PUBLIC ART COMMITTEE: 2/6/2018 ITEM:
To: PUBLIC ART COMMITTEE From: Michael Ogilvie
Subject: SEE BELOW Date: February 6, 2018
Council District: City Wide
SUBJECT: DEACCESSION OF TWO ARTWORKS
RECOMMENDATION a) Review and take action on the de-accessioning of “Penumbra” by Harry Powers and an untitled and unknown artwork currently in storage at the History San José. b) If applicable offer the artworks back to the artists, and at their expense they can retrieve the artworks. If not applicable, have retaining entity- the Hilton or History San José - retain or recycle the artworks per their discretion.
BACKGROUND
According to the City of San Jose’s Policy for Deaccession and Removal of Artworks, artworks can be removed from San Jose’s Public Art Collection when: The condition or security of the artwork cannot be reasonably guaranteed; The artwork requires excessive maintenance or has defaults of design or workmanship and repair or remedy is impractical or unfeasible, or the artwork endangers public safety; The artwork has been damaged and repair is impractical or unfeasible; Significant changes in the use, character, or design of the site have occurred which affect the integrity of the work;
ANALYSIS
In 1992, the Re-Development Agency (RDA) through a partnership with the Hilton commissioned artist Harry Powers to design an artwork screening and integrate it into the exterior of their restaurant patio. Upon renovations to the Hilton in 2015 significant changes in the use, character, and design of the site occurred which affected the integrity of the work. Because this was a partnership, per the contract should the Hilton decide to forfeit the art, the city has the first rights of refusal.
The public art program does not have: 1.) The storage capacity for these artworks, or funding to pay for storage. 2.) A suitable site location, or funding to relocate and re-install them. PUBLIC ART COMMITTEE February 6, 2018 Subject: DEACCESSION TWO ARTWORKS Page 2
The recommendation is to contact the artist, to see if the artist would like to reclaim the artwork and if not, to allow for the Hilton to determine what to do with this artwork in their collection.
The second artwork, a folded, geometric, black-painted steel sculpture mounted on a rectangular base has little to no information regarding it. The artwork is currently in the History San José (HSJ) storage warehouse and there is no longer room to store it there. The Public Art Director, Michael Ogilvie, per a tip from the HSJ contacted Barbara Goldstein, who was the Public Art Director at the time this artwork was moved to HSJ. Barbara stated the piece had been in storage at the Convention Center, prior to HSJ, and said there was a problem with it in that there were no records for it, hence no provenance. Michael then reached out to her predecessor David Allen who was the first director of the public art program to see if further information could be discovered about it. Michael talked with David and he said it was by an Italian artist, but could not remember the name of the artist. He did recollect that it was a gift from the Italian American Community to the city before his time (he started in 1986). It was not a formal part of the public art collection since it did not go through a public process nor was the accession approved by the Arts Commission. It is not on our books nor is it part of the collection.
To ensure due diligence, and ascertain monetary value to the work, this artwork was included as part of the appraisal. The artwork is valued at $1,250, but it is in poor condition and the costs needed to restore it would exceed its potential market value. Also, because the artist is unknown, provenance cannot be established. The recommendation is to allow the History San José to recycle the artwork.
PUBLIC OUTREACH
During the months of April through December 2017 there was outreach to the Public Art Committee, History San José, the Downtown Association, local resident and former Public Art Director - Barbara Goldstein, and the first Public Art Director - David Allen.
BUDGET REFERENCE
It is proposed that the cost of retrieval would be borne by the artists should they be interested. If the artist is not interested, and a donor is available, any costs associated with the donation, such as transportation, would be the responsibility of the receiving party.
CEQA Not a project
MICHAEL OGILVIE, Public Art Director Office of Cultural Affairs 133 17th Avenue t. 415.309.7521 San Francisco, California 94121 [email protected] www.mcdfaa.com
Fair Market Value Appraisal Report
Prepared for:
City of San Jose, California
Effective Valuation Date: December 5, 2017
Prepared by:
Susan McDonough, AAA McDonough Fine Art Appraisals, LLC San Francisco, California
Issue Date of Report:
January 8, 2018
City of San Jose, California Fair Market Value for Collection Management Purposes Appraisal Report Effective Valuation Date: December 5, 2017 Page 1 of 24 133 17th Avenue t. 415.309.7521 San Francisco, California 94121 [email protected] www.mcdfaa.com
Table of Contents
Appraiser’s Certification 3
Appraiser’s Qualifications 5
Scope of Work and Definition of Value 7
General Market Analysis 11
Total Fair Market Value 11
Object Identification 12
Statements, Indemnification, and Disclaimers 18
Sources 20
Glossary 21
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Appraiser’s Certification
I, Susan McDonough, hold myself out to the public as a professional appraiser of postwar and contemporary art as included in this appraisal document. I have previously appraised similar works of public art for other clients.
