2000 689 19 802 22 2001 -3000 373 10 516 14 3001 -4000 199 5 329 9 4001 - 5000 120 3 212 6 5001 - 6000 71 2 140 4 6001 - 7000 47 1 96 3 7001 - 8000 37 1 50 1 8001 - 9000 26 1 47 1 9001 - 10000 20 1 31 3 10001 - 15000 52 1 103 1 15001 - 20000 32 1 45 1 20001 -25000 12 a 24 1 25001 - 50000 19 a 26 a 50001 - 100000 8 a 9 a 100001 - 150000 1 a 1 a 150000 - 200000 1 a 2 a Note: a = less than 0.05 per cent

Most art works in the auction market sold for a nominal price of AUD 1,000 or less and the majority of paintings sold for a real price of less than AUD 2,000; the market is accessible to a wide range of participants although it is the high prices which auction houses highlight in their publicity. Prices in this Study may be less than the average price for all works sold at auction as the Study includes emerging artists; the highest price paid for an art work in this data set is considerably less than the highest price paid for a work at auction in Australia.

Oil paintings tend to have a higher price, other things being equal, than other mediums. Individual prints, being made in multiple copy editions, have a relatively low price; 158 while some artists are specialised print-makers other produce prints to make their work more widely available by tapping a lower price market. Drawings and water colours are usually made in relatively small sizes so their price reflects this as well as a discount to oil. The average real price of art works in each category for each year, 1973 to 1989, are shown in the table below:

Table 4.17. Average Real Price of Art Works by Major Medium, All Artists, 1973-1989

Year Oil Print Drawing Mixed Water Gouache Inlc All Medium Colour Mediums 1973 5368 1247 1809 1937 1149 11346 1959 5178 1974 4435 852 ■ 991 4081 1338 7033 2854 3921 1975 2823 507 906 1938 763 4936 1956 2392 1976 2424 740 878 1802 615 1687 895 1833 1977 1869 437 520 1815 633 2294 1224 1481 1978 2506 366 2056 879 532 1170 839 2037 1979 2512 393 1105 1156 624 1473 1707 2003 1980 3217 400 677 1702 927 1038 1224 2344 1981 2572 427 485 1461 796 2854 935 1944 1982 2105 270 777 3222 656 1643 817 1670 1983 2291 336 1465 877 529 993 1045 1759 1984 2429 378 570 2796 650 2140 1391 1992 1985 2694 462 2727 891 1006 2542 1293 2388 1986 4335 636 1233 3975 1008 3321 1791 3361 1987 6515 483 2901 2561 1006 6644 1951 4868 1988 8187 951 3240 3884 2994 3716 2503 5959 1989 7078 611 633 4551 3102 3558 2735 5458

Note: The high price for Gouache in 1973 is a result of sales of large pieces by Ian Fairweather in this medium in 1973. Fairweather is an artist whose works commanded high prices throughout the period, 1973-1989, and who was renown for his works in gouache. Similarly the high price in 1974 is determined by the inclusion of sales of a large gouache work by Donald Friend another artist whose work commanded high prices over the period 1973-1989. 159

The price relativities can be better observed by calculating the price of each medium in relation to average real price of oil paintings as is done in the table below:

Table 4.18. Price of Each Medium in Relation to the Average Real Price of Oil Paintings, All Artists, 1973-1989

Year Oil Print Drawing Mixed Water Gouache Ink Medium Colour 1973 100 23 34 36 21 211 96 1974 100 19 22 92 30 159 88 1975 100 18 32 69 3 175 85 1976 100 31 36 74 25 70 76 1977 100 23 28 97 34 123 79 1978 100 15 82 35 21 47 81 1979 100 16 44 46 25 59 80 1980 100 12 21 53 29 32 73 1981 100 17 19 57 31 111 76 1982 100 13 37 153 31 78 79 1983 100 15 64 38 23 43 77 1984 100 16 23 115 27 88 82 1985 100 17 101 33 37 94 89 1986 100 15 28 92 23 77 78 1987 100 7 45 39 15 102 75 1988 100 12 40 47 37 45 73 1989 100 9 9 64 44 50 77

The data in the table above supports the assertions made above subject to the exception in relation to the sale of gouache works by artists, Fairweather and Friend.

Sales of oil paintings are the most typical in each year as shown by the data in the table below: 160

Table 4.19. Number of Art Works Sold Classified by Major Medium

Year Oil Print Drawing Mixed Water Gouache Inlc Medium Colour 1973 86 1 8 4 10 17 5 1974 202 8 13 14 21 24 20 1975 139 7 19 12 12 14 16 1976 85 2 10 7 17 12 11 1977 108 7 13 6 10 5 13 1978 96 3 9 6 5 6 7 1979 289 16 20 15 15 18 7 1980 172 7 26 13 21 11 15 1981 152 10 11 7 31 9 19 1982 122 16 10 15 25 16 20

1983 151 12 9 10 18 8 . 32 1984 201 22 18 23 23 15 29 1985 174 23 14 12 29 16 25 1986 226 22 17 13 21 18 44 1987 292 32 16 26 27 16 39 1988 399 50 21 47 32 28 61 1989 164 18 8 15 10 21 25 Total 3058 256 242 245 327 254 388

The average real price of oil paintings and of all mediums is shown in the Table below: 161

Table 4.20. Average Real Price of Art Works by

Major Medium, All Artists, 1973-1989

Year Year Oil All Mediums 1973 73 5368 5178 1974 74 4435 3921 1975 75 2823 2392 1976 76 2424 1833 1977 77 1869 1481 1978 78 2506 2037 1979 79 2512 2003 1980 80 3217 2344 1981 81 2572 1944 1982 82 2105 1670 1983 83 2291 1759 1984 84 2429 1992 1985 85 2694 2388 1986 86 4335 3361 1987 87 6515 4868 1988 88 8187 5959 1989 89 7078 5458 162

Average Real Price, Oil and All Mediums

9000

7000 -.

6000 - -

6000 -O il AUD - All Mediums 4000 -•

3000 ■ -

2000 - -

1000 - -

73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 1973-1989

The chart shows the similarity of movement in the average real price of oil paintings and that of all mediums; in part this reflects the dominance of oil paintings as a medium and the premium enjoyed by oil paintings over other mediums. The Chart indicates that the auction market experiences cyclical behaviour and the period 1988-9 marked an historical high level of prices paid at art auctions in Australia. The cyclical pattern is consistent with the qualitative analysis of the dynamics of the art market in Chapter 3.

Double Sales

In order to make a comparison with the overseas studies reported in Chapter 2, the rate of retum to paintings which had been sold at least twice during the period, 1973- 1989 was calculated. There were 298 paintings which were resold during the period 1973-1989; only 18 of the 68 artists in the total group had resales.

The frequency distribution of resales is shown in the Table below: 163

Table 4.21. Frequency Distribution of Resales, 1973-1989

Number of Resales Number of Artists Proportion of Artists Per Cent 1-5 3 16.6

6-10 2 11.1 11-15 7 3&9 16-20 1 5.6 21-25 2 11.1 26-30 1 5.6 31-50 2 111 Total 18 100.0

Only six artists, at most, had, on average, more than one resale a year.

The proportion of resales to total sales for each artist covered as wide range as is shown below: 164

Table 4.22. Resales as a Proportion of Total Sales, Individual Artists, 1973-1989

Artist Number: Number of Resales Total number of Sales Percentage of Resales 6 49 559 8.8 8 13 143 9.1 10 5 55 9.1 13 38 601 6.3 14 4 106 3.4 19 30 94 31.9 21 22 374 5.9 26 25 182 13.7

35 12 167 7.2 40 15 54 27.8 41 15 195 7.7

43 7 71 9.9 45 3 78 3.8 49 16 245 6.5 59 7 84 8.3 60 13 107 12.1 66 11 221 5.0 68 13 85 15.3 Total 298 4915 6.1

Resales formed a high proportion of total sales some artists; the distribution is shown in the Table below: 165

Table 4.23. Frequency Distribution of Resales,

All Artists with Resales, 1973-1989

Proportion of Resales to Number of Artists Proportion of Artists Total Sales - Per Cent Per Cent 0 - 5 3 16.7 6 - 10 11 61.1 11 - 15 2 11.1 16-20 0 0 2 1 -2 5 0 0 2 6 -3 0 1 5.6 3 1 -3 5 1 5.6 Total 18 100.0

For two artists the proportion of resales to total sales at auction was greater than 25 per cent.

Data on nominal capital gains is discussed in Chapter 6 in the analysis of the Droit de Suite; here, attention is concentrated on real capital gains from resales.

Real Capital Gains on Resales

The range of real capital gains from resales was large; the frequency distribution is shown in the Table below: 166

Table 4.24. Frequency Distribution of Real Capital Gains, 1973-1989

Real Capital Gains; AUD Number of Capital Gains Per Cent -5001 to -15000 1 0.3 -4001 to -5000 1 0.3 -2001 to -4000 4 1.3 -1001 to -2000 5 1.7 -1 to -1000 7 2.3

0 126 4%3 1 to 1000 105 35.2

1001 to 2000 15 5.0 2001 to 3000 14 4.7 3001 to 4000 4 1.3 4001 to 5000 2 0.7 5001 to 10000 9 3.0 10001 to 20000 2 0.7 20001 to 50000 2 0.7 50001 to 100000 1 0.3 Total 298 100.0

There is some doubt about the quality of data in the early years of the period where it appears that some sales may have been recorded at the hammer price being below the reserve price. In which case, the art work is then offered for sale at another auction with a reserve equal to or less than the hammer price achieved. The editor of Art Auction Records had commented on this practice. It is not possible to determine how many such sales there were and the practice appears to have become uncommon since 167

Estimated Real Rate o f Return on Resales

Given the data set in Table 4.24, the internal rate of return to each of the 298 transactions was calculated and the frequency distribution of real rates of return is shown below:

Table 4.25. Distribution of Real Rate of Return on Resales, 1973-1989

Real Rate of Return Number Percentage -0.401 to - 0.5 4 1.3 -0.301 to - 0.4 5 1.7 -0.201 to - 0.3 5 1.7 -0.101 to -0.2 5 1.7 -0.01 to -0.1 15 5.0 0.0 75 25.2 0.01 to 0.1 52 17.4 0.101 to 0.2 52 17.4 0.201 to 0.3 33 11.1 0.301 to 0.4 11 3.7 0.401 to 0.5 10 3.4 0.501 to 1.0 24 8.1 1.01 to 1.5 4 1.3 1.501 to 3.0 1 0.3 3.01 and greater 2 0.7

Total 298 100.0

Thirty four of the resales, or nearly seven per cent of the total resulted in a negative real rate of return while 75 of the resales, just over 25 per cent of the total, gave a zero rate of return. The remainder, 189, or nearly 68 per cent resulted in a positive real rate of return. These results are consistent with the Portfolio Study which showed that exceptionally gains could be made in the art market. The descriptive statistics relating to the set of real rates of return are shown below: 168

Table 4.26. Descriptive Statistics, Real Rate of Return on Resales, All Resales, 1973-1989

Real Rate of Return on Resales: Descriptive Statistics Mean 0.186 Standard Deviation 0.727 Maximum 10.818 Minimum -0.76

The average real rate of return on resales is very high at just over 18 per cent a year which is a higher rate of return than to financial investments. The high standard deviation indicates that there is high level of risk associated with these returns. One explanation of the high average rate of returns is that given in relation to the Portfolio Study; that is, some artists achieve acclaim and fame and as a result their prices at auction increase dramatically.

Further evidence of this is given by an examination of the movement in prices of art works by individual artists.

Individual Ailists

The difficulty with analysing the prices of each artist is that there is no common consistent measure of the price of art works sold at auction; very few artists have a number of works of the same size range and medium sold in each year. Nevertheless, some indication of the performance of prices of individual artists by comparing the rate of change of prices of each artists to the overall market price. This is done for a number of artists in the table below: 169

Table 4.27. Year on Year Change in Average Real Price, Oil Paintings,

3001-15000 sq cm. Selected Artists, 1973-1989, Per Cent.

All Artist 6 Artist 8 Artist 9 Artist 13 Artist 14 Works 1974 -24.3 91.9 60.5 89.9 -12.6 1975 -39.0 -55.5 -19.6 -34.5 -39.6 -77.1 1976 17.4 -27.7 12.7 1977 -19.2 -55.2 -9.5 1978 37.5 53.9 -16.7 -28.6 1979 -1.7 -13.7 83.3 42.6 11.1 61.9 1980 17.0 19.0 ^ ^ 7 -44.9 8.5 -40.1 1981 -17.1 -9.8 35.0 31.4 -8.3 -8.9 1982 -14.1 -34.7 -26.2 2.9 1983 5.3 3.5 43.5 2.2 1984 13.2 13.3 212.6 -21.3 0.3 44.3 1985 19.9 -6.3 29.6 0.3 24.8 40.5 1986 40.7 6.4 1.9 160.0 0.3 81.2 1987 44.8 60.0 10.6 -10.0 -28.6 19.8 1988 22.4 -12.8 81.9 2192 63.4 14.2 1989 -8.4 29.0 -18.5 -21.4 -21.4 309.0

Table 4.28. Year on Year Change in Average Real Price, Oil Paintings, 3001-15000 sq cm. Selected Artists, 1973-1989, Per Cent, Cont.

All Artist 34 Artist 41 Artist 44 Artist 49 Works 1974 -24.3 -24.4 -24.7 1975 -39.0 30.3 -53.6 1976 -23.4 15.8 2.7 61.2 1977 -19.2 2.8 -24.1 1978 37.5 2 ^ 6 56.7 1979 -1.7 20.4 -38.9 1980 17.0 19.8 -71.4 -3.3 1981 -17.1 -27.0 146.3 17.6 1982 -14.1 76.7 -25.6 1983 5.3 35.6 -41.9 -0.6 1984 13.2 -59.5 25.5 35.7 1985 19.9 65.7 49.1 1986 40.7 37.0 12.1 1987 44.8 22.7 -50.4 130.8 1988 22.4 33.4 174.3 24.1 1989 -8.4 9.6 99.6 -55.7 -22.4

The data above in respect of oil paintings of a size, 3001-15000 sq cm, for selected artists. It can be seen that only two artists of the entire group of 68 have sales of this particular type of art work in each of the years, 1973 to 1989. What the table indicates that there are possibilities for gains greater than the market depending bn the timing 170 and purchase and sale. Similar information is given by Table 4.26 below which indicates the extent to which individual prices diverge from the market.

Table 4.29. Proportion of Average Real Price of Oil Paintings, 3001-15000 sq cm, by Selected Artists to Total Market Price, 1973-1989, Per Cent

Artist: 6 8 9 13 14 21 23 1973 117.0 26.7 29.2 32&6 232.1 1974 2% j 56.5 73.3 3 M j 93.4 98.7 83.9 1975 216.1 74.5 78.7 376.4 35.1 189.7 1976 331.1 355J 51.7 96.9 1977 183.4 89.0 39T9 40.1 1978 205.3 47.9 53.9 206.6 36.0 1979 180.1 89.4 78.2 233.5 59.2 1980 183.1 46.8 36.8 216.5 30.3 1981 199.1 76.2 58 j 239.4 383 1982 151.4 205.7 39 9 1983 148.8 17.2 36.8 280.1 38.7 94.7 1984 148.8 4T5 25.6 248.1 49.3 1985 116.3 51.4 21.4 2584 57.8 485.4 1986 87.9 37.2 39.6 184.0 74.4 68.9 1987 97.2 28.4 24.6 90.8 61.6 828.7 242.7 1988 69.2 42.2 64.1 121.2 57.4 172.0 1989 97.5 37.6 18.3 104.0 256.5 171

Table 4.30. Proportion of Average Real Price of Oil Paintings, 3001-15000 sq cm, by Selected Artists to Total Market Price, 1973-1989, Per Cent, Cont

Artist: 26 34 41 44 49 60 66 1973 19.8 154.8 1974 2386 74.0 54.3 19.7 153.9 108.5 1975 337.2 140.5 91.3 42.2 117.1 1976 188.4 246.3 1977 178.1 44.5 231.5 1978 155.8 263.7 704.2 1979 209.5 189.9 83.9 266.2 163.8 670.3 1980 297.5 118.4 64.1 135.4 433.2 1981 252.3 190.4 192.0 1982 398.4 101.6 166.4 1983 143.5 153.2 68.6 157.1 1984 175.5 224.2 818 124.3 188.2 1224.5 1985 125.6 256.2 234.1 1142.0 1986 111.7 2283 40.0 1986 186.5 1987 132.6 205.7 127.3 66.3 297.3 3788.5 331.5 1988 115.0 184.1 207.5 148.6 301.5 866.1 1989 91.6 71.9 255.4 641.3

Further information about the prospect of capital gains is given by examination of the price performance of individual artists; four artists, Dunlop, Fairweather, Smith and Whitely are considered. Dunlop, at 1989, is a mid career artist; Fairweather was deceased in 1989 but had been a specialist in gouache and had achieved a substantial reputation by 1973; Smith has been discussed previously and Whiteley was a star early in his career and was a multiple winner of national art awards.

Dunlop had relatively few sales at auction over the period but his prices showed a general sharply rising trend. For 1976 to 1988, the average real price of his small oil paintings increased by a factor of seven; the average real price of his larger oil paintings increased by a factor of 12. Details are shown in the table below; 172

Table 4.31. Real Average Price, Artist 17, Brian Dunlop, 1973-1989, AUD

Artist 17; Medium Oil Size: 1501 - 3000 sq cm Size: 3001 - 15000 sq cm Year Sold Number Average Real Number Average Real Price Price 1973 1 1247 1976 1 355 1 666 1977 1 1318 1979 1 1678 1980 1 711 1 711 1981 1 2221 1984 1 1383 1987 1 3227 2 7550 1988 3 2617 2 15323

The data on Fairweather is sparse as the reputation of this artist has reached such a high point that his art works rarely come on to the market; most of his output is now lodged institutional collections and any art work for sale would be confidently expected to find a private purchaser. Details of sales of art works by Fairweather are shown below: Table 4.32. Real Average Price, Artist 19, Ian Fairweather, 1973-1989, AUD

Year Sold Size (sq cm): over 0 -5 0 0 501 - 1500 1501 -3000 3001 - 15000 15000 1973 4452 31164 11352 15582 1974 6771 13542 18378 1975 4033 8626 1979 2685 1981 2036 1981 11362 1984 10194 1985 20453 1986 18766 1987 11527 20748 29969 1988 5860 15054 1989 26000

Grace Cossington Smith had a career spanning 70 years but few of her works were sold at auction over the period 1973-1989 and while, many have lodged in institutional 173 collections, those which come to the auction houses have commanded dramatically increased prices. Very few of her large oil paintings appeared at auction but the average real price of such works increased by a factor of 43 from 1974 to 1987. (Auctioneers would dearly love to have more of Smith’s works for sale but have to be careful of the fakes which are now produced of this artist’s work.)

Table 4.33. Real Average Price, Oil Paintings, 3001-15000 sq cm. Artist 60, Grace Cossington Smith, 1973-1989

Year Sold Number of Paintings Average Real Price AUD 1974 1 4256 1979 1 13426 1987 1 184425

Brett Whiteley, the real star of the Australian contemporary visual arts scene in the 1970s and 1980s, had seen marked increases in his average real price for large oil paintings in a short time.

Table 4.34. Real Average Price, Oil Paintings, 3001-15000 sq cm. Artist 66, Brett Whiteley, 1973-1989, AUD

Year Sold Number of Paintings Average Real Price AUD 1978 2 14344 1980 1 10154 1984 2 24392 1985 1 27271 1987 1 16137 1988 3 51614 1989 2 35000 174

Consistent Evidence o f Large Real Gains in the Australian Contemporary Visual

Ah Market

The results of the Portfolio Study which showed large real returns to holding Australian contemporary visual art are confirmed by the results of the resales aspect of the Auction Price Study and by examination of the performance of individual artists. These results are that the real rate of return to holding Australian contemporary visual art is higher than alternative financial instruments. These results conflict with the results of the overseas studies examined earlier. Why is there this difference? The first important factor are that these Australian studies refer to a shorter period, 16 years, than the very long periods of over two centuries of the overseas studies. The shorter period relates to more realistic expectations of investor horizons; no rational investor has a time span of 200 or more years. It is possible to make capital gains on Australian contemporary visual art in a shorter period than 16 years.

The second important factor is that the overseas studies examine only well Icnown artists; the Australian study considers emerging artists and thus captures the increase in price when an artist goes from unlcnown status to star quality. Thus some of the gain is made in a jump to well Icnown status which is ignored in the overseas studies.

A special factor in the Australian case is that over the period studied there has been an expansion of the art market from relatively small beginnings to one of substantial maturity.

The studies reported in this Chapter also constitute evidence that the private market in Australia does operate to provide returns to collectors and investors. There is no substantial evidence of market failure in the contemporary visual arts market. 175

OBUüPTÏÜ&fk ABÆCHDEJL()FTBOGvABnrBÆAJRBŒT

Introduction

Although aesthetic considerations are important in the creation, collecting and owning of contemporary visual art, the market for such art can be, and is, analysed in economic terms; paintings are a physical commodity which produce a stream of services and their price is determined, in part, by artistic and aesthetic considerations.

Generally, as has been seen, the art market consists of a number of interrelated but relatively segmented markets with the two major markets being the auction market and the primary market based on exhibiting dealers and their contracted artists. While the broker or dealer market is significant, it is being undermined by the developments and extensions of the auction market. In England, the Academy system is still important and a market exists on this system and artists continue to sell from their studios.

The purpose of this chapter is to provide a model of the market for contemporary visual art based on the exhibiting dealers market but, before then, other aspects of the art market will be considered. Generally, the market considered is the market for paintings, which as has been seen is the major component of the auction market as well of the contemporary visual arts market in Australia. The contemporary visual art practice does produce many other traditional physical objects such as sculpture, prints and drawings but these are less common than paintings and are subject to similar influences to paintings. There are less traditional products of contemporary visual art such as performance art and computer art which may not find a ready market. Contemporary visual art refers to works which have been made in the current period or recent past by living artists.

As has been shown, the art market which receives the most publicity and general coverage in the business and financial press is the international auction market. In recent years, the market in Impressionist and Post-Impressionist paintings has been very active and has set new records for prices paid for these art works. The objective 176

of this chapter is to develop an analysis of the contemporary visual arts market which shows how the market operates dynamically; how emerging artists become established and how their work enters the auction market. The model developed draws on the insights of the empirical analysis of the international auction market and the market for contemporary visual arts in Australia. In addition, the model incorporates information obtained by discussions with dealers and through observation of the market in Australia. The model incorporates insights about the dynamic behaviour of the market based on the examination of the international market and the market for contemporary visual art in Australia. The analysis also incorporates intuitions about the operations of the market and analysis is of a style which reflects this approach.

A Model o f the Market for Contemporaty Visual AH

This section provides a model of the market for contemporary visual art based on the exhibiting dealer. The dealer plays an important role in creating the market place for contemporary art, in promoting the work of artists and in promoting sales of art. The role of the dealer in the market in expanding demand by reducing search costs and by reducing risk.

Artists are treated as small entrepreneurial firms which typically face problems of undercapitalisation and uncertain cash flows. The analogy of the "artist starving in the garret" is seen as being misplaced; many painters become rich as a result of their artistic activities. Some become much more famous during their life times others gain fame after their death. Some artists are unsuccessful and in effect exit from the market.

The demand for contemporary visual art is a combination of a demand for a flow of current services ie looldng at or appreciating paintings and of a demand for an asset to hold in the expectation of capital appreciation. It is possible that some collectors may seek to amass a significant collection of ultimately important art works in which case Ill the capital appreciation is the market and objective validation of the judgment of their "eye"*.

The Demand for Contemporary Visual Art

The first component of the demand for contemporary visual art is a demand for the current services of their art work available to the consumer or collector. It is not necessary to own art works to enjoy these services because consumers can rent art works^.

The second aspect of the demand for contemporary visual art is the demand for an asset to hold. This is a central assumption that collectors expect to make capital gains from holding art. It is assumed that collectors acquire art works because they like art; they like to appreciate paintings by placing them in a cultural, intellectual and aesthetic setting; they enjoy looking at paintings and they find pleasure in being involved in the process of maldng contemporary art. However, it is also assumed that collectors seek capital gains because they expect that the price of paintings they acquire will increase as the painter becomes more generally acclaimed and demanded.

There may be pure speculators among collectors in the market for contemporary visual art. These persons are concerned only with price movements but, in the absence of any empirical data, it is assumed that speculation on a large scale is unlikely because the

’ In another context, it has been said about the art-dealer, Duveen, who was not a dealer in contemporary paintings, that he was "...not selling merely low upkeep, social distinction and watermarks; he was selling immortality. Since most of his proteges were aging men, the task of making them yearn for immortality. Since most of his proteges were aging men, the task of maldng them yearn for immortality was not hard. It was shortly after the First World War that Duveen realised where his fiiture lay ; it lay not just in selling individual pictures but in selling the idea of assembling collections that would automatically ensure immortality to his clients. Each of the Duveen millionaires wanted to get the particular intimation of immortality Duveen offered, and, if possible, to get a stronger intimation than the other millionaires were getting. Thus, immortality was put on a competitive basis. Behrman (1953) p57. ^ There is a market for rental paintings; in addition to private rental firms there are the activities of the government owned ArtBank in Australia. Moreover such rental markets have existed for some time; for example; in the 19th century, the firm of Durand-Ruel was said to earn ore by hiring out pictures than selling them. [Letheve (1972) pp. 142-3 178 prices of art works are relatively sticlcy in the short term and transactions costs are high.

For collectors of contemporaiy art work there are two strategies:

1. the "risk loving" strategy of collecting the works of only a limited number of paintings so that the capital gains are potentially substantial; and

2. the "risk averse" strategy of diversifying the collection by including the works of a number of artists which implies that a "risk averse" collector would diversify over different styles and schools of painters. However, diversification will reduce the overall risk to the collection if the returns to the individual items in the collection are negatively correlated.

The individual collector's demand for contemporary visual art depends on the following variables:

1. the current price of contemporary art; 2. the expected price of contemporary art; 3. the prices of other objets d'art; 4. the income of the collector; 5. the wealth of the collector; and 6. the tastes of the collector.

It is postulated that, on the standard economic assumption, an increase in the current price will choke off some sales; there is gross substitutability between paintings and objets d'art; the income elasticity of demand is positive as is the wealth elasticity of demand.

In standard economic theory, the tastes of collectors are assumed to be given independently and not subject to further examination. However, in regards to the demand for contemporary visual art, tastes may be endogenously determined because 179 art appreciation can be learned, aesthetic judgments sharpened and opinions about contemporary art varied in response to fashion or other developments in contemporary culture particularly as the role of contemporary art is seen, by some, as providing a challenge to complaisant or entrenched views. Thus, a taste for contemporaiy art implies a willingness to consider something new or even avant-garde. Changes in tastes or fashion introduce a volatility into the demand for contemporary art.

Formation o f Tastes

In standard economic theory, tastes are taken as a datum not subject to fiirther explanation; however, this is not entirely satisfactory in the market for contemporary visual art because, as has already been argued, principal economic agents in this market not only expect tastes to change but further expect to anticipate this change in tastes to their own advantage. This expectation is based on a general reading of the development of appreciation of art; this reading says that what was once avant-garde, revolutionary, innovative and disturbing to then established taste will become, in time, lauded conventional, generally acceptable and part of standard culture. This implies also that some art works once regarded as belonging to the high culture can be displaced completely or displaced to an inferior position.

Another reading of the development of taste would lead to consideration of the influence of wider political and social factors in launching fashions and instituting cults.

Expectations in the Art Market

Our interpretation of the formation of expectations by collectors in the market for contemporary visual art is that collectors have, as a result of a particular reading of the history of art appreciation and art prices, formed a view that prices of contemporary visual art will rise in the future. Collectors believe that their advanced appreciation or sensitivity (what is referred to in the art world as their "eye") enables them to see the special features of the contemporary visual art which makes it valuable in the long term before the general mass of collectors. In effect then, collectors of contemporary visual 180 art regard themselves as possessing an accurate model of the art market which gives reliable long term predictions; they rely on other participants in the market maldng large systematic errors in the prediction of art prices. Other participants hold, in effect, an efficient markets view of the art market which states that the current price is the best predictor of the future price.

There are three major hypotheses about expectations formation in modem economic theory. i. the adaptive expectations; ii. the extrapolative hypotheses; and iii. rational expectations. i. The adaptive expectations models a process in which economic agents learn from past mistakes; in terms of the art market we can write

Pve.t-Pve.t-1 = (l-Z).(Pv.t-l - Pve.t-1) (1) where

Pve.t = expected price of paintings in period t

Pve.t-1 = expected price of paintings in period t-1

(1-Z) = the adjustment factor where 0 < Z < 1

Pv.t-1 = actual price of paintings in period t

Pv.t-1 - Pve.t-1 = the forecast error 181

It is usual to apply a Koyck transformation to equation (1) which reduces the expected price in period, t, to a weighted sum of past prices from period, t-1, back n periods with the weights summing to unity.

We reject this formulation as being applicable to expectations formation in the market for contemporary visual art by recourse to a particular argument which can be called the "Van Gogh" effect. This argument maintains that there is a general expectation about future prices of contemporary visual art in auction markets which are not related to prices paid in contemporaneous markets. This implies that there is further information about expected prices available than is contained in the current history of prices. This argument is reinforced by the fact that the prices observed in the contemporary art market are not market clearing prices but administered prices. ii. The extrapolative hypothesis can be expressed in formal terms as

Pve.t = Pv.t-1 + Z(Pv.t -Pv.t-1) (2)

This hypothesis says that the expected price in period t will equal the actual price in period t-1 plus a corrective factor which takes into account the trend in prices over the previous period.

If Z > 0, then it is expected that the trend in prices is upwards. We find the extrapolative hypothesis more plausible than the adaptive expectations hypothesis because an increase in the current price of contemporary visual art reflects changes in the circumstances of the artist or of the art work but still cannot meet the objection that there is additional information relevant to the formation of expectations than is used in this procedure. iii. the theory of rational expectations is based on the proposition that predictions of people in the economy are identical to the predictions of the appropriate economic theory on the fundamental assumption that economic theory provides a good 182 explanation of the way in which the economy operates^. In formal terms, the strict version of rational expectations implies that the subjective distribution of expectations corresponds precisely to the objective distribution of the true model such that f(Pv.i, t+lc/Qt) = ftn(Pv.i, t+k/Qmt) (3) i =1,2, ..., n; for all k>= 0 where f(Pv.i, t+lc/Qt) = the objective or true distribution fm(Pv.i, t+lc/Qmt) = the subjective distribution formed by collectors

Pv.i = the price of the ith art work expected in time t for time t+k

Qt = the information set used by collectors

The weak version of rational expectations is

E(Pv.i, t+lc/Qt) - Em(Pv.i, t+k/Qmt) = E(xi/Qt) (4)

The weak version of rational expectations incorporates prediction error in the formulation of expectations but requires the prediction error to be distributed with a mean of zero ie the weak version of rational expectations requires unbiased predictions.

' The seminal work on rational expectations is Muth (1961) 183

We have previously argued that, in this market, participants rely on the existence of systematic prediction errors in the formulation of expectations in the market for contemporary visual art.

Rational expectations implies that markets are efficient; the necessary conditions for efficient markets, as determined for securities markets'*, are: a. transactions are centralised in organised exchanges or carried out through networks hnked by information technology; b. transactions and storage costs are negligible; c. the assets traded are homogeneous; d. production of new assets requires the use of little economic resources; and e. continuous market clearing obtains.

The market for contemporary visual art fails to meet all of these criteria and further the market may exhibit irrational behaviour in leading to outbursts of speculative activity.

The Atiistic Market Place

There are a number of market outlets for artists:

(1) from the studio or self arranged exhibition; (2) on commission; (3) through an Academy; and (4) through an exhibiting dealer.

Artists have sold, and still do sell, through their own efforts but, in general, such arrangements are unlikely to be satisfactory. In the first place, artists advertise their lack of recognition and lack of support. Secondly, such arrangements require artists to devote time to promotion and sales activity and to succeed in this way artists need business skills and experience.

These conditions are derived from Fama (1970). 184

However, these methods of sales may be appropriate in any of the following circumstances: a. when the artist has an established following; b. when the artist wishes to introduce a new style of painting which does not gain immediate acceptance in orthodox circles; and c. when the artist wishes to make an artistic statement about artistic practice or to take a particular artistic position.

In some countries, but particularly in England, an artistic Academy, which is both a credentialing authority and an outlet for artists' work, is an important market place. Membership of the Academy, often in several grades, confers public recognition on the achievement of the artist. The Academy organises regular exhibitions of members' work to which the public are invited as potential purchasers. Works hung in the exhibition may be subject to jury selection or subject to quota under which different classes of members have different quotas. The Academy will take a commission on all sales made at the exhibition but does provide a marketplace for artists and the provenance for collectors.

The Exhibiting Dealer's Gallety

The role of the dealer can be described in terms of the following set of stylised facts:

1. the dealer maintains a gallery which is open to the general public and which offers a regular programme of exhibitions of contemporary visual art;

2. the dealer has a stable of artists who exhibit exclusively through the dealer, under implicit or explicit contractual arrangements;

3. the contracted artists pay a commission, usually between 30 to 50 per cent of the gross receipts of the artists' work; such receipts include commissions and prizes as well as gross sales of work from the gallery; 185

4. the dealer is a general business agent for the contracted artists undertaldng such activities as ensuring that their work is entered in competitions; soliciting commissions;

5. the dealer attempts to promote the work of artists by generating publicity for them and arranging exhibitions with dealers in other cities or countries to give their artists's work greater exposure;

6. the dealer may exercise some control or influence over the flow of work from contracted artists;

7. the dealer develops business relationships with collector/clients; attempting to expand the artistic awareness of clients and providing suitable credit and payment terms for clients and casual purchasers;

8. the dealer is largely responsible for pricing the contracted artists' work in accordance with the current and prospective state of the market;

9. the dealer may provide some formal buy-back procedure to allow clients to dispose of previously purchased works; in any case, the dealer will attempt to re-sell returned 10. works on consignment. The dealer will be reluctant to allow works to be dumped on the second hand market and may even buy these on his own account;

11. in the gallery, the dealer maintains a stock room of paintings from previous exhibitions. These paintings are available for sale; and

12. the stock room may contain other works of artists. 186

The rationale of the role of the dealer in the market for contemporary visual art is that the dealer provides services to economic agents on both sides of the market, artists and collectors, at lower real cost than the agents can on their own account. For collectors, the dealer reduces search costs, risks and uncertainty. The dealer screens out artists; the dealer will represent only a very small proportion of artists who wish to be represented by the dealer. By showing the work of a selected group of artists at a galleiy regularly open for business, the dealer reduces search costs for collectors. The dealer provides a provenance for art works and thus comfort to collectors by reducing the risk of buying work of dubious authenticity. By running a stable market for new art works and by providing a buy-back facility, the dealer reduces the uncertainty about price changes in the short term. By chatting to collectors, showing them special previews of artists' work, confirming the development of artists' work by showing collectors examples of earlier works taken from the stock room, the dealer can develop collectors tastes and expand their horizons. Collectors play a vital role, particularly for artists at the early stages of their careers. Purchase of works provides financial support and for young artists psychological support. Moreover, collectors' purchases take the work off the market into a stable collection.

For artists, the dealer provides specialised business services and promotion of their work freeing artists to work on artistic matters.

The economic cost of the dealer's services is the commission. Since entry to the dealing business (indeed as is entry to the artist business and the collector "business") is completely free, it can be assumed that this cost reflects the value of the services provided to all parties.

Piice Determination in the Contemporary Visual AH Market

We reject the notion that prices in the contemporary visual art market are determined by an instantaneous market clearing process whereby art works are thrown on the market and sold at whatever price they will fetch; this accords with the empirical 187 observation that prices for contemporary visual art are sticlcy and that there always inventories of unsold works of art, available for sale, held by artists and dealers.

Instead, it is postulated that the market for contemporary visual art as one in which prices are administratively determined^ and excess supply exists as a matter of course. Embodied in this postulate is a further one that participants take a long term view and expect that prices will increase over the long haul. Artists hold this expectation because they are aware that reputations take time to be made and consolidated and their own abilities take time to develop and mature. Dealers expect artists' careers will take time to come fruition; their choice of artist to represent reflects a long term commitment to that artist's work.

The Supply o f Contemporaty Visual Art

Artists are taken to be self-employed artisans who, generally but not always, make art works in advance of sale. There are some areas such as portraiture where commissioning of works by the buyer is common. However, it is the common situation that artists have a stock of completed but unsold works on hand. Since paintings are durable and robust, storage costs are relatively low. There have been some circumstances where artists are retained on a stipend and all their output is acquired by their dealer; it has been noted in Chapter 2 that Kahnweiler did this for some artists in Paris and in current times some dealers in New York have followed this practice®.

There is freedom of entry to the contemporary visual art market. Although there is a variety of formal training programmes available to aspiring artists, the credentialing process is not so generally well entrenched that self taught practitioners are able to be

^ Kahnweiler (171), pl2, explains how business was done in his Paris gallery: "If someone likes a picture, I look up the price, and he either pays or he doesn't. No one bargains here, and I never malce anyone a reduction". ® There are historical analogies to this practice. Haskell (1980) p6 states: "The closest relationship possible between patron and artist was the one frequently described by seventeenth-century writers as servitu particolare. The artist was regularly employed by a particular patron and often maintained in his palace. He was given a monthly allowance as well as a normal market price for the work he produced." 188 excluded from the market’. The market does contain artists who have been self taught or informally trained and who have achieved success.

The artist is faced with particular choices about the supply of art work. Although much of the expense in maldng art works is the labour of the artist, the artist is confronted with two major expenses which require cash payments: rent of a studio and purchase of materials. With an uncertain cash flow from sales, artists, particularly in the early stages of their careers, may have to meet their expenditure on making art works from non-artistic employment or from patronage.

Engaging in non-artistic employment will increase the supply of art works by providing the raw materials but will tend to reduce the supply of art work because the time spent on non-artistic employment reduces the time available for maldng art works.

It is postulated that artists are motivated by the expectation that their work will become appreciated in the future. If this happens, the demand for their work will rise; prices for their work, including the prices of previously produced work, now held in stock. Kahnweiler (1971) p38 recounts how Picasso told him, very correctly, 'in order for paintings to be sold at high prices, they must first have been sold very cheaply'.

Artists and The Theory o f Superstars

The theory of superstars has been developed to explain the highly skewed distribution of income in the arts (and indeed in other areas) which does not reflect the underlying distribution of talent. The income distribution of Australian artists has been shown to be highly skewed with a few earning large amounts and most earning relatively little.

The economics of superstars* and rising stars^ has been developed especially for performing artists but is relevant to the visual arts.

’ Reitlinger (1961) p26 describes times when formal training for a painter had become important; in the 1820s in England "Fancy-dress pictures required years of training, beside months of preparation for the individual painting". ® Rosen (1981) demonstrated that equilibrium returns can greatly exaggerate talent differences. 189

Outline o f the Theory o f Superstars

The theory of Superstars was developed for the performing arts and, while it has relevance to the visual arts, the initial statement is made in relation to the performing arts. The theory of Superstars notes that on performers side of the market, young performers earn incomes below what they could elsewhere. This shortfall is the price of access to the stock of reviewers and the possibility of stardom and is required by free entry. It further notes that those performers who receive poor reviews perform no more and sell their sldlls elsewhere. Recipients of good review remain in business and earn incomes in excess of what they could elsewhere. The earnings distribution is always positively skewed both absolutely and in comparison with the distribution of talent.

Overall there are few stars in the industry; these are the older well established performers but, as a group, they serve a large fraction of the audience and obtain an even larger share of the returns. One extension permits young performers to enter the industry and prior to performing, perhaps by costly and time consuming, obtain imperfect but useful private information on their talent.

A second extension involves the choice of repertoire. Suppose that some pieces are easy and others hard but that the consumption value of a good or bad performance does not depend on difiBculty per se. If it is assumed that a hard piece, while less likely to be played well by any performer, differentiates between talents much better than does an easy one Under this specification, older performers will not perform any piece which is hard because the only thing to be gained is new information and this is not useful to older performers.

^9 MacDonald (1988) analyses an occupation about which there is substantial uncertainty about individual performance and past performance is correlated with future outcomes. 190

Theory o f Superstars and the Art Market

The central elements of the Superstars theory as applied to art market are that ;

1. the distribution of rewards appears to be such that comparatively minor talent differences can generate enormous returns so that the distribution of income is not a simple rescaling of the distribution of ability;

2. artists enter the industry when young, and stay only if they get good critical acclaim reviews, notices and purchases;

3. those who receive good reviews experience dramatic sales and income growth;

4. those who fare less well drop out;

5. young artists, in hopes of making the big time, paint pictures which are not sold and which have difficulty in being shown in a commercial gallery. Young artists show in "artist run spaces" and seek to be included in a dealer's stable and earn net returns below what they could earn outside the industry;

6. on the consumer side, older and wealthier collectors buy works by older established artists while the younger and less well off collectors buy works by younger untried artists. (Most people do not buy art works by younger artists because they think the appropriate current price of their work is zero and that the probability that the future price will be greater than the current price is zero);

7. artists are risk-neutral maximisers of expected wealth;

8. current information on a new artist is the same for all agents in the market; and

9. those artists who have performed in the past have a track record that is assumed to be useful for predicting their subsequent behaviour and market acceptance. It is 191

assumed that there is free entry for the untried and that painting and exhibiting is the only way to obtain a track record.

Young artists enter the contemporary visual art market in the expectation that they will become famous and rich with the present probability, Pra, so that present value of expected earnings over a lifetime is given by

2 (Prai.Ei)/(l+ri) + Si/(l+ri) i = l..n where Prai = probability that an artist's work will sell in the ith period; Ei = artists sales in the ith period; Si = subsidy available to the artist; and r = rate of discount

This valuation is the artists’ estimation of their permanent income and the artist will remain in the art scene as long as the permanet income from art exceeds the permanent income from alternative occupations; that is, if the present value of expected earnings from artistic activities exceeds the present value of expected earnings from non-artistic employment; this can be expressed as

2(Prai.Ei)/(l+ri) + Si/(l+ri) > (Pma.NAYi)/(l+ri) where Prnai = Probability of earning from non-artistic activity in period i NAYi = earnings from non-artistic activity; r = rate of discount; and (Pma.NAi)/(l+ri) = the expected future value of alternative and available occupations. 192

These evaluations, made at time i, are made with an information set, li, which incorporates all currently available information about future prospects as an artist. For young artists, the current probability that each will succeed is low but each harbours a belief that the probability of success will increase over time; each believes that they will produce masterpieces which will be recognised by dealers, collectors and the art legitimation authorities. The information set, li, is subject to revision in succeeding periods in the light of new data available each period. Now, artists' expected earnings in any period, i, are given by;

AYi = Prai.Ei +NAYi where

AYi = artists expected earnings from artistic activity in period i;

Prai.Ei = artists expected earnings from sales of artwork in period i;

NAYi = artists expected earnings from non-artistic activity in period i;

The probability that the artist will sell artworks in period, i, is given by

Prai = F([CAi, CAi-1, CAi-2, ....CAl],[SPi, SPi-1, SPl-2, ... SPl], [HMi, HMi-1, HMi-2, ... HMI], [HCi, HCi-1, HCi-2, ... HCl], u) where CA = Critical acclaim; SP = Success in winning prizes or scholarships; HM = Purchase of artwork by a museum; and HC = Purchase of artwork by a collector.

If these criteria of success are measurable, then Prai = < {Afij} for i = l..n, j = l...m. That is, it is possible to construct a cardinal index of these criteria. The late Willie Bomgart, a German art market economist, constructed an "Art Kompass" which 193 scored the current status of an artist. The "Art Kompass" was a weighted sum of achievements of an artist. Bomgart selected certain events as being significant for an artist's standing and assigned, arbitrarily, weights to each event. This enabled a cardinal measure to be constructed for each artist's standing'". The principal criticism of Bomgart’s Art Kompass was that the weights assigned to each criterion were arbitraiy.

If, as is almost certain, the criteria are dichotomous variables, no single aggregate index can be constructed and the criteria can be alternatively interpreted as being critical points in an artist's career which will be significant in determining the standing of the artist. (Such critical points are recognised in the folk lore of the performing arts in the concept of the ‘big break’ such as an understudy filling a principal role in a musical or opera after the star is injured or fall sick. Another example can be found from the career of the Australian opera singer, Joan Sutherland, who, while working in a non-artistic occupation, won a national singing contest the prize for which was a passage to London and financial support to undertake further training. In London, Joan Sutherland was selected to sing a leading role and her career advanced from there. A study of the Super Stars phenomenon would follow the careers of the singers who finished second in the contest and at the audition for the key role. The counter-factual speculation is what career path would Joan Sutherland pursued if she had gained second place in the national competition: singing in the local church choir or playing in the local amateur company’s annual production of Gilbert and Sullivan.)

Visual artists identify a number of critical points which include the following: 1. a contract with an exhibiting gallery; 2. winning a significant prize or scholarship; 3. purchase of an art work by an important collector or gallery; 4. critical acclaim by the art legitimation authorities; and 5. increases in sales to a wider body of collectors and institutions.

Some of these critical points, particularly a contract with an exhibiting gallery, constitutes a highly important hurdle to jump or a screen through which to pass. If

' Bomgart’s index is discussed critically in Frey and Pommerehne (1989). 194 young artists have failed to join an exhibiting gallery within a certain period, say five years, the probability that they will ever do so becomes smaller and smaller. Entering a contract with an exhibiting gallery is a critical screen. Most young artists, judging from the experience of the Australian contemporary visual art market where, at most, 20 per cent of aspiring and self-defined artists have more than one solo exhibition, will not achieve this criterion. Possibly at most 20 per cent of those passing successfully through this screen will make a full-time living from sale of art works. (This experience would be similar to that in professional sports. For example, the proportion of aspiring professional golfers who play on the professional circuit for a long period is small; unsuccessful aspirants become club professionals or greenkeepers.) Similarly, the longer it takes artists to have gained a widening band of collectors willing to purchase their work, the less probable it becomes that they will be in demand.

Expressed in this way, the failure of an artist to achieve any critical points will cause Pri to fall in value and to approach zero. A schematic illustration of complete failure of an artist to achieve any of the criteria for success is shown below where it is assumed that the artist is in the eighth year of the career. Under these circumstances, the probability of success of this artist as measured in year 8 of the career given the information set available in year eight will approach zero having fallen firom the initial, and low, value.

Critical Time Point: Period: i-1 i-2 i-3 i-4 i-5 i-6 i-7 CA 0 0 0 0 0 0 0 SP 0 0 0 0 0 0 0 HM 0 0 0 0 0 0 0 HC 0 0 0 0 0 0 0 195

A schematic illustration of a coming artist is given below.

Critical Time Point Period: i-1 i-2 i-3 i-4 i-5 i-6 i-7 CA 1 1 1 1 I 1 1 SP 0 1 I 0 0 0 0 HM 0 0 0 0 0 1 1 HC 0 0 . 0 1 1 I 1

Such an artist has achieved important milestones early in the career and has continued to satisfy the critical criteria. The probability of success, in year 8, would have increased over earlier values and would be higher than the initial value. Whether such artists can continue to succeed depends on their overcoming the “mid-career hurdle”. Some artists burnout in mid-career or hit a wall in being unable to produce new work and become locked into earlier styles and images. A schematic illustration of an early bloomer but fading star is given below:

Critical Time Point: Period: i-1 i-2 i-3 i-4 i-5 i-6 i-7 CA 1 1 1 0 0 0 0 SP 1 1 1 0 0 0 0 HM 1 1 1 0 0 0 0 HC 1 1 1 0 0 0 0

In this case, the early success has been translated into a higher probability of success by year 4 or 5 but the failure to make any gains in years 4 to 7 will cause a revision, in year 8, of the probability of ultimate success.

A final schematic illustration of an artist’s career which has not yet been fully determined but is regarded as promising is shown below. In this case, it is likely that 196 the probability of ultimate success as calculated in year 8 will be higher than the initial value. Such a calculation would encourage the artist to continue in the art market.

Critical Time Point Period: i-1 i-2 i-3 i-4 i-5 i-6 i-7 CA 0 1 0 0 0 0 0 SP 0 0 0 0 0 0 1 HM 0 0 0 1 0 0 0 HC 1 0 0 0 0 0 0

While such an analysis as undertaken above offers some insights to the operations of the art market, it is difficult to see how precise quantitative measurement of such success factors or critical points can be made to give ex-ante insight or predictive ability. Certainly such an analysis suggests that further quantitative research in this area may prove to be useffil.

Factors Affecting the Supply o f Art Works

The major factors affecting the supply of newly produced are; 1. the current price of paintings; 2. the expected future price of the artist's work as expected by the artist; 3. the amount of external subsidy available to the artist; and 4. non-artistic income of the artist.

An increase in the current price of an artist's work will, on the usual economic assumptions, call forth a greater quantity of work. Another factor is that with an increase in current artistic income an artist can devote more time to maldng art works. Artists expect, in many cases, hope may be a better term, that the price of their paintings will increase during their life time. There are many examples of artists enjoying rising prices although it is also true that the work of some artists is not appreciated until well after their death (perhaps the most famous example is Vermeer). There are also examples of other artists who do not reach their peak in terms of 197 acceptance and appreciation until late in life". At times, the work of contemporary visual art is slow to be appreciated with the overall art market preferring art of more established taste. At other times, contemporary art is highly valued for its own sake being preferred to traditional art'^. It is postulated that an increase in the expected future price of an artist's work will increase the current supply of paintings.

The importance of patronage for artists is made clear by the difficulty artists have in meeting current cash costs from current sales. The traditional response has been to seek a patron who will provide a subsidy; in today's world this role patron is played by the government which makes grants to artists. The effect of patronage will be to increase the current supply of art works by allowing the artist to spend more time at artistic activities.

The effects of an increase in non-artistic income on the current supply of art works are indeterminate on a priori grounds. Such an increase will allow internal subsidisation of artistic activity but if the increased earnings require greater time spent at non-artistic activity, current output may fall. The result depends on whether income or substitution effects predominate.

Price Détermination in the Contemporary Visual Art Market

The Static or Instantaneous Case

The market is, as explained before, not treated as one in which market-clearing occurs instantaneously but rather as one in which administrative prices are set allowing excess demand to be revealed by an accumulation of unsold inventory. It is argued that the existence of excess supply, as determined by the setting of an administered price, in the short term, is acceptable to market participants and does not provide incentives to change behaviour. It is argued that the existence of excess supply is acceptable to

Reitlinger (1961) p96 cites Constable as "... a late starter. In 1820 at the age of thirty-four it was a novelty for him to sell a landscape for 30 guineas". Reitlinger (1961) p99 states that, in England during the period, 1870-1890, contemporary art by artists such as Turner and Lanseer was bought because they were much preferred to the greater masters. 198 artists because their rate of production is determined by artistic considerations and their cash flow considerations rather than by a estimate of current demand and because, as well, they prefer to have an inventory of work available for inspection and sale. Artists' production time horizons are long and storage costs are low.

This process can be illustrated clearly with the case of an emerging artist whose work would be priced at the minimum level which is equivalent to not much more than framing and material costs. Most emerging artists would be fortunate to sell more than a few works at their first exhibition and would hold the unsold works as inventory for the future. (Little would be achieved by attempting to dispose of all these works on an open market without a reserve price because it would provide little financial return to the artist and would destroy not only any reputation but, more importantly, any chance of reputation.) In view of the nature of the market, it would be unlikely that attempting to sell more paintings by reducing their price would be an appropriate strategy. If demand is inelastic, as is probable, then gross receipts may not rise. Moreover, such a strategy is likely to be seen as a fire-sale and to contradict the expectations held by collectors that the future price is higher than the current price. It would seem to indicate that such a strategy is not consistent with continued involvement in the market.

The major factors which will affect the price of an artist, (these will, in essence, affect the position of the demand curve in P, Q space) are;

AA = age of the artist; CA = critical acclaim; SP = success in a prize or purchase exhibition; HM = purchase for a public collection; HC = purchase for significant private collections; and GS = the general state of the market.

These factors will affect the collector's estimate of the future expected price of the artist's work by reducing the uncertainty of the estimate. If the collector expresses the 199 estimate of the expected future price in terms of a subjective probability distribution, these factors will affect the variance of the distribution.

Young artists, however promising, are viewed with some caution by dealers and collectors who have seen, in the past many stars rush towards the heavens but fizzle out. There is uncertainty about whether a young artist will be able to sustain a consistently developing style and whether they have the persistence to succeed. The greater the artist's age the more these natters have been resolved one way or the other. Whether it is simply the "birthday day" age of the artist which is important is not clear because the significant factor may be the artist's age in artistic terms such as the time since first major exhibition or first major prize.

The next three factors can, for some purposes, be combined as activities of what French analysts of the art market refer to as the "art legitimation authorities". The art legitimation authorities are participants in the market who are trend setters, opinion makers or in some way have the power to make a definitive judgement or to confer an imprimatur. Included in the art legitimation authorities are influential critics whose reviews are regarded as authoritative, curators of public collections whose recommendations are influential beyond the gallery or museum in which they work and private collectors who are trend setters because of their artistic judgment or business acumen.

Needless to say there is competition among participants in the market to achieve a role as an art legitimation authority and the relative importance of the individual authorities can change. Nevertheless, there is, in the contemporary visual art market, a set of "authorities" whose critical judgements and activities in the market as purchasers can influence other participants and thus market demand. 200

Model Analysis - Static

The construction of the model to date suggests that prices in the contemporary visual art market are essentially demand determined. In addition, the market does not clear at that price but that excess supply is common.

The supply curve of contemporary visual art is perfectly elastic at the current price up to the quantity where full capacity is reached after which the supply curve becomes perfectly inelastic.

The current price is set administratively by the artist's agent, the dealer, in accordance with the standing of the artist and the state of the market.

The demand for artworks is given by current income and wealth of collectors, their expectations of future prices and their estimates of the artist's standing.

The demand for different artists' works will depend on their previous price experience which is a guide to future price movements, their artistic standing and their stage of career.

The static analysis is only moderately useful in explaining price determination in the contemporary visual art market but it does set the stage for further inquiry.

Dynamic Analysis - Low Sales

To begin the dynamic analysis, it can be asked what will happen if an artist consistently fails to sell art works in the market. The outcome will depend a number of factors including: 1. effect on artist's income; 201

2. the possibility of obtaining patronage; 3. the response of the dealer; and 4. the possibility of entering some other market

If an artist is experiencing a low rate of sales, the following circumstances can occur; 1. total sales income is less than costs of production of art works; 2. total sales income is equal to costs of production of art works; and 3. total sales income is greater than costs of production but less than costs of production and living costs

In the first two cases, the artist has to subsidise production of art works from non- artistic income. In the first case, where art sales fail to cover costs of production, the necessity to obtain non-artistic income is great and the greater the necessity the greater will be the time devoted to pursuit of non-artistic income.

In the second case, where income from sales of art cover costs of production, the necessity is to cover ordinary living costs from non-artistic income.

In the third case, where the income from sales of art work meets, in part, the living costs of the artist, the pressure to obtain non-artistic income is somewhat less.

The general problem for the artist in each of these cases is that attempts to obtain non- artistic income will divert attention away from artistic production; in some cases, the effort to obtain non-artistic income will lead the artist to develop new skills and, in doing so, may find the new occupation more secure and attractive than artistic production.

Another solution to these problems for the artist is to reduce production costs; this can be done in a variety of ways. The first is to move to production of lower cost art works such as acrylic rather than oil paint, drawings or watercolours rather than paintings. The second is to move to the use of non-traditional and cheaper materials than the usual; for example, use of ordinary cloth material rather than Belgian linen for oil 202 paintings. In current times, one development has been the use of "found objects" in the production of art works; this has been more common in sculpture and collage but is a practice with painters who incorporate "found objects" in paintings. The economic advantage of found objects is that they are free; the artistic advantage is that they are part of an innovative artistic style. The disadvantage of the use of such objects is that it may undermine confidence in the longer run physical integrity of the art work; in other words, the new production technique may lead to the creation of objects which will suffer physical deterioration, if not disintegration. One reason that traditional techniques of making art objects continues to be adopted in times of availability of many new inputs is that the longer run conservatorial properties of these techniques is generally and widely known. Art works produced by these techniques last for centuries and with some conservation and preservation attention may well last indefinitely. Curators of modem collections of art works now express some concern about the preservation of art works produced in the 1960s with non-traditional techniques.

The existence of artists with low sales explains why the role of patronage in the art market has been important and why it remains so. Patrons who can meet the living costs and costs of production of an artist are highly regarded and valued by artists.

The response of dealers to low sales by an artist will be critical; in general dealers do not expect that all artists, especially emerging artists, will have large sales. Dealers expect that it will take some time for artists to achieve a large volume of sales and to contribute substantially to the dealer's income. However, there are pressures on the dealer to review the performance of artists under contract. First, the dealer has expenses to meet and these costs must be covered by commissions from sales; in the end, a dealer cannot continue to subsidise an artist whose sales are low. It has been shown in Australia that it is common for a commercial gallery to have 40 to 50 per cent of artists whose sales do not meet running costs of exhibition and representation. Secondly, the dealer is aware of new artists who show promise and the dealer would like to extend his stable to include new artists of potential ability. The capacity of the dealer to develop the career of artists is limited not only by financial costs of the 203 subsidy to artists but by the time that the dealer can devote to promotional activities. These considerations set some limits to the number of artists a dealer can adequately represent. Thirdly, the dealer will take the continued low level of sales by an artist into account and revise expectations about the future price of the works of the artist; the dealer will accordingly assign a lower probability to the possibility that the future price of the artist's work originally envisaged by the dealer will be realised. If the dealer assigns a sufficiently low probability, the expected future value of sales will equal the current value in which case there is no advantage to the dealer in continuing with the artist's contract.

There may exist other markets where the artists can sell their art works at lower prices. Effectively, this is a desperate strategy for the artist. The preferred strategy has been to obtain a place in the dealer system so moving to another market is a sign of lack of success for the artist and an indication of the remoteness of the possibility that the artist will achieve real fame. Moving to another market is further evidence that expectations about future increases in prices of works by this artist are unlikely to be realised.

Faced with the low sales in the market, an artist can respond in a number of ways. The first, and historically, the most important, is to seek a patron. The second is to seek, or continue to engage in, non-artistic economic activity to meet the costs which are not covered by artistic sales. The third is to re-position in the market. The fourth is to exit from the market.

The availability of patrons is limited and is much less than the number required by artists. In modem times, the role of patron is played by governments who provide grants to artists. Artists call for increased grants but the provision of such grants while providing short term benefit to artists receiving them causes longer term problems of adjustment to artists who are unsuccessful in market terms. Also the provision of grants increases the supply of art works and the problems of selling them. 204

The second type of response is to seek employment or income producing activities which are closely related to, or in sympathy with, the artistic work; a common solution for artists is to teach in an art college. Other common solutions are worldng in commercial art, in advertising, in arts administration or art criticism. The more remote is the economic activity from the artistic endeavour the greater the is the possibility is that the artist will devote more serious attention to the activity and move out of serious art.

These considerations explain why the empirical studies of artists' incomes reveal a great reliance on non-artistic sources of income. For many artists, their level of sales is not sufficient to enable them to live solely from their artistic income but nor is it low enough to cause them to exit completely from the market.

Artists whose contracts with dealers are terminated can move to another dealer whose prestige and status is lower than the original dealer or who attempts to operate in a different segment of the market. Artists may move to new dealers who want to have some known artistic names in their stables.

Even where artists exit completely from the dealer market it is unlikely that they will cease from artistic production because the overall art market is sufficiently flexible to allow artists to operate with an indefinite status and an ambiguous position. Artists may continue to work less than full time and exhibit in group shows or in fiinge shows maldng some sales. However, it is unlikely that these artists will be able to re-enter the dealer market.

Dynamic Analysis - Increased Sales

Other artists will experience increased sales. This increase in demand can occur as a result of two major factors;

1. a general increase in demand for art works, GS, as a result of increased income, wealth or increased preference for art rather than other collectables; or 205

2. a particular increase in demand for the work of the artist resulting from a change in the variables, AA, CA, SP, HM, and HC.

In the first case, the increase in demand will lead primarily to an increase in quantity rather than in price. There will be a general increase in prices of all artists in the contemporary visual arts market. Under these circumstances, the dealer's margin will increase as there is less need to incur selling and promotion expenses and there is less need to provide easier terms for purchase. The increase in demand may lead the dealer to increase prices overall. Changes in the overall demand in the contemporary visual art market are quite common; the index for the Australian contemporary visual art market, as calculated from the Auction Price Study in Chapter 4, the following price indexes, indicated that activity was cyclical over the period, 1973-1989.

In the second case, the factors which give rise to an increase in demand are those which affect the relative standing of the artist and which affect the expectations of the future relative price of the artist. In this case, both dealers and collectors revise their expectations about the future price of the artist.

The dealer will determine the current price of art works in the light of the immediate past performance of the critical variables; for example, in setting the price in the next period, the dealer will take into account the current settings of the critical variables.

In formal terms, this can be expressed as

Pvt+1 = al.AAt + a2.CAt + a3.SPt + a4.HMt + aS.HCt

The variables are unlikely to be continuous; moreover, the variables may be interrelated. The variables mark critical points which serve as a trigger for re­ assessment of the artist's reputation. For example, the artist's age is unlikely to be influential as a continuous variable, ie one more year is unlikely by itself to be important as a change factor in determining the artist's reputation. However, there are 206 definite critical points in an artist's life which lead to re-assessment. There are two particular examples: the first is that certain ages may be considered suitable for a retrospective exhibition of the artist's work; the second is that when an artist reaches a certain age, the artist is seen as effectively completing the life's work and fulfilling the earlier promise. This factor is interrelated with the factor, CA or critical acclaim, as the fact of reaching a nodal point in the career or of having a retrospective exhibition, will by itself provoke more critical attention which will lead to an enhancement of the reputation of the artist.

In the second case, at age, say, 65 or 70 years the artist is seen as having completed the great bulk of the total works and as having perfected the earlier style for which they have been Icnown". At this point, the market will consider the artist to have an established reputation which is unlikely to change as a result of a change in artistic direction by the artist and will consider the total work of the artist to have been produced so that supply of new works will be unlikely to affect the existing total of art works Icnown to the market.

While it might be expected that, in general, an artist's prices will tend to move upwards over time in line with increased age or experience, there will be critical points at which one could expect to observe a sharp break.

Artists' reputations are to a large extent by the extent and amount of critical acclaim they receive; this critical acclaim can be through reviews of exhibitions, radio or television shows about an artist, critical articles or essays in magazines or exhibition catalogues. The effect of the critical acclaim will depend on the status of the critic in the art legitimation authority structure.

In a similar way, success in a purchase or prize exhibition will enhance the reputation of an artist; in Australia, the Archibald Prize is a significant public competition success in which brings the artist fame (the result of the Archibald Prize is usually reported on

An example drawn from the life of an artist included in the Portfolio Study malces this point. Grace Cossington Smith, an artist, who lived to be nearly one hundred, stopped painting some ten years before her death. 207 the front page of all national newspapers with a photograph of the artist and the winning entry). The winner of the Prize is made Icnown in a favourable light to collectors and a wider circle of persons interested in art.

Purchase by public galleries are significant if the galleries are part of the art legitimation authorities and if the work purchased is displayed for public viewing. Purchases by collectors will be significant if the collector is an opinion maker or has some other public eminence such as being a show business personality, a business leader or a leading member of a profession.

The way that an artist's reputation is enhanced by critical acclaim, success in a competition or purchase by a significant collection is three-fold: firstly, the dealer will be able to promote the artist's work by reference to some success factor to show that the artist commands respect in the wider circle of contemporaiy visual art. Secondly, success in these ways will reinforce the expectations of collectors who have already acquired works by this artist. These collectors will be willing to hold the art works in their collection and will be even more keen supporters of the artist's work. Thirdly, other collectors will now be attracted to this artist's work. In terms of the previous discussion of determinants of tastes, the utility of the collector from owning a work by this artist will be increased if these success factors are part of the parameter A which affects the cultivation of tastes, that is if U = f(Ax,z).

Transition, to the Auction Market

It has been seen that the auction market prefers art works which have a solid provenance, an established reputation, a finite supply but sufficient numbers available to allow for sales. Under these circumstances, it is not to be expected that the work of young artists will appear at auction because the work of young artists does not have an established reputation nor a finite supply; in the Auction Price Study in Chapter 4, it was seen that a large proportion of artists in the sample had no sales at auction and that only a relatively few artists had sales totalling more than 100 over 16 year period of the Study. Most of these artists had been actively engaged in artistic activity for 208 periods of over 30 years and had achieved fame as measured by the usual indicators. It is possible, although so uncommon as to readily noticeable, for younger artists to achieve fame so that their work is sold at auction; one such in the sample is Brett Whiteley who was a multiple winner of significant national prizes and who achieved both artistic fame as well as notoriety as a result of an unconventional and highly publicised life-style. Whiteley died at a relatively early age, in the early 50s, as a result of drug usage shortly after the end of the period of the Auction Price Study.

The transition to the auction market will occur when the prices paid for the artist’s work in the secondary market is equal to or higher than the prices set in the primary or exhibiting dealers market. Usually only work from an earlier period will be sold at auction; the provenance “from the artist’s studio” relating to a contemporaneous entry in an auction sale is not appealing to the market.

The usual expectation for a young or emerging artist is that the gallery price of the work is less than the price which could be received at auction. A number of factors will prevent the work of artists coming on the auction market prematurely. Works of unknown artists are not strongly sought after by auction houses whose selling charges, such as commission and costs of cataloguing the works, are likely to be a high proportion of the expected price. Such works are likely to come on to the auction market only as a result of a forced sale (due perhaps to the bankruptcy of the collector) and as part of a larger consignment and the sale of such works will not improve the reputation of the auction house which likes to report a high hammer price and spirited bidding. The exhibiting gallery to whom the artist is contracted has an incentive to keep the works of young artists out of an auction and would be likely to purchase the works before the auction if at all possible. Similarly, artists as well as collectors owning the artists’ works have an incentive to purchase the works privately and prevent them coming for sale on the auction market.

For artists who can sustain a reputation in the auction market, there will be gains to the artist, the exhibiting galleries to whom the artists are contracted and collectors who 209 own the artists’ works. The artist will find that the prices of earlier but unsold work which the artist has retained will increase so that, while the artist may not benefit directly from the increase in prices at auction, there is a gain from sale of stock-piled works.

The exhibiting gallery will find that sales of the existing stock of work held in the backroom of the gallery will increase. To the extent that the exhibiting gallery acted as a collector by purchasing works for the dealer’s own collection, there will be further gain.

Once an artist has an established reputation in the auction market, collectors of the early works of the artist can realise a capital gain and validate their strategy of purchasing works at an early stage of the artist’s career. Collectors may find that dealers approach them to sell earlier works to meet the current demand; dealers do this to obtain works on behalf of clients who want particular works to complete a collection and who are not prepared to wait for them to appear at auction. In this case, there are gains to all parties at the expense of the auction house. (To meet this competition, auction houses now charge sellers commission on a sliding scale based on their total sales over a period, usually a year, rather than on consignments to a particular auction.)

As artists near the end of their careers, the expectation is that prices will continue to increase is given by the fact that the artists’ works are now clearly in finite supply and their reputations are well established.

For artists whose works cannot sustain prices at auction greater than their gallery price, as a result of a re-adjustment of their reputation or, more probably, as a result of a general decline in the auction market, there are problems. It may be possible for a short period to remove works from the auction through purchase by the exhibiting gallery or major collectors but unless these people have deep pockets there will be a limit to such action. Under such circumstances, it is likely that gallery sales will cease for two reasons; the first is that it is now possible to buy work of the artist for less in 210 the secondary market and, the second is that potential buyers will re-appraise the artists’ reputation and prospects of capital gains.

The analysis of the model suggest some explanations of questions in the art market; these are: 1. the prospect of success in the art market will attract young entrants who, in effect, buy a ticket in a lottery carrying a small number of valuable prizes; 2. most of these entrants will not succeed and will exit from the market to undertalce other economic activities or remain on the fringe hoping for the big break; 3. the dynamics of the art market are important but are difficult to formalise; 4. the primary market is one where prices are set administratively; 5. the secondary market, auction market, is one where market-clearing occurs; 6. success in the art market will come only to those artists whose works can command the same price in the secondary market as is set in the primary market; 7. the overall market operates with considerable lags so that it may take many years before artists’ work appear in the secondary market; and 8. the dealers in the primary market play an important role as an intermediary. 211

Introduction

In this Chapter, the model developed in the previous chapter will be used to analyse two policy instruments proposed or used in the Australian art market. The first is the "Droit de Suite" or the Arts Re-Sale Royalty under which artists would be legally empowered to share in capital gains jfrom subsequent sales. The second is the Taxation Incentive Scheme for the Arts.

