Artwork Background Report

Home , Camille Doncieux, Haystacks (Monet series), Water Lilies (1919)

ARTWORK BACKGROUND REPORT

Artist: Claude Monet Title: Effet de neige à Limetz (1886) Date of Report: May 3, 2010

Transparency for the Global Art Market Since 2004 www.skatepress.com Contents

1. Artwork Profiled 2 2. Skate’s Investment Summary 3 3. Skate’s Artwork Risk Rang 4 4. Brief Biography of Claude Monet 5 5. Public Collecons 7 6. Solo Exhibions 9 7. Group Exhibions, 2009-2010 10 8. Dealer Directory 11 9. Provenance 12 10. Known Thes of Monet’s Works 13 11. Market for Monet’s Works 14 Top 10 Monet Sales 14 Repeat Sales of Monet’s Works 14 12. Market for Effet de neige à Limetz 15 Peer Group for Effet de neige à Limetz 15 Repeat Sales in Peer Group 16 Peer Group Analysis 17 13. Approach to Art Valuaon 18 14. Skate’s Artwork Risk Scale 18 15. Peer Group Formaon 19 16. Disclaimer 19

Skate’s Art Market Research 575 Broadway, 5th Floor New York, NY 10012 / Tel: +1.212.514.6012 / Fax: +1.212.514.6037 www.skatepress.com Report 9-CM-001 Client 0010 May 3, 2010 1. Artwork Proﬁled

This report has been prepared for the following artwork:

Arst: Claude Monet (1840-1926) Title: Eﬀet de neige à Limetz Year: 1886 Medium: Oil on canvas Size: 25½ x 32 in. (65 x 81 cm.)

The artwork is listed in the catalogue of the following aucon:

Aucon House: Chrise’s Aucon Locaon: New York Aucon Name: Impressionist/Modern Evening Sale Lot: 61 Aucon Date: Tuesday, May 4, 2010

Aucon Esmate: $2,500,000 - $3,500,000

Source: Courtesy of Chrise’s.

Arst

Claude Monet is classiﬁed by Skate’s as a blue-chip arst, the highest category in Skate’s rankings of arsts. For a complete list of arst categories, please refer to pg. 84 of Skate’s Art Investment Handbook.

Based on Skate’s Top 5000 ranking of the world’s most valuable art (in nominal aucon prices, USD, and including buyer’s premium), as of May 3, 2010:

• Claude Monet is the 2nd most valuable arst with 224 works in Skate’s Top 5000. His works have a combined market value of $1,468,759,274.

• The average Monet’s work listed in Skate’s Top 5000 is priced at $6,556,961 (the average work in Skate’s Top 5000 is $1,910,251).

Artwork

Claude Monet’s most valuable works (in terms of market prices) were created during the period of his career between 1900-1920. Nine of his ten highest priced works were created during this period. The period of creaon for Eﬀet de neige à Limetz – 1870-1890 – has also showed strong aucon performance, although Monet’s snow landscapes have generally seen more modest prices.

Investment risk summary

Eﬀet de neige à Limetz is rated BBB+ on Skate’s Artwork Risk Scale (see Secon 14 for the full scale), which corresponds to Tier-4 investment grade art. Skate’s generally posive outlook is due to the work’s sale at a top-er aucon house. Though high for this peer group, the work’s pre-aucon esmate, the fact it was bought-in at a previous sale and the numerous changes in ownership does negavely aﬀect its investment quality. For a detailed discussion of the risks associated with this painng, please refer to Secon 3 of this report.

Eﬀet de neige à Limetz is an investment quality work of art and rated BBB+, a rang that captures the following risk factors:

Arst Liquidity Risk: Low

• Claude Monet is a top Impressionist arst who enjoyed a long and proliﬁc career. The market for his works is both broad and liquid.

Arst Price Volality Risk: Low

• Monet has a well-established historical track record of aucon prices. Mulple price points in the public domain allow accurate peer groups to be constructed.

• The weighted average eﬀecve rate of return (ERR) of Monet’s repeat sales in Skate’s Top 5000 is 0.04 % (based on a total 35 repeat sales of the arst’s works). Monet ranks 146th in Skate’s list of arsts by weighted average ERR (the average ERR in Skate’s Top 5000 is 4.18%). This low ERR, based on a substanal number of repeat sales, causes us to conclude that Monet’s price volality risk is also low.

Title Risk: High

• Many thes of Monet’s works have taken place during brazen robberies that have received signiﬁcant aenon from the media, which makes Monet look like an arst highly aracve for thieves. According to Art Loss Register, however, he is only the 46th most frequently targeted arst for the.

Authencity Risk: Moderate-High

• Several forgeries of Monet’s works have appeared on the market, although the fact that Eﬀet de neige à Limetz is being sold at a top-er aucon house should reduce authencity risk. Potenal buyers may wish to request a cerﬁcate of authencity before entering a transacon.

Condion Risk: Low

• Eﬀet de neige à Limetz is 124 years old and has experienced considerable travel along with nine changes in ownership. Potenal buyers may want to examine condion before compleng a transacon.