I certify that, to the best of my knowledge and belief, the statements of fact contained in this report are true and correct; the reported analyses, opinions, and conclusions are limited only by the reported Assumptions, Limiting Conditions, Extraordinary Assumptions and Hypothetical Conditions. The values expressed herein are based on my professional judgment and opinion and are not representations or warranties that the items will realize such values if offered for sale in an appropriate market.
This Appraisal Report is written in compliance with the 2018–2019 Uniform Standards of Professional Appraisal Practice, written by the Appraisal Standards Board of the Appraisal Foundation in Washington, D.C. The Appraisal Foundation is a Congressionally sanctioned, not-for-profit organization, established in 1987 and dedicated to the advancement of professional valuation for appraisers and users of appraisal services to ensure public trust in the work performed by appraisers.
The appraiser performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the acceptance of this assignment.
Total pages of report: 24 Total number of articles appraised: 3 Examination date: December 5, 2017 Research dates: December 5, 2017–January 8, 2018 Effective valuation date: December 5, 2017 Issue date of report: January 8, 2018
I examined the articles listed herein, and without any past, present, or contemplated prospective interest, declare the fair market value of each item as of the effective valuation date. Valuation is based on research and analysis of comparative market data.
Compensation for this Appraisal Report is not contingent upon the arrived valuation. My fee is based on an hourly rate, plus expenses. No person, group, or organization was given a fee in connection with the procurement of this appraisal assignment. Further, compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the clients, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.
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Although these Certification Pages include salient information regarding the methodology of the report, additional information regarding the Scope of Work, Assignment Conditions, and Disclaimers are important to understand the entire appraisal process. As such, the entire report is required to fully understand the assignment and these Certification Pages do not encompass the entire report and are not valid without reading and understanding the entire report.
January 8, 2018
Susan McDonough, McDonough Fine Art Appraisals, LLC Date Appraisers Association of America, Certified Member (Tax ID # 27-1036516)
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Appraiser’s Qualifications Susan R. McDonough, AAA • Fine Art Appraiser
Professional Experience
Susan is a Certified Member of the Appraisers Association of America, the highest level of membership representing those appraisers who have the most extensive level of expertise, education, and experience in appraising fine and decorative arts.
She has over twenty years of experience in the visual arts. Her specialized areas and periods of interest include 19th-, 20th-, and 21st-century California and Western Art (Certified), American Art, Postwar, Contemporary & Emerging Art (Accredited), Latin American Art, Prints and Photography.
She is the president of McDonough Fine Art Appraisals, LLC, a private practice that provides USPAP-compliant appraisals, research, and professional opinions of value for paintings and sculpture. She has successfully completed the Uniform Standards of Professional Appraisal Practice (USPAP) examination, the Congressionally-recognized set of appraisal standards promulgated by The Appraisal Foundation, and is currently compliant. She is a current Member of the Board of Directors of the Appraisers Association of America.
A graduate of Columbia College, Columbia University, New York, Susan was a dual major in Art History and Latin American Studies and has a Certificate in Appraisal Studies in Fine and Decorative Arts from New York University, New York. She began her career as a curatorial assistant at The Americas Society, New York, working on the 1992 exhibition and publication “Latin American Art of the Twentieth Century,” sponsored by the Museum of Modern Art. She also worked at New York’s CDS Gallery, was the assistant managing editor of The Journal of Art (Il Giornale dell’Arte), and later a press relations associate at William Doyle Galleries, New York.
As the Director of Publications and Press Relations at Hackett-Freedman Gallery in San Francisco, Susan managed and produced all external communications and publications and assisted in establishing Hackett-Freedman’s reputation as one of the leading galleries of postwar and contemporary art in the United States. She has actively participated in art fairs such as Art Basel | Miami Beach, Art Miami, and TEFAF Maastricht and serves on the vetting committee of the San Francisco Fall Antiques Show (2011–2017).