The first policy instrument. Droit de Suite, is based on the notion of the "artist starving in the garret" under which an artist works in impoverished circumstances to produce art works, sells these for a low price but lives to see them become highly valued and for them to change hands at high prices but is unable to share in the capital gains so determined. "Droit de Suite" or the Art Resale Royalty is a legal requirement giving the artist a legal right to share in the increase in the value of artworks created by the artist upon second and subsequent sale.

"Droit de Suite" is based on the "artist starving in a garret" theory. This theory says that artists create works which are sold, initially, at low prices and later resold at higher prices. The artist does not gain from the higher prices and continues to live in poverty while the gains from the sale of the art works is gained by the owners so that the artist works for the benefit of dealers and collectors. Although the work of the artist might achieve critical acclaim and fame, the artist did not benefit materially from the increased fame but continued to starve in the garret. Droit de Suite was the proposal to correct this position in favour of the artist by providing the legal means whereby the artist could share in the benefits arising from increased recognition of the work of the artist.

Emotive stories of Millet’s grand-daughter selling flowers on a Parisian street in the same year as one of the painter’s work was re-sold for one million francs but which was originally sold by Millet for 1,200 francs were supposed to be behind the decision 212 of the French government to create the new right for artists.' Other commentators have referred to a “deep-seated romantic view of art and the artist”^ which underlies the rationale for Droit de Suite.

In France, a law providing for re-sale royalties was enacted in 1920. The law provides that, during the life of an artist and for fifty years afterwards, on public sale of a work of an artist for a price in excess of 100 francs, a royalty of three per cent is payable to the artist or the artist’s heirs. Other countries have enacted similar legislation. Italy has an act which provides for re-sale royalties of up to 10 per cent (on a sliding scale) on the increase in a works value between sales. The Italian law applies only to paintings and sculpture sold in public sales where the price is over 5,000 and 10,000 lire respectively; the law applies to private sales where the price has increased by a factor of four. In Germany, a resale royalty of one per cent is provided for on works sold for more than 500 marks in a public facility, that is auction or dealer.

In California^, the law provides that if a work of art is sold in California or sold by a California resident, five per cent of the sale price has to be paid to the artist. The seller of the art work is responsible for locating the artist and making the payment. The application of the Californian law is restricted to painting, sculpture and drawings and to sales during the life time of the artist and to sales where the price is greater than $1,000 and where a capital gain occurs. The artist cannot waive the right to receive the royalty unless under a contract which itself provides for a resale royalty greater than five per cent. The right to receive the resale royalty is not transferable.

An international committee'' reported in 1985 that there were another ten countries which had implemented Droit de Suite and that there were another 18 which had

' This story is recountered in Clark (1981); a similiar, but not identical, story about Millet’s granddaughter is recountered in Price (1968) while Schuler (1966-67), Hochfreld (1975) and Filer (1984) repeat a story with similiar details. ^ Price (1968) ^ Filer (1984) and Clarke (1981). Executive Committee of the International Union for the Protectionof Literary and Artistic Works and Intergoverrunental Corrunittee of the Universal Copyright Convention, “Droit de Suite: Draft Guiding Principles Concerning the Operation of this Right”, Paris, 10 June 1985 B/EC/XXIV/13 213 recognised the principle of Droit de Suite. It is not clear how effective such laws are as it appears the means to enforce their operation is lacldng.

Even at this level, the rationale for Droit de Suite is not inherently plausible because it supposes that the artist sells all of the current production and has no work to sell at the higher price. Our discussion of artists’ supply decision envisaged that., in the private art market, artists generally do not sell all of their current production and consequently hold stocks of previously created works. An increase in an artist's prices will produce benefits to the artist by increasing the value of the stock and increasing the value of sales. In addition, the prices of currently produced works would be expected to rise thus providing a financial benefit to the artist. Nevertheless, the notions behind Droit de Suite continue to exist because many artists are inclined to see the relationship with a dealer as being expletive. Droit de Suite has been described as “an expression of the belief that 1. the sale of an artist’s work at anything like its “true” value only comes late in his life or after his death; 2. the postponement in value is attributable to the lag in popular understanding and appreciation; 3. therefore the artist is subsidising the public’s education with his poverty; 4. this is an unfair state of affairs; 5. the artist should profit when he is finally discovered by the newly sophisticated market.^”

The second policy instrument is the Taxation Incentive for the Arts scheme which provides the opportunity for collectors to donate items to approved museums and galleries and to deduct the appraised value of the works from their taxable income and thus gain a benefit equal to the taxation saved. Such donations are, however, not exempt from the capital gains tax. (Capital gain taxation, in Australia, is levied only on the real capital gain made from the sale of assets acquired by the taxpayer after September 1985.) The Taxation Incentive for the Arts scheme is not restricted to the visual arts applying to items eligible for inclusion in other museums and libraries. Such

' Price and Price (1971-72) p 144 214 donations have to be appraised by at three approved valuers and accepted by the recipient institution. Under the Taxation Incentive for the Arts scheme, artists may claim only the cost of production of the art work. The scheme is designed to encourage private philanthropy and provides a subsidy to the arts through taxation expenditure, that is, reducing income taxation collections rather than by direct grants.

The Austf'ulian "Droit de Suite " Proposal

Artists have certain rights in the relation to their work even after sale; one clear example is the legal right of copyright under which the artist controls the right to re­ produce the work in some other form. (In the art market, a distinction is made between a "copy" of an art work and a "reproduction" of an art work. A copy is of the same medium so that the term copies of a print is common. A reproduction is a representation in another medium. Art museums and galleries usually sell reproductions of famous works of art in their shops; these reproductions are photographic representations of the art work and are not in the same medium as the original art work.)

In nineteenth century England, the sale of copyright was an important source of income to artists. Re-productions of the original art work was made by engraving and the individual re-productions sold at a price which made them accessible to a much wider market than the original. Artists such as Landler enjoyed a considerable income from the sale of copyright for re-productions; it was claimed that Landler’s income was 7000 pounds a year. One of the most famous images created by Landseer which was re-produced in mass was "The Stag at Bay".

Today, copyright is generally regarded as unimportant as a source of income for artists although in specific instances it can produce income for artists. Copyright grants exclusive rights to authors and other creators of new works for a limited period to reproduce, sell, rent, and display their work. The time period is usually limited to the life of the artist plus a certain period; in most jurisdictions this is fifty years. 215

The limitation on the extent of copyright is intended to promote the free circulation of ideas; once copyright has expired, the work enters the public domain where it can be used by all®.

The property rights inherent in ownership of an art work are separable; an artist may sell the physical object but retain copyright which would allow the artist to control re­ productions of the work. The artist has no control over the copyrighted work after the first sale of the work.

Droit de Suite can be distinguished from Moral Rights under which an artist's right to be recognised as the creator of the art work and to protect the work from defacement or destruction is maintained.

The Australian Copyright Council Proposal for Droit de Suite

The proposal for Droit de Suite from the Australian Copyright Council’, announced in February 1989, with the avowed objective of “encouraging creative endeavour by rewarding visual artists with a share in the increasing value of their creative product”, was based the unsubstantiated belief that there have been few, if any, objections* to the principle to Droit de Suite. The Australian proposal makes the claim that the objections to Droit de Suite centres on the perceived difficulties of administration and the fear that the cost of collection will make the scheme ineffective for artists.

® Clarke (1981) p l3 16 ’ Australian Copyright Council (1989). * Elsen (1977) notes that the Californian artist’s royalty bill was a “midnight” bill that slipped through the legislature at the last moment and that there are private contractual arrangements available to artists to achieve the same effect as the legislation; Elsen further notes that the Californian law is being ignored by artists, dealers and collectors, even though in some cases artists have been told they are not being paid royalties. Elsen reports that the major problem facing contemporary visual artists is making the first sale. 216

The proposal has the following features:

1. It would be enacted by Commonwealth legislation by an amendment to the Copyright Act rather than specific legislation;

2. a general definition of the works of art to be included would be provided, giving specific opportunity for detailed agreements between the relevant parties as to the specific sub-categories of art works, in particular the case of works produced in limited multiples;

3. the imposition of a royalty on sales with a public element, that is, auctions or dealers;

4. a fixed percentage royalty calculated on the full sale price above a specified threshold;

5. a right, operative over the full term of copyright, inalienable and effective in relation to sales from the time of the legislation irrespective of the date of creation of the works of art;

6. a system of collection and distribution operated through an artist's collecting society;

7. civil remedies available to the artist when the scheme is not complied with;

8. inclusion in the scheme of foreign nationals on the basis of reciprocity;

9. It would cover Australian citizens and residents in a manner consistent with the operation of copyright law. 217

The underlying basis of the proposal is that visual artists, who create original works which are not reproduced are at a disadvantage under current copyright law unlike authors and composers who create manuscripts which are sold in multiple copy reproductions. The proposal claims that Droit de Suite has the effect of “redressing this balance by giving artists whose work is not created to be reproduced, the right to share in another’s exploitation of their work - that is, resale of the original.” As recognised by the proposal itself. Droit de Suite is not a copyright in the usual sense; instead of a temporary exclusive right of a negative character, there is a positive right to receive an amount calculated on the resale amount. In addition, the proposal for Droit de Suite involves an extension of copyright to the material object itself rather than the reproductions. By analogy , a Droit de Suite arrangement in other areas of the creative arts would give a right to authors and composers to share in the profit from the resale of manuscripts.

The proposal asserts the need for the establishment of an artists’ collecting society in Australia; such a society would maintain a record of art works produced and would check for resales. The proposal recognises that the activities of such a society would require financial support from government as it would not be expected that the society could not meet capital costs and running expenses and that the potential beneficiaries, the artists, could meet these costs.

The rationale for the Australian scheme for an artist’s resale royalty is that it creates a mechanism for encouraging creative endeavour by rewarding visual artists with a share in the increasing value of their creative product. There are currently available mechanisms for artists to achieve the effect proposed by the Australian Copyright Council; artists may enter into to contracts with the purchasers of their art works to receive a proportion of any capital gain upon resale or to obtain an option to purchase the work in the future for a specific or determinable price. It is true that under a civil contract artists can bind only the original purchaser and are unable to extend the contract to subsequent purchasers so that artists would be able to share in only the capital gain from the first resale. Artists would be faced with transactions costs in seeking to enforce the provisions of the contract; the costs of enforcing the contract 218 could be substantial in relation to the amount of the capital gain. Although there have been one or two isolated reports of such contracts being written in the Australian contemporary visual arts market, it is not difficult to see why such contracts would be rare. In the first place, it is not in the interests of the purchaser to be encumbered by such an arrangement and as the bargaining power is usually held by the purchasers in a market where there is chronic excess supply, few such contracts would be concluded. Furthermore, rational collectors would discount the potential future compliance costs by offering a lower current price so that, at best, the artist may achieve only inter­ temporal substitution of returns. If the rate of time preference of artists is low then it would be rational or them to accept a higher current price and forego the future benefit.

In the second place, few artists would be willing to enter into a contract where they were required to compensate the artist for further capital losses. It is in artists’ interests to sell their work early in their career because purchase by collectors is critical point which determines the reputation of artists and their ability to increase their prices in the future. If, as has been maintained, artists do not sell all of their current production and thus hold stocks of unsold works, an increase in the market price of an artist’s works will increase the value of the inventory and ensure that the artist gains from the increase in the price of the art works.

While, for all these reasons, it is likely that few such privately negotiated contracts would be concluded, it must be considered if there are any grounds for government intervention. Such intervention could be justified on the basis of existence of transactions costs which prevent private contracts from being concluded and enforced. A further ground of intervention is the view advanced by proponents of the Droit de Suite that artists are exploited under the present market arrangements. The previous analysis of the art market indicates that this view is unsustainable and the assertion by the artist, Marcel Duchamp, that a work of art is created to an equal extent by the artist and the public is pertinent here®. On the face of it, the case for a Droit de Suite scheme is not plausible. A formal analysis of the Australian proposal will confirm this.

’ Quoted in Geraldine Keen (1971). 219

Formal Analysis o f the Australian Droit de Suite Proposal

The analysis will proceed by examining formally the following transaction: a collector sells a painting, originally purchased in year 0 for for Pt, n years later N. The collector is subject to capital gains taxation; such taxation is levied only on the real capital gain, after deduction of direct selling costs, determined by the application of an official asset price deflator. The artist’s dealer is entitled to commission on the payment to the artist under Droit de Suite under the contractual arrangement with the artist. The collector incurs selling costs by way of commission paid to the auction house or to the dealer. The effect of the imposition of the Droit de Suite will be felt by collectors as it will change their expectations about the future gain from owning paintings and by artists as they have changed expectations about the returns from their work over a period extending beyond the time of first sale.

The costs of the transactions in the sale are calculated and the returns to all parties in the sale are identified. The return to the collector is compared with the return to that of a risk free financial security. The transactions under the Droit de Suite scheme can be expressed in formal terms as: Let ?o = the initial sale price of an art work; Ft = the sale price of the same art work at time, t (n years after the initial sale); ?k = the threshold at which the Droit de Suite applies; d = dealer’s commission on second sale; c = commission paid on resale of art work; t = rate of capital gains taxation; PI = deflator for capital gains taxation purposes; r = real rate of interest on a risk free security; k = the rate of royalty payable to the artist;

The returns available to all parties on resale are calculated as follows: 220

The gross selling price is: Pt Real selling price for capital gains taxation purposes is: Pt/PI The nett return to the collector from the sale is: (1-c). Pt

The total nominal gain is: P t-P o The real capital gain, subject to taxation, is: (1-c). Pt/PI - P„ The amount of Droit de Suite payable by collector, only if Pt > Pu (which is also the gross amount receivable under

Droit de Suite by the artist) is: k. (P t-P o) The Capital Gains Tax payable by the collector only if Pt/PI > Po is: t.((l-c).Pt/PI)-Po

The return to the selling agent is: c.(P t) The return to the artist’s dealer, only paid if the artist receives a payment under Droit de Suite, is: d. k. (Pt - Po) The gain to the artist, if Droit de Suite

is payable: k .(P t-P .)

The return to the artist’s dealer: d.k.(Pt - Po) Return to the owner if Droit de Suite is not payable but capital gains taxation is payable: (l-c).Pt-t.(((l-C).Pt/PI)-Po) Return to the owner if Droit de Suite is payable but if no capital gains taxation is payable: Pt - (k).(Pt - Po) -c.Pt Return to the owner if Droit de Suite and capital gains tax is payable: (Pt-c.Pt)- (k).(Pt - Po) - 1.( 1-c).(Pt/PI - Po) 221

Table 6.1 Returns to the Various Parties under a Droit de Suite Scheme

If painting is sold for more than the If painting is sold for less than the threshold; if ?t> Pic threshold; ifP t< Pk Parties to the If a capital gain If a capital gain If a capital gain If a capital gain Sale: occurs; does not occurs; occurs; does not occurs;

P./PI > Po Pt/PI < Po Pt/PI > Po Pt/PI < Po Artist k(Pt-Po) k (Pt-Po ) 0 0

Collector (P,-C.PJ.(k).(Pt- Pt - (k).(Pt - P .) - (1-c). Pt - (1-c). Pt t.( Pt/PI) -P o Po)-t.(I-C).(Pt/PI c.Pt

-Po)

Selling Agent c.P, C.Pt C.Pt C.P,

Artist’s dealer d.(k (Pt-Po)) d.(k (P t-P o )) 0 0

Government L((Pt/PI)-Po) 0 t ( ( Pt/PI)-Po) 0

Comparison of the entries in the table above show that: 1. the artist is not required to make a payment under any circumstances; 2. the selling agent is unaffected by Droit de Suite; 3. the artist’s dealer stands to make a gain through the introduction of Droit de Suite; 4. the government will be unaffected by Droit de Suite in that capital gains taxation payments are not affected; 5. there is a potential loss for collector may suffer a loss from the introduction of Droit de Suite which requires further examination.

Whether the collector suffers a loss from the introduction of Droit de Suite depends on whether the sale of the painting represents a real gain to the collector. The collector will enjoy a real gain only if the post taxation return from the sale of the painting is greater than the returns forgone from holding a risk free financial security instead of the painting. That is, a real gain has been made only if

(i-c).Pt-t.(((i-c).pypi)-Po Po(l+r)” where Po(l+r)” is the return to an amount, Po, held in a risk free financial security for n years. 222

The introduction of a Droit de Suite scheme would mean that the collector would make a real return on the sale of the painting only if

(l-c).P t-1 .(( (l-c).Pt/PI) - P o ) - ) - k. (Pt - Po) > Po(l+r)"

which is to say if k. (Pt - Po) > 0 so that the introduction of a Droit de Suite scheme is likely to reduce the expected return to holding art by collectors and the return relative to holding financial assets. Given the analysis of the model of the art market in Chapter 5, the effect of the introduction of a Droit de Suite on the demand for paintings could be expected to be negative that is in P, Q space there would be a lefl;ward shift in the demand curve. In other words, it would be expected that the introduction of a Droit de Suite scheme would reduce the demand for paintings.

This conclusion can be re-inforced by an alternative analysis. Suppose that, instead of the introduction of a Droit de Suite scheme, artists were given a legal requirement to be able to purchase a call option from the original buyer of their work. The call option would give the artist the right, but not the obligation, to purchase the art work from the collector at some future time at a predetermined strike price. If the collector expected that the art work might increase in price in the future, then the collector would be willing to sell a call option only at a price greater than zero. If the artist calculated that the call option has a positive value then the current receipts to the artist from the sale would fall, a position consistent with a fall in demand as analysed above. (The question of whether an artist would sell a put option, the right, but not the obligation, to purchase the painting from the collector at a future time at a price determined now, illustrates the asymmetry of the Droit de Suite proposal. If an artist were prepared to sell a put option, the collector will increase the expected returns for owning the art work because the downside potential has been reduced. Hence a completely symmetrical Droit de Suite scheme in which the artist paid an amount to the collector in the event of a loss on resale of the painting would increase the current demand for art.) 223

If the artist were unwilling to purchase a call option or to sell a put option then it can be said that a symmetrical Droit de Suite scheme would not provide a net benefit to the artist.

Other considerations suggest that the introduction of a Droit de Suite scheme would not provide benefits to artists. The proposal for a Droit de Suite scheme in Australia as outlined above incorporates the provision that the right to receive a Droit de Suite payment could not be alienated or waived by the artist. Apart from the fact that this is an unusual provision in providing that property rights may not be sold as is the case in copyright, it would be expected that an artist would be willing to sell the entitlement to Droit de Suite to the original purchaser of the art work as in the case of authors who assign their copyright to publishers.

Furthermore the introduction of a Droit de Suite scheme would increase transactions costs in the contemporary visual art market as the Australian proposal requires a register of all art works produced and sold in the primary market so that public resales could be checked against the register to enforce payment of Droit de Suite. If the widest definition of artist, as proposed by the Australia Council, were adopted, the registration of art works on a data base would entail maintaining the records of 10,000 artists each of whom may produce up to 100 art works a year. Given the dynamic fluidity of the market as shown in Chapter 3, the difficulty of doing so would be considerable. If these transactions costs were to be borne from the proceeds of the Droit de Suite scheme the amounts provided to artists may not be very great. The extent to which the introduction of the Droit de Suite scheme would benefit artists depends on the extent to which sales in the secondary market would attract the Droit de Suite payment. An empirical study of the characteristics of resales drawn from the Auction Price Study of Chapter 4 will give information on this. 224

Empirical Study o f Resales in the Auction Market

The evidence from the nature of resales of paintings in the Australian contemporary visual art market comes form two sources: the data on resales by commercial galleries and the resales in the Auction Market Study.

Commercial Galleries Resales In Chapter 3 it was shown from the data collected from the Australian Commercial Galleries Association that resales of the work of Australian artists amount to less than 25 per cent of all sales and that only less than seven per cent of total sales were resales of the work of living Australian artists. Depending on the time allowed for by the Droit de Suite after the death of an artist, it would appear that few artists would benefit through the Droit de Suite provision.

Double Sales in the Auction Market

The estimated real rate of return to paintings sold at least twice at auction in the period 1973-1989 has been discussed in Chapter 4. In that Auction Price Study, there were 298 paintings which were resold at least once during the period 1973-1989. Of the 68 artists in the total group, only 18 had resales. Further information on the likely gains by artists from resales can be gleaned from the data on the nominal capital gains

Table 6.2 Descriptive Statistics, Nominal Capital Gains, Resales in Auction Price Study, 1973-1989

Nominal Capital Gains Descriptive Statistics: Mean - AUD 1074.8 Standard deviation 4418.8 Minimum - AUD -3800 Maximum - AUD 61000

The data in the table above shows that the average capital gain was AUD 1,075 although the distribution was highly dispersed as measured by the standard deviation 225 and confirmed by the range. A frequency distribution of nominal capital gains is shown in Table 6.3 below:

Table 6.3 Frequency Distribution, Nominal Capital Gains, Resales in Auction Price Study, 1973-1989

Nominal Capital Gain: AUD Number of Resales Percentage of Total -2001 to -5000 1 0.3 -1001 to -2000 4 1.3 -1 to 1000 44 14.8 0 63 21.1 1 to 1000 134 45.0 1001 to 2000 17 5.7 2001 to 5000 21 7.0 5001 to 10000 8 2.7 10001 to 15000 3 1.0 15001 to 50000 2 0.7 50001 to 100000 1 0.3 Total 298 100.0

The table above shows that nearly 38 per cent of resales did not give rise to a nominal capital gain and nearly 83 per cent of resales resulted in a capital gain of AUD 1,000 or less. If the threshold for Droit de Suite purposes were set at AUD 1,000 relatively few artists would benefit.

A frequency distribution of real capital gains is shown in Table 6.4 below: 226

Table 6.4 Frequency Distribution o f Real Capital Gains,

Resales in Auction Price Study, 1973-1989

Real Capital Gains: AUD Number of Capital Gains Percentage -5001 to -15000 1 0.3 -4001 to -5000 1 0.3 -2001 to -4000 4 1.3 -1001 to -2000 5 1.7

-1 to -1000 7 2.3 0 126 42.3

1 to 1000 105 35.2 1001 to 2000 15 5.0 2001 to 3000 14 4.7 3001 to 4000 4 1.3 4001 to 5000 2 0.7 5001 to 10000 9 3.0 10001 to 20000 2 0.7 20001 to 50000 2 0.7 50001 to 100000 1 0.3 Total 298 100.0

The table above shows that over 40 per cent of resales did not result in a real capital gain while a further 35 per cent of resales resulted in real capital gains of between zero and AUD 1,000. The table further shows that some resales resulted in substantial capital gains and that, under a Droit de Suite, some artists may benefit considerably from these gains.

The major weakness of the Droit de Suite proposal is recognised in the Australian scheme which prohibits artists from alienating their rights to Droit de Suite. 227

Taxation Incentive for the Arts Scheme

The objects of the Scheme are to "to encourage donations of gifts in kind to the nation's public libraries, museums and art galleries by offering donors a taxation deduction/®" The section of the Income Taxation Assessment Act 1936 (Cth), 78 (1) (aa), which allows the value of donations as deductions from assessable income, applies to "property that is given to or accepted by a public library, public museum, or public art gallery ... for inclusion in the collection, or any of the collections, maintained or being established by that institution." A ftirther section of the Act, 82(1), prevents any taxpayer from obtaining a second deduction for the same event, costs of obtaining cost of valuations cannot be claimed as a tax deduction. In addition, there may be a reduced deduction for a conditional gift; such a reduction is at the discretion of Commissioner for Taxation.

Section 78 (6) (e) provides that allowable deductions in respect of gift from an artist or sculptor are limited to the production cost of the art work. However, collector can deduct the market value of the art work.

The Act refers to the "the value of the property at the time the gift was made ..."; the meaning of this has been set out by Mr Justice Hunt in Coppleston v Federal Commissioner of Taxation, 1981 ATR 472 pp 479-480, "there must be assumed to exist on that particular day not only a willing but not anxious vendor but also a willing but not anxious purchaser, both of them alike uninfluenced by an consideration of sentiment or need."

Valuations of the gifts are made by government approved valuers and the average of three such valuations is taken as the amount applicable for the deduction for income taxation purposes.

Byrne (1988), pl2 228

The overall and cumulative extent to which the scheme has been used is given in Table 6.5 below;

Table 6.5 Information about the Taxation Incentive Scheme for the Arts, Australia, at June 1988

Number of donors 1574 Number of recipient institutions 166 Number of individual items donated 10483 Number of collection of items donated 717 Valuation of gifts processed AUD 40.6 million

An indication of the extent to which the Taxation Incentive Scheme is used for the visual arts is obtained in the information about the value of gifts of Australian art works to the Australian National Gallery; in the financial year 1987-88, the ANG received donations valued at AUD 9.8 million in Australia art but in the previous financial year, 1986-87, donations were valued at only AUD 2.1 million. The donations made in 1987-88 were abnormally large in that 1988 was the occasion of the bicentennial celebrations. Most donations are made to national institutions located in Canberra.

The value of the donation to the collector is, using the formal analysis of the previous section in relation to Droit de Suite is t y . ( l - C ) . Pt where Pt is the market value at the time of the donation; ty is the rate of income taxation; c is the costs of valuation.

The donor may also be subject to capital gains taxation in which case the amount paid would be t.( Pt/PI) -P o so that the net benefit to the donor would be t y . ( l - c ) . Pt - 1 . ( Pt/PI) - Po 229

The advantages to the donor of the Taxation Incentive Scheme for the Arts are that: 1. the valuation costs may be less than the commission payable on sale in the secondary market; 2. the valuation of the gift may be higher than the market price; 3. the donation may be able to be made on a timing advantageous to the donor, for example, to offset a large receipt of income or for taxation planning purposes generally; and 4. there are none pecuniary advantages to the donation, for example public recognition, influence with the recipient institution. The advantages depend on the actual rate of income taxation payable by the donor and on whether capital gains taxation is payable; reductions in the highest marginal rate to less than 50 per cent have made donations less attractive.

Following Clayton", the goals of the Scheme can be analysed to see the effect on each of the participants to the Scheme. The goals are: 1. low cost of acquisition and administration; 2. relevant donations for the public institutions; 3. abuse free process; 4. 'fair market value' for the donated gifts, not the highest value; and 5. no collusion.

The Scheme aims to acquire relevant art works for approved public institutions at low cost in a process which is difficult to abuse and which does not involve collusion. The effect of these goals on the participants is set out in Table 6.6 below:

Clayton, P. Participant Goal Conflict in the Taxation Incentives for the Arts Scheme, in Byrne (1988). 230

Table 6.6 Goals of the Taxation Incentives for the Arts Scheme, Australia, and the Effect on Participants

Goal:

Participants; Low Relevant Abuse Quick Not No Cost Donation Free Highest Collusion Value Government Yes Yes Yes No Yes Yes Institutions Yes Yes No Yes No Yes Valuers No No No Yes No ? Donors No No No Yes No No Source: Clayton The table indicates that the interests of all participants are not consistent over all goals. The major disparities between participants are in the goals of low cost, relevant donation and the value of the donation. Donors wish to obtain the highest taxation deduction for the art works least required in their Collection which conflicts significantly with the interests of the government in minimising taxation expenditures and the public institutions who wish to gain significant art works to fill gaps in, or to extend, their collection.

Improvements to Taxation Incentive Scheme fo r the Arts

As the Scheme now operates it is a haphazard procedure which cannot be sure of obtaining appropriate donations at minimum cost. Improvements to the Scheme would include^^: 1. public notification of the areas in which the institutions would actively seek donations; 2. a requirement that institutions pay some of the cost of the donation from their own budget; 3. a readily accessible register of the donations made under the Scheme and the valuation of such donations.

Testamentary gifts are, at present, excluded from the Scheme. Inclusion of testamentary gifts may be a useful reform but it is a minor matter. 231

Use of the Scheme for a systematic acquisition policy by public institutions requires that the institutions have a publicly available list of collectable items or collectable areas from which donations would be welcome. Such a list would serve two purposes; it would provide the greatest benefit to the general community and it ease the difficulty of refusing inappropriate donations. This coupled with the second improvement of requiring recipient institutions to pay some of the cost of the donation from their own budget would reduce the willingness of institutions to accept donations rather than offend the prospective donor. If institutions were required to pay to the taxation authorities some proportion of the valuation, for taxation purposes, of the art works, they would weigh up the utility of the donations against alternative purchases. Provision of a publicly available register of donations under the Scheme would serve as a check on unsuitable or extravagantly valued donations as well as providing information to prospective donors.

This chapter has examined two policy schemes in the contemporary visual arts market. The analysis has cast considerable doubt on the value of the proposed Droit de Suite scheme on the following grounds: 1. the basis of the scheme that artists are exploited cannot be substantiated; 2. there is oversupply in the contemporary visual art market; 3. artists have difficult in malcing first sales; 4. few artists have numerous sales in the secondary market; 5. most resales do not result in capital gains; 6. the scheme is one-sided in that it exempts artists from any financial responsibility for losses on the resale of their work; 7. the potential costs of a collecting scheme are substantial; 8. the introduction of the scheme will reduce the current demand for contemporary visual art; and 9. there are alternative private contractual arrangements which would achieve the same result for artists at less cost. 232

The Taxation Incentive Scheme for the Arts seeks to encourage private gifts in kind to public institutions by providing an income taxation deduction, but not an exemption from capital gains taxation, in respect of such gifts. This Scheme, as currently structured, provides for conflicting goals between participants especially as it does not ensure that the most relevant donations are made at lowest cost. Improvements suggested to the Scheme are that; 1. donations should be accepted only from a pre-announced list of eligible contributions; 2. institutions should pay some of the cost of the donation from their own budget; and 3. a public register of accepted gifts should be readily available to the public. 233

CHAPTER 7. THE GOVERNMENT AS A PATRON: NATIONAL CULTURAL POLICY TOWARDS THE CONTEMPORARY VISUAL ARTS IN AUSTRALIA

Introduction

The studies reported in Chapter 4 lead to the conclusion that there is no substantial evidence of market failure in the contemporary visual arts market in Australia. This basically private market is unregulated and allows freedom of entry for artists, galleries and collectors. The operation of the market gives returns to collectors and investors and an income to artists and gallery proprietors. There is evidence that persistent oversupply exists in the market. Earlier chapters have shown that there is no warrant for the introduction of a Droit de Suite in Australia and the existing taxation incentives for the encourage private citizens to donate artworks to public museums and galleries. Against this background, this chapter will examine why the Commonwealth government provides substantial assistance for the contemporary visual arts in Australia by maldng grants to artists through the activities of the Australia Council. The examination, which continues the analysis of the role of the government in the contemporary visual arts market undertaken in Chapter 1, will take the form of an evaluation of the national policy by considering:

1. the goals of that policy; 2. the instruments by which that policy is implemented; 3. the administrative means by which instruments are determined and put into effect; 4. the net benefits of the policy; and 5. alternative policies which could possibly achieve the same net benefits.

Further aspects which are examined are whether the process of intervention in the area of contemporary visual arts by the government contributes to an oversupply of artists. The examination concludes with elaboration of an alternative proposal which emphasises demand side considerations and which would achieve the overall goals of policy. 234

The Goals o f Policy

As seen in Chapter 3, the goals of the Australia Council are to;

1. promote excellence in the arts; 2. provide and encourage provision of opportunities for persons to practice the arts; 3. promote the appreciation, understanding and enjoyment of the arts; 4. promote the general application of the arts in the community; 5. foster the expression of national identity by means of the arts; 6. uphold and promote the rights of persons to freedom in the practice of the arts; 7. promote the Icnowledge of and appreciation of Australian arts by persons in other countries; 8. promote incentive for, and recognition of, achievement in the practice of the arts; 9. encourage the support of the arts by the States, local governing bodies and other persons and organisations; and 10. furnish advice to the Commonwealth Government on arts matters.

This statement of goals is very general and it is necessary to specify these goals in an operational way. The process of specification is assisted by an scrutiny of the recommendations of the McLeay Committee, a committee of the House of Representatives of the Parliament of the Commonwealth of Australia.

The McLeay Committee Views

The McLeay Committee (1986) examined the role of government assistance to the arts. Two major results of its deliberations were to provide definitions of "the arts" and a clear statement of the objectives that should be pursued through government assistance to the arts.

The Committee, in defining the arts in a broad sense, placed the arts in context as one aspect of culture and, in doing so, made a distinction between three categories of art: 235

1. heritage; 2. innovatory; and 3. new art.

The distinctions are as follows;

1. Heritage Art is defined as what has survived of previous artistic activity; 2. Innovatory Art is defined as that art which constitutes new methods of expression or interpretation of culture; and 3. New Art is defined as the mass of contemporary art work which falls into the mainstream of cultural activity

The reasons for the Committee’s distinction can be explained in the following way. Innovatory art was said to provide new, often shocldng methods of expression or interpretation of culture. Some of innovatory art is likely to be included in tomorrow’s mainstream art and culture, while much of it will be expected to disappear. The Committee recognised that these categories clearly overlap and, equally clearly, that they are not the only way to categorise art but chose this structure because it saw the distinction between these three types of art, messy at it may be, as marldng important boundaries for assistance policy.

In contrast. New Art was seen by the Committee as providing public benefits only to the extent that it is experienced by the public. For example, paintings which are not seen will lead to no general public benefit. The benefits deriving from these paintings will be restricted to the artists who create them. Art which is experienced by thousands should have more effect, and depending on its quality, more benefit, than art which is experienced by hundreds. The object of public investment in new art is therefore, mainly, to secure the widest possible access.

The public interest, according to the Committee, is concerned with the continued existence of Heritage Art and Innovatory Art whether the wider public uses them or not rather than with New Art. It is therefore easier and safer to rely on expert 236 judgements in deciding support for these types of art than it is for new art in which public benefits increase with access. The principal public concern in Heritage and Innovatory art is with its preservation or production and in these areas it is appropriate to rely on experts. On the other hand, the principal public interest in new art is with its distribution. Excessive reliance on experts in this area may result in the imposition of their views on the public they purport to serve or failure to achieve the best possible public access to artistic experience.

In relation to the end goals of arts policy, the Committee argued that

1. the arts provide public benefits and, in consequence, the only role of government in the arts is to maximise those benefits; 2. the public benefits of new art depend on public access to a diversity of art; 3. access and diversity should be principal objectives of assistance to new art; 4. access to heritage art and innovatory art, although important, is not the principal objective of assistance to these types of art; and 5. assistance in these areas is required more to sustain adequate levels of production or conservation of art than to increase them.

The Committee saw the broad objective of government arts assistance as increasing cultural democracy which it defined, not as wider access to the so-called high arts, but rather, as access by the community to a diversity of cultural experiences from which individuals may chose for themselves the cultural activities of most benefit to themselves at any time. The Committee further argued that the arts are not homogenous and that different art-forms and types provide different public benefit. Different methods of assistance are required to maximise the public benefits of the various art-forms and types.

The McLeay Committee explicitly rejected the view that Commonwealth assistance is a right of the arts because of their merit; in addition, it rejected any suggestion that arts assistance is a specialised form of welfare for artists. 237

Comments on the McLeay Committee’s Views

While the distinction between Innovatory and New Art is a useful analytical device, there remains a severe difficulty in distinguishing Innovatory and New Art in the area of contemporary visual art. This, is not to say that the distinction may not have more meaning in other areas such as music and dance. Innovatory Art may be readily recognised in particular circumstances where new techniques such as computer art are employed in the production of images. Expert opinion may be useful in making comments on, or judgements about, the techniques employed but it is difficult to maintain that expert opinion can predict the future course of such art and its public acceptance. In addition, some innovatory art is embodied in artwork which could be described as new art. For example, the discussion in Chapter 3 of the Archibald Prize, ostensibly a prize for portraiture, revealed that innovations in portraiture have come from different conceptions of a “portrait” by contemporary artists although such artists still use conventional painting techniques such as oil painting. The difference of opinion between artists working in a traditional mode with a conventional view of portraiture and contemporary artists developing a new conception are difficult to reconcile and generate serious disputes and considerable ill-will. The distinction between Heritage Art and other art is generally valid as there is a body of work about which there is a general agreement that it represents a set of high artworks and that it constitutes a valid collection for museums. What is consistent with the analysis of previous chapters is the view that contemporary visual artwork is best regarded as New Art although it is difficult to disentangle that art which is Innovatory Art. It is central feature of our analysis that some New Art will in the future become Heritage Art and that there are strong incentives for economic agents to recognise and acquire this art ahead of general acceptance.. Nevertheless, the major point remains that what of New Art will become mainstream and will constitute Heritage Art in the future carmot be readily predicted. It could be accepted that, for contemporary visual art, no single current expert opinion, whatever that may be, is relevant for ultimate determination of the status of that art. As has been shown, judgements about contemporary visual art is by a variety made in art prizes, by galleries both private and public, by collectors, by participants at auctions and generally by the market. 238

This analysis would accept the view of the McLeay Committee that government or its agencies cannot select from the vast array of contemporary visual art those works which is, or will be, important art ahead of public tastes and the process of determining the longer term significance of any particular artworks. In the past public galleries have been unable to select contemporary art which has later become important. Such galleries have acquired artworks whose later significance has been slight and have failed to acquire artworks which have later proved to be highly significant.

It can further be argued that any attempt to select particular artworks from the range of contemporary visual artworks constitutes patronage by the government; that is, the government or its agencies select some artists for financial support and for preferment.

Moreover, peer review does not necessarily select art which is important; peer review selects from New Art that which is favoured by those artists on the selection panel. Innovatory Art may challenge the views of established artists.

The McLeay Committee’s rejection of the merit good argument as case for government intervention in the contemporary visual art market is consistent with the analysis of Chapter 1. In addition it should be noted that, as Hughes (1989) points out, the implication of the merit good argument is that public spending on the arts should be distributed on a basis which largely excludes the existing audience for the arts.

The McLeay Committee’s view that support for the contemporary visual arts by giving the general community access to a diversity of cultural experiences and allowing individuals to choose for themselves the cultural activities they prefer is a reasonable one and consistent with previous analysis. 239

Arguments Advanced for Support o f the Arts in Australia

It has been shown in Chapter 1 that public support for heritage art is justified on public good grounds as it has, by definition, heritage values, but also has option, bequest and education values. These values are an option value, an existence value, a bequest value, a positive prestige value and an education value.

Just how much consumers value these options is another matter. Some evidence on this is supplied by Australian surveys. Evidence to support these propositions is usually derived from surveys of consumers; one influential such survey^ carried out in Australia sought the reasons why people did not go to Galleries and Exhibitions. Over 20 per cent of respondents, who didn't attend galleries and exhibitions but would like to, claimed that "I don't have enough experience or Icnowledge to appreciate them properly" while just over four per cent said, "I've never been and don't Icnow my way around."

An Australian survey (Australia Council 1980) provided the following responses from people when asked why they go to see the visual arts: "It helps you understand other people and other cultures" (52 per cent) "It is good because it is always educational" (37 per cent) "You get a good feeling of being closer to the rest of the world" (19 per cent).

Measurement of the value of such options and again survey evidence gives an incomplete indication of how much consumers are willing to pay. The Australian survey showed that consumers would pay to see a variety of types of exhibitions although relatively few would pay significant amounts; we take three types of art to illustrate the nature of the responses.

' Australia Council (1980:90) 240

Table 7.1 The Most That People would pay to attend an Exhibition; Per Cent of Respondents Exhibition Would Go Would Go Would pay Would pay Would pay Free AUD 1 AUD 2 over AUD 2

Historical 73 14 16 24 19 Australian Art Australian Art of 66 17 14 21 13 1970s Abstract or very 36 14 7 8 6 contemporary art

This data provides support for the Macleay Committee view that heritage art should be subsidised and also provides general support for some of the Australia Council’s goals. It provides weak support for the policy of providing subsidies to New Art and more innovative New Art. It must be noted also that the respondents were not given alternative objects of expenditure.

It must be noted that such evidence, being derived from surveys of consumers, does not actually require consumers to pay any money and, hence, remains hypothetical, and subject to the problem that respondents may give the answer considered to be correct or socially acceptable.

What such surveys leave unanswered is the question of how holdings of heritage art are to be maintained and displayed. Stocks of Heritage Art are usually held by public museums rather so that the appropriate policy for displaying the heritage stock is not one of centralisation but one of dispersal in regional galleries and of the provision of touring exhibitions. This suggests that the holdings of the national collection should not be permanently held in Canberra but should be available for display throughout the country.

Occasionally, substantial claims are made about the general value of external benefits of the arts which are hard to justify. For instance, the Australia Council^ asserts that "... the few tens of millions of public money that go to helping the production of new

■ Annual Report, Australia Council, 1987-88, Chairman's Introduction, p4 241 art in Australia are a Idnd of Research and Development fund for industries such as the publishing, broadcasting and general entertainment industries and these industries are worth billions of dollars." There may well be externalities of the type mentioned in the above extract but this by itself does not justify a public subsidy for cultural activities. These externalities may be internalised by private action. For example, artists may choose to engage in artistic activity in the expectation that this will lead to commercial opportunities, and higher salaries or commissions, in the future while commercial organisations may regard the arts as a talent pool and seek out employees and consultants from this pool.

Government intervention in the economy is also regarded as justified if the community regards the initial distribution of income and wealth as inequitable. This does not justify intervention in the operations of markets, for example, by fixing prices but does support measures to transfer income to persons in ways which do not violate the marginal conditions of substitution or transformation. Generally, payment of money transfers is to be preferred to allocation of specific commodities. It is difficult to argue that re-distribution policies can be effectively carried out in markets for cultural goods although it is possible to argue that there is a justification of government support to individual artists in the early stages of their careers because innovative artists have no ready access to capital or capital markets and are unable to provide capital funding from their own resources.

It has been argued by (Throsby and Withers, 1986) that government support for the arts in Australia can be justified although the case for subsidies to the contemporary visual arts is not strong. However, more specific recommendations about subsidies rely on the ability to measure external benefits and the ability of the government to ensure that these are obtained; the second matter is not trivial as government failure as well as market failure can exist as Throsby (1982) recognises. Netzer (1976) considers the problem of accountability of government supported agencies in allocating subsidies for the arts and shows that the problem of ensuring subsidies produce benefits for the community is not trivial. 242

The general functions of such subsidies are to encourage production and consumption of the contemporary visual arts; how is this to be done in specific terms? Given that most people 'take pride in their country's artists achievements and believe that the arts not only represent national achievement but also contribute importantly to national understanding and social evaluation' (Throsby and Withers, 1986:318), it implies that the collection, maintenance and display of arts objects should be encouraged and that the production of new work should be promoted. The first task can be taken care of by a policy of support for public art galleries and museums principally by providing funds for acquisition of works and suitable buildings and support services.

While the market for contemporary visual arts is basically a private market which generally works well, the production of contemporary visual arts objects may be sub- optimal if evaluation of new art tends to be conservative and myopic, as is generally considered to be the case, because there is a time lag between production of new art and its acceptance by the custodians of high culture. In addition, since the production of new contemporary visual arts objects is undertaken by self-employed artists, there is a financial constraint in that artists cannot earn enough in the early years of their career to support themselves and to maintain artistic production; traditionally this problem has been resolved by private institutional patronage (particularly that of the church) or by having private means. Although there have been many attempts to encourage private business sponsorship of the arts, it is difficult to overcome conservative tastes and myopic vision in appraising "advanced" or avant-garde art so that an important aspect of the government subsidy to the contemporary visual arts in Australia is that it provides patronage to individual artists.

The Instruments to Implement Policy

The Commonwealth government has been a major sponsor of the contemporary visual arts and its policy instrument has been providing grants to individual contemporary visual artists. 243

The Administrative Structure

The Australia Council makes its decisions by a process of peer review without direct ministerial or political direction. The Australia Council receives an annual block grant which it then distributes to individual artists through a process of peer review decision maldng in which detailed allocation decisions are made by panels of practicing artists. The Australia Council acting on the principles of "arms length funding" and "peer review" allocates grants to the arts through recommendations of panels constituted by the Visual Arts/Craft Board which are comprised of practicing artists or persons which an interest in, and Icnowledge of, the arts. Grants are made to artists, "who are producing work of exceptional merit, to undertake specific projects relevant to their professional development. An important consideration, beyond the quality of the artist's work, is an assessment of whether a grant at this point in the artist's career would have the optimum benefit to his or her development.^” The Visual Arts/Craft Board does not now provide assistance through small grants to artists preferring to concentrate on larger grants to allow for "more consolidated periods of development and (to) help artists establish themselves nationally and internationally"^. This process follows the practice of arts funding in the United Kingdom.

Net Benefits

The major portion of the benefits of the Australia Council’s program accrue to artists while the benefits to the community are more difficult to distinguish. The legislative injunctions to the Australia Council, as previously noted, are non-operational and present no practical guidance to subsidy decisions. To overcome this problem it has been suggested that the Council's objectives should focus clearly on the generation of public benefits. In particular the McLeay Committee recommended that the Council's objectives ought to ' aclcnowledge that the Council operates in conjunction with other Commonwealth agencies as well as other levels of government and should specify the boundaries of the Council's responsibility' and further recommends that the Council

' Annual Report, Australia Council, 1988-1989, p35 ' Annual Report, Australia Council, 1988-1989, p36 244 should have no direct functional responsibility for advancing the interests of artists because the 'Australia Council exists to provide public benefit through the arts. It has a valid concern with advancing artists' conditions only in so far as this provides public benefits.' Similarly the McLeay Committee claimed that there has been a tendency for the Council to expand into areas of deficiency rather than to assist the appropriate bodies in these areas to improve their performance. We believe that the Council has tended to move into areas beyond its primary field of concern'.

Criticisms o f the Amstraiia Council

The McLeay Committee stated that the Australia Council “has failed to adapt to important changes in the arts and society and has, in part, become a captive of its clients.” It further formed the impression that many witnesses had lost sight of the fundamental link between public expenditure and public benefit. According to the McLeay Committee the involvement of artists and artworkers in Council's affairs under the peer review' principle should be balanced by representation of broad community interests.

The argument that the Australia Council acts as a patron of the contemporary visual arts is supported by the following propositions:

1. the 'Visual Arts/Craft Board provides financial support direct to artists; 2. the Board provides funding to galleries to purchase contemporary visual art; and 3. the Board funds research on art criticism and also funds the publication of such work.

It has been remarked that a number of authors, who have written historical surveys or broader studies of Australian art,- have in different ways sought not only to rewrite or amplify the history of twentieth century art in Australia, but also to grant a privileged place to particular artists or artistic practices' (Bum et al, 1988). This has occurred because the Visual Arts/Craft Board has grants both for the research underlying these works and for the publication of these works. 245

The Board provides funding to arts magazines in order 'to develop the range and quality of visual arts publications'; however, criticisms of this activity made by (Denholm, 1989), (McGillick, 1985) is that the magazines which are supported are not viable without subsidy so that they are clients of the Board.

Attempts are made by the Australia Council to promote Australian art internationally. However it has been shown from the data on sales by commercial galleries that the great majority of sales of Australian art are local and there exists an international art market which is responsive to price differentials and arbitrage opportunities. The reason that more Australian contemporary visual art is not sold abroad is simply that there is no demand for it.

The McLeay Committee argued that Australia Council has failed to adapt to important changes in the arts and society and has become, in part, a captive of its clients. This capture is revealed by the fact that the Australia Council acts as an advocate for artists and their interests where the role of the Australia Council is to provide benefits to the general community.

An Oversupply o f Artists? And Do Aîtists Subsidise Art?

It has been shown in Chapter 3 that the definition of an artist and the enumeration of artists in the Australian contemporary visual art market is not a settled matter. The conclusion drawn in Chapter 3 was the definition of an artist made by the Australia Council was too extensive and that their enumeration of artists included many who had, at best, a marginal attachment to the art market. The theoretical analysis of the art market, using the economic theory of superstars, concluded that many artists were willing to enter the art market and endure low incomes from their art activities in the hope that they would achieve fame and fortune. It could be concluded from this that low incomes constitute the price of a ticket in lottery. 246

Further light on this question can be obtained by a consideration of the debate between Withers (1988) and Grossman and Kenyon (1989) over the issue of whether artists substantially subsidise the arts by accepting low incomes. Withers claimed the subsidy was the difference between the earnings of an artist and the earnings that would have been received in the best alternative occupation, given the sldlls and abilities of the individuals concerned. If this opportunity cost is higher than artists’ actual earnings then the foregone income is the measure of “hidden subsidy”. If foregone earnings are aggregated across all artists, then a measure of total “hidden subsidy” to the arts by artists is obtained.

Table 7.2 Selected Characteristics of Visual Artists, Australia Worlcforce Artists Years of Schooling (mean) 10.98 14.39 Years of Experience (mean) 17.70 22.05 Qualifications % 22.00 43.00 Hourly Gross Income, AUD 6.91 620 Percentage overseas born 26 00 32.29 Percentage female 35.01 40.25 Weeldy hours worked 37 70 46.34 Observations 6,511,000 976 Note: Income is for year, 1981-82 Source: Withers (1988) 247

Table 7.3 Predicted vs Actual Artists’ Income, AUD, per hour Group Actual Income Predicted Income Australian-born Males 6.90 12.90 Overseas-bom Males 7.81 13.17 Australian-bom Females 4.91 8^8 Overseas-bom Females 4.26 7 j# All Artists 6.20 10.70 Note: Income is for year, 1981-82 Source: Withers (1988)

The conclusions drawn by Withers are that in 1981-82 artists received an hourly income 42 per cent below what they could have expected to receive for their work- related and personal characteristics elsewhere in the general workforce. The average income foregone was AUD 4.50 per hour. On a standard week work basis of 38 hours, the gross income foregone per artist was AUD 8,822. Withers claims that this is a total subsidy of AUD 245 million. The explanation for this result is that schooling, experience and qualifications contributed positively to explaining arts income but only in a minor and weak way.

In a competitive market such results as those above would indicate the existence of excess supply. In addition, the explanatory variables do not include factors which might be important in explaining artists’ incomes; in particular, factors, such as years of schooling qualifications, are not likely to be important in determining earnings in the contemporary visual art market. Grossman and Kenyon (1989) take exception to describing the differential in potential and actual earnings as artists’ subsidies to the arts.

This exception is taken on two grounds:

1. there are alternative and more plausible explanations consistent with Withers’ findings; and 248

2. the method used to calculate foregone earnings is based on dubious assumptions which can result in an overestimation of artists’ foregone earnings.

The alternative explanations raised by these authors is that there is excess supply and the dubious assumptions involved are that human capital is a homogenous good and general to all occupations and that the unemployment experience of artists and non­ artists is similar.

Is There an Oversupply o f Places at Art Colleges?

Since the Commonwealth Government took over direct funding of tertiary institutions from the States in the 1970s, it has financed arts education at a higher average cost than humanities and social sciences. At the same time, the Commonwealth Government provided for a higher rate of expansion of arts education than other areas of tertiary education. This higher expansion was achieved, in part, by providing different methods of selection for arts education courses than for other courses which resulted in relatively higher enrolments in arts education courses. The method of selection of entry into arts education courses such procedures as selection by interview and appraisal of portfolios rather than academic achievement whereas entry for other courses was solely determined by academic achievement in secondary education. Student progression through the arts education courses differed from that in non-arts courses because the arts education courses employed teaching and learning through studio based practice and assessment by portfolio appraisal rather than the traditional techniques used in the non-arts courses such as instruction by lectures and tutorials and assessment by formal examinations. As a result of these practices the growth of art education places was greater than in all other areas.

The Botsman Report (1985) had recommended that there should be as much involvement as possible of practicing artists in the staffing structure of arts education institutions; the Joint Liaison Committee Report (1987) pointed out that the special needs of art school employment were already reflected in the relatively high proportion of part-time employment (roughly double the average for advanced education sector 249 generally) and that “the opportunities for regular employment within tertiary institutions represent an importance source of employment for practicing artists”.

Alternative Policies

Many of the arguments for government intervention in the operation of private markets constitute special pleading for self-interested groups and this is the case in Australia as well. As discussed in Chapter 1, government support for the arts can be justified if private decisions about consumption of artistic goods is not socially optimal because consumers, as a result of myopia, lack of information or experience, lefl: to themselves would consume less of these goods. This argument requires that consumers need some exposure to certain goods before they can recognise the full benefits to be derived from these goods; in essence a period of education or acquisition of consumer capital is required. For example in the visual arts, initial consumer reaction to avant- garde or progressive art is likely to be negative whereas it will come to be accepted as conventional art in time. In this case, the initial private valuation of the progressive paintings is less than their later value and may be less than the cost of production. Unless some subsidy is provided for progressive painting there will be less activity in this area of the arts than is socially optimal.

Although national policy towards the contemporary visual arts in Australia had some general success in achieving the legislative goals, a number of suggestions for changing the grants procedure can be made. These are that the grants should be made only to emerging artists as the operations of the market will select artists for success, and in consequence, that grants to any individual artist should not continue for more than a specified period. Furthermore, grants should not fund both the research and publication of work which has a critical and opinion maldng impact. 250

Subsidising Sales o f Art Works

The policy to the contemporary visual arts as administered by the Australia Council focuses almost solely on the supply side by subsidising the production of new art with very little attention being given to the demand side of the market and to consideration how the art produced can be sold. The Australia Council has made some grants to regional galleries and art museums associated with educational institutions for the purchase of contemporary visual art but, for the most part, the question of expanding demand has been ignored. From the analysis of the art market in Chapter 3 and the theoretical analysis of Chapter 5, it would appear certain that market incentives will take care of the supply side and that the problem in the art market is lack of demand. The oversupply in the art market exists because artists systematically overestimate the probability that they will succeed as an artist and base their supply decisions on this inflated probability rather than on the objective probability. It has been argued in general that prefer a small chance of a large pay-off to a more certain chance of a small pay-off; thus artists prefer to continue to invest more time and effort in an attempt to achieve fame and fortune than is warranted by the objective evidence. Artists generally persist in the art market for longer than is necessary to determine their final career. This behaviour is similar to the risk-loving behaviour exhibited in consumers’ decisions to purchase lottery tickets. Even though the objective probability is that lottery ticket buyers will lose over the long run buyers still focus on the very small probability of an extremely large win. This behaviour is re-inforce by the consideration that this probability of winning is greater than the probability of winning by alternative means. Increased subsidisation of artists will lead to a greater oversupply problem and a general lowering of artists’ incomes. This analysis leads to the conclusion that, in the Australian market, there is no need for general government action to encourage the production of art works. The incentives embedded in the contemporary visual art market are more than sufficient to attract new entrants to the market in an attempt to achieve fame and fortune.

An alternative policy which would possibly produce greater benefits to the general community would be to consider expansion of the demand side of the market by 251 subsidising, not production, but sales of artists’ work in order to increase to increase the amount of art work readily available to the community for viewing and to increase the number of art works owned by members of the community. The Australia Council has focused on what it regards as a problem that is the low returns to artists from their principal artistic activity. It has also been argued that such a position does not constitute a subsidy to the arts. In Chapter 3 it was seen that the Australia Council claims that there are over 6,000 visual artists in Australia whereas the Census count and the estimate of artists attached to exhibiting galleries was just over 2,000. It is a reasonable prediction that no more than half of the contemporary visual artists associated with exhibiting galleries will have substantial sales in the secondary market. The production of art works by 6,000 artists will not be sold and for those that are sold in the primary market the first price will be the highest price received by the artist.

If the purpose of government subsidy to the contemporary visual arts is to provide benefits to the community by giving them a diverse range of experience from which they may choose an appropriate cultural mix, then it is a justified role for government to institute policies which are designed to expand demand and to provide some hard evidence about the extent to which the community will take the opportunity to explore the options available to it. It is, of course, possible that the contemporary visual arts are a minority taste and the general community may prefer other cultural activities.

Much of government assistance to the contemporary visual arts through avenues other than the Australia Council does purchases contemporary visual art; important programmes are acquisition of art works for the Parliament House collection, by ArtBank and the ANG.

An Alternative Proposal

If the aim of government subsidy to the contemporary visual arts is to provide general community benefits and, by making such art available to a more people, stimulating interest in, and demand for this art, then a new approach to policy is required. A new policy proposal which could do this is now considered. The general aims of the 252 alternative proposal would have the twin aims of providing grants to subsidise artists’ sales to the general community and to give the community greater access to see contemporary visual art.

Such a policy could be implemented by

1. the direct subsidisation of sales of art works for purchase of works by members of the community; and 2. the granting of vouchers to targeted groups for purchase of contemporary visual arts.

Hence grants would be available to make art works available to the general public at discounted prices. A procedure to allocate such grants would be to use the existing machinery of the Visual Arts/Crafts Board of the Australia Council so that artists who are not currently in the Artist-Gallery system and commercial galleries who would be prepared to offer an exhibition to an artist under subsidy would apply for grants. The involvement of commercial galleries in such a proposal is suggested because this provides a market oriented screening procedure of which art is to offered to the community. To encourage the participation of galleries, galleries could be paid a standard fee for each exhibition to offset costs and advertisements and galleries would receive the standard commission on sales calculated at the market price. The Australia Council would then subsidise an exhibition of an artist’s work in a commercial gallery by giving a grant to meet the gallery fee and to subsidise the sale of art works at a discounted price. Artists would receive the proceeds of sales of their work at the exhibition (calculated at market price) less the standard commission. A further advantage of this procedure is that it uses the existing market mechanisms and offers the artists the opportunity to be incorporated into the Artist-Gallery system if their work proves to be popular with the public..

Such grants would be given subject to criteria that 253

1. the work subsidised is new art; and 2. the art is available in a way so as to provide diversity of experience for the general public.

The subsidy could be used to 1. reduce prices in a direct way, that is, shown in the gallery at the commercial price but with a sign that by government subsidy is reduced to a lower price; 2. give art works away by lottery; 3. provide vouchers to persons and institutions to enable them to purchase at a discount; and 4. subsidise an Artists in Residence programme.

Official lotteries are common in Australia and the term “art union” was derived from the practice of distributing art works by lottery. The institution of a lottery to give New Art away could possibly distribute such works more widely than at present allowing more people to own art and to determine if they wished to buy more art. One possible procedure would be allocate some works of a sponsored exhibition to the lottery and allow visitors to the exhibition to enter the lottery so as to provide an incentive to attend subsidised exhibitions.

The lottery proposal could take a number of forms; we will consider two variants. The general provision of lotteries or art unions requires a number of matters to be determined. These include the value of each ticket in the lottery, the total number of tickets, the method by which prizes are determined, the duration of the lottery being finalised at the date of the draw and reporting and accountability procedures. The first variant of the art lottery or art union would limit the total value of tickets to the value of the artwork. Under this proposal, the exhibiting gallery would be able to sell tickets in the art union for the duration of the exhibition to the pre-announced value of the artworks being the prices marked on the works. At the end of the exhibition the lottery is drawn and the prizes awarded to the winning tickets. A usual procedure in allocating winners would be to draw for the most expensive painting first and returning winning tickets to the draw so that it would be possible for one ticket to win ipore than one 254 prize. The proceeds of the art union would be shared by the artist and the gallery in line with the normal distribution of sales in the gallery so that the gallery would take the ordinary commission. The second variant would impose a charge on visitors to the exhibition giving them in return multiple tickets in the lottery. The visitors are given the opportunity to express their demand for particular artworks by choosing to place one or more tickets in receptacles adjacent to each picture so that the visitor would have a greater probability of winning a particular picture than under the first variant. The second variant gives more information about demand for artworks and for this reason is to be preferred to the first.

The other aspect of the proposal would be to provide vouchers to specific groups in the community in order to buy art. The groups selected would be those whose current access to the contemporary visual arts is limited or restricted by distance from galleries or by unfamiliarity with such art. Vouchers could be provided to individuals in non­ metropolitan areas, to regional galleries and to other institutions such as schools which would be able to acquire a collection of art which would part of the every day experience of students.

It would be possible to construct vouchers so that they would pay varying proportions of the market price of the art. The proportion would depend on the target audience so that vouchers for those in non-metropolitan areas would provide for a standard proportion; vouchers to schools may provide for higher proportions. Other variations in the construction of voucher would be to place a price limit on the extent to which the voucher subsidy would apply so that, for example, the voucher would apply only to a sale where the market price of the art work did not exceed a stated limit such as for example AD 1,000 voucher. A hypothetical illustration of the voucher scheme is given below:

Criteria for Subsidy: Proportion Subsidised, Per Cent Distant State 20 Non-metropolitan Area 40 No Current Access to New Art 50 255

An Artists in Residence programme under which artists worked in, and were associated with, institutions in the public and private sectors is one way of bringing art to the wider community. Under such a scheme, artists would be subsidised to work in a location where members of the community could see the artistic work in progress and see an exhibition of work completed under the programme as well as talking to the artists about their work and artistic objectives. The implementation of such a scheme would require a subsidy from the Australia Council and some matching contribution, if only worldng space, from the organisation.

In order to control expenditure and to ensure that grants were not concentrated in a few hands, the grants procedure would require limits on the total amount of grants to individual artists and to commercial galleries.

The major advantages of such a proposal are that it would attempt to create general community benefits from subsidies to the contemporary visual arts and would generate data to test the hypothesis that an interest in the contemporary visual arts is confined to a relatively small proportion of the population, a portion which has a higher income and higher educational qualifications than the average in the community.

Conclusions

The operation of the major form of assistance to the contemporary visual arts by the Australia Council provides benefits to artists and is a specialised form of welfare to artists. The conclusion of the melee Committee that subsidies to the contemporary visual arts in Australia should be directed to the generation of benefits to the general community is accepted.

Current policy towards the contemporary visual arts ignores the operation of the market for such art and does not accept that the market operates effectively. That a large number of artists cannot make a living from sale of their work is evidence that there is persistent oversupply in the market. Current policy, which is aimed at the 256 supply side of the market, makes this problem more intractable. The current policy may be said to constitutes patronage by the government because it selects, from the many, a relatively few artists who are to enjoy financial support for their artistic activity.

It is possible to devise an alternative proposal which could remedy the faults of existing policy and the great virtue of this proposal is that it would allow testing of some propositions about the latent support for the contemporary visual arts in Australia. 257

The analysis of the contemporary visual art market in Australia has shown that, despite the fact that art has special features which give the market a distinctive nature, the behaviour of the market can be explained in economic terms.

The theoretical analysis of the market suggests the following factors will be important in explaining the behaviour of market participants: o the prospect of success which is substantial but achieved by only a few will attract young entrants who, in effect, buy a ticket in a lottery carrying a small number of valuable prizes; o most of these entrants will not succeed and will exit from the market to undertake other economic activities or remain on the fringe hoping for the big break; o the dynamics of the art market are important but are difficult to formalise; o the primary market is one where prices are set administratively; o the secondary market, auction market, is one where market-clearing occurs; o success in the art market will come only to those artists whose works can command the same price in the secondary market as is set in the primary market; o the overall market operates with considerable lags so that it may take many years before artists’ work appear in the secondary market; and o the dealers in the primary market play an important role as intermediaries.

The theory of rising or superstars gives a theoretical insight into the operations of such a market. Under this theory, and in market where future success can be predicted very imperfectly, the probability of success for new entrants, while generally low, is similar for most. Future success depends on performance and by the accomplishment at critical points provided by artistic competitions, critical appraisal and public acclaim; the probability of ultimate success will increase cumulatively with such accomplishments. Demand considerations will ensure that there can be only a few superstars at any time as consumers of cultural products will purchase the works of 258 only a relatively few artists; only aficionados will have a Icnowledge of many artists. Hence, although the probability of ultimate success by new artists entering the market is objectively small, all artists harbour the belief that it is they who will gain success through hard work and good fortune; indeed, it is highly likely that good fortune is required for success and the persistence of the “luclcy break” story in show business lore is a popular illustration of an accepted reality. Such a theoretical explanation sits well with the observed realities of the contemporary visual art market in Australia that the income distribution among artists is highly skewed with the majority of artists earning little from their artistic endeavour while a relatively few earn very high incomes. The persistence of low earnings among contemporary visual artists is consistent with the explanation that artists are willing to invest some time and effort in a chance to gain the “glittering prizes” of the art world. Such an investment is made more palatable to young artists because the lifestyle of young artists can be intrinsically attractive.

The contemporary visual arts market in Australia is almost completely unregulated so that entry to the market is free. In consequence, the market undergoes substantial dynamic change. There is no unambiguous definition of the market but the analysis focused on that segment of the market which is concerned with the potential high art of future generations. This sector is identified as exhibiting dealer gallery system which comprises an estimated 75 galleries at any one time with of the order of 2250 artists attached to these galleries.

Total sales in this market are of the order of AUD 40-45 million a year with a wider view of the market having sales of over AUD 200 million. The auction market has total sales, not all of contemporaiy visual arts, of the order of AUD 80 million.

The earnings and careers of artists are enhanced by a large number of prizes and scholarships. The definition of an artist is not unambiguous with a self defined total of 6,000 artists. Relatively few artists can make a living return from sale of their art works and an oversupply of artists and art works exists as an enduring feature of the market. 259

The role of the government in the market is not a regulator but multi-faceted as governments establish and operate art galleries and museums; provide grants to artists and purchase art works for a number of institutions.

The results of the empirical studies carried indicate that the returns to ovming art over the period, 1972-1989 have been high and higher than the returns to financial assets. The results of the Portfolio Study confirmed by the results of the resales aspect of the Auction Price Study and by examination of the performance of individual artists.

These results conflict with the results of a number of empirical studies carried out in Europe and North America. This difference is due to the following factors. The Australian studies refer to a shorter period, 16 years, than the very long periods of the overseas studies. The shorter period relates to more realistic expectations of investor horizons; no rational investor has a time span of 200 or more years. It appears possible to make capital gains on Australian contemporary visual art in a shorter period than 16 years.

The second important factor is that the market for contemporary visual art is concerned with the output of living artists whose place in art history has yet to be determined. Thus, analysis of the contemporary visual art market has to consider circumstances of a positive elasticity of supply and greater uncertainty about the future course of prices.

On the other hand, the overseas studies examine only well known artists. The overseas studies of the art market have considered Heritage Art which has made has achieved the art-historical status of “the best known painters of the world”. It necessarily follows that the number of such works produced by these artists is given and generally uniquely defined. Hence, the elasticity of supply is zero. These studies give a limited insight into certain aspects of the market for contemporary visual art. The Australian study considers emerging artists by doing so captures the increase in price when an artist goes from unlcnown status to star quality. This factor cannot come into play in the overseas studies. 260

A special factor affecting the Australian studies is that over the period studied there has been an expansion of the art market from relatively small beginnings to one of substantial maturity. Whether such returns to holding art can be achieved in the time after 1989 is not Icnown.

The justification of public support for contemporary visual art is not very strong. The general case for support is made in terms of encouraging an artistic practice or tradition, of providing education in the arts and of ensuring the production of new art for future potential inclusion in the stock of heritage art. Government subsidy to the contemporary visual arts does reward rent-seeking behaviour as grants to contemporary visual artists clearly benefit the recipients but it is not clear what benefits accrue to the general community. Under Lindahl principle, subsidies to the contemporary visual arts should be financed by levies on the people who benefit from it and these people are in the higher income and the better educated groups. However, no serious attention has been paid to practical schemes to achieve this outcome. The McLeay Committee which has suggested that subsidies to the contemporary visual arts should be provided in a way to give members of the community access to New Art so that they can decide which art they will look at and perhaps own. A proposal which would give effect to this position is presented and the benefit of this proposal is seen as providing a test of propositions about the extent of interest in the contemporary visual arts.

While the merit good argument is used as a justification for the support of the contemporary visual arts, this argument implies that public subsidies should be directed towards those who do not attend arts venues. The merit good argument provides a basis for the encouragement of donations in-kind to museums through the taxation system. If art works are seen as merit goods through the agency of higher preferences, it is appropriate for donors to be able to impose their preferences on museums and the public. 261

Considerable doubt on the value of the proposed Droit de Suite scheme on the following grounds: o the basis of the scheme that artists are exploited cannot be substantiated; o there is oversupply in the contemporary visual art market; o artists have difficult in maldng first sales; o few artists have numerous sales in the secondary market; o most resales do not result in capital gains; o the scheme is one-sided in that it exempts artists from any financial responsibility for losses on the resale of their work; o the potential costs of a collecting scheme are substantial; o the introduction of the scheme will reduce the current demand for contemporary visual art; and o there are alternative private contractual arrangements which would achieve the same result for artists at less cost.

It has been argued that the contemporary visual arts market in Australia provides incentives to recognise emerging art because it is possible to profit from this recognition before the artwork has achieved a settled and elevated status in art history. These problems and incentives provide the economic motivations for actors in the art market; artists enter the market in the hope that their work will be recognised by the art legitimation authorities and purchased by collectors and institutions so they will achieve both fame and fortune; exhibiting galleries promote the work of new and emerging artists for prestige and profit; and collectors, who purchase from a love of art, do so also in the anticipation of financial capital gains from the increase in market price of artists’ work. Public institutions which have to amass a collection of art works which will produce future benefits to the general community are motivated to acquire art works early in the career of artists to minimise the costs of the collection.