Source: Félix Nadar

1840 - Birth of Claude Oscar MONET on November 14th in Paris. 1845 - The family moves to Le Havre. 1857 - Death of his mother Louise Monet. 1858 - Claude Monet meets Eugène Boudin who encourages him to paint out of doors. 1859 - Monet comes to Paris and enters the Swiss Academy. 1860 - Monet meets Pissaro and Courbet. 1863 - Monet discovers Manet's painng and paints "en plein air" in the Fontainebleau forest. 1864 - Monet stays in Honfleur with Boudin, Bazille, Jondkind. He meets his first art lover: Gaudibert. 1865 - Monet's painngs are submied for the first me to the official Salon. Camille Doncieux his lady friend and Bazille pose for Le Dejeuner sur l'herbe (the Picnic). 1867 - Birth of his first son Jean Monet while Claude Monet is in Sainte-Adresse. 1868 - Monet tries to commit suicide. He receives a pension from Mr Gaudibert. He paints in Fecamp and Etretat. 1869 - Monet seles in the village of Saint-Michel near Bougival where he paints in company of Renoir. 1870 - Monet marries Camille, Courbet is his witness. They take refuge in London when the war begins. 1871 - Monet meets Durand-Ruel in London with Pissaro and Daubigny. Death of his father. Monet seles at Argenteuil aer vising the Netherlands.

1873 - Monet meets Cailleboe. 1874 - Monet exhibits "Impression : sunrise" at the first Impressionist exhibion in the studio of Nadar. 1876 - Monet meets Ernest and Alice Hoschedé. 1877 - Bankruptcy of Ernest Hoschedé. Monet paints the Saint-Lazare train staon. 1878 - Birth of Michel Monet, his second son. Monet and his family sele at Vétheuil in compagny of the family Hoschedé. 1879 - Death of Camille. 1881 - The family moves to Poissy. 1883 - Monet rents a house at Giverny. He will stay there for 43 years. 1887 - Monet exhibits in New-York thanks to Durand-Ruel. 1889 - Monet exhibits with Rodin. 1890 - Monet purchases the house in Giverny and begins the digging for the nympheas basin. 1891 - Death of Ernest Hoschedé. Monet paints the series of Meules (Haystacks) and of Peupliers (Poplars) 1892 - Monet paints the Rouen Cathedrals series. He marries Alice in July. 1894 - Visit of Mary Cassa and of Cézanne at Giverny. Rodin, Clémenceau and Geffroy are present. 1900 - Monet paints several views of the Japanese bridge. He takes several trips to London and paints views of the Thames. 1904 - Monet travels to Madrid and admires the painngs of Velasquez. 1907 - First problems with his eyesight. Monet discovers Venice. 1911 - Death of Alice. 1914 - Death of Jean, Monet's eldest son. Blanche moves to live near Claude Monet. 1916 - The arst decides to build a large studio of 23 m x 12m at Giverny. 1916-1926 - Claude Monet works on twelve large canvas, The Water Lilies. Following the signing of the Armisce, Monet offers to donate them to France. Theses painngs will be installed in an architectural space designed specifically for them at the museum of the Orangerie in Paris. 1923 - Monet is nearly blind. He has an operaon from the cataract in one eye. His sight improves. 1926 - In February Monet is sll painng. But he suffers from lung cancer. He dies on December 5th. He is buried in a simple ceremony at Giverny. His friend Georges Clémenceau aends the ceremony.

Source: hp://giverny.org

Argenna 3. Wallraf-Richartz-Museum & Fondaon Corboud, Cologne 1. Museo Nacional de Bellas Artes - MNBA, Buenos 4. Museum Folkwang Essen, Essen Aires 5. Städel Museum, Frankfurt/Main 6. Niedersächsischen Landesmuseum, Hannover Australia 7. Städsche Kunsthalle Mannheim, Mannheim 8. Neue Pinakothek, Munich 1. NGV Naonal Gallery of Victoria, Melbourne, VIC 9. Staatsgalerie Stugart, Stugart 10. Von der Heydt Museum, Wuppertal Belgium Hungary 1. MAMAC Musée d´Art Moderne et Contemporain, Liège 1. Museum of Fine Arts - Budapest, Budapest