Susan is an experienced editor and published writer via her work at Abbeville Press, Rizzoli RCS, Hackett-Freedman Gallery, and HarperCollins. She was the managing editor of Our Times, a critically acclaimed, 720-page illustrated encyclopedia of the 20th century published by Turner Publishing in 1994. She has written numerous articles and edited monographs and exhibition catalogues on a wide variety of art and artists throughout her career. Lectures, Panels and Teaching Experience
• Appraisal Studies Program, New York University School of Professional Studies, 2014–2017. Adjunct Instructor • “Caring for your collection,” Art Silicon Valley, October 9, 2014. Panelist
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• “How to be a proficient art collector,”Silicon Valley Contemporary, April 11, 2014. Panelist • “California Art,” National Conference, Appraisers Association, November 14, 2011. Guest Lecturer Professional Affiliations & Memberships
• Appraisers Association of America, Certified, Member of the Board of Directors, Current • ArtTable • Association of Registrars and Collections Specialists • College Art Association Professional Development
• National Conference, Appraisers Association of America, November 12–13, 2017 • Uniform Standards of Professional Appraisal Practices (USPAP) 7-hour course update, August 28–29, 2017 (valid through August 2019) • National Conference, Appraisers Association of America, November 12–13, 2016 • Art Law Day, New York University, November 11, 2016 • National Conference, Appraisers Association of America, November 8–9, 2015 • Uniform Standards of Professional Appraisal Practices (USPAP) 7-hour course update, August 3–4, 2015 (valid through August 2017) • National Conference, Appraisers Association of America, November 8–9, 2014 • Art Law Day, New York University, November 7, 2014 • National Conference, Appraisers Association, November 9–10, 2013. Recipient of the 2013 Regional Service Award • Comic Books and Graphic Novels, University of Colorado, Boulder, Fall 2013 • Uniform Standards of Professional Appraisal Practices (USPAP) 7-hour course update, September 16, 2013 • National Conference, Appraisers Association, November 10–11, 2012 • Art Law Day, New York University, November 9, 2012 • Insurance, Appraisers and the Law: Fine and Decorative Arts, UC Irvine, September 10–11, 2012 • Art Law Day, New York University, November 15, 2011 • Care and Identification of Photographs, Gawain Weaver Conservation and Consulting Services for Fine Art and Historic Photographs, July 12–15, 2011 • The Conservation and Science of Appraising, New York University, March 25–26, 2011 • Uniform Standards of Professional Appraisal Practices (USPAP) 7-hour course update, September 8, 2011 • National Conference, Appraisers Association, November 13–14, 2010 • Art Law Day, New York University, November 12, 2010 • The Fine Art of Printmaking, New York University, April 9–10, 2010 • National Conference, Appraisers Association, November 7–8, 2009 • Uniform Standards of Professional Appraisal Practices (USPAP) 15-hour course & examination, July 2009
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Scope of Work and Definition of Value
Purpose of the Appraisal:
I was asked to appraise 3 works of public art belonging to the City of San Jose. The purpose of the appraisal was to establish the fair market value of the works for collection management purposes. This report is not valid for any other purpose or for any other person or entity other than those listed below.
Categories of Items Examined:
Public Art; 20th Century Sculpture Client:
City of San Jose Owner:
City of San Jose
Effective Valuation Date of Appraisal:
The values expressed in this appraisal are effective as of the date of inspection, December 5, 2017.
Use of Appraisal:
To establish the fair market value of each work as of the effective valuation date. Users of Appraisal:
This appraisal can be used and relied upon by the City of San Jose. Any other user is considered an unintended user. Authenticity:
Although I am not an authenticator, I had no reason to doubt the authenticity of the works given their provenance and manner of acquisition. Appraiser’s Past Exposure to Appraised Objects:
Although I have appraised similar objects for other clients, to my knowledge and recollection, this is my initial association with these particular objects, as an appraiser or in any other capacity.
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General Assignment Conditions and Method of Examination: :
I examined the works in situ at three different storage locations in San Jose, California.
I was able to ascertain medium, style, and quality of the works by in-person examination, the referencing of photographs and relevant publications, supporting documentation, and personal research. I was given adequate time to examine, research, and prepare this report.
No modifications or alterations were made to the photographs, except sizing and cropping. General Condition of Items:
No formal condition report was supplied by the client for the articles. As such, I assigned the works a general condition comment, such as good, fair or poor, with description qualifications when needed. See Glossary for further definition.
Limiting Conditions: The following Limiting Conditions apply to this assignment. These conditions limited the examination, research and/or writing of the appraisal report.
I examined the works in situ. The storage conditions for the Andrews and Powers sculptures did not allow for a full examination and the backs of the works were not examined.
The maker and provenance of the abstract black sculpture is unknown. Due to conditions on site, I did not measure this work.
At the client’s request, I did not contact Harry Powers for retail or sale price information.
Assumptions: This appraisal report is based on the following assumptions.
All mediums are correct as represented.
All reported price database information is true and correct.
Information furnished by consulting sources is assumed to be reliable.
Extraordinary Assumptions: As defined by USPAP, an Extraordinary Assumption is an assignment-specific assumption, as of the effective date regarding uncertain information used in the analysis, which, if found to be false, could alter the appraiser’s opinions or conclusions. The following Extraordinary Assumptions apply:
This appraisal report is based only on the readily apparent identity of the items appraised, and no further opinions or guarantee of authenticity, genuineness, attribution, or authorship is made. I found no reason to question the authenticity of the articles, except as noted.
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If the clients provided verbal information regarding provenance of the articles listed herein, I am not responsible for the accuracy of this information.