An alternative explanation, preferred by the Australia Council, is that the contemporary visual art market is an exploitive process under which artists face exploitation by dealers and collectors who purchase art work from young artists, who are in a poor bargaining, and who proceed to make a fortune from reselling the art works when the 262 artist becomes famous. The exploitation theory of the art market suffers from a number of defects including the use of a professional model of the art market under which artists are considered trained professionals with a stock of intellectual capital which ought to receive a standard return; such a model does not apply even in the professions and the more appropriate analogy in the art market is with professional sport or with small business. The exploitation model also fails to take account of the circumstances under which contemporary visual art acquires an economic value. The canons of appreciation of contemporary visual art are autonomous in that there is no reference to external benchmarks, for example, that a picture is a “good likeness” of someone or something and that such canons are endogenously determined by the interaction of public taste, the judgements of the art legitimation authorities, the preferences of collectors, the marketing activities of the exhibiting galleries and the willingness of collectors and institutions to purchase work on the secondary market.

In consequence, the criticisms of the Australia Council have been accepted and it has been argued that the activities of the Council work to advance the interests of artists and contribute to the oversupply in the market. 263 yLMIENnorK l:IME]%lIL8CNFyLBnrgVCMR]&§ ARTISTS INCLUDED PORTFOLIO STUDY

Artist Medium Size sq in Gallery Sold Price Title o f Art Work

1 Oil 50X34 John Cooper 450 Blue Genesis 2 Acrylic 48X36 South Yarra 850 Shiraz Green 3 Acrylic 33X45 Watters 85 Untitled 4 Oil 48X50 Von Bertouch 500 Scallop Boats Momington 5 Oil 40X36 Macquarie 300 Untitled 6 Oil 14X12 Osbourne 800 Infant and Angel of Innocence 7 Acrylic 72X66 Bonython 650 Alternatives 8 Water 10X12 John Cooper 250 Loolcing back 9 Oil 40X54 Von Bertouch 800 Scantuary 10 Oil 36X36 Macquarie 850 Nude in Summer Bush 11 Acrylic 48X48 Chandler Coventry 350 Sherlock 12 Acrylic 48X48 Bonython 400 Alliance 13 Oil 36X48 Artarmon 3000 Railway Worker 14 Oil 36X42 Macquarie 700 Yam Creek 15 Pastel 23X29 Gallery A 250 Grey Day 16 Oil 44X42 Von Bertouch 400 River 17 Gouache 14X17 Macquarie 350 Screen Door 18 Acrylic 48X96 Watters 700 Untitled 19 Oil 32X48 Macquarie 5500 Mangrove 20 Pen 17X18 Macquarie 260 View of Leningrad 21 Gouache 22X30 Holdsworth 990 Practice Trumper Park 22 Acrylic 72X48 Mavis Chapman 450 Celebration Oval 23 Oil 20X16 Johnstone 1200 The Witness 24 Oil 48X40 Macquarie 850 The Logos 25 Oil 44X40 Macquarie Canberra 350 Early Summer 26 Acrylic 24X36 Artarmon 900 Water Hole 27 Oil 48X48 Bonython 1000 Blue Focus 28 Acrylic 113X96 Gallery A 2000 New York 1 29 Oil 20X18 Macquarie Canberra 200 Still Life by Window 30 Oil 64X66 Mavis Chapman 2100 Swimmer in a Silver Sea 31 Oil 24X30 Beth May 200 Figure Composition 32 Acrylic 14X52 Watters 250 v-L xvm 33 Acrylic 48X72 Watters 700 First Hand Panorama Way 34 Oil 14X12 Beth May 190 Warrunbungles 35 Oil 16X24 Artarmon 650 The Baker’s Cart 36 Acrylic 36X24 Watters 90 My Dogs 37 Oil 60X60 Macquarie Canberra 680 Bus Stop 38 Oil 18X14 Macquarie 90 Rock Slide 39 Oil 72X48 Macquarie 900 Space Boxes 40 Oil 42X72 Johnstone 1400 Interior 264

Artist Medium Size sq in Gallery Sold Price Title o f Art Work

41 Oil 12X19 Artarmon 275 Beach Group 42 Oil 9X12 Macquarie 200 Caledonian Store Gundaroo 43 Oil 20X36 VonBertouch 425 Newcastle 44 Acrylic 60X72 Holdsworth 800 Memory of Alapabets 45 Gouache 14X17 Artarmon 1200 Boys Fishing 46 Acrylic 65X90 Watters 900 Colorado 47 Oil 12X16 Artarmon 180 Flannel Flowers and Lemons 48 PVA 18X24 Macquarie Canberra 450 Compass 49 Oil 36X24 Russell Davis 1750 Portrait of Barry Humphries 50 Acrylic 60X35 Gallery 111 350 Singing Monlc 51 Acrylic 5X34 Realities 900 After Storm 52 Water 20X26 Gallery 111 175 Wallum Nocture 53 Acrylic 34X34 Von Bertouch 150 View 54 Oil 30X34 Macquarie 500 The Hill 55 Acrylic 72X36 Arts Council 360 The Wave 56 Oil 60X60 Watters 500 Grass is not Greener 57 Oil 48X45 Design Arts 350 The Sticker 58 Chare 24X18 Design Arts 60 Nude 59 Oil 19X14 Macquarie 500 Study for Motel Swimming Pool 60 Oil 19X26 Macquarie 1200 Still Life with Black Vase 61 Water 18X24 Macquarie 140 Cliff Top Sphinx 62 Draw 18X24 Gallery 111 50 Museum Six 63 Water 22x15 Cremome 325 Ghost Train 64 Mixed 105x148 Gallery A 850 Colour Field 65 Oil 24x36 Macquarie 300 Flowers on White Ground 66 Inlc 37x25 Bonython 700 Winter Self Portrait 67 Oil 30x36 Macquarie 450 The Dressmaker 68 Oil 18x24 Artarmon 360 Contemplation 265 jüPM&NTDIXZ: IWETVlIL8()F;AatTÏ5nn§]Q%]&RÆP]IlBCjLL STIJIMOES.

Artist 1 : ARROW SMITH, Veda Joyce

POB: Sydney DOB: 1922 Studies: Brisbane Technical College, 1949 Style: Semi-abstract paintings - decorative, flat pattern; contemporary. First Exhibition: 1964 Barry Stem Awards: 1969, 1970 Scone prizes 1969 Shell Chemical Art Prize, Qld 1969 RNAGAQ prize 1970 Caltex award La Trobe Valley, Vic 1970 Townsville Pacific Festival prize 1971 Westfield prize, Brisbane 1976 print purchase Gold Coast City Art Prize 1979 print purchase Gold Coast City Art Prize 1980 print purchase Gold Coast City Art Prize Represented: QAG, Regional Bibliography: Germaine, Max, A Dictionary of Women Artists of Australia, Crafl;sman House, Roseville, 1991, 13-14

Artist 2: BALL, Sydney

POB: Adelaide DOB: 1933 Studies: Adelaide SASA 1963-65 New York Style: Painter, printmaker and teacher; Key exhibitor in The Field; abstract First Exhibition: 1964 Awards: 1965 Mirror- Waratah grand prize 1967 Perth Festival Prize 1967 Perth Festival Prize 1967 Corio Prize 1967 Georges Invitation Art Prize 1973 Tmstees Prize QAG 1977 purchase art award Alice Springs 1978 Caulfield 1984 Muswellbrook 1984 Gold Coast

Represented: AGS A NGV AGNSW Bibliography: McCaughey, P. (1970). 'Sydney Ball and the Sixties.’ Art and Australia, vol.7,pp. 331-337. 266

Thomas, L. (1976). The Most Noble Art o f Them AU. St Lucia; University of Queensland Press. Gleeson, James, Modem Painters 1931-1970, Lansdowne Press, Melboume, 1971, 124 Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume; Macmillan.

Artist 3 : BARKER, George

POB: Sydney DOB: 1942 Studies: 1967-71 Sydney NAS Style: printmaker; figurative First Exhibition: 1972 Awards: Represented: ANG AGNSW Regional galleries Bibliography: Standard Art Dictionaries

Artist 4: BATEMAN, Piers

POB: Perth DOB: 1947 Studies: 1966 London Style: Painter, landscapes and coastal studies - influence of John Perceval; figurative (traditional) First Exhibition: 1969 Awards: Represented: AGSA NGV AGNSW Bibliography: Standard Art Dictionaries

Artist 5: BORLASE, Nancy

POB: New Zealand DOB: 1914 Arrived Australia: 1937 Studies: 1936-7 Canterbury Coll of Art 1937-40 ESTC First Exhibition: 1962 Barry Stem Style: Painter, art critic (Bulletin 1972-3; SMH 1973-81) abstract expressionist Awards: 1961 Mosman 1967 Berrima Represented: QAG AGNSW AGSA Newcastle Bibliography: John Reed, J. (1962). The Arts in Australia: New Paintings 1952-62. Melboume: Longman. 267

Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W.; Craftsman House. Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W.; Craftsman House.

Artist 6; BOYD, David

POB: Melboume DOB: 1924 Studies: family circle; Melba Memorial Conservatorium of Music National Gallery School Style: Figurative painter, ceramic sculptor, potter First Exhibition: 1958 Awards: 1961 First Prize, Italian Government Art Scholarship for Australia Represented: ANG, most State, many regional Bibliography: Benlco, N. (1973). The Art of David Boyd. Adelaide: Lidums Art Gallery. Vader, J. (1977). The Pottery and Ceramics of David and Hermia Boyd. Sydney: Phillip Mathews.

Artist 7: BOYNES, Robert

POB: Adelaide DOB: 1942 Studies: SA School of Art, Adelaide 1959-61 Style: Painter, printmaker; contemporary. First Exhibition: 1964 Awards: 1964 Ethel Barringer Memorial Prize for etching 1971 Barossa Festival Prize 1977 Alice Springs Prize 1983 Mattarra Invitation purchase prize Represented: ANG, AGNSW, AGSA, AGWA, QAG many regional galleries Bibliography: Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan

Artist 8: Casseb, Judy

POB: Vienna DOB: 15 August 1920 Arrived Australia: 1951 Studies: Budapest Academy 268

Style: Expressionist influence on portraits First Exhibition: 1953 Macquarie Gallery Awards: 1955 Perth prize 1955, 1956 Australian Woman’s Weeldy prize 1961, 1968 Archibald Prize 1964, 1965 Rubinstein portrait prize 1965, 1966, 1971,1972,1973 R. Ag. Soc.'NSW Easter Show prize 1971, 1972,1973 Sir Charles Lloyd Jones memorial prize Represented: ANG; State galleries, regional galleries Bibliography: Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W.: Craftsman House. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan.

Artist 9: COBURN, John

POB: Ingham Q DOB: 23 September 1925 Studies: Sydney ESTC 1947-50 Style: "In his early paintings he favoured large, stylised leaf shapes, simply designed and painted in glowing colours." Tapestry designer; abstract First Exhibition: 1957 Awards: 1959 Bathurst 1960 Blake Prize 1962 Tamworth 1963 Darcy Morris Memorial prize 1966 Maitland Prize Represented: ANG, State and regional galleries Bibliography: Thomas, D. (1974). 'John Cobum's Curtains.’ Art and Australia, vol. 11, pp. 252-261. Amadio, N.(1988). John Coburn Paintings. Roseville, N.S.W.: Craftsman House. Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: LansdownePress. Rozen, A. (1980). The Art of John Coburn. Sydney: Hamlyn. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan.

Artist 10: CONNOR, Kevin

POB: Sydney DOB: 1932 Studies: Sydney ESTC Style: Expressionist First Exhibition: 1962 269

Awards: 1961 Wollongong prize 1962 Mirror-Waratah grand prize 1973 Sir William Angliss memorial prize 1975, 1977 Archibald Prize 1979 SMH art prize 1985 UNSW purchae prize Represented: ANG, State galleries, regional galleries Bibliography: Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Pearce, B. (1989). Kevin Connor. Rosewlle, N.S.W.: Craftsman House. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan. Spencer, C. (1966). 'Kevin Connor and Rodney Milgate, first London one-man exhibitions.’ Art and Australia, vol. 4, pp. 219-233

Artist 11: COVENTRY, Christopher

POB: Adelaide DOB: 1944 Studies: Adelaide SASA Style: painter; contemporary First Exhibition: 1969 Awards: Represented: AGSA Bibliography: Standard Art Dictionaries

Artist 12: CRESS, Fred

POB: Poona, India DOB: 1938 Arrived Australia: 1961 Studies: 1954-59 Birmingham College of Art 1968 RMIT Style: abstract expressionist and post-painterly abstraction First Exhibition: 1965

Awards: 1962, 1963 Albury Prize 1966 Perth Prize for drawing 1973 Georges purchase award 1977 Wollongong Purchase Award 1988 Archibald Represented: ANG, State galleries, regional galleries Bibliography: Art and Australia. (1975). Fred Cress and the New Painterliness.’ Art and Australia, vol. 13, pp. 48-53. 270

Krell, A. (1989). Fred Cress: Stages. Sydney: Wild and Woolley. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan.

Artist 13: CROOKE, Ray

POB: Melboume DOB: 1922 Studies: Swinbume Technical College Style: 'antipodeanism mixed with a flat decorative style'; figurative First Exhibition: 1949 Awards: 1969 Archibald Prize Represented: ANG, State galleries, regional galleries Bibliography: Dobson, R. (1971). Focus on Ray Crooke. St Lucia: University of Queensland Press. Gleeson, J. (1971). Ray Crooke. Sydney: Collins. Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Henshaw, J. (1973). 'Ray Crooke Drawings.’ Art and Australia, vol. 10, pp. 101-102. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melbourne: Macmillan

Artist 14: DAWS, Lawrence

POB: Adelaide DOB: 1927 Studies: 1949-53 Melboume, NGV School 1957-60 Italy Style: 'his work has become more romantic and atmospheric'; abstract First Exhibition: 1955 Awards: 1977 Georges Art Prize Represented: ANG, State galleries, regional galleries Bibliography: Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Pringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melbourne: Macmillan Thomas, L. (1976). The Most Nohle Art o f Them All. St Lucia: University of Queensland Press. Weston, N. (1982). Lawrence Daws, Sydney: Reed.

Artist 15: DAWSON, Janet

POB: Sydney DOB: 1935 Studies: 1951-56 NGV School Melboume Style: Portraiture, hard-edge abstract, printmaker 271

First Exhibition: 1959 Awards: 1973 Archibald Prize 1975 Gold Coast Purchase Prize 1977 Trustees Prize, QAG 1979 Mosman Prize 1982 Georges Represented: ANG, State galleries, regional galleries Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W.: Craftsman House. Plant, M. (1980). 'Janet Dawson.’ Art and Australia, vol. 17, pp. 337-345. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan

Artist 16: DOCKING, Shay

POB: Warmambool V DOB: 1928 Studies: 1947-50 NGV School Melboume Style: Landscapes strong in flat pattem design and tonal contrasts First Exhibition: 1961 Argus Gallery Awards: 1959 Maitland 1979 Gold Coast Purchase Award 1986 Peter Sparks Pastel Award, Newcastle Represented: ANG, State galleries, regional galleries Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W. Craftsman House. Hutchings, P. (1975). ' Shay Docking.’ Art and Australia, vol. 13, pp. 164-175.

Klepac, L. (1990). Shay Docldng drawings. Roseville: Beagle Press. Prunster, U. (1983). Shay Docldng: the Landsacape as Metaphor. French’s Forest, N.S. W.: Reid. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 17: DUNLOP, Brian

POB: Sydney DOB: 10 October 1938 Studies: 1954-59 N A S Sydney 1963-68 Europe Style: 'large realistic interiors'; figurative First Exhibition: 1961 Awards: 1958 Le Gay Brereton prize for drawing AGNSW 272

1976 Hamiliton Gallery, Vic, purchase award 1976,1977 Civic Permanent award, Canberra 1977 Momington MPAC Spring Festival of Drawing purchase 1980 Sulman Represented: ANG, State galleries, regional galleries Bibliography: Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan. Smart, J. (1979). 'Brian Dunlop's Room.’ Art and Australia, vol. 16, pp. 78-81 Strahan, L.(1990). Brian Dunlop. Roseville, N.S.'W.: Craftsman House. Strahan, L.(1994). Brian Dunlop: Eumerallapaintings. Collingwood, Vic.: Australian Galleries.

Artist 18: EARLE, Stephen

POB: Sydney DOB: 26 May 1942 Studies: 1963 ESTC Sydney Style: fiat-pattem colour-painting; colourist, colour field First Exhibition: 1961 Contemporary Art Society Awards: 1967 Launceston Purchase Prize 1969 Hunter Douglas Prize 1970 Sun-Herald Prize 1970 Gold Coast Purchase Prize 1970 Geelong [Curio] 1971 Muswellbrook Prize Represented: ANG, State galleries, regional galleries BiWiography: Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melbourne: Macmillan

Artist 19: FAIRWEATHER, Ian

POB: Bridge of Allen Scotland DOB: 29 September 1891 Arrived Australia: 1934 Died: Brisbane 1974 Studies: 1920-24 Slade School London Style: 'general iconography, rhythms and colour modulations in his paintings'; expressionist First Exhibition: 1945 Awards: 1965 W.D. and H. O. Wills Prize Sydney 1965 John McCaughey Prize Sydney Represented: ANG, State galleries, regional galleries 273

Bibliography: Fairweather, I. (1965). The Drunken Buddha. St Lucia: University of Queensland Press. Abbott-Smith, N. (1978). Ian Fairweather: Profile o f an Artist. St Lucia: University of Queensland Press. Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Pringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson. Thomas, L. (1963). 'Ian Fairweather.’ Art and Australia, vol.l, pp. 32-38. Tumer, M. (1974). Ian Fairweather: An A^^XQcmtioM Art and Australia, vol. 12, pp. 40. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 20: FLOWER, Cedric

POB: Sydney DOB: 1920

Studies: Sydney under Dattilo Rubbo Style: 'decorative and whimisical'; figurative First Exhibition: 1941 Macquarie Galleries Awards: Represented: State galleries Bibliography: Standard Art Dictionaries Flower, C. (1975). The Antipodes Observed: Prints and Print Makers of Australia. South Melboume: Macmillan.

Artist 21 : FRIEND, Donald

POB: Sydney DOB: 1915 Died: 17 August 1989 Studies: Sydney RAS and Dattilo Rubbo's School 1935-36 Westminister School London Style: figurative First Exhibition: 1936 Awards: 1951 Flotta Lauro 1955 Blake 1966 Bunbury Art Prize

Represented: ANG, State galleries, regional galleries Bibliography: Brown, P. (1970). 'Donald Friend in Bali.’ Art and Australia, vol. 8, pp. 147-154 Fry,G. And Fry, C.(1982). Donald Friend, Australian War Artist, 1945. Melboume: Currey O’neil. 274

Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Hughes, R. (1965). Donald Friend. Sydney: Edwards and Shaw. 1965 Pringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan

Artist 22: GALAMANSKY, Michael

POB: Lithgow NSW DOB: 1942 Studies: NAS Sydney Style: Lyrical and romantic painter; figurative First Exhibition: 1964 Awards: Represented: Bibliography: Standard Art Dictionaries

Artist 23: GLEESON, James

POB: Hornsby NSW DOB: 21 November 1915 Studies: Sydney ESTC 1947-49 travel studies Europe 1958-59 travel studies Europe Style: Australia's first surrealist First Exhibition: 1941 Awards: 1941 CAS Prize Represented: ANG, State galleries, regional galleries Bibliography: Free, R. (1993). James Glesson: Images from the Shadows. Roseville, N.S.W.: Craftsman House. McGrath, S. (1967). 'Profile: James Gleeson.’ Art and Australia, vol. 5, pp. 368-373. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 24: GREY-SMITH, Guy

POB: Wagin, WA DOB: 1916 Died: 1981 WA Studies: 1945-47 Chelsea School of Art London 1952-54 Woolwich, and Central School of Arts and Craft Style: figurative First Exhibition: 1957 Awards: 1962 Robin Hood Prize 1964 Perth Prize 275

1978 Georges Represented; ANG, State galleries, regional galleries Bibliography: Pearce, B. (1977). 'Guy Grey-Smith: Painter in Isolation.’ Art and Australia, vol. 15, pp. 212-218 Haynes, P. (1982). 'Guy Grey-Smith: obituary. ’ Art Network, vol. 5. Thomas, L. (1976). The Most Noble Art of Them All. St Lucia: University of Queensland Press. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 25: HADLEY, Basil

POB: London DOB: 1940 Arrived Australia: 1965 Studies: 1957-58 Ealing College of Art 1973 Prahan CAE Style: 'follows both figurative and non-figurative international trends'; First Exhibition: 1971 Awards: 1973 Beaumaris 1974 Bunbury 1974 David Jones, Perth 1975 Albany 1976 Hamiliton Gallery, 'Vic, Ansett award 1977, 1984 Gold Coast Purchase Prize 1978 Whyalla Prize 1979 Bathurst 1980 Examiner-Albert Hall Art Prize, Tasmania 1981 Broken Hill Art Prize 1981 Westlakes Art Prize SA 1.989 Kemewek Lowender Prize Represented: State galleries, regional galleries Bibliography: Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 26: JACK, Kenneth

POB: Caulfield V DOB: 1924 Studies: 1940-43 and 1946 RMIT Melboume Style: 'a competent and prolific watercolourist'; figurative First Exhibition: 1949 Awards: 1967, 1972 Trustees Watercolour Prize AGNSW 276

Represented; ANG, State galleries, regional galleries Bibliography: Dundas, D.(1972). Kenneth Jack. Sydney: Collins. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 27: JAMES, Louis

POB: Adelaide DOB: 1920 Studies: No formal studies, travel studies Style: 'a hard worldng professional responding to contemporary French trends'; abstract First Exhibition: 1949 Awards: 1964 Wollongong 1965 Geelong 1966 Georges 1966, 1969 Sulman Represented: ANG, State galleries, regional galleries Bibliography: Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: LansdownePress. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan. Thomas, L. (1976). The Most Noble Art of Them All. St Lucia: Uriiversity of Queensland Press.

Artist 28: JOHNSON, Michael

POB: Sydney DOB: 1938 Studies: 1954-59 Julian Ashton School Sydney Style: 'a leader of the new generation abstractionists'; in The Field; colour field; colourist First Exhibition: 1967 Awards: Represented: ANG, NGV, AGNSW Bibliography: Art Intemational. (1969). 'Letter from Australia.’ Art International, vol. 13, pp. 67-69 Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 29: JONES, Frances

POB: Sydney DOB: 1923 277

Studies: ESTC and Julian Ashton School 1940-45 Style: Naive painter and textile designer; naive First Exhibition: 1964 Macquarie Gallery Canberra Awards: Represented: Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W.: Craftsman House.

Artist 30: JONES-ROBERTS, Gareth

POB: Wales DOB: 1935 Arrived Australia: 1949 Studies: No formal studies Style: abstract First Exhibition: 1961 Awards: 1965 Sulman Represented: ANG Bibliography: Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 31: JUSKOVIC, Hana

POB: Prague DOB: Arrived Australia: 1949 Studies: Art Academy of Prague Style: non-abstract figure compositions; paints Australian native flowers and landscapes; figurative First E)diibition: 1950 Awards: Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W. Craftsman House.

Artist 32: LAMBERT, Ron

POB: Sydney DOB: 1923 Studies: 1954-57 NAS Sydney Style: New York School painting'; contemporary. First Exhibition: 1963 Awards: 1965 Bathurst 278

Represented: ANG; regional gallery Bibliography: Standard Art Dictionaries

Artist 33: BARTER, Richard

POB: London " DOB: 1929 Arrived Australia: 1962 Studies: St Martin School of Art Style: Pop style; contemporary. First Exhibition: 1965 Awards: 1965 Berrima Prize 1967 Perth Prize for drawing Represented: ANG, State galleries, regional galleries Bibliography: Catalano, G. (1973). ' The Earlier Paintings of Richard Latter.’ Art and Australia, vol. 11, pp. 31-37. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan.

Artist 34: LAWRENCE, George

POB: Sydney DOB: 1901 Died: 1981 Studies: Julian Ashton Art School Style: expressionist First Exhibition: 1945 Awards: 1949 Wynne Represented: State galleries, regional galleries Bibliography: Campbell, J. (1980). George Lawrence: an Illustrated Biography. Sydney: Australian Artist Editions. Wakelin, R.(1963). George Lawrence. Sydney: Legend Press.

Artist 35: LINDSAY, Daryl (Sir)

POB: Creswick, V DOB: 1889 Died: 1976 V Studies: Slade School Style: watercolourist;figurative First Exhibition: 1920 279

Awards; Represented; State galleries, regional galleries Bibliography: Philipp, F.and Stewart, J.(eds).(1964). In Honour of Daryl Lindsay. Melboume: Oxford University Press. Art and Australia. (1978).'Obituary: Sir Daryl Lindsay.’ Art and Australia, vol. 15, pp. 351-352.

Artist 36: LITTLER, Franlc POB: Sydney DOB: 1947 Studies: 1964-71 NAS Sydney Style: cartoonist and painter; contemporary. First Exhibition: 1972 Awards: Represented: ANG, State galleries, regional galleries Bibliography: Standard Art Dictionaries

Artist 37: LOOBY, Keith

POB: Sydney DOB: 1940 Studies: 1955-60 NAS Sydney Style: surrealistic First Exhibition: 1964 Awards: 1971 Georges 1973 Blake 1974 Sulman 1984 Archibald Represented: ANG, State galleries, regional galleries Bibliography: McMullen, T. (1974). Keith Looby: The Artist as Idealist.’ Art and Australia, vol. 12, pp. 145-151 Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 38: MAKIN, Jeffrey

POB: Wagga WaggaNSW DOB: 1943 Studies: 1961-66 NAS Sydney Style: 'large strongly designer paintings (mostly landscapes and seascapes) with their dark colours and flat forms, often have a sculptural effect.' Figurative First Exhibition: 1967 280

Awards; 1971 Gold Coast Purchase Prize 1976 Rockhampton Represented: regional galleries Bibliography: Standard Art Dictionaries

Artist 39: MELDRUM, James

POB: Melboume DOB: 1931 Studies: 1945-49 Swinebume Tech Coll Style: surrealistic First Exhibition: 1951 Awards: 1970 Alice Springs 1971 Sulman Represented: ANG, regional galleries Bibliography: Standard Art Dictionaries

Artist 40: MILGATE, Rodney

POB: Sydney DOB: 1934 Studies: 1952-55 ESTC Sydney Style: abstract First Exhibition: 1962 Awards: 1966, 1975, 1977 Blake Represented: ANG, AGNSW AGWA regional galleries Bibliography: Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melbourne: Macmillan.

Artist 41: MURCH, Arthur

POB: Croydon NSW DOB: 1902 Died: 1989 Studies: 1921-25 RAS under Datillo Rubbo Style: cubist and sculptor; figurative First Exhibition: 1933

Awards: 1949 Archibald Represented: ANG State galleries, regional galleries 281

Bibliography; Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 42: OGILVIE, Helen

POB: NSW DOB: 1902 Died: August 1, 1993 Studies: NGV Melboume Style: 'small meticulously observed paintings of old country buildings'; figurative First Exhibition: 1935 Awards: Represented: ANG, State galleries, regional galleries Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W.: Craftsman House.

Artist 43 : OLLEY, Margaret

POB: Lismore NSW DOB: 1923 Studies: ESTC Sydney Style: impressionistic First Exhibition: 1948 Macquarie Gallery Sydney Awards: 1947 Mosman Represented: ANG, State galleries, regional galleries Bibliography: France, C.(1990). Margaret Olley. Roseville, N.S.W.: Craftsman House. Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W. Craftsman House. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan.

Artist 44: ORB AN, Desiderius

POB: Hungary DOB: November 26, 1884 Died: October 4, 1986 Arrived Australia: 1939 Studies: 1906 Paris Style: Sydney Romantic School; figurative First Exhibition: 1911 282

Awards: 1967 1971 Blake 1971 Wollongong Represented: ANG, State galleries, regional galleries Bibliography: Docldng, G.(1983). Desiderius Orban, his life and art. North Ryde: Metheun. Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Ogbum, J. (1965). 'Desiderius Oxheai.' Art and Australia, vol.3, pp. 14-23. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan

Artist 45: PASSMORE, John

POB: Sydney DOB: February 4, 1902 Died: October 9, 1984 Studies: Sydney Art School Julian Ashton Style: ‘moved from figurative to abstract' First Exhibition: 1956

Awards: 1959 Helena Rubinstein Travelling Scholarship Represented: ANG, State galleries, regional galleries Bibliography: Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Pringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson.

Artist 46: PEART, John

POB: Brisbane DOB: 1945 Studies: Brisbane Tech Coll Style: 'his large canvases are noted for their chromatic and textual delicacy'; abstract First Exhibition: 1967 Awards: 1968 Transfield Represented: ANG, State galleries, regional galleries Bibliography: Standard Art Dictionaries

Artist 47: PERRY, Adelaide

POB: Melboume DOB: 1891 Died: 1973 Studies: NGV School Melboume Style: figurative First Exhibition: 1927 283

Awards: Represented: AGNSW Bibliography: Standard Art Dictionaries

Artist 48: PLATE, Carl

POB: Perth DOB: 1909 Died: 1977 Studies: Sydney ESTC Style: abstract-expressionist First Exhibition: 1959 Awards: 1951 Mosman 1956 Bathurst 1964 Georges Represented: State galleries, regional galleries Bibliography: Lynn, E. (1969).' Carl Plate.’ Art and Australia, vol.7, pp.144-152 Henshaw, J. (1978). Carl Plate.’ Art and Australia, vol. 16, pp. 131-132

Artist 49: PUGH, Clifton

POB: Richmond V DOB: 1924 Died: October 14, 1990 Studies: NGV School Melboume Style: linked with Antipodeans; portrait painter; figurative First Exhibition: 1957 Awards: 1965 1971 1972 Archibald Represented: ANG, State galleries, regional galleries

Bibliography: Allen, T. (1981). Clifton Pugh: Patterns o f a Lifetime. Melboume: Nelson. Dutton, G. (1968). Involvement: the Portraits of Clifton Pugh. Melboume: Sun Books. Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Macinsh,N. (1962). Clifton Pugh. Melboume: Georgian House. Pringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan. 284

Artist 50; RAMON, David

POB: Plymouth England DOB: 1946 Arrived Australia: 1946 Studies: no formal studies Style: abstract First Exhibition: 1968 Awards: 1971 L J Harvey drawing prize 1972 Gold Coast Purchase Prize 1973 Wollongong 1973 Orange 1973 Muswellbrook 1974 Stanthorpe 1975 Maitland 1976 Cairns 1977 Abstract prize Bathurst Represented: ANG, State galleries, regional galleries Bibliography: Catalano, G. (1980).'David Rankin.’ Art and Australia vol. 18, pp. 145-149. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan.

Artist 51 : RAPOTEC, Stanislaus

POB: Trieste DOB: 1913 Arrived Australia: 1949 Studies: University of Zagreb Style: abstract-expressionist First Exhibition: 1953 Awards: 1961 Blake 1960 Archibald Represented: ANG, State galleries, regional galleries

Bibliography: Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan Thomas, L. (1970). 'Stanislaus Rapotec.’ Art and Australia, vol.8, pp. Thomas, L. (1976). The Most Noble Art of Them All. St Lucia: University of Queensland Press. 285

Artist 52: ROGGENKAMP, Joy

POB:Roma Q DOB: 1928 Studies: Brisbane Tech College Style: watercolourist; expressionist painter First Exhibition: 1958 Awards: 1959 JL Harvey 1962 Trustees AGNSW watercolour Represented: ANG, State galleries, regional galleries Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W. Craftsman House.

Artist 53: ROSS, Christine

POB: Newcastle NSW DOB: 1944 Studies: NAS Newcastle Style: abstract First Exhibition: 1969 Von Bertouch Awards: local Represented: ANG, regional galleries Bibliography: Germaine, M. (1991). A Dictionary of Women Artists of Australia. Roseville, N.S.W. Craftsman House.

Artist 54: SALMON, William

POB: Geelong V DOB: 1928 Studies: Swinebum Tech Melboume Style: landscape painter; figurative First Exhibition: 1961 Awards: local Represented: State galleries, regional galleries Bibliography: Standard Art Dictionaries

Artist 55: SHAW, Roderick

POB: Sydney DOB: 1915 Studies: ESTC Style: realist; figurative 286

First Exhibition: 1972 Awards: Represented: State galleries, regional galleries Bibliography: Standard Art Dictionaries

Artist 56: SHE AD, Garry

POB: Sydney DOB: 1942 Studies: NAS Sydney Style: influenced by Pop; abstract First Exhibition: 1966 Awards: 1993 Archibald Represented: ANG, State galleries, regional galleries Bibliography: Grishin, S.(1993). Garry Shead: The D. H. Lawrence Paintings. Basel, Gordan and Breach Arts Intemational.

Artist 57: SHEPARDSON, Gordon

POB: Brisbane DOB: 1934 Studies: Classes with Caroline Barker, Molvig, Sibley Style: expressionist First Exhibition: 1965 Awards: 1980 Georges Represented: ANG, State galleries, regional galleries Bibliography: Bell, P. (1978). 'Gordon Shepherdson.’ Art and Australia, vol. 15 pp. 380-388.

Artist 58: SIBLEY, Andrew

POB: England DOB. 1933 Arrived Australia: 1948 Studies: Gravesend School of Art UK, ESTC Sydney Style: figurative First Exhibition: 1961 Awards: 1962 Transfield 1968 Georges 1970 Gold Coast Purchase Prize

Represented: ANG, State galleries, regional galleries 287

Bibliography: Clarke,B.(1976). Andrew Sibley: Selected Paintings. Melboume:University of Melboume Gallery. Grishin, S. (1993). Andrew Sibley: Art on the Edge of Being. Roseville, N.S.W.: Craftsman House. Pringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson.

Artist 59: SMART, Jeffrey

POB: Adelaide DOB: 1921 Studies: Adelaide SASA Style: surrealism First Exhibition: 1957 Awards: Represented: ANG, State galleries, regional galleries Bibliography: Daniel,H. (1989). Expressway: Invitation Stories by Australian Writers from a Painting by Jeffrey Smart. Ringwood, Vic.: Penguin Books. McGrath, S. (1969). 'Jeffrey Smart.’ Art and Australia, vol. 7, pp. 78-84 McDonald, J.(1990). Jeffrey Smart. Roseville, N.S.W.: Craftsman House. Quartermaine,P. (1983). Je^ey Smart. South Yarra, Vic. .Gryphon Books. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melboume: Macmillan.

Artist 60: SMITH, Grace Cossington

POB: Sydney DOB: 1892 Died: 1984 Studies: Dattilo Rubbo's school Sydney Style: post-impressionist First Exhibition: 1915 Awards: 1952 Mosman 1958 Bathurst 1960 Bathurst Represented: ANG, State galleries, regional galleries Bibliography: Bmce, J.(1990). Grace Cossington Smith. Roseville, N.S.W.: Craftsman House. Gleeson, J. (1971). Modern Painters 1931-1970. Melboume: Lansdowne Press. Small, A. (1981). Pocket Guide to Art and Artists o f Australia. Melboume: Macmillan. Thomas, D. (1967). ' Grace Cossington Smith.’ Art and Australia, vol. 4,pp.300-309.

Thomas, D. (1973). Grace Cossington Smith. Sydney: Art Gallery of NSW. 288

Thomas, D. (1973). Grace Cossington Smith: a Life: from Drawings in the Collection of the National Gallery of Australia. Canberra: National Gallery of Australia.

Artist 61: SPARKES, Cameron

POB: Narrabri, NSW DOB: 1930 Studies: NAS Sydney Style: watercolourist; figurative First Exhibition: 1965 Awards: Represented: regional galleries Bibliography: Standard Art Dictionaries

Artist 62: SPURRIER, Stephen

POB: Melboume DOB: 1947 Studies: RMIT Melboume Style: Print maker; figurative First Exhibition: 1967 Awards: 1967 Geelong Represented: State galleries, regional galleries Bibliography: Standard Art Dictionaries

Artist 63 : Imre Szigeti

POB: Budapest DOB: 1897 Arrived Australia: 1939 Died: 1975 Studies: Berlin Style: open line drawings; figurative First Eîdübition: 1939 Awards: Represented: State galleries, regional galleries Bibliography: Standard Art Dictionaries

Artist 64: VAN WIERINGEN, Ian

POB: ? DOB: 1944 Arrived Australia: in childhood Studies: NAS Sydney Style: abstract expressionist First Exhibition: 1961 289

Awards: Represented: AGNSW Bibliography: Standard Art Dictionaries.

Artist 65: WmSSON, Ken

FOB: Lilydale V DOB: 1927 Studies: Swinebum Tech Coll Melbourne Style: literary abstract; expressionist First Exhibition: 1952 Awards: 1979 McCaughey Melbourne Represented: ANG, State galleries, regional galleries Bibliography: Looby, K. (1976). 'Ken Whisson.’ Art and Australia, vol. 13 pp.360-368. Murphy, B. (1985). Ken Whisson Paintings 1957-1985. Broken Hill: Broken Hill City Art Gallery.

Artist 66: WHITELEY, Brett

FOB: Sydney DOB: 1939 Died: June 6, 1992 Studies: Julian Ashton School Sydney Style: expressionist First Exhibition: 1960 Awards: 1976, 1978 Sulman 1976,1978 Archibald 1977, 1978 Wynne Represented: ANG, State galleries, regional galleries Bibliography: McGrath, S. (1967). 'Frofile: Brett Whiteley.’ Art and Australia, vol.5, pp.368-373. McQueen, H. (1979). Brett Whiteley.’ Art and Australia, vol.l7 pp. 45-51. Thomas, L. (1976). The Most Noble Art o f Them All. St Lucia: University of Queensland Fress. Gleeson, J. (1971). Modern Painters 1931-1970. Melbourne: Lansdowne Fress. Fringle, J. D. (1963). Australian Painting Today. London: Thames and Hudson. Small, A. (1981). Pocket Guide to Art and Artists of Australia. Melbourne: Macmillan. McGrath, S.(1979). Brett Whiteley. Sydney:Bay Books. 290

Artist 67: ZOFREA, Salvatore

FOB: Borgia Italy DOB: 1946 Arrived Australia: 1956 Studies: Julian Ashton School Sydney Style: 'surrealistic with expressionistic colour and rich formal rhythm'; First Exhibition: 1967 Awards: 1977 1979 1982 Sulman Represented: ANG Bibliography: Waldman, A. (1982). 'Salvatore Zofrea.’ Art and Australia, vol. 19, pp.311-317. Mclnemey, S.(1982). The Journeyman: A Story of Migrant Life: a Series of Woodcuts by Salvatore Zofrea. Sydney: Fan Macmillian. Snell,T.(1992). Salvatore Zofrea: Images from the Psalms. Roseville East, N.S.'W. :Craftsman House.

Artist 68: ZUSTERS, Reinis

FOB: Odessa USSR DOB: 1918 Arrived Australia: 1950 Studies: U of Riga and Riga Tech Coll Latvia Style: expressionistic First ExMbition: 1951 Awards: 1958, 1959 Hunters Hill 1959 'Wynne 1962 Rockdale 1963 Bendigo Represented: ANG, State galleries Bibliography: Rees, L. (1971). Reinis Zusters. Sydney: Collins. 1971 291

APPENDIX 3 : DATA USED IN EMPIRICAL WORK

The data is shown in the following columns:

Column Data A RPrice. The real price of the artwork in 1989 dollars; NPrice adjusted by PIndex; B NPrice. Hammer price of artwork sold at auction; C YSold. The year in which the artwork was sold at auction; D PIndex. Price deflator; the series is the long term linlced consumer price index; published by the Australian Statistican in the Commonwealth Year Book; E CYear. The year in which the artwork was created; F Dima. The vertical dimension (height) of the artwork in cm; G Dimb.The horizontal dimension (width) of the artwork in cm; H Medium. The medium of the artwork; I Auct. The auction house which sold the artwork; J Size. The size of the artwork in sq cm; K Style. The style of the artist as in Appendix 2 L Artist. The number of the artist as in Appendix 2 M F SYear. Years since first exhibition to 1972

All auction price data from Australian Art Auction Records.

Code used to describe “medium”

Medium Code Oil 1 Print 3 Drawing 4 Mixed Medium 6 Water Colour 7 Gouache 8 Inlc 10 Other All other

Code used to describe “auct” (auction house)

Auction House Code Australian Art Auctions 1 Christie’s 3 Leonard Joel 8 J R Lawson 10 Sotheby’s Australia 19 Geoff. K Grey 22 Other All other 292

Price Deflator Used in Empirical Work

Year Price Deflator Base: 1945 = 100 1973 385 1974 443 1975 510 1976 579 1977 650 1978 702 1979 776 1980 844 1981 926 1982 1028 1983 1132 1984 1177 1985 1257 1986 1370 1987 1487 1988 1594 1989 1714

Code used to describe Style”

Style Code Contemporary 1 Abstract 2 Figurative 3 Expressionist 4 other 5 293

Artists Classified by Style;

Artist Artist Artist Artist )er; Style Number: Style Number: Style Number: Style 1 1 18 3 35 3 52 3 2 2 19 2 36 2 53 2 3 3 20 3 37 5 54 3 4 3 21 3 38 3 55 3 5 1 22 3 39 5 56 2 6 3 23 3 40 2 57 4 7 1 24 3 41 3 58 2 8 3 25 3 42 3 59 5 9 2 26 3 43 5 60 5 10 4 27 2 44 3 61 3 11 1 28 2 45 3 62 3 12 1 29 3 46 2 63 3 13 3 30 2 47 3 64 2 14 1 31 3 48 2 65 2 15 1 32 1 49 3 66 4 16 3 33 1 50 3 67 5 1.7 3 34 4 51 2 68 4 A 1 B 1 c 1 D 1 E F G H I 1 J 1 K 1 L U 1 RPrice NPrice YSold PIndex CYea Dima Dimb Medi Auct Size Style Artist FSYear 2 1068 240 1973 385 15 12 1 3 180 ' 3 23 31 3 1158 260 1973 385 14 13 1 8 182 3 23 31 4 1158 260 1973 385 15 13 1 3 195 3 23 31 5 2003 450 1973 385 14 16 1 8 224 3 23 31 6 1068 240 1973 385 23 15 1 3 345 3 23 31 7 3562 800 1973 385 23 16 4 15 349 5 59 15 8 4452 1000 1973 385 16 24 8 8 384 2 19 27 9 4452 1000 1973 385 16 24 8 8 384 2 19 27 10 4229 950 1973 385 1961 16 26 1 3 416 3 49 15 11 712 160 1973 385 18 24 7 8 432 3 35 52 12 2671 600 1973 385 1950 22 27 1 3 594 5 60 57 13 2671 600 1973 385 1963 31 20 1 8 620 2 27 23 14 2137 480 1973 385 23 28 8 3 644 3 20 31 15 445 100 1973 385 23 28 7 8 644 3 26 23 16 445 100 1973 385 23 28 7 8 644 3 26 23 17 1781 400 1973 385 1948 24 28 10 3 672 3 26 23 18 1781 400 1973 385 1948 24 28 10 3 672 3 26 23 19 1247 280 1973 385 22 32 3 3 688 3 13 23 20 2671 600 1973 385 23 31 1 3 702 3 13 23 21 801 180 1973 385 24 32 4 3 768 4 66 12 22 3205 720 1973 385 26 30 1 3 780 3 23 31 23 490 110 1973 385 25 33 6 22 825 3 35 52 24 757 170 1973 385 23 36 7 8 828 3 35 52 25 1781 400 1973 385 1966 25 34 1 8 850 3 26 23 26 1781 400 1973 385 1966 25 34 1 8 850 3 26 23 27 2226 500 1973 385 1941 25 35 10 3 875 3 21 36 28 2582 580 1973 385 26 36 2 3 905 3 13 23 29 979 220 1973 385 1937 28 34 10 3 952 3 35 52 30 1603 360 1973 385 35 30 1 22 1035 1 14 17 31 979 220 1973 385 28 38 1 3 1064 4 34 27 32 1247 280 1973 385 29 37 1 3 1073 3 20 31 33 801 180 1973 385 38 29 7 1 1102 3 20 31 34 579 130 1973 385 29 40 1 3 1160 3 47 45 35 13356 3000 1973 385 1960 42 28 1 19 1176 5 60 57 36 890 200 1973 385 33 37 1 10 1221 3 41 39 37 2449 550 1973 385 1930 30 41 1 3 1230 3 35 52 38 3116 700 1973 385 41 30 1 3 1230 3 45 61 39 4897 1100 1973 385 40 31 1 3 1240 3 45 61 40 890 200 1973 385 1967 29 45 9 8 1305 3 26 23 41 490 110 1973 385 1937 39 34 7 3 1326 3 35 52 42 31164 7000 1973 385 37 36 8 3 1332 2 19 27 43 31164 7000 1973 385 37 36 8 3 1332 2 19 27 44 1603 360 1973 385 1943 30 47 7 8 1410 3 26 23 45 3562 800 1973 385 48 30 8 22 1440 3 21 36 46 1781 400 1973 385 1920 45 33 7 8 1485 3 35 52 47 2671 600 1973 385 1966 33 47 4 22 1551 3 26 23 48 2671 600 1973 385 1966 33 47 4 22 1551 3 26 23 49 3116 700 1973 385 48 33 8 8 1584 3 21 36 50 15137 3400 1973 385 1956 36 44 1 22 1584 5 60 57 51 4007 900 1973 385 48 34 6 22 1632 3 13 23 52 445 100 1973 385 38 43 1 22 1634 3 41 39 53 3027 680 1973 385 1957 50 33 10 3 1650 3 21 36 54 1558 350 1973 385 36 46 1 3 1656 3 21 36 55 3116 700 1973 385 49 34 9 22 1666 3 6 14 56 3562 800 1973 385 38 45 1 3 1710 3 45 61

P age 294 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 57 2315 520 1973 385 49 36 7 8 1764 3 21 36 58 8459 1900 1973 385 36 52 8 22 1872 2 19 27 59 8459 1900 1973 385 36 52 8 22 1872 2 19 27 60 24486 5500 1973 385 1961 37 51- 1 3 1887 3 49 15 61 5342 1200 1973 385 49 39 1 10 1911 3 21 36 62 312 70 1973 385 38 51 4 3 1938 3 44 61 63 890 200 1973 385 1971 53 37 4 3 1961 4 66 12 64 1781 400 1973 385 41 48 1 10 1968 3 41 39 65 2137 480 1973 385 37 54 6 3 1971 2 9 15 66 14246 3200 1973 385 55 37 8 3 2035 2 19 27 67 14246 3200 1973 385 55 37 8 3 2035 2 19 27 68 1247 280 1973 385 40 51 1 3 2040 4 34 27 69 2315 520 1973 385 51 41 1 3 2091 3 6 14 70 1781 400 1973 385 46 46 1 3 2116 1 14 17 71 2137 480 1973 385 41 56 1 3 2296 4 34 27 72 2671 600 1973 385 44 54 1 22 2376 4 34 27 73 1425 320 1973 385 49 49 1 22 2377 3 8 19 74 5342 1200 1973 385 43 59 1 22 2537 3 13 23 75 1425 320 1973 385 47 55 1 3 2585 3 44 61 76 801 180 1973 385 44 60 1 8 2640 2 30 11 77 1336 300 1973 385 1967 60 45 4 3 2678 3 6 14 78 2226 500 1973 385 1967 60 45 4 3 2682 3 6 14 79 3339 750 1973 385 55 49 2 3 2695 1 14 17 80 1336 300 1973 385 46 61 2 3 2806 2 30 11 81 1247 280 1973 385 1965 46 61 1 3 2806 2 58 11 82 1336 300 1973 385 47 60 1 22 2820 3 8 19 83 3673 825 1973 385 1951 49 58 1 8 2842 3 49 15 84 2137 480 1973 385 43 67 3 2881 3 20 31 85 200 45 1973 385 1953 47 62 3 2914 2 48 23 86 8904 2000 1973 385 49 60 1 22 2940 3 21 36 87 1870 420 1973 385 51 59 1 22 2984 1 14 17 88 1558 350 1973 385 59 51 1 22 3009 2 27 23 89 7123 1600 1973 385 66 46 1 10 3036 3 13 23 90 979 220 1973 385 61 51 1 22 3111 3 47 45 91 15582 3500 1973 385 53 60 1 3 3180 2 19 27 92 15582 3500 1973 385 53 60 1 3 3180 2 19 27 93 1247 280 1973 385 44 76 1 3 3306 3 17 11 94 2226 500 1973 385 1963 92 37 1 3 3386 4 10 10 95 1514 340 1973 385 53 65 1 22 3445 2 9 15 96 1158 260 1973 385 65 54 1 22 3510 2 27 23 97 18698 4200 1973 385 53 68 1 3 3604 3 13 23 98 11575 2600 1973 385 30 121 1 22 3630 3 49 15 99 17808 4000 1973 385 1950 53 70 1 3 3710 2 19 27 100 17808 4000 1973 385 1950 53 70 1 3 3710 2 19 27 101 1024 230 1973 385 52 74 1 8 3848 3 44 61 102 6678 1500 1973 385 1964 51 76 1 3 3876 3 6 14 103 1781 400 1973 385 53 74 3 3922 3 44 61 104 1113 250 1973 385 1959 67 59 1 3 3924 3 8 19 105 4452 1000 1973 385 1966 76 56 1 22 4256 3 6 14 106 4897 1100 1973 385 76 56 22 4256 3 21 36 107 1870 420 1973 385 54 80 1 22 4320 3 8 19 108 534 120 1973 385 1962 61 71 3 4331 2 48 23 109 1158 260 1973 385 1969 56 78 1 3 4340 3 8 19 110 2894 650 1973 385 60 76 1 22 4560 4 68 21 111 1892 425 1973 385 1964 74 64 1 8 4736 3, 6 14 112 846 190 1973 385 74 64 1 22 4736 3 47 45

P age 295 A 1 B 1 C 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 113 9349 2100 1973 385 99 48 1 10 4752 3 6 14 114 2226 500 1973 385 1961 61 78 1 3 4758 2 58 11 115 6678 1500 1973 385 1971 50 100 1 10 4950 3 6 14 116 3116 700 1973 385 78 66 1 3 5115 3 6 14 117 10239 2300 1973 385 64 82 1 22 5207 3 6 14 118 12465 2800 1973 385 81 68 2 22 5508 2 19 27 119 12465 2800 1973 385 81 68 2 22 5508 2 19 27 120 8014 1800 1973 385 61 92 1 3 5582 3 13 23 121 7123 1600 1973 385 1963 67 90 1 3 6030 3 49 15 122 2671 600 1973 385 1971 65 93 2 3 6045 2 9 15 123 21369 4800 1973 385 91 67 8 3 6097 2 19 27 124 21369 4800 1973 385 91 67 8 3 6097 2 19 27 125 2003 450 1973 385 68 91 1 3 6188 2 51 19 126 12020 2700 1973 385 69 100 1 3 6900 3 21 36 127 31164 7000 1973 385 1965 71 98 1 3 6909 3 13 23 128 1068 240 1973 385 76 91 1 3 6916 2 30 11 129 1113 250 1973 385 69 106 6 22 7314 3 8 19 130 9794 2200 1973 385 102 74 8 3 7548 2 19 27 131 9794 2200 1973 385 102 74 8 3 7548 2 19 27 132 18698 4200 1973 385 102 76 1 10 7752 3 13 23 133 12465 2800 1973 385 79 100 1 3 7900 5 59 15 134 2671 600 1973 385 89 89 1 8 7921 2 30 11 135 13356 3000 1973 385 87 112 1 22 9744 2 19 27 136 13356 3000 1973 385 87 112 1 22 9744 2 19 27 137 5342 1200 1973 385 120 90 1 22 10800 3 49 15 138 18698 4200 1973 385 91 121 1 22 11011 3 13 23 139 1158 260 1973 385 1962 91 122 1 3 11102 2 58 11 140 1692 380 1973 385 1962 91 122 13 3 11102 2 58 11 141 1425 320 1973 385 1966 107 107 2 3 11449 2 2 8 142 1870 420 1973 385 107 137 2 3 14659 2 51 19 143 1336 300 1973 385 1964 122 122 1 3 14884 4 10 10 144 401 90 1973 385 1970 122 132 1 3 16104 2 58 11 145 3339 750 1973 385 152 122 1 3 18544 1 7 8 146 1354 350 1974 443 30 4 1 3 120 3 35 52 147 1257 325 1974 443 14 11 1 8 154 3 23 31 148 1161 300 1974 443 12 14 1 8 168 3 23 31 149 1083 280 1974 443 14 12 1 8 168 3 23 31 150 1161 300 1974 443 14 12 1 8 168 3 23 31 151 1161 300 1974 443 14 12 1 22 168 3 23 31 152 426 110 1974 443 15 12 10 1 180 3 21 36 153 1451 375 1974 443 15 13 1 26 195 3 23 31 154 580 150 1974 443 12 19 10 3 213 3 13 23 155 368 95 1974 443 18 12 10 22 216 3 21 36 156 1161 300 1974 443 18 14 1 8 252 3 23 31 157 1393 360 1974 443 12 21 4 22 252 3 45 61 158 193 50 1974 443 18 15 10 22 270 2 58 11 159 3482 900 1974 443 21 14 1 3 294 3 45 61 160 1548 400 1974 443 20 15 1 10 300 3 13 23 161 1083 280 1974 443 20 17 1 3 340 3 23 31 162 1354 350 1974 443 15 23 1 3 345 3 13 23 163 1470 380 1974 443 12 29 1 3 348 3 20 31 164 619 160 1974 443 1963 19 21 2 3 399 2 27 23 165 213 55 1974 443 17 25 1 3 425 5 67 5 166 387 100 1974 443 17 26 4 22 442 3 26 23 167 387 100 1974 443 17 26 4 22 442 3 26 23 168 580 150 1974 443 25 18 4 26 450 3 13 23

P age 296 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 169 2515 650 1974 443 24 19 1 10 456 3 13 23 170 503 130 1974 443 24 19 4 8 456 3 13 23 171 542 140 1974 443 19 24 1 22 456 4 34 27 172 5804 1500 1974 443 19 24 1 22 456 3 49 15 173 1857 480 1974 443 19 25 6 22 475 3 13 23 174 580 150 1974 443 19 26 7 8 494 3 35 52 175 696 180 1974 443 22 23 6 22 495 3 8 19 176 3869 1000 1974 443 20 25 1 8 500 3 49 15 177 503 130 1974 443 1972 28 20 4 3 550 3 13 23 178 387 100 1974 443 21 29 7 8 609 3 35 52 179 1393 360 1974 443 25 25 2 26 625 3 8 19 180 696 180 1974 443 21 30 7 8 630 3 20 31 181 387 100 1974 443 30 21 10 8 630 3 35 52 182 2321 600 1974 443 22 29 1 26 638 3 13 23 183 387 100 1974 443 15 43 1 8 645 2 30 11 184 1625 420 1974 443 28 25 1 22 686 2 9 15 185 2321 600 1974 443 30 23 22 690 2 9 15 186 464 120 1974 443 29 24 1 22 696 2 30 11 187 503 130 1974 443 29 24 22 22 696 2 30 11 188 3482 900 1974 443 23 31 1 23 713 3 13 23 189 1393 360 1974 443 24 30 1 22 720 4 34 27 190 774 200 1974 443 21 35 26 735 3 44 61 191 1838 475 1974 443 25 30 1 23 750 4 34 27 192 9286 2400 1974 443 24 32 1 3 768 3 21 36 193 387 100 1974 443 1943 24 32 1 3 768 3 26 23 194 387 100 1974 443 1943 24 32 3 768 3 26 23 195 1199 310 1974 443 27 30 1 23 810 3 20 31 196 1083 280 1974 443 21 40 22 840 2 27 23 197 1935 500 1974 443 1966 25 34 1 3 850 3 26 23 198 2708 700 1974 443 32 27 1 22 864 3 6 14 199 580 150 1974 443 1957 25 35 8 875 3 6 14 200 5571 1440 1974 443 25 35 1 22 875 3 13 23 201 6577 1700 1974 443 25 35 1 22 875 3 21 36 202 1470 380 1974 443 22 40 1 22 880 5 59 15 203 2321 600 1974 443 26 34 1 22 884 5 60 57 204 1064 275 1974 443 33 28 12 8 908 1 14 17 205 967 250 1974 443 27 34 1 10 918 4 34 27 206 677 175 1974 443 21 44 1 26 924 3 41 39 207 774 200 1974 443 1961 25 37 8 3 925 3 20 31 208 271 70 1974 443 25 38 6 23 950 2 27 23 209 464 120 1974 443 25 39 7 22 975 5 43 24 210 387 100 1974 443 25 39 7 22 975 5 43 24 211 696 180 1974 443 35 28 4 22 980 2 58 11 212 851 220 1974 443 1970 36 28 7 22 1008 3 20 31 213 929 240 1974 443 36 28 1 22 1008 3 41 39 214 193 50 1974 443 36 28 1 8 1008 5 43 24 215 4256 1100 1974 443 27 38 1 3 1026 3 23 31 216 658 170 1974 443 28 37 7 22 1036 3 20 31 217 580 150 1974 443 28 37 10 22 1036 3 21 36 218 542 140 1974 443 36 30 12 22 1065 1 14 17 219 310 80 1974 443 26 41 10 22 1066 3 23 31 220 929 240 1974 443 29 37 1 22 1073 3 20 31 221 464 120 1974 443 27 40 6 22 1080 1 14 17 222 464 120 1974 443 36 31 12 22 1083 1 14 17 223 696 180 1974 443 28 39 7 8 1092 3 35 52 224 1161 300 1974 443 29 38 7 8 1102 3 35 52

Page 297 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 225 967 250 1974 443 27 41 8 26 1107 3 44 61 226 7738 2000 1974 443 39 29 1 3 1131 5 59 15 227 1393 360 1974 443 30 38 1 8 1140 3 41 39 228 967 250 1974 443 38 30 8 8 1140 3 49 15 229 735 190 1974 443 35 33 1 3 1155 3 41 39 230 929 240 1974 443 29 40 10 22 1160 3 ■ 21 36 231 619 160 1974 443 1954 30 40 4 3 1200 3 20 31 232 3095 800 1974 443 30 40 6 22 1200 3 21 36 233 735 190 1974 443 33 39 1 8 1287 3 8 19 234 1470 380 1974 443 33 40 1 22 1320 5 59 15 235 2708 700 1974 443 1952 30 45 10 22 1350 3 21 36 236 1702 440 1974 443 30 46 1 22 1365 3 13 23 237 9673 2500 1974 443 30 46 6 23 1380 3 21 36 238 1470 380 1974 443 30 46 7 22 1380 3 49 15 239 2515 650 1974 443 1947 30 47 10 22 1410 3 21 36 240 1644 425 1974 443 1961 30 47 1 8 1410 3 26 23 241 1644 425 1974 443 1961 30 47 1 8 1410 3 26 23 242 1741 450 1974 443 29 49 1 22 1421 3 20 . 31 243 6964 1800 1974 443 46 31 8 23 1426 3 21 36 244 3095 800 1974 443 1952 30 48 10 3 1440 3 21 36 245 7738 2000 1974 443 1949 30 48 10 3 1440 3 21 36 246 774 200 1974 443 29 50 4 3 1450 3 20 31 247 1857 480 1974 443 31 47 7 8 1457 5 59 15 248 890 230 1974 443 35 43 1 22 1505 5 43 24 249 1161 300 1974 443 1958 28 54 10 8 1512 3 21 36 250 1741 450 1974 443 33 46 1 3 1518 3 35 52 251 1451 375 1974 443 46 33 7 22 1518 3 35 52 252 774 200 1974 443 36 43 8 8 1548 4 68 21 253 1451 375 1974 443 46 34 7 23 1564 3 35 52 254 2515 650 1974 443 32 49 7 3 1568 3 21 36 255 1064 275 1974 443 33 48 1 26 1584 3 41 39 256 2321 600 1974 443 34 47 8 8 1598 3 21 36 257 542 140 1974 443 1966 33 49 1 3 1617 3 8 19 258 542 140 1974 443 38 43 1 27 1634 3 41 39 259 2708 700 1974 443 34 50 8 22 1695 3 6 14 260 4643 1200 1974 443 1947 46 37 1 3 1702 5 60 57 261 5030 1300 1974 443 38 45 1 22 1710 3 21 36 262 9286 2400 1974 443 1955 38 45 1 3 1710 3 45 61 263 6771 1750 1974 443 35 49 8 22 1715 2 19 27 264 6771 1750 1974 443 35 49 8 22 1715 2 19 27 265 2128 550 1974 443 36 49 1 22 1764 3 41 39 266 1548 400 1974 443 36 49 1 26 1764 3 45 61 267 426 110 1974 443 37 48 1 22 1776 3 41 39 268 4256 1100 1974 443 37 49 1 22 1813 5 59 15 269 3869 1000 1974 443 38 48 1 3 1824 5 59 15 270 2321 600 1974 443 33 56 1 3 1848 3 35 52 271 15476 4000 1974 443 52 36 1 22 1872 2 19 27 272 15476 4000 1974 443 52 36 1 22 1872 2 19 27 273 11607 3000 1974 443 37 51 1 22 1887 2 19 27 274 11607 3000 1974 443 37 51 1 22 1887 2 19 27 275 5804 1500 1974 443 49 39 1 3 1911 3 23 31 276 5030 1300 1974 443 37 52 1 8 1924 3 13 23 277 3095 800 1974 443 36 54 1 22 1944 3 26 23 278 3095 800 1974 443 36 54 1 22 1944 3 26 23 279 1006 260 1974 443 54 37 6 22 1998 2 27 23 280 1161 300 1974 443 54 37 6 22 1998 2 27 23

P age 298 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 281 1083 280 1974 443 55 37 2 22 2035 2 27 23 282 774 200 1974 443 41 51 1 3 2091 2 27 23 283 1354 350 1974 443 46 46 1 3 2116 1 14 17 284 929 240 1974 443 38 56 7 22 2128 3 26 23 285 929 240 1974 443 38 56 7 22 2128 3 26 23 286 3869 1000 1974 443 1946 62 35 1 3 2170 5 60 57 287 1161 300 1974 443 41 53 7 23 2173 5 43 24 288 1006 260 1974 443 1955 50 46 1 3 2300 3 8 19 289 3482 900 1974 443 42 55 1 23 2310 4 34 27 290 1083 280 1974 443 46 51 10 3 2346 5 37 8 291 3869 1000 1974 443 42 58 1 22 2436 3 23 31 292 1548 400 1974 443 59 44 1 22 2596 2 40 22 293 1548 400 1974 443 59 44 1 22 2596 2 40 22 294 929 240 1974 443 44 59 2 22 2596 2 40 22 295 929 240 1974 443 44 59 2 22 2596 2 40 22 296 2418 625 1974 443 1961 44 59 1 22 2596 2 58 11 297 3289 850 1974 443 44 60 1 22 2640 4 68 21 298 774 200 1974 443 1961 61 45 1 3 2745 2 58 11 299 5030 1300 1974 443 1973 61 46 1 3 2788 3 6 14 300 967 250 1974 443 1963 46 61 1 3 2806 4 10 10 301 3482 900 1974 443 61 46 1 22 2806 3 13 23 302 1257 325 1974 443 61 46 1 23 2806 2 40 22 303 1257 325 1974 443 61 46 1 23 2806 2 40 22 304 1238 320 1974 443 53 53 1 3 2809 1 14 17 305 1161 300 1974 443 42 67 10 22 2814 3 20 31 306 2515 650 1974 443 39 75 1 22 2925 4 68 21 307 1083 280 1974 443 48 63 9 3 3024 3 44 61 308 464 120 1974 443 64 49 9 22 3136 3 44 61 309 10833 2800 1974 443 64 50 1 22 3143 3 6 14 310 1257 325 1974 443 66 48 1 26 3168 2 51 19 311 4256 1100 1974 443 1946 49 65 1 3 3185 5 60 57 312 1083 280 1974 443 75 44 4 3 3300 3 49 15 313 851 220 1974 443 52 65 3 22 3354 2 9 15 314 851 220 1974 443 52 65 3 22 3354 2 9 15 315 1006 260 1974 443 1967 55 63 3 3 3465 2 2 8 316 1083 280 1974 443 48 73 3 3 3468 2 9 15 317 3579 925 1974 443 52 68 1 22 3536 1 14 17 318 10060 2600 1974 443 68 52 8 3 3536 2 19 27 319 10060 2600 1974 443 68 52 8 3 3536 2 19 27 320 3869 1000 1974 443 52 70 1 22 3579 2 9 15 321 3676 950 1974 443 48 75 7 22 3600 3 26 23 322 3676 950 1974 443 48 75 7 22 3600 3 26 23 323 3482 900 1974 443 52 72 1 22 3718 2 9 15 324 1006 260 1974 443 61 61 1 22 3721 1 14 17 325 3482 900 1974 443 1958 51 74 4 3 3774 3 45 61 326 2902 750 1974 443 1964 54 71 8 22 3799 3 6 14 327 1548 400 1974 443 54 74 1 22 3996 3 6 14 328 251 65 1974 443 54 75 9 22 4050 3 44 61 329 310 80 1974 443 55 74 9 3 4070 3 44 61 330 2708 700 1974 443 1967 55 74 1 3 4070 3 49 15 331 5417 1400 1974 443 54 76 8 22 4104 3 21 36 332 2612 675 1974 443 58 71 1 26 4118 5 43 24 333 10060 2600 1974 443 55 75 1 22 4125 3 13 23 334 2902 750 1974 443 55 75 1 22 4125 4 34 27 335 1083 280 1974 443 46 90 1 22 4140 2 30 11 336 8512 2200 1974 443 1951 51 82 1 3 4182 5 59 15

P age 299 A 1 B c 1 .. D E 1 F 1 G 1 H 1 I 1 J 1 IC 1 L 1 M 337 2321 600 1974 443 1970 56 75 8 3 4200 3 49 15 338 8125 2100 1974 443 1955 60 70 1 22 4200 5 59 15 339 1935 500 1974 443 73 58 1 8 4234 2 51 19 340 3869 1000 1974 443 56 76 10 3 4256 3 21 36 341 387 100 1974 443 76 56 3 22 4256 4 66 12 342 426 110 1974 443 76 56 3 22 4256 4 66 12 343 7351 1900 1974 443 77 56 10 8 4312 3 21 36 344 1935 500 1974 443 59 74 1 22 4366 5 43 24 345 4256 1100 1974 443 59 74 1 22 4366 4 68 21 346 542 140 1974 443 79 56 12 22 4424 2 9 15 347 735 190 1974 443 1965 79 57 1 3 4475 2 9 15 348 1741 450 1974 443 60 75 1 8 4500 4 68 21 349 3095 800 1974 443 60 75 1 22 4500 4 68 21 350 2708 700 1974 443 1969 61 76 1 3 4636 4 34 27 351 1006 260 1974 443 1967 75 62 1 22 4650 2 27 23 352 967 250 1974 443 1949 75 62 1 26 4650 3 47 45 353 8512 2200 1974 443 56 87 1 22 4872 3 26 23 354 8512 2200 1974 443 56 87 1 22 4872 3 26 23 355 1354 350 1974 443 1974 56 87 10 8 4872 3 49 15 356 774 200 1974 443 67 73 1 23 4891 3 16 11 357 774 200 1974 443 62 79 1 22 4898 3 44 61 358 3579 925 1974 443 1963 65 76 22 4940 2 58 11 359 967 250 1974 443 1969 84 61 8 5124 3 6 14 360 2515 650 1974 443 1963 59 89 1 22 5207 4 10 10 361 10833 2800 1974 443 1972 70 75 1 22 5213 3 6 14 362 15476 4000 1974 443 1972 70 75 1 8 5250 3 6 14 363 2128 550 1974 443 58 91 1 3 5278 3 41 39 354 12768 3300 1974 443 59 90 1 22 5281 3 13 23 365 8125 2100 1974 443 60 90 1 8 5355 3 13 23 366 23214 6000 1974 443 60 90 1 22 5400 3 13 23 367 1083 280 1974 443 60 90 1 3 5400 3 24 15 368 10060 2600 1974 443 60 90 1 22 5400 3 26 23 369 10060 2600 1974 443 60 90 1 22 5400 3 26 23 370 11220 2900 1974 443 60 91 1 22 5460 3 13 23 371 813 210 1974 443 91 61 1 22 5551 2 40 22 372 813 210 1974 443 91 61 1 22 5551 2 40 22 373 1083 280 1974 443 91 61 1 22 5551 2 40 22 374 1083 280 1974 443 91 61 1 22 5551 2 40 22 375 1644 425 1974 443 91 61 1 23 5551 2 40 22 376 1644 425 1974 443 91 61 1 23 5551 2 40 22 377 967 250 1974 443 1967 92 61 1 3 5582 4 10 10 378 9673 2500 1974 443 92 61 1 22 5582 3 13 23 379 38691 10000 1974 443 1951 61 92 1 3 5612 3 45 61 380 3095 800 1974 443 1961 66 86 1 3 5676 4 34 27 381 19732 5100 1974 443 95 65 22 6175 2 19 27 382 19732 5100 1974 443 95 65 22 6175 2 19 27 383 4256 1100 1974 443 1957 68 91 1 22 6188 3 49 15 384 10833 2800 1974 443 69 91 1 3 6279 3 49 15 385 1083 280 1974 443 77 84 1 3 6468 2 58 11 386 11607 3000 1974 443 72 91 1 22 6516 3 6 14 387 1238 320 1974 443 1935 95 69 1 3 6555 3 8 19 388 1780 460 1974 443 75 90 1 22 6750 2 30 11 389 1354 350 1974 443 93 74 1 3 6882 4 57 7 390 3869 1000 1974 443 73 96 1 22 7008 3 21 36 391 2805 725 1974 443 78 90 1 23 7020 2 9 15 392 10833 2800 1974 443 102 69 8 3 7038 2 19 27