Brazil Iran

1. Museu de Arte de São Paulo Assis Chateaubriand - 1. Tehran Museum of Contemporary Art, Tehran MASP, São Paulo Ireland (Republic) Canada 1. Dublin City Gallery The Hugh Lane, Dublin 1. McMaster Museum of Art, Hamilton, ON 2. The Montreal Museum of Fine Arts - Musée des Israel beaux-arts de Montréal, Montreal, QC 3. Art Gallery of Ontario, Toronto, ON 1. The Israel Museum, Jerusalem 2. Tel Aviv Museum of Art, Tel Aviv Colombia Italy 1. Museo Botero, Bogota 1. Galleria Nazionale d'Arte Moderna, Rome Denmark Japan 1. Ny Carlsberg Glyptotek, Copenhagen 1. Kawamura Memorial Museum of Art, Chiba Finland 2. Fukushima Prefectural Museum of Art, Fukushima City 1. Ateneum Art Museum, Helsinki 3. Hiroshima Museum of Art, Hiroshima 4. Pola Museum of Art, Kanagawa France 5. Kitakyushu Municipal Museum of Art, Kitakyushu 6. Asahi Beer Oyamazaki Villa Museum of Art, Kyoto 1. Musée d'Unterlinden, Colmar 7. Shizuoka Prefectural Museum of Art, Shizuoka 2. Palais des Beaux-Arts Lille, Lille 8. Tochigi Prefectural Museum of Fine Arts, Tochigi 3. Musée des Beaux-Arts de Lyon, Lyon 9. Bridgestone Museum of Art, Tokyo 4. Musée des Beaux-Arts de Nancy, Nancy 10. NMWA The Naonal Museum of Western Art, 5. Musee Marmoan - Claude Monet, Paris Tokyo 6. Musée Naonal de l´Orangerie, Paris 11. Mie Prefectural Art Museum, Tsu City 7. Musée d´Orsay, Paris 8. Musée Auguste Rodin - Paris, Paris Netherlands 9. Musée d'Art moderne de Saint-Eenne, Saint- Eenne 1. Stedelijk Museum Amsterdam, Amsterdam 10. Musée d'Art Moderne et Contemporain (MAMCS), 2. Van Gogh Museum, Amsterdam Strasbourg 3. Rijksmuseum Twenthe - Museum voor oude en moderne kunst, Enschede Germany 4. Kröller-Müller museum, Oerlo 5. Museum Boijmans van Beuningen, Roerdam 1. Alte Naonalgalerie, Berlin 6. Gemeentemuseum Den Haag, The Hague 2. Kunsthalle Bremen, Bremen

New Zealand 4. The Walters Art Museum, Balmore, MD 5. MFA - Museum of Fine Arts, Boston, Boston, MA 1. Dunedin Public Art Gallery, Dunedin 6. Albright-Knox Art Gallery, Buffalo, NY 7. The Art Instute of Chicago, Chicago, IL Romania 8. Cincinna Art Museum, Cincinna, OH 9. Columbia Museum of Art, Columbia, SC 1. The Naonal Museum of Art of Romania, 10. Columbus Museum of Art, Columbus, OH Bucharest 11. Dallas Museum of Art, Dallas, TX 12. The Dayton Art Instute, Dayton, OH Russia 13. The Detroit Instute of Arts, Detroit, MI 14. Samuel P. Harn Museum of Art, Gainesville, FL 1. The Pushkin State Museum of Fine Arts, Moscow 15. The Wadsworth Atheneum Museum of Art, 2. The State Hermitage Museum, St. Petersburg Harord, CT 16. MFAH - Museum of Fine Arts Houston, Houston, South Africa TX 17. Spencer Museum of Art, Lawrence, KS 1. Johannesburg Art Gallery (JAG), Johannesburg 18. Arkansas Arts Center, Lile Rock, AR 19. J. Paul Gey Museum, Los Angeles, CA Spain 20. UCLA Hammer Museum, Los Angeles, CA 21. Los Angeles County Museum of Art - LACMA, Los 1. Museo Thyssen-Bornemisza, Madrid Angeles, CA 22. Speed Art Museum, Louisville, KY Sweden 23. Milwaukee Art Museum, Milwaukee, WI 24. The Minneapolis Instute of Arts, Minneapolis, 1. Göteborgs Konstmuseum, Göteborg MN 25. Yale University Art Gallery, New Haven, CT Switzerland 26. Solomon R. Guggenheim Museum, New York City, NY 1. Museum Langma, Baden 27. The Metropolitan Museum of Art, New York City, 2. Kunstmuseum Basel, Basel NY 3. Kunstmuseum Bern, Bern 28. MoMA - Museum of Modern Art, New York City, 4. Museo dÁrte Moderna, Lugano NY 5. Villa Ciani - Museo civico di belle ar, Lugano 29. Smith College Museum of Art, Northampton, MA 6. Foundaon Beyeler, Riehen 30. The Allen Memorial Art Museum, Oberlin, OH 7. Kunstmuseum St. Gallen, St. Gallen 31. Joslyn Art Museum, Omaha, NE 8. Kunsthaus Zürich, Zurich 32. Norton Simon Museum of Art, Pasadena, CA 33. Portland Art Museum, Portland, OR United Kingdom 34. Princeton University Art Museum, Princeton, NJ 35. The RISD Museum - University of Rhode Island, 1. The Fitzwilliam Museum, Cambridge, Providence, RI Cambridgeshire (England) 36. Reading Public Museum, Reading, PA 2. Naonal Museum Cardiff, Cardiff (Wales) 37. Saint Louis Art Museum, Saint Louis, MO 3. Dundee Contemporary Arts - DCA, Dundee 38. Fine Arts Museum of San Francisco, San Francisco, (Scotland) CA 4. Walker Art Gallery, Liverpool (England) 39. San Francisco Museum of Modern Art - SFMOMA, 5. The Naonal Gallery, London (England) San Francisco, CA 6. Tate Britain, London (England) 40. Seale Art Museum, Seale, WA 7. Tate Modern, London (England) 41. Shelburne Museum, Shelburne, VT 8. Glynn Vivian Art Gallery, Swansea (Wales) 42. Museum of Fine Arts St. Petersburg, St. 9. The New Art Gallery Walsall, Walsall, West Petersburg, FL Midlands (England) 43. The Corcoran Gallery of Art, Washington, DC 44. Kreeger Museum, Washington, DC USA 45. Davis Museum and Cultural Center - Wellesley College, Wellesley, MA 1. Mead Art Museum, Amherst, MA 46. Norton Museum of Art, West Palm Beach, FL 2. UMMA - The University of Michigan Museum of 47. Sterling and Francine Clark Art Instute - The Art, Ann Arbor, MI Clark, Williamstown, MA 3. The High Museum of Art, Atlanta, GA