To my knowledge, no laboratory testing has been performed on the subject property.
This appraisal report is not an indication or certificate of title ownership. The appraised value is based on whole ownership and possessory interest undiminished by any liens, fractional interests or any other form of encumbrance or alienation.
I assume the damaged Andrews sculptures can be restored to a marketable condition.
Hypothetical Conditions: Defined by USPAP as a condition directly related to this assignment which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The following Hypothetical Conditions exist in this assignment:
There are no hypothetical conditions present in this appraisal.
Research Methodology: My research included the referencing of books, auction catalogues and online databases. Galleries, private dealers and auction houses were contacted for information, when necessary. Sources are listed under Sources of Data. Definition of Sales Comparison Approach and Market Examined:The Sales Comparison Approach analyzes recent sales and prices of comparable articles at retail establishments, galleries, and private sales as well as international, national and regional auctions where such objects are normally traded. For this particular appraisal report, I examined prices at auction and in the private secondary market where objects such as the subject property are most commonly sold. I then made adjustments for each comparable item, taking into consideration age, condition, rarity, artistic merit, technical workmanship, current trends and availability as compared to the subject property. Type of Value Used: Fair Market Value Definition of Value: Appraised “Fair Market Value” is the IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2) is “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” (According to Technical Advisory Memorandum 9235005 [May 27, 1992], fair market value should include the buyer’s premium.) Source for Definition of Fair Market Value: Treasury Regulations Section 1.170A-1 (c) (2).
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Approach to Value: I considered the following approaches to value: Sales Comparison, Income and Cost. Given the items and the purpose of the assignment, I selected the Sales Comparison Approach to arrive at the appraised Fair Market Value. The Income Approach and the Cost Approach were considered and rejected as not applicable to this appraisal. The Income Approach was not considered appropriate because the subject property is not income-generating. The Cost Approach was not considered appropriate as there is no need to determine the value of the subject property based on the cost of manufacturing or recreating an identical object at this time. USPAP Compliancy: This appraisal report follows the guidelines of 2018–2019 USPAP in that the report provides all of the necessary information/analysis to satisfy the current report development requirements as defined in Standard 7 (Personal Property, Development) and the writing requirements of an appraisal report as defined in Standard 8 (Personal Property, Reporting).
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General Market Analysis Public art achieves its maximum value when it is enjoyed by a community that is enthusiastic about its display, has easy access to it, and is able to connect with its meaning and aesthetics, and when the art is installed in a safe environment that maintains and preserves its longevity. Once a work of public art is removed from its original context and these factors no longer apply, its value diminishes. For this reason, public art is not intended to be traded like other art forms in the secondary market.
When public art is offered for sale in the secondary marketplace, prices can be impacted by size and weight. If the art is large and monumental, there is a limit to where the work can be installed. Owners of private homes that have spaces that can accommodate these types of objects often prefer to commission new works for site-specific locations, which limits the pool of interested buyers. Related costs associated with conservation/restoration, transportation, storage, and installation are high and can impact the sale price as well.
Corporate buildings, hotel lobbies, or public spaces such as hospitals or libraries are the most likely buyers in theory. However, corporate or public art buying of this type of large-scale work is minimal in the secondary market as most buyers prefer to commission new works designed to fit a particular space (works by major artists with active secondary markets such as Alexander Calder or Richard Serra are an exception).
Therefore, works of public art that are offered for resale in the open market are subject to heavy discounts and oftentimes sell for significantly less than the price paid for the original commission in the primary market.
Total Fair Market Value Seven-thousand, two-hundred and fifty dollars and zero cents $7,250.00
All comparable sales and research data are on file at the offices of McDonough Fine Art Appraisals, LLC, San Francisco.
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Object Identification 1. Todd Andrews (American, b. 1947) FMV: $4,000.00 ($1,000 each1)
Hummingbirds c. 1980s Patinated metal Each approximately 24 inches high
Provenance: Artist; Commissioned by the City of San Jose
Condition: Fair to good. On one of the sculptures all three birds have lost their beaks. A second sculpture is missing one beak. I assume the four broken beaks exist and can be successfully restored. The other two sculptures are in good condition. Polychromed patina is intact. Needs cleaning.
Description: Four polychromed, metal hummingbird sculptures, each bolted to a metal cannister intended to be mounted on a pole.
Valuation Analysis: Andrews is an American contemporary realist sculptor known for his monumental, bronze sculptures.
TheHummingbirds were done early in Andrews’s career and are much smaller than his more recent work. Some of his smaller-scale sculptures have come to auction. Comparable sales include:
1. Sold for $2,750 (with premium) on May 2, 2017 at Witherell’s, Sacramento, Lot 60, Estimate: $500–$1,000.
Todd Andrews, Fox Sculpture, bronze, 1/10, 21 x 40.5 x 9 inches, signed.