P age 3 00 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 393 10833 2800 1974 443 102 69 8 3 7038 2 19 27 394 2708 700 1974 443 100 72 7 10 7200 2 9 15 395 5804 1500 1974 443 70 103 10 3 7210 3 21 36 396 1896 490 1974 443 77 95 4 22 7315 4 66 12 397 23601 6100 1974 443 74 100 1 22 7400 3 13 23 398 3289 850 1974 443 1967 74 100 1 22 7400 5 43 24 399 3289 850 1974 443 61 122 1 3 7442 3 20 31 400 23214 6000 1974 , 443 101 75 1 22 7538 3 13 23 401 12381 3200 1974 443 76 102 1 3 7722 3 13 23 402 9673 2500 1974 443 76 102 3 7752 3 13 23 403 13155 3400 1974 443 80 99 1 22 7920 3 6 14 404 3482 900 1974 443 89 89 1 22 7921 2 9 15 405 2128 550 1974 443 90 90 1 22 8100 4 10 10 406 10833 2800 1974 443 90 90 1 3 8100 5 59 15 407 8512 2200 1974 443 1970 81 100 1 3 8154 3 6 14 408 10060 2600 1974 443 1971 85 101 1 22 8585 3 6 14 409 10060 2600 1974 443 1971 85 102 1 22 8670 3 6 14 410 1470 380 1974 443 96 91 1 22 8736 2 58 11 411 696 180 1974 443 90 105 1 22 9450 2 51 19 412 3869 1000 1974 443 1964 101 101 1 22 10201 2 27 23 413 2902 750 1974 443 101 101 1 22 10201 2 27 23 414 7738 2000 1974 443 77 135 22 10395 3 21 36 415 3676 950 1974 443 86 122 1 22 10492 5 43 24 416 15476 4000 1974 443 1969 89 118 1 22 10502 3 6 14 417 8899 2300 1974 443 80 132 22 10560 3 21 36 418 20313 5250 1974 443 1970 89 119 1 22 10591 3 6 14 419 11607 3000 1974 443 1968 89 120 1 22 10680 3 26 23 420 11607 3000 1974 443 1968 89 120 1 22 10680 3 26 23 421 3095 800 1974 443 120 90 1 22 10800 2 40 22 422 871 225 1974 443 90 120 1 22 10800 2 40 22 423 871 225 1974 443 90 120 1 22 10800 2 40 22 424 3095 800 1974 443 120 90 1 22 10800 2 40 22 425 3869 1000 1974 443 1964 120 90 22 10800 3 49 15 426 3869 1000 1974 443 121 90 1 22 10890 2 40 22 427 3869 1000 1974 443 121 90 1 22 10890 2 40 22 428 6577 1700 1974 443 1971 90 121 1 22 10890 3 49 15 429 696 180 1974 443 1962 90 121 1 22 10890 2 58 11 430 5417 1400 1974 443 91 122 1 3 11102 1 14 17 431 735 190 1974 443 122 91 1 3 11102 2 40 22 432 735 190 1974 443 122 91 1 3 11102 2 40 22 433 5804 1500 1974 443 1968 91 122 1 3 11102 3 49 15 434 2128 550 1974 443 91 122 22 11102 2 51 19 435 5417 1400 1974 443 92 121 1 3 11132 3 26 23 436 2321 600 1974 443 92 122 1 22 11163 4 10 10 437 3289 850 1974 443 122 92 1 23 11224 3 23 31 438 3192 825 1974 443 115 101 1 22 11565 3 8 19 439 4643 1200 1974 443 120 120 1 22 14400 1 14 17 440 1354 350 1974 443 1970 82 176 3 14432 2 46 5 441 15476 4000 1974 443 146 106 10 22 15476 3 21 36 442 1548 400 1974 443 137 122 1 26 16714 2 40 22 443 1548 400 1974 443 137 122 1 26 16714 2 40 22 444 17411 4500 1974 443 1967 121 151 1 3 18328 3 6 14 445 5030 1300 1974 443 136 136 1 22 18496 1 14 17 446 1935 500 1974 443 1964 136 136 1 22 18496 2 27 23 447 4643 1200 1974 443 1972 122 152 1 3 18544 4 10 10 448 1741 450 1974 443 183 102 1 27 18666 4 66 12

P age 301 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 449 580 150 1974 443 106 185 1 22 19610 4 66 12 450 13542 3500 1974 443 1972 122 178 1 3 21716 3 49 15 451 1354 350 1974 443 121 182 1 3 22022 3 44 61 452 2515 650 1974 443 1961 122 183 2 3 22326 2 51 19 453 18378 4750 1974 443 127 186 8 22 23622 2 19 27 454 18378 4750 1974 443 127 186 8 22 23622 2 19 27 455 2902 750 1974 443 127 193 2 3 24511 1 7 8 456 2708 700 1974 443 180 137 2 22 24660 2 51 19 457 1935 500 1974 443 1964 137 183 1 3 25071 2 40 22 458 1935 500 1974 443 1964 137 183 1 3 25071 2 40 22 459 1161 300 1974 443 137 183 1 22 25071 2 40 22 460 1161 300 1974 443 137 183 1 22 25071 2 40 22 451 3289 850 1974 443 1967 153 168 1 3 25620 2 9 15 462 2708 700 1974 443 1968 134 198 1 3 26532 2 2 8 463 25149 6500 1974 443 1957 137 218 1 3 29866 3 49 15 464 19345 5000 1974 443 1970 203 518 6 3 105154 4 66 12 465 437 130 1975 510 13 10 4 8 130 3 21 36 466 336 100 1975 510 4 42 10 23 168 4 34 27 467 1008 300 1975 510 15 12 1 22 174 3 23 31 468 437 130 1975 510 15 13 1 22 181 3 8 19 469 706 210 1975 510 16 14 10 22 217 3 13 23 470 2353 700 1975 510 14 20 2 5 280 3 13 23 471 874 260 1975 510 14 22 1 21 290 3 23 31 472 840 250 1975 510 21 16 4 3 336 2 19 27 473 840 250 1975 510 21 16 4 3 336 2 19 27 474 807 240 1975 510 20 17 1 10 340 3 20 31 475 1176 350 1975 510 23 15 1 22 345 3 23 31 476 3529 1050 1975 510 15 25 1 22 375 3 49 15 477 4033 1200 1975 510 1950 21 18 8 3 378 2 19 27 478 4033 1200 1975 510 1950 21 18 8 3 378 2 19 27 479 471 140 1975 510 24 16 10 3 384 3 21 36 480 269 80 1975 510 1973 15 30 7 3 441 3 26 23 481 1092 325 1975 510 20 23 9 8 460 3 13 23 482 370 110 1975 510 20 25 3 24 500 3 13 23 483 168 50 1975 510 20 27 3 3 530 3 26 23 484 739 220 1975 510 21 26 11 8 533 3 23 31 485 1680 500 1975 510 29 19 1 3 551 3 8 19 486 471 140 1975 510 21 27 4 21 567 3 20 31 487 538 160 1975 510 22 27 4 21 594 3 20 31 488 1176 350 1975 510 28 22 1 22 602 3 49 15 489 1260 375 1975 510 21 30 1 21 630 3 23 31 490 386 115 1975 510 23 28 1 3 644 3 41 39 491 168 50 1975 510 30 22 1 22 649 3 31 22 492 336 100 1975 510 30 22 4 3 660 3 13 23 493 235 70 1975 510 29 23 7 23 667 3 20 31 494 1176 350 1975 510 22 31 1 3 682 3 13 23 495 672 200 1975 510 1963 32 22 1 3 704 2 27 23 496 336 100 1975 510 30 25 1 22 723 2 30 11 497 1008 300 1975 510 1968 31 24 1 8 744 3 6 14 498 1176 350 1975 510 1972 31 24 6 3 744 3 44 61 499 874 260 1975 510 30 25 1 21 750 3 23 31 500 1008 300 1975 510 25 30 1 22 750 4 34 27 501 605 180 1975 510 1927 24 33 1 22 792 3 47 45 502 1008 300 1975 510 23 36 1 10 810 3 41 39 503 370 110 1975 510 34 24 1 22 816 2 30 11 504 1075 320 1975 510 23 36 7 8 828 3 35 52

Page 3 02 A 1 B 1 c 1 D B 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 505 1428 425 1975 510 1950 26 33 8 842 5 60 57 506 403 120 1975 510 25 34 7 22 850 3 35 52 507 1848 550 1975 510 25 35 1 22 858 3 13 23 508 2521 750 1975 510 1972 33 26 1 3 858 3 6 14 509 672 200 1975 510 1926 25 35 7 8 863 3 35 52 510 571 170 1975 510 1971 24 36 8 864 3 26 23 511 1412 420 1975 510 25 35 10 3 875 3 21 36 512 672 200 1975 510 1937 35 25 1 5 875 3 47 45 513 605 180 1975 510 27 36 1 22 954 3 8 19 514 1512 450 1975 510 27 36 22 972 3 21 36 515 739 220 1975 510 29 34 7 14 986 3 35 52 516 605 180 1975 510 26 38 1 10 988 3 41 39 517 672 200 1975 510 35 29 22 1001 2 30 11 518 2016 600 1975 510 34 30 1 22 1003 3 6 14 519 538 160 1975 510 38 27 22 1013 3 8 19 520 941 280 1975 510 26 40 1 8 1040 4 34 27 521 4369 1300 1975 510 29 37 1 8 1059 3 13 23 522 639 190 1975 510 29 37 1 22 1073 3 20 31 523 1210 360 1975 510 1973 29 37 1 22 1073 3 20 31 524 1512 450 1975 510 29 38 1 5 1102 3 35 52 525 840 250 1975 510 41 27 8 1107 3 13 23 526 1008 300 1975 510 25 47 1 22 1152 3 41 39 527 1344 400 1975 510 42 28 1 21 1176 3 20 31 528 538 160 1975 510 30 40 1 22 1180 3 47 45 529 1008 300 1975 510 1949 32 38 8 8 1200 5 59 15 530 403 120 1975 510 30 43 4 3 1290 3 17 11 531 1008 300 1975 510 43 30 10 22 1290 3 44 61 532 437 130 1975 510 31 43 4 3 1333 3 20 31 533 1596 475 1975 510 1965 29 49 1 8 1382 5 59 15 534 1422 423 1975 510 30 47 4 13 1395 3 21 36 535 1075 320 1975 510 30 47 10 5 1410 3 21 36 536 2857 850 1975 510 1952 30 48 6 8 1440 3 21 36 537 1210 360 1975 510 1973 30 48 4 22 1440 3 26 23 538 1210 360 1975 510 1973 30 48 4 22 1440 3 26 23 539 336 100 1975 510 43 34 1 5 1462 3 47 45 540 1680 500 1975 510 1971 28 53 10 21 1484 3 26 23 541 605 180 1975 510 32 48 9 3 1496 3 44 61 542 739 220 1975 510 1955 33 46 1 8 1502 2 9 15 543 1092 325 1975 510 45 34 7 22 1530 3 35 52 544 1092 325 1975 510 33 47 8 10 1551 3 21 36 545 739 220 1975 510 37 42 1 10 1554 3 41 39 546 1428 425 1975 510 1970 40 40 1 8 1560 3 6 14 547 3697 1100 1975 510 45 35 1 5 1575 3 13 23 548 1075 320 1975 510 35 45 1 3 1575 3 41 39 549 302 90 1975 510 45 35 4 22 1575 3 41 39 550 403 120 1975 510 33 48 1 22 1584 3 8 19 551 370 110 1975 510 29 55 1 22 1595 4 68 21 552 168 50 1975 510 1970 50 32 10 22 1600 5 67 5 553 1848 550 1975 510 36 46 7 8 1615 3 21 36 554 2016 600 1975 510 33 49 10 5 1617 3 21 36 555 1512 450 1975 510 36 46 1 8 1633 3 6 14 556 2689 800 1975 510 38 43 1 3 1634 5 60 57 557 672 200 1975 510 49 34 6 22 1666 3 44 61 558 3361 1000 1975 510 1958 38 44 4 22 1672 3 45 61 559 538 160 1975 510 36 47 8 22 1692 3 8 19 560 336 100 1975 510 33 53 7 21 1723 3 17 11

P age 303 A 1 B 1 c 1 D s 1 F 1 G 1 H 1 1 1 J 1 K 1 L 1 m 561 1512 450 1975 510 37 47 1 22 1739 3 21 36 562 269 80 1975 510 37 49 1 22 1813 5 67 5 563 538 160 1975 510 38 48 1 3 1824 2 48 23 564 504 150 1975 510 1960 51 37 4 3 1843 3 17 11 565 1176 350 1975 510 50 38 1 8 1856 3 23 31 566 4705 1400 1975 510 37 51 1 3 1887 2 19 27 567 4705 1400 1975 510 37 51 8 3 1887 2 19 27 568 2521 750 1975 510 35 54 8 22 1890 3 21 36 569 4033 1200 1975 510 49 39 1 3 1911 3 23 31 570 672 200 1975 510 39 49 1 22 1911 5 67 5 571 2353 700 1975 510 1973 33 58 6 8 1914 3 21 36 572 8402 2500 1975 510 38 51 1 3 1919 3 45 61 573 1512 450 1975 510 39 50 1 3 1931 3 41 39 574 605 180 1975 510 40 50 4 10 1955 3 21 36 575 11763 3500 1975 510 53 38 8 3 2014 2 19 27 576 11763 3500 1975 510 53 38 8 3 2014 2 19 27 577 11763 3500 1975 510 53 38 8 3 2014 2 19 27 578 11763 3500 1975 510 53 38 8 3 2014 2 19 27 579 269 80 1975 510 1945 55 37 1 3 2035 3 47 45 580 1008 300 1975 510 38 54 7 22 2052 3 26 23 581 1008 300 1975 510 38 54 7 22 2052 3 26 23 582 336 100 1975 510 39 53 10 3 2067 3 45 61 583 538 160 1975 510 41 51 6 5 2091 5 43 24 584 1344 400 1975 510 40 55 1 22 2153 4 34 27 585 706 210 1975 510 40 57 3 22 2280 3 13 23 586 4369 1300 1975 510 46 55 1 22 2507 3 6 14 587 403 120 1975 510 59 44 1 22 2567 4 68 21 588 3361 1000 1975 510 44 59 1 10 2596 3 6 14 589 1344 400 1975 510 44 59 1 8 2596 3 44 61 590 6722 2000 1975 510 1957 45 58 1 3 2610 3 49 15 591 437 130 1975 510 59 45 1 22 2626 4 68 21 592 3025 900 1975 510 44 60 1 3 2640 3 23 31 593 1344 400 1975 510 45 59 1 22 2655 4 68 21 594 941 280 1975 510 1964 45 60 1 8 2670 3 26 23 595 1932 575 1975 510 45 60 1 22 2670 4 68 21 596 2353 700 1975 510 44 61 1 10 2684 3 13 23 597 286 85 1975 510 45 60 8 22 2700 3 8 19 598 3025 900 1975 510 60 45 1 5 2700 3 13 23 599 571 170 1975 510 60 45 1 8 2700 3 13 23 600 1344 400 1975 510 45 60 1 22 2700 4 68 21 601 1260 375 1975 510 45 60 1 22 . 2700 4 68 21 602 5041 1500 1975 510 46 61 1 22 2806 3 13 23 603 1344 400 1975 510 46 61 1 22 2806 3 44 61 604 840 250 1975 510 58 50 9 23 2900 4 10 10 605 67 20 1975 510 1961 51 57 1 8 2907 3 55 1 606 1008 300 1975 510 1962 46 64 1 3 2921 3 8 19 607 14283 4250 1975 510 60 50 1 5 3000 3 13 23 608 975 290 1975 510 48 63 9 3 3000 3 44 61 609 336 100 1975 510 63 48 9 3 3024 3 44 61 610 840 250 1975 510 55 55 1 10 3025 1 14 17 611 807 240 1975 510 49 63 9 3 3031 3 44 61 612 807 240 1975 510 64 48 9 3 3048 3 '44 61 613 5377 1600 1975 510 1971 51 61 1 3 3111 3 6 14 614 4705 1400 1975 510 1972 49 64 1 22 3112 3 6 14 615 8066 2400 1975 510 51 64 1 22 3223 3 6 14 616 1260 375 1975 510 49 66 3 23 3234 2 9 15

P age 3 04 ..A 1, B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 m 617 1680 500 1975 510 65 51 1 3 3315 2 9 15 618 2016 600 1975 510 65 52 1 3 3322 2 9 15 619 1680 500 1975 510 1966 49 69 4 22 3381 3 26 23 620 1680 500 1975 510 1966 49 69 9 22 3381 3 26 23 621 471 140 1975 510 52 66 7 5 3432 3 52 14 622 1344 400 1975 510 51 69 1 10 3519 2 9 15 623 7394 2200 1975 510 60 60 1 22 3540 3 13 23 624 1848 550 1975 510 36 99 6 22 3564 3 45 61 625 1680 500 1975 510 52 70 8 3 3579 2 9 15 626 2353 700 1975 510 80 46 1 21 3680 3 23 31 627 1344 400 1975 510 71 53 1 10 3763 2 9 15 628 2185 650 1975 510 51 77 6 8 3863 3 26 23 629 3529 1050 1975 510 1971 51 76 1 22 3876 4 34 27 630 3361 1000 1975 510 1960 53 76 10 5 4028 3 21 36 631 1680 500 1975 510 75 55 8 22 4125 3 21 36 632 2521 750 1975 510 42 99 1 5 4158 3 41 39 633 3025 900 1975 510 55 76 1 22 4180 3 6 14 634 538 160 1975 510 77 55 4 23 4235 4 66 12 635 3361 1000 1975 510 53 80 1 22 4240 3 6 14 636 403 120 1975 510 1973 76 57 3 3 4294 2 9 U 637 5377 1600 1975 510 56 77 10 5 4312 3 21 36 638 2016 600 1975 510 1956 59 75 1 8 4388 3 8 19 639 9410 2800 1975 510 72 61 1 3 4392 3 13 23 640 2084 620 1975 510 57 78 10 3 4407 3 21 36 641 3361 1000 1975 510 79 56 10 22 4424 3 21 36 642 5041 1500 1975 510 59 76 10 3 4484 3 21 36 643 941 280 1975 510 51 88 1 8 4488 1 12 7 644 336 100 1975 510 1965 51 88 6 8 4488 1 12 7 645 1848 550 1975 510 60 75 1 5 4500 3 41 39 646 1092 325 1975 510 76 60 1 21 4560 5 43 24 647 504 150 1975 510 74 62 1 22 4588 3 31 22 648 269 80 1975 510 1967 77 61 3 3 4667 2 2 8 649 2857 850 1975 510 57 87 10 22 4887 3 21 36 650 1008 300 1975 510 62 79 1 22 4898 3 44 61 651 370 110 1975 510 82 60 3 22 4920 4 66 12 652 756 225 1975 510 67 74 8 22 4958 3 17 11 653 4705 1400 1975 510 1973 63 79 1 8 4977 3 6 14 654 2353 700 1975 510 64 82 1 8 5207 3 8 19 655 3193 950 1975 510 1961 65 85 1 22 5525 4 34 27 656 4369 1300 1975 510 61 91 1 3 5551 3 13 23 657 807 240 1975 510 1964 61 91 1 3 5551 2 40 22 658 807 240 1975 510 1964 61 91 1 3 5551 2 40 22 659 6722 2000 1975 510 92 61 1 22 5582 3 23 31 660 538 160 1975 510 61 92 1 8 5582 2 48 23 661 3025 900 1975 510 63 89 6 3 5607 3 26 23 662 3025 900 1975 510 63 89 6 3 5607 3 26 23 663 1092 325 1975 510 76 76 1 10 5776 3 20 31 664 1764 525 1975 510 1965 64 92 1 8 5810 3 8 19 665 2689 800 1975 510 1959 66 89 1 8 5874 3 49 15 666 3193 950 1975 510 1968 67 91 1 22 6064 3 6 14 667 1680 500 1975 510 1953 68 91 1 22 6109 3 49 15 668 1428 425 1975 510 88 74 1 5 6512 3 54 11 669 4705 1400 1975 510 72 91 1 22 6552 3 6 14 670 8066 2400 1975 510 1971 68 101 1 22 6868 3 26 23 671 4705 1400 1975 510 69 101 6 22 6884 3 21 36 672 3361 1000 1975 510 71 100 1 8 7065 3 13 23

P age 3 05 . ^ ...1 B 1 c 1 D E I F 1 Q 1 H 1 I I J 1 K 1 L 1 M 673 3697 1100 1975 510 71 100 1 10 7100 3 13 23 674 13443 4000 1975 510 100 75 1 22 7500 3 13 23 675 5041 1500 1975 510 98 78 1 22 7644 3 6 14 676 8066 2400 1975 510 76 101 1 3 7656 3 13 23 677 151 45 1975 510 76 101 1 3 7676 5 67 5 678 2185 650 1975 510 76 102 3 7714 3 13 23 679 10082 3000 1975 510 77 102 1 8 7765 3 13 23 680 1428 425 1975 510 90 90 1 10 8100 4 10 10 681 8402 2500 1975 510 90 99 1 22 8861 3 6 14 682 924 275 1975 510 80 111 1 22 8880 3 8 19 683 3025 900 1975 510 78 122 1 8 9516 2 9 15 684 7730 2300 1975 510 1969 96 100 1 3 9600 3 6 14 685 13443 4000 1975 510 80 120 1 8 9600 3 13 23 686 6049 1800 1975 510 1969 97 100 1 3 9650 3 6 14 687 756 225 1975 510 91 109 22 9919 2 51 19 688 3310 985 1975 510 1970 89 119 1 13 10591 3 6 14 689 1848 550 1975 510 90 120 1 22 10800 3 8 19 690 16804 5000 1975 510 90 122 1 22 10980 3 13 23 691 4033 1200 1975 510 1971 91 122 1 3 11102 3 49 15 692 807 240 1975 510 1963 122 91 1 3 11102 2 58 11 693 21845 6500 1975 510 92 122 1 3 11163 3 45 61 694 1260 375 1975 510 107 107 6 11342 2 2 8 695 4705 1400 1975 510 126 100 1 13 12600 3 6 14 696 235 70 1975 510 1967 102 127 1 3 12840 2 27 23 697 1260 375 1975 510 121 181 1 22 21901 3 44 61 698 2185 650 1975 510 168 168 1 8 28224 3 38 5 699 4033 1200 1975 510 1961 183 412 1 3 75305 2 51 19 700 2368 800 1976 579 1961 4 34 3 136 5 60 57 701 503 170 1976 579 12 15 1 8 173 3 23 31 702 533 180 1976 579 12 19 1 3 222 3 23 31 703 192 65 1976 579 1965 17 15 10 8 247 2 58 11 704 740 250 1976 579 13 21 1 8 273 3 23 31 705 651 220 1976 579 15 20 1 22 300 3 13 23 706 740 250 1976 579 14 22 5 301 3 13 23 707 888 300 1976 579 15 22 3 319 3 13 23 708 962 325 1976 579 23 15 1 22 345 3 23 31 709 592 200 1976 579 20 20 1 22 400 4 34 27 710 740 250 1976 579 18 25 1 3 438 3 23 31 711 207 70 1976 579 20 24 1 10 468 3 49 15 712 355 120 1976 579 19 27 3 500 3 35 52 713 104 35 1976 579 20 27 5 540 3 29 8 714 237 80 1976 579 27 21 1 3 543 3 8 19 715 296 100 1976 579 1968 23 24 22 552 3 8 19 716 592 200 1976 579 22 27 1 8 570 3 41 39 717 2220 750 1976 579 22 27 1 3 594 5 60 57 718 207 70 1976 579 23 28 8 3 630 3 20 31 719 1125 380 1976 579 23 28 8 3 644 3 17 11 720 592 200 1976 579 22 32 7 3 677 3 35 52 721 740 250 1976 579 24 29 1 8 696 3 41 39 722 207 70 1976 579 35 21 4 22 718 3 35 52 723 740 250 1976 579 30 25 1 21 750 3 23 31 724 296 100 1976 579 33 23 1 21 759 3 20 31 725 385 130 1976 579 1926 25 33 7 3 809 3 35 52 726 444 150 1976 579 1968 25 34 7 22 850 2 9 15 727 1776 600 1976 579 33 27 1 10 861 3 6 14 728 296 100 1976 579 24 36 4 5 864 3 21 36

P age 306 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 729 829 280 1976 579 1937 35 25 1 3 875 3 47 45 730 533 180 1976 579 26 35 7 3 897 3 35 52 731 2072 700 1976 579 26 35 1 10 897 5 60 57 732 1628 550 1976 579 28 33 6 22 908 3 6 14 733 888 300 1976 579 33 28 1 8 924 3 35 52 734 444 150 1976 579 21 44 1 8 924 3 41 39 735 562 190 1976 579 25 37 7 3 925 3 35 52 736 414 140 1976 579 32 31 4 3 961 3 17 11 737 385 130 1976 579 32 31 4 3 961 3 17 11 738 444 150 1976 579 1968 25 40 7 3 968 5 43 24 739 829 280 1976 579 1960 29 34 1 8 969 3 35 52 740 2072 700 1976 579 38 26 1 3 969 3 45 61 741 1273 430 1976 579 1944 30 34 1 22 1003 3 21 36 742 1332 450 1976 579 1944 30 34 1 22 1003 3 21 36 743 1480 500 1976 579 26 39 1 23 1014 4 34 27 744 962 325 1976 579 37 28 1 10 1036 3 41 39 745 2960 1000 1976 579 36 29 1 3 1044 5 60 57 746 829 280 1976 579 29 37 1 10 1059 3 20 31 747 252 85 1976 579 29 37 1 9 1059 5 67 5 748 5032 1700 1976 579 39 29 1 23 1131 5 59 15 749 518 175 1976 579 30 38 5 1140 3 35 52 750 710 240 1976 579 42 28 1 22 1155 3 20 31 751 237 80 1976 579 40 29 5 1160 3 35 52 752 1036 350 1976 579 1967 30 40 1 3 1180 3 6 14 753 858 290 1976 579 32 38 8 22 1197 1 14 17 754 740 250 1976 579 28 46 7 10 1288 3 41 39 755 3848 1300 1976 579 1956 47 29 4 3 1340 3 21 36 756 1628 550 1976 579 1954 34 41 8 22 1374 5 59 15 757 4588 1550 1976 579 1962 33 43 1 22 1419 3 13 23 758 651 220 1976 579 31 46 1 22 1426 4 10 10 759 1036 350 1976 579 31 46 10 10 1426 3 21 36 760 1628 550 1976 579 1950 31 47 10 3 1434 5 59 15 761 1332 450 1976 579 1950 31 47 10 3 1434 5 59 15 762 562 190 1976 579 30 48 1 22 1440 3 21 36 763 1110 375 1976 579 1972 31 47 1 23 1457 4 34 27 7 64 266 90 1976 579 44 35 ,4 3 1540 3 35 52 765 266 90 1976 579 33 47 1 22 1551 3 8 19 766 207 70 1976 579 28 56 7 22 1568 3 63 33 767 3848 1300 1976 579 37 43 1 22 1573 5 60 57 768 237 80 1976 579 35 45 10 22 1575 3 35 52 769 1332 450 1976 579 33 48 7 8 1584 3 21 36 770 5032 1700 1976 579 36 44 1 23 1584 3 45 61 771 414 140 1976 579 1966 91 18 1 3 1638 2 30 11 772 1776 600 1976 579 1948 37 45 1 22 1647 4 34 27 773 2072 700 1976 579 38 45 1 23 1710 3 21 36 774 163 55 1976 579 51 35 4 3 1768 3 35 52 775 355 120 •1976 579 1968 51 36 10 3 1836 1 12 7 776 1421 480 1976 579 1953 51 37 8 22 1887 3 21 36 777 6513 2200 1976 579 38 51 8 3 1919 3 45 61 778 444 150 1976 579 1962 40 48 10 8 1920 5 43 24 779 1924 650 1976 579 1953 52 37 8 8 1924 3 21 36 780 1184 400 1976 579 39 50 1 10 1931 3 41 39 781 207 70 1976 579 1971 55 37 10 22 2035 2 27 23 782 148 50 1976 579 45 46 7 5 2070 3 35 52 783 385 130 1976 579 1936 45 46 7 23 2070 3 35 52 784 2220 750 1976 579 65 32 8 23 2080 2 9 15

P age 3 07 A 1 B 1 c 1 D E 1 P 1 6 1 H 1 I 1 J 1 K 1 L 1 M 785 1776 600 1976 579 40 55 1 5 2200 4 34 27 786 355 120 1976 579 1961 60 38 1 11 2280 3 17 11 787 947 320 1976 579 1946 56 41 10 22 2296 3 21 36 788 3256 1100 1976 579 1973 54 45 1 8 2430 3 6 14 789 6809 2300 1976 579 45 54 1 23 2430 3 6 14 790 207 70 1976 579 50 50 1 8 2500 1 14 17 791 1036 350 1976 579 1973 59 44 1 22 2596 4 68 21 792 592 200 1976 579 1975 44 59 1 23 2596 4 68 21 793 651 220 1976 579 60 45 1 22 2700 3 44 61 794 5921 2000 1976 579 1971 64 43 1 8 2731 5 60 57 795 2960 1000 1976 579 48 58 1 10 2731 5 60 57 796 3256 1100 1976 579 64 43 1 22 2752 5 60 57 797 1480 500 1976 579 1956 61 46 1 3 2776 3 21 36 798 1125 380 1976 579 48 58 1 23 2784 3 41 39 799 1036 350 1976 579 62 46 1 3 2829 3 44 61 800 1258 425 1976 579 46 64 1 22 2921 4 68 21 801 3256 1100 1976 579 50 60 1 5 3000 3 6 14 802 592 200 1976 579 69 46 4 3 3117 3 17 11 803 2072 700 1976 579 50 64 12 22 3143 3 21 36 804 770 260 1976 579 44 73 3 22 3212 2 9 15 805 666 225 1976 579 43 75 1 21 3225 3 17 11 806 1628 550 1976 579 52 65 8 23 3380 2 9 15 807 444 150 1976 579 1970 51 68 8 3 3409 2 58 11 808 1184 400 1976 579 53 65 7 22 3445 5 43 24 809 592 200 1976 579 1969 53 66 2 3 3472 2 9 15 810 207 70 1976 579 69 51 2 22 3519 2 51 19 811 710 240 1976 579 49 72 3 22 3528 2 9 15 812 947 320 1976 579 60 61 1 9 3660 1 14 17 813 533 180 1976 579 27 137 1 9 3699 3 4 3 814 296 100 1976 579 1960 49 76 6 8 3724 3 16 11 815 770 260 1976 579 54 70 6 3 3745 1 14 17 816 1628 550 1976 579 53 76 6 3 3964 4 66 12 817 4144 1400 1976 579 72 57 1 5 4104 4 34 27 818 1243 420 1976 579 1964 55 76 8 3 4153 3 6 14 819 1036 350 1976 579 55 76 8 22 4180 1 14 17 820 1776 600 1976 579 55 76 1 10 4180 3 23 31 821 3256 1100 1976 579 1957 56 76 1 5 4256 4 34 27 822 1184 400 1976 579 1970 56 76 7 22 4256 3 49 15 823 1539 520 1976 579 56 77 10 3 4274 3 21 36 824 1332 450 1976 579 56 79 7 23 4396 3 21 36 825 7105 2400 1976 579 78 57 6 3 4415 3 21 36 826 1776 600 1976 579 60 75 2 8 4500 2 9 15 827 592 200 1976 579 1962 75 60 5 22 4500 2 58 11 828 2960 1000 1976 579 1967 61 76 1 22 4636 4 34 27 829 4736 1600 1976 579 60 81 1 3 4820 5 59 15 830 2368 800 1976 579 81 64 1 8 5184 5 59 15 831 4736 1600 1976 579 84 62 1 8 5208 3 13 23 832 4144 1400 1976 579 86 61 1 22 5246 3 45 61 833 2368 800 1976 579 60 92 1 3 5520 5 59 15 834 1924 650 1976 579 97 61 10 3 5869 4 66 12 835 592 200 1976 579 73 90 1 22 6570 3 52 14 836 4736 1600 1976 579 1973 120 60 1 3 7200 3 6 14 837 1776 600 1976 579 75 100 1 21 7500 5 43 24 838 1006 340 1976 579 101 75 1 22 7575 2 30 11 839 8289 2800 1976 579 76 101 1 3 7626 3 13 23 840 8881 3000 1976 579 90 90 1 22 8100 5 59 15

P age 308 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 841 2960 1000 1976 579 91 122 1 10 11102 3 49 15 842 17762 6000 1976 579 92 122 1 3 11163 3 45 61 843 3848 1300 1976 579 1971 92 122 1 3 11163 3 49 15 844 2368 800 1976 579 92 122 1 3 11163 4 68 21 845 7401 2500 1976 579 1971 92 137 1 3 12490 3 6 14 846 5921 2000 1976 579 1962 92 137 1 3 12536 3 49 15 847 444 150 1976 579 1970 77 171 2 3 13043 2 46 5 848 5328 1800 1976 579 1956 115 115 1 8 13225 3 49 15 849 10657 3600 1976 579 1974 114 145 1 22 16530 3 6 14 850 2664 900 1976 579 162 130 2 3 21060 2 9 15 851 888 300 1976 579 168 168 1 8 28224 3 38 5 852 127 48 1977 650 6 8 3 3 45 3 42 37 853 84 32 1977 650 8 9 3 3 64 3 42 37 854 105 40 1977 650 1951 9 14 10 3 126 3 35 52 855 580 220 1977 650 14 12 1 22 168 3 23 31 856 725 275 1977 650 15 12 1 8 174 3 23 31 857 844 320 1977 650 15 12 1 1 180 3 23 31 858 527 200 1977 650 15 12 1 23 180 3 23 31 859 343 130 1977 650 16 15 4 23 240 3 13 23 860 791 300 1977 650 14 18 1 10 243 3 23 31 861 527 200 1977 650 20 15 7 8 283 3 23 31 862 817 310 1977 650 15 19 1 23 285 3 13 23 863 132 50 1977 650 1952 17 21 2 8 357 2 48 23 864 475 180 1977 650 16 23 4 8 360 3 35 52 865 290 110 1977 650 17 22 1 3 366 2 30 11 866 343 130 1977 650 23 16 4 10 368 3 6 14 867 633 240 1977 650 15 27 1 22 405 3 6 14 868 343 130 1977 650 23 18 3 1 405 3 6 14 869 580 220 1977 650 17 24 1 1 418 4 34 27 870 527 200 1977 650 26 17 10 3 421 3 49 15 871 396 150 1977 650 19 24 1 5 456 4 34 27 872 580 220 1977 650 19 27 7 3 500 3 35 52 873 171 65 1977 650 20 25 1 1 500 3 20 31 874 237 90 1977 650 1972 25 20 10 22 500 3 49 15 875 791 300 1977 650 17 30 1 23 510 4 34 27 876 316 120 1977 650 1972 27 19 4 3 513 3 13 23 877 185 70 1977 650 28 20 9 22 560 3 8 19 878 369 140 1977 650 20 29 10 5 580 3 35 52 879 1450 550 1977 650 21 28 1 10 588 5 59 15 880 923 350 1977 650 1959 22 29 1 22 638 4 34 27 881 2637 1000 1977 650 1959 27 26 1 3 689 4 66 12 882 738 280 1977 650 1966 23 33 1 3 743 4 34 27 883 1055 400 1977 650 30 25 1 22 750 1 14 17 884 633 240 1977 650 25 30 1 3 750 3 41 39 885 791 300 1977 650 26 31 1 3 778 1 14 17 886 198 75 1977 650 1964 26 30 1 22 780 4 10 10 887 3032 1150 1977 650 1966 33 24 1 8 792 5 60 57 888 527 200 1977 650 30 27 1 5 810 2 9 15 889 791 300 1977 650 30 28 1 5 825 2 9 15 890 158 60 1977 650 33 25 4 8 825 3 35 52 891 185 70 1977 650 30 28 4 8 826 3 35 52 892 527 200 1977 650 1961 24 35 1 8 828 2 27 23 893 501 190 1977 650 45 19 1 5 846 2 30 11 894 1134 430 1977 650 1973 26 34 1 13 867 3 6 14 895 1450 550 1977 650 36 25 10 3 870 4 66 12 896 527 200 1977 650 1937 35 25 1 8 875 3 47 45

Page 309 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 897 659 2501977 650 22 40 6 10 880 2 27 23 898 1714 650 1977 650 32 28 1 5 896 3 6 14 899 1318 500 1977 650 1970 40 23 1 3 900 3 6 14 900 369 140 1977 650 1966 30 30 1 5 900 2 27 23 901 791 300 1977 650 1951 35 27 1 8 945 4 34 27 902 923 350 1977 650 36 27 9 8 954 3 41 39 903 923 350 1977 650 36 27 9 8 954 3 41 39 904 132 50 1977 650 37 26 7 10 962 3 29 8 905 290 110 1977 650 34 29 2 23 986 1 14 17 906 1055 400 1977 650 1950 27 37 1 8 999 4 34 27 907 2110 800 1977 650 28 36 1 3 1008 5 59 15 908 475 180 1977 650 1964 37 28 1 8 1022 5 43 24 909 343 130 1977 650 36 29 2 10 1044 3 20 31 910 396 150 1977 650 36 29 1 22 1044 5 43 24 911 633 240 1977 650 30 35 1 22 1050 1 14 17 912 791 300 1977 650 30 37 8 3 1110 3 20 31 913 791 300 1977 650 43 28 1 3 1183 3 20 31 914 738 280 1977 650 1949 32 38 6 23 1216 5 59 15 915 686 260 1977 650 28 46 7 10 1288 3 41 39 916 2373 900 1977 650 36 36 1 3 1296 2 9 15 917 659 250 1977 650 1970 27 48 4 22 1296 3 20 31 918 1266 480 1977 650 1969 44 30 1 3 1320 3 8 19 919 132 50 1977 650 44 30 13 8 1320 3 35 52 920 290 110 1977 650 28 48 4 8 1344 3 35 52 921 2373 900 1977 650 43 32 1 8 1376 5 59 15 922 3955 1500 1977 650 1944 40 36 1 8 1440 5 60 57 923 1318 500 1977 650 1949 48 31 7 10 1449 3 21 36 924 923 350 1977 650 29 50 1 5 1450 4 34 27 925 475 180 1977 650 36 44 1 8 1544 5 43 24 926 1318 500 1977 650 32 49 10 22 1568 3 21 36 927 1055 400 1977 650 35 45 1 5 1575 4 34 27 928 580 220 1977 650 1937 45 36 1 3 1598 3 47 45 929 396 150 1977 650 1936 35 46 4 1 1610 3 35 52 930 1108 420 1977 650 34 49 10 3 1642 3 21 36 931 580 220 1977 650 33 50 9 10 1650 3 44 61 932 527 200 1977 650 37 45 7 22 1665 4 68 21 933 712 270 1977 650 1971 37 47 7 10 1739 3 20 31 934 527 200 1977 650 36 50 10 3 1800 3 21 36 935 1187 450 1977 650 50 37 1 5 1850 3 41 39 936 2637 1000 1977 650 41 46 1 3 1863 5 60 57 937 316 120 1977 650 1962 50 38 7 8 1900 4 10 10 938 1318 500 1977 650 49 39 1 3 1911 3 41 39 939 1978 750 1977 650 40 50 1 8 2000 3 6 14 940 1371 520 1977 650 40 51 1 3 2020 3 44 61 941 527 200 1977 650 1959 46 44 2 10 2024 3 20 31 942 2901 1100 1977 650 1954 41 50 10 3 2025 3 45 61 943 15822 6000 1977 650 1952 41 51 1 3 2091 3 45 61 944 8966 3400 1977 650 1940 50 42 1 3 2100 5 60 57 945 606 230 1977 650 50 43 7 8 2125 3 35 52 946 264 100 1977 650 43 50 9 1 2125 4 66 12 947 3692 1400 1977 650 56 38 10 3 2128 3 21 36 948 211 80 1977 650 1961 52 41 1 8 2132 4 10 10 949 1266 480 1977 650 34 66 1 3 2227 2 30 11 950 1055 400 1977 650 1965 39 59 1 8 2301 4 34 27 951 923 350 1977 650 46 51 7 8 2323 5 37 8 952 2505 950 1977 650 1956 40 60 1 23 2400 3 21 36

P age 310 A 1 B 1 c 1 D 1 B 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 953 2373 900 1977 650 1974 45 54 1 8 2430 3 6 14 954 316 120 1977 650 52 47 3 22 2444 4 66 12 955 1978 750 1977 650 1964 45 56 1 3 2470 4 34 27 956 4483 1700 1977 650 55 45 1 3 2475 3 13 23 957 1318 500 1977 650 45 60 1 8 2648 3 13 23 958 1121 425 1977 650 59 45 1 10 2655 2 30 11 959 1582 600 1977 650 58 46 8 23 2668 3 21 36 960 1714 650 1977 650 45 60 1 8 2670 4 34 27 961 844 320 1977 650 1975 56 48 10 3 2688 1 14 17 962 1978 750 1977 650 45 61 1 3 2723 3 20 31 963 1187 450 1977 650 1969 47 59 8 10 2750 2 9 15 964 105 40 1977 650 1961 44 63 1 8 2772 3 16 11 965 2110 800 1977 650 46 61 1 3 2806 4 34 27 966 7383 2800 1977 650 47 62 1 3 2860 3 45 61 967 1187 450 1977 650 55 55 3 3 2970 2 9 15 968 1846 700 1977 650 1964 50 61 1 3 3050 5 59 15 969 343 130 1977 650 1965 64 49 1 8 3136 2 48 23 970 369 140 1977 650 50 63 4 22 3150 5 37 8 971 791 300 1977 650 50 63 3 10 3150 4 66 12 972 1450 550 1977 650 69 49 4 3 3381 4 66 12 973 1740 660 1977 650 1973 54 65 1 13 3451 3 6 14 974 1318 500 1977 650 51 69 1 8 3519 2 9 15 975 1318 500 1977 650 1960 49 74 1 3 3565 3 17 11 976 2110 800 1977 650 39 93 6 22 3627 4 66 12 977 1318 500 1977 650 52 71 1 3 3657 2 9 15 978 791 300 1977 650 52 71 2 3 3657 2 9 15 979 659 250 1977 650 57 65 1 22 3705 3 44 61 980 1846 700 1977 650 1960 53 76 10 3 4002 3 21 36 981 923 350 1977 650 56 73 4 3 4052 3 17 11 982 3428 1300 1977 650 78 53 8 10 4134 3 21 36 983 264 100 1977 650 1960 69 61 2 10 4179 2 51 19 984 989 375 1977 650 54 78 10 5 4212 4 66 12 985 2901 1100 1977 650 55 77 6 8 4235 3 21 36 986 1187 450 1977 650 1962 58 74 1 8 4292 4 10 10 987 211 80 1977 650 77 57 3 4361 2 9 15 988 396 150 1977 650 1959 77 57 10 4389 2 51 19 989 2901 1100 1977 650 59 75 1 22 4425 3 13 23 990 343 130 1977 650 75 59 5 4425 2 58 11 991 461 175 1977 650 1938 72 62 1 8 4464 3 23 31 992 1187 450 1977 650 60 75 1 1 4500 5 43 24 993 897 340 1977 650 60 75 1 22 4500 4 68 21 994 4483 1700 1977 650 79 57 1 4503 3 21 36 995 1266 480 1977 650 61 76 1 3 4598 5 43 24 996 725 275 1977 650 1939 73 63 1 8 4599 3 23 31 997 1371 520 1977 650 1966 61 76 1 3 4636 5 43 24 998 844 320 1977 650 1949 72 65 1 8 4680 2 27 23 999 857 325 1977 650 1969 84 61 22 5124 3 6 14 1000 3164 1200 1977 650 59 90 1 8 5281 3 13 23 1001 2637 1000 1977 650 1966 81 66 1 3 5346 4 34 27 1002 7911 3000 1977 650 60 90 1 22 5400 3 13 23 1003 1714 650 1977 650 61 91 1 3 5551 3 13 23 1004 448 170 1977 650 1960 92 61 1 3 5582 2 48 23 1005 5010 1900 1977 650 75 75 1 10 5625 3 13 23 1006 3692 1400 1977 650 1959 68 91 1 3 6188 3 49 15 1007 4483 1700 1977 650 1963 69 91 1 3 6234 3 49 15 1008 2901 1100 1977 650 1955 85 75 1 8 6338 3 49 15

P age 311 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1009 791 300 1977 650 . 72 89 1 8 6408 3 52 14 1010 264 100 1977 650 1954 76 86 6 8 6536 3 16 11 1011 1187 450 1977 650 73 91 2 3 6643 2 9 15 1012 1714 650 1977 650 73 91 2 3 6643 2 9 15 1013 237 90 1977 650 93 76 1 10 7068 3 16 11 1014 79 30 1977 650 77 93 1 3 7076 4 68 21 1015 211 80 1977 650 1967 100 75 1 8 7450 2 30 11 1016 11207 4250 1977 650 76 101 1 8 7676 3 13 23 1017 132 50 1977 650 1974 81 101 1 8 8181 2 56 6 1018 6065 2300 1977 650 75 120 1 3 9000 3 13 23 1019 9176 3480 1977 650 75 121 1 13 9075 3 13 23 1020 725 275 1977 650 86 107 2 10 9202 2 51 19 1021 316 120 1977 650 1967 91 107 2 10 9737 2 58 11 1022 857 325 1977 650 1950 120 90 1 10 10800 2 51 19 1023 2637 1000 1977 650 1964 121 90 1 8 10890 3 49 15 1024 3692 1400 1977 650 1969 92 122 1 3 11224 3 6 14 1025 1187 450 1977 650 1968 92 123 5 3 11270 2 51 19 1026 923 350 1977 650 1961 122 96 1 3 11651 2 58 11 1027 4219 1600 1977 650 1970 76 166 6 3 12495 4 66 12 1028 1318 500 1977 650 92 153 1 23 13954 5 67 5 1029 1121 425 1977 650 1972 138 116 1 10 16008 3 8 19 1030 923 350 1977 650 1961 137 122 1 3 16646 2 58 11 1031 1582 600 1977 650 114 152 1 5 17328 4 68 21 1032 1371 520 1977 650 1971 136 136 1 8 18496 2 51 19 1033 2110 800 1977 650 162 130 2 3 21060 2 9 15 1034 244 100 1978 702 8 9 3 3 64 3 42 37 1035 488 200 1978 702 14 11 1 22 154 3 23 31 1036 464 190 1978 702 15 12 1 1 174 3 23 31 1037 549 225 1978 702 15 13 1 22 195 3 23 31 1038 977 400 1978 702 13 19 1 1 247 3 13 23 1039 232 95 1978 702 20 15 7 1 290 3 23 31 1040 110 45 1978 702 1964 25 12 8 3 300 3 44 61 1041 293 120 1978 702 20 22 4 8 429 3 35 52 1042 1343 550 1978 • 702 23 20 1 22 460 3 13 23 1043 1099 450 1978 702 20 26 1 1 520 3 6 14 1044 1465 600 1978 702 19 28 9 8 532 3 13 23 1045 391 160 1978 702 19 29 10 8 551 3 35 52 1046 2014 825 1978 702 23 26 1 10 598 3 8 19 1047 220 90 1978 702 20 30 10 23 600 3 35 52 1048 708 290 1978 702 21 29 1 10 609 3 29 8 1049 2136 875 1978 702 16 39 1 10 624 5 59 15 1050 439 180 1978 702 23 28 1 3 633 3 41 39 1051 1587 650 1978 702 28 23 1 23 644 3 6 14 1052 146 60 1978 702 1961 24 27 4 1 648 3 8 19 1053 1831 750 1978 702 22 30 1 8 660 3 13 23 1054 195 80 1978 702 16 43 1 8 667 2 30 11 1055 1221 500 1978 702 23 30 1 22 690 3 13 23 1056 1465 600 1978 702 19 37 1 8 703 5 59 15 1057 732 300 1978 702 22 33 7 8 715 3 35 52 1058 293 120 1978 702 30 25 4 8 735 3 35 52 1059 537 220 1978 702 25 30 1 3 750 3 41 39 1060 537 220 1978 702 25 30 1 3 750 3 41 39 1061 3662 1500 1978 702 1949 34 23 1 10 782 5 60 57 1062 2442 1000 1978 702 23 36 1 10 828 5 59 15 1063 855 350 1978 702 36 24 1 1 864 3 6 14 1064 1587 650 1978 702 35 25 1 22 875 3 13 23

P age 312 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 fr" 1 M 1065 1587 650 1978 702 29 31 1 1 899 3 6 14 1066 1831 750 1978 702 1950 26 35 1 8 910 5 60 57 1067 391 160 1978 702 34 27 4 8 918 3 35 52 1068 439 180 1978 702 35 28 8 23 980 3 8 19 1069 391 160 1978 702 37 27 1 22 999 3 8 19 1070 635 260 1978 702 36 29 6 1 1044 3 8 19 1071 244 100 1978 702 36 29 2 10 1044 3 20 31 1072 1831 750 1978 702 30 35 1 22 1050 3 6 14 1073 488 200 1978 702 31 39 2 3 1174 3 20 31 1074 1221 500 1978 702 30 40 1 23 1200 3 6 14 1075 3174 1300 1978 702 25 50 1 8 1250 3 6 14 1076 439 180 1978 702 30 45 1 1 1350 4 68 21 1077 1099 450 1978 702 30 45 1 22 1350 4 68 21 1078 2320 950 1978 702 40 34 1 8 1360 3 6 14 1079 2564 1050 1978 702 35 40 1 22 1400 3 6 14 1080 2320 950 1978 702 35 40 1 23 1400 3 6 14 1081 732 300 1978 702 36 39 1 10 1404 3 20 31 1082 293 120 1978 702 1943 31 48 7 8 1449 3 26 23 1083 1709 700 1978 702 1953 31 48 6 8 1464 3 21 36 1084 1587 650 1978 702 1949 32 47 10 3 1481 3 21 36 1085 1099 450 1978 702 45 35 1 23 1575 4 66 12 1086 732 300 1978 702 37 44 1 10 1628 3 29 8 1087 2320 950 1978 702 1951 45 40 1 3 1780 5 60 57 1088 586 240 1978 702 40 46 2 23 1840 1 14 17 1089 879 360 1978 702 35 54 2 10 1890 2 9 15 1090 635 260 1978 702 1967 55 35 4 8 1908 1 12 7 1091 366 150 1978 702 38 51 6 3 1938 3 44 61 1092 488 200 1978 702 51 38 6 3 1938 3 44 61 1093 671 275 1978 702 1962 44 45 13 10 1980 3 49 15 1094 671 275 1978 702 1962 44 45 13 10 1980 3 49 15 1095 794 325 1978 702 1969 62 32 7 22 1984 2 9 15 1096 366 150 1978 702 1950 39 51 10 1 1989 5 43 24 1097 1160 475 1978 702 1950 40 50 10 22 2000 3 21 36 1098 2197 900 1978 702 43 49 1 23 2107 3 6 14 1099 855 350 1978 702 33 70 2 3 2310 3 20 31 1100 2075 850 1978 702 43 54 1 10 2322 2 19 27 1101 1025 420 1978 702 43 55 1 22 2365 3 41 39 1102 3662 1500 1978 702 42 57 1 24 2394 3 6 14 1103 2442 1000 1978 702 55 45 1 8 2453 3 13 23 1104 1709 700 1978 702 55 45 1 1 2453 4 34 27 1105 3907 1600 1978 702 55 45 1 8 2475 3 13 23 1106 1587 650 1978 702 43 59 1 22 2537 4 68 21 1107 610 250 1978 702 43 59 1 23 2537 4 68 21 1108 2442 1000 1978 702 44 59 1 1 2596 3 6 14 1109 244 100 1978 702 44 60 1 23 2640 3 20 31 1110 977 400 1978 702 45 60 1 1 2700 3 13 23 1111 732 300 1978 702 45 60 1 8 2700 3 13 23 1112 928 380 1978 702 60 45 1 2700 3 13 23 1113 3662 1500 1978 702 45 60 1 22 2700 3 26 23 1114 2808 1150 1978 702 43 63 1 10 2709 3 23 31 1115 928 380 1978 702 46 59 1 1 2714 3 13 23 1116 2442 1000 1978 702 46 60 1 1 2760 3 13 23 1117 488 200 1978 702 64 46 3 2944 3 13 23 1118 1953 800 1978 702 50 60 1 1 3000 3 13 23 1119 366 150 1978 702 50 60 1 3000 3 13 23 1120 2442 1000 1978 702 1972 63 50 1 8 3125 3 6 14

Page 313 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1121 1099 450 1978 702 64 52 8 23 3328 2 9 15 1122 1465 600 1978 702 74 49 6 8 3565 3 21 36 1123 2320 950 1978 702 55 65 1 10 3575 3 6 14 1124 732 300 1978 702 36 100 1 3 3600 2 9 15 1125 977 400 1978 702 1962 49 75 8 8 3675 3 8 19 1126 732 300 1978 702 1966 61 61 1 8 3721 1 14 17 1127 977 400 1978 702 57 67 8 10 3819 2 9 15 1128 1709 700 1978 702 55 70 1 22 3850 3 41 39 1129 549 225 1978 702 59 69 1 8 4007 3 4 3 1130 391 160 1978 702 1962 76 53 2 3 4028 2 58 11 1131 3418 1400 1978 702 1967 55 74 8 3 4033 3 49 15 1132 3907 1600 1978 702 1973 71 58 1 8 4118 3 6 14 1133 610 250 1978 702 1969 55 75 6 3 4125 3 6 14 1134 610 250 1978 702 1963 75 55 7 10 4125 3 35 52 1135 928 380 1978 702 76 56 4 3 4190 4 66 12 1136 7081 2900 1978 702 60 75 1 10 4500 3 13 23 1137 4761 1950 1978 702 60 75 1 23 4500 3 13 23 1138 5127 2100 1978 702 60 75 1 23 4500 3 13 23 1139 1221 500 1978 702 75 60 1 10 4500 3 29 8 1140 3174 1300 1978 702 60 75 1 1 4500 4 34 27 1141 1709 700 1978 702 60 75 1 23 4500 5 43 24 1142 5127 2100 1978 702 75 60 10 4500 4 66 12 1143 4395 1800 1978 702 61 76 1 22 4636 3 13 23 1144 1221 500 1978 702 76 61 1 22 4636 3 29 8 1145 1587 650 1978 702 59 89 1 8 5251 3 13 23 1146 3907 1600 1978 702 59 89 1 8 5251 3 13 23 1147 1953 800 1978 702 59 89 1 8 5251 3 13 23 1148 5127 2100 1978 702 60 90 1 10 5400 3 13 23 1149 2442 1000 1978 702 60 90 1 10 5400 3 13 23 1150 5127 2100 1978 702 60 91 1 8 5460 3 13 23 1151 610 250 1978 702 61 90 1 10 5490 3 13 23 1152 3418 1400 1978 702 70 80 1 23 5600 3 6 14 1153 5372 2200 1978 702 61 92 1 3 5612 3 13 23 1154 2075 850 1978 702 75 75 1 22 5625 3 6 14 1155 171 70 1978 702 80 75 1 10 6000 5 67 5 1156 5372 2200 1978 702 68 90 1 8 6075 3 49 15 1157 1709 700 1978 702 96 65 10 22 6240 4 66 12 1158 439 180 1978 702 1960 93 68 10 8 6278 3 24 15 1159 6836 2800 1978 702 100 72 1 10 7200 2 19 27 1150 244 100 1978 702 100 74 1 22 7400 2 30 11 1161 1953 800 1978 702 79 99 10 7821 2 9 15 1162 977 400 1978 702 1964 105 80 1 22 8400 3 8 19 1163 10377 4250 1978 702 97 91 1 10 8827 4 66 12 1164 6836 2800 1978 702 1976 91 101 1 10 9191 3 6 14 1165 3662 1500 1978 702 76 122 1 1 9272 3 13 23 1166 244 100 1978 702 90 110 1 3 9900 3 25 1 1167 6592 2700 1978 702 111 91 1 10 10101 3 13 23 1168 5127 2100 1978 702 1970 86 121 1 10 10406 3 6 14 1169 5372 2200 1978 702 90 120 1 23 10800 3 13 23 1170 1221 500 1978 702 1963 90 120 1 10 10800 2 58 11 1171 1465 600 1978 702 90 122 1 23 10980 2 9 15 1172 2564 1050 1978 702 90 122 1 10 10980 5 43 24 1173 7325 3000 1978 702 97 127 1 8 12256 3 6 14 1174 18312 7500 1978 702 120 120 1 10 14400 4 66 12 1175 9766 4000 1978 702 164 91 4 10 14924 4 66 12 1176 201 90 1979 766 8 9 3 8 64 3 42 37

P age 314 A 1 B c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1177 492 220 1979 766 10 15 1 22 150 3 23 31 1178 492 220 1979 766 15 11 1 22 165 3 23 31 1179 224 100 1979 766 14 12 1 23 168 3 23 31 1180 403 180 1979 766 15 12 1 8 174 3 23 31 1 181 627 280 1979 766 10 19 1 23 190 3 13 23 1182 671 300 1979 766 14 15 7 23 210 3 13 23 1183 582 260 1979 766 15 15 1 23 218 3 13 23 1184 671 300 1979 766 14 17 1 23 230 3 13 23 1185 1343 600 1979 766 13 18 1 8 234 3 13 23 1186 190 85 1979 766 1968 12 20 7 21 234 5 43 24 1187 1007 450 1979 766 14 18 9 25 243 3 13 23 1188 1119 500 1979 766 14 19 1 10 266 3 13 23 1189 1119 500 1979 766 14 21 1 22 294 3 23 31 1190 265 120 1979 776 1976 20 15 3 10 300 3 6 14 1 191 783 350 1979 766 15 20 1 22 300 3 13 23 1192 940 420 1979 766 20 15 1 1 300 3 23 31 1193 761 340 1979 766 20 15 1 23 300 3 23 31 1194 403 180 1979 766 15 20 2 23 300 3 23 31 1195 269 120 1979 766 15 20 1 23 300 2 30 11 1196 1790 800 1979 766 15 20 1 1 300 5 60 57 1197 201 90 1979 766 15 21 7 23 315 4 34 27 1198 783 350 1979 766 21 17 10 25 357 5 59 15 1199 2238 1000 1979 766 17 25 2 25 425 3 13 23 1200 1119 500 1979 766 26 17 7 8 434 3 49 15 1 201 179 80 1979 766 24 19 6 8 444 3 13 23 1202 358 160 1979 766 1944 26 18 6 1 455 3 20 31 1203 201 90 1979 766 24 19 1 8 456 3 31 22 1204 492 220 1979 766 24 20 4 22 480 3 35 52 1205 313 140 1979 766 1972 19 26 4 22 494 3 13 23 1206 134 60 1979 766 26 20 7 8 510 1 14 17 1207 336 150 1979 766 26 20 6 8 520 3 13 23 1208 1231 550 1979 766 26 21 1 23 523 3 13 23 1209 627 280 1979 766 19 29 6 23 527 4 34 27 1210 1566 700 1979 766 18 30 1 23 540 3 49 15 1 211 1566 700 1979 766 21 26 1 22 546 3 13 23 1212 1454 650 1979 766 1940 21 26 1 8 546 5 60 57 1213 1007 450 1979 766 20 29 1 8 566 3 41 39 1214 783 350 1979 766 21 27 1 22 567 3 23 31 1215 179 80 1979 766 21 29 7 8 595 3 35 52 1216 761 340 1979 766 26 23 1 23 598 3 41 39 1217 1546 700 1979 776 20 30 1 23 600 3 6 14 1218 1343 600 1979 766 20 30 1 10 600 3 49 15 1219 291 130 1979 766 19 32 6 22 608 2 40 22 1220 2238 1000 1979 766 27 23 1 10 621 5 60 57 1 221 727 325 1979 766 29 22 2 10 638 3 20 31 1222 839 375 1979 766 22 30 1 8 649 3 13 23 1223 1566 700 1979 766 22 30 1 1 660 3 13 23 1224 1007 450 1979 766 30 22 1 10 660 3 13 23 1225 1566 700 1979 766 30 22 1 10 660 3 13 23 1226 985 440 1979 766 22 30 1 22 660 3 23 31 1227 1175 525 1979 766 23 30 1 10 690 3 13 23 1228 2349 1050 1979 766 30 23 1 23 690 3 13 23 1229 336 150 1979 766 1967 29 24 1 8 696 2 30 11 1230 1546 700 1979 776 1979 20 35 1 23 700 3 6 14 1231 134 60 1979 766 1936 26 27 4 8 702 3 35 52 1232 2014 900 1979 766 24 30 1 23 708 3 13 23

P age 315 A 1 B 1 c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1233 2238 1000 1979 766 31 23 1 22 713 3 13 23 1234 1104 500 1979 776 30 24 1 22 720 3 6 14 1235 1325 600 1979 776 25 30 1 23 750 3 6 14 1236 2238 1000 1979 766 25 30 1 23 750 3 13 23 1237 694 310 1979 766 25 30 1 10 750 3 41 39 1238 313 140 1979 766 32 24 4 21 756 3 8 19 1239 2238 1000 1979 766 14 54 1 10 756 3 41 39 1240 582 260 1979 766 24 32 7 23 768 3 35 52 1241 3468 1550 1979 766 31 25 1 22 775 5 60 57 1242 246 110 1979 766 1972 21 37 4 22 777 3 13 23 1243 403 180 1979 766 26 31 1 13 778 2 30 11 1244 3804 1700 1979 766 10 80 6 25 800 4 66 12 1245 336 150 1979 766 1924 24 34 6 13 804 3 35 52 1246 4923 2200 1979 766 31 26 1 25 806 5 60 57 1247 2014 900 1979 766 28 29 1 1 812 4 66 12 1248 2238 1000 1979 766 24 35 1 1 840 2 19 27 1249 1432 640 1979 766 1921 23 37 7 13 851 3 35 52 1250 671 300 1979 766 25 35 1 23 875 3 8 19 1251 895 400 1979 766 35 25 8 1 875 3 8 19 1252 2685 1200 1979 766 35 25 1 22 875 3 13 23 1253 134 60 1979 766 1948 25 37 4 8 894 1 14 17 1254 1790 800 1979 766 40 24 1 22 960 5 59 15 1255 1343 600 1979 766 40 24 8 8 960 5 59 15 1256 582 260 1979 766 29 34 1 22 986 3 20 31 1257 179 80 1979 766 26 38 1 22 988 5 59 15 1258 994 450 1979 776 1966 37 27 4 23 999 3 6 14 1259 994 450 1979 776 37 27 11 22 999 3 6 14 1260 4859 2200 1979 776 29 35 1 25 1015 3 6 14 1261 448 200 1979 766 36 29 8 10 1044 3 8 19 1262 559 250 1979 766 29 36 1 22 1044 3 20 31 1263 1678 750 1979 766 30 35 1 1 1050 1 14 17 1264 537 240 1979 766 28 38 7 8 1064 3 35 52 1265 727 325 1979 766 29 37 1 10 1073 3 41 39 1266 783 350 1979 766 30 36 1 22 1080 3 41 39 1267 671 300 1979 766 40 28 4 22 1100 3 35 52 1268 336 150 1979 766 1928 29 38 7 8 1102 3 35 52 1269 1231 550 1979 766 26 43 8 25 1118 3 17 11 1270 1343 600 1979 766 39 29 1 8 1131 3 23 31 1271 671 300 1979 766 29 39 7 8 1131 3 35 52 1272 559 250 1979 766 38 30 1 23 1140 3 41 39 1273 2685 1200 1979 766 31 37 1 22 1147 3 13 23 1274 1900 860 1979 776 24 50 1 23 1200 3 6 14 1275 559 250 1979 766 41 30 1 25 1230 1 14 17 1276 309 140 1979 776 1973 40 31 3 23 1240 3 6 14 1277 1790 800 1979 766 1920 38 34 4 8 1256 5 60 57 1278 615 275 1979 766 30 42 6 25 1260 3 26 23 1279 3534 1600 1979 776 29 45 1 8 1305 3 6 14 1280 783 350 1979 766 1969 44 30 6 21 1320 3 8 19 1281 537 240 1979 766 31 43 8 10 1333 1 14 17 1282 627 280 1979 766 45 30 8 22 1350 3 8 19 1283 1678 750 1979 766 30 45 1 1 1350 3 13 23 1284 1657 750 1979 776 40 34 1 1 1360 3 6 14 1285 1767 800 1979 776 35 40 1 1 1400 3 6 14 1286 671 300 1979 766 31 46 1 1 1426 4 68 21 1287 3133 1400 1979 766 41 35 1 8 1435 5 60 57 1288 2238 1000 1979 766 41 35 1 23 1435 5 60 57

P age 316 A 1 B 1 c 1 D E 1 E 1 G 1 H 1 I 1 J i K 1 L 1 M 1289 1343 600 1979 766 34 44 1 10 1496 3 8 19 1290 850 380 1979 766 34 44 1 5 1496 3 41 39 1291 2909 1300 1979 766 34 45 1 1 1513 3 13 23 1292 2651 1200 1979 776 34 45 1 22 1530 3 6 14 1293 783 350 1979 766 51 30 8 22 1530 2 9 15 1294 1678 750 1979 766 45 34 2 22 1530 3 13 23 1295 1678 750 1979 766 34 45 6 23 1530 3 13 23 1296 1287 575 1979 766 34 45 9 10 1530 3 13 23 1297 492 220 1979 766 35 44 1 5 1540 3 41 39 1298 2982 1350 1979 776 35 45 1 8 1575 3 6 14 1299 2319 1050 1979 776 35 45 1 22 1575 3 6 14 1300 1657 750 1979 776 1979 35 45 1 23 1575 3 6 14 1301 1902 850 1979 766 35 45 1 1 1575 3 13 23 1302 2014 900 1979 766 35 45 1 23 1575 3 13 23 1303 1454 650 1979 766 35 45 1 1 1575 4 34 27 1304 2909 1300 1979 766 1974 45 35 1 22 1575 4 66 12 1305 761 340 1979 766 37 44 1 8 1606 3 35 52 1306 1877 850 1979 776 46 35 1 1 1610 3 6 14 1307 448 200 1979 766 60 27 1 23 1620 3 20 31 1308 403 180 1979 766 33 50 9 23 1650 3 16 11 1309 2461 1100 1979 766 36 46 1 22 1656 3 13 23 1310 291 130 1979 766 52 32 4 5 1664 3 41 39 1311 470 210 1979 766 49 34 4 10 1666 3 35 52 1312 1510 675 1979 766 38 44 1 25 1672 3 35 52 1313 951 425 1979 766 31 54 6 25 1674 3 26 23 1314 112 50 1979 766 43 39 1 8 1677 3 4 3 1315 2238 1000 1979 766 34 50 1 22 1700 3 13 23 1316 671 300 1979 766 38 45 8 22 1710 4 68 21 1317 1566 700 1979 766 1951 44 40 1 8 1738 5 60 57 1318 671 300 1979 766 1947 38 47 1 8 1744 5 59 15 1319 224 100 1979 766 40 45 1 23 1800 1 14 17 1320 448 200 1979 766 45 40 4 8 1800 3 35 52 1321 336 150 1979 766 35 52 7 1 1820 3 20 31 1322 2685 1200 1979 766 1975 52 36 1 10 1872 3 8 19 1323 313 140 1979 766 40 47 3 22 1880 4 66 12 1324 1902 850 1979 766 39 49 1 1 1911 3 13 23 1325 1231 550 1979 766 1975 37 53 6 1 1935 3 8 19 1326 224 100 1979 766 43 46 3 24 1978 3 13 23 1327 134 60 1979 766 29 70 1 8 1995 . 2 30 11 1328 1678 750 1979 766 50 40 1 22 2000 2 9 15 1329 4251 1900 1979 766 40 50 1 25 2000 4 34 27 1330 2685 1200 1979 766 45 45 1 1 2025 3 13 23 1331 638 285 1979 766 59 35 3 25 2065 4 66 12 1332 1790 800 1979 766 1977 54 39 10 10 2106 4 66 12 1333 10629 4750 1979 766 1951 42 52 1 10 2184 3 45 61 1334 10629 4750 1979 766 1951 42 52 1 10 2184 2 46 5 1335 1454 650 1979 766 39 56 1 8 2184 5 60 57 1336 2430 1100 1979 776 40 55 1 8 2200 3 6 14 1337 2651 1200 1979 776 45 50 1 8 2250 3 6 14 1338 2014 900 1979 766 1975 55 41 10 22 2255 4 66 12 1339 2238 1000 1979 766 54 43 6 23 2295 2 19 27 1340 2685 1200 1979 766 55 43 8 1 2338 2 19 27 1341 2349 1050 1979 766 1948 45 55 1 5 2475 4 34 27 1342 2430 1100 1979 776 49 53 1 23 2597 3 6 14 1343 3916 1750 1979 766 44 60 1 10 2640 3 13 23 1344 6042 2700 1979 766 44 60 1 22 2640 3 13 23