Source: Aracts.net

2009 2001

1. Claude Monet - Von der Heydt Museum, Wuppertal 1. Monet & Japan - Naonal Gallery of Australia, 2. Monet's Water Lilies - MoMA - Museum of Modern Canberra, ACT Art, New York City, NY 3. Monet - Il tempo delle ninfee - Palazzo Reale, Milan 2000

2008 1. Promenade - Les chefs d’œuvre de Monet du Musée Marmoan. - Musee Marmoan - Claude 1. Monet, l'oeil impressionniste - Musee Marmoan - Monet, Paris Claude Monet, Paris 2. The World of Claude Monet - Nagoya - Boston 1999 Museum of Fine Arts, Nagoya 1. Monet at Giverny - Masterpieces from the Musée 2007 Marmoan - Phoenix Art Museum, Phoenix, AZ 2. Monet at Giverny - Masterpieces from the Musée 1. In Monet's Garden: The Lure of Giverny - Columbus Marmoan - Albright-Knox Art Gallery, Buffalo, NY Museum of Art, Columbus, OH 3. Le Cycle des Nymphéas - Musée Naonal de l 2. The Unknown Monet: Pastels and Drawings - Órangerie, Paris Sterling and Francine Clark Art Instute - The Clark, 4. Monet at Giverny - The Montreal Museum of Fine Williamstown, MA Arts - Musée des beaux-arts de Montréal, 3. Monet in Normandy - The Cleveland Museum of Montreal, QC Art, Cleveland, OH 1998 2006 1. Monet in the 20th Century - MFA - Museum of Fine 1. Monet in Normandy - Fine Arts Museum of San Arts, Boston, Boston, MA Francisco, San Francisco, CA 2. Claude Monet - Effet de soleil - Felder im Frühling - 1997 Staatsgalerie Stugart, Stugart 1. Claude Monet - Göteborgs Konstmuseum, 2005 Göteborg

1. Monet's London: Arsts' Reﬂecons on the 1995 Thames, 1859-1914 - The Balmore Museum of Art, Balmore, MD 1. Claude Monet: 1840-1926 - The Art Instute of 2. Monet’s London - Arsts’ Reﬂecons on the Chicago, Chicago, IL Thames (1859–1914) - Brooklyn Museum of Art, New York City, NY 1992

2004 1. Monet en Giverny - Instut de Cultura de Barcelona, Palau de la Virreina, Barcelona 1. In Monet´s Light - The Balmore Museum of Art, Balmore, MD 1991

2003 1. Monet en Giverny - Fundación Juan March, Madrid

1. Monet - The Seine and the Sea - Weston Link, 1975 Edinburgh (Scotland) 2. Claude Monet - Haystacks, midday 1890 - Art 1. Painngs by Claude Monet - The Art Instute of Gallery of South Australia, Adelaide, SA Chicago, Chicago, IL

2002 1960

1. Monet – Later Works: Homage to Kaa Granoﬀ - 1. Claude Monet: Seasons and Moments - MoMA - Kawamura Memorial Museum of Art, Chiba Museum of Modern Art, New York City, NY 2. Claude Monet - The State Hermitage Museum, St. Petersburg