1 Value assumes works have been successfully restored prior to sale. City of San Jose, California Fair Market Value for Collection Management Purposes Appraisal Report Effective Valuation Date: December 5, 2017 Page 12 of 24 133 17th Avenue t. 415.309.7521 San Francisco, California 94121 [email protected] www.mcdfaa.com
This fox sculpture is from an edition of 10. Per the digital images available on AskArt.com, this work shows signs of wear and loss in the patina. This sculpture is also not as finely detailed as the subject property.
2. Sold for $1,610 (with premium) on May 18, 2002 at Altermann Galleries, Scottsdale, Lot 222, Estimate: $2,000–$3,000.
Todd Andrews, High Wind Landing, bronze, from edition of 25, 30.5 inches, signed.
This sculpture is similar in size to the subject property, but is mounted and ready to display, unlike Hummingbirds.
I consulted with Clars Auction Gallery about the hummingbird sculptures. Clars said they would be interested in taking them on consignment, which is a good indicator of their marketability, and that they would sell the works individually with estimates in the $2,000 to $4,000 range2. The sculptures with the broken beaks would have to be restored and would carry a lower estimate.
The fair market value stated above takes into consideration comparable sales at auction, Clars’s opinion, the condition, and the fact that the sculptures are not immediately ready for display. In other words, a buyer would have to figure out how to secure the cannisters to a pole or how to remove the cannisters and remount the birds. Such uncertainty impacts the sculptures’ overall value.
2 The estimate does not reflect the unpublished reserve price, which could be 20% to 50% less than the low estimate.
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2. Harry Powers (American, 20th/21st Century) FMV: $2,000.00
Penumbra 1992 Cast, anodized aluminum 72 x 384 feet overall; each panel approximately 6 x 4 feet (dimensions variable)
Provenance: Artist commission for San Jose Hilton Towers, San Jose CA
Condition: Good; some weathering as expected due to outdoor use.
Note: Panels are heavy and require a fork lift to move.
Description: A set of cast aluminum panels with gray, oxidized patina and pierced edges. The panels are intended to be displayed side-by-side to form a privacy barrier.
Valuation Analysis: Powers is a contemporary California artist based in Santa Cruz who works in a wide variety of media. Power’s reputation is regional and his work is well-known in the Bay Area.
Penumbra is from his Cosmology series and is a nice example of the artist’s interest in the integration of art and architecture3.
I consulted with Clars about this work and they said it was difficult to estimate due to a lack of comparable sales. They would be interested in taking it on consignment, and stated that a reasonable estimate might be in the $3,000 to $5,000 range.4
However, Penumbra is a site-specific installation, is large and heavy, requires special equipment to move, and has installation issues that limit its buyer base, i.e. the work may not meet existing building codes, which limits corporate or institutional buyers. All of these factors limit the work’s resale value and the pool of potential buyers.
According to my research, no works by Powers have been offered at auction as of the effective valuation date. Therefore, I researched auction sales of comparable large-scale installation art and architectural artifacts: 3 http://www.harrypowers.com/statement- 4 Reserve price likely will be lower. City of San Jose, California Fair Market Value for Collection Management Purposes Appraisal Report Effective Valuation Date: December 5, 2017 Page 14 of 24 133 17th Avenue t. 415.309.7521 San Francisco, California 94121 [email protected] www.mcdfaa.com
1. Sold for $850 (hammer) on November 25, 2017 at Bruneau & Co. Auctions, Cransten, RI, Lot 81, Estimate: $800–$1,200.
Shirley Koller (American, 1921–2017), Joy of Transportation, D.C. Metro Installation, 1990, painted aluminum mounted on wood, 96 x 28 inches, in 3 parts. Condition: Overall very good condition.
This work is a large, site-specific work of commissioned public art by a 20th-century American artist. It is smaller than the subject property .
2. For sale for a retail asking price of $1,975 (each) on 1stDibs.com as of January 4, 2017
Pair of metal geometric fences with golden fish made in Italy, circa 1950s, 18.9 x 55.91 x 1.97 inches, each. Condition: Excellent; in very good vintage condition with minimal wear of use.
The purpose of this comparable is to show the type of prices custom architectural pieces can realize in the private secondary market. Applying a 30% discount to account for any buyer discount and/or dealer commission, yields a hypothetical fair market value of $1,382.50 for each panel or $2765 for both. Like the subject property, these fence panels have specific installation requirements, which limit the buyer pool.
3. Sold for $1,500 (hammer) on March, 13, 2011 at Clars Auction Gallery, Oakland, Lot 6422. Estimate: $3,000– $5,000.
Laddie John Dill (American, b. 1943), Untitled wall installation, wood, glass and polymer laminate, 49 x 110.25 x 6.75 inches. Condition: Not reported.