Page 317 A 1 B 1 c 1 D 1 E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1345 3133 1400 1979 766 44 61 1 10 2684 3 13 23 1346 4028 1800 1979 766 45 60 1 10 2700 3 13 23 1347 201 90 1979 766 45 60 1 1 2700 2 40 22 1348 951 425 1979 766 44 62 1 8 2728 1 14 17 1349 1007 450 1979 766 61 45 4 10 2745 3 13 23 1350 895 400 1979 766 46 61 1 1 2776 3 41 39 1351 2909 1300 1979 766 46 61 1 22 2806 3 13 23 1352 2797 1250 1979 766 46 61 1 22 2806 3 13 23 1353 716 320 1979 766 61 46 1 1 2806 2 40 22 1354 2909 1300 1979 766 44 64 1 10 2816 3 41 39 1355 1007 450 1979 766 47 60 6 22 2820 3 17 11 1356 1790 800 1979 766 49 59 1 5 2862 3 35 52 1357 1063 475 1979 766 1962 64 45 1 10 2880 5 43 24 1358 1343 600 1979 766 61 49 7 8 2934 4 66 12 1359 4638 2100 1979 776 1974 49 61 1 10 2965 3 6 14 1360 985 440 1979 766 1963 62 48 1 22 2976 3 8 19 1361 2430 1100 1979 776 60 50 1 1 3000 3 6 14 1362 2909 1300 1979 766 50 60 1 22 3000 3 13 23 1363 336 150 1979 766 50 60 10 1 3000 5 37 8 1364 13426 6000 1979 766 64 48 1 8 3072 5 60 57 1365 3133 1400 1979 766 1961 56 56 8 22 3136 4 66 12 1366 839 375 1979 766 51 63 4 25 3213 3 49 15 1367 1231 550 1979 766 65 50 1 8 3250 3 44 61 1368 2871 1300 1979 776 1969 51 64 1 1 3264 3 6 14 1369 1454 650 1979 766 71 46 9 10 3266 3 44 61 1370 1007 450 1979 766 1975 55 60 1 10 3300 1 14 17 1371 492 220 1979 766 55 60 1 1 3300 2 40 22 1372 503 225 1979 766 66 50 3 10 3300 4 66 12 1373 224 100 1979 766 60 56 3 10 3360 4 66 12 1374 537 240 1979 766 59 59 1 22 3481 1 14 17 1375 403 180 1979 766 68 52 3 10 3536 4 66 12 1376 2685 1200 1979 766 60 60 1 8 3600 3 13 23 1377 3356 1500 1979 766 1968 53 68 2 10 3604 1 14 17 1378 671 300 1979 766 66 55 10 1 3630 4 66 12 1379 1119 500 1979 766 52 71 1 10 3692 2 9 15 1380 1343 600 1979 766 52 72 8 22 3744 2 9 15 1381 2651 1200 1979 776 1974 53 71 1 8 3763 3 6 14 1382 112 50 1979 766 1977 75 52 4 8 3874 3 38 5 1383 358 160 1979 766 75 53 3 23 3938 4 66 12 1384 4251 1900 1979 766 76 52 4 25 3952 4 66 12 1385 1197 535 1979 766 1978 54 74 4 13 4018 3 49 15 1386 671 300 1979 766 67 60 2 10 4020 2 58 11 1387 1546 700 1979 776 1964 55 75 1 8 4060 3 6 14 1388 269 120 1979 766 76 54 3 23 4104 4 66 12 1389 1398 625 1979 766 1977 55 75 8 10 4125 3 49 15 1390 2014 900 1979 766 56 74 1 1 4144 3 49 15 1391 2014 900 1979 766 56 74 8 1 4144 3 49 15 1392 2461 1100 1979 766 1979 56 74 8 8 4144 3 49 15 1393 4197 1900 1979 776 60 70 1 10 4200 3 6 14 1394 1566 700 1979 766 1974 56 75 8 1 4200 3 49 15 1395 1454 650 1979 766 56 75 8 10 4200 3 49 15 1396 2126 950 1979 766 56 75 8 22 4200 3 49 15 1397 1790 800 1979 766 56 75 8 22 4200 3 49 15 1398 1566 700 1979 766 52 81 1 8 4212 3 35 52 1399 492 220 1979 766 47 90 3 10 4230 3 13 23 1400 2909 1300 1979 766 55 77 6 22 4235 3 49 15

P age 318 A 1 B c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1401 336 150 1979 766 76 56 4 1 4256 5 37 8 1402 6489 2900 1979 766 1976 82 52 4 22 4264 4 66 12 1403 1454 650 1979 766 1973 59 74 1 22 4366 5 43 24 1404 1678 750 1979 766 60 74 1 1 4440 5 43 24 1405 895 400 1979 766 1964 60 75 1 22 4500 4 10 10 1406 6265 2800 1979 766 60 75 1 1 4500 3 13 23 1407 4251 1900 1979 766 75 60 1 10 4500 3 13 23 1408 3133 1400 1979 766 60 75 1 10 4500 3 13 23 1409 5146 2300 1979 766 60 75 1 23 4500 3 13 23 1410 2126 950 1979 766 1968 60 75 1 10 4500 5 43 24 1411 783 350 1979 766 60 75 10 4500 2 58 11 1412 5818 2600 1979 766 1981 62 75 1 8 4613 3 44 61 1413 8950 4000 1979 766 62 75 1 8 4613 3 44 61 1414 6713 3000 1979 766 61 76 1 22 4636 3 13 23 1415 671 300 1979 766 76 61 1 1 4636 2 40 22 1416 6042 2700 1979 766 59 79 1 22 4661 5 59 15 1417 90 40 1979 766 1965 63 76 1 13 4788 2 58 11 1418 6713 3000 1979 766 60 81 1 22 4860 2 19 27 1419 604 270 1979 766 81 60 3 5 4860 4 66 12 1420 403 180 1979 766 75 65 3 23 4875 4 66 12 1421 313 140 1979 766 89 55 10 1 4895 5 37 8 1422 503 225 1979 766 1978 76 65 7 10 4940 5 67 5 1423 9510 4250 1979 766 1950 61 82 1 10 5002 5 59 15 1424 4475 2000 1979 766 60 88 1 22 5280 3 13 23 1425 4475 2000 1979 766 59 90 1 10 5310 3 13 23 1426 1287 575 1979 766 59 90 1 10 5310 2 30 11 1427 4475 2000 1979 766 59 91 1 8 5340 3 13 23 1428 2909 1300 1979 766 60 90 1 23 5400 3 13 23 142 9 3580 1600 1979 766 60 90 1 23 5400 3 13 23 1430 5818 2600 1979 766 60 90 1 23 5400 3 13 23 1431 3356 1500 1979 766 60 90 10 5400 3 13 23 1432 6042 2700 1979 766 88 62 1 23 5456 3 13 23 1433 1790 800 1979 766 1974 81 68 1 23 5508 3 8 19 1434 3804 1700 1979 766 1974 61 91 1 1 5551 4 34 27 1435 4418 2000 1979 776 70 80 1 10 5600 3 6 14 1436 4638 2100 1979 776 70 80 1 22 5600 3 6 14 1437 3580 1600 1979 766 92 61 1 22 5612 3 13 23 1438 224 100 1979 766 1975 75 75 1 8 5625 2 30 11 1439 3755 1700 1979 776 70 81 1 1 5670 3 6 14 1440 5818 2600 1979 766 61 93 1 22 5673 3 13 23 1441 503 225 1979 766 91 63 10 5733 4 66 12 1442 3976 1800 1979 776 72 81 1 1 5792 3 6 14 1443 4418 2000 1979 776 1972 90 67 1 10 6030 3 6 14 1444 4475 2000 1979 766 1962 68 90 1 8 6120 3 49 15 1445 1678 750 1979 766 65 95 1 8 6175 3 17 11 1446 7832 3500 1979 766 1958 67 96 1 22 6432 3 13 23 1447 2797 1250 1979 766 1968 67 100 1 8 6650 3 26 23 1448 1119 500 1979 766 1976 99 68 8 6683 4 66 12 1449 1566 700 1979 766 1975 93 75 8 6975 4 66 12 1450 336 150 1979 766 97 73 1 23 7081 2 30 11 1451 3133 1400 1979 766 105 68 1 1 7140 3 13 23 1452 1343 600 1979 766 79 92 1 10 7268 3 24 15 1453 895 400 1979 766 77 97 1 10 7469 2 51 19 1454 4475 2000 1979 766 75 101 1 8 7575 3 13 23 1455 6042 2700 1979 766 105 75 10 25 7875 4 66 12 1456 2014 900 1979 766 90 90 1 1 8100 2 9 15

Page 319 A 1 B ' c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1457 1343 600 1979 766 1972 91 91 1 8281 4 10 10 1458 4251 1900 1979 766 74 120 1 22 8880 3 13 23 1459 4475 2000 1979 766 75 120 1 22 9000 3 13 23 1460 3356 1500 1979 766 1962 89 120 1 22 10680 4 10 10 1461 5594 2500 1979 766 1961 90 121 1 10 10890 3 26 23 1462 3580 1600 1979 766 90 121 1 1 10890 5 43 24 1463 3356 1500 1979 766 1975 90 121 1 8 10890 3 49 15 1464 582 260 1979 766 75 157 10 11775 4 66 12 1465 2014 900 1979 766 122 122 1 25 14884 1 14 17 1466 1566 700 1979 766 138 116 1 1 16008 3 8 19 1467 3245 1450 1979 766 136 136 1 10 18496 4 68 21 1468 8835 4000 1979 776 1971 122 152 1 1 18544 3 6 14 1469 895 400 1979 766 1973 137 137 1 10 18769 2 51 19 1470 895 400 1979 766 181 105 1 8 18862 5 67 5 1471 14768 6600 1979 766 1973 203 120 1 22 24360 4 66 12 1472 224 100 1979 766 1119 150 1 5 167850 5 67 5 1473 366 180 1980 844 11 15 1 22 158 3 23 31 1474 325 160 1980 844 15 11 1 1 165 3 23 31 147 5 447 220 1980 844 11 15 1 1 165 3 23 31 1476 762 375 1980 844 15 13 1 1 195 3 23 31 1477 812 400 1980 844 12 17 1 8 204 3 13 23 1478 2640 1300 1980 844 12 18 1 1 216 3 6 14 1479 203 100 1980 844 13 19 8 231 3 13 23 1480 406 200 1980 844 12 21 1 252 4 34 27 1481 3046 1500 1980 844 14 20 1 22 280 3 6 14 1482 711 350 1980 844 13 22 1 8 286 3 13 23 1483 203 100 1980 844 1944 18 16 10 22 288 3 13 23 1484 558 275 1980 844 1971 8 37 1 10 296 3 44 61 1485 2132 1050 1980 844 1979 23 15 10 10 345 4 66 12 1486 162 80 1980 844 14 26 4 22 364 3 20 31 1487 203 100 1980 844 23 17 4 8 383 3 13 23 1488 162 80 1980 844 24 18 4 8 423 3 13 23 1489 528 260 1980 844 18 25 7 8 429 3 13 23 1490 650 320 1980 844 25 18 4 8 429 5 60 57 1491 142 70 1980 844 18 24 10 22 432 3 8 19 1492 203 100 1980 844 24 19 4 8 456 3 13 23 1493 162 80 1980 844 24 19 4 8 456 3 13 23 1494 762 375 1980 844 19 24 1 10 456 3 20 31 1495 426 210 1980 844 24 19 10 8 456 3 35 52 1496 122 60 1980 844 23 21 1 8 461 3 38 5 1497 812 400 1980 844 19 25 1 1 475 4 34 27 1498 1625 800 1980 844 25 20 1 1 478 3 49 15 1499 305 150 1980 844 20 24 4 22 480 3 35 52 1500 366 180 1980 844 18 28 10 1 504 4 34 27 1501 975 480 1980 844 21 25 1 1 513 4 34 27 1502 1828 900 1980 844 1959 26 20 6 22 520 4 66 12 1503 1320 650 1980 844 19 29 1 8 551 3 44 61 1504 3046 1500 1980 844 27 21 1 22 567 5 60 57 1505 762 375 1980 844 22 27 1 1 581 3 23 31 1506 447 220 1980 844 21 29 7 8 584 3 35 52 1507 325 160 1980 844 18 34 7 8 595 3 35 52 1508 1422 700 1980 844 21 29 1 1 609 3 13 23 1509 1320 650 1980 844 22 29 6 8 638 3 13 23 1510 1015 500 1980 844 22 30 1 8 649 3 13 23 1511 711 350 1980 844 22 30 1 8 649 3 13 23 1512 711 350 1980 844 30 22 1 8 660 3 13 23

P age 32 0 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1513 965 475 1980 844 22 30 1 10 660 3 13 23 1514 1320 650 1980 844 22 30 6 8 660 3 13 23 1515 1371 675 1980 844 30 22 2 10 660 3 20 31 1516 1523 750 1980 844 24 28 1 23 672 3 13 23 1517 122 60 1980 844 33 21 4 8 677 3 17 11 1518 609 300 1980 844 1970 21 33 6 24 683 3 26 23 1519 762 375 1980 844 30 23 7 8 690 3 13 23 1520 1117 550 1980 844 24 29 1 8 696 3 13 23 1521 2234 1100 1980 844 24 30 1 23 720 3 13 23 1522 162 80 1980 844 23 34 10 8 754 3 24 15 1523 5280 2600 1980 844 1947 36 21 1 8 756 5 60 57 1524 15231 7500 1980 844 30 26 1 1 765 4 66 12 1525 2234 1100 1980 844 32 24 1 22 768 3 6 14 1526 609 300 1980 844 32 24 6 22 768 3 8 19 1527 711 350 1980 844 24 32 9 1 768 3 13 23 1528 355 175 1980 844 24 32 7 22 768 3 35 52 1529 508 250 1980 844 23 34 1 22 782 3 41 39 1530 51 25 1980 844 1948 24 33 10 8 792 3 26 23 1531 284 140 1980 844 22 37 6 22 814 3 8 19 1532 345 170 1980 844 25 33 7 22 825 3 20 31 1533 1320 650 1980 844 1965 24 35 1 1 828 3 20 31 1534 2234 1100 1980 844 30 28 1 1 840 5 60 57 1535 1523 750 1980 844 40 22 1 24 849 3 6 14 1536 558 275 1980 844 31 28 12 16 868 2 46 5 1537 812 400 1980 844 1951 29 32 1 22 928 3 49 15 1538 1828 900 1980 844 26 36 1 1 936 3 8 19 1539 203 100 1980 844 36 26 8 22 936 3 8 19 1540 609 300 1980 844 1939 34 29 9 8 955 3 35 52 1541 406 200 1980 844 24 40 8 22 960 3 17 11 1542 406 200 1980 844 26 37 7 8 962 3 26 23 1543 1422 700 1980 844 1960 26 37 1 22 962 4 34 27 1544 1269 625 1980 844 26 37 7 10 962 4 34 27 1545 1015 500 1980 844 1959 37 26 10 22 962 4 66 12 1546 3452 1700 1980 844 27 37 1 8 999 3 6 14 1547 508 250 1980 844 36 28 4 22 1008 3 13 23 1548 609 300 1980 844 1971 29 35 2 10 1015 3 8 19 1549 1066 525 1980 844 1978 37 28 4 10 1036 3 13 23 1550 5077 2500 1980 844 29 36 1 10 1044 5 59 15 1551 406 200 1980 844 28 38 1 22 1064 3 41 39 1552 558 275 1980 844 31 35 10 8 1068 3 35 52 1553 558 275 1980 844 1961 29 37 1 1 1073 3 20 31 1554 660 325 1980 844 29 37 1 8 1073 3 41 39 1555 122 60 1980 844 1977 36 31 1 8 1083 3 38 5 1556 914 450 1980 844 39 28 7 8 1092 3 13 23 1557 3452 1700 1980 844 38 30 1 24 1106 3 13 23 1558 3046 1500 1980 844 31 36 1 24 1116 3 6 14 1559 2843 1400 1980 844 29 39 1 22 1131 3 13 23 1560 863 425 1980 844 38 30 1 10 1140 5 59 15 1561 457 225 1980 844 31 38 1 1 1144 2 9 15 1562 2234 1100 1980 844 30 40 1 22 1200 3 6 14 1563 508 250 1980 844 36 34 9 23 1206 3 41 39 1564 406 200 1980 844 1964 27 46 4 8 1219 3 26 23 1565 5686 2800 1980 844 40 32 1 1 1280 5 59 15 1566 660 325 1980 844 32 41 1 8 1312 3 41 39 1567 609 300 1980 844 32 41 1 8 1312 3 41 39 1568 609 300 1980 844 1937 33 40 10 8 1320 3 35 52

P age 321 A 1 B 1 c 1 D E 1 P 1 6 1 H 1 I 1 J 1 K 1 L 1 M 1569 3249 1600 1980 844 34 39 1 23 1326 3 6 14 1570 244 120 1980 844 31 44 8 8 1327 1 14 17 1571 3249 1600 1980 844 1947 33 41 1 1 1337 5 60 57 1572 812 400 1980 844 35 39 7 8 1365 3 35 52 1573 5686 2800 1980 844 46 30 1 1 1365 5 60 57 1574 203 100 1980 844 25 55 7 8 1375 3 17 11 1575 3655 1800 1980 844 46 31 1 8 1388 3 6 14 1576 3046 1500 1980 844 35 40 1 22 1400 3 6 14 1577 3249 1600 1980 844 35 40 1 23 1400 3 6 14 1578 2234 1100 1980 844 31 46 1 1 1403 3 6 14 1579 1523 750 1980 844 38 37 1 22 1406 3 44 61 1580 203 100 1980 844 1965 31 47 4 8 1434 3 26 23 1581 2843 1400 1980 844 34 44 1 22 1496 3 13 23 1582 1422 700 1980 844 35 43 1 22 1505 3 41 39 1583 711 350 1980 844 1979 36 42 8 22 1512 3 8 19 1584 1625 800 1980 844 45 34 1 22 1530 3 13 23 1585 3046 1500 1980 844 34 45 1 23 1530 3 13 23 1586 162 80 1980 844 26 59 6 22 1534 3 17 11 1587 609 300 1980 844 34 46 1 1 1547 3 41 39 1588 762 375 1980 844 43 36 1 23 1548 3 41 39 1589 81 40 1980 844 46 34 4 22 1564 3 38 5 1590 1320 650 1980 844 37 44 1 8 1606 3 13 23 1591 1929 950 1980 844 1957 36 46 1 1 1615 4 34 27 1592 305 150 1980 844 48 34 9 10 1632 3 41 39 1593 203 100 1980 844 44 38 7 8 1653 3 35 52 1594 4874 2400 1980 844 36 46 1 1 1656 3 45 61 1595 4874 2400 1980 844 36 46 1 1 1656 2 46 5 1596 305 150 1980 844 1963 34 50 10 8 1675 3 26 23 1597 1929 950 1980 844 1956 36 48 1 8 1728 4 34 27 1598 1015 500 1980 844 37 47 7 22 1739 3 17 11 1599 569 280 1980 844 46 38 9 1 1748 3 41 39 1600 2437 1200 1980 844 1963 50 35 1 1 1750 3 6 14 1601 965 475 1980 844 50 35 4 10 1750 3 41 39 1602 812 400 1980 844 36 49 1 22 1764 3 41 39 1603 609 300 1980 844 45 40 1 22 1800 1 14 17 1604 1625 800 1980 844 1962 33 55 4 10 1815 3 45 61 1605 1625 800 1980 844 1962 33 55 4 10 1815 2 46 5 1606 2843 1400 1980 844 50 37 1 8 1832 3 41 39 1607 366 180 1980 844 1964 39 49 1 8 1867 2 58 11 1608 2031 1000 1980 844 36 52 8 1 1872 4 66 12 1609 1117 550 1980 844 1956 37 51 7 8 1887 3 26 23 1610 3046 1500 1980 844 39 49 1 24 1911 3 44 61 1611 3046 1500 1980 844 1954 40 48 10 1 1920 3 45 61 1612 3046 1500 1980 844 1954 40 48 10 1 1920 2 46 5 1613 812 400 1980 844 36 54 4 1 1944 3 26 23 1614 406 200 1980 844 37 53 7 8 1961 3 26 23 1615 508 250 1980 844 40 50 7 10 2000 5 43 24 1616 2640 1300 1980 844 1961 38 53 1 10 2014 3 6 14 1617 1523 750 1980 844 36 55 6 1 2016 3 13 23 1618 711 350 1980 844 43 47 1 8 2021 3 17 11 1619 2843 1400 1980 844 39 52 1 8 2028 3 6 14 1620 2437 1200 1980 844 40 51 7 23 2040 3 13 23 1621 17262 8500 1980 844 41 51 1 1 2091 3 45 61 1622 17262 8500 1980 844 41 51 1 1 2091 2 46 5 1623 2234 1100 1980 844 37 57 2 10 2109 3 13 23 1624 914 450 1980 844 36 59 2 22 2124 3 20 31

Page 322 A _ 1 B ! c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1625 3554 1750 1980 844 41 52 1 1 2132 3 44 61 1626 1218 600 1980 844 41 53 1 1 2173 2 9 15 1627 2640 1300 1980 844 45 50 1 10 2250 3 6 14 1628 3452 1700 1980 844 41 58 1 23 2378 3 13 23 1629 965 475 1980 844 43 56 1 1 2408 5 43 24 1630 2843 1400 1980 844 46 53 1 1 2438 3 44 61 1631 3452 1700 1980 844 45 55 1 1 2475 3 13 23 1632 1929 950 1980 844 42 59 1 1 2478 3 23 31 1633 812 400 1980 844 43 58 1 1 2494 4 68 21 1634 558 275 1980 844 50 50 3 10 2500 4 66 12 1635 325 160 1980 844 50 50 3 22 2500 4 66 12 1636 3046 1500 1980 844 42 60 1 18 2520 3 44 61 1637 3249 1600 1980 844 43 59 1 22 2537 3 13 23 1638 558 275 1980 844 50 51 3 10 2550 4 66 12 1639 853 420 1980 844 1971 59 44 1 8 2596 3 25 1 1640 650 320 1980 844 44 60 2 8 2618 2 30 11 1641 4265 2100 1980 844 60 44 1 10 2640 3 6 14 1642 863 425 1980 844 44 60 1 22 2640 3 41 39 1643 3655 1800 1980 844 1970 45 60 1 8 2648 3 26 23 1644 965 475 1980 844 53 50 9 10 2650 3 44 61 1645 457 225 1980 844 1968 45 60 1 10 2700 4 10 10 1646 264 130 1980 844 60 45 3 1 2700 3 13 23 1647 508 250 1980 844 60 45 3 8 2700 4 66 12 1648 812 400 1980 844 60 45 1 22 2700 4 68 21 1649 609 300 1980 844 1962 58 47 7 8 2726 3 26 23 1650 4874 2400 1980 844 45 61 1 8 2745 3 13 23 1651 711 350 1980 844 61 45 1 1 2745 3 41 39 1652 762 375 1980 844 47 59 7 1 2773 4 68 21 1653 6499 3200 1980 844 46 61 1 8 2806 3 13 23 1654 2843 1400 1980 844 46 61 1 1 2806 4 34 27 1655 914 450 1980 844 47 60 8 22 2820 4 68 21 1656 102 50 1980 844 1974 58 50 4 8 2875 3 38 5 1657 2031 1000 1980 844 47 62 6 24 2914 3 26 23 1658 609 300 1980 844 54 54 1 10 2916 1 14 17 1659 1777 875 1980 844 49 61 1 10 2989 3 24 15 1660 3859 1900 1980 844 46 65 1 22 2990 3 13 23 1661 4874 2400 1980 844 50 60 1 1 3000 4 34 27 1662 508 250 1980 844 1971 50 60 1 8 3000 3 38 5 1663 2031 1000 1980 844 1971 49 62 8 8 3038 3 49 15 1664 711 350 1980 844 50 61 1 8 3050 3 17 11 1665 1015 500 1980 844 1971 50 62 8 8 3069 3 49 15 1666 2437 1200 1980 844 51 61 1 22 3111 3 13 23 1667 3249 1600 1980 844 48 65 9 1 3120 3 44 61 1668 2437 1200 1980 844 1965 52 61 1 1 3142 4 34 27 1669 2234 1100 1980 844 1979 66 49 4 10 3234 4 66 12 1670 1218 600 1980 844 65 50 1 8 3250 3 44 61 1671 609 300 1980 844 48 68 9 8 3264 3 41 39 1672 2640 1300 1980 844 1973 53 64 1 8 3392 3 6 14 1673 366 180 1980 844 51 67 7 1 3417 3 52 14 1674 183 90 1980 844 70 49 3 22 3430 2 9 15 1675 1675 825 1980 844 44 80 1 10 3520 4 68 21 1676 1066 525 1980 844 71 51 1 10 3621 2 9 15 1677 508 250 1980 844 71 51 8 22 3621 2 9 15 1678 660 325 1980 844 52 70 1 1 3640 2 9 15 1679 1625 800 1980 844 75 50 4 8 3713 4 66 12 1680 6092 3000 1980 844 61 61 1 1 3721 3 6 14

Page 323 A 1 B c 1 D. E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1681 1625 800 1980 844 75 50 4 8 3750 4 66 12 1682 1828 900 1980 844 125 31 1 1 3875 3 6 14 1683 3249 1600 1980 844 1957 54 75 1 22 4050 4 34 27 1684 863 425 1980 844 54 75 4 1 4050 3 44 61 1685 1726 850 1980 844 55 75 8 1 4125 3 49 15 1686 1625 800 1980 844 55 75 8 1 4125 3 49 15 1687 4468 2200 1980 844 60 70 1 22 4200 3 6 14 1688 2031 1000 1980 844 56 75 1 22 4200 3 13 23 1589 6499 3200 1980 844 72 59 1 23 4248 3 13 23 1690 1828 900 1980 844 1973 56 76 1 10 4256 3 49 15 1591 1117 550 1980 844 56 76 1 4256 4 66 12 1692 3046 1500 1980 844 1979 76 56 10 10 4256 4 66 12 1693 6499 3200 1980 844 63 68 1 23 4284 3 6 14 1694 5686 2800 1980 844 81 54 1 1 4334 3 6 14 1695 4874 2400 1980 844 59 74 1 8 4366 3 13 23 1696 5077 2500 1980 844 60 74 1 10 4440 3 13 23 1697 162 80 1980 844 60 75 22 4500 4 10 10 1698 1015 500 1980 844 60 75 1 8 4500 4 68 21 1699 914 450 1980 844 1971 76 60 1 8 4530 4 10 10 1700 2640 1300 1980 844 1975 60 76 1 8 4530 4 34 27 1701 2640 1300 1980 844 61 76 1 1 4568 4 68 21 1702 2640 1300 1980 844 61 76 1 4636 3 13 23 1703 812 400 1980 844 61 76 1 10 4636 1 14 17 17 04 1218 600 1980 844 61 77 1 1 4667 5 43 24 1705 1828 900 1980 844 76 63 1 1 4788 3 8 19 1706 1828 900 1980 844 62 78 1 10 4836 3 44 61 1707 5686 2800 1980 844 1956 59 83 22 4897 3 45 61 1708 5686 2800 1980 844 1956 59 83 22 4897 2 46 5 1709 3655 1800 1980 844 1968 61 81 1 1 4901 3 6 14 1710 1462 720 1980 844 81 64 1 1 5184 3 44 61 1711 5686 2800 1980 844 90 60 1 22 5400 3 13 23 1712 6092 3000 1980 844 60 90 1 24 5400 3 13 23 1713 2640 1300 1980 844 1970 60 90 1 24 5400 3 26 23 1714 6499 3200 1980 844 61 91 1 1 5551 3 13 23 1715 609 300 1980 844 75 75 1 8 5625 1 14 17 1716 5686 2800 1980 844 90 67 1 8 5997 3 13 23 1717 2234 1100 1980 844 1962 68 90 1 8 6120 3 49 15 1718 4062 2000 1980 844 1960 68 91 1 1 6188 3 49 15 1719 8123 4000 1980 844 90 70 1 1 6300 2 19 27 1720 3859 1900 1980 844 70 91 1 1 6370 3 6 14 1721 406 200 1980 844 80 80 23 6400 4 66 12 1722 3249 1600 1980 844 67 97 10 24 6499 4 66 12 1723 366 180 1980 844 1960 71 94 1 8 6639 3 8 19 1724 5686 2800 1980 844 1974 67 100 8 6700 3 26 23 1725 4874 2400 1980 844 104 67 1 22 6968 3 13 23 1726 203 100 1980 844 1966 97 75 8 7227 2 30 11 1727 1462 720 1980 844 60 121 1 13 7230 4 10 10 1728 183 90 1980 844 100 74 1 24 7400 3 13 23 1729 5280 2600 1980 844 75 100 1 8 7500 3 13 23 1730 5077 2500 1980 844 75 100 1 22 7500 4 68 21 1731 7616 3750 1980 844 76 101 1 8 7626 3 13 23 1732 6600 3250 1980 844 1972 79 99 1 22 7821 3 6 14 1733 1929 950 1980 844 1968 96 91 1 10 8736 2 58 11 1734 1218 600 1980 844 84 107 1 1 8988 2 51 19 1735 10154 5000 1980 844 122 82 1 1 9943 4 66 12 1736 4265 2100 1980 844 1973 88 116 1 10 10106 3 6 14

Page 324 A 1 B 1 c .. 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 I- 1 M 1737 10662 5250 1980 844 1978 120 90 1 10 10800 3 13 23 1738 8123 4000 1980 844 1969 90 121 1 8 10890 3 26 23 1739 1625 800 1980 844 1966 90 122 1 24 10935 3 6 14 1740 609 300 1980 844 122 90 2 10 10980 2 40 22 1741 10154 5000 1980 844 91 121 1 22 11011 3 26 23 1742 1422 700 1980 844 106 104 1 8 11024 5 37 8 1743 1015 500 1980 844 92 122 1 8 11224 4 68 21 1744 863 425 1980 844 1975 97 122 6 10 11834 3 4 3 1745 4569 2250 1980 844 1963 90 135 1 22 12150 3 49 15 1746 4874 2400 1980 844 1959 120 120 1 10 14400 2 51 19 1747 558 275 1980 844 1961 106 136 1 8 14416 2 58 11 1748 16246 8000 1980 844 1969 120 128 1 24 15300 3 6 14 1749 21323 10500 1980 844 1971 105 151 1 8 15855 3 26 23 1750 508 250 1980 844 136 120 1 22 16320 2 40 22 1751 2031 1000 1980 844 126 151 1 1 19026 5 37 8 1752 355 175 1980 844 142 163 2 8 23146 2 58 11 1753 1218 600 1980 844 151 172 2 8 25972 2 58 11 1754 36148 17800 1980 844 154 171 1 1 26334 4 66 12 1755 740 400 1981 926 11 9 7 10 99 3 13 23 1756 787 425 1981 926 12 10 1 8 120 3 23 31 1757 509 275 1981 926 11 15 2 22 165 3 23 31 1758 370 200 1981 926 14 12 1 1 168 3 23 31 1759 555 300 1981 926 15 12 1 1 180 3 23 31 1760 130 70 1981 926 13 14 3 10 182 3 17 11 1761 416 225 1981 926 13 18 7 8 228 3 13 23 1762 315 170 1981 926 20 12 1 1 240 2 9 15 1763 259 140 1981 926 13 19 10 22 247 3 21 36 1764 167 90 1981 926 14 19 10 1 266 3 21 36 1765 555 300 1981 926 15 20 1 1 300 3 23 31 1766 648 350 1981 926 20 15 1 8 300 3 23 31 1767 518 280 1981 926 15 21 3 22 315 3 42 37 1768 222 120 1981 926 16 20 7 22 320 2 9 15 1769 222 120 1981 926 16 20 7 22 320 2 9 15 1770 74 40 1981 926 17 19 1 8 323 2 30 11 1771 1481 800 1981 926 15 23 1 8 338 5 60 57 1772 602 325 1981 926 1944 15 23 7 8 345 3 26 23 1773 4072 2200 1981 926 17 21 6 8 357 2 19 27 1774 592 320 1981 926 15 25 1 8 375 3 13 23 1775 1203 650 1981 926 1967 17 24 1 24 408 3 6 14 1776 518 280 1981 926 19 22 10 28 418 4 34 27 1777 407 220 1981 926 18 25 10 8 450 3 21 36 1778 740 400 1981 926 19 24 1 22 456 3 13 23 1779 740 400 1981 926 24 19 1 22 456 3 23 31 1780 120 65 1981 926 16 30 3 10 480 3 17 11 1781 407 220 1981 926 19 26 1 1 494 4 34 27 1782 463 250 1981 926 18 28 4 26 504 3 17 11 1783 148 80 1981 926 1968 19 28 4 8 509 3 26 23 1784 602 325 1981 926 26 20 1 8 510 3 42 37 1785 2221 1200 1981 926 26 20 1 22 520 5 60 57 1786 n i l 600 1981 926 20 27 9 1 540 3 13 23 1787 555 300 1981 926 21 26 1 28 546 3 23 31 1788 2591 1400 1981 926 28 21 1 10 574 3 13 23 1789 463 250 1981 926 23 25 10 22 575 3 21 36 1790 833 450 1981 926 1965 20 30 1 23 575 4 34 27 1791 2591 1400 1981 926 21 29 1 10 599 3 13 23 1792 555 300 1981 926 25 25 7 8 600 3 35 52

P age 325 A 1 B 1 c 1 D E 1 P 1 6 1 H 1 I 1 J 1 K 1 L 1 M 1793 555 300 1981 926 27 24 10 8 636 3 49 15 1794 1296 700 1981 926 23 29 1 22 667 3 13 23 17 95 148 80 1981 926 1934 29 23 4 1 667 3 41 39 1796 1203 650 1981 926 23 30 1 22 690 3 13 23 1797 185 100 1981 926 29 24 1 8 696 3 29 8 1798 333 180 1981 926 24 30 8 720 3 20 31 1799 833 450 1981 926 24 30 1 8 720 3 41 39 1800 2221 1200 1981 926 30 25 1 24 735 3 6 14 1801 694 375 1981 926 26 30 1 22 780 3 41 39 1802 555 300 1981 926 1969 23 34 24 782 3 8 19 1803 1666 900 1981 926 23 34 1 24 782 3 13 23 1804 4072 2200 1981 926 29 27 1 8 783 5 60 57 1805 1851 1000 1981 926 24 33 7 24 792 3 21 36 1806 2591 1400 1981 926 33 25 1 23 825 5 60 57 1807 777 420 1981 926 31 27 11 22 837 3 6 14 1808 222 120 1981 926 30 28 24 840 3 35 52 1809 1018 550 1981 926 1967 29 29 1 1 841 3 6 14 1810 555 300 1981 926 29 29 1 1 841 1 14 17 1811 93 50 1981 926 1944 29 29 10 23 841 3 26 23 1812 2406 1300 1981 926 1965 25 35 1 10 845 3 13 23 1813 740 400 1981 926 1939 25 35 1 24 858 3 47 45 1814 925 500 1981 926 24 36 7 8 864 3 35 52 1815 10180 5500 1981 926 32 27 1 1 864 4 66 12 1816 518 280 1981 926 25 35 8 875 3 41 39 1817 592 320 1981 926 1939 25 35 1 1 875 3 47 45 1818 740 400 1981 926 1959 35 26 7 23 910 3 8 19 1819 463 250 1981 926 1950 37 25 7 8 913 2 48 23 1820 2406 1300 1981 926 1948 27 35 1 8 932 4 34 27 1821 93 50 1981 926 1962 26 36 4 8 936 3 17 11 1822 1481 800 1981 926 1973 26 36 1 1 936 4 34 27 1823 481 260 1981 926 1939 33 29 9 24 941 3 35 52 1824 879 475 1981 926 27 35 8 1 945 3 21 36 1825 879 475 1981 926 1969 30 32 10 1 960 4 34 27 1826 1203 650 1981 926 31 31 2 22 961 2 9 15 1827 833 450 1981 926 27 37 7 8 981 3 35 52 1828 463 250 1981 926 31 32 10 28 992 3 35 52 1829 222 120 1981 926 27 37 3 1 999 3 26 23 1830 1758 950 1981 926 30 35 1 10 1050 3 6 14 1831 278 150 1981 926 1976 35 30 1 8 1050 3 38 5 1832 296 160 1981 926 1976 35 30 1 8 1050 3 38 5 1833 694 375 1981 926 1975 29 37 1 1 1073 3 20 31 1834 740 400 1981 926 29 37 1 1 1073 3 41 39 1835 1074 580 1981 926 30 38 1 13 1121 3 23 31 1836 1758 950 1981 926 29 39 1 1 1131 3 13 23 1837 925 500 1981 926 27 42 1 8 1134 3 41 39 1838 1666 900 1981 926 30 38 1 22 1140 3 13 23 1839 2036 1100 1981 926 38 30 1 1 1140 5 59 15 1840 n i l 600 1981 926 29 40 1 8 1146 3 13 23 1841 370 200 1981 926 37 31 7 8 1147 3 35 52 1842 879 475 1981 926 1975 27 43 7 8 1161 3 26 23 1843 8792 4750 1981 926 30 40 1 1 1200 3 45 61 1844 8792 4750 1981 926 30 40 1 1 1200 2 46 5 1845 278 150 1981 926 32 38 7 22 1216 3 20 31 1846 1666 900 1981 926 25 50 1 22 1250 3 6 14 1847 1666 900 1981 926 25 50 1 23 1250 3 6 14 1848 694 375 1981 926 28 45 7 10 1260 3 20 31

P age 326 A 1 B ■ 1 c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1849 n i l 600 1981 926 29 45 1 24 1305 3 13 23 1850 2221 1200 1981 926 34 39 1 8 1326 5 59 15 1851 602 325 1981 926 29 46 10 8 1334 3 21 36 1852 1388 750 1981 926 1951 29 46 10 24 1334 3 21 36 1853 648 350 1981 926 1963 29 46 6 28 1334 3 26 23 1854 1666 900 1981 926 29 46 9 8 1334 3 44 61 1855 1203 650 1981 926 29 46 9 24 1334 3 44 61 1856 2036 1100 1981 926 40 35 1 23 1363 3 6 14 1857 1851 1000 1981 926 35 39 1 28 1365 3 6 14 1858 509 275 1981 926 1963 30 46 6 8 1380 3 26 23 1859 2591 1400 1981 926 1958 33 42 10 1 1386 4 66 12 1860 1851 1000 1981 926 40 35 1 28 1400 3 6 14 1861 740 400 1981 926 33 43 9 23 1419 3 17 11 1862 833 450 1981 926 1961 33 43 9 24 1419 3 17 11 1863 648 350 1981 926 33 44 1 23 1452 3 41 39 1864 2406 1300 1981 926 35 43 1 24 1505 3 13 23 1865 2221 1200 1981 926 34 45 6 24 1513 3 13 23 1866 1203 650 1981 926 34 45 6 22 1530 3 13 23 1867 278 150 1981 926 43 36 7 8 1548 3 35 52 1868 2221 1200 1981 926 1963 32 50 7 8 1559 3 26 23 1869 3147 1700 1981 926 1959 45 35 1 1 1575 4 34 27 1870 703 380 1981 926 44 36 9 1 1584 2 51 19 1871 5183 2800 1981 926 1945 46 35 1 8 1610 5 60 57 1872 148 80 1981 926 52 31 4 28 1612 3 41 39 1873 740 400 1981 926 36 46 7 22 1656 3 35 52 1874 4442 2400 1981 926 38 44 1 23 1672 5 60 57 1875 740 400 1981 926 47 36 7 16 1674 5 67 5 1876 259 140 1981 926 1963 35 49 4 22 1715 3 26 23 1877 2406 1300 1981 926 46 38 1 1 1748 3 6 14 1878 4072 2200 1981 926 38 46 1 1 1748 4 34 27 1879 1851 1000 1981 926 38 46 1 1 1748 3 44 61 1880 2036 1100 1981 926 1969 32 55 1 1 1760 4 34 27 1881 3147 1700 1981 926 38 47 1 22 1786 3 6 14 1882 1018 550 1981 926 37 49 6 8 1813 3 21 36 1883 278 150 1981 926 51 36 7 10 1836 3 17 11 1884 1296 700 1981 926 1951 38 49 1 28 1862 3 41 39 1885 2221 1200 1981 926 40 47 7 22 1880 3 45 61 1886 2221 1200 1981 926 40 47 7 22 1880 2 46 5 1887 407 220 1981 926 39 49 1 24 1911 5 67 5 1888 3332 1800 1981 926 37 52 1 8 1924 3 13 23 1889 3702 2000 1981 926 1959 39 50 1 24 1950 3 21 36 1890 2776 1500 1981 926 40 49 1 22 1960 3 13 23 1891 1388 750 1981 926 50 40 1 1 2000 3 23 31 1892 1018 550 1981 926 41 50 10 1 2050 3 21 36 1893 1296 700 1981 926 40 53 7 22 2120 5 43 24 1894 1018 550 1981 926 1971 38 57 3 22 2166 3 13 23 1895 2776 1500 1981 926 41 53 1 23 2173 5 60 57 1896 555 300 1981 926 75 29 1 28 2175 3 44 61 1897 4072 2200 1981 926 1958 37 59 1 8 2183 4 66 12 1898 509 275 1981 926 48 48 7 8 2256 3 35 52 1899 2036 1100 1981 926 55 42 8 23 2310 2 19 27 1900 102 55 1981 926 44 54 1 8 2327 3 4 3 1901 740 400 1981 926 44 54 9 22 2376 3 44 61 1902 1666 900 1981 926 1973 54 45 1 8 2430 3 6 14 1903 602 325 1981 926 54 45 7 1 2430 3 17 11 1904 740 400 1981 926 45 55 1 8 2448 1 14 17

P age 327 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1905 1296 700 1981 926 45 55 1 22 2475 3 41 39 1906 6478 3500 1981 926 1947 55 45 1 1 2475 3 45 61 1907 6478 3500 1981 926 1947 55 45 1 1 2475 ■ 2 46 5 1908 2221 1200 1981 926 57 44 1 8 2508 3 17 11 1909 555 300 1981 926 44 59 28 2596 1 14 17 1910 2962 1600 1981 926 44 60 1 23 2640 3 13 23 1911 4072 2200 1981 926 1958 45 60 1 8 2670 3 13 23 1912 2962 1600 1981 926 45 60 1 1 2700 3 13 23 1913 4165 2250 1981 926 45 60 1 8 2700 3 13 23 1914 3332 1800 1981 926 45 60 1 22 2700 3 13 23 1915 2221 1200 1981 926 60 46 1 22 2760 2 9 15 1916 130 70 1981 926 1962 46 61 1 8 2776 2 58 11 1917 463 250 1981 926 40 70 1 2800 2 9 15 1918 2406 1300 1981 926 46 61 1 1 2806 3 6 14 1919 2036 1100 1981 926 1974 49 60 1 22 2940 3 6 14 1920 592 320 1981 926 41 72 10 1 2952 5 43 24 1921 2776 1500 1981 926 46 65 1 1 2990 3 13 23 1922 2776 1500 1981 926 50 60 1 1 3000 3 13 23 1923 1296 700 1981 926 50 60 1 1 3000 3 41 39 1924 1296 700 1981 926 44 69 1 8 3036 3 41 39 1925 8700 4700 1981 926 60 51 28 3060 2 9 15 1926 1758 950 1981 926 61 51 1 8 3086 3 35 52 1927 4813 2600 1981 926 51 61 1 8 3111 3 13 23 1928 1296 700 1981 926 65 48 10 28 3120 3 21 36 1929 463 250 1981 926 45 70 1 3150 2 9 15 1930 1851 1000 1981 926 45 70 1 1 3150 3 13 23 1931 2776 1500 1981 926 1971 51 62 1 8 3162 3 6 14 1932 139 75 1981 926 1963 50 65 1 3250 3 52 14 1933 2221 1200 1981 926 1973 48 68 1 3264 3 49 15 1934 2591 1400 1981 926 53 64 1 8 3392 3 6 14 1935 1481 800 1981 926 50 69 10 22 3450 3 21 36 1936 1018 550 1981 926 1963 55 64 1 1 3520 3 6 14 1937 5183 2800 1981 926 55 65 1 22 3575 3 6 14 1938 3332 1800 1981 926 55 65 1 24 3575 3 6 14 1939 2962 1600 1981 926 55 65 1 28 3575 3 6 14 1940 740 400 1981 926 48 75 10 28 3600 3 21 36 1941 3147 1700 1981 926 66 55 1 1 3630 3 6 14 1942 4627 2500 1981 926 56 66 1 10 3696 3 6 14 1943 5183 2800 1981 926 66 56 1 24 3696 3 6 14 1944 833 450 1981 926 1981 72 52 24 3744 3 61 7 1945 3332 1800 1981 926 50 75 1 1 3750 3 13 23 1946 n i l 600 1981 926 1963 75 51 10 3825 1 14 17 1947 1296 700 1981 926 1960 51 76 1 22 3876 3 41 39 1948 2406 1300 1981 926 78 50 4 23 3900 4 66 12 1949 333 180 1981 926 73 54 4 24 3942 5 67 5 1950 2221 1200 1981 926 56 74 8 1 4144 3 49 15 1951 2406 1300 1981 926 56 74 8 1 4144 3 49 15 1952 2036 1100 1981 926 1973 55 76 8 8 4180 3 49 15 1953 2962 1600 1981 926 1980 60 70 1 22 4200 3 6 14 1954 787 425 1981 926 56 75 4 22 4200 3 17 11 1955 1851 1000 1981 926 76 56 8 8 4256 3 21 36 1956 1018 550 1981 926 1973 56 76 1 22 4256 3 49 15 1957 555 300 1981 926 76 56 3 23 4256 4 66 12 1958 1249 675 1981 926 1949 59 74 1 22 4366 2 9 15 1959 3702 2000 1981 926 58 76 1 22 4408 3 44 61 1960 1481 800 1981 926 59 76 1 23 4484 4 68 21

P age 328 A 1 B c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 1961 5183 2800 1981 926 60 75 1 10 4500 3 13 23 1962 4998 2700 1981 926 75 60 1 23 4500 3 13 23 1963 5553 3000 1981 926 60 75 1 24 4500 3 13 23 1964 7404 4000 1981 926 1971 60 75 1 23 4500 4 34 27 1965 1851 1000 1981 926 57 80 10 8 4560 3 21 36 1966 2406 1300 1981 926 1958 61 76 1 8 4568 4 34 27 1967 5553 3000 1981 926 76 61 1 8 4598 3 13 23 1968 416 225 1981 926 61 76 1 8 4636 2 9 15 1969 2036 1100 1981 926 61 76 1 1 4636 3 13 23 1970 3332 1800 1981 926 80 58 1 4640 3 21 36 1971 1018 550 1981 926 1974 75 62 1 24 4650 2 27 23 1972 3702 2000 1981 926 66 71 1 1 4686 3 6 14 1973 3517 1900 1981 926 62 76 1 1 4712 3 13 23 1974 M3 450 1981 926 1961 62 76 4712 1 14 17 1975 4998 2700 1981 926 52 91 1 1 4732 3 6 14 1976 296 160 1981 926 81 60 1 4860 4 66 12 1977 324 175 1981 926 1973 56 88 8 4928 3 49 15 1978 9718 5250 1981 926 78 69 1 8 5382 5 59 15 1979 4442 2400 1981 926 60 90 1 22 5400 3 13 23 1980 6478 3500 1981 926 60 90 1 23 5400 3 13 23 1981 4442 2400 1981 926 60 90 1 28 5400 3 13 23 1982 370 200 1981 926 1969 75 75 1 8 5550 4 10 10 1983 888 480 1981 926 1960 92 61 1 13 5582 3 24 15 1984 3702 2000 1981 926 61 92 1 1 5612 3 13 23 1985 4813 2600 1981 926 70 81 1 1 5670 3 6 14 1986 1573 850 1981 926 63 90 1 1 5670 4 68 21 1987 4257 2300 1981 926 71 81 1 23 5751 3 6 14 1988 3702 2000 1981 926 1960 67 90 1 8 6030 3 49 15 1989 1203 650 1981 926 61 99 1 1 6039 5 43 24 1990 6478 3500 1981 926 1962 68 90 1 8 6075 3 49 15 1991 7404 4000 1981 926 64 99 1 24 6336 3 6 14 1992 481 260 1981 926 85 75 23 6375 2 9 15 1993 1481 800 1981 926 1955 94 69 1 8 6486 3 8 19 1994 925 500 1981 926 1971 74 89 1 10 6586 5 67 5 1995 3332 1800 1981 926 60 121 1 8 7260 3 41 39 1996 453 245 1981 926 99 74 1 3 7326 5 43 24 1997 555 300 1981 926 1967 97 76 22 7372 3 16 11 1998 4442 2400 1981 926 82 92 1 23 7544 3 6 14 1999 7404 4000 1981 926 107 76 1 1 8132 2 19 27 2000 1296 700 1981 926 1961 105 93 1 1 9765 2 9 15 2001 9255 5000 1981 926 85 121 1 24 10285 3 13 23 2002 648 350 1981 926 88 121 1 8 10648 1 14 17 2003 1758 950 1981 926 92 122 1 1 11224 4 68 21 2004 2406 1300 1981 926 1970 91 137 1 13 12549 3 6 14 2005 2406 1300 1981 926 1975 162 89 10 8 14374 4 66 12 2006 1573 850 1981 926 122 122 1 1 14884 2 9 15 2007 467 280 1982 1028 12 10 1 24 120 3 23 31 2008 300 180 1982 1028 14 10 1 1 140 3 23 31 2009 3835 2300 1982 1028 11 15 8 165 3 13 23 2010 584 350 1982 1028 15 12 1 8 180 3 23 31 2011 333 200 1982 1028 15 13 1 1 195 3 23 31 2012 584 350 1982 1028 12 17 1 8 204 3 13 23 2013 183 110 1982 1028 12 19 10 8 228 3 21 36 2014 167 100 1982 1028 18 14 10 8 252 3 21 36 2015 183 110 1982 1028 14 19 10 1 266 3 21 36 2016 83 50 1982 1028 18 15 10 8 270 3 21 36

P age 329 A 1 B 1 c 1 D B 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2017 667 400 1982 1028 20 14 1 23 280 3 13 23 2018 917 550 1982 1028 20 14 6 8 . 280 3 13 23 2019 67 40 1982 1028 1967 20 15 10 8 300 3 35 52 2020 117 70 1982 1028 16 19 3 24 304 3 17 11 2021 100 60 1982 1028 13 24 3 1 312 3 17 11 2022 150 90 1982 1028 21 17 7 8 357 3 35 . 52 2023 267 160 1982 1028 1956 16 24 7 8 384 3 16 11 2024 567 340 1982 1028 19 22 1 1 418 3 23 31 2025 333 200 1982 1028 26 17 8 22 442 3 8 19 2026 750 450 1982 1028 17 26 7 8 442 3 13 23 2027 1000 600 1982 1028 1948 18 25 1 1 450 4 34 27 2028 750 450 1982 1028 19 25 1 22 475 1 14 17 2029 1417 850 1982 1028 22 22 1 8 484 4 34 27 2030 917 550 1982 1028 20 25 1 22 500 3 23 31 2031 467 280 1982 1028 18 28 10 1 504 3 26 23 2032 434 260 1982 1028 18 28 10 24 504 4 34 27 2033 667 400 1982 1028 1945 26 20 1 22 520 5 60 57 2034 183 110 1982 1028 27 20 3 1 540 3 13 23 2035 1000 600 1982 1028 21 28 8 8 588 3 49 15 2036 417 250 1982 1028 18 34 7 8 612 3 35 52 2037 233 140 1982 1028 18 34 7 8 612 3 35 52 2038 500 300 1982 1028 21 30 4 1 630 3 26 23 2039 150 90 1982 1028 1933 26 25 7 30 650 3 35 52 2040 1250 750 1982 1028 22 30 1 23 660 3 13 23 2041 250 150 1982 1028 23 30 7 8 690 3 20 31 2042 750 450 1982 1028 24 29 1 8 696 3 41 39 2043 459 275 1982 1028 23 31 7 8 713 3 35 52 2044 834 500 1982 1028 20 36 1 23 720 3 13 23 2045 417 250 1982 1028 1957 21 35 7 8 735 3 26 23 2046 750 450 1982 1028 1944 27 28 10 22 756 3 21 36 2047 167 100 1982 1028 1940 24 32 10 23 768 3 21 36 2048 834 500 1982 1028 31 25 1 24 775 3 13 23 2049 709 425 1982 1028 24 33 7 8 792 3 35 52 2050 625 375 1982 1028 23 35 7 8 805 3 35 52 2051 459 275 1982 1028 23 35 7 8 805 3 35 52 2052 625 375 1982 1028 23 35 7 8 805 3 35 52 2053 417 250 1982 1028 31 26 10 8 806 3 21 36 2054 917 550 1982 1028 24 34 1 8 816 3 13 23 2055 1834 1100 1982 1028 34 24 4 23 816 4 66 12 2056 233 140 1982 1028 1955 24 35 7 8 840 3 26 23 2057 667 400 1982 1028 1938 25 34 7 8 850 3 35 52 2058 267 160 1982 1028 36 24 4 8 864 3 35 52 2059 434 260 1982 1028 35 25 8 1 875 3 21 36 2060 367 220 1982 1028 25 35 1 1 875 3 47 45 2061 750 450 1982 1028 26 34 8 1 884 3 21 36 2062 185 100 1982 926 30 30 1 23 900 2 27 23 2063 317 190 1982 1028 26 35 7 1 910 3 47 45 2064 709 425 1982 1028 1946 26 36 10 1 936 3 21 36 2065 167 100 1982 1028 24 39 10 23 936 3 23 31 2066 667 400 1982 1028 1974 21 48 6 8 1008 3 26 23 2067 792 475 1982 1028 1930 30 34 1 8 1020 3 35 52 2068 750 450 1982 1028 29 36 1 23 1044 3 13 23 2069 1834 1100 1982 1028 1967 29 36 1 8 1044 4 34 27 2070 1501 900 1982 1028 30 35 1 23 1050 3 6 14 2071 200 120 1982 1028 22 48 10 23 1056 3. 26 23 2072 917 550 1982 1028 30 36 1 1 1080 4 34 27

P age 330 A 1 B c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2073 584 350 1982 1028 29 38 1 10 1102 3 23 31 2074 500 300 1982 1028 1969 48 23 1 8 1104 3 24 15 2075 500 300 1982 1028 39 30 22 1170 3 17 11 2076 1301 780 1982 1028 38 31 1 1 1178 3 13 23 2077 167 100 1982 1028 1965 40 30 8 1200 3 6 14 2078 1167 700 1982 1028 40 30 1 22 1200 3 23 31 2079 1501 900 1982 1028 30 40 1 1 1200 4 34 27 2080 750 450 1982 1028 45 28 1 24 1260 3 13 23 2081 283 170 1982 1028 23 55 1 1265 3 26 23 2082 1000 600 1982 1028 57 23 1 22 1311 3 23 31 2083 317 190 1982 1028 44 30 1 1 1320 3 8 19 2084 1501 900 1982 1028 30 45 1 1 1350 4 34 27 2085 709 425 1982 1028 30 45 1 1 1350 4 68 21 2085 5335 3200 1982 1028 1940 46 30 1 1 1380 3 21 36 2087 584 350 1982 1028 1963 30 46 7 8 1380 3 26 23 2088 167 100 1982 1028 1976 42 33 10 8 1386 2 56 6 2089 333 200 1982 1028 1966 30 47 8 23 1410 3 26 23 2090 300 180 1982 1028 1963 30 47 10 23 1410 3 26 23 2091 1334 800 1982 1028 35 41 1 10 1435 3 6 14 2092 1250 750 1982 1028 35 41 1 23 1435 3 6 14 2093 500 300 1982 1028 42 35 9 23 1470 2 51 19 2094 917 550 1982 1028 44 34 1 8 1496 5 59 15 2095 500 300 1982 1028 39 39 7 23 1521 3 17 11 2096 1167 700 1982 1028 1975 32 48 7 8 1536 3 26 23 2097 1167 700 1982 1028 1952 33 48 10 22 1584 3 21 36 2098 1501 900 1982 1028 44 36 1 8 1584 3 41 39 2099 250 150 1982 1028 36 44 1 10 1584 5 67 5 2100 434 260 1982 1028 30 54 4 23 1620 3 41 39 2101 2334 1400 1982 1028 36 46 1 1 1656 4 34 27 2102 1584 950 1982 1028 37 45 1 1 1665 3 13 23 2103 1250 750 1982 1028 45 38 1 1 1710 3 13 23 2104 1334 800 1982 1028 1980 44 40 1 24 1760 3 6 14 2105 500 300 1982 1028 36 49 7 10 1764 3 21 36 2106 1167 700 1982 1028 1953 37 48 4 1 1776 3 45 61 2107 2668 1600 1982 1028 1980 40 45 1 8 1800 3 6 14 2108 83 50 1982 1028 1964 53 34 4 8 1802 1 12 7 2109 300 180 1982 1028 1976 34 53 8 23 1802 3 26 23 2110 333 200 1982 1028 51 36 7 23 1836 3 17 11 2111 1501 900 1982 1028 40 46 1 23 1840 3 6 14 2112 1667 1000 1982 1028 46 40 1 1 1840 3 23 31 2113 250 150 1982 1028 1964 37 50 6 8 1850 1 14 17 2114 542 325 1982 1028 38 49 1 8 1862 3 41 39 2115 700 420 1982 1028 36 52 6 1 1872 3 8 19 2116 1834 1100 1982 1028 41 46 1 1 1886 3 6 14 2117 2001 1200 1982 1028 41 46 1 8 1886 3 6 14 2118 2501 1500 1982 1028 41 46 1 22 1886 3 6 14 2119 2834 1700 1982 1028 39 49 1 8 1911 4 34 27 2120 584 350 1982 1028 39 49 1 23 1911 3 41 39 2121 1000 600 1982 1028 38 51 6 8 1938 3 44 61 2122 1834 1100 1982 1028 44 45 1 1 1980 3 6 14 2123 667 400 1982 1028 37 54 7 8 1998 3 26 23 2124 592 320 1982 926 1967 50 40 2 10 2000 2 27 23 2125 5002 3000 1982 1028 1963 41 49 1 8 2009 4 34 27 2126 2334 1400 1982 1028 40 51 1 1 2040 4 34 27 2127 6669 4000 1982 1028 1946 61 34 1 22 2074 5 60 57 2128 1667 1000 1982 1028 1959 41 51 1 22 2091 4 66 12

P age 331 A 1 B I c I D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2129 367 220 1982 1028 37 57 4 1 2109 3 13 23 2130 315 170 1982 926 56 38 6 1 2128 2 27 23 2131 4002 2400 1982 1028 1957 41 54 1 8 2214 4 34 27 2132 7503 4500 1982 1028 42 54 1 8 2268 4 34 27 2133 1250 750 1982 1028 52 44 1 8 2288 5 43 24 2134 500 300 1982 1028 46 50 1 1 2300 3 6 14 2135 2168 1300 1982 1028 46 50 1 1 2300 3 6 14 2136 1584 950 1982 1028 52 46 1 1 2392 3 6 14 2137 1084 650 1982 1028 42 58 9 23 2436 3 44 61 2138 83 50 1982 1028 63 39 3 23 2457 3 13 23 2139 250 150 1982 1028 50 50 3 22 2500 4 66 12 2140 2168 1300 1982 1028 44 59 1 10 2596 3 13 23 2141 917 550 1982 1028 59 44 1 24 2596 3 41 39 2142 834 500 1982 1028 1966 47 56 1 10 2632 3 8 19 2143 200 120 1982 1028 1961 44 61 8 2684 3 8 19 2144 3001 1800 1982 1028 45 60 1 8 2700 3 13 23 2145 734 440 1982 1028 60 45 23 2700 4 66 12 2146 4002 2400 1982 1028 45 61 1 8 2745 3 13 23 2147 1834 1100 1982 1028 61 45 1 22 2745 3 13 23 2148 584 350 1982 1028 61 45 1 1 2745 2 40 22 2149 1917 1150 1982 1028 46 61 1 1 2806 3 6 14 2150 333 200 1982 1028 1962 46 61 1 10 2806 3 8 19 2151 959 575 1982 1028 1967 65 44 1 8 2860 5 43 24 2152 1250 750 1982 1028 1980 5 575 24 2875 3 49 15 2153 3168 1900 1982 1028 48 61 1 1 2928 4 34 27 2154 2668 1600 1982 1028 1948 49 60 1 8 2940 5 59 15 2155 2334 1400 1982 1028 46 65 1 1 2990 3 13 23 2156 834 500 1982 1028 50 60 1 23 3000 3 41 39 2157 367 220 1982 1028 60 50 3 23 3000 4 66 12 2158 83 50 1982 1028 49 65 3 23 3185 3 20 31 2159 11356 7500 1982 1132 1951 47 68 8 1 3196 2 19 27 2160 7086 4250 1982 1028 52 62 1 1 3224 5 59 15 2161 1167 700 1982 1028 38 85 1 8 3230 3 41 39 2162 834 500 1982 1028 1965 50 67 10 3350 3 52 14 2163 1084 650 1982 1028 39 86 1 23 3354 3 41 39 2164 2834 1700 1982 1028 53 64 1 1 3392 3 6 14 2165 467 280 1982 1028 64 53 10 3392 4 66 12 2166 3M# 1900 1982 1028 1977 55 65 1 24 3575 3 6 14 2167 1751 1050 1982 1028 1972 49 74 1 8 3626 3 6 14 2168 1834 1100 1982 1028 56 66 1 1 3696 3 6 14 2169 2M« 1300 1982 1028 56 66 1 1 3696 3 6 14 2170 300 180 1982 1028 1976 54 69 3 10 3726 5 37 8 2171 250 150 1982 1028 52 72 3 1 3744 2 9 15 2172 200 120 1982 1028 1976 54 70 3 10 3780 5 37 8 2173 3668 2200 1982 1028 1950 54 71 1 1 3834 4 . 34 27 2174 2001 1200 1982 1028 51 76 1 1 3876 3 6 14 2175 250 150 1982 1028 72 54 1 3888 2 9 15 2176 2001 1200 1982 1028 60 65 1 8 3900 3 6 14 2177 917 550 1982 1028 74 54 1 8 3996 3 6 14 2178 1584 950 1982 1028 54 74 8 3996 3 49 15 2179 2334 1400 1982 1028 61 66 1 1 4026 3 6 14 2180 3001 1800 1982 1028 61 66 1 23 4026 3 6 14 2181 1250 750 1982 1028 54 75 7 23 4050 3 21 36 2182 317 190 1982 1028 55 75 3 10 4125 2 9 15 2183 2334 1400 1982 1028 55 75 1 1 4125 3 49 15 2184 1084 650 1982 1028 55 75 8 1 4125 3 49 15

Page 332 A 1 B 1 c 1 E 1 F 1 G 1 H 1 I 1 J. 1 K 1 L 1 M 2185 1751 1050 1982 1028 55 75 8 1 4125 3 49 15 2186 1584 950 1982 1028 55 75 8 1 4125 3 49 15 2187 1584 950 1982 1028 55 75 8 8 4125 3 49 15 2188 1501 900 1982 1028 1979 55 75 8 10 4125 3 49 15 2189 3251 1950 1982 1028 55 76 1 1 4180 4 34 27 2190 317 190 1982 1028 80 54 3 1 4320 2 9 15 2191 300 180 1982 1028 80 54 3 1 4320 2 9 15 2192 2918 1750 1982 1028 61 71 1 23 4331 3 6 14 2193 10838 6500 1982 1028 1970 59 74 1 8 4366 4 34 27 2194 2574 1700 1982 1132 52 84 22 4368 2 19 27 2195 2334 1400 1982 1028 60 75 1 8 4500 3 13 23 2196 542 325 1982 1028 73 62 10 1 4526 4 66 12 2197 1667 1000 1982 1028 61 76 1 1 4636 3 13 23 2198 2668 1600 1982 1028 61 76 1 23 4636 3 13 23 2199 4668 2800 1982 1028 61 76 1 1 4636 4 34 27 2200 2334 1400 1982 1028 63 74 8 4662 3 44 61 2201 3668 2200 1982 1028 66 71 1 23 4686 3 6 14 2202 667 400 1982 1028 69 69 1 8 4761 1 14 17 2203 555 300 1982 926 1969 76 63 1 1 4788 2 27 23 2204 10004 6000 1982 1028 80 60 5 4800 4 66 12 2205 834 500 1982 1028 1980 65 74 1 23 4810 3 41 39 2206 3001 1800 1982 1028 75 65 10 22 4875 4 66 12 2207 375 225 1982 1028 1973 56 88 8 4928 3 49 15 2208 2251 1350 1982 1028 1975 64 80 1 8 5120 3 6 14 2209 3001 1800 1982 1028 66 78 1 8 5148 3 49 15 2210 7336 4400 1982 1028 59 90 1 24 5310 3 13 23 2211 10838 6500 1982 1028 1970 60 90 1 8 5400 4 34 27 2212 625 375 1982 1028 90 60 22 5400 2 40 22 2213 2834 1700 1982 1028 61 91 1 1 5551 3 13 23 2214 4668 2800 1982 1028 61 92 1 1 5612 3 13 23 2215 2501 1500 1982 1028 61 92 1 1 5612 3 13 23 2216 3668 2200 1982 1028 61 92 1 24 5612 3 13 23 2217 667 400 1982 1028 61 92 1 1 5612 2 40 22 2218 3001 1800 1982 1028 62 93 1 1 5766 3 13 23 2219 1501 900 1982 1028 1968 66 89 1 8 5874 3 6 14 2220 3001 1800 1982 1028 1958 67 91 1 8 6097 3 49 15 2221 2001 1200 1982 1028 1971 89 69 1 6141 3 49 15 2222 3335 2000 1982 1028 77 81 1 24 6237 3 6 14 2223 1501 900 1982 1028 58 118 1 8 6844 3 41 39 2224 9085 6000 1982 1132 72 97 22 6984 2 19 27 2225 9842 6500 1982 1132 1970 95 74 22 7030 2 19 27 2226 2834 1700 1982 1028 80 90 1 23 7200 3 6 14 2227 2918 1750 1982 1028 81 91 1 22 7371 3 6 14 2228 4085 2450 1982 1028 81 91 1 23 7371 3 6 14 2229 3668 2200 1982 1028 75 100 1 8 7500 3 13 23 2230 267 160 1982 1028 99 78 6 10 7722 5 67 5 2231 250 150 1982 1028 99 78 6 10 7722 5 67 5 2232 2168 1300 1982 1028 76 102 10 22 7752 4 66 12 2233 12870 8500 1982 1132 106 76 6 22 8056 2 19 27 2234 5002 3000 1982 1028 170 152 10 8 25840 4 66 12 2235 114 75 1983 1132 13 9 4 22 117 4 34 27 2236 606 400 1983 1132 14 12 1 22 168 3 23 31 2237 530 350 1983 1132 15 12 1 8 180 3 23 31 2238 91 60 1983 1132 12 17 1 8 204 2 56 6 2239 257 170 1983 1132 16 13 1 1 208 3 23 31 2240 265 175 1983 1132 18 13 10 22 234 3 21 36