Source: Aracts.net

2010 6. Turner to Cézanne - Masterpieces from the Davies Collecon, Naonal Museum Wales - Everson 1. Hinaus in die Natur! - Barbizon, die Weimarer Museum of Art, Syracuse, NY Malerschule und der Auruch zum 7. l'eta' di Courbet e Monet - Villa Manin. Centro Impressionismus - Neues Museum Weimar, d'arte contemporanea, Codroipo (UD) Weimar 8. Capolavori della modernità. La collezione del 2. Gipfeltreffen der Moderne. Das Kunstmuseum Kunstmuseum Winterthur - MART- Museo d'Arte Winterthur - Museum der Moderne Salzburg, Moderna e Contemporanea di Trento e Rovereto, Salzburg Rovereto 3. Monet y la abstracción - Museo Thyssen- 9. Impressionismus - Alberna, Vienna Bornemisza, Madrid 10. Impressionismus. Wie das Licht auf die Leinwand 4. Van Gogh, Cezanne, Monet - Die Sammlung Bührle kam - Alberna, Vienna zu Gast im Kunsthaus Zürich - Kunsthaus Zürich, 11. Colors of the Sea, Shapes of the Sea - Bridgestone Zurich Museum of Art, Tokyo 5. Farbwelten. Von Monet bis Yves Klein. Werke der 12. Corot to Monet: A Fresh Look at Landscape from klassischen Moderne aus den Kunstmuseen the Collecon - The Naonal Gallery, London Krefeld - Kunsthalle Erfurt, Erfurt (England) 6. Delacroix to Monet: Masterpieces of 19th-Century 13. Flowers and Landscapes - Contemporary Art Painng from the Walters Art Museum - Santa Museum, Kumamoto - CAMK, Kumamoto Barbara Museum of Art, Santa Barbara, CA 14. Turner to Cézanne: Masterpieces from the Davies 7. Turner to Cézanne: Masterpieces from the Davies Collecon, Naonal Museum Wales - Oklahoma Collecon, Naonal Museum Wales - The City Museum of Art, Oklahoma City, OK Corcoran Gallery of Art, Washington, DC 15. De Courbet à Picasso - Fondaon Pierre Gianadda, 8. Degas to Picasso - French Masterpieces from the Margny Pushkin Museum, Moscow - Museum of Fine Arts 16. Gipfeltreffen der Moderne - Das Kunstmuseum - Budapest, Budapest Winterthur - Kunst- und Ausstellungshalle der 9. Modern Japanese Art and Europe - Bridgestone Bundesrepublik Deutschland, Bonn Museum of Art, Tokyo 17. Turner to Cezanne - Masterpieces from the Davies 10. Impresionismo. Un nuevo Renacimiento - Collecon, Naonal Museum Wales - Columbia Fundación MAPFRE, Madrid Museum of Art, Columbia, SC 18. Becoming Edvard Munch: Influence, Anxiety, and 2009 Myth - The Art Instute of Chicago, Chicago, IL 19. La Sombra - Museo Thyssen-Bornemisza, Madrid 1. Masterpieces from Paris: Van Gogh, Gauguin, 20. Landscapes from the Age of Impressionism - Cézanne and beyond - Naonal Gallery of Norton Museum of Art, West Palm Beach, FL Australia, Canberra, ACT 21. Monet to Masse: French Masterworks from the 2. Von Degas bis Picasso Die Sammlung Jean Dixon Gallery and Gardens - Allentown Art Planque - Graphikmuseum Pablo Picasso Münster, Museum, Allentown, PA Münster 22. Monet, Renoir, Van Gogh, Gauguin - 3. By the Water-lily pond - Asahi Beer Oyamazaki Impressionists And Posmpressionists In The Israel Villa Museum of Art, Kyoto Museum, Jerusalem - ARKEN Museum for 4. Farbwelten. Von Monet bis Yves Klein - Paula Moderne Kunst, Copenhagen Modersohn-Becker Museum, Bremen 5. The Lens of Impressionism: Photography and Painng Along the Normandy Coast, 1850–1874 - UMMA - The University of Michigan Museum of Art, Ann Arbor, MI

Source: Aracts.net *Data on more than 200 addional group exhibions dang back to 1874 can be found at www.aracts.net

France United Kingdom

Galerie Cazeau-Béraudière, Paris Crane Kalman Gallery, London (England) Galerie Hopkins-Custot, Paris Hildegard Fritz-Denneville Fine Arts Ltd, London Galerie Larock-Granoﬀ, Paris (England) Malingue, Paris Thomas Gibson Fine Art, London (England) Galerie Taménaga, Paris Theobald Jennings LLP, London (England) Lefevre Fine Art Limited, London (England) Japan Wildenstein & Co Ltd, London (England)

Galerie Tamenaga - Nakano-Shima, Osaka USA Galerie Tamenaga - Osaka, Osaka Galerie Tamenaga - Tokyo, Tokyo Acquavella Galleries, Inc., New York City, NY Adelson Galleries, Inc., New York City, NY Monaco C.G. Boerner, LLC. , New York City, NY Chowaiki & Co., New York City, NY GAM Galerie d´Art, Monaco Peter Findlay Gallery, New York City, NY Pascal de Sarthe Fine Art, Paradise Valley, AZ Spain Adams Davidson Galleries, Washington, DC

Luis Burgos Arte del siglo XX., Madrid

Switzerland

Galerie Beyeler, Basel Barr & Ochsner GmbH, Zurich

Source: Aracts.net

From Chrise’s catalogue for Sale 2311, Lot 61, New York, New York, May 4, 2010:

Provenance

Galerie Georges Pet, Galerie Bernheim-Jeune et Cie. and Montaignac, Paris (acquired from the arst, 1898). Galerie Durand-Ruel et Cie., Paris (1898). Paul Cassirer, Berlin (1900). Maurice Barret-Decap, Paris (circa 1946). Galerie René Drouet, Paris (circa 1970). Robert O. Peterson and Richard T. Silberman, San Diego (1970-1972). University of California San Diego Foundaon (gi from the above, December 1972); sale, Sotheby's, New York, 10 May 2000, lot 10. Acquired at the above sale by the present owner.