Dill is a well-known California-based artist with an established secondary market. This wall installation is smaller than the subject property, but the market for Dill’s work is larger than Powers as of the effective valuation date. Market conditions in 2011 were similar to those as of the effective valuation date.
The fair market value stated above takes into consideration the work’s size and its installation and display requirements. Transportation, storage, holding, and installation costs are not reflected in the value stated above.
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3. American School (Late 20th Century) FMV: $1,250.00
Untitled Abstract Sculpture Unmarked Painted Steel 120 inches high (sight)
Provenance: Unknown
Condition: Fair; extensive surface wear; work needs to be repainted.
Description: A folded, geometric, black-painted steel sculpture mounted on a rectangular base.
Valuation Analysis: This work is a nice example of late 20th-century abstract sculpture. The style is reminiscent of artists such as Betty Gold5 (American, 20th/21st Century) and Gerald DiGiusto (American, 1929– 1987).
The most common marketplace for a sculpture in this condition is the public auction market because this work would need to be conserved and repainted in order to be eligible for sale in the retail market. Conservation, holding, and transportation costs would be costly due to the work’s large size and will impact the sculpture’s current fair market value.
Similar outdoor steel sculptures by artists of lesser-known repute have sold at auction recently in the $450 to $8,000 range. Comparable sales include:
1. Sold for $700 (hammer) on April 18, 2015, at Kamelot Auctions, Philadelphia, PA, Lot 102, Estimate:$1,000-$1,500.
A large twentieth century, Joel Perlman abstract metal sculpture of geometric form, 97 x 35 x 20 inches. Condition: Not stated, but per the digital image, the metal appears to be weathered and oxidized.
Perlman is a New York-based sculptor whose works occasionally sell at auction. This sculpture is slightly smaller the subject property, and lacks the subject property’s geometric precision and monumentality.
5 I contacted Betty Gold about this sculpture and she said it is not by her.
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2. Sold for $2,100 (hammer) on June 9, 2013 at Rago Arts and Auction Center, Lambertville, NJ, Lot 858, Estimate: $1,200–$1,800.
James Bearden (American, b. 1964), Outdoor sculpture from the “Cavernous Void” series, 2012; patinated steel; signed; 73 x 33 1/2 x 24 inches. Condition: A few light scratches, some minor oxidation.
Bearden is an established contemporary sculptor based in Iowa. This sculpture shares formal similarities with the subject property, but is smaller. Per the digital image, the work was in a similarly weathered condition at the time of sale. Market conditions in 2013 were similar to conditions as of the effective valuation date.
3. Sold For: $450.00 (hammer) on May 11, 2013 at Concept Art Gallery, Pittsburgh, PA, Lot 866, Estimate: $150–$300.
Charles Jackson (American, 20th century), Abstract Steel Sculpture, painted and welded steel, 28 x 28 x 17 inches, apparently unsigned. Condition: In generally good condition apart from minor rusting and paint loss and bubbling concentrated around the bottom section.
Jackson is a lesser-known American artist. Like the subject property, this painted steel sculpture had condition issues at the time of sale and is unsigned. It is approximately 4x smaller than the subject property.
Adjusting the sale price by size alone yields a hypothetical revised price of $1,800. However, the work’s smaller size increases its marketability since it is easier to display and transport. Market conditions in 2013 were similar to those as of the effective valuation date.
The fair market value stated above takes into consideration comparable sales at auction and the work’s large size, unknown maker, and current condition.
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Statements, Indemnification, and Disclaimers
This appraisal is given, subject to the terms and conditions hereinafter set forth, all of which are a part hereof unless expressly set aside in writing either on the pages of this certificate or by writing attached to the certificate signed by all parties concerned. This appraisal must be presented in its entirety to be valid.
This appraisal is prepared solely for the purposes of establishing the fair market value of the subject property using the sales comparison approach as of the effective date stated in this report. It is to be used by the client named in this report and solely by them for this purpose.
The clients shall indemnify, defend, and hold us harmless from and against all actions, claims, liabilities or expenses incurred as a result of claims based on or arising from the appraisal, by third parties unrelated to the immediate purpose of this appraisal.
Unless otherwise stated herein, this certificate is based only on the readily apparent identity of the items appraised, and no further opinions or guarantee of authenticity, genuineness, attribution, or authorship is made. However, in appraising the subject articles, I found no reason to question the authenticity of the articles, except as noted.
To my knowledge, scientific and/or laboratory testing has not been performed on any item. When necessary, items were examined under a 10X magnifying lens.
Unless otherwise stated herein, the appraised value is based on whole ownership and possessory interest undiminished by any liens, fractional interests or any other form of encumbrance or alienation.