P age 333 A 1 B t c 1 . D... E 1 E 1 6 1 H 1 I 1 J 1 K 1 L 1 M 2241 136 90 1983 1132 14 19 10 8 266 3 21 36 2242 242 160 1983 1132 14 19 10 8 266 3 21 36 2243 379 250 1983 1132 20 14 10 10 280 3 21 36 2244 416 275 1983 1132 1961 19 15 10 8 285 3 44 61 2245 568 375 1983 1132 1978 11 26 1 10 286 4 34 27 2246 265 175 1983 1132 14 21 8 8 294 3 13 23 2247 242 160 1983 1132 23 13 10 10 299 3 21 36 2248 719 475 1983 1132 15 20 1 10 300 3 13 23 2249 333 220 1983 1132 1972 15 20 1 3 300 3 42 37 2250 242 160 1983 1132 15 21 1 8 315 3 13 23 2251 212 140 1983 1132 1943 16 23 7 8 368 3 26 23 2252 91 60 1983 1132 16 24 3 10 384 3 13 23 2253 606 400 1983 1132 23 19 7 8 437 4 34 27 2254 151 100 1983 1132 30 15 3 1 450 3 17 11 2255 106 70 1983 1132 1948 18 25 7 8 450 3 42 37 2256 1022 675 1983 1132 19 25 1 10 475 3 49 15 2257 151 100 1983 1132 24 20 7 8 480 3 35 52 2258 681 450 1983 1132 21 26 1 1 546 4 34 27 2259 91 60 1983 1132 1981 20 28 12 10 560 2 46 5 2260 606 400 1983 1132 1920 24 25 7 8 600 3 35 52 2261 227 150 1983 1132 22 28 7 8 616 3 42 37 2262 151 100 1983 1132 22 29 1 8 638 3 4 3 2263 2650 1750 1983 1132 22 29 1 22 638 4 66 12 2264 908 600 1983 1132 30 22 1 22 660 3 13 23 2265 333 220 1983 1132 1946 20 33 10 1 660 3 21 36 2266 454 300 1983 1132 22 30 7 8 660 3 35 52 2267 530 350 1983 1132 22 30 6 10 660 3 44 61 2268 2423 1600 1983 1132 1978 30 22 1 22 660 4 66 12 2269 757 500 1983 1132 23 30 1 1 690 3 13 23 2270 1741 1150 1983 1132 24 29 1 8 696 4 34 27 2271 1666 1100 1983 1132 24 29 1 22 696 4 34 27 2272 1211 800 1983 1132 20 35 1 8 700 3 6 14 2273 114 75 1983 1132 25 28 4 22 700 3 20 31 2274 1363 900 1983 1132 24 30 1 19 720 3 35 52 2275 719 475 1983 1132 26 28 1 1 728 3 41 39 2276 356 235 1983 1132 1934 24 31 10 3 744 3 35 52 2277 719 475 1983 1132 25 30 1 10 750 3 23 31 2278 1438 950 1983 1132 25 30 1 1 750 4 34 27 2279 167 110 1983 1132 1947 25 30 7 8 750 3 42 37 2280 3785 2500 1983 1132 32 24 1 3 768 2 19 27 2281 454 300 1983 1132 22 35 7 8 770 3 35 52 2282 151 100 1983 1132 1959 24 33 10 8 792 3 21 36 2283 681 450 1983 1132 1939 24 34 1 8 816 3 47 45 2284 285 188 1983 1132 1927 24 35 7 3 840 3 35 52 2285 379 250 1983 1132 34 25 10 10 850 3 21 36 2286 333 220 1983 1132 25 34 7 8 850 3 35 52 2287 303 200 1983 1132 25 34 7 8 850 3 35 52 2288 379 250 1983 1132 1969 25 35 4 22 875 3 26 23 2289 3180 2100 1983 1132 1945 27 34 1 8 918 4 34 27 2290 121 80 1983 1132 26 36 3 1 936 3 26 23 2291 151 100 1983 1132 1977 36 26 10 8 936 2 56 6 2292 379 250 1983 1132 26 37 10 10 962 3 21 36 2293 1514 1000 1983 1132 28 35 1 1 980 3 45 61 2294 984 650 1983 1132 27 37 1 1 999 3 13 23 2295 984 650 1983 1132 27 38 1 8 1026 3 13 23 2296 182 120 1983 1132 28 37 3 10 1036 3 26 23

Page 334 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 U 2297 757 500 1983 1132 1941 28 37 1 10 1036 4 34 27 2298 189 125 1983 1132 1963 22 48 10 23 1056 3 26 23 2299 121 80 1983 1132 28 38 3 1 1064 3 26 23 2300 242 160 1983 1132 1948 29 37 7 8 1073 3 42 37 2301 303 200 1983 1132 1945 28 39 1 10 1092 3 41 39 2302 515 340 1983 1132 30 37 1 10 1110 3 41 39 2303 1666 1100 1983 1132 36 31 1 8 1116 3 6 14 2304 2014 1330 1983 1132 24 47 7 3 1128 2 19 27 2305 1666 1100 1983 1132 29 39 1 8 1131 3 6 14 2306 2120 1400 1983 1132 29 39 1 10 1131 3 13 23 2307 424 280 1983 1132 1933 39 29 1 10 1131 3 41 39 2308 515 . 340 1983 1132 27 42 6 10 1134 1 14 17 2309 1060 700 1983 1132 30 38 1 1 1140 3 13 23 2310 1287 850 1983 1132 30 38 1 1 1140 3 13 23 2311 1060 700 1983 1132 30 38 1 1 1140 3 13 23 2312 4028 2660 1983 1132 28 41 1 3 1148 2 19 27 2313 2044 1350 1983 1132 31 38 1 8 1178 3 13 23 2314 3785 2500 1983 1132 40 31 1 8 1240 5 60 57 2315 394 260 1983 1132 29 44 1 10 1276 4 68 21 2316 681 450 1983 1132 29 45 1 1 1305 5 59 15 2317 394 260 1983 1132 33 40 10 1 1320 3 21 36 2318 1514 1000 1983 1132 34 40 1 22 1360 3 6 14 2319 681 450 1983 1132 1956 29 47 6 10 1363 3 21 36 2320 197 130 1983 1132 42 33 9 1 1386 3 35 52 2321 1211 800 1983 1132 35 40 1 1 1400 3 6 14 2322 333 220 1983 1132 33 43 10 1 1419 3 21 36 2323 2120 1400 1983 1132 1966 43 33 1 8 1419 4 34 27 2324 1968 1300 1983 1132 35 41 1 22 1435 3 6 14 2325 212 140 1983 1132 31 47 4 8 1457 3 26 23 2326 1287 850 1983 1132 36 41 1 1 1476 3 6 14 2327 2271 1500 1983 1132 41 36 1 8 1476 3 6 14 2328 2423 1600 1983 1132 36 41 1 22 1476 3 6 14 2329 1136 750 1983 1132 1949 31 48 10 3 1488 3 21 36 2330 946 625 1983 1132 1950 31 48 10 3 1488 3 21 36 2331 1302 860 1983 1132 1950 31 48 10 3 1488 3 21 36 2332 4921 3250 1983 1132 1946 44 35 1 8 1540 5 60 57 2333 1817 1200 1983 1132 1959 31 54 1 8 1674 4 34 27 2334 1514 1000 1983 1132 1982 34 50 6 8 1700 3 26 23 2335 303 200 1983 1132 1980 32 54 7 8 1728 3 26 23 2336 1211 800 1983 1132 1963 35 50 6 10 1750 3 6 14 2337 121 80 1983 1132 1959 33 54 10 22 1782 3 26 23 2338 666 440 1983 1132 40 45 10 1 1800 , 3 21 36 2339 833 550 1983 1132 1956 36 50 10 22 1800 3 26 23 2340 1968 1300 1983 1132 1949 37 49 1 22 . 1813 4 34 27 2341 303 200 1983 1132 51 36 7 10 1836 3 17 11 2342 492 325 1983 1132 1963 34 54 7 8 1836 3 26 23 2343 1817 1200 1983 1132 38 49 10 19 1862 3 45 61 2344 1363 900 1983 1132 41 46 1 1 1886 3 6 14 2345 1666 1100 1983 1132 41 46 1 8 1886 3 6 14 2346 2423 1600 1983 1132 41 46 1 8 1886 3 6 14 2347 91 60 1983 1132 1961 35 54 4 22 1890 3 26 23 2348 227 150 1983 1132 1960 35 54 10 22 1890 3 26 23 2349 606 400 1983 1132 1955 38 50 8 22 1900 2 48 23 2350 379 250 1983 1132 1960 36 53 10 22 1908 3 26 23 2351 3028 2000 1983 1132 1960 39 49 1 8 1911 4 34 27 2352 3028 2000 1983 1132 1964 39 49 1 8 1911 4 34 27

P age 335 A 1 B 1 c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2353 3634 2400 1983 1132 39 49 1 8 1911 4 34 27 2354 984 650 1983 1132 37 53 6 10 1961 3 13 23 2355 212 140 1983 1132 1958 37 54 10 22 1998 3 26 23 2356 1817 1200 1983 1132 1957 40 50 1 1 2000 4 34 27 2357 303 200 1983 1132 50 40 1 8 2000 3 41 39 2358 1514 1000 1983 1132 42 48 1 10 2016 3 6 14 2359 6057 4000 1983 1132 37 55 10 19 2035 3 21 36 2360 1514 1000 1983 1132 1978 34 60 1 8 2040 3 6 14 2361 1514 1000 1983 1132 41 50 8 2050 4 34 27 2362 757 500 1983 1132 37 57 22 2109 3 13 23 2363 6057 4000 1983 1132 1946 51 43 1 10 2193 3 45 61 2364 4921 3250 1983 1132 1959 41 54 1 8 2214 4 34 27 2365 2120 1400 1983 1132 40 56 1 1 2240 4 34 27 2366 303 200 1983 1132 1966 45 51 1 3 2295 3 6 14 2367 1590 1050 1983 1132 46 50 1 1 2300 3 6 14 2368 197 130 1983 1132 59 39 1 8 2301 3 4 3 2369 719 475 1983 1132 1953 43 54 10 10 2322 5 43 24 2370 1514 1000 1983 1132 44 54 1 8 2376 3 41 39 2371 10599 7000 1983 1132 1939 53 45 1 8 2385 5 60 57 2372 1817 1200 1983 1132 1978 42 57 1 8 2394 3 6 14 2373 606 400 1983 1132 50 49 19 2450 4 66 12 2374 575 380 1983 1132 45 55 1 8 2475 1 14 17 2375 5451 3600 1983 1132 1948 45 55 1 8 2475 4 34 27 2376 4240 2800 1983 1132 52 49 10 1 2548 4 66 12 2377 2195 1450 1983 1132 44 59 1 10 2596 3 13 23 2378 1363 900 1983 1132 40 65 1 22 2600 3 44 61 2379 303 200 1983 1132 51 51 8 2601 1 14 17 2380 91 60 1983 1132 1958 46 58 1 1 2668 2 51 19 2381 2725 1800 1983 1132 45 60 1 1 2700 3 13 23 2382 1211 800 1983 1132 60 45 1 8 2700 3 44 61 2383 3331 2200 1983 1132 1942 45 60 1 8 2700 3 44 61 2384 2271 1500 1983 1132 61 45 1 1 2745 3 13 23 2385 833 550 1983 1132 46 60 1 10 2760 3 41 39 2386 1514 1000 1983 1132 46 61 1 22 2806 3 44 61 2387 5451 3600 1983 1132 1930 44 66 1 22 2904 5 60 57 2388 1363 900 1983 1132 1962 66 45 1 1 2970 5 43 24 2389 606 400 1983 1132 63 48 22 3024 3 44 61 2390 303 200 1983 1132 49 62 10 8 3038 5 37 8 2391 2271 1500 1983 1132 61 51 1 1 3111 4 34 27 2392 2271 1500 1983 1132 51 61 1 1 3111 4 34 27 2393 644 425 1983 1132 40 83 1 1 3320 3 24 15 2394 1514 1000 1983 1132 1973 53 64 1 10 3392 3 6 14 2395 908 600 1983 1132 1959 59 60 1 22 3540 3 26 23 2396 1817 1200 1983 1132 59 60 1 8 3540 3 41 39 2397 757 500 1983 1132 47 77 1 8 3619 1 14 17 2398 333 220 1983 1132 1979 52 71 10 3692 2 9 15 2399 227 150 1983 1132 52 71 22 3692 2 9 15 2400 2725 1800 1983 1132 56 66 1 22 3696 3 6 14 2401 530 350 1983 1132 48 77 1 8 3696 1 14 17 2402 333 220 1983 1132 1982 55 68 3 19 3740 3 17 11 2403 757 500 1983 1132 50 75 10 1 3750 3 21 36 2404 6208 4100 1983 1132 51 76 1 22 3876 3 13 23 2405 575 380 1983 1132 75 53 3 10 3975 4 66 12 2406 530 350 1983 1132 1964 54 74 6 8 3996 3 6 14 2407 757 500 1983 1132 74 54 6 1 3996 3 38 5 2408 795 525 1983 1132 1964 75 54 1 8 4050 3 6 14

P age 336 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2409 530 350 1983 1132 1964 75 54 6 8 4050 3 6 14 2410 1438 950 1983 1132 55 74 8 1 4070 3 49 15 2411 91 60 1983 1132 74 55 4 1 4070 5 67 5 2412 1363 900 1983 1132 1979 55 75 8 8 4125 3 49 15 2413 1211 800 1983 1132 76 55 2 8 4180 2 30 11 2414 3028 2000 1983 1132 60 71 1 8 4260 3 6 14 2415 1514 1000 1983 1132 1969 59 73 1 22 4307 4 34 27 2416 2271 1500 1983 1132 56 77 1 1 4312 4 34 27 2417 833 550 1983 1132 1981 74 59 1 4366 3 49 15 2418 1136 750 1983 1132 1970 59 74 1 19 4366 4 68 21 2419 2271 1500 1983 1132 80 56 19 4480 3 21 36 2420 2877 1900 1983 1132 60 75 1 1 4500 3 13 23 2421 757 500 1983 1132 60 75 1 8 4500 1 14 17 2422 1287 850 1983 1132 61 75 1 1 4575 4 68 21 2423 5754 3800 1983 1132 61 76 1 8 4636 3 13 23 2424 5678 3750 1983 1132 61 76 1 22 4636 3 13 23 2425 303 200 1983 1132 1974 75 62 1 10 4650 2 27 23 2426 1514 1000 1983 1132 61 77 1 1 4697 4 68 21 2427 1211 800 1983 1132 63 75 1 22 4725 3 47 45 2428 151 100 1983 1132 75 65 1 8 4875 2 30 11 2429 681 450 1983 1132 85 59 8 5015 4 66 12 2430 606 400 1983 1132 85 59 8 5015 4 66 12 2431 1893 1250 1983 1132 1963 59 90 1 22 5310 4 10 10 2432 1893 1250 1983 1132 1963 59 90 1 22 5310 4 10 10 2433 6057 4000 1983 1132 59 90 1 10 5310 3 13 23 2434 2725 1800 1983 1132 60 90 1 8 5400 3 13 23 2435 3407 2250 1983 1132 60 90 1 22 5400 3 13 23 2436 3028 2000 1983 1132 1974 60 90 1 8 5400 3 26 23 2437 1060 700 1983 1132 60 90 1 8 5400 3 41 39 2438 6057 4000 1983 1132 61 91 1 22 5551 3 13 23 2439 5M8 3400 1983 1132 61 91 1 8 5551 4 34 27 2440 3937 2600 1983 1132 71 82 1 1 5822 3 6 14 2441 2688 1775 1983 1132 1981 75 81 1 1 6075 3 6 14 2442 3785 2500 1983 1132 1958 67 91 1 8 6097 3 49 15 2443 303 200 1983 1132 1967 89 69 1 8 6141 3 8 19 2444 1741 1150 1983 1132 1967 68 91 1 10 6188 3 49 15 2445 3634 2400 1983 1132 1970 67 100 1 8 6700 3 26 23 2446 2271 1500 1983 1132 1979 67 100 8 6700 3 26 23 2447 2574 1700 1983 1132 70 100 10 19 7000 3 21 36 2448 3634 2400 1983 1132 1980 80 91 1 10 7280 3 6 14 2449 3937 2600 1983 1132 1962 100 75 1 8 7500 5 43 24 2450 182 120 1983 1132 75 100 1 7500 2 51 19 2451 5299 3500 1983 1132 1964 101 75 1 19 7575 3 13 23 2452 2877 1900 1983 1132 102 77 1 1 7854 3 13 23 2453 4921 3250 1983 1132 1970 80 100 1 22 8000 5 59 15 2454 757 500 1983 1132 1966 67 126 1 22 8442 1 7 8 2455 757 500 1983 1132 1950 121 71 1 10 8591 2 9 15 2456 333 220 1983 1132 1966 97 92 1 8 8924 2 58 11 2457 7268 4800 1983 1132 1962 75 122 1 19 9150 3 13 23 2458 424 280 1983 1132 100 92 1 1 9200 2 9 15 2459 575 380 1983 1132 103 92 1 1 9476 2 9 15 2460 454 300 1983 1132 1966 91 106 1 8 9646 2 58 11 2461 6057 4000 1983 1132 120 90 22 10800 3 13 23 2462 6814 4500 1983 1132 79 137 10 19 10823 3 21 36 2463 303 200 1983 1132 1959 91 121 1 1 11011 2 51 19 2464 833 550 1983 1132 1959 122 92 1 1 11224 2 9 15

P age 337 A 1 B 1 c 1 D E 1 E 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2465 1666 1100 1983 1132 92 122 1 1 11224 3 23 31 2466 1666 1100 1983 1132 122 102 2 19 12444 2 51 19 2467 10599 7000 1983 1132 1975 161 89 4 22 14329 4 66 12 2468 1590 1050 1983 1132 112 140 1 8 15680 3 6 14 2469 3331 2200 1983 1132 113 142 1 1 16046 3 6 14 2470 1514 1000 1983 1132 136 136 1 22 18496 4 68 21 2471 303 200 1983 1132 152 122 1 1 18544 2 51 19 2472 333 220 1983 1132 1961 153 122 1 1 18666 2 51 19 2473 757 500 1983 1132 137 137 1 8 18769 2 51 19 2474 515 340 1983 1132 184 122 1 1 22448 2 51 19 2475 424 280 1983 1132 122 184 1 1 22448 2 51 19 2476 1514 1000 1983 1132 152 152 22 23104 2 9 15 2477 757 500 1983 1132 136 184 1 1 25024 2 40 22 2478 424 280 1983 1132 1961 137 183 1 1 25071 2 51 19 2479 757 500 1983 1132 1973 213 152 1 19 32376 2 46 5 2480 52995 35000 1983 1132 203 325 1 22 65975 4 66 12 2481 466 320 1984 1177 14 12 1 8 168 3 23 31 2482 291 200 1984 1177 15 12 1 1 180 3 23 31 2483 728 500 1984 1177 15 13 1 8 188 3 23 31 2484 291 200 1984 1177 15 13 1 1 195 3 23 31 2485 437 300 1984 1177 15 13 1 22 195 3 23 31 2486 277 190 1984 1177 12 17 1 10 204 3 23 31 2487 801 550 1984 1177 13 17 1 1 221 3 13 23 2488 175 120 1984 1177 1930 21 11 10 10 231 3 21 36 2489 218 150 1984 1177 18 13 7 8 234 3 21 36 2490 160 110 1984 1177 19 13 10 8 247 3 21 36 2491 189 130 1984 1177 13 19 10 8 247 3 21 36 2492 248 170 1984 1177 13 19 10 10 247 3 21 36 2493 87 60 1984 1177 19 13 10 22 247 3 21 36 2494 473 325 1984 1177 16 16 1 8 256 2 30 11 2495 146 100 1984 1177 19 14 10 8 266 3 21 36 2496 262 180 1984 1177 18 15 4 10 270 3 23 31 2497 473 325 1984 1177 21 13 1 22 273 3 13 23 2498 146 100 1984 1177 196 19 15 3 10 285 3 6 14 2499 765 525 1984 1177 19 15 6 15 285 3 23 . 31 2500 146 100 1984 1177 15 19 1 10 285 2 30 11 2501 619 425 1984 1177 13 23 1 1 299 3 6 14 2502 655 450 1984 1177 1971 13 23 1 10 299 3 49 15 2503 306 210 1984 1177 1978 20 15 3 1 300 3 6 14 2504 233 160 1984 1177 20 15 7 8 300 3 23 31 2505 291 200 1984 1177 15 20 4 15 300 4 34 27 2506 291 200 1984 1177 21 15 1 22 315 3 23 31 2507 255 175 1984 1177 23 15 1 10 345 3 13 23 2508 262 180 1984 1177 16 23 1 10 349 3 13 23 2509 582 400 1984 1177 22 17 8 1 374 3 8 19 2510 291 200 1984 1177 24 17 10 10 408 3 23 31 2511 2039 1400 1984 1177 24 18 6 8 411 2 19 27 2512 2039 1400 1984 1177 19 23 6 8 416 2 19 27 2513 262 180 1984 1177 1978 18 24 6 8 432 3 26 23 2514 510 350 1984 1177 19 24 1 8 444 3 13 23 2515 1019 700 1984 1177 15 30 1 22 450 3 6 14 2516 131 90 1984 1177 30 15 3 22 450 3 17 11 2517 437 300 1984 1177 1966 19 25 4 10 475 3 44 61 2518 1165 800 1984 1177 1961 20 25 1 8 478 3 49 15 2519 692 475 1984 1177 20 24 1 22 480 3 23 31 2520 328 225 1984 1177 1978 17 30 7 8 487 3 26 23

P age 338 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 ÏC 1 L 1 2521 582 400 1984 1177 20 26 1 1 520 1 14 17 2522 328 225 1984 1177 19 30 1 8 570 3 6 14 2523 801 550 1984 1177 1971 29 20 4 10 580 3 13 23 2524 582 400 1984 1177 24 25 7 8 588 3 35 52 2525 1456 1000 1984 1177 1960 28 21 1 1 588 4 66 12 2526 437 300 1984 1177 20 30 1 1 600 3 41 39 2527 947 650 1984 1177 1968 22 30 1 5 649 4 34 27 2528 1456 1000 1984 1177 22 30 1 22 660 3 13 23 2529 801 550 1984 1177 23 29 1 1 667 3 13 23 2530 73 50 1984 1177 24 29 7 8 684 3 47 45 2531 400 275 1984 1177 23 30 1 15 690 3 8 19 2532 1747 1200 1984 1177 24 29 1 8 696 4 34 27 2533 510 350 1984 1177 24 29 1 15 696 3 41 39 2534 510 350 1984 1177 1944 30 25 10 8 723 3 26 23 2535 7281 5000 1984 1177 29 25 1 22 725 5 60 57 2536 5825 4000 1984 1177 29 25 1 22 725 5 60 57 2537 1019 700 1984 1177 26 28 1 22 728 3 41 39 2538 582 400 1984 1177 1967 23 33 1 8 743 4 34 27 2539 1238 850 1984 1177 30 25 1 22 750 3 6 14 2540 1165 800 1984 1177 25 30 1 1 750 3 13 23 2541 582 400 1984 1177 23 33 7 8 759 3 35 52 2542 1420 975 1984 1177 30 26 1 1 780 3 13 23 2543 189 130 1984 1177 1964 24 34 10 8 799 3 6 14 2544 328 225 1984 1177 1976 25 32 4 10 800 3 26 23 2545 58 40 1984 1177 1964 26 31 4 8 806 1 14 17 2546 874 600 1984 1177 26 31 1 1 806 4 34 27 2547 2621 1800 1984 1177 1949 34 24 1 22 816 5 60 57 2548 262 180 1984 1177 25 33 7 19 825 3 35 52 2549 291 200 1984 1177 35 24 2 10 840 2 30 11 2550 218 150 1984 1177 37 23 2 1 851 2 27 23 2551 218 150 1984 1177 37 23 2 1 851 2 ■ 27 23 2552 248 170 1984 1177 35 25 1 1 875 3 8 19 2553 364 250 1984 1177 1969 25 35 4 10 875 3 26 23 2554 655 450 1984 1177 1939 25 35 1 1 875 3 47 45 2555 291 200 1984 1177 37 24 7 8 888 3 35 52 2556 1311 900 1984 1177 1973 27 34 1 8 901 3 6 14 2557 248 170 1984 1177 35 26 7 8 910 2 56 6 2558 655 450 1984 1177 27 34 10 1 918 3 21 36 2559 233 160 1984 1177 1963 34 27 4 1 918 2 58 11 2560 291 200 1984 1177 1969 35 27 10 8 928 3 8 19 2561 655 450 1984 1177 24 39 2 8 936 3 13 23 2562 218 150 1984 1177 39 24 1 5 936 3 20 31 2563 218 150 1984 1177 26 36 8 22 936 3 20 31 2564 131 90 1984 1177 1977 36 26 7 8 936 2 56 6 2565 328 225 1984 1177 27 35 10 22 945 3 . 21 36 2566 218 150 1984 1177 1962 26 37 4 8 949 3 17 11 2567 218 150 1984 1177 1959 36 27 6 10 954 3 8 19 2568 255 175 1984 1177 24 40 8 22 960 3 17 11 2569 400 275 1984 1177 26 37 3 10 962 3 6 14 2570 87 60 1984 1177 27 37 3 10 981 3 26 23 2571 1092 750 1984 1177 29 34 1 1 986 3 6 14 2572 947 650 1984 1177 27 37 1 8 999 3 23 31 2573 182 125 1984 1177 25 40 10 22 1000 3 23 31 2574 582 400 1984 1177 21 48 6 10 1008 3 26 23 2575 320 220 1984 1177 1952 27 38 1 19 1013 2 48 23 2576 1019 700 1984 1177 29 35 1 1 1015 3 6 14

Page 339 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2577 2112 1450 1984 1177 29 36 1 10 1044 5 59 15 2578 1165 800 1984 1177 30 35 1 10 1050 3 6 14 2579 728 500 1984 1177 38 28 4 10 1064 5 60 57 2580 291 200 1984 1177 39 28 4 8 1073 3 35 52 2581 582 400 1984 1177 1978 25 43 6 8 1075 3 26 23 2582 146 100 1984 1177 30 36 6 10 1080 3 21 36 2583 1019 700 1984 1177 31 35 1 22 1085 3 6 14 2584 1383 950 1984 1177 45 25 1 8 1090 3 6 14 2585 291 200 1984 1177 39 29 1 10 1131 3 6 14 2586 4369 3000 1984 1177 1953 39 29 1 19 1131 3 21 36 2587 408 280 1984 1177 42 27 8 1134 3 35 52 2588 1602 1100 1984 1177 37 32 8 1150 5 60 57 2589 1602 1100 1984 1177 30 39 1 8 1170 3 6 14 2590 546 375 1984 1177 1978 27 44 8 1175 3 26 23 2591 1019 700 1984 1177 21 56 1 22 1176 3 23 31 2592 189 130 1984 1177 1959 24 49 1 8 1176 2 27 23 2593 1019 700 1984 1177 31 38 1 1 1178 3 13 23 2594 175 120 1984 1177 43 28 8 1190 3 35 52 2595 874 600 1984 1177 30 40 1 1 1200 3 13 23 2596 5825 4000 1984 1177 40 31 1 22 1240 5 60 57 2597 582 400 1984 1177 1966 28 45 1 8 1246 3 6 14 2598 262 180 1984 1177 1937 39 33 10 8 1251 3 35 52 2599 233 160 1984 1177 1955 36 35 8 1260 3 35 52 2600 2476 1700 1984 1177 1955 31 41 1 10 1271 5 59 15 2601 728 500 1984 1177 30 44 1 8 1298 4 68 21 2602 1019 700 1984 1177 30 45 1 8 1313 3 13 23 2603 1893 1300 1984 1177 1973 30 45 1 8 1313 4 34 27 2604 655 450 1984 1177 39 34 1 1 1326 3 41 39 2605 4369 3000 1984 1177 1938 39 34 1 8 1326 5 60 57 2606 4369 3000 1984 1177 1938 39 34 1 8 1326 5 60 57 2607 248 170 1984 1177 1954 30 45 1 19 1328 2 48 23 2608 1456 1000 1984 1177 40 34 1 8 1343 3 6 14 2609 2330 1600 1984 1177 30 45 1 8 1350 4 34 27 2610 466 320 1984 1177 30 45 1 1 1350 4 68 21 2611 437 300 1984 1177 1978 29 47 8 1363 3 26 23 2612 582 400 1984 1177 44 31 1 22 1364 3 8 19 2613 1602 1100 1984 1177 30 46 1 22 1380 3 6 14 2614 2330 1600 1984 1177 35 40 1 28 1400 3 6 14 2615 1747 1200 1984 1177 31 46 1 8 1426 3 6 14 2616 1456 1000 1984 1177 36 40 1 1 1440 3 6 14 2617 728 500 1984 1177 1962 33 44 10 1452 3 17 11 2618 1456 1000 1984 1177 36 41 1 15 1456 3 6 14 2619 1966 1350 1984 1177 41 36 1 10 1476 3 6 14 2620 204 140 1984 1177 32 47 4 8 1481 3 26 23 2621 582 400 1984 1177 28 54 7 8 1498 3 26 23 2622 801 550 1984 1177 48 32 7 8 1536 3 21 36 2623 364 250 1984 1177 1966 47 33 6 22 1551 3 8 19 2624 582 400 1984 1177 47 33 10 8 1551 3 35 52 2625 4077 2800 1984 1177 1956 36 44 1 22 1584 5 60 57 2626 2912 2000 1984 1177 35 46 1 22 1610 3 13 23 2627 204 140 1984 1177 39 42 3 1 1638 2 2 8 2628 1456 1000 1984 1177 33 50 6 10 1650 3 8 19 2629 510 350 1984 1177 50 33 10 10 1650 3 26 23 2630 10558 7250 1984 1177 37 46 1 22 1702 5 60 57 2631 1456 1000 1984 1177 1961 51 34 7 19 1734 3 21 36 2632 1747 1200 1984 1177 1953 50 35 10 15 1750 3 21 36

Page 34 0 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2633 1092 750 1984 1177 1953 50 35 10 19 1750 3 21 36 2634 1092 750 1984 1177 1953 50 35 10 19 1750 3 21 36 2635 1456 1000 1984 1177 39 45 1 8 1755 3 6 14 2635 1602 1100 1984 1177 37 48 10 22 1776 3 45 61 2637 947 650 1984 1177 43 43 3 22 1849 5 59 15 2638 1311 900 1984 1177 41 46 1 1 1886 3 6 14 2639 1456 1000 1984 1177 41 46 1 10 1886 3 6 14 2640 1238 850 1984 1177 1965 39 49 1 19 1911 3 41 39 2641 11650 8000 1984 1177 39 49 1 22 1911 3 45 61 2642 255 175 1984 1177 52 37 4 22 1924 3 35 52 2643 73 50 1984 1177 51 38 1 10 1938 5 67 5 2644 437 300 1984 1177 37 54 10 10 1998 3 26 23 2645 1893 1300 1984 1177 50 40 1 15 2000 3 6 14 2646 1456 1000 1984 1177 50 40 1 1 2000 3 13 23 2647 1456 1000 1984 1177 40 50 1 1 2000 4 34 27 2648 11650 8000 1984 1177 53 38 6 15 2014 2 19 27 2649 175 120 1984 1177 1965 45 45 3 22 2025 1 14 17 2650 1383 950 1984 1177 40 51 1 10 2040 3 13 23 2651 655 450 1984 1177 41 50 7 22 2050 5 43 24 2652 400 275 1984 1177 38 55 7 8 2063 3 26 23 2653 364 250 1984 1177 37 57 4 10 2109 3 13 23 2654 2621 1800 1984 1177 38 56 1 1 2128 4 34 27 2655 2912 2000 1984 1177 38 56 1 1 2128 3 49 15 2656 1092 750 1984 1177 38 57 1 10 2147 3 44 61 2657 12378 8500 1984 1177 46 48 6 15 2208 2 19 27 2658 437 300 1984 1177 47 47 7 8 2209 2 9 15 2659 131 90 1984 1177 1953 42 53 10 10 2226 5 43 24 2660 1602 1100 1984 1177 40 56 1 1 2240 4 34 27 2661 146 100 1984 1177 50 45 3 22 2250 4 10 10 2662 146 100 1984 1177 50 45 3 22 2250 4 10 10 2663 692 475 1984 1177 43 53 6 10 2279 3 8 19 2664 431 296 1984 1177 1966 45 52 1 3 2340 3 6 14 2665 1820 1250 1984 1177 51 46 1 1 2346 3 6 14 2666 2039 1400 1984 1177 42 56 1 1 2352 4 34 27 2667 1383 950 1984 1177 54 44 7 1 2376 3 17 11 2668 837 575 1984 1177 49 49 1 10 2401 3 47 45 2669 1369 940 1984 1177 42 58 1 3 2436 3 13 23 2670 1019 700 1984 1177 1967 58 43 11 22 2494 3 6 14 2671 2330 1600 1984 1177 43 58 1 22 2494 3 13 23 2672 1456 1000 1984 1177 45 56 1 19 2520 3 6 14 2673 2039 1400 1984 1177 45 56 1 22 2520 3 6 14 2674 1311 900 1984 1177 60 42 10 1 2520 3 21 36 2675 1456 1000 1984 1177 1978 52 49 10 22 2548 4 66 12 2676 2912 2000 1984 1177 46 56 1 10 2576 3 6 14 2677 2912 2000 1984 1177 1974 46 56 1 10 2576 3 6 14 2678 1311 900 1984 1177 45 58 1 16 2588 3 8 19 2679 947 650 1984 1177 44 59 1 10 2596 4 68 21 2680 1602 1100 1984 1177 1963 53 49 9 10 2597 3 44 61 2581 204 140 1984 1177 1964 75 35 1 8 2625 2 27 23 2682 1019 700 1984 1177 59 45 1 8 2626 3 13 23 2683 3641 2500 1984 1177 60 44 1 10 2640 3 13 23 2684 248 170 1984 1177 47 57 3 10 2679 2 9 15 2685 845 580 1984 1177 1963 55 49 4 19 2695 1 14 17 2686 160 110 1984 1177 1976 45 60 3 1 2700 5 37 8 2687 1092 750 1984 1177 45 60 1 8 2700 3 41 39 2688 3204 2200 1984 1177 45 61 1 10 2745 3 13 23

Page 341 A 1 B c 1 D E 1 F 1 e 1 H 1 I 1 J 1 K 1 L 1 M 2689 218 150 1984 1177 1976 45 62 3 1 2790 5 37 8 2690 4514 3100 1984 1177 46 61 1 10 2806 3 13 23 2691 6189 4250 1984 1177 61 46 1 22 2806 3 13 23 2692 364 250 1984 1177 53 53 1 22 2809 1 14 17 2693 87 60 1984 1177 42 67 7 8 2814 2 58 11 2694 1893 1300 1984 1177 51 56 1 10 2856 3 6 14 2695 2184 1500 1984 1177 51 56 1 15 2856 3 6 14 2696 874 600 1984 1177 61 47 1 1 2867 3 41 39 2697 874 600 1984 1177 60 48 6 22 2880 3 21 36 2698 1456 1000 1984 1177 42 69 4 10 2898 4 66 12 2699 947 650 1984 1177 42 69 4 10 2898 4 66 12 2700 2184 1500 1984 1177 61 48 4 22 2928 3 21 36 2701 619 425 1984 1177 60 50 3 10 2970 4 66 12 2702 102 70 1984 1177 60 50 1 8 3000 3 25 1 2703 546 375 1984 1177 60 50 3 10 3000 4 66 12 2704 1456 1000 1984 1177 57 53 10 10 3021 4 66 12 2705 2476 1700 1984 1177 48 63 1 1 3024 3 44 61 2706 2985 2050 1984 1177 50 61 1 1 3050 3 6 14 2707 95 65 1984 1177 61 50 3 1 3050 1 12 7 2708 2330 1600 1984 1177 49 63 9 8 3063 3 44 61 2709 291 200 1984 1177 46 67 6 1 3082 3 20 31 2710 364 250 1984 1177 49 64 8 1 3136 3 20 31 2711 11650 8000 1984 1177 47 67 1 22 3149 2 19 27 2712 728 500 1984 1177 67 47 9 8 3149 3 49 15 2713 546 375 1984 1177 50 65 9 10 3250 3 44 61 2714 25484 17500 1984 1177 1951 50 66 1 1 3300 3 45 61 2715 1019 700 1984 1177 65 52 8 8 3322 2 9 15 2716 692 475 1984 1177 64 52 9 10 3328 3 41 39 2717 1747 1200 1984 1177 1974 53 63 1 8 3339 3 6 14 2718 1311 900 1984 1177 51 66 8 1 3366 3 49 15 2719 2621 1800 1984 1177 53 64 1 8 3392 3 6 14 2720 1383 950 1984 1177 46 77 1 1 3542 3 17 11 2721 2767 1900 1984 1177 55 65 1 8 3575 3 6 14 2722 2621 1800 1984 1177 1974 48 75 1 8 3576 4 34 27 2723 466 320 1984 1177 60 60 8 1 3600 1 14 17 2724 2912 2000 1984 1177 55 66 1 10 3630 3 6 14 2725 2912 2000 1984 1177 56 66 1 1 3696 3 6 14 2726 3495 2400 1984 1177 56 66 1 8 3696 3 6 14 2727 2912 2000 1984 1177 56 66 1 22 3696 3 6 14 2728 124 85 1984 1177 60 63 1 19 3780 1 15 13 2729 437 300 1984 1177 73 53 6 1 3869 3 38 5 2730 320 220 1984 1177 73 53 9 1 3869 3 38 5 2731 10194 7000 1984 1177 1951 54 73 8 19 3879 2 19 27 2732 6116 4200 1984 1177 1949 56 70 1 10 3885 4 34 27 2733 1019 700 1984 1177 1974 53 74 6 10 3922 3 49 15 2734 1602 1100 1984 1177 53 74 8 1 3922 3 49 15 2735 2330 1600 1984 1177 53 74 8 1 3922 3 49 15 2736 1602 1100 1984 1177 53 74 8 1 3922 3 49 15 2737 1529 1050 1984 1177 53 74 8 10 3922 3 49 15 2738 692 . 475 1984 1177 69 57 3 22 3933 4 66 12 2739 692 475 1984 1177 1964 74 54 1 8 3996 3 6 14 2740 437 300 1984 1177 74 54 9 1 3996 3 38 5 2741 1602 1100 1984 1177 1962 54 74 6 8 3996 3 44 61 2742 437 300 1984 1177 57 71 3 1 4047 3 17 11 2743 728 500 1984 1177 54. 75 10 22 4050 3 21 36 2744 2476 1700 1984 1177 1972 55 75 6 8 4060 3 49 15

P age 342 A 1 B 1 c 1 D B 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2745 138 95 1984 1177 74 55 9 1 4070 3 38 5 2746 546 375 1984 1177 45 91 2 10 4095 2 30 11 2747 510 350 1984 1177 75 55 1 22 4125 2 9 15 2748 1747 1200 1984 1177 55 75 1 4125 3 49 15 2749 1602 1100 1984 1177 55 75 1 4125 3 49 15 2750 2912 2000 1984 1177 51 81 1 1 4131 3 6 14 2751 437 300 1984 1177 76 55 22 4180 4 66 12 2752 1238 850 1984 1177 56 76 1 5 4256 1 14 17 2753 7281 5000 1984 1177 76 56 19 4256 3 21 36 2754 947 650 1984 1177 60 71 1 1 4260 3 8 ' 19 2755 2330 1600 1984 1177 58 74 1 22 4292 3 13 23 2756 2184 1500 1984 1177 56 77 15 4312 3 21 36 2757 2912 2000 1984 1177 61 71 1 1 4331 3 6 14 2758 3568 2450 1984 1177 61 71 1 1 4331 3 6 14 2759 2330 1600 1984 1177 1983 61 71 1 10 4331 3 6 14 2760 2912 2000 1984 1177 61 71 1 15 4331 3 6 14 2761 4660 3200 1984 1177 61 71 1 1 4331 4 34 27 2762 655 450 1984 1177 61 71 1 22 4331 4 68 21 2763 4369 3000 1984 1177 59 74 1 19 4366 3 13 23 2764 801 550 1984 1177 76 58 1 4408 4 66 12 2765 73 50 1984 1177 59 75 1 8 4425 3 25 1 2766 4077 2800 1984 1177 59 76 1 1 4484 3 13 23 2767 655 450 1984 1177 1970 60 75 22 4500 4 10 10 2768 655 450 1984 1177 1970 60 75 1 22 4500 4 10 10 2769 4660 3200 1984 1177 60 75 1 8 4500 3 13 23 2770 4660 3200 1984 1177 61 76 1 1 4636 3 13 23 2771 4369 3000 1984 1177 61 76 1 1 4636 3 13 23 2772 4077 2800 1984 1177 61 76 1 1 4636 3 13 23 2773 5097 3500 1984 1177 61 76 1 19 4636 3 13 23 2774 4660 3200 1984 1177 61 76 1 22 4636 3 13 23 2775 582 400 1984 1177 80 58 22 4640 4 66 12 2776 510 350 1984 1177 1969 109 43 1 22 4687 2 46 5 2777 655 450 1984 1177 61 77 1 22 4697 4. 68 21 2778 4369 3000 1984 1177 61 80 10 1 4880 4 66 12 2779 13106 9000 1984 1177 1966 63 80 1 8 5009 5 59 15 2780 801 550 1984 1177 87 60 1 5220 4 66 12 2781 4369 3000 1984 1177 1955 67 78 1 10 5226 3 49 15 2782 3495 2400 1984 1177 1972 60 89 1 8 5296 3 26 23 2783 582 400 1984 1177 1982 83 65 1 1 5395 3 38 5 2784 7281 5000 1984 1177 60 90 1 22 5400 3 13 23 2785 2912 2000 1984 1177 60 90 1 22 5400 3 13 23 2786 4514 3100 1984 1177 60 91 1 10 5460 3 13 23 2787 5097 3500 1984 1177 61 91 1 10 5551 3 13 23 2788 248 170 1984 1177 91 61 1 1 5551 2 40 22 2789 765 525 1984 1177 1962 91 61 1 10 5551 2 58 11 2790 364 250 1984 1177 1965 90 62 1 22 5580 2 46 5 2791 2184 1500 1984 1177 1959 67 89 1 1 5963 3 49 15 2792 4369 3000 1984 1177 1967 68 91 1 22 6188 3 49 15 2793 364 250 1984 1177 1976 84 78 1 22 6552 3 50 4 2794 801 550 1984 1177 1972 90 75 1 22 6750 5 67 5 2795 24028 16500 1984 1177 97 71 19 6852 2 19 27 2796 4806 3300 1984 1177 76 91 10 8 6871 4 66 12 2797 950 1100 1984 1177 80 86 1 22 6880 2 65 20 2798 3204 2200 1984 1177 70 101 19 7070 3 21 36 2799 2039 1400 1984 1177 1967 75 100 1 22 7500 5 43 24 2800 12378 8500 1984 1177 1982 87 87 1 22 7569 4 66 12

P age 34 3 ■A .. 1 B I c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 E 1 M 2801 4951 3400 1984 1177 76 101 1 1 7676 3 13 23 2802 4369 3000 1984 1177 85 95 1 1 8075 3 6 14 2803 1019 700 1984 1177 1972 90 90 1 22 . 8100 4 10 10 2804 1019 700 1984 1177 1972 90 90 1 22 8100 4 10 10 2805 2333 2700 1984 1177 82 109 1 22 8938 2 65 20 2806 1092 750 1984 1177 92 98 1 22 9016 2 46 5 2807 8373 5750 1984 1177 74 122 1 22 9028 3 13 23 2808 21844 15000 1984 1177 1967 124 76 19 9424 4 66 12 2809 728 500 1984 1177 100 100 1 22 10000 1 14 17 2810 510 350 1984 1177 1964 100 100 1 8 10000 2 27 23 2811 437 300 1984 1177 1970 108 93 1 10 10044 2 51 19 2812 1019 700 1984 1177 1969 83 122 1 10 10126 3 24 15 2813 4077 2800 1984 1177 1965 118 88 1 19 10384 3 49 15 2814 1675 1150 1984 1177 1973 89 119 1 19 10591 4 10 10 2815 5388 3700 1984 1177 90 120 1 1 10800 3 6 14 2816 655 450 1984 1177 91 121 1 8 10951 3 4 3 2817 7645 5250 1984 1177 91 122 1 22 11102 3 13 23 2818 1456 1000 1984 1177 1960 91 122 19 11102 2 40 22 2819 291 200 1984 1177 137 97 1 10 13289 2 48 23 2820 874 600 1984 1177 1977 89 151 1 8 13439 5 67 5 2821 36406 25000 1984 1177 120 120 1 22 14400 4 66 12 2822 874 600 1984 1177 1959 122 122 1 10 14884 2 51 19 2823 1383 950 1984 1177 145 114 1 16530 2 9 15 2824 1165 800 1984 1177 137 121 19 16577 2 51 19 2825 728 500 1984 1177 127 132 1 10 16764 2 9 15 2826 1456 1000 1984 1177 1980 147 127 1 8 18532 3 38 5 2827 1165 800 1984 1177 1971 264 73 1 22 19272 2 46 5 2828 4369 3000 1984 1177 1973 120 180 1 22 21600 3 49 15 2829 874 600 1984 1177 1967 171 139 1 10 23769 2 51 19 2830 15291 10500 1984 1177 180 240 10 22 43200 4 66 12 2831 273 200 1985 1257 12 10 1 10 114 3 23 31 2832 205 150 1985 1257 15 10 8 150 3 49 15 2833 614 450 1985 1257 14 11 1 4 154 3 23 31 2834 375 275 1985 1257 15 12 1 22 174 3 23 31 2835 109 80 1985 1257 11 16 1 176 2 9 15 2836 273 200 1985 1257 15 12 1 1 180 3 23 31 2837 273 200 1985 1257 15 12 1 1 180 3 23 31 2838 273 200 1985 1257 15 13 1 22 188 3 23 31 2839 648 475 1985 1257 14 14 1 1 196 4 66 12 2840 614 450 1985 1257 13 21 1 3 267 3 13 23 2841 136 100 1985 1257 19 15 10 10 285 3 21 36 2842 989 725 1985 1257 14 21 1 13 294 3 13 23 2843 1364 1000 1985 1257 20 15 1 10 300 3 6 14 2844 1091 800 1985 1257 1961 20 16 10 8 302 3 44 61 2845 648 475 1985 1257 15 22 1 8 319 3 13 23 2846 436 320 1985 1257 14 25 1 8 331 3 41 39 2847 614 450 1985 1257 15 23 6 3 338 3 13 23 2848 436 320 1985 1257 15 23 1 1 345 3 13 23 2849 307 225 1985 1257 1964 16 22 7 15 352 3 44 61 2850 273 200 1985 1257 23 17 6 1 391 4 66 12 2851 205 150 1985 1257 17 25 3 22 417 3 13 23 2852 82 60 1985 1257 18 25 8 22 450 3 4 3 2853 109 80 1985 1257 30 15 3 22 450 3 17 11 2854 477 350 1985 1257 20 24 1 22 480 3 23 31 2855 477 350 1985 1257 16 30 7 1 480 3 26 23 2856 82 60 1985 1257 28 18 3 22 504 3 26 23

P age 344 A 1 B c 1 D H 1 P 1 G 1 H 1 X ] J 1 K 1 L 1 M 2857 307 225 1985 1257 20 26 10 10 520 4 34 27 2858 239 175 1985 1257 20 26 10 22 520 4 34 27 2859 1500 1100 1985 1257 19 30 1 8 561 4 34 27 2860 545 400 1985 1257 32 19 8 22 608 4 34 27 2861 82 60 1985 1257 25 25 10 10 625 3 20 31 2862 954 700 1985 1257 29 23 1 1 667 3 13 23 2863 682 500 1985 1257 28 24 9 22 672 3 44 61 2864 341 250 1985 1257 1976 20 35 1 8 673 3 38 5 2865 409 300 1985 1257 1972 23 30 4 8 675 3 13 23 2866 109 80 1985 1257 1959 22 31 7 10 682 4 66 12 2867 682 500 1985 1257 23 30 1 19 690 3 45 61 2868 1364 1000 1985 1257 24 29 1 22 696 3 6 14 2869 307 225 1985 1257 25 29 1 10 711 3 20 31 2870 1364 1000 1985 1257 29 25 1 10 711 4 34 27 2871 1091 800 1985 1257 15 50 1 8 725 3 6 14 2872 954 700 1985 1257 25 30 1 22 735 3 6 14 2873 818 600 1985 1257 1967 23 33 1 10 759 4 34 27 2874 614 450 1985 1257 28 28 7 19 770 3 35 52 2875 300 220 1985 1257 23 35 7 8 794 3 6 14 2876 1091 800 1985 1257 23 36 8 10 799 3 17 11 2877 191 140 1985 1257 1964 24 34 10 8 799 3 6 14 2878 750 550 1985 1257 30 27 11 1 810 3 6 14 2879 1023 750 1985 1257 24 34 1 8 816 3 . 13 23 2880 614 450 1985 1257 24 34 1 15 816 3 13 23 2881 218 160 1985 1257 1960 34 24 9 1 816 3 17 11 2882 2182 1600 1985 1257 24 34 1 1 816 2 19 27 2883 1364 1000 1985 1257 1949 34 24 1 22 816 5 60 57 2884 491 360 1985 1257 33 25 4 22 825 3 6 14 2885 307 225 1985 1257 25 34 10 8 850 3 21 36 2886 655 480 1985 1257 25 35 1 8 863 2 30 11 2887 477 350 1985 1257 25 35 6 22 875 3 8 19 2888 614 450 1985 1257 1944 25 36 7 8 882 3 26 23 2889 300 220 1985 1257 25 36 7 8 882 3 35 52 2890 1636 1200 1985 1257 1973 26 34 1 8 884 3 6 14 2891 245 180 1985 1257 26 35 7 8 897 3 35 52 2892 886 650 1985 1257 1920 25 37 7 8 907 3 35 52 2893 818 600 1985 1257 26 35 10 10 910 3 21 36 2894 784 575 1985 1257 1944 35 26 7 10 910 5 59 15 2895 3818 2800 1985 1257 1931 24 38 7 10 912 3 35 52 2896 545 400 1985 1257 1927 35 27 4 10 914 3 47 45 2897 245 180 1985 1257 25 37 7 8 925 3 35 52 2898 2454 1800 1985 1257 26 36 1 22 936 2 19 27 2899 648 475 1985 1257 24 39 10 10 936 3 35 52 2900 2727 2000 1985 1257 28 34 1 8 942 4 34 27 2901 273 200 1985 1257 1981 27 35 10 8 945 3 21 36 2902 750 550 1985 1257 1949 40 24 10 22 960 3 21 36 2903 614 450 1985 1257 31 31 4 1 961 3 17 11 2904 1227 900 1985 1257 40 25 1 8 968 4 34 27 2905 409 300 1985 1257 1948 28 35 7 8 980 3 42 37 2906 205 150 1985 1257 27 37 6 10 986 3 26 23 2907 1295 950 1985 1257 29 34 1 19 986 3 20 31 2908 2591 1900 1985 1257 1946 27 37 7 8 999 3 21 36 2909 614 450 1985 1257 37 27 4 8 999 3 38 5 2910 1636 1200 1985 1257 1974 37 27 10 8 999 3 38 5 2911 170 125 1985 1257 35 29 3 22 1015 2 9 15 2912 409 300 1985 1257 1938 30 34 1 22 1020 3 23 31

P age 345 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 2913 409 300 1985 1257 29 36 1 22 1044 3 8 19 2914 300 220 1985 1257 29 36 8 22 1044 3 20 31 2915 1227 900 1985 1257 38 28 7 10 1045 3 44 61 2916 409 300 1985 1257 24 44 7 10 1056 3 20 31 2917 409 300 1985 1257 32 34 10 10 1088 3 20 31 2918 3818 2800 1985 1257 28 39 7 19 1092 5 59 15 2919 191 140 1985 1257 29 38 1 10 1102 3 29 8 2920 1432 1050 1985 1257 21 56 1 22 1176 3 23 31 2921 954 700 1985 1257 31 38 1 1 1178 3 13 23 2922 627 460 1985 1257 30 40 1 1 1200 3 13 23 2923 1091 800 1985 1257 1975 28 44 8 1210 3 26 23 2924 7500 5500 1985 1257 40 31 1 22 1240 3 45 61 2925 10909 8000 1985 1257 1959 43 29 1 10 1247 5 60 57 2926 6477 4750 1985 1257 28 45 1 15 1260 5 59 15 2927 1295 950 1985 1257 29 44 1 3 1276 3 13 23 2928 1364 1000 1985 1257 1975 40 32 1 1 1280 3 6 14 2929 682 500 1985 1257 29 46 10 1334 3 21 36 2930 518 380 1985 1257 45 30 1 22 1350 3 8 19 2931 818 600 1985 1257 1937 34 40 1 19 1360 3 35 52 2932 1704 1250 1985 1257 36 38 1 1 1368 3 6 14 2933 205 150 1985 1257 43 32 8 1376 5 67 5 2934 818 600 1985 1257 30 46 10 10 1380 3 21 36 2935 2182 1600 1985 1257 35 40 1 10 1400 3 6 14 2936 10909 8000 1985 1257 1942 40 35 1 10 1400 5 60 57 2937 2454 1800 1985 1257 35 41 1 15 1435 3 6 14 2938 1159 850 1985 1257 36 41 1 15 1438 3 6 14 2939 1636 1200 1985 1257 36 41 1 22 1438 3 6 14 2940 2454 1800 1985 1257 40 36 1 10 1440 3 41 39 2941 750 550 1985 1257 32 45 1 15 1440 3 41 39 2942 109 80 1985 1257 1985 38 38 22 1444 3 26 23 2943 1636 1200 1985 1257 37 41 1 8 1478 3 6 14 2944 3341 2450 1985 1257 1958 34 45 4 1491 3 49 15 2945 409 300 1985 1257 39 39 8 1502 3 35 52 2946 4091 3000 1985 1257 1942 34 45 1 19 1513 3 23 31 2947 273 200 1985 1257 43 36 4 19 1527 3 35 52 2948 1091 800 1985 1257 1937 34 45 10 15 1530 3 35 52 2949 518 380 1985 1257 29 53 5 22 1537 3 8 19 2950 205 150 1985 1257 43 36 10 8 1548 3 35 52 2951 886 650 1985 1257 47 33 7 10 1551 3 21 36 2952 2318 1700 1985 1257 1973 35 45 1 10 1558 4 34 27 2953 3818 2800 1985 1257 45 35 1 10 1575 3 13 23 2954 682 500 1985 1257 35 45 7 22 1575 5 43 24 2955 218 160 1985 1257 1957 36 44 10 8 1584 2 48 23 2955 1500 1100 1985 1257 46 36 1 3 1656 3 6 14 2957 580 425 1985 1257 49 35 4 22 1715 3 20 31 2958 409 300 1985 1257 48 36 8 8 1728 3 21 36 2959 286 210 1985 1257 47 37 9 8 1739 3 35 52 2960 2318 1700 1985 1257 44 40 1 22 1760 3 6 14 2961 273 200 1985 1257 1935 49 36 1 10 1764 3 47 45 2962 648 475 1985 1257 1935 49 37 4 10 1789 3 47 45 2963 205 150 1985 1257 52 35 7 8 1794 5 67 5 2964 818 600 1985 1257 36 50 10 1 1800 3 21 36 2965 2454 1800 1985 1257 1939 50 36 1 19 1800 3 23 31 2966 818 600 1985 1257 1967 30 60 1 10 1800 3 44 61 2967 2182 1600 1985 1257 37 49 1 8 1813 4 34 27 2968 1364 1000 1985 1257 1973 51 36 8 8 1818 3 8 19

Page 346 A 1 B 1 c 1 D B 1 F 1 G 1 H 1 I 1 ....J....r K 1 L 1 M 2969 1227 900 1985 1257 46 40 1 22 1840 3 6 14 2970 121 89 1985 1257 43 43 6 22 1849 1 14 17 2971 218 160 1985 1257 35 53 3 10 1855 5 67 5 2972 341 250 1985 1257 38 50 8 8 1881 3 41 39 2973 1500 1100 1985 1257 46 41 1 1 1886 3 6 14 2974 1500 1100 1985 1257 41 46 1 15 1886 3 6 14 2975 1364 1000 1985 1257 38 50 7 10 1900 3 21 36 2976 136 100 1985 1257 37 52 10 22 1924 3 63 33 2977 218 160 1985 1257 37 52 7 8 1924 5 67 5 2978 409 300 1985 1257 53 37 7 10 1935 5 67 5 2979 3273 2400 1985 1257 57 34 10 1 1938 4 66 12 2980 3136 2300 1985 1257 47 42 1 10 1974 3 6 14 2981 19090 14000 1985 1257 1960 53 38 1 19 1995 4 66 12 2982 1636 1200 1985 1257 50 40 1 1 2000 3 6 14 2983 1773 1300 1985 1257 40 50 1 10 2000 3 6 14 2984 1364 1000 1985 1257 50 40 1 1 2000 3 13 23 2985 545 400 1985 1257 1964 40 50 6 15 2000 1 14 17 2986 3000 2200 1985 1257 1950 50 40 1 1 2000 4 34 27 2987 3136 2300 1985 1257 40 50 1 1 2000 4 34 27 2988 682 500 1985 1257 37 55 10 22 2008 5 43 24 2989 1091 800 1985 1257 1977 37 55 6 8 2017 3 26 23 2990 2318 1700 1985 1257 41 51 1 10 2091 3 6 14 2991 682 500 1985 1257 1971 39 58 3 8 2214 3 13 23 2992 2318 1700 1985 1257 40 56 1 15 2220 3 6 14 2993 11931 8750 1985 1257 1947 43 52 1 15 2236 5 60 57 2994 1568 1150 1985 1257 40 56 1 1 2240 4 34 27 2995 13158 9650 1985 1257 59 38 10 4 2242 3 21 36 2996 2045 1500 1985 1257 52 44 10 22 2288 4 66 12 2997 1704 1250 1985 1257 45 51 1 10 2295 3 6 14 2998 1636 1200 1985 1257 51 45 1 22 2295 3 6 14 2999 3000 2200 1985 1257 45 51 1 22 2295 3 6 14 3000 1636 1200 1985 1257 50 46 1 1 2300 3 6 14 3001 1364 1000 1985 1257 46 50 1 10 2300 3 6 14 3002 2045 1500 1985 1257 50 46 1 22 2300 4 34 27 3003 1091 800 1985 1257 1964 72 32 4 10 2304 3 44 61 3004 2863 2100 1985 1257 1966 44 54 1 10 2327 4 34 27 3005 1773 1300 1985 1257 46 51 1 1 2346 3 6 14 3006 818 600 1985 1257 40 59 3 22 2360 4 66 12 3007 2591 1900 1985 1257 43 55 1 1 2365 4 34 27 3008 409 300 1985 1257 61 39 1 8 2379 5 67 5 3009 2454 1800 1985 1257 43 56 1 1 2408 4 34 27 3010 4091 3000 1985 1257 43 57 1 1 2451 4 34 27 3011 4363 3200 1985 1257 44 56 1 1 2464 4 34 27 3012 920 675 1985 1257 42 60 1 10 2520 4 68 21 3013 341 250 1985 1257 43 59 1 22 2537 4 68 21 3014 477 350 1985 1257 50 51 6 22 2550 3 8 19 3015 954 700 1985 1257 1953 54 49 6 8 2595 3 8 19 3016 327 240 1985 1257 59 44 1 8 2596 2 30 11 3017 750 550 1985 1257 40 65 4 10 2600 3 26 23 3018 614 450 1985 1257 60 44 1 8 2618 3 41 39 3 0 Ï9 300 220 1985 1257 60 44 1 8 2640 2 30 11 3020 4636 3400 1985 1257 45 60 1 8 2648 3 13 23 3021 68 50 1985 1257 1976 45 60 3 10 2670 5 37 8 3022 1364 1000 1985 1257 1963 55 49 4 19 2695 1 14 17 3023 164 120 1985 1257 45 60 3 22 2700 5 37 8 3024 954 700 1985 1257 60 45 1 22 2700 3 41 39

P age 347 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 A 1 M 3025 648 475 1985 1257 60 45 3 10 2700 4 66 12 3026 750 550 1985 1257 60 45 1 22 2700 4 68 21 3027 1295 950 1985 1257 59 46 7 8 2714 3 21 36 3028 4772 3500 1985 1257 61 45 1 10 2723 3 13 23 3029 818 600 1985 1257 61 45 6 22 2745 2 40 22 3030 4091 3000 1985 1257 60 46 1 1 2760 3 13 23 3031 2591 1900 1985 1257 50 56 1 8 2800 3 6 14 3032 7909 5800 1985 1257 1969 49 58 1 10 2842 4 34 27 3033 2318 1700 1985 1257 56 51 1 8 2856 3 6 14 3034 2318 1700 1985 1257 51 56 1 8 2856 3 6 14 3035 2727 2000 1985 1257 51 56 1 10 2856 3 6 14 3036 2454 1800 1985 1257 61 47 9 8 2867 3 44 61 3037 1636 1200 1985 1257 48 60 1 8 2880 3 6 14 3038 1091 800 1985 1257 1972 59 49 1 22 2891 5 43 24 3039 300 220 1985 1257 1971 69 43 1 1 2967 2 46 5 3040 3818 2800 1985 1257 48 63 6 3 3024 3 21 36 3041 14999 11000 1985 1257 1964 50 61 1 19 3050 5 59 15 3042 682 500 1985 1257 60 51 10 22 3060 3 8 19 3043 2454 1800 1985 1257 57 54 8 8 3078 3 49 15 3044 2727 2000 1985 1257 51 61 1 15 3111 3 6 14 3045 5659 4150 1985 1257 1955 51 61 1 4 3111 3 49 15 3046 14999 11000 1985 1257 1944 51 61 1 10 3111 5 59 15 3047 1909 1400 1985 1257 66 48 7 8 3168 3 21 36 3048 2182 1600 1985 1257 65 49 8 1 3185 3 21 36 3049 614 450 1985 1257 64 51 1 8 3264 2 9 15 3050 164 120 1985 1257 1973 49 67 3 22 3283 2 9 15 3051 1091 800 1985 1257 39 86 1 8 3292 3 41 39 3052 409 300 1985 1257 70 50 3 1 3500 4 66 12 3053 545 400 1985 1257 50 71 3 8 3525 4 66 12 3054 2045 1500 1985 1257 55 65 1 8 3575 3 6 14 3055 1023 750 1985 1257 60 60 1 15 3600 1 14 17 3056 2318 1700 1985 1257 51 71 1 1 3621 4 34 27 3057 3000 2200 1985 1257 1979 50 74 1 8 3663 3 26 23 3058 2727 2000 1985 1257 56 66 1 1 3696 3 6 14 3059 2727 2000 1985 1257 56 66 1 1 3696 3 6 14 3060 3273 2400 1985 1257 1979 50 75 1 10 3750 3 26 23 3061 1773 1300 1985 1257 1982 52 74 8 8 3848 3 49 15 3062 2454 1800 1985 1257 51 76 1 1 3876 3 6 14 3063 1364 1000 1985 1257 1982 53 74 8 1 3922 3 49 15 3064 8181 6000 1985 1257 1961 57 69 1 10 3933 4 34 27 3065 818 600 1985 1257 63 63 1 22 3969 1 14 17 3066 1023 750 1985 1257 75 53 3 22 3975 4 66 12 3067 273 200 1985 1257 1973 64 63 1 22 4032 2 46 5 3068 1295 950 1985 1257 55 75 6 10 4098 3 49 15 3069 2727 2000 1985 1257 75 55 4 15 4098 4 66 12 3070 409 300 1985 1257 75 55 1 22 4125 2 9 15 3071 2182 1600 1985 1257 1980 55 75 8 8 4125 3 49 15 3072 2318 1700 1985 1257 56 76 10 1 4256 3 21 36 3073 7840 5750 1985 1257 56 76 1 1 4256 4 34 27 3074 1636 1200 1985 1257 77 56 8 22 4312 3 21 36 3075 443 325 1985 1257 56 77 4 10 4312 4 66 12 3076 511 375 1985 1257 56 77 4 10 4312 4 66 12 3077 5795 4250 1985 1257 1958 60 72 1 8 4320 3 49 15 3078 3273 2400 1985 1257 61 71 1 1 4331 3 6 14 3079 2727 2000 1985 1257 61 71 1 3 4331 3 6 14 3080 375 275 1985 1257 59 75 1 8 4396 5 67 5

P age 348 A 1 B 1 c 1 D s 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3081 545 400 1985 1257 60 75 1 22 4500 4 10 10 3082 2454 1800 1985 1257 1966 75 60 1 8 4500 5 43 24 3083 954 700 1985 1257 60 75 1 22 4500 4 68 21 3084 6818 5000 1985 1257 60 76 1 22 4560 3 13 23 3085 3000 2200 1985 1257 66 71 1 3 4686 3 6 14 3086 3545 2600 1985 1257 66 71 1 10 4686 3 6 14 3087 2727 2000 1985 1257 75 63 1 8 4688 3 47 45 3088 545 400 1985 1257 80 60 3 1 4800 4 66 12 3089 818 600 1985 1257 80 60 3 1 4800 4 66 12 3090 477 350 1985 1257 1971 65 75 1 8 4875 3 25 1 3091 682 500 1985 1257 88 58 3 22 5104 4 66 12 3092 2727 2000 1985 1257 1957 59 89 1 8 5251 3 26 23 3093 655 480 1985 1257 90 59 1 22 5310 2 40 22 3094 4432 3250 1985 1257 60 90 1 8 5355 3 13 23 3095 6136 4500 1985 1257 1963 66 82 1 10 5379 4 34 27 3096 20453 15000 1985 1257 1967 87 62 8 22 5394 2 19 27 3097 27271 20000 1985 1257 83 65 1 3 5395 4 66 12 3098 273 200 1985 1257 1960 90 60 1 22 5400 2 46 5 3099 6000 4400 1985 1257 60 92 1 15 5490 3 13 23 3100 5454 4000 1985 1257 61 91 1 8 5551 3 13 23 3101 818 600 1985 1257 90 66 3 10 5940 4 66 12 3102 1364 1000 1985 1257 97 64 3 8 6128 4 66 12 3103 40907 30000 1985 1257 67 97 5 19 6417 2 19 27 3104 545 400 1985 1257 1976 84 78 1 22 6552 3 50 4 3105 4772 3500 1985 1257 74 90 1 8 6623 3 49 15 3106 6136 4500 1985 1257 70 96 1 10 6720 3 13 23 3107 818 600 1985 1257 57 118 1 22 6726 3 41 39 3108 3818 2800 1985 1257 87 79 1 6873 3 21 36 3109 20453 15000 1985 1257 70 100 22 7000 2 19 27 3110 4363 3200 1985 1257 81 90 1 10 7290 3 6 14 3111 11590 8500 1985 1257 74 100 1 19 7400 3 21 36 3112 14999 11000 1985 1257 1963 106 71 3 7473 2 19 27 3113 1636 1200 1985 1257 75 100 1 22 7500 4 68 21 3114 13295 9750 1985 1257 100 76 22 7600 4 66 12 3115 2863 2100 1985 1257 76 102 1 10 7714 5 43 24 3116 477 350 1985 1257 76 102 1 8 7752 5 67 5 3117 682 500 1985 1257 112 70 22 7840 4 66 12 3118 1364 1000 1985 1257 93 93 1 8 8556 3 38 5 3119 27271 20000 1985 1257 1967 124 77 15 9486 4 66 12 3120 954 700 1985 1257 100 100 1 22 10000 1 14 17 3121 1227 900 1985 1257 85 121 1 22 10285 3 8 19 3122 2727 2000 1985 1257 87 120 1 22 10440 4 68 21 3123 6136 4500 1985 1257 1964 121 90 1 8 10890 3 49 15 3124 954 700 1985 1257 121 91 1 22 10951 3 6 14 3125 8181 6000 1985 1257 92 122 1 3 11163 3 13 23 3126 2454 1800 1985 1257 96 121 1 1 11616 5 43 24 3127 1159 850 1985 1257 100 120 1 8 12000 5 67 5 3128 2727 2000 1985 1257 96 126 1 22 12096 1 14 17 3129 1364 1000 1985 1257 1972 118 116 22 13688 2 9 15 3130 2454 1800 1985 1257 1976 122 122 1 8 14884 2 2 8 3131 1364 1000 1985 1257 100 150 1 22 15000 2 9 15 3132 2318 1700 1985 1257 83 183 1 22 15189 4 68 21 3133 2727 2000 1985 1257 152 121 1 10 18332 2 9 15 3134 1227 900 1985 1257 1980 153 136 1 15 20808 1 7 8 3135 4091 3000 1985 1257 182 122 5 10 22204 5 37 8 3136 1023 750 1985 1257 167 137 1 10 22879 2 51 19