Exhibited

Stockholm, Konsthall Liljevalchs, Cézanne ll Picasso: fransk konst i svensk ägo, 1954, p. 86, no. 270A (tled Paysage d'hiver). Paris, Galerie René Drouet, 1970. Fine Arts Gallery of San Diego, Out of Sight From San Diego Collecons, March-April 1972. Los Angeles County Museum of Art, Impressionists and the Salon, 1874-1886, 1974, no. 39 (illustrated). University of San Diego, Selected Works from the University of California, San Diego Collecon, 1975. Paris, Centre culturel du Marais, Claude Monet au temps de Giverny, April-July 1983, pp. 36 and 56, no. 10 (illustrated, p. 56). San Diego Museum of Art (on extended loan, from 1975).

Claude Monet is a high-risk arst under Skate’s the risk classiﬁcaon.

• Interpol lists as stolen the following six works by Claude Monet:

Eﬀet de neige à Limetz is not currently listed on an Interpol or FBI stop list and was not listed as missing by Art Loss Register.

Claude Monet is a blue-chip investment-quality arst with a well-established historical track record of aucon prices. Mulple price data points in the public domain allow accurate peer groups to be constructed.

The most valuable of Monet’s artworks in terms of market prices were created in the period between 1900-1920.

Top 10 Monet Sales

Year of Esmate (low), Esmate Premium Price, Rank Title Date of Sale Aucon Creaon USD (high), USD USD

1 Le bassin aux nymphéas 1919 Jun. 24, 2008 Chrise′s 35,431,200 47,241,600 80,549,392

Le Pont du chemin de fer à 2 1873 May 6, 2008 Chrise′s - - 41,481,000 Argenteuil

3 Nymphéas 1904 Jun. 19, 2007 Sotheby′s 19,816,000 29,724,000 36,659,600

4 Waterloo Bridge, temps couvert 1904 Jun. 18, 2007 Chrise′s 11,860,200 15,813,600 35,462,000

Bassin aux nympheas et sener 5 1900 Jun. 30, 1998 Sotheby′s 6,664,445 9,996,667 32,991,502 au bord de l′eau

6 Le portail (Soleil) 1892 May 10, 2000 Sotheby′s 15,000,000 20,000,000 24,205,750

7 Nymphéas 1906 May 8, 2000 Chrise′s 20,000,000 25,000,000 20,906,000

8 Nymphéas 1906 Jun. 24, 2002 Sotheby′s 14,970,059 22,455,088 20,182,110

Londres, le Parlement, eﬀet de 9 1904 Nov. 3, 2004 Chrise′s 12,000,000 18,000,000 20,167,500 soleil dans le brouillard

10 Nymphéas 1906 Nov. 5, 2002 Sotheby′s 16,000,000 20,000,000 18,709,500 Source: Skate’s Art Market Research (aucon results from Chrise's and Sotheby’s)

Repeat Sales of Monet’s Works*

Year of Premium Price, Holding Period, Work Aucon Date of Sale ERR**, % Creaon USD Years Le Pont du chemin de fer à Argenteuil 1873 Chrise′s May 6, 2008 41,481,000 5.62 19 Waterloo Bridge, temps couvert 1904 Chrise′s Jun. 18, 2007 35,462,000 14.25 16 Nymphéas 1906 Sotheby′s Nov. 5, 2002 18,709,500 -9.46 2 Source: Skate’s Art Market Research *Based on presence in Top 10 Monet sales above **Annualized eﬀecve rate of return

Our sampling of repeat sales (limited to the Top 10 works above) shows that Claude Monet is a reasonable choice as an investment target.

Aer a 19-year holding period, Le Pont du chemin de fer à Argenteuil achieved a 5.62% eﬀecve rate of return (ERR) on an annualized basis. Waterloo Bridge, temps couvert achieved an impressive 14.25% return aer a 16-year holding period.

Potenal buyers should expect a reasonable degree of price stability over the long-term due to the well-established market for Monet’s works. Nevertheless, historically modest returns on resales of Impressionist art and a current strong market for Impressionist works in general indicate that signiﬁcant returns in the foreseeable future would be unlikely should the buyer of Eﬀet de neige à Limetz choose to resell the painng.