This appraisal is made at the request of the parties named for their use. It is not an indication or certificate of title ownership. The identification of the interest of the requesting parties is simply represented to me by such parties and no inquiry or investigation has been made nor is any opinion given as to the truth of such representation.
The values expressed herein are based on my professional judgment and opinion and are not a representation or warranty that the items will realize that value if offered for sale at an auction or otherwise. The values expressed are based on current information on the assigned effective valuation date stated on the cover page of this report. No opinion is hereby expressed as to any future value, nor unless otherwise stated, as to any past value.
I have no past interest, no present interest, nor any contemplated future financial interest in the appraised property. Nor do I have any personal interest or bias with respect to the parties involved. Further, I has no other interest which might tend to prevent making a fair and unbiased appraisal.
This appraisal was researched and prepared by me. No other person supplied significant assistance in preparation of this report. Consulting sources are listed in the back of the report. Information furnished by consulting sources is assumed to be reliable, but is not guaranteed by this appraiser or her firm. The clients provided me with verbal information regarding provenance of the articles listed herein. I am not responsible for the accuracy of this information.
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I am not required to give testimony, be present in any court of law, or appear before any commission or board by reason of this appraisal report without reasonable prior notice. Should this report be challenged in any way, not limited to litigation, it is understood that I am prepared to defend this appraisal report, if required. Appearance and testimony at deposition, trial, or alternative dispute resolution proceedings and the necessary preparations thereof are considered to be new and separate assignments. Such assignments will be billed at my then current fee schedule.
Copies of this appraisal and notes pertaining to the appraisal, written and electronic, will be kept in the offices of McDonough Fine Art Appraisals, LLC, for a minimal period of five (5) years after the date of issue or two (2) years after final disposition of any judicial proceedings involving the appraisal, whichever period expires last. McDonough Fine Art Appraisals, LLC will make every effort to store the clients’ records in a safe and secure environment. However, the firm is not responsible for acts of nature, war, terrorism, or other such unexpected catastrophes which may affect the safekeeping of this report.
All matters regarding my duties, responsibilities, and liabilities are in accord with the Valuation Standards and Professional Practices as outlined by the Appraisal Foundation in the 2018–2019 Uniform Standards of Professional Appraisal Practice and the Principles of Practice and the Code of Ethics of the Appraisers Association of America.
Submission of this Appraisal Report concludes this appraisal assignment. Additional services related to this appraisal shall constitute a new assignment and shall be invoiced according to my current fee schedule at that time.
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Sources
Galleries, Auction Houses, and Experts
Clars Auction Gallery, Oakland
Witherell’s, Sacramento
Publications and Websites https://www.1stdibs.com/furniture/wall-decorations/decorative-art/pair-of-metal-geometric-fence-art-object-golden- fish/id-f_5896703/ http://www.harrypowers.com http://www.harrypowers.com/cosmology/16 http://www.toddandrewssculpture.com
Price Databases
Artnet AskArt LiveAuctioneers
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Glossary actual cash value (ACV): a term set forth in California Insurance Code Section 2071 that is synonymous with “fair market value,” i.e., “the price that a willing buyer would pay to a willing seller, neither being under any compulsion to sell or buy.” It is different than “replacement value.” appraisal: as defined by the Appraisal Standards Board (ASB) in the Uniform Standards of Professional Appraisal Practice (USPAP) is “the act or process of developing an opinion of value.” According to the ASB, value can “be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value).” attributed to: a term used when the authenticity of a work is uncertain. authenticity: the quality of being real or true. bought in (also BI or buy in): this term describes what occurs at auction when an object does not meet its reserve price and fails to sell. buyer’s premium: the percentage of the bid or “hammer” price paid to the auction house. The fee varies depending on the amount of sale price; the more expensive the hammer price, the lower the percentage. Also referred to as “premium.” clear title: good ownership one free from encumbrance, obstruction, burden or limitation. comparables: objects of like kind and quality similar to the subject property being appraised. condition: refers to the physical state of the object as of the date of examination. The terms used may vary depending on the type of object, but in general the following can be used as general definitions for the condition standards. • Good is used when the work is unrestored with no apparent damage to the original condition or restored/ conserved/stabilized with concern for preserving the integrity of the work. • Fair is used when a work has been compromised through damage or restoration. It may be over-restored, lined, or retouched, but remains representative of the artist’s work or manufacturer’s intent. • Poor is used if a work has either been severely compromised through substantial damage or poor restoration or is in unstable condition. dimensions: the size of a work on paper is always measured by the vertical axis first, then the horizontal. It may be listed in centimeters or inches. If the canvas or sheet is not even, then it can be designated as “dimensions variable.” edition: the number of prints struck from one plate or screen or number of casts/multiples made, usually at the same time. A limited edition is a fixed number of impressions made and marketed with the understanding that no further impressions (copies) will be produced later. An open edition is limited only by the number that can be sold