Page 349 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3137 219 175 1986 1370 1920 9 16 4 10 144 5 60 57 3138 500 400 1986 1370 14 11 1 22 154 3 23 31 3139 876 700 1986 1370 14 12 1 8 161 3 23 31 3140 250 200 1986 1370 15 11 1 22 165 3 23 31 3141 688 550 1986 1370 14 12 1 8 168 3 23 31 3142 688 550 1986 1370 14 12 1 8 168 3 23 31 3143 250 200 1986 1370 12 14 1 22 168 3 23 31 3144 500 400 1986 1370 12 14 1 22 168 3 23 31 3145 250 200 1986 1370 14 12 1 22 168 3 23 31 3146 475 380 1986 1370 15 13 1 3 188 3 23 31 3147 407 325 1986 1370 15 13 1 8 188 3 23 31 3148 407 325 1986 1370 16 12 1 15 192 3 23 31 3149 344 275 1986 1370 13 15 11 22 195 3 23 31 3150 281 225 1986 1370 15 14 1 1 210 1 14 17 3151 626 500 1986 1370 18 14 1 8 236 3 23 31 3152 125 100 1986 1370 14 19 15 266 3 8 19 3153 250 200 1986 1370 20 14 10 8 280 3 21 36 3154 500 400 1986 1370 20 15 1 3 283 3 23 31 3155 813 650 1986 1370 14 21 1 8 284 3 13 23 3156 500 400 1986 1370 19 16 1 19 287 3 23 31 3157 751 600 1986 1370 21 14 1 8 287 3 13 23 3158 469 375 1986 1370 15 20 1 10 300 3 13 23 3159 438 350 1986 1370 15 20 1 10 300 3 13 23 3160 344 275 1986 1370 20 15 10 22 300 3 21 36 3161 594 475 1986 1370 20 15 1 22 300 3 23 31 3162 75 60 1986 1370 20 15 1 10 300 3 42 37 3163 313 250 1986 1370 19 17 8 10 323 3 20 31 3164 75 60 1986 1370 16 23 10 22 357 3 38 5 3165 751 600 1986 1370 1944 16 24 4 19 384 3 26 23 3166 4004 3200 1986 1370 25 18 10 8 441 2 19 27 3167 751 600 1986 1370 1954 24 19 1 8 444 2 48 23 3168 138 110 1986 1370 30 15 3 10 450 3 17 11 3169 876 700 1986 1370 15 31 1 8 465 3 6 14 3170 938 750 1986 1370 15 31 1 8 465 3 6 14 3171 138 110 1986 1370 18 26 1 1 468 2 27 23 3172 250 200 1986 1370 1964 23 21 8 10 472 2 27 23 3173 438 350 1986 1370 19 26 7 10 472 3 44 61 3174 1001 800 1986 1370 19 25 1 22 475 4 34 27 3175 532 425 1986 1370 26 19 4 15 494 3 13 23 3176 1877 1500 1986 1370 1965 20 25 5 3 500 3 49 15 3177 500 400 1986 1370 25 21 1 15 525 3 23 31 3178 407 325 1986 1370 23 24 4 10 552 3 35 52 3179 375 300 1986 1370 19 30 1 8 570 3 6 14 3180 156 125 1986 1370 28 21 10 15 588 3 8 19 3181 951 760 1986 1370 29 21 1 4 599 3 13 23 3182 751 600 1986 1370 25 25 1 8 600 3 6 14 3183 125 100 1986 1370 33 20 4 8 660 3 17 11 3184 156 125 1986 1370 20 33 4 8 660 3 17 11 3185 876 700 1986 1370 23 30 1 8 675 3 13 23 3186 313 250 1986 1370 1980 27 25 6 10 675 2 46 5 3187 1752 1400 1986 1370 29 24 1 22 696 3 6 14 3188 1877 1500 1986 1370 29 24 1 22 696 4 34 27 3189 1189 950 1986 1370 24 29 1 22 696 4 34 27 3190 876 700 1986 1370 24 29 1 19 696 3 41 39 3191 5630 4500 1986 1370 30 24 1 3 708 5 60 57 3192 1126 900 1986 1370 1967 23 33 1 8 743 4 34 27

P age 350 A 1 B 1 c 1 D B 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3193 751 600 1986 1370 31 25 1 10 747 1 14 17 3194 1251 1000 1986 1370 25 30 1 10 750 4 34 27 3195 3503 2800 1986 1370 33 24 4 3 764 4 66 12 3196 626 500 1986 1370 26 30 8 3 765 4 10 10 3197 1376 1100 1986 1370 26 31 1 10 778 3 6 14 3198 1001 800 1986 1370 1972 30 26 1 10 780 3 6 14 3199 250 200 1986 1370 20 39 7 1 780 3 35 52 3200 250 200 1986 1370 20 39 7 1 780 3 47 45 3201 10009 8000 1986 1370 1947 34 23 1 15 782 5 60 57 3202 219 175 1986 1370 1981 28 29 3 10 784 3 17 11 3203 400 320 1986 1370 1927 22 36 7 8 792 3 35 52 3204 19580 15650 1986 1370 1947 35 23 1 4 794 5 60 57 3205 156 125 1986 1370 35 23 10 10 794 5 67 5 3206 688 550 1986 1370 25 33 1 8 796 3 13 23 3207 1251 1000 1986 1370 23 36 8 10 799 3 17 11 3208 219 175 1986 1370 1964 24 34 10 8 799 3 6 14 3209 6255 5000 1986 1370 24 34 1 19 816 3 21 36 3210 4754 3800 1986 1370 24 34 1 19 816 3 21 36 3211 200 160 1986 1370 34 24 10 1 816 3 35 52 3212 250 200 1986 1370 34 24 10 22 816 3 35 52 3213 7507 6000 1986 1370 25 35 1 15 863 3 45 61 3214 75 60 1986 1370 37 24 10 1 888 5 67 5 3215 626 500 1986 1370 34 27 4 8 905 3 35 52 3216 1251 1000 1986 1370 35 26 7 1 910 3 21 36 3217 1251 1000 1986 1370 27 34 1 22 918 3 21 36 3218 313 250 1986 1370 33 28 1 15 924 3 23 31 3219 500 400 1986 1370 25 37 7 19 925 3 35 52 3220 2127 1700 1986 1370 1947 31 30 10 15 930 3 21 36 3221 626 500 1986 1370 31 30 10 19 930 5 59 15 3222 6255 5000 1986 1370 35 27 1 3 932 5 60 57 3223 3628 2900 1986 1370 30 32 1 10 944 3 49 15 3224 626 500 1986 1370 27 35 7 22 945 3 13 23 3225 250 200 1986 1370 35 27 10 8 945 3 21 36 3226 813 650 1986 1370 26 38 10 8 969 3 26 23 3227 1376 1100 1986 1370 34 29 1 8 972 3 6 14 3228 375 300 1986 1370 25 39 7 22 975 5 43 24 3229 4004 3200 1986 1370 1948 37 27 8 19 999 3 21 36 3230 601 480 1986 1370 1950 27 37 10 19 999 3 21 36 3231 313 250 1986 1370 1968 28 37 1 10 1018 3 8 19 3232 500 400 1986 1370 33 31 4 10 1023 3 17 11 3233 1752 1400 1986 1370 27 38 1 19 1026 3 21 36 3234 188 150 1986 1370 1968 28 37 8 15 1036 3 8 19 3235 1251 1000 1986 1370 40 26 1 22 1040 3 6 14 3236 626 500 1986 1370 29 36 6 8 1044 3 13 23 3237 938 750 1986 1370 29 36 9 10 1044 3 44 61 3238 1752 1400 1986 1370 1967 29 37 1 15 1073 4 34 27 3239 6255 5000 1986 1370 37 29 1 1 1073 5 60 57 3240 200 160 1986 1370 26 42 10 22 1092 3 21 36 3241 751 600 1986 1370 1959 22 50 1 19 1100 3 8 19 3242 876 700 1986 1370 38 30 1 22 1140 3 8 19 3243 813 650 1986 1370 30 38 1 1 1140 3 13 23 3244 325 260 1986 1370 30 38 1 1 1140 3 20 31 3245 219 175 1986 1370 43 28 10 22 1169 5 67 5 3246 2377 1900 1986 1370 31 38 10 4 1178 3 21 36 3247 1376 1100 1986 1370 30 40 1 1 1200 3 6 14 3248 2064 1650 1986 1370 30 40 1 10 1200 3 6 14

Page 351 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 E 1 M 3249 8758 7000 1986 1370 30 40 1 15 1200 3 21 36 3250 1626 1300 1986 1370 30 40 1 19 1200 3 21 36 3251 2127 1700 1986 1370 31 41 1 10 1235 3 41 39 3252 175 140 1986 1370 27 46 10 8 1242 3 21 36 3253 563 450 1986 1370 1966 28 45 1 8 1246 3 6 14 3254 469 375 1986 1370 31 41 1 1 1271 3 6 14 3255 1251 1000 1986 1370 41 31 1 1 1271 3 6 14 3256 1063 850 1986 1370 31 41 1 1 1271 3 13 23 3257 938 750 1986 1370 41 31 1 1 1271 3 13 23 3258 1001 800 1986 1370 1967 29 44 1 8 1276 3 26 23 3259 1189 950 1986 1370 29 45 1 3 1291 3 13 23 3250 200 160 1986 1370 30 44 1 1320 3 26 23 3261 2127 1700 1986 1370 1933 41 33 3 1337 5 60 57 3262 500 400 1986 1370 1965 45 30 1 10 1350 4 10 10 3263 407 325 1986 1370 30 45 1 22 1350 4 68 21 3264 500 400 1986 1370 35 40 19 1363 1 14 17 3265 1376 1100 1986 1370 36 38 1 1 1368 3 6 14 3266 2752 2200 1986 1370 35 40 1 10 1400 3 6 14 3267 1376 1100 1986 1370 35 40 1 15 1400 3 6 14 3268 2127 1700 1986 1370 35 41 1 3 1418 3 6 14 3269 2252 1800 1986 1370 1953 46 31 10 22 1426 3 21 36 3270 1376 1100 1986 1370 35 41 1 1 1435 3 6 14 3271 1251 1000 1986 1370 35 41 1 15 1435 3 6 14 3272 1251 1000 1986 1370 41 36 1 8 1438 3 6 14 3273 1501 1200 1986 1370 36 41 1 10 1438 3 6 14 3274 1126 900 1986 1370 31 47 7 1 1457 3 21 36 3275 5630 4500 1986 1370 33 45 1 19 1485 4 34 27 3276 3753 3000 1986 1370 32 47 1 1 1504 4 34 27 3277 5317 4250 1986 1370 1950 32 47 10 10 1504 5 59 15 3278 250 200 1986 1370 43 35 22 1505 3 35 52 3279 938 750 1986 1370 35 45 1 15 1553 3 13 23 3280 1376 1100 1986 1370 35 46 1 19 1570 3 41 39 3281 3753 3000 1986 1370 45 35 5 3 1575 3 13 23 3282 1952 1560 1986 1370 1939 35 45 10 4 1575 3 21 36 3283 250 200 1986 1370 31 51 3 1 1581 3 49 15 3284 626 500 1986 1370 44 36 10 22 1584 4 10 10 3285 2752 2200 1986 1370 34 47 4 22 1598 3 45 61 3286 1501 1200 1986 1370 35 46 6 22 1610 3 21 36 3287 1251 1000 1986 1370 46 36 1 10 1615 3 23 31 3288 3628 2900 1986 1370 32 51 1 10 1632 3 41 39 3289 438 350 1986 1370 1976 45 37 4 8 1647 3 49 15 3290 2752 2200 1986 1370 36 46 1 1 1656 4 34 27 3291 3753 3000 1986 1370 37 45 9 15 1665 3 44 61 3292 751 600 1986 1370 49 34 6 10 1666 3 21 36 3293 2127 1700 1986 1370 34 49 8 10 1666 3 21 36 3294 219 175 1986 1370 1960 44 38 9 15 1672 3 17 11 3295 1001 800 1986 1370 37 46 1 10 1684 3 41 39 3296 1877 1500 1986 1370 46 37 1 22 1684 3 41 39 3297 1952 1560 1986 1370 1949 47 36 10 4 1692 3 21 36 3298 2502 2000 1986 1370 1939 38 46 1 10 1706 3 23 31 3299 1501 1200 1986 1370 1974 38 46 1 3 1725 3 6 14 3300 100 80 1986 1370 47 37 8 1739 3 4 3 3301 901 720 1986 1370 46 38 1 22 1748 3 44 61 3302 626 500 1986 1370 48 37 7 8 1776 3 21 36 3303 1501 1200 1986 1370 1981 45 40 1 15 1778 3 6 14 3304 263 210 1986 1370 35 51 3 1 1785 3 49 15

P age 352 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3305 2502 2000 1986 1370 45 40 1 8 1800 3 6 14 3306 1376 1100 1986 1370 40 45 1 22 1800 3 6 14 3307 688 550 1986 1370 37 49 1 8 1813 3 20 31 3308 3628 2900 1986 1370 35 52 10 4 1820 3 21 36 3309 3003 2400 1986 1370 1957 35 52 10 4 1820 3 21 36 3310 1001 800 1986 1370 1964 38 48 1 8 1824 2 58 11 3311 2502 2000 1986 1370 46 40 1 22 1840 3 6 14 3312 1063 850 1986 1370 37 50 6 10 1850 3 21 36 3313 688 550 1986 1370 1983 37 50 7 8 1850 3 21 36 3314 813 650 1986 1370 1977 36 52 1 8 1872 3 8 19 3315 344 275 1986 1370 38 50 8 8 1881 3 41 39 3316 1752 1400 1986 1370 46 41 1 22 1886 3 6 14 3317 2752 2200 1986 1370 57 34 10 10 1893 4 66 12 3318 12511 10000 1986 1370 37 52 8 3 1898 2 19 27 3319 1126 900 1986 1370 38 50 6 8 1900 3 21 36 3320 250 200 1986 1370 39 49 1 8 1911 3 4 3 3321 8758 7000 1986 1370 39 49 1 13 1911 3 21 36 3322 25022 20000 1986 1370 52 37 8 3 1924 2 19 27 3323 500 400 1986 1370 35 55 1 22 1925 3 26 23 3324 1376 1100 1986 1370 38 51 1 3 1938 3 6 14 3325 2189 1750 1986 1370 38 51 1 10 1938 3 6 14 3326 2252 1800 1986 1370 38 51 1 19 1938 3 6 14 3327 626 500 1986 1370 36 54 1 22 1944 3 44 61 3328 751 600 1986 1370 41 48 3 10 1944 4 66 12 3329 250 200 1986 1370 1964 55 36 4 10 1962 1 12 7 3330 4004 3200 1986 1370 54 37 10 3 1998 3 21 36 3331 3003 2400 1986 1370 54 37 10 4 1998 3 21 36 3332 1877 1500 1986 1370 50 40 1 8 2000 2 9 15 3333 1376 1100 1986 1370 1966 40 50 1 8 2000 4 34 27 3334 425 340 1986 1370 1964 40 51 10 8 2015 4 10 10 3335 1063 850 1986 1370 1974 36 56 7 10 2016 3 26 23 3336 626 500 1986 1370 55 37 6 10 2035 3 21 36 3337 3503 2800 1986 1370 51 40 1 1 2040 4 34 27 3338 3003 2400 1986 1370 56 37 10 4 2072 3 21 36 3339 4004 3200 1986 1370 38 55 1 1 2090 4 34 27 3340 3128 2500 1986 1370 38 55 10 15 2090 3 45 61 3341 1189 950 1986 1370 1959 37 57 7 8 2091 3 26 23 3342 3628 2900 1986 1370 41 51 1 1 2091 4 34 27 3343 3503 2800 1986 1370 41 51 1 1 2091 4 34 27 3344 26273 21000 1986 1370 38 56 6 19 2109 2 19 27 3345 1501 1200 1986 1370 1954 38 56 10 8 2128 3 45 61 3346 1251 1000 1986 1370 1977 39 56 7 8 2184 3 26 23 3347 938 750 1986 1370 47 47 7 8 2209 2 9 15 3348 751 600 1986 1370 47 47 7 8 2209 2 9 15 3349 1001 800 1986 1370 1953 54 42 1 1 2268 3 8 19 3350 3503 2800 1986 1370 41 56 1 1 2296 4 34 27 3351 876 700 1986 1370 44 55 1 2420 3 8 19 3352 60053 48000 1986 1370 44 55 1 19 2420 3 45 61 3353 2502 2000 1986 1370 45 55 1 10 2475 3 41 39 3354 876 700 1986 1370 1968 42 60 1 8 2499 3 6 14 3355 1877 1500 1986 1370 41 61 1 1 2501 3 6 14 3356 275 220 1986 1370 46 55 1 8 2507 1 14 17 3357 813 650 1986 1370 1961 65 39 1 10 2516 4 10 10 3358 1689 1350 1986 1370 56 45 1 1 2520 3 6 14 3359 5505 4400 1986 1370 46 56 1 22 2576 4 34 27 3360 1251 1000 1986 1370 1976 59 44 10 15 2596 3 21 36

P age 353 A 1 B 1 c 1 D s 1 F 1 G 1 = 1 I 1 J 1 K 1 L 1 M 3361 1752 1400 1986 1370 57 46 1 15 2622 3 6 14 3362 1126 900 1986 1370 44 60 1 22 2640 3 13 23 3363 594 475 1986 1370 40 66 4 15 2640 3 26 23 3364 1752 1400 1986 1370 45 59 10 15 2655 3 45 61 3365 219 175 1986 1370 1976 45 60 3 10 2670 5 37 8 3366 594 475 1986 1370 1961 60 45 1 15 2700 3 8 19 3367 1001 800 1986 1370 45 60 1 8 2700 3 13 23 3368 563 450 1986 1370 60 45 1 22 2700 2 40 22 3369 12511 10000 1986 1370 1950 45 60 1 15 2700 5 59 15 3370 3753 3000 1986 1370 46 60 1 8 2730 3 13 23 3371 1752 1400 1986 1370 45 61 1 1 2745 3 6 14 3372 2127 1700 1986 1370 50 56 1 1 2800 3 6 14 3373 2002 1600 1986 1370 46 61 1 22 2806 3 6 14 3374 3753 3000 1986 1370 46 61 1 19 2806 3 13 23 3375 281 225 1986 1370 61 46 3 22 2806 2 40 22 3376 W6 500 1986 1370 46 61 1 1 2806 4 68 21 3377 1752 1400 1986 1370 47 60 1 19 2820 4 34 27 3378 2252 1800 1986 1370 51 56 1 3 2856 3 6 14 3379 469 375 1986 1370 42 68 3 10 2856 2 9 15 3380 1251 1000 1986 1370 1962 47 61 6 8 2867 3 17 11 3381 469 375 1986 1370 1964 47 61 1 10 2867 2 58 11 3382 782 625 1986 1370 60 50 3 10 3000 4 66 12 3383 844 675 1986 1370 50 60 3 10 3000 4 66 12 3384 75 60 1986 1370 1969 51 61 5 10 3111 3 25 1 3385 626 500 1986 1370 60 52 1 22 3120 3 8 19 3386 1501 1200 1986 1370 49 64 1 8 3136 3 6 14 3387 250 200 1986 1370 66 48 1 8 3168 2 30 11 3388 1001 800 1986 1370 46 72 1 10 3253 2 9 15 3389 3503 2800 1986 1370 69 50 6 8 3450 3 21 36 3390 3128 2500 1986 1370 50 69 10 10 3450 3 21 36 3391 1501 1200 1986 1370 1961 51 68 7 15 3468 5 43 24 3392 938 750 1986 1370 1965 77 46 1 8 3519 2 58 11 3393 5505 4400 1986 1370 51 70 10 10 3570 3 21 36 3394 5004 4000 1986 1370 51 70 10 19 3570 3 21 36 3395 200 160 1986 1370 64 56 3 1 3584 3 49 15 3396 1063 850 1986 1370 1948 54 68 1 8 3638 5 43 24 3397 350 280 1986 1370 53 69 1 1 3657 3 52 14 3398 2252 1800 1986 1370 1962 47 78 1 1 3666 3 49 15 3399 1877 1500 1986 1370 1971 56 66 1 15 3696 3 6 14 3400 2002 1600 1986 1370 70 54 1 .22 3780 3 44 61 3401 3503 2800 1986 1370 48 79 1 1 3792 3 6 14 3402 250 200 1986 1370 51 75 10 22 3825 5 67 5 3403 2377 1900 1986 1370 51 76 1 8 3876 3 6 14 3404 2252 1800 1986 1370 51 76 1 15 3876 3 6 14 3405 3003 2400 1986 1370 51 76 1 15 3876 3 6 14 3406 3003 2400 1986 1370 51 76 1 22 3876 3 6 14 3407 375 300 1986 1370 53 74 4 10 3922 3 8 19 3408 469 375 1986 1370 72 56 10 22 4032 2 9 15 3409 1626 1300 1986 1370 55 74 8 1 4070 3 49 15 3410 20018 16000 1986 1370 1951 50 82 1 19 4075 5 59 15 3411 1001 800 1986 1370 55 75 10 8 4098 3 49 15 3412 5004 4000 1986 1370 54 76 10 10 4104 3 21 36 3413 3503 2800 1986 1370 55 75 10 10 4125 3 21 36 3414 10009 8000 1986 1370 1949 55 75 1 8 4125 4 34 27 3415 2002 1600 1986 1370 55 75 8 1 4125 3 49 15 3416 2252 1800 1986 1370 1977 56 74 6 8 4144 3 49 15

P age 354 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3417 938 750 1986 1370 1980 56 75 8 3 4163 3 49 15 3418 1063 850 1986 1370 1980 56 75 8 3 4163 3 49 15 3419 2002 1600 1986 1370 55 76 1 19 4180 3 49 15 3420 1501 1200 1986 1370 56 75 8 1 4200 3 49 15 3421 438 350 1986 1370 56 78 3 8 4301 3 49 15 3422 2627 2100 1986 1370 61 71 1 15 4331 3 6 14 3423 1251 1000 1986 1370 1965 71 61 1 8 4331 2 58 11 3424 4004 3200 1986 1370 57 76 7 19 4332 3 21 36 3425 7507 6000 1986 1370 1976 61 72 1 19 4356 4 34 27 3426 500 400 1986 1370 56 78 3 10 4368 3 21 36 3427 11885 9500 1986 1370 1961 56 78 6 3 4368 4 66 12 3428 2752 2200 1986 1370 59 75 1 8 4425 3 6 14 3429 2127 1700 1986 1370 78 57 7 19 4446 3 21 36 3430 1251 1000 1986 1370 60 75 1 22 4500 4 68 21 3431 1564 1250 1986 1370 79 57 7 15 4503 3 21 36 3432 5004 4000 1986 1370 79 57 8 15 4503 3 21 36 3433 225 180 1986 1370 80 57 3 10 4560 3 21 36 3434 2252 1800 1986 1370 79 58 10 8 4582 3 21 36 3435 3128 2500 1986 1370 61 76 1 19 4636 3 6 14 3436 4379 3500 1986 1370 61 76 1 1 4636 3 13 23 3437 3753 3000 1986 1370 61 76 1 3 4636 3 13 23 3438 1314 1050 1986 1370 61 76 1 10 4636 3 13 23 3439 5004 4000 1986 1370 61 76 1 1 4636 4 34 27 3440 938 750 1986 1370 61 78 10 4758 4 66 12 3441 951 760 1986 1370 61 78 10 4758 4 66 12 3442 1063 850 1986 1370 62 77 1 10 4774 2 9 15 3443 1752 1400 1986 1370 1955 61 79 1 15 4819 3 8 19 3444 4504 3600 1986 1370 1963 76 64 1 4 4826 2 27 23 3445 2627 2100 1986 1370 60 81 1 22 4860 3 6 14 3446 1877 1500 1986 1370 61 81 1 1 4941 3 6 14 3447 2878 2300 1986 1370 1973 64 80 1 22 5120 3 6 14 3448 4066 3250 1986 1370 1955 67 78 1 10 5193 3 49 15 3449 5004 4000 1986 1370 60 90 1 19 5400 3 13 23 3450 3753 3000 1986 1370 60 90 1 22 5400 3 26 23 3451 8132 6500 1986 1370 1971 60 91 1 10 5430 3 49 15 3452 5630 4500 1986 1370 61 91 1 1 5551 3 13 23 3453 6255 5000 1986 1370 61 91 1 8 5551 3 13 23 3454 5004 4000 1986 1370 61 91 1 15 5551 3 13 23 3455 3753 3000 1986 1370 61 91 1 22 5551 3 13 23 3456 275 220 1986 1370 60 93 1 1 5580 2 58 11 3457 1251 1000 1986 1370 90 62 10 5580 4 66 12 3458 5255 4200 1986 1370 75 75 1 22 5625 3 13 23 3459 7507 6000 1986 1370 1960 83 76 10 6308 4 66 12 3450 1376 1100 1986 1370 71 91 1 8 6380 5 67 5 3461 5317 4250 1986 1370 73 90 1 10 6570 3 13 23 3462 2252 1800 1986 1370 85 82 10 6887 4 66 12 3463 1126 900 1986 1370 97 71 1 1 6887 3 8 19 3464 3753 3000 1986 1370 76 91 1 3 6916 3 6 14 3465 4504 3600 1986 1370 1968 75 96 1 15 7200 3 6 14 3466 6005 4800 1986 1370 75 100 3 7500 3 13 23 3467 490 425 1986 1487 1964 78 97 10 7518 2 51 19 3468 5630 4500 1986 1370 76 101 1 22 7676 3 6 14 3469 751 600 1986 1370 74 105 19 7718 4 66 12 3470 3753 3000 1986 1370 96 81 1 10 7776 3 44 61 3471 688 550 1986 1370 106 75 1 7950 4 66 12 3472 13762 11000 1986 1370 1962 76 106 1 19 8003 3 13 23

P age 355 A B c 1 D E 1 F 1 6 1 H 1 I 1 J 1 K 1 L 1 M 3473 626 500 1986 1370 1972 91 91 8 8281 3 25 1 3474 1376 1100 1986 1370 1970 92 92 1 10 8372 4 10 10 3475 1877 1500 1986 1370 100 89 1 8 8856 3 38 5 3476 2315 1850 1986 1370 74 120 1 22 8880 3 23 31 3477 8132 6500 1986 1370 1961 90 105 1 22 9450 3 49 15 3478 1251 1000 1986 1370 121 81 1 10 9801 2 9 15 347 9 1376 1100 1986 1370 122 81 22 9882 4 66 12 3480 1501 1200 1986 1370 90 110 1 8 9900 3 25 1 3481 688 550 1986 1370 88 115 1 8 10063 3 4 3 3482 1251 1000 1986 1370 1965 101 101 1 19 10100 5 37 8 3483 7819 6250 1986 1370 91 112 1 8 10192 3 13 23 3484 7507 6000 1986 1370 120 90 1 22 10800 5 43 24 3485 6568 5250 1986 1370 1976 121 90 1 8 10890 3 49 15 3486 2002 1600 1986 1370 1972 86 127 1 22 10922 2 9 15 3487 1501 1200 1986 1370 1960 91 121 1 15 11011 3 8 19 3488 438 350 1986 1370 1973 105 105 1 19 11025 2 40 22 3489 7507 6000 1986 1370 91 122 1 15 11102 3 13 23 3490 9383 7500 1986 1370 91 122 1 19 11102 3 13 23 3491 807 700 1986 1487 1958 123 91 1 10 11148 2 51 19 3492 8132 6500 1986 1370 92 122 1 15 11163 3 13 23 3493 6881 5500 1986 1370 92 122 1 19 11163 3 13 23 3494 4629 3700 1986 1370 1968 92 122 1 10 11163 3 49 15 3495 8758 7000 1986 1370 92 123 1 19 11270 3 49 15 3496 3753 3000 1986 1370 100 120 1 19 12000 4 10 10 3497 11885 9500 1986 1370 1976 99 122 1 10 12078 3 49 15 3498 13762 11000 1986 1370 1951 78 160 1 3 12480 3 44 61 3499 5943 4750 1986 1370 100 130 15 15 13000 5 37 8 3500 2502 2000 1986 1370 120 120 1 19 14280 1 14 17 3501 626 500 1986 1370 99 170 1 22 16830 3 26 23 3502 62555 50000 1986 1370 1964 150 137 1 19 20550 4 66 12 3503 13136 10500 1986 1370 129 161 1 22 20769 3 6 14 3504 225197 180000 1986 1370 1952 120 181 1 19 21720 3 45 61 3505 17515 14000 1986 1370 1971 180 130 1 10 23400 3 49 15 3506 3503 2800 1986 1370 172 258 22 44376 2 9 15 3507 6255 5000 1986 1370 220 280 1 22 61600 4 66 12 3508 1037 900 1987 1487 1920 9 14 15 115 5 60 57 3509 277 240 1987 1487 10 14 1 22 140 3 23 31 3510 576 500 1987 1487 15 12 1 8 174 3 23 31 3511 692 600 1987 1487 15 12 1 8 174 3 23 31 3512 864 750 1987 1487 15 12 1 15 180 3 23 31 3513 461 400 1987 1487 12 18 1 19 216 3 13 23 3514 138 120 1987 1487 1965 18 13 6 8 234 1 12 7 3515 461 400 1987 1487 18 13 7 8 234 3 21 36 3516 196 170 1987 1487 18 13 10 1 234 3 21 36 3517 346 300 1987 1487 13 18 10 1 234 3 21 36 3518 346 300 1987 1487 19 14 3 10 250 2 9 15 3519 323 280 1987 1487 14 19 10 1 266 3 21 36 3520 346 300 1987 1487 15 18 10 10 270 3 21 36 3521 461 400 1987 1487 15 20 1 19 283 3 13 23 3522 5763 5000 1987 1487 1957 15 20 1 19 283 4 66 12 3523 692 600 1987 1487 19 15 10 22 285 3 21 36 3524 576 500 1987 1487 21 14 10 10 287 3 21 36 3525 1037 900 1987 1487 20 15 1 15 300 3 23 31 3526 1614 1400 1987 1487 20 15 1 15 300 3 23 31 3527 250 200 1987 1370 1920 14 22 1 8 308 3 47 45 3528 27664 24000 1987 1487 1928 19 17 4 15 315 5 60 57

P age 356 A 1 B 1 C 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3529 3458 3000 1987 1487 16 21 1 19 318 3 23 31 3530 951 825 1987 1487 23 15 10 10 326 3 21 36 3531 259 225 1987 1487 16 23 1 10 349 2 30 11 3532 231 200 1987 1487 14 25 1 15 350 3 20 31 3533 300 260 1987 1487 21 17 3 1 357 3 6 14 3534 980 850 1987 1487 1965 15 25 6 8 375 3 21 36 3535 2075 1800 1987 1487 18 24 1 16 432 4 34 27 3536 207 180 1987 1487 23 19 1 10 437 3 31 22 3537 3343 2900 1987 1487 16 28 1 8 448 3 21 36 3538 9682 8400 1987 1487 25 18 1 15 450 5 60 57 3539 2882 2500 1987 1487 1944 19 24 1 10 456 4 34 27 3540 634 550 1987 1487 1966 24 20 6 3 468 3 44 61 3 541 807 700 1987 1487 16 30 4 8 480 3 26 23 3542 692 600 1987 1487 24 20 6 16 480 3 44 61 3543 634 550 1987 1487 25 20 10 10 490 3 8 19 3544 231 200 1987 1487 25 20 6 1 500 3 44 61 3545 161 140 1987 1487 25 20 10 1 500 3 44 61 3546 548 475 1987 1487 20 26 9 10 510 3 13 23 3547 922 800 1987 1487 21 26 6 15 546 3 13 23 3548 346 300 1987 1487 26 21 1 1 546 2 27 23 3549 14985 13000 1987 1487 29 19 1 5 551 3 21 36 3550 323 280 1987 1487 1939 28 21 10 8 564 3 35 52 3551 231 200 1987 1487 21 27 4 1 567 3 13 23 3552 1383 1200 1987 1487 21 27 10 15 567 3 21 36 3553 2305 2000 1987 1487 21 28 1 8 588 3 13 23 3554 432 375 1987 1487 1979 29 21 7 10 599 2 46 5 3555 1153 1000 1987 1487 20 30 1 16 600 3 6 14 3556 807 700 1987 1487 1939 30 20 10 8 600 3 21 36 3557 2997 2600 1987 1487 16 38 1 10 600 4 66 12 3558 300 260 1987 1487 22 28 10 15 602 3 20 31 3559 469 375 1987 1370 1927 26 25 7 8 625 3 47 45 3560 1614 1400 1987 1487 28 23 6 8 633 3 13 23 3561 634 550 1987 1487 22 29 1 22 638 3 13 23 3562 1729 1500 1987 1487 22 29 4 15 638 5 60 57 3563 6051 5250 1987 1487 18 37 1 8 666 5 59 15 3564 749 650 1987 1487 23 29 9 1 667 3 26 23 3565 634 550 1987 1487 23 30 3 10 675 3 13 23 3566 2882 2500 1987 1487 1963 24 29 12 19 684 4 66 12 3567 115 100 1987 1487 1968 24 29 1 8 696 2 30 11 3568 1153 1000 1987 1487 28 25 1 1 700 3 6 14 3569 196 170 1987 1487 27 26 9 1 702 3 16 11 3570 1614 1400 1987 1487 25 30 1 8 723 3 6 14 3571 14120 12250 1987 1487 1947 30 25 1 10 735 5 60 57 3572 634 550 1987 1487 22 34 10 3 748 3 21 36 3573 4380 3800 1987 1487 24 32 1 16 752 4 34 27 3574 173 150 1987 1487 1936 23 33 7 8 759 3 35 52 3575 692 600 1987 1487 20 38 1 15 760 3 20 31 3576 1268 1100 1987 1487 31 25 1 17 763 3 41 39 3577 807 700 1987 1487 26 30 1 1 780 3 13 23 3578 11527 10000 1987 1487 36 22 8 19 781 2 19 27 3579 1383 1200 1987 1487 1965 23 34 1 15 782 3 20 31 3580 231 200 1987 1487 33 25 7 10 813 3 35 52 3581 6340 5500 1987 1487 24 34 1 19 816 3 45 61 3582 369 320 1987 1487 24 35 10 1 840 3 44 61 3583 461 400 1987 1487 34 25 10 15 850 3 21 36 3584 1729 1500 1987 1487 25 34 7 17 850 3 26 23

P age 357 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3585 461 400 1987 1487 25 34 7 8 850 3 35 52 3586 259 225 1987 1487 25 34 7 8 850 3 35 52 3587 18443 16000 1987 1487 35 25 1 19 863 5 60 57 3588 403 350 1987 1487 30 29 3 16 870 3 42 37 3589 13832 12000 1987 1487 1941 30 30 1 5 870 4 34 27 3590 346 300 1987 1487 25 35 7 8 875 3 26 23 3591 938 750 1987 1370 25 35 7 1 875 3 47 45 3592 1498 1300 1987 1487 1975 27 33 1 8 878 3 6 14 3593 317 275 1987 1487 24 37 7 8 888 3 35 52 3594 3227 2800 1987 1487 1942 26 35 6 8 893 3 21 36 3595 254 220 1987 1487 30 30 1 1 900 2 27 23 3596 6340 5500 1987 1487 26 35 1 8 910 5 59 15 3597 1729 1500 1987 1487 28 34 1 8 921 3 20 31 3598 3227 2800 1987 1487 27 35 10 3 928 3 21 36 3599 2882 2500 1987 1487 1946 27 35 1 3 932 4 34 27 3600 219 190 1987 1487 26 36 1 1 936 3 29 8 3601 576 500 1987 1487 1959 42 23 3 8 955 3 49 15 3602 3689 3200 1987 1487 40 24 1 15 960 3 13 23 3603 202 175 1987 1487 1965 37 27 6 8 967 1 12 7 3604 807 700 1987 1487 34 29 1 8 986 1 14 17 3605 864 750 1987 1487 40 25 9 19 1000 3 41 39 3606 692 600 1987 1487 38 27 5 10 1007 3 23 31 3607 115 100 1987 1487 1962 38 27 6 8 1013 2 30 11 3608 161 140 1987 1487 27 38 3 16 1026 2 9 15 3609 4380 3800 1987 1487 36 29 1 19 1026 4 34 27 3610 259 225 1987 1487 1968 36 29 7 8 1030 1 12 7 3611 519 450 1987 1487 35 30 3 16 1050 3 42 37 3612 749 650 1987 1487 27 39 8 19 1053 2 48 23 3613 254 220 1987 1487 1962 38 28 5 22 1064 4 10 10 3614 1095 950 1987 1487 38 28 7 10 1064 3 44 61 3615 3919 3400 1987 1487 28 38 7 16 1064 3 44 61 3616 317 275 1987 1487 41 26 4 10 1066 3 17 11 3617 317 275 1987 1487 28 39 10 8 1073 2 48 23 3618 484 420 1987 1487 1970 37 30 1 3 1092 4 10 10 3619 11527 10000 1987 1487 37 30 1 8 1092 3 21 36 3620 4380 3800 1987 1487 1946 30 37 1 19 1092 4 34 27 3621 692 600 1987 1487 26 42 7 17 1092 3 35 52 3622 5302 4600 1987 1487 30 37 1 17 1110 3 41 39 3623 1153 1000 1987 1487 25 45 7 15 1125 3 44 61 3624 10950 9500 1987 1487 39 29 1 3 1131 3 21 36 3625 749 650 1987 1487 35 33 1 3 1138 3 41 39 3626 807 700 1987 1487 30 38 1 1 1140 3 13 23 3627 1960 1700 1987 1487 31 37 1 15 1147 3 13 23 3628 1844 1600 1987 1487 31 37 1 8 1147 4 34 27 3629 2305 2000 1987 1487 1948 28 41 10 10 1148 3 21 36 3630 2075 1800 1987 1487 28 41 7 10 1148 3 49 15 3631 1498 1300 1987 1487 31 38 1 1 1178 4 34 27 3632 288 250 1987 1487 40 30 6 10 1185 2 30 11 3633 4150 3600 1987 1487 33 36 1 1 1188 4 34 27 3634 2075 1800 1987 1487 29 41 7 15 1189 3 17 11 3635 1729 1500 1987 1487 30 40 1 1 1200 3 6 14 3636 1614 1400 1987 1487 30 40 1 8 1200 3 6 14 3637 2M6 2200 1987 1487 1958 38 32 10 3 1216 3 21 36 3638 19595 17000 1987 1487 1957 31 40 1 19 1220 5 59 15 3639 1960 1700 1987 1487 42 30 8 8 1239 3, 8 19 3640 438 380 1987 1487 29 44 1 8 1240 4 68 21

P age 358 A 1 B c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3641 207 180 1987 1487 32 40 8 3 1244 3 17 11 3642 4380 3800 1987 1487 29 43 1 3 1247 3 13 23 3643 25358 22000 1987 1487 31 41 1 19 1256 3 45 61 3644 5763 5000 1987 1487 41 31 1 1 1271 4 34 27 3645 4150 3600 1987 1487 41 31 1 1 1271 3 41 39 3646 922 800 1987 1487 29 44 1 8 1276 4 68 21 3647 1037 900 1987 1487 1947 29 45 7 8 1283 3 26 23 3648 4841 4200 1987 1487 38 34 1 3 1292 3 13 23 3649 375 325 1987 1487 46 29 4 10 1297 3 13 23 3650 150 130 1987 1487 30 44 4 1 1320 3 26 23 3651 115 100 1987 1487 33 40 10 8 1320 5 67 5 3652 346 300 1987 1487 1964 46 30 1 10 1342 4 10 10 3653 692 600 1987 1487 28 48 1 1 1344 3 6 14 3654 3227 2800 1987 1487 25 54 1 17 1350 3 45 61 3655 1153 1000 1987 1487 34 40 1 15 1360 3 6 14 3656 2421 2100 1987 1487 34 40 1 17 1360 3 6 14 3657 4380 3800 1987 1487 30 46 1 19 1365 4 66 12 3658 1960 1700 1987 1487 43 32 9 3 1376 3 44 61 3659 1153 1000 1987 1487 40 35 1 1 1400 3 6 14 3660 1153 1000 1987 1487 40 35 1 8 1400 2 9 15 3661 922 800 1987 1487 27 52 1 16 1404 3 8 19 3662 1614 1400 1987 1487 31 46 1 1 1426 3 6 14 3663 2305 2000 1987 1487 31 46 1 1 1426 4 34 27 3664 3689 3200 1987 1487 31 46 1 1 1426 4 34 27 3665 4150 3600 1987 1487 1952 31 47 10 10 1434 3 21 36 3666 4956 4300 1987 1487 1950 31 47 10 10 1434 3 21 36 3667 980 850 1987 1487 45 32 8 1 1440 3 8 19 3668 144 125 1987 1487 1978 31 48 3 10 1449 3 24 15 3559 1095 950 1987 1487 1943 31 47 7 8 1457 3 26 23 3670 461 400 1987 1487 1966 39 38 1 8 1463 3 6 14 3 671 922 800 1987 1487 1963 32 46 10 3 1472 3 17 11 3672 2882 2500 1987 1487 31 48 10 10 1488 3 21 36 3673 3919 3400 1987 1487 35 44 1 8 1501 3 41 39 3674 1844 1600 1987 1487 48 32 10 10 1512 3 21 36 3675 3343 2900 1987 1487 1952 31 49 10 10 1519 3 21 36 3676 692 600 1987 1487 34 45 1 10 1530 3 6 14 3677 6916 6000 1987 1487 1946 34 45 1 16 1530 4 34 27 3678 922 800 1987 1487 1951 32 48 10 10 1536 3 21 36 3679 1153 1000 1987 1487 1916 35 45 7 8 1553 3 35 52 3680 576 500 1987 1487 34 46 1 15 1564 3 6 14 3681 2305 2000 1987 1487 43 37 4 8 1570 3 45 61 3582 3689 3200 1987 1487 35 45 1 1 1575 4 34 27 3683 1251 1000 1987 1370 35 45 1 15 1575 3 47 45 3684 519 450 1987 1487 1969 37 44 10 10 1588 2 46 5 3685 2075 1800 1987 1487 34 48 6 8 1591 3 21 36 3586 23053 20000 1987 1487 1951 45 36 1 3 1598 5 60 57 3687 1729 1500 1987 1487 35 46 1 3 1610 3 13 23 3688 3128 2500 1987 1370 35 46 1 15 1610 3 47 45 3689 692 600 1987 1487 48 34 9 19 1615 3 41 39 3690 749 650 1987 1487 37 44 8 16 1628 4 68 21 3691 8069 7000 1987 1487 50 33 1 19 1634 5 59 15 3692 7492 6500 1987 1487 1958 43 38 1 19 1634 4 66 12 3693 1960 1700 1987 1487 38 45 1 1 1710 3 6 14 3694 3689 3200 1987 1487 30 57 1 19 1710 3 41 39 3695 8069 7000 1987 1487 46 38 1 10 1748 3 41 39 3696 1037 900 1987 1487 50 35 1 15 1750 3 6 14

P age 359 A 1 B c 1 D s 1 F 1 G 1 H 1 I 1 J ...1 K 1 L 1 M 3697 4034 3500 1987 1487 1957 35 50 10 4 1750 3 21 36 3698 2997 2600 1987 1487 39 45 1 10 1755 3 41 39 3699 4034 3500 1987 1487 39 45 1 17 1755 3 41 39 3700 392 340 1987 1487 78 23 4 19 1755 3 45 61 3701 375 325 1987 1487 41 44 3 10 1804 3 13 23 3702 2536 2200 1987 1487 50 37 6 8 1807 3 21 36 3703 3227 2800 1987 1487 48 38 1 10 1824 3 17 11 3704 2075 1800 1987 1487 50 37 1 8 1832 3 41 39 3705 3919 3400 1987 1487 37 50 1 17 1850 3 13 23 3706 2305 2000 1987 1487 41 46 1 8 1863 3 6 14 3707 1037 900 1987 1487 52 36 6 22 1872 3 8 19 3708 20748 18000 1987 1487 52 36 8 3 1872 2 19 27 3709 807 700 1987 1487 48 39 4 19 1872 3 45 61 3710 1153 1000 1987 1487 41 46 1 1 1886 3 13 23 3711 346 300 1987 1487 1967 54 35 8 1890 1 12 7 3712 254 220 1987 1487 36 53 10 10 1908 5 67 5 3713 9509 8250 1987 1487 39 50 1 10 1931 3 41 39 3714 3919 3400 1987 1487 1939 36 54 10 10 1944 3 21 36 3715 9221 8000 1987 1487 39 50 1 8 1950 4 34 27 3716 1383 1200 1987 1487 37 53 8 1961 3 26 23 3717 2536 2200 1987 1487 45 45 1 3 2003 3 13 23 3718 2882 2500 1987 1487 41 50 1 19 2005 3 13 23 3719 576 500 1987 1487 37 55 15 2008 3 8 19 3720 1383 1200 1987 1487 1960 37 55 8 2017 3 26 23 3721 2997 2600 1987 1487 40 51 1 1 2040 3 13 23 3722 2536 2200 1987 1487 51 40 1 8 2040 3 13 23 3723 2421 2100 1987 1487 41 50 1 10 2050 3 13 23 3724 4611 4000 1987 1487 1971 41 51 1 10 2066 4 34 27 3725 16714 14500 1987 1487 51 41 1 10 2066 3 41 39 3726 23053 20000 1987 1487 1947 61 34 1 19 2074 5 60 57 3727 3458 3000 1987 1487 40 52 1 3 2080 3 6 14 3728 3458 3000 1987 1487 41 51 1 22 2091 3 6 14 3729 4841 4200 1987 1487 48 44 1 1 2112 4 34 27 3730 1614 1400 1987 1487 46 46 1 1 2116 3 13 23 3731 300 260 1987 1487 38 57 10 2147 3 13 23 3732 1844 1600 1987 1487 50 44 1 3 2178 3 6 14 3733 8645 7500 1987 1487 40 55 1 16 2200 3 41 39 3734 519 450 1987 1487 27 82 1 10 2201 5 59 15 3735 2766 2400 1987 1487 1984 49 45 19 2205 1 14 17 3736 5475 4750 1987 1487 54 41 1 10 2214 3 41 39 3737 1383 1200 1987 1487 1937 54 43 19 2295 3 35 52 3738 1729 1500 1987 1487 50 46 1 1 2300 3 6 14 3739 2997 2600 1987 1487 46 50 1 15 2300 3 6 14 3740 13832 12000 1987 1487 42 56 19 2331 2 19 27 3741 2075 1800 1987 1487 46 51 1 1 2346 3 6 14 3742 2190 1900 1987 1487 51 46 1 1 2346 3 6 14 3743 2766 2400 1987 1487 46 51 1 1 2346 3 6 14 3744 2536 2200 1987 1487 46 51 1 10 2346 3 6 14 3745 2305 2000 1987 1487 51 46 1 15 2346 3 6 14 3746 2651 2300 1987 1487 46 51 1 16 2346 3 6 14 3747 634 550 1987 1487 1952 54 44 1 16 2376 3 8 19 3748 4380 3800 1987 1487 1969 56 43 3 2380 4 66 12 3749 2997 2600 1987 1487 40 60 1 19 2400 4 66 12 3750 7492 6500 1987 1487 43 56 1 1 2408 4 34 27 3751 3919 3400 1987 1487 43 56 1 1 2408 4 34 27 3752 9221 8000 1987 1487 43 56 1 19 2408 4 34 27

P age 360 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3753 605 525 1987 1487 44 55 6 16 2420 3 8 19 3754 4611 4000 1987 1487 43 57 1 1 2451 4 34 27 3755 40343 35000 1987 1487 1952 58 43 1 3 2494 5 60 57 3756 288 250 1987 1487 64 39 1 22 2496 4 10 10 3757 1844 1600 1987 1487 50 50 6 8 2500 3 49 15 3758 1037 900 1987 1487 50 50 3 22 2500 4 66 12 3759 39190 34000 1987 1487 1960 57 44 1 19 2508 5 60 57 3760 1268 1100 1987 1487 56 46 9 15 2576 3 44 61 3761 47835 41500 1987 1487 55 47 1 10 2585 5 60 57 3762 2190 1900 1987 1487 57 46 1 3 2599 3 44 61 3763 5763 5000 1987 1487 44 60 1 17 2640 4 34 27 3764 196 170 1987 1487 60 44 3 1 2640 5 37 8 3765 196 170 1987 1487 60 44 3 1 2640 5 37 8 3766 323 280 1987 1487 44 60 3 22 2640 3 49 15 3767 692 600 1987 1487 1972 45 60 1 8 2670 4 10 10 3768 1452 1260 1987 1487 45 60 1 19 2670 3 13 23 3769 1037 900 1987 1487 60 45 3 19 2670 4 66 12 3770 369 320 1987 1487 44 61 7 1 2684 5 67 5 3771 2305 2000 1987 1487 45 60 1 8 2700 3 6 14 3772 3112 2700 1987 1487 60 45 1 15 2700 3 13 23 3773 242 210 1987 1487 45 60 5 10 2700 3 31 22 3774 6455 5600 1987 1487 1959 45 60 1 10 2700 4 34 27 3775 173 150 1987 1487 60 45 3 1 2700 5 37 8 3776 7492 6500 1987 1487 45 60 1 10 2700 3 44 61 3777 2536 2200 1987 1487 59 46 1 1 2714 3 13 23 3778 1498 1300 1987 1487 61 45 3 8 2723 4 66 12 3779 2997 2600 1987 1487 45 61 1 16 2745 3 6 14 3780 3458 3000 1987 1487 45 61 1 16 2745 3 6 14 3781 1383 1200 1987 1487 45 61 1 1 2745 3 13 23 3782 6628 5750 1987 1487 1979 49 57 10 15 2769 4 66 12 3783 1441 1250 1987 1487 44 63 9 10 2772 3 44 61 3784 922 800 1987 1487 1970 46 61 1 10 2776 4 10 10 3785 4380 3800 1987 1487 46 61 1 15 2776 3 13 23 3786 231 200 1987 1487 46 61 3 15 2776 5 37 8 3787 1498 1300 1987 1487 1969 54 52 1 10 2782 2 56 6 3788 254 220 1987 1487 1970 62 45 3 8 2790 2 40 22 3789 288 250 1987 1487 40 70 3 10 2800 2 9 15 3790 2997 2600 1987 1487 46 61 1 1 2806 3 6 14 3791 1095 950 1987 1487 46 61 1 1 2806 3 13 23 3792 2536 2200 1987 1487 46 61 1 1 2806 3 13 23 3793 3919 3400 1987 1487 46 61 1 8 2806 3 13 23 3794 4150 3600 1987 1487 46 61 1 16 2806 3 13 23 3795 4150 3600 1987 1487 1976 60 . 47 10 10 2820 3 21 36 3796 3227 2800 1987 1487 51 56 1 8 2856 3 6 14 3797 2305 2000 1987 1487 51 56 1 22 2856 3 6 14 3798 2305 2000 1987 1487 47 62 7 8 2860 3 21 36 3799 980 850 1987 1487 1970 62 47 5 10 2914 1 33 7 3800 138 120 1987 1487 1974 49 60 1 8 2916 3 4 3 3801 80686 70000 1987 1487 1947 63 47 1 3 2M8 5 60 57 3802 5187 4500 1987 1487 60 49 1 16 2940 3 44 61 3803 35156 30500 1987 1487 47 63 1 10 2961 3 45 61 3804 11757 10200 1987 1487 1944 47 65 10 10 2999 3 21 36 3805 1095 950 1987 1487 60 50 1 3 3000 2 9 15 3806 369 320 1987 1487 60 50 3 1 3000 2 9 15 3807 5187 4500 1987 1487 1954 60 50 1 8 3000 3 24 15 3808 3112 2700 1987 1487 48 63 9 10 3024 3 44 61

Page 361 A 1 B ■ 1 c 1 D E 1 F 1 6 1 H 1 I 1 .J 1 K 1 L 1 M 3809 605 525 1987 1487 48 63 7 16 3024 5 67 5 3810 2882 2500 1987 1487 48 64 1 19 3040 3 45 61 3811 3458 3000 1987 1487 50 62 1 10 3069 3 6 14 3812 2421 2100 1987 1487 1975 64 48 10 10 3072 3 21 36 3813 1337 1160 1987 1487 51 61 1 4 3111 3 6 14 3814 4322 3750 1987 1487 61 51 1 8 3111 3 13 23 3815 7492 6500 1987 1487 51 61 1 1 3111 4 34 27 3816 3689 3200 1987 1487 1975 51 61 1 10 3111 4 34 27 3817 6051 5250 1987 1487 61 51 1 10 3111 3 41 39 3818 3227 2800 1987 1487 49 64 1 16 3136 5 43 24 3819 415 360 1987 1487 50 63 1 1 3150 5 67 5 3820 48412 42000 1987 1487 52 62 1 19 3167 3 45 61 3821 1383 1200 1987 1487 43 75 3 8 3188 4 66 12 3822 519 450 1987 1487 1981 60 54 3 19 3240 2 9 15 3823 4611 4000 1987 1487 50 65 9 10 3250 3 44 61 3824 692 600 1987 1487 1965 61 54 5 8 3264 2 58 11 3825 6340 5500 1987 1487 71 46 1 19 3266 3 41 39 3826 2882 2500 1987 1487 52 64 1 10 3302 3 6 14 3827 692 600 1987 1487 65 52 6 10 3322 2 9 15 3828 490 425 1987 1487 1970 48 71 5 10 3408 2 9 15 3829 2305 2000 1987 1487 46 75 1 16 3450 3 13 23 3830 807 700 1987 1487 54 64 1 16 3456 5 67 5 3831 4265 3700 1987 1487 69 51 1 22 3519 3 13 23 3832 1153 1000 1987 1487 69 51 1 22 3519 3 13 23 3833 403 350 1987 1487 1981 49 72 3 10 3528 3 17 11 3834 2766 2400 1987 1487 66 56 1 1 3696 3 6 14 3835 5187 4500 1987 1487 56 66 1 8 3696 3 6 14 3836 5187 4500 1987 1487 56 66 1 10 3696 3 6 14 3837 231 200 1987 1487 53 71 3 1 3763 2 9 15 3838 288 250 1987 1487 71 53 10 10 3763 5 67 5 3839 1614 1400 1987 1487 1965 49 77 9 22 3773 3 44 61 3840 1614 1400 1987 1487 68 56 5 1 3808 2 9 15 3841 2305 2000 1987 1487 53 72 4 16 3816 3 44 61 3842 1153 1000 1987 1487 63 63 1 8 3906 1 14 17 3843 2997 2600 1987 1487 51 77 1 1 3927 3 6 14 3844 5533 4800 1987 1487 56 71 1 1 3976 4 34 27 3845 692 600 1987 1487 74 54 6 16 3996 5 67 5 3846 2882 2500 1987 1487 55 74 1 3 4033 3 6 14 3847 692 600 1987 1487 1977 55 75 8 8 4098 3 49 15 3848 392 340 1987 1487 57 72 3 1 4104 3 17 11 3849 2536 2200 1987 1487 57 72 1 15 4104 4 68 21 3850 2305 2000 1987 1487 1966 55 75 8 10 4125 3 8 19 3851 576 500 1987 1487 55 75 8 15 4125 2 9 15 3852 3227 2800 1987 1487 1980 55 75 8 8 4125 3 49 15 3853 922 800 1987 1487 55 75 7 8 4125 5 67 5 3854 10950 9500 1987 1487 55 76 1 8 4153 4 34 27 3855 749 650 1987 1487 76 55 3 4 4180 4 66 12 3856 4611 4000 1987 1487 1978 56 76 1 8 4190 3 49 15 3857 3112 2700 1987 1487 1968 56 77 1 10 4312 3 6 14 3858 3458 3000 1987 1487 56 77 6 3 4312 3 21 36 3859 1210 1050 1987 1487 1974 77 56 7 13 4312 3 49 15 3860 2305 2000 1987 1487 1973 56 77 8 3 4312 3 49 15 3861 2536 2200 1987 1487 1970 60 73 1 19 4314 3 6 14 3862 3458 3000 1987 1487 61 71 1 22 4331 3 6 14 3863 2882 2500 1987 1487 78 57 10 19 4407 3 21 36 3864 5187 4500 1987 1487 56 79 1 10 4424 3 44 61

Page 362 A B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3865 9221 8000 1987 1487 57 78 6 19 4446 3 21 36 3866 692 600 1987 1487 1961 60 75 1 10 4463 4 10 10 3867 4380 3800 1987 1487 60 75 1 19 4463 3 13 23 3868 231 200 1987 1487 60 75 1 8 4463 3 25 1 3869 4611 4000 1987 1487 80 56 8 4480 3 21 36 3870 6916 6000 1987 1487 75 60 1 3 4500 3 13 23 3871 4150 3600 1987 1487 60 75 1 16 4500 3 13 23 3872 4380 3800 1987 1487 60 75 1 16 4500 3 13 23 3873 4611 4000 1987 1487 60 75 1 19 4500 3 13 23 3874 1729 1500 1987 1487 60 75 1 15 4500 4 68 21 3875 2766 2400 1987 1487 60 75 1 15 4500 4 68 21 3876 254 220 1987 1487 79 57 3 1 4503 4 10 10 3877 5763 5000 1987 1487 57 79 6 8 4503 3 21 36 3878 3227 2800 1987 1487 57 79 10 10 4503 3 21 36 3879 4380 3800 1987 1487 58 79 6 3 4514 3 21 36 3880 4380 3800 1987 1487 60 76 1 1 4560 4 34 27 3881 6340 5500 1987 1487 79 58 6 1 4582 3 21 36 3882 548 475 1987 1487 78 59 1 1 4602 3 4 3 3883 1383 1200 1987 1487 1968 58 80 1 8 4611 3 8 19 3884 3573 3100 1987 1487 61 76 1 1 4636 3 13 23 3885 5187 4500 1987 1487 61 76 1 22 4636 3 13 23 3886 1153 1000 1987 1487 1966 77 61 1 19 4659 2 56 6 3887 1153 1000 1987 1487 81 60 19 4860 4 66 12 3888 2766 2400 1987 1487 73 68 1 10 4894 3 6 14 3889 25358 22000 1987 1487 1956 59 83 19 4897 3 45 61 3890 5475 4750 1987 1487 78 63 1 10 4914 3 13 23 3891 807 700 1987 1487 1973 56 88 8 4928 3 49 15 3892 3458 3000 1987 1487 59 89 1 8 5251 3 13 23 3893 1360 1180 1987 1487 59 90 1 13 5310 3 13 23 3894 23053 20000 1987 1487 1950 66 81 1 3 5346 4 34 27 3895 5533 4800 1987 1487 60 90 1 15 5400 3 13 23 3896 4034 3500 1987 1487 60 90 1 15 5400 3 13 23 3897 6455 5600 1987 1487 60 90 1 15 5400 3 26 23 3898 3458 3000 1987 1487 60 91 1 19 5430 3 13 23 3899 634 550 1987 1487 91 60 1 10 5430 2 40 22 3900 605 525 1987 1487 1970 76 72 1 10 5472 3 20 31 3901 184425 160000 1987 1487 1961 90 61 1 15 5490 5 60 57 3902 17290 15000 1987 1487 69 80 1 22 5520 5 59 15 3903 4611 4000 1987 1487 61 91 1 1 5551 3 13 23 3904 4611 4000 1987 1487 61 91 1 8 5551 3 13 23 3905 2651 2300 1987 1487 61 91 1 10 5551 3 13 23 3906 4611 4000 1987 1487 70 80 1 8 5600 3 6 14 3907 50717 44000 1987 1487 81 70 1 19 5670 2 19 27 3908 5475 4750 1987 1487 71 81 1 15 5711 3 6 14 3909 92 80 1987 1487 75 80 1 6000 3 21 36 3910 104 90 1987 1487 75 80 1 6000 3 21 36 3911 27664 24000 1987 1487 1957 90 67 1 3 6030 3 49 15 3912 5763 5000 1987 1487 1970 65 93 15 6045 3 26 23 3913 7492 6500 1987 1487 1959 68 91 1 8 6109 3 49 15 3914 14985 13000 1987 1487 70 90 1 8 6300 4 34 27 3915 864 750 1987 1487 76 83 1 10 6308 3 38 5 3916 6916 6000 1987 1487 1962 68 93 1 10 6324 3 49 15 3917 22477 19500 1987 1487 72 91 1 8 6516 5 59 15 3918 8645 7500 1987 1487 66 100 10 6600 2 19 27 3919 5475 4750 1987 1487 76 91 1 1 6916 3 6 14 3920 6340 5500 1987 1487 76 91 1 1 6916 3 6 14

P age 363 A 1 B c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3921 432 375 1987 1487 91 76 1 1 6916 5 67 5 3922 634 550 1987 1487 76 92 1 10 6992 2 9 15 3923 5187 4500 1987 1487 94 75 10 7013 4 66 12 3924 1498 1300 1987 1487 72 100 15 7200 2 9 15 3925 1268 1100 1987 1487 71 102 1 1 7242 2 9 15 3925 10950 9500 1987 1487 72 102 1 19 7293 3 23 31 3927 4611 4000 1987 1487 75 100 1 8 7413 5 43 24 3928 1844 1600 1987 1487 75 100 1 8 7463 4 68 21 3929 8645 7500 1987 1487 100 75 1 19 7500 3 13 23 3930 807 700 1987 1487 1970 75 100 1 16 7500 2 30 11 3931 461 400 1987 1487 75 100 1 8 7500 5 67 5 3932 40343 35000 1987 1487 1954 75 101 1 3 7538 3 21 36 3933 2536 2200 1987 1487 75 101 13 3 7538 4 68 21 3934 6455 5600 1987 1487 101 75 1 3 7575 3 13 23 3935 4841 4200 1987 1487 101 75 1 19 7575 3 13 23 3936 576 500 1987 1487 1965 76 101 1 8 7676 2 27 23 3937 29969 26000 1987 1487 104 75 3 7748 2 19 27 3938 6916 6000 1987 1487 76 102 1 1 7752 3 13 23 3939 1498 1300 1987 1487 90 90 1 15 8100 2 9 15 3940 11527 10000 1987 1487 76 110 1 16 8360 5 43 24 3941 16137 14000 1987 1487 1970 100 85 1 19 8500 4 66 12 3942 1268 1100 1987 1487 1968 97 92 1 10 8830 2 58 11 3943 8645 7500 1987 1487 91 101 1 19 9141 3 6 14 3944 16137 14000 1987 1487 92 101 1 1 9292 3 6 14 3945 3227 2800 1987 1487 110 90 1 22 9900 3 13 23 3946 6916 6000 1987 1487 90 120 1 3 10800 5 43 24 3947 4380 3800 1987 1487 90 121 1 19 10845 3 13 23 3948 1844 1600 1987 1487 90 121 1 5 10890 3 17 11 3949 13256 11500 1987 1487 121 90 1 10 10890 3 17 11 3950 11527 10000 1987 1487 121 90 1 15 10890 5 43 24 3951 24206 21000 1987 1487 91 121 1 8 10951 3 49 15 3952 4611 4000 1987 1487 1965 91 122 1 8 11102 1 12 7 3953 1268 1100 1987 1487 1968 122 91 1 15 11102 3 44 61 3954 3227 2800 1987 1487 87 132 1 22 11484 1 14 17 3955 4611 4000 1987 1487 95 125 1 19 11875 3 6 14 3956 1383 1200 1987 1487 200 60 1 15 12000 2 9 15 3957 5187 4500 1987 1487 122 100 1 8 12200 3 49 15 3958 17290 15000 1987 1487 1964 136 90 1 19 12240 3 49 15 3959 14985 13000 1987 1487 1977 137 90 1 8 12330 3 49 15 3960 21900 19000 1987 1487 1957 137 92 1 8 12536 3 49 15 3961 1383 1200 1987 1487 112 121 1 8 13552 5 67 5 3962 4611 4000 1987 1487 120 120 1 8 14400 1 14 17 3963 12679 11000 1987 1487 1967 81 180 1 19 14580 3 23 31 3964 3804 3300 1987 1487 122 122 1 1 14884 4 68 21 3965 11527 10000 1987 1487 102 153 1 19 15606 3 13 23 3966 2075 1800 1987 1487 129 139 1 8 17931 2 9 15 3967 13832 12000 1987 1487 120 150 1 3 18000 3 6 14 3968 9798 8500 1987 1487 1978 121 153 1 8 18513 3 6 14 3969 1729 1500 1987 1487 1982 138 138 1 10 18906 2 51 19 3970 11527 10000 1987 1487 122 163 3 19886 2 9 15 3971 14408 12500 1987 1487 1964 220 92 1 10 20130 3 49 15 3972 4841 4200 1987 1487 180 120 1 22 21600 5 37 8 3973 17290 15000 1987 1487 121 182 1 8 22022 3 13 23 3974 1844 1600 1987 1487 137 183 1 15 25071 2 51 19 3975 1268 1100 1987 1487 44 600 1 15 26400 4 68 21 3976 3227 2800 1987 1487 1976 168 168 1 3 28224 3 50 4

Page 364 A 1 B 1 c 1 D E 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 3977 13832 12000 1987 1487 1966 174 224 1 19 38976 2 9 15 3978 4611 4000 1987 1487 1973 182 244 1 8 44408 3 38 5 3979 13256 11500 1987 1487 1983 212 330 1 8 69960 3 50 4 3980 296 275 1988 1594 6 7 8 39 3 42 37 3981 323 300 1988 1594 12 10 1 16 120 3 23 31 3982 323 300 1988 1594 12 11 1 8 132 3 41 39 3983 269 250 1988 1594 15 10 10 150 3 21 36 3984 538 500 1988 1594 11 16 8 168 3 13 23 3985 968 900 1988 1594 12 15 1 8 173 3 23 31 3986 753 700 1988 1594 15 12 1 8 174 3 23 31 3987 806 750 1988 1594 15 12 1 8 174 3 23 31 3988 269 250 1988 1594 15 12 1 16 180 3 23 31 3989 860 800 1988 1594 15 12 10 180 3 23 31 3990 860 800 1988 1594 15 13 1 8 188 3 23 31 3991 753 700 1988 1594 15 13 1 10 188 3 23 31 3992 484 450 1988 1594 16 13 1 10 194 3 23 31 3993 968 900 1988 1594 16 13 1 8 202 3 23 31 3994 1075 1000 1988 1594 12 17 1 8 204 3 13 23 3995 833 775 1988 1594 17 13 1 18 213 3 23 31 3995 323 300 1988 1594 12 18 7 10 216 3 13 23 3997 430 400 1988 1594 19 12 10 10 219 3 21 36 3998 387 360 1988 1594 18 13 10 3 219 3 21 36 3999 430 400 1988 1594 19 12 10 10 228 3 21 36 4000 376 350 1988 1594 19 12 10 16 228 3 21 36 4001 914 850 1988 1594 1934 14 18 4 4 243 3 45 61 4002 645 600 1988 1594 19 13 10 8 247 3 21 36 4003 188 175 1988 1594 14 18 7 16 252 3 35 52 4004 323 300 1988 1594 20 14 10 8 263 3 21 36 4005 323 300 1988 1594 15 19 1 8 276 2 30 11 4006 323 300 1988 1594 20 14 10 10 280 3 21 36 4007 538 500 1988 1594 17 17 10 8 289 3 21 36 4008 538 500 1988 1594 20 15 4 16 290 3 13 23 4009 645 600 1988 1594 1973 14 22 10 8 290 3 26 23 4010 1613 1500 1988 1594 15 20 1 10 293 4 34 27 4011 269 250 1988 1594 19 16 1 8 295 3 6 14 4012 645 600 1988 1594 19 16 1 8 295 3 44 61 4013 280 260 1988 1594 14 22 1 15 297 3 44 61 4014 484 450 1988 1594 20 15 10 10 300 3 21 36 4015 1398 1300 1988 1594 21 15 1 10 308 3 23 31 4016 215 200 1988 1594 22 15 3 8 330 3 49 15 4017 672 625 1988 1594 15 23 4 10 334 5 60 57 4018 237 220 1988 1594 1966 18 20 4 8 341 2 58 11 4019 7527 7000 1988 1594 23 16 7 19 349 2 19 27 4020 194 180 1988 1594 1971 13 27 7 1 351 3 44 61 4021 1505 1400 1988 1594 15 24 10 3 360 3 45 61 4022 349 325 1988 1594 24 16 10 5 372 3 21 36 4023 376 350 1988 1594 17 22 6 16 374 4 34 27 4024 1183 1100 1988 1594 17 23 10 3 383 3 45 61 4025 914 850 1988 1594 18 23 10 3 394 3 21 36 4026 2151 2000 1988 1594 1967 18 23 1 19 414 4 34 27 4027 699 650 1988 1594 17 25 1 19 417 3 6 14 4028 1290 1200 1988 1594 17 25 1 19 417 4 34 27 4029 430 400 1988 1594 20 21 4 8 420 3 17 11 4030 19355 18000 1988 1594 1942 19 24 1 19 435 3 21 36 4031 699 650 1988 1594 18 25 8 3 438 3. 13 23 4032 23656 22000 1988 1594 25 18 1 19 450 3 21 36