12. Market for Eﬀet de neige à Limetz Peer Group for Eﬀet de neige à Limetz

Year of Esmate Esmate Premium Title Medium Size Date of Sale Aucon Creaon (low), USD (high), USD Price, USD L'entrée de Giverny Height 65.3 cm.; Oil on canvas 1885 Dec. 1, 2006 Chrise's 800,000 1,066,666 1,882,666 sous la neige Width 81.5 cm. Height 65 cm.; Effet de neige à Limetz Oil on canvas 1886 May 2, 2006 Chrise's 3,500,000 4,500,000 BOUGHT IN Width 81 cm. Height 64.8 cm.; Effet de neige a Limetz Oil on canvas 1886 May 10, 2000 Sotheby's 1,000,000 1,500,000 2,865,750 Width 81.3 cm. Train dans la neige a Height 59.9 cm.; Oil on canvas 1875 Nov. 13, 1996 Chrise's 1,200,000 1,600,000 1,300,000 Argenteuil Width 81.5 cm. Height 55.6 cm.; NEIGE A AMSTERDAM Oil on canvas 1874 May 11, 1993 Sotheby's 500,000 700,000 442,500 Width 73.7 cm. La berge à Lavacourt, Height 55.1 cm.; Oil on canvas 1879 Nov. 11, 1987 Sotheby's 600,000 800,000 632,500 neige Width 73.9 cm. Route à Louveciennes, Height 55.9 cm.; Oil on canvas 1869-1870 Nov. 1, 2005 Chrise's 4,000,000 6,000,000 BOUGHT IN effet de neige Width 65.8 cm. MEULES, EFFET DE Height 65 cm.; Oil on canvas 1891-1891 Oct. 18, 1989 Sotheby's 6,000,000 8,000,000 8,525,000 NEIGE, LE MATIN Width 100.1 cm Height 65.1 cm.; Les Meules, Giverny, Oil on canvas Width 1889 May 1, 1996 Sotheby′s 6,000,000 - 7,152,500 effet du man 92.1 cm. Les Meules, Giverny, Height 65 cm.; Oil on canvas 1889 Nov. 15, 1989 Sotheby's 5,000,000 7,000,000 6,710,000 effet du man Width 91.9 cm. Les maisons dans la Height 66 cm.; Oil on canvas 1895 Nov. 2, 2005 Sotheby's 600,000 800,000 1,416,000 neige, Norvège Width 92.7 cm. Route de Giverny en Oil on canvas 65.5x81 1885 Jun. 24, 2009 Sotheby′s 4,771,553 6,362,071 6,308,953 hiver Sandviken, Norvège, Height 72.9 cm.; Oil on canvas 1895 Jun. 19, 2006 Sotheby's 1,388,888 1,851,851 2,088,888 effet de neige Width 91.9 cm. Route de Giverny en Height 65.5 cm.; Oil on canvas 1885 Jun. 24, 1998 Chrise's 2,949,370 4,096,350 BOUGHT IN hiver Width 81.5 cm. Route de Giverny en Height 65.5 cm.; Oil on canvas 1885 Nov. 28, 1989 Sotheby's 2,202,300 2,831,520 3,094,717 hiver Width 81.5 cm. Source: Skate’s Art Market Research, artnet N.B. Repeat sales indicated in blue

Year of Hammer Price, Premium Price, Holding Work Aucon Date of Sale ERR, % Creaon USD USD Period, Years Les Meules, Giverny, eﬀet du man 1889 Sotheby′s May 1, 1996 6,500,000 7,152,500 -1 5.5

Sotheby′s Nov. 15, 1989 6,710,000

Route de Giverny en hiver 1885 Sotheby′s Jun. 24, 2009 5,554,580 6,308,953 3 8.8

Sotheby's Nov. 28, 1989 3,094,717 Source: Skate’s Art Market Research

While the top ten highest priced Monet works (i.e., above $18,000,000) primarily date from the period between 1900-1926, the high-end segment for the arst in general (i.e., $6,000,000-15,000,000) is more representave of his career as a whole, with a major contribuon made by works dang from 1870-1890. The most valuable genre for these two decades is the landscape. In its catalogue note, Chrise’s stresses the fact that Eﬀet de neige à Limetz belongs to the speciﬁc genre of the snow landscape, although from a markeng perspecve simply calling the painng a “landscape” may have been a beer move, as works depicng winter subjects have generally performed less well at aucon.

The average price for works in the Eﬀet de neige à Limetz peer group is $3,534,956. Two works were sold above this level ($8,525,000 and $7,152,500), both of which depict the “meules” (haystacks). This subject tradionally commands higher valuaons at aucon (in the case of Monet this really maers, as another subject found to dramacally increase prices is the Nymphéas (water lilies)). Prices for other works have been considerably more moderate.

With higher esmates, we noce a greater frequency of unsold lots in this peer group, which has a buy-in rate of 20%

The low end of the Chrise’s esmate for Eﬀet de neige à Limetz corresponds with what can be considered a reasonable price range for the peer group, while the aucon house’s high esmate includes a certain degree of irraonal premium.

This May is the third me Eﬀet de neige à Limetz has been put up for aucon. In 2000, the buyer paid a signiﬁcant irraonal premium by exceeding the aucon house’s high esmate by more than $1.3 million (i.e., more than 80%). If sold at the high esmate this me ($3,500,000), the seller could achieve a strong return on the investment, although such a result is actually rather unlikely. During an aempted resale in 2005, $3,500,000 was the low end of the esmate range, and the aucon ended with a buy-in.

To understand what kind of a return Eﬀet de neige à Limetz will bring, we could look at the historical returns of repeat sales of Monet’s works. While one might be tempted to look at the repeat sales data on the top Monet works in Secon 11 above, this would be a mistake given that buyers in this price category rarely, if ever, are movated by the potenal investment returns on their purchases.

It would be more prudent, therefore, to look at the returns on repeat sales of works in the peer group - Les Meules, Giverny, eﬀet du man and Route de Giverny en hiver.

Though the two works diﬀer in their dates of resale (1996 vs. 2009), they were originally purchased at aucon in 1989 within several weeks of one another and share similar visual characteriscs. The returns seen on their repeat sales are also quite modest - -1% and 3%, respecvely.