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or produced before the plate is no longer effective. Most limited editions are signed by the artist and numbered to show the unique number of the impression and the total edition size. The unique number is not indicative of the order in which the prints were made. effective valuation date (also effective date): the date on which the stated value(s) are assigned and in force. fine art:visual art created primarily for aesthetic purposes and valued for its beauty or expressiveness, specifically, painting, sculpture, drawing, watercolor, graphics, or architecture. hammer price: the actual bid price at auction as the hammer falls. It does not include the buyer’s premium. installation art: an artistic genre of three-dimensional works that often are site-specific and designed to transform the perception of a space. marketable cash value (also net value): A term commonly used in matters of equitable distribution or division of property to indicate the market value of personal property exclusive of any sales or dealer commissions, or other costs and fees such as shipping, storage, insurance, and taxes that would reduce the cash value of the property. As with fair market value, both the buyer and seller must be reasonably knowledgeable of all relevant facts, with neither being under constraint to buy or sell. medium: there are at least four definitions of this term: 1.) The material the item is made from or the art is produced upon and may include white or black paper, canvas, board, cel (acetate), sculptures; 2.) The specific tool and material used by an artist, e.g., brush and oil paint, chisel and stone; 3.) The mode of expression used by the artist, e.g., painting sculpture, the graphic arts; 4.) A liquid that may be added to a paint to increase its manipulability without decreasing its adhesive, binding or film forming properties. most common marketplace (also most appropriate marketplace or market): the venue in which the appraiser determines an object can be sold most easily and at the highest price. Frequently in the case of personal property, where comparables are scarce, the most appropriate market can be a combination of auction and private gallery sales. oeuvre: the collective or entire body of work of a painter, composer, or author. primary market: the primary market is one created either by the maker or agent of the maker when an object is sold for the first time, usually in galleries or stores. The secondary market is the venue for the sale of an object between a seller and a buyer with neither of having participated in the creation or initial sale of the object. In the instance of multiples, a valid secondary market cannot exist while the maker or his agent retains a supply of the original offering. postwar & contemporary art: generally defined as art created in the post-World War II era, from 1945 until now, with the postwar period ending around 1970.
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Public Art: art that is planned and executed with the purpose of being displayed in the physical public domain, usually outside, and accessible to the general public. provenance: the origins of an art work; the history of a work’s ownership since its creation. replacement value: the amount it would cost to replace an item with one of similar and like quality purchased in the most appropriate marketplace within a limited amount of time. resale value: this is the price at which the item can be sold in the marketplace. retail market: the market for the sale of goods directly to consumers rather than intermediaries. retail replacement value: the highest amount in terms of US dollars that would be required to replace a property with another of similar age, quality, origin, appearance, provenance and condition within a reasonable length of time in an appropriate and relevant marketplace. When applicable, sales and/or import tax, commissions and/or premiums are included in this report. retail value: used to establish a price guideline for retail pricing, the appraised retail value is derived from retail replacement value. It is defined as a reasonable amount in terms of US dollars that would be required to purchase a property of similar age, quality, origin, appearance, provenance and condition with a reasonable length of time in an appropriate and relevant market. Unlike retail replacement value, retail values do not include any fees or additional costs such as taxes, framing, conservation, restoration and additional commissions. secondary market: refers to the marketplace where a used object is bought and sold. Once an item is no longer available from the original source, it is considered a secondary market item and usually refers to the auction market and is in no way associated with the value or the condition of the object. The secondary market is the venue for the sale of an object between a seller and a buyer with neither of them having participated in the creation or initial sale of the object, usually through auction but can also be in galleries. In the instance of multiples, a valid secondary market cannot exist while the maker or his agent retains a supply of the original offering. site-specific: an artwork created to exist in a certain place. Typically, the artist takes the location into account while planning and creating the artwork. tear: a rip in the paper. toning: the darkening or aging of paper over time, and exposure to humidity and the pollutants in the atmosphere. valuation approaches: • comparative market data approach: (alternately called: market data approach, comparable market data approach and sales comparison approach): This is the most commonly applied approach when appraising personal property in which appraised value is based upon past prices (close to the Effective Date) for similar works by the same artist/ maker or of similar works by another artist/maker of equal standing and related reputation.
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• cost approach: This approach is used to determine the value of an object based upon the cost of duplicating or recreating the identical piece. This approach may be applied to the decorative arts when the methods of construction or materials used are replicable and of significant inherent value. • income approach: This approach is used to determine the value of a work of art or object which will be used to generate future income. This is most often done through leasing, rental or creating reproductions but not through a one-time only sale with transfer of title and/or copyright. work size: refers to the dimensions of works on panel or board. When the word “sight” is used in conjunction with work size, it refers to the dimensions of the visible image of the work.
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