P age 365 A 1 B I c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 4033 194 180 1988 1594 24 19 10 1 456 3 20 31 4034 172 160 1988 1594 19 24 10 1 456 3 20 31 4035 1075 1000 1988 1594 19 25 1 16 463 4 34 27 4036 591 550 1988 1594 19 25 1 3 466 1 14 17 4037 5376 5000 1988 1594 19 25 1 8 475 3 45 61 4038 968 900 1988 1594 1936 20 24 7 1 480 4 34 27 4039 161 150 1988 1594 1972 25 20 4 16 500 3 13 23 4040 618 575 1988 1594 20 25 8 16 500 3 13 23 4041 2043 1900 1988 1594 25 20 1 10 500 3 49 15 4042 1075 1000 1988 1594 23 23 7 8 506 3 17 11 4043 2366 2200 1988 1594 26 20 1 1 520 3 23 31 4044 860 800 1988 1594 20 26 1 1 520 3 42 37 4045 2688 2500 1988 1594 18 29 1 15 522 3 41 39 4046 108 100 1988 1594 21 25 10 1 525 3 20 31 4047 484 450 1988 1594 23 23 1 1 529 3 13 23 4048 1075 1000 1988 1594 29 19 1 3 537 3 44 61 4049 1936 1800 1988 1594 19 29 1 8 542 3 13 23 4050 3548 3300 1988 1594 21 27 1 15 543 3 41 39 4051 511 475 1988 1594 26 21 4 8 546 3 17 11 4052 91399 85000 1988 1594 26 21 1 19 546 5 60 57 4053 753 700 1988 1594 27 21 3 16 554 4 66 12 4054 968 900 1988 1594 24 24 7 18 564 3 17 11 4055 860 800 1988 1594 27 21 3 16 567 4 66 12 4056 1720 1600 1988 1594 1960 30 19 3 19 570 3 49 15 4057 1183 1100 1988 1594 20 29 1 1 580 3 13 23 4058 1290 1200 1988 1594 1981 22 27 1 10 594 3 26 23 4059 1022 950 1988 1594 21 29 1 15 595 3 13 23 4060 194 180 1988 1594 26 23 10 1 598 3 20 31 4061 4516 4200 1988 1594 27 23 4 3 608 5 60 57 4062 1075 1000 1988 1594 22 30 1 8 649 3 13 23 4063 645 600 1988 1594 25 26 9 1 650 3 44 61 4064 806 750 1988 1594 23 30 1 3 664 3 13 23 4065 3226 3000 1988 1594 29 23 1 16 667 3 41 39 4066 5860 5450 1988 1594 25 27 8 13 675 2 19 27 4067 538 500 1988 1594 30 23 3 8 675 3 49 15 4068 1570 1460 1988 1594 31 23 1 4 686 3 13 23 4069 1075 1000 1988 1594 23 31 6 8 686 3 44 61 4070 753 700 1988 1594 1959 28 25 1 16 688 3 8 19 4071 349 325 1988 1594 22 32 1 1 704 3 13 23 4072 1075 1000 1988 1594 24 30 6 19 708 3 8 19 4073 4516 4200 1988 1594 25 29 1 16 711 3 41 39 4074 11828 11000 1988 1594 20 37 1 19 730 5 59 15 4075 1344 1250 1988 1594 1937 23 33 10 13 731 3 35 52 4076 1936 1800 1988 1594 1976 25 30 1 19 735 3 6 14 4077 645 600 1988 1594 25 30 10 10 750 4 10 10 4078 968 900 1988 1594 20 38 6 8 750 1 12 7 4079 1398 1300 1988 1594 30 25 1 8 750 3 20 31 4080 6452 6000 1988 1594 1933 25 30 1 10 750 5 60 57 4081 2903 2700 1988 1594 22 35 7 19 753 3 21 36 4082 1258 1170 1988 1594 1961 25 31 8 4 760 3 17 11 4083 108 100 1988 1594 24 32 10 15 768 3 17 11 4084 323 300 1988 1594 1976 25 32 4 8 772 3 26 23 4085 860 800 1988 1594 31 25 1 10 775 3 13 23 4086 2151 2000 1988 1594 25 33 1 8 796 3 8 19 4087 753 700 1988 1594 22 37 3 16 803 4 66 12 4088 10753 10000 1988 1594 1949 34 24 1 19 804 5 60 57

P age 366 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4089 108 100 1988 1594 23 35 2 16 805 5 37 8 4090 2796 2600 1988 1594 1964 25 33 1 19 809 4 34 27 4091 3763 3500 1988 1594 1971 24 35 1 19 828 4 34 27 4092 215 200 1988 1594 1977 25 35 3 8 845 3 13 23 4093 215 200 1988 1594 1977 35 25 3 8 845 3 13 23 4094 1936 1800 1988 1594 25 35 1 19 845 3 41 39 4095 860 800 1988 1594 34 25 10 15 850 3 21 36 4096 968 900 1988 1594 25 34 6 1 850 3 44 61 4097 349 325 1988 1594 25 34 9 1 850 3 44 61 4098 968 900 1988 1594 31 28 9 10 853 3 44 61 4099 2581 2400 1988 1594 24 37 1 8 858 3 49 15 4100 1613 1500 1988 1594 32 27 1 10 864 3 6 14 4101 1075 1000 1988 1594 1976 32 27 1 19 864 3 6 14 4102 699 650 1988 1594 32 27 9 16 864 3 47 45 4103 591 550 1988 1594 25 36 6 8 870 1 12 7 4104 10753 10000 1988 1594 1951 26 34 1 19 871 5 60 57 4105 3763 3500 1988 1594 35 25 7 3 875 4 66 12 4106 323 300 1988 1594 26 35 7 8 893 3 35 52 4107 1936 1800 1988 1594 25 36 1 15 900 1 5 10 4108 21506 20000 1988 1594 1947 38 24 1 3 900 5 60 57 4109 430 400 1988 1594 26 36 1 10 905 4 68 21 4110 1505 1400 1988 1594 27 34 6 10 918 3 21 36 4111 5376 5000 1988 1594 27 34 1 8 918 4 34 27 4112 591 550 1988 1594 36 26 10 8 923 3 21 36 4113 699 650 1988 1594 32 29 1 15 928 3 38 5 4114 914 850 1988 1594 26 36 1 1 936 3 13 23 4115 645 600 1988 1594 26 37 7 8 944 3 35 52 4116 237 220 1988 1594 27 35 10 1 945 3 20 31 4117 349 325 1988 1594 27 35 7 10 945 3 35 52 4118 23656 22000 1988 1594 28 35 1 19 963 5 59 15 4119 2151 2000 1988 1594 28 35 8 8 966 3 17 11 4120 968 900 1988 1594 26 38 1 3 969 5 67 5 4121 505 470 1988 1594 33 30 10 4 975 3 8 19 4122 2258 2100 1988 1594 1951 35 28 3 8 980 3 49 15 4123 860 800 1988 1594 29 34 1 18 986 1 14 17 4124 9678 9000 1988 1594 38 26 1 10 988 5 60 57 4125 8602 8000 1988 1594 1943 29 35 1 19 998 5 59 15 4126 296 275 1988 1594 1965 37 27 6 8 999 1 12 7 4127 484 450 1988 1594 1953 27 38 8 8 1007 2 48 23 4128 1022 . 950 1988 1594 28 36 1 10 1008 3 13 23 4129 1183 1100 1988 1594 1964 32 32 12 8 1008 1 14 17 4130 9678 9000 1988 1594 28 36 1 8 1008 3 45 61 4131 22581 21000 1988 1594 27 38 1 8 1013 3 21 36 4132 1183 1100 1988 1594 27 38 7 8 1013 5 59 15 4133 323 300 1988 1594 30 35 1 15 1018 1 14 17 4134 1505 1400 1988 1594 27 38 1 8 1026 3 13 23 4135 860 800 1988 1594 30 35 1 8 1033 1 14 17 4136 6183 5750 1988 1594 29 37 1 16 1040 3 41 39 4137 4839 4500 1988 1594 37 29 1 8 1059 4 34 27 4138 2796 2600 1988 1594 28 38 1 1 1064 4 34 27 4139 2366 2200 1988 1594 38 28 8 3 1064 3 45 61 4140 806 750 1988 1594 29 37 1 16 1073 3 13 23 4141 6989 6500 1988 1594 30 36 1 16 1080 3 41 39 4142 484 450 1988 1594 30 37 5 3 1092 3 20 31 4143 3763 3500 1988 1594 30 37 1 19 1092 4 34 27 4144 409 380 1988 1594 1976 29 38 10 4 1102 3 8 19

P age 367 A 1 B i c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K I L t M 4145 296 275 1988 1594 1975 26 43 10 10 1105 3 49 15 4146 4516 4200 1988 1594 21 55 4 3 1117 4 66 12 4147 19355 18000 1988 1594 30 39 1 19 1151 3 21 36 4148 2796 2600 1988 1594 30 40 1 19 1180 3 41 39 4149 7742 7200 1988 1594 35 35 1 4 1190 2 19 27 4150 806 750 1988 1594 30 40 1 1 1200 3 13 23 4151 4946 4600 1988 1594 30 40 15 1200 3 21 36 4152 4839 4500 1988 1594 30 40 1 18 1200 4 34 27 4153 323 300 1988 1594 28 43 8 1204 3 26 23 4154 27957 26000 1988 1594 12 103 1 8 1236 5 59 15 4155 12903 12000 1988 1594 26 49 1 19 1237 5 59 15 4156 1075 1000 1988 1594 1964 29 44 3 1254 3 49 15 4157 1075 1000 1988 1594 31 41 1 1 1271 3 44 61 4158 1613 1500 1988 1594 29 44 1 3 1276 3 13 23 4159 538 500 1988 1594 1935 37 35 8 1278 3 35 52 4160 3763 3500 1988 1594 34 38 1 10 1292 3 41 39 4 161 753 700 1988 1594 1955 31 42 15 1302 2 48 23 4162 538 500 1988 1594 29 45 1 10 1305 4 68 21 4163 45162 42000 1988 1594 41 32 1 19 1312 5 60 57 4164 968 900 1988 1594 32 41 1 19 1312 5 67 5 4165 409 380 1988 1594 30 45 1 18 1313 4 68 21 4166 6989 6500 1988 1594 34 39 1 18 1326 3 41 39 4167 1398 1300 1988 1594 30 45 3 1350 2 2 8 4168 484 450 1988 1594 1969 45 30 16 1350 3 8 19 4169 484 450 1988 1594 30 45 1 1 1350 4 68 21 4170 12903 12000 1988 1594 1976 33 41 1 19 1353 4 34 27 4171 2366 2200 1988 1594 34 40 1 1 1360 3 6 14 4172 2366 2200 1988 1594 35 40 1 3 1363 3 6 14 4173 3871 3600 1988 1594 1952 30 46 10 19 1365 3 21 36 4174 4731 4400 1988 1594 43 32 9 18 1376 3 44 61 4175 161 150 1988 1594 43 32 7 8 1376 5 67 5 4176 5376 5000 1988 1594 48 29 6 8 1378 3 21 36 4177 430 400 1988 1594 30 46 10 10 1380 3 20 31 4178 1882 1750 1988 1594 1981 30 46 10 16 1380 3 21 36 4179 2473 2300 1988 1594 31 46 1 10 1388 4 34 27 4180 16129 15000 1988 1594 1959 39 37 1 19 1425 4 34 27 4181 4301 4000 1988 1594 1952 47 31 6 19 1434 3 21 36 4182 4575 4255 1988 1594 1952 31 47 10 4 1434 3 21 36 4183 2151 2000 1988 1594 36 41 1 15 1438 3 6 14 4184 6452 6000 1988 1594 46 32 1 3 1456 3 41 39 4185 2366 2200 1988 1594 1952 31 47 10 3 1457 3 21 36 4186 3441 3200 1988 1594 1952 31 47 10 5 1457 3 21 36 4187 645 600 1988 1594 43 34 6 1 1462 3 49 15 4188 1398 1300 1988 1594 32 46 1 15 1472 3 17 11 4189 1720 1600 1988 1594 36 41 1 1 1476 3 6 14 4190 2151 2000 1988 1594 41 36 1 1 1476 3 6 14 4191 2366 2200 1988 1594 1950 31 48 6 15 1488 3 21 36 4192 3333 3100 1988 1594 1949 31 48 10 3 1488 3 21 36 4193 2151 2000 1988 1594 31 48 10 5 1488 3 21 36 4194 6452 6000 1988 1594 1952 48 31 10 19 1488 3 21 36 4195 4731 4400 1988 1594 34 44 12 18 1496 3 21 36 4196 1290 1200 1988 1594 1927 34 44 1 16 1496 3 47 45 4197 4301 4000 1988 1594 31 49 6 3 1504 3 21 36 4198 3011 2800 1988 1594 1950 31 49 6 3 1504 3 21 36 4199 9140 8500 1988 1594 32 48 6 19 1512 3 21 36 4200 5914 5500 1988 1594 1932 34 45 1 19 1530 3 47 45

P age 368 A 1 B c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4201 3226 3000 1988 1594 45 34 1 10 1530 5 60 57 4202 21506 20000 1988 1594 1950 35 44 1 8 1540 5 60 57 4203 3226 3000 1988 1594 35 45 1 8 1553 3 41 39 4 204 25807 24000 1988 1594 38 42 7 19 1556 4 66 12 4205 7527 7000 1988 1594 48 33 7 19 1560 3 21 36 4206 3226 3000 1988 1594 35 45 1 1 1575 4 34 27 4207 1720 1600 1988 1594 35 46 1 10 1593 3 8 19 4208 4516 4200 1988 1594 35 • 46 7 3 1593 3 21 36 4209 4301 4000 1988 1594 47 34 10 3 1598 3 21 36 4210 1613 1500 1988 1594 1971 32 50 1 16 1600 3 6 14 4211 15054 14000 1988 1594 31 53 8 8 1601 2 19 27 4212 4301 4000 1988 1594 35 46 1 1 1610 4 34 27 4213 4570 4250 1988 1594 35 46 1 1 1610 4 34 27 4214 3441 3200 1988 1594 35 46 1 1 1610 4 34 27 4215 6989 6500 1988 1594 1947 38 43 1 19 1613 4 34 27 4216 3763 3500 1988 1594 1971 36 46 6 3 1615 3 21 36 4217 5914 5500 1988 1594 33 49 10 5 1617 3 21 36 4218 129 120 1988 1594 21 77 3 1 1617 3 26 23 4219 2516 2340 1988 1594 1972 38 43 1 4 1634 3 6 14 4220 18280 17000 1988 1594 36 46 1 19 1638 5 59 15 4221 25807 24000 1988 1594 41 41 1 8 1640 5 59 15 4222 5161 4800 1988 1594 1967 34 49 8 3 1642 3 21 36 4223 516 480 1988 1594 35 47 8 15 1645 3 20 31 4224 1344 1250 1988 1594 47 35 6 16 1645 3 21 36 4225 10753 10000 1988 1594 37 45 1 19 1647 3 45 61 4226 17205 16000 1988 1594 1941 37 45 1 3 1665 4 34 27 4227 10296 9575 1988 1594 34 50 10 4 1675 3 21 36 4228 10753 10000 1988 1594 46 37 4 3 1679 5 60 57 4229 2473 2300 1988 1594 48 35 7 10 1680 3 21 36 4230 5645 5250 1988 1594 35 48 1 10 1680 4 34 27 4231 2796 2600 1988 1594 50 34 10 18 1683 3 21 36 4232 215 200 1988 1594 1962 35 50 4 10 1708 3 26 23 4233 1290 1200 1988 1594 38 45 1 10 1710 3 47 45 4234 4839 4500 1988 1594 47 37 6 19 1716 3 21 36 4235 4731 4400 1988 1594 1954 32 54 1 16 1728 4 34 27 4236 753 700 1988 , 1594 30 59 1 8 1741 3 20 31 4237 2151 2000 1988 1594 51 35 1 3 1742 3 13 23 4238 27452 25530 1988 1594 47 38 6 4 1744 4 66 12 4239 4086 3800 1988 1594 38 46 1 1 1748 4 34 27 4240 3656 3400 1988 1594 38 46 1 1 1748 4 34 27 4241 1183 1100 1988 1594 40 45 1 3 1758 1 14 17 4242 2043 1900 1988 1594 1967 55 32 1 10 1760 3 8 19 4243 753 700 1988 1594 41 44 3 20 1762 3 13 23 4244 269 250 1988 1594 1977 41 44 3 10 1782 3 13 23 4245 215 200 1988 1594 1959 33 54 10 10 1782 3 26 23 4246 8602 8000 1988 1594 1954 33 54 1 19 1782 4 34 27 4247 645 600 1988 1594 47 38 10 10 1786 3 17 11 4248 8065 7500 1988 1594 37 49 1 8 1789 3 41 39 4249 1613 1500 1988 1594 46 39 1 1 1794 3 13 23 4250 4516 4200 1988 1594 1961 36 50 1 15 1800 3 49 15 4251 2796 2600 1988 1594 37 50 1 16 1807 3 6 14 4252 4839 4500 1988 1594 1976 51 36 10 3 1818 4 66 12 4253 1720 1600 1988 1594 1984 34 54 6 8 1819 3 26 23 4254 2151 2000 1988 1594 40 46 1 19 1820 3 6 14 4255 1290 1200 1988 1594 35 52 6 1 1820 4 34 27 4256 1075 1000 1988 1594 37 50 10 10 1832 3 21 36

P age 369 A 1 B i c 1 D E 1 F 1 G I H 1 I 1 J 1 K 1 L 1 M 4257 2796 2600 1988 1594 1961 45 41 1 5 1845 3 17 11 4258 2688 2500 1988 1594 37 50 10 10 1850 3 21 36 4259 15054 14000 1988 1594 38 49 1 19 1862 3 45 61 4260 968 900 1988 1594 35 54 8 1863 3 26 23 4261 2043 1900 1988 1594 1976 39 48 1 19 1872 3 6 14 4262 968 900 1988 1594 1973 52 36 15 1872 3 8 19 4263 699 650 1988 1594 1976 53 36 1 10 1890 3 8 19 4264 194 180 1988 1594 50 38 1 1 1900 3 31 22 4265 1183 1100 1988 1594 50 39 11 3 1906 3 6 14 4266 4570 4250 1988 1594 39 49 1 8 1911 3 13 23 4267 6989 6500 1988 1594 39 49 1 8 1911 4 34 27 4268 1183 1100 1988 1594 33 59 16 1918 3 17 11 4269 1183 1100 1988 1594 40 48 3 1920 4 66 12 4270 5914 5500 1988 1594 37 52 1 19 1924 4 34 27 4271 8065 7500 1988 1594 39 50 1 3 1931 4 34 27 4272 1075 1000 1988 1594 38 51 1 1 1938 3 13 23 4273 323 300 1988 1594 40 49 19 1940 3 45 61 4274 2151 2000 1988 1594 41 48 16 1944 4 66 12 4275 6452 6000 1988 1594 50 39 1 18 1950 3 41 39 4276 6989 6500 1988 1594 40 50 1 19 1955 4 34 27 4277 2796 2600 1988 1594 40 50 1 19 1955 3 41 39 4278 2796 2600 1988 1594 40 50 10 1955 3 44 61 4279 18280 17000 1988 1594 40 50 1 3 1975 3 45 61 4280 3226 3000 1988 1594 43 46 1 19 1978 3 17 11 4281 1398 1300 1988 1594 1959 37 54 8 1980 3 26 23 4282 1613 1500 1988 1594 40 50 10 8 1980 3 45 61 4283 4086 3800 1988 1594 37 54 1 1 1998 4 34 27 4284 2796 2600 1988 1594 50 40 1 8 2000 2 9 15 4285 1505 1400 1988 1594 40 50 1 1 2000 3 13 23 4286 806 750 1988 1594 40 50 1 2000 3 13 23 4287 1075 1000 1988 1594 50 40 1 1 2000 3 44 61 4288 8602 8000 1988 1594 39 52 11 8 2009 3 13 23 4289 2366 2200 1988 1594 56 36 10 19 2016 3 21 36 4290 64517 60000 1988 1594 1953 31 67 1 19 2044 3 45 61 4291 3226 3000 1988 1594 41 51 1 15 2045 3 41 39 4292 3441 3200 1988 1594 51 41 1 15 2045 3 41 39 4293 409 380 1988 1594 1977 41 50 8 2050 3 13 23 4294 2366 2200 1988 1594 1974 41 50 1 10 2050 4 34 27 4295 1075 1000 1988 1594 56 37 8 2054 3 6 14 4296 1936 1800 1988 1594 41 51 1 8 2066 3 13 23 4297 2151 2000 1988 1594 41 51 1 10 2066 3 13 23 4298 19355 18000 1988 1594 1948 51 41 1 4 2066 5 60 57 4299 457 425 1988 1594 40 53 1 10 2074 1 5 10 4300 16129 15000 1988 1594 54 39 1 19 2087 3 45 61 4301 2581 2400 1988 1594 41 51 1 1 2091 3 6 14 4302 13979 13000 1988 1594 41 51 1 8 2091 3 24 15 4303 5108 4750 1988 1594 41 51 1 1 2091 3 41 39 4304 34409 32000 1988 1594 32 66 1 19 2096 5 59 15 4305 1398 1300 1988 1594 39 55 1 15 2098 3 13 23 4306 323 300 1988 1594 1965 38 56 1 8 2100 3 16 11 4307 4839 4500 1988 1594 1951 39 54 1 3 2106 4 34 27 4308 134 125 1988 1594 53 40 3 10 2120 3 21 36 4309 188 175 1988 1594 1969 38 56 3 10 2128 3 13 23 4310 151 140 1988 1594 56 38 3 1 2128 3 21 36 4311 20430 19000 1988 1594 1950 41 54 1 3 2214 5 60 57 4312 2581 2400 1988 1594 45 50 1 8 2228 3 6 14

P age 370 A 1 B 1 c 1 D B 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 m 4313 36560 34000 1988 1594 1953 54 42 1 3 2241 5 60 57 4314 3226 3000 1988 1594 45 50 1 15 2250 3 6 14 4315 2581 2400 1988 1594 45 50 1 18 2250 3 6 14 4 316 4839 4500 1988 1594 45 50 1 18 2250 3 6 14 4317 1828 1700 1988 1594 1961 45 50 1 5 2250 3 17 11 4318 2043 1900 1988 1594 55 41 19 2255 3 17 11 4 319 9140 8500 1988 1594 1957 42 54 1 3 2268 4 34 27 4320 2688 2500 1988 1594 53 43 18 2279 3 44 61 4 321 591 550 1988 1594 1982 43 53 1 3 2279 2 56 6 4322 10215 9500 1988 1594 1955 42 55 1 15 2289 4 34 27 4323 5914 5500 1988 1594 42 55 1 19 2289 4 34 27 4324 2366 2200 1988 1594 45 51 1 1 2295 3 6 14 4 325 3011 2800 1988 1594 46 51 1 3 2298 3 6 14 4 326 1936 1800 1988 1594 46 51 1 16 2298 3 6 14 4327 2258 2100 1988 1594 46 51 1 16 2298 3 6 14 4328 3763 3500 1988 1594 46 51 1 3 2321 3 6 14 4 329 9140 8500 1988 1594 1958 43 55 1 19 2338 4 34 27 4 330 3226 3000 1988 1594 46 51 1 1 2346 3 6 14 4 331 2688 2500 1988 1594 46 51 1 15 2346 3 6 14 4332 1936 1800 1988 1594 1983 62 38 8 2356 3 49 15 4333 269 250 1988 1594 35 68 8 2363 3 26 23 4 334 8602 8000 1988 1594 1970 44 54 1 19 2376 4 34 27 4335 7527 7000 1988 1594 1971 44 55 1 19 2420 4 34 27 4 336 6452 6000 1988 1594 55 45 1 19 2425 3 41 39 4337 2688 2500 1988 1594 45 54 1 8 2430 3 41 39 4338 1075 1000 1988 1594 1954 44 56 10 2442 3 44 61 4339 8602 8000 1988 1594 45 55 1 15 2448 3 41 39 4340 4946 4600 1988 1594 55 45 1 19 2448 3 41 39 4 341 1936 1800 1988 1594 1974 45 55 1 8 2453 3 6 14 4342 1075 1000 1988 1594 1967 43 58 5 3 2494 4 10 10 4343 2581 2400 1988 1594 1966 43 59 1 3 2516 3 26 23 4 344 645 600 1988 1594 51 50 3 15 2525 4 66 12 4345 161 150 1988 1594 59 43 5 10 2537 2 30 11 4346 323 300 1988 1594 1980 59 43 3 10 2537 5 37 8 4347 430 400 1988 1594 40 64 10 16 2540 3 8 19 4348 1398 1300 1988 1594 43 60 1 10 2550 1 5 10 4349 430 400 1988 1594 50 51 3 8 2550 3 49 15 4350 5914 5500 1988 1594 1946 59 44 10 3 2567 3 21 36 4351 6237 5800 1988 1594 45 58 1 3 2581 3 44 61 4352 1613 1500 1988 1594 55 47 1 10 2585 5 43 24 4353 688 640 1988 1594 60 44 1 4 2588 3 6 14 4354 36560 34000 1988 1594 44 60 1 19 2588 5 59 15 4355 3495 3250 1988 1594 44 59 1 1 2596 4 34 27 4356 5914 5500 1988 1594 45 58 1 8 2610 3 13 23 4357 2366 2200 1988 1594 45 59 1 16 2626 3 44 61 4358 237 220 1988 1594 44 60 1 2640 5 37 8 4359 8065 7500 1988 1594 45 60 1 19 2648 3 13 23 4360 13441 12500 1988 1594 59 45 1 10 2655 3 41 39 4 361 3011 2800 1988 1594 45 60 1 8 2670 3 13 23 4362 2688 2500 1988 1594 1974 60 45 16 2670 4 66 12 4363 1290 1200 1988 1594 45 60 1 16 2670 4 68 21 4364 237 220 1988 1594 1970 60 45 8 2700 2 40 22 4365 4839 4500 1988 1594 61 45 1 18 2723 3 13 23 4366 6183 5750 1988 1594 45 61 1 16 2723 3 44 61 4367 1183 1100 1988 1594 61 45 3 8 2723 4 66 12 4368 914 850 1988 1594 61 45 3 8 2723 4 66 12

P age 371 A 1 B c 1 D E 1 F 1 Q 1 H 1 I 1 J 1 K 1 L 1 M 4369 3763 3500 1988 1594 47 60 1 3 2767 3 44 61 4370 3226 3000 1988 1594 46 61 1 3 2776 3 6 14 4371 2043 1900 1988 1594 46 61 1 10 2776 3 6 14 4372 1613 1500 1988 1594 46 61 1 16 2783 3 8 19 4373 806 750 1988 1594 59 48 7 16 2803 4 68 21 4374 1936 1800 1988 1594 46 61 1 1 2806 3 13 23 4375 323 300 1988 1594 1985 46 61 3 3 2806 3 17 11 4376 16129 15000 1988 1594 47 60 1 19 2820 3 45 61 4377 430 400 1988 1594 1969 55 52 10 10 2860 2 56 6 4378 1613 1500 1988 1594 1971 49 59 1 15 2891 3 26 23 4379 215 200 1988 1594 1984 50 59 3 10 2921 5 37 8 4380 16129 15000 1988 1594 1960 50 60 1 3 2945 4 34 27 4381 6989 6500 1988 1594 50 60 1 16 2970 4 34 27 4382 2258 2100 1988 1594 60 50 10 18 3000 3 13 23 4383 11828 11000 1988 1594 50 60 1 19 3000 3 21 36 4384 13979 13000 1988 1594 50 60 1 3 3000 4 34 27 4385 6989 6500 1988 1594 1971 50 60 1 8 3000 4 34 27 4386 3226 3000 1988 1594 1955 64 48 1 10 3016 3 8 19 4387 1936 1800 1988 1594 43 71 7 16 3053 3 26 23 4388 484 450 1988 1594 47 65 10 1 3055 5 67 5 4389 10753 10000 1988 1594 1943 51 62 1 8 3106 5 59 15 4390 3226 3000 1988 1594 56 56 1 10 3108 3 6 14 4391 645 600 1988 1594 61 51 1 10 3111 1 5 10 4392 3226 3000 1988 1594 61 51 1 3 3111 3 6 14 4393 43011 40000 1988 1594 51 61 1 3 3111 3 45 61 4394 2366 2200 1988 1594 1970 61 52 8 19 3116 2 9 15 4395 3226 3000 1988 1594 1969 74 43 6 19 3124 3 49 15 4396 3656 3400 1988 1594 49 64 1 3 3136 3 44 61 4397 2151 2000 1988 1594 71 45 9 18 3195 3 49 15 4398 538 500 1988 1594 47 68 7 16 3196 5 67 5 4399 2366 2200 1988 1594 50 65 6 19 3225 3 44 61 4400 484 450 1988 1594 60 54 3 10 3240 3 49 15 4 401 1720 1600 1988 1594 72 45 9 18 3240 3 49 15 4402 511 475 1988 1594 50 65 5 1 3250 2 51 19 4403 753 700 1988 1594 1965 61 54 6 8 3264 2 58 11 4 404 806 750 1988 1594 1970 64 51 1 5 3264 2 9 15 4405 699 650 1988 1594 48 69 10 1 3312 5 67 5 4406 6452 6000 1988 1594 39 86 1 8 3335 3 41 39 4407 511 475 1988 1594 49 69 10 1 3381 5 67 5 4408 3011 2800 1988 1594 52 66 1 1 3432 3 6 14 4409 968 900 1988 1594 1969 53 66 8 8 3472 2 9 15 4410 8065 7500 1988 1594 69 51 6 3 3485 3 21 36 4 411 3226 3000 1988 1594 55 65 1 19 3515 3 6 14 4412 3763 3500 1988 1594 55 65 1 19 3515 3 6 14 4413 1613 1500 1988 1594 75 47 7 18 3525 3 49 15 4414 15054 14000 1988 1594 51 70 6 3 3535 3 21 36 4415 699 650 1988 1594 1965 60 60 1 3 3540 4 10 10 4416 13979 13000 1988 1594 1971 49 74 1 19 3565 4 34 27 4417 4301 4000 1988 1594 65 55 1 8 3575 3 6 14 4418 5914 5500 1988 1594 50 72 1 18 3600 3 6 14 4419 344 320 1988 1594 52 70 3 15 3614 3 13 23 4420 323 300 1988 1594 71 51 1 16 3621 2 51 19 4421 3226 3000 1988 1594 55 66 1 8 3630 3 6 14 4422 1290 1200 1988 1594 50 73 1 18 3650 1 14 17 4423 1075 1000 1988 1594 62 59 1 8 3658 2 58 11 4424 3548 3300 1988 1594 56 66 1 16 3663 3 6 14

P age 372 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4425 3763 3500 1988 1594 74 50 6 8 3663 3 21 36 442 6 3441 3200 1988 1594 56 66 1 1 3696 3 6 14 4427 3011 2800 1988 1594 56 66 1 15 3696 3 6 14 442 8 3118 2900 1988 1594 66 56 1 16 3696 3 6 14 4429 12903 12000 1988 1594 1955 70 53 1 19 3710 3 49 15 4430 1452 1350 1988 1594 1964 63 59 3 19 3717 4 66 12 4431 2043 1900 1988 1594 75 50 3 16 3750 4 66 12 4432 376 350 1988 1594 70 54 4 1 3780 5 67 5 4433 4032 3750 1988 1594 1974 67 57 3 16 3786 4 66 12 4434 860 800 1988 1594 55 69 10 3 3795 5 37 8 4435 2151 2000 1988 1594 69 55 9 18 3795 3 49 15 4436 430 400 1988 1594 1969 36 107 1 10 3852 2 46 5 4437 430 400 1988 1594 1969 51 76 1 1 3876 3 50 4 4438 6989 6500 1988 1594 1970 74 53 4 19 3922 4 66 12 4439 1828 1700 1988 1594 1974 69 57 3 8 3933 4 66 12 4440 18280 17000 1988 1594 43 92 1 16 3935 3 41 39 4441 366 340 1988 1594 45 90 5 15 3983 2 30 11 4442 430 400 1988 1594 1981 54 74 6 8 3996 3 4 3 4443 1075 1000 1988 1594 54 74 5 8 3996 2 30 11 4444 3656 3400 1988 1594 55 73 1 10 4000 1 5 10 4445 349 325 1988 1594 1976 90 45 10 16 4050 3 21 36 4446 323 300 1988 1594 90 45 10 16 4050 3 21 36 4447 13979 13000 1988 1594 1950 54 75 1 3 4050 4 34 27 4448 2366 2200 1988 1594 54 75 8 1 4050 3 49 15 4449 5376 5000 1988 1594 75 55 7 19 4060 3 21 36 4450 6860 6380 1988 1594 1985 55 75 8 4 4060 3 49 15 4451 2796 2600 1988 1594 1980 55 74 8 8 4070 3 49 15 4452 3763 3500 1988 1594 1980 55 74 8 18 4070 3 49 15 4453 5914 5500 1988 1594 55 75 6 8 4098 3 49 15 4454 15054 14000 1988 1594 54 76 7 19 4104 3 21 36 4455 9678 9000 1988 1594 1965 55 75 1 19 4125 4 34 27 4456 2581 2400 1988 1594 55 75 8 1 4125 3 49 15 4457 3226 3000 1988 1594 55 75 8 18 4125 3 49 15 4458 3226 3000 1988 1594 55 75 8 18 4125 3 49 15 4459 538 500 1988 1594 1973 55 75 1 16 4125 2 58 11 4460 2366 2200 1988 1594 1974 53 78 6 15 4134 3 49 15 4461 5376 5000 1988 1594 75 56 4 3 4135 4 66 12 4462 10753 10000 1988 1594 1961 55 76 1 19 4153 4 34 27 4463 4032 3750 1988 1594 1980 56 75 1 10 4163 3 49 15 4464 6452 6000 1988 1594 1966 55 76 1 3 4180 4 34 27 4465 4301 4000 1988 1594 1982 56 75 8 8 4200 3 49 15 4466 215 200 1988 1594 1962 77 55 3 8 4208 4 66 12 4467 7527 7000 1988 1594 56 76 8 18 4218 3 21 36 4468 323 300 1988 1594 76 56 7 19 4218 5 67 5 4469 4839 4500 1988 1594 77 55 6 18 4235 3 21 36 4470 806 750 1988 1594 76 56 3 16 4256 4 66 12 4471 1398 1300 1988 1594 58 74 1 16 4292 3 13 23 4472 2151 2000 1988 1594 1967 57 76 8 19 4294 3 49 15 4473 13979 13000 1988 1594 1978 57 76 4 8 4294 4 66 12 4474 51614 48000 1988 1594 1966 57 76 1 8 4304 5 59 15 4475 1828 1700 1988 1594 1974 81 54 1 8 4307 3 6 14 4476 349 325 1988 1594 1970 56 77 10 4312 4 10 10 4477 1183 1100 1988 1594 1987 56 77 1 19 4312 3 21 36 4478 8602 8000 1988 1594 77 56 19 4312 3 21 36 4479 5699 5300 1988 1594 1970 60 73 1 16 4314 3 6 14 4480 3871 3600 1988 1594 71 61 1 8 4331 3 6 14

Page 373 A 1 B c 1 D B 1 F 1 6 [ H 1 I 1 J 1 K 1 L 1 M 4481 2688 2500 1988 1594 71 61 1 10 4331 3 6 14 4482 4731 4400 1988 1594 61 71 1 19 4331 3 6 14 4483 5376 5000 1988 1594 57 77 6 19 4351 3 21 36 4484 36560 34000 1988 1594 1961 59 74 1 3 4366 5 59 15 4485 7742 7200 1988 1594 78 56 10 3 4368 3 21 36 4486 2581 2400 1988 1594 56 78 8 1 4368 3 49 15 4487 484 450 1988 1594 60 75 5 16 4433 4 10 10 4488 2688 2500 1988 1594 74 60 6 18 4440 1 14 17 4489 11828 11000 1988 1594 78 57 1 15 4446 3 21 36 4490 753 700 1988 1594 58 78 8 10 4456 4 68 21 4491 23656 22000 1988 1594 60 75 6 19 4463 4 66 12 4492 5376 5000 1988 1594 80 56 6 8 4480 3 21 36 4493 6721 6250 1988 1594 60 75 1 8 4500 3 13 23 4494 3656 3400 1988 1594 60 75 1 19 4500 3 13 23 4495 18280 17000 1988 1594 1976 60 75 1 19 4500 3 49 15 4496 1882 1750 1988 1594 60 75 1 10 4500 4 68 21 4497 3011 2800 1988 1594 60 76 1 3 4560 2 9 15 4498 5376 5000 1988 1594 1967 60 76 1 18 4560 5 43 24 4499 2903 2700 1988 1594 1956 61 75 1 10 4575 3 8 19 4500 11441 10640 1988 1594 58 80 1 4 4611 3 13 23 4501 4301 4000 1988 1594 61 76 1 15 4636 3 6 14 4502 3441 3200 1988 1594 61 76 1 1 4636 3 13 23 4503 6452 6000 1988 1594 61 76 1 3 4636 3 13 23 4504 4839 4500 1988 1594 61 76 1 8 4636 3 13 23 4505 3763 3500 1988 1594 61 76 1 10 4636 3 13 23 4506 5914 5500 1988 1594 61 76 1 16 4636 3 13 23 4507 4839 4500 1988 1594 76 61 1 16 4636 3 13 23 4508 3763 3500 1988 1594 76 61 1 18 4636 3 13 23 4509 6452 6000 1988 1594 61 76 1 18 4636 3 13 23 4510 7527 7000 1988 1594 59 79 1 19 4661 3 13 23 4511 9678 9000 1988 1594 59 80 1 19 4691 3 13 23 4512 3226 3000 1988 1594 61 78 1 3 4758 3 6 14 4513 753 700 1988 1594 69 69 1 15 4761 1 14 17 4514 34409 32000 1988 1594 57 84 1 18 4788 3 13 23 4515 10753 10000 1988 1594 1956 59 82 3 4797 3 45 61 4516 699 650 1988 1594 1968 66 74 3 4851 2 2 8 4517 1828 1700 1988 1594 54 91 1 3 4869 3 54 11 4518 4086 3800 1988 1594 65 75 1 19 4875 3 6 14 4519 1936 1800 1988 1594 61 80 1 1 4880 3 6 14 452Ô 1290 1200 1988 1594 1982 82 60 1 4920 4 66 12 4521 3441 3200 1988 1594 66 76 1 8 5016 3 6 14 4522 5645 5250 1988 1594 66 76 1 16 5016 3 6 14 4523 237 220 1988 1594 53 96 7 1 5088 3 52 14 4524 4839 4500 1988 1594 1971 84 61 6 8 5094 3 49 15 4525 2151 2000 1988 1594 87 60 3 16 5220 4 66 12 4526 430 400 1988 1594 1969 83 63 3 10 5229 3 6 14 4527 20430 19000 1988 1594 94 56 1 19 5236 4 66 12 4528 4301 4000 1988 1594 69 76 1 8 5244 3 6 14 4529 430 400 1988 1594 1969 50 107 1 10 5297 2 46 5 4530 3656 3400 1988 1594 1968 62 86 1 19 5332 3 24 15 4531 1613 1500 1988 1594 90 60 1 16 5355 2 40 22 4532 9678 9000 1988 1594 1983 91 60 1 8 5385 3 49 15 4533 3226 3000 1988 1594 1958 60 90 1 3 5400 2 9 15 4534 10753 10000 1988 1594 60 91 1 8 5430 3 13 23 4535 5376 5000 1988 1594 60 91 1 8 5430 3 13 23 4536 538 500 1988 1594 1981 73 75 6 8 5439 3 4 3

Page 374 .A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4537 15054 14000 1988 1594 80 68 1 8 5440 3 17 11 4538 645 600 1988 1594 60 91 1 1 5460 2 40 22 4539 4032 3750 1988 1594 83 66 1 8 5478 3 6 14 4540 3226 3000 1988 1594 61 91 1 1 5551 3 13 23 4541 2688 2500 1988 1594 1966 61 91 1 10 5551 3 26 23 4542 968 900 1988 1594 90 63 10 5670 4 66 12 4543 1613 1500 1988 1594 1984 76 76 1 10 5776 2 9 15 4544 13441 12500 1988 1594 1961 66 89 1 8 5874 3 49 15 4545 23656 22000 1988 1594 66 89 1 19 5874 3 49 15 4546 645 600 1988 1594 97 61 1 1 5917 3 8 19 4547 9678 9000 1988 1594 67 90 1 19 5997 5 43 24 4548 2366 2200 1988 1594 1962 67 90 1 8 6030 3 49 15 4549 4516 4200 1988 1594 62 99 3 6089 3 17 11 4550 1398 1300 1988 1594 67 91 8 6097 1 14 17 4551 5914 5500 1988 1594 1972 91 68 1 19 6109 3 6 14 4552 10215 9500 1988 1594 1962 68 91 1 3 6154 3 49 15 4553 27957 26000 1988 1594 1962 68 91 1 19 6154 3 49 15 4554 6989 6500 1988 1594 72 89 1 19 6364 1 14 17 4555 3226 3000 1988 1594 1971 91 71 1 3 6380 3 6 14 4556 968 900 1988 1594 1978 96 67 1 3 6384 2 46 5 4557 3763 3500 1988 1594 71 91 1 19 6461 3 8 19 4558 2366 2200 1988 1594 95 70 19 6603 4 66 12 4559 8065 7500 1988 1594 90 75 1 19 6705 3 6 14 4560 753 700 1988 1594 1981 73 93 16 6743 2 9 15 4561 5914 5500 1988 1594 75 90 1 1 6750 3 6 14 4562 3226 3000 1988 1594 75 90 1 19 6750 3 6 14 4563 21506 20000 1988 1594 1963 69 98 1 19 6762 2 19 27 4564 2043 1900 1988 1594 1969 89 76 1 10 6764 3 8 19 4565 4301 4000 1988 1594 1980 67 102 10 6783 2 2 8 4566 9678 9000 1988 1594 1976 68 101 10 19 6868 4 66 12 4567 5161 4800 1988 1594 91 76 1 3 6916 3 6 14 4568 950 950 1988 1714 1961 92 76 10 6992 3 16 11 4569 3226 3000 1988 1594 1986 92 76 1 8 6992 2 28 5 4570 2581 2400 1988 1594 1973 120 60 1 8 7110 3 6 14 4571 4839 4500 1988 1594 1973 60 120 1 8 7110 3 6 14 4572 5108 4750 1988 1594 79 91 1 1 7189 3 6 14 4573 1613 1500 1988 1594 74 100 1 16 7400 2 30 11 4574 6989 6500 1988 1594 1972 75 100 1 8 7500 5 43 24 4575 9140 8500 1988 1594 1975 100 75 10 8 7500 4 66 12 4576 4301 4000 1988 1594 1972 85 90 1 19 7563 5 43 24 4577 32258 30000 1988 1594 1986 58 131 1 3 7569 4 66 12 4578 12366 11500 1988 1594 1978 74 104 3 7696 4 66 12 4579 6452 6000 1988 1594 76 102 1 16 7714 3 13 23 4580 5108 4750 1988 1594 76 102 1 1 7752 3 13 23 4581 17742 16500 1988 1594 102 76 1 10 7752 3 21 36 4582 5376 5000 1988 1594 89 89 1 19 7921 2 9 15 4583 2796 2600 1988 1594 106 75 19 7950 4 66 12 4584 6452 6000 1988 1594 90 90 1 19 8100 3 49 15 4585 6452 6000 1988 1594 87 96 1 19 8304 3 13 23 4586 6989 6500 1988 1594 1977 92 92 1 3 8418 3 49 15 4587 1183 1100 1988 1594 112 76 3 1 8512 4 66 12 4588 2796 2600 1988 1594 76 113 3 19 8588 4 66 12 4589 34409 32000 1988 1594 1983 79 110 10 19 8651 4 66 12 4590 7527 7000 1988 1594 91 101 1 1 9191 3 6 14 4591 18817 17500 1988 1594 107 86 1 18 9202 3 44 61 4592 4839 4500 1988 1594 90 106 1 8 9495 1 14 17

P age 375 AB 1 c 1 B E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4593 21506 20000 1988 1594 1986 89 109 8 9657 3 49 15 4594 5914 5500 1988 1594 1963 80 122 1 8 9720 3 26 23 4595 2581 2400 1988 1594 90 112 1 16 10080 2 9 15 4596 2688 2500 1988 1594 105 98 1 3 10290 2 9 15 4597 44087 41000 1988 1594 1969 90 120 1 19 10740 3 49 15 4598 36560 34000 1988 1594 1971 90 120 1 19 10740 3 49 15 4599 9678 9000 1988 1594 90 120 8 10800 3 13 23 4600 13979 13000 1988 1594 1977 90 120 1 19 10800 3 49 15 4601 36560 34000 1988 1594 1964 121 90 1 19 10830 3 49 15 4602 34409 32000 1988 1594 1968 91 120 1 19 10860 3 49 15 4603 17205 16000 1988 1594 1972 121 91 1 8 10966 3 49 15 4604 18280 17000 1988 1594 1980 91 121 1 19 11011 3 49 15 4605 13979 13000 1988 1594 1977 91 121 1 19 11011 3 49 15 4606 9140 8500 1988 1594 1963 91 122 1 8 11057 3 26 23 4607 18280 17000 1988 1594 171 91 122 1 8 11057 3 49 15 4608 4086 3800 1988 1594 91 122 1 1 11102 3 44 61 4609 19355 18000 1988 1594 1974 91 122 1 8 11102 3 49 15 4610 11290 10500 1988 1594 1967 91 122 1 15 11102 3 49 15 4611 860 800 1988 1594 91 122 1 16 11102 4 68 21 4612 15592 14500 1988 1594 117 95 1 19 11115 3 17 11 4613 9678 9000 1988 1594 1976 92 121 1 3 11132 3 49 15 4614 6989 6500 1988 1594 1963 92 122 1 19 11224 2 9 15 4615 484 450 1988 1594 92 122 1 1 11224 2 30 11 4616 8065 7500 1988 1594 1972 88 128 1 19 11264 2 9 15 4617 2581 2400 1988 1594 1965 97 122 3 11834 2 2 8 4618 3441 3200 1988 1594 120 99 1 19 11880 1 14 17 4619 8602 8000 1988 1594 1973 100 120 1 3 12000 4 10 10 4620 102152 95000 1988 1594 144 87 1 16 12528 4 66 12 4621 9678 9000 1988 1594 1970 90 151 1 19 13470 3 26 23 4622 2366 2200 1988 1594 180 76 16 13680 3 26 23 4623 3226 3000 1988 1594 120 120 1 8 14400 1 14 17 4624 86023 80000 1988 1594 1974 203 76 1 16 15428 4 66 12 4625 753 700 1988 1594 137 121 20 16577 2 51 19 4626 2419 2250 1988 1594 1960 114 150 16 17100 4 68 21 4627 3226 3000 1988 1594 1988 105 166 1 10 17430 3 50 4 4628 2366 2200 1988 1594 136 136 1 5 18496 4 68 21 4629 18280 17000 1988 1594 1963 120 181 1 19 21720 3 24 15 4630 2366 2200 1988 1594 1979 182 120 3 21780 5 67 5 4631 1183 1100 1988 1594 122 181 1 1 22082 2 40 22 4632 15054 14000 1988 1594 122 183 1 15 22326 3 45 61 4633 6452 6000 1988 1594 1984 122 183 1 19 22326 2 51 19 4634 9678 9000 1988 1594 1964 163 138 1 19 22494 2 9 15 4635 12581 11700 1988 1594 1980 198 115 1 4 22671 2 64 11 4636 18817 17500 1988 1594 152 152 1 1 23104 3 6 14 4637 59141 55000 1988 1594 1969 182 136 1 19 24684 3 49 15 4638 161292 150000 1988 1594 1978 168 152 1 19 25536 4 66 12 4639 55915 52000 1988 1594 1957 135 213 1 15 28688 3 49 15 4640 5376 5000 1988 1594 137 213 1 8 29181 3 50 4 4641 5376 5000 1988 1594 1984 140 211 1 8 29435 3 50 4 4642 10215 9500 1988 1594 1964 170 200 1 19 34000 3 13 23 4643 12903 12000 1988 1594 1977 214 180 1 19 38413 2 9 15 4644 6452 6000 1988 1594 232 171 1 19 39672 5 37 8 4645 11290 10500 1988 1594 1986 166 243 1 8 40338 3 38 5 4646 13979 13000 1988 1594 1961 122 368 1 8 44896 2 48 23 4647 800 800 1989 1714 15 12 1 18 180 3 23 31 4648 450 450 1989 1714 18 12 10 3 216 3 21 36

P age 376 A 1 B c 1 D E 1 F 1 G I H 1 I 1 J 1 K 1 L 1 M 4649 300 300 1989 1714 16 14 8 8 224 1 14 17 4650 650 650 1989 1714 18 13 10 10 228 3 21 36 4 651 400 400 1989 1714 13 18 1 8 228 3 44 61 4652 550 550 1989 1714 1975 13 18 1 8 234 3 20 31 4653 240 240 1989 1714 13 20 10 1 260 3 26 23 4654 550 550 1989 1714 16 17 10 10 264 3 13 23 4655 110 110 1989 1714 15 20 3 19 293 5 67 5 4656 250 250 1989 1714 10 30 8 18 295 3 17 11 4657 400 400 1989 1714 15 20 3 16 300 3 17 11 4658 925 925 1989 1714 20 15 1 18 300 3 23 31 4659 3800 3800 1989 1714 1944 17 22 1 3 355 4 34 27 4660 1250 1250 1989 1714 23 16 1 10 357 3 13 23 4 661 275 275 1989 1714 16 23 7 8 368 3 26 23 4662 650 650 1989 1714 20 19 1 8 371 3 44 61 4663 600 600 1989 1714 18 25 8 10 438 3 13 23 4664 800 800 1989 1714 24 20 1 10 468 1 14 17 4665 500 500 1989 1714 1957 18 27 1 18 486 2 48 23 4666 1600 1600 1989 1714 22 23 1 3 495 4 34 27 4667 400 400 1989 1714 26 20 6 15 497 3 8 19 4668 300 300 1989 1714 25 21 3 10 525 4 66 12 4669 4800 4800 1989 1714 20 27 1 16 527 4 34 27 4670 200 200 1989 1714 19 29 4 18 551 3 17 11 4 671 550 550 1989 1714 1968 19 30 1 3 561 5 43 24 4672 230 230 1989 1714 31 19 4 18 589 3 17 11 4673 13000 13000 1989 1714 1955 30 20 1 3 590 5 60 57 4674 800 800 1989 1714 30 21 3 10 620 3 21 36 4675 200 200 1989 1714 22 29 1 8 624 3 4 3 4676 280 280 1989 1714 20 32 4 18 640 3 17 11 4677 2000 2000 1989 1714 22 30 1 8 660 3 13 23 4678 14000 14000 1989 1714 29 23 1 19 667 5 60 57 4679 550 550 1989 1714 24 29 5 8 696 3 20 31 4680 340 340 1989 1714 25 29 1 1 725 3 20 31 4681 3700 3700 1989 1714 25 30 10 10 735 4 66 12 4682 8000 8000 1989 1714 29 27 1 3 769 3 41 39 4683 1200 1200 1989 1714 25 31 1 1 775 3 13 23 4684 85000 85000 1989 1714 33 24 1 19 780 5 60 57 4685 2400 2400 1989 1714 27 30 1 3 795 3 41 39 4686 1600 1600 1989 1714 1967 25 33 1 8 796 3 8 19 4687 200 200 1989 1714 35 23 10 10 805 5 67 5 4688 1400 1400 1989 1714 25 34 10 3 821 3 21 36 4689 1400 1400 1989 1714 31 27 10 16 822 3 21 36 4690 260 260 1989 1714 24 35 10 18 840 3 17 11 4691 2200 2200 1989 1714 24 35 1 16 840 3 41 39 4692 900 900 1989 1714 25 34 6 1 850 3 44 61 4693 30000 30000 1989 1714 25 34 1 3 850 3 45 61 4694 1700 1700 1989 1714 19 45 7 19 855 3 41 39 4695 900 900 1989 1714 1927 24 37 7 8 858 3 35 52 4696 7000 7000 1989 1714 1945 26 33 10 19 858 3 21 36 4697 2500 2500 1989 1714 26 33 8 18 858 4 34 27 4698 3500 3500 1989 1714 27 33 1 16 878 3 44 61 4699 600 600 1989 1714 26 34 7 10 884 2 56 6 4700 450 450 1989 1714 1962 26 36 4 16 918 3 17 11 4 701 2800 2800 1989 1714 25 38 1 3 919 3 41 39 4702 7000 7000 1989 1714 1946 36 26 8 19 923 3 21 36 4703 2750 2750 1989 1714 28 34 1 8 935 3 45 61 4 704 260 260 1989 1714 1963 26 36 7 15 936 3 8 19

P age 377 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4705 8500 8500 1989 1714 24 39 1 3 936 3 41 39 4706 875 875 1989 1714 1986 36 27 8 18 972 3 8 19 4707 6000 6000 1989 1714 1945 26 38 10 19 975 3 21 36 4708 750 750 1989 1714 1968 27 37 1 10 986 3 8 19 4709 3500 3500 1989 1714 1936 31 32 1 3 992 3 41 39 4710 14500 14500 1989 1714 29 36 1 10 1030 2 19 27 4711 3000 3000 1989 1714 26 41 19 1053 3 41 39 4712 2400 2400 1989 1714 28 38 1 1 1064 4 34 27 4713 2750 2750 1989 1714 30 37 1 8 1092 3 41 39 4714 600 600 1989 1714 37 31 3 1129 3 41 39 4715 2800 2800 1989 1714 29 39 1 1 1131 3 13 23 4716 1800 1800 1989 1714 29 39 1 10 1131 3 13 23 4717 3500 3500 1989 1714 29 39 1 3 1131 3 41 39 4718 550 550 1989 1714 40 29 1 3 1146 5 67 5 4719 1400 1400 1989 1714 30 39 8 1170 3 41 39 4720 2000 2000 1989 1714 31 38 1 1 1178 3 13 23 4721 5600 5600 1989 1714 31 38 1 10 1178 3 41 39 4722 200 200 1989 1714 40 30 16 1200 2 56 6 4723 8000 8000 1989 1714 31 41 1 19 1235 3 21 36 4724 2000 2000 1989 1714 33 39 1 8 1271 3 6 14 4725 400 400 1989 1714 37 35 10 1277 3 35 52 4726 4000 4000 1989 1714 1966 30 45 1 8 1328 4 34 27 4727 2400 2400 1989 1714 30 45 1 3 1350 3 13 23 4728 5500 5500 1989 1714 30 45 1 3 1350 3 13 23 4729 650 650 1989 1714 30 45 10 16 1350 3 21 36 4730 9000 9000 1989 1714 34 40 1 1 1360 3 41 39 4731 220 220 1989 1714 1980 33 42 16 1370 3 17 11 4732 15000 15000 1989 1714 43 32 1 19 1376 5 59 15 4733 8000 8000 1989 1714 30 46 10 19 1380 3 21 36 4734 400 400 1989 1714 1983 35 40 1 10 1380 2 56 6 4735 1800 1800 1989 1714 35 40 1 16 1400 3 6 14 4736 7000 7000 1989 1714 1953 31 46 7 3 1403 3 21 36 4737 3500 3500 1989 1714 1952 30 47 10 18 1410 3 21 36 4738 4200 4200 1989 1714 1950 30 47 10 18 1410 3 21 36 4739 1000 1000 1989 1714 50 29 4 3 1425 3 41 39 4740 450 450 1989 1714 1939 41 36 9 8 1438 3 35 52 4741 4000 4000 1989 1714 33 44 1 3 1452 3 41 39 4742 1600 1600 1989 1714 47 31 10 18 1457 3 21 36 4743 240 240 1989 1714 43 34 6 1 1462 2 40 22 4744 480 480 1989 1714 35 42 7 3 1470 3 52 14 4745 7500 7500 1989 1714 36 41 1 19 1476 3 41 39 4746 1400 1400 1989 1714 45 34 1 18 1513 3 29 8 4747 325 325 1989 1714 44 35 10 10 1518 5 67 5 4748 5000 5000 1989 1714 35 45 1 19 1575 4 34 27 4749 1000 1000 1989 1714 1973 36 45 1 18 1620 3 8 19 4750 350 350 1989 1714 33 50 16 1625 3 49 15 4751 800 800 1989 1714 36 46 1 18 1638 3 13 23 4752 1500 1500 1989 1714 36 46 1 1 1656 3 6 14 4753 1600 1600 1989 1714 45 37 1 8 1665 3 6 14 4754 400 400 1989 1714 44 39 10 1716 3 35 52 4755 3500 3500 1989 1714 1969 38 48 1 3 1800 3 6 14 4756 750 750 1989 1714 31 59 1 1 1829 3 20 31 4757 1500 1500 1989 1714 40 46 1 1 1840 3 6 14 4758 5750 5750 1989 1714 50 37 10 10 1850 3 21 36 4759 1800 1800 1989 1714 1982 37 50 10 16 1850 3 21 36 4760 2400 2400 1989 1714 41 46 1 1 1886 3 6 14

P age 378 A 1 B c 1 D s 1 P 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4761 1500 1500 1989 1714 39 49 1 15 1887 3 13 23 4762 2200 2200 1989 1714 1972 36 53 6 19 1908 3 8 19 4763 9000 9000 1989 1714 49 39 1 1 1911 3 41 39 4764 900 900 1989 1714 1971 50 39 1 10 1931 5 67 5 4765 11000 11000 1989 1714 1954 40 49 1 15 1936 3 21 36 4766 2900 2900 1989 1714 49 40 3 1936 3 21 36 4767 180 180 1989 1714 1965 44 44 15 1936 1 14 17 4768 6500 6500 1989 1714 1972 50 40 1 19 1955 3 41 39 4769 2500 2500 1989 1714 38 52 1 10 1957 3 44 61 4770 8000 8000 1989 1714 1948 40 49 1 8 1960 4 34 27 4771 7500 7500 1989 1714 1947 40 49 1 19 1960 4 34 27 4772 26000 26000 1989 1714 54 37 19 1971 2 19 27 4773 4400 4400 1989 1714 40 50 1 8 1980 1 14 17 4774 1300 1300 1989 1714 40 50 1 1 2000 2 9 15 4775 4600 4600 1989 1714 40 50 1 1 2000 4 34 27 4776 18000 18000 1989 1714 1963 40 50 1 3 2000 4 34 27 4777 1500 1500 1989 1714 1963 40 50 10 18 2000 5 43 24 4778 3200 3200 1989 1714 40 51 1 3 2040 3 6 14 4779 3000 3000 1989 1714 40 51 1 10 2040 3 6 14 4780 3000 3000 1989 1714 40 51 1 16 2040 3 6 14 4781 1300 1300 1989 1714 1963 41 51 10 8 2045 5 43 24 4782 800 800 1989 1714 1963 41 51 10 8 2045 5 43 24 4783 1900 1900 1989 1714 41 50 1 3 2050 3 13 23 4784 10000 10000 1989 1714 1950 41 51 1 8 2071 3 24 15 4785 10000 10000 1989 1714 1950 41 51 1 8 2071 3 24 15 4786 1600 1600 1989 1714 53 40 1 3 2100 3 41 39 4787 19000 19000 1989 1714 56 38 19 2109 3 21 36 4788 1600 1600 1989 1714 1960 49 45 1 3 2181 3 35 52 4789 7500 7500 1989 1714 40 55 1 19 2200 4 34 27 4790 2900 2900 1989 1714 50 45 1 16 2203 3 6 14 4791 1900 1900 1989 1714 45 50 1 19 2203 3 13 23 4792 18000 18000 1989 1714 37 60 1 3 2220 3 41 39 4793 2600 2600 1989 1714 1959 56 40 10 15 2240 3 45 61 4794 2500 2500 1989 1714 45 50 1 16 2250 3 6 14 4795 32000 32000 1989 1714 1946 54 43 1 8 2274 5 60 57 4796 2800 2800 1989 1714 40 60 1 16 2350 •3 41 39 4797 2500 2500 1989 1714 45 53 1 16 2359 3 6 14 4798 1300 1300 1989 1714 50 50 16 2500 4 66 12 4799 4000 4000 1989 1714 44 58 1 1 2552 4 34 27 4800 2800 2800 1989 1714 45 60 1 19 2648 3 44 61 4801 5500 5500 1989 1714 1952 44 61 1 8 2662 3 44 61 4802 2000 2000 1989 1714 45 60 1 3 2670 3 13 23 4803 13000 13000 1989 1714 60 45 1 8 2670 3 41 39 4804 300 300 1989 1714 45 60 1 2700 3 49 15 4805 8500 8500 1989 1714 47 59 1 16 2744 3 44 61 4806 13000 13000 1989 1714 48 58 1 8 2755 4 34 27 4807 24000 24000 1989 1714 46 61 1 19 2783 3 45 61 4808 3100 3100 1989 1714 46 61 1 18 2806 3 6 14 4809 6000 6000 1989 1714 48 59 1 3 2808 3 41 39 4810 750 750 1989 1714 1962 48 59 8 10 2832 4 10 10 4811 6500 6500 1989 1714 1958 49 58 1 18 2842 4 34 27 4812 10500 10500 1989 1714 1947 46 62 6 8 2852 3 21 36 4813 7000 7000 1989 1714 61 47 9 8 2867 3 44 61 4814 900 900 1989 1714 64 45 4 10 2880 3 16 11 4815 8500 8500 1989 1714 1947 50 60 1 8 2945 3 24 15 4816 750 750 1989 1714 60 50 3 10 3000 4 66 12

P age 379 A 1 B c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K I L 1 M 4817 3000 3000 1989 1714 50 61 1 8 3050 3 6 14 4818 10000 10000 1989 1714 65 47 6 19 3055 3 21 36 4819 1800 1800 1989 1714 1967 50 62 1 8 3069 3 8 19 4820 1500 1500 1989 1714 56 56 5 19 3080 1 14 17 4821 1000 1000 1989 1714 1963 50 63 1 15 3094 3 8 19 4822 26000 26000 1989 1714 1948 51 61 1 3 3111 5 59 15 4823 28000 28000 1989 1714 51 61 1 8 3111 5 59 15 4824 220 220 1989 1714 46 68 6 1 . 3128 2 40 22 4825 3400 3400 1989 1714 49 64 9 18 3136 3 44 61 4826 450 450 1989 1714 48 68 3 16 3230 2 9 15 4827 675 675 1989 1714 60 56 3 10 3314 4 66 12 4828 2800 2800 1989 1714 49 68 1 1 3332 3 13 23 4829 11000 11000 1989 1714 1979 54 63 1 19 3375 3 49 15 4830 2700 2700 1989 1714 69 49 1 16 3381 3 13 23 4831 1500 1500 1989 1714 85 40 3 10 3400 4 66 12 4832 2000 2000 1989 1714 80 45 9 18 3578 3 49 15 4833 450 450 1989 1714 52 70 3 16 3579 2 9 15 4834 300 300 1989 1714 1978 72 50 3 15 3600 3 49 15 4835 7000 7000 1989 1714 74 49 6 16 3626 3 21 36 4836 3250 3250 1989 1714 1981 50 74 8 8 3675 3 49 15 4837 5000 5000 1989 1714 66 56 1 3 3696 3 6 14 4838 4000 4000 1989 1714 66 56 1 8 3696 3 6 14 4839 3600 3600 1989 1714 56 66 1 19 3696 3 6 14 4840 3100 3100 1989 1714 54 71 6 16 3807 3 21 36 4841 3200 3200 1989 1714 53 74 8 19 3885 3 49 15 4842 11000 11000 1989 1714 60 65 1 19 3900 3 13 23 4843 3250 3250 1989 1714 1987 54 74 8 8 3996 3 49 15 4844 3500 3500 1989 1714 1980 55 74 8 8 4006 3 49 15 4845 3300 3300 1989 1714 1980 55 74 8 18 4006 3 49 15 4846 4000 4000 1989 1714 1968 54 75 8 8 4023 3 49 15 4847 3000 3000 1989 1714 1986 54 75 8 8 4023 3 49 15 4848 1300 1300 1989 1714 1970 64 64 1 3 4032 2 48 23 4849 3100 3100 1989 1714 1980 56 75 8 16 4163 3 49 15 4850 7500 7500 1989 1714 76 56 10 1 4256 3 21 36 4851 3500 3500 1989 1714 1981 56 76 8 16 4256 3 49 15 4852 3000 3000 1989 1714 56 77 8 16 4274 3 49 15 4853 3600 3600 1989 1714 61 71 1 15 4331 3 6 14 4854 2000 2000 1989 1714 76 57 1 3 4332 3 13 23 4855 900 900 1989 1714 76 57 8 10 4332 3 50 4 4856 13000 13000 1989 1714 59 74 1 18 4366 5 43 24 4857 7000 7000 1989 1714 76 58 10 3 4370 3 21 36 4858 2250 2250 1989 1714 1972 58 77 8 8 4399 3 49 15 4859 4250 4250 1989 1714 62 71 1 1 4402 3 6 14 4860 13500 13500 1989 1714 60 75 1 18 4500 5 43 24 4861 2600 2600 1989 1714 60 76 1 8 4530 3 6 14 4862 4500 4500 1989 1714 60 76 1 8 4530 3 13 23 4863 3500 3500 1989 1714 70 65 1 10 4550 3 16 11 4864 4000 4000 1989 1714 59 78 1 19 4563 3 44 61 4865 2400 2400 1989 1714 83 55 3 8 4565 4 66 12 4866 3000 3000 1989 1714 1956 61 76 1 3 4568 3 8 19 4867 3600 3600 1989 1714 61 76 1 10 4636 3 13 23 4868 6000 6000 1989 1714 76 61 1 19 4636 3 13 23 4869 3200 3200 1989 1714 60 80 1 16 4730 2 56 6 4870 19000 19000 1989 1714 60 81 6 19 4860 2 19 27 4 871 400 400 1989 1714 65 75 1 8 4875 2 30 11 4872 70000 70000 1989 1714 1966 63 79 1 19 4977 5 59 15

P age 380 A 1 B 1 c 1 D E 1 F 1 G 1 H 1 I 1 J 1 K 1 L 1 M 4873 6000 6000 1989 1714 66 76 1 1 5016 3 6 14 4874 3800 3800 1989 1714 76 66 1 10 5016 3 6 14 4875 1000 1000 1989 1714 64 80 1 10 5048 2 9 15 4876 4600 4600 1989 1714 1964 57 90 1 8 5130 3 44 61 4877 5000 5000 1989 1714 60 90 1 3 5400 3 13 23 4878 3800 3800 1989 1714 1974 90 60 15 5400 3 44 61 4879 18000 18000 1989 1714 1971 60 90 1 19 5400 3 49 15 4880 9000 9000 1989 1714 60 91 1 3 5430 3 13 23 4881 4000 4000 1989 1714 71 81 1 16 5675 3 6 14 4882 6000 6000 1989 1714 69 83 1 16 5727 3 44 61 4883 1100 1100 1989 1714 1965 100 60 1 8 5970 3 44 61 4884 2200 2200 1989 1714 1972 36 183 1 8 6479 3 38 5 4885 180 180 1989 1714 69 96 16 6576 5 67 5 4886 5000 5000 1989 1714 1969 67 100 1 18 6650 3 26 23 4887 1300 1300 1989 1714 1961 66 104 1 10 6864 3 16 11 4888 6000 6000 1989 1714 76 91 1 1 6916 3 6 14 4889 450 450 1989 1714 76 101 1 8 7626 4 68 21 4890 4500 4500 1989 1714 76 101 1 8 7676 3 13 23 4 891 200 200 1989 1714 1972 75 105 6 8 7875 1 7 8 4892 2400 2400 1989 1714 1964 88 91 1 10 7964 3 8 19 4893 28000 28000 1989 1714 107 75 5 3 7988 2 19 27 4894 325 325 1989 1714 44 182 3 1 8008 5 37 8 4895 1000 1000 1989 1714 75 108 5 10 8100 2 51 19 4896 4800 4800 1989 1714 69 119 6 19 8152 2 28 5 4897 48000 48000 1989 1714 1976 92 92 1 3 8372 4 66 12 4898 10000 10000 1989 1714 1979 72 120 1 3 8580 3 24 15 4899 18000 18000 1989 1714 1970 88 99 1 3 8712 3 6 14 4900 8000 8000 1989 1714 1968 76 120 1 16 9060 3 13 23 4901 350 350 1989 1714 1971 91 101 1 8 9095 3 25 ' 1 4902 24000 24000 1989 1714 100 91 1 19 9100 3 49 15 4903 4000 4000 1989 1714 89 104 1 18 9256 1 14 17 4904 22000 22000 1989 1714 1961 89 104 1 19 9256 4 66 12 4905 2750 2750 1989 1714 90 111 1 8 9990 3 49 15 4906 3200 3200 1989 1714 92 117 1 16 10764 4 68 21 4907 9000 9000 1989 1714 90 120 1 16 10800 3 13 23 4908 500 500 1989 1714 90 121 1 8 10890 2 30 11 4909 24000 24000 1989 1714 96 117 1 3 11232 1 14 17 4910 2000 2000 1989 1714 1978 107 138 10 14766 2 51 19 4911 8000 8000 1989 1714 135 114 1 19 15390 1 14 17 4912 52000 52000 1989 1714 205 77 1 19 15683 4 66 12 4913 4000 4000 1989 1714 1964 137 124 1 10 16920 2 9 15 4914 5000 5000 1989 1714 1965 146 137 1 10 20002 2 9 15 4915 15000 15000 1989 1714 1981 122 183 1 22326 3 26 23 4916 5500 5500 1989 1714 1966 136 183 1 19 24888 2 51 19 4917 3000 3000 1989 1714 183 137 10 25071 2 51 19 4918 5500 5500 1989 1714 1967 153 168 1 19 25620 2 9 15

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