Route de Giverny en hiver probably provides the best indicaon of how Effet de neige à Limetz will perform given the more recent sale date. June 2009, like this spring, saw considerable strength for Impressionist works vis-a-vis other categories of fine art. Furthermore, the “equity stories” of these two works are almost the same. In both cases, a high irraonal premium was paid on the purchase, although pre-aucon esmates were moderate. This irraonal premium was included in the esmates of both works on the first aempted repeat sales, both of which ended in failure. The esmate for Effet de neige à Limetz has been reduced, although this is unlikely to have been caused by weak confidence in the market; rather, the short period between the sales suggests a certain degree of urgency to liquidate an asset). The esmate for Route de Giverny en hiver was, on the contrary, increased (the low esmate was set above the previous high esmate), although the economic condions were measurably worse last summer than they are now. Route de Giverny en hiver sold within near its high esmate for $6,308,953, which translates into an annualized effecve rate of return (ERR) of 3%.

These stories arguably reveal the reason behind the price growth seen in the peer group. The buyers who were induced to pay high irraonal premiums quite likely want to recoup their investments. Subsequent buyers are ready to pay such amounts, and as a result, the peer group shows growth in value. Given this appreciaon trend we would argue that Eﬀet de neige à Limetz, although slightly overpriced, is sll a reasonable investment target. Recent sales in the peer group suggest that even bidding within the high end of the esmate range can sll be a reasonable strategy in terms of acquiring an aﬀordable asset, although only by purchasing toward the lower end will buyers have room for decent returns should they seek to resell in the future.

Peer Group Analysis

Average Premium Price, USD $3,534,956

% Bought In 20%

Average Esmate* 3,120,686

Average Variance** +13.3%

# Repeat Sales (including sales where work is bought in) 4

Average ERR 1% *Average mid-range esmate (USD), pre-aucon **Average variance between selling price and mid-range esmate Source: Skate’s Art Market Research

Although this report does not assign a specific valuaon or valuaon range, Skate’s approach to art valuaon is based on the applicaon of Skate’s Art Asset Pricing Model (AAPM), which can be used to define a valuaon range for an artwork based on the valuaon range of comparable artworks (i.e., a peer group). An adjustment can be made using a provenance factor (i.e., a discount rate that varies between 0 and 1 and captures all the risks pernent to the art asset, including authencity, tle and transport restricons) and irraonal premium reflecng personal affecon of a potenal buyer and the individual artwork.

We have not esmated an irraonal premium that can be added to this artwork (i.e., an esmate on how much a buyer may be willing to pay beyond the fair value), which can dramacally aﬀect an artwork’s ﬁnal selling price. We believe, however, that the aucon’s suggested pricing range for an artwork does generally imply that a buyer may be willing to pay an irraonal premium amounng to 20% more than the price levels of comparable artworks (i.e., the peer group discussed above).

14. Skate’s Artwork Risk Rang Scale

Skate's Artwork Risk Rang Scale consists of three major parts: Investment Quality (Grade), Speculave Quality (Grade) and Non-investment Quality (Grade).

The formaon of peer groups for use in Skate’s Artwork Background Reports varies considerably depending on the arst and the size of the sample. In general, all peer groups are limited to a single arst and medium. The peer groups used by Skate’s contain works by only one arst for the reason that the inclusion of more than one name would represent a subjecve judgement that would inevitably lead to skewed pricing results in the peer group.

Once an inial sampling of works is obtained, peer groups are narrowed by year of creaon (or range of years), subject and, in some cases, size.

Although in pracce there is no standard number of works included in the peer groups used by Skate’s, experience has shown that groups of 5-15 works tend to be the most eﬃcient when it comes to showing the market dynamics for a given work.

16. Disclaimer

This report is not an appraisal, condion report or authencity report. It has been prepared using publicly available sources of informaon and without seeing or otherwise examining the actual artwork. Upon request, Skate’s is able to provide addional research into provenance and other aributes, as well as to secure access to the paperwork necessary for compleng due diligence on tle quality and preparing a more accurate valuaon range. In certain circumstances, Skate’s is able to arrange for a full authencaon of the artwork.

Skate’s Art Market Research is an independent art investment research provider that is majority owned by IndexAtlas Group (www.indexatlas.com).

Neither Skate’s nor IndexAtlas Group are involved in or have otherwise vested interest in any art trade or art assets.

Skate's, LLC believes that the informaon in the report is reliable, but it does not guarantee, and has not independently verified, its accuracy. Skate's, its affiliates, and any third party providers, as well as its and their managers, directors, officers, shareholders, employees or agents (each a "Skate's Party") do not guarantee the accuracy, completeness and meliness of the informaon in the report or any valuaon or opinion stated in the report (which informaon, valuaons and opinions are referred to as the "Content"). Skate's provides the Content on an “as is” basis. EACH SKATE'S PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any Skate's Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punive, special or consequenal damages, costs, expenses, legal fees, or losses (including, without limitaon, lost income or lost profits and opportunity costs) in connecon with any use of the Content even if advised of the possibility of such damages.