W a l t z e r LLC 200 W Houston Street New York NY 10014 _______________ Tel 212 675 4949 Fax 212 675 5279 [email protected] August 24, 2017 D’Airain Corporation 4195 Dundas Street West, Suite 337, Toronto, Ontario, Canada M8X 1Y9. Attention: Mr. Gordon Arnold Dear Mr. Arnold, You have asked me to estimate the value of 19 works in the D’Airain Collection, which you presently own, and substantiate my opinion in the text. While I am a “Certified” appraiser for the AAA, this is not an appraisal. I am familiar with these works. It is my understanding that the plasters from which these works were cast, originated with the Georges Rudier Foundry. Upon the close of the Rudier Foundry, the Musée Rodin, which holds the droit morale from Rodin, sued to have the foundry plasters returned. The Musée Rodin lost the suit after a lengthy trial, and the plasters were sold to the publisher of the enclosed bronzes. These works were exhibited at the Royal Ontario Museum around 2000 or 2002. It is my understanding that the plasters were authenticated by David Schaff, Ph.D. and Jacques de Caso, Ph.D. two experts in the field who pronounced them authentic. I do not authenticate works of art. However, within this group, one finds major works, Le Penseur, as well as works of very modest significance, The Hand of Rodin Holding a Feminine Torso. It leads me to believe that these works are authentic, and the specified provenance, accurate. Hence, I valued them as though they are real but not cast by the customary foundries. The value of a Rodin bronze is directly aligned to the strength of its provenance and a casting date prior to Rodin’s death in 1917. First casts, essentially, the “artist’s proof”, which can be substantiated, bring exponentially higher prices than works cast by the Musée Rodin in the 1970’s. Rodin was very successful and preferred not to number his casts. Hence the date of the cast, before or after 1917, is not easily verified without documentation. Auction houses would not sell works that were not lifetime casts. That stricture has been set aside as the audience for Rodin sculpture has expanded, and the market has generally accepted posthumous casts without reservations. Rodin worked predominantly with the Rudier Foundry. He also worked with Griffoul et L’Orge, Barbedienne, and a few others. The Musée Rodin works with Coubertin Foundry. The foundry plays a role in the valuation of the works. Casts by lesser known foundries bring lesser values. Equally, Rodin made numerous studies for his works, the monument for Balzac for example. Most of the studies, whose only failure was in not being chosen to represent Balzac, were not cast in his lifetime. They were cast posthumously by the Musée Rodin and succeed at auction. Rodin worked primarily in clay. The clay figure was given to a moldiste who returned it in plaster. In unheated Paris, clay might freeze and break. Rodin reworked the plaster, often making several versions. He worked in a size that was convenient. As demand for his works grew, he turned them over to a specialist who reduced or enlarged the sculpture under Rodin’s supervision, enabling him to sell different sizes of the same sculpture for varying prices. He also cannibalized his pieces using the head of famous works as a bust. While Rodin was able to work in marble, he employed stone carvers to render his bronzes in marble for a customer. The market values have not been affected by this. I am informed that the subject editions are cast from authentic foundry plasters originating with Georges Rudier, cast by a lesser known foundry, not generally associated with Rodin or with the Musée Rodin and not cast in the artist’s lifetime. Therefore, I have discounted proportionately, often as much as 90 percent. I have set my estimated values based upon auction records. I have given a rationale for my decision in each instance. Under the French law a work of art is limited to seven editions and one artist’s proof. Rodin inevitably chose to ignore it; however, there are only seven Great Thinkers, and an eighth on Rodin’s grave. Where will you get another? Working on a piece by piece basis I estimated the value of the 19 Rodin enclosed herein at US$ 8,730,000. This letter reflects my true opinion based upon the annotated research, which I have enclosed. I make no other justification for my expertise. My liability extends only to the fee which I have been paid. It does not represent proof of ownership, nor does it constitute proof of authenticity. It does not sanction any sale. This document is for the specific use of the D’Airain Corporation, and Mr. Gordon Arnold and does not allow for publication, in any context except by my express written permission, nor can it be relied upon by any other party as it shall be inappropriate to their purpose. This is a unified document, and no one part may be used without all parts. Please note that this is the intellectual property wholly owned by Stewart Waltzer LLC. Right to use this property is granted by license upon payment. Cordially, Stewart Waltzer D’Airain Collection Valuation Report: Bronzes exhibited at the Royal Ontario Museum in Toronto circa 2000-2002 Schedule A – Valuation Justification Title: 1. The Great Thinker, 1880 Description: Thinker (enlarged 1902-04) 79” x 51 ¼” x 55”, 183 x 180 x 141 cm, Signed right side of base A. Rodin, Bronze Tancock 3-b, P. 115 References: Tancock P.111 The Thinker belongs to a group of works done in 1880-1881 in which the influence of Michelangelo is particularly apparent. Its indebtedness to Michelangelo’s Il Penseroso has been pointed out by numerous commentators and had been noted by the foundry workers. The resemblance to Michelangelo’s Jerimiah from the Sistine ceiling has also been noted. Rodin was undoubtedly impressed by the brooding power of these figures, but he was probably more directly influenced by a nineteenth-century work which was also indebted to Michelangelo, Carpeaux’s Ugolino. In fact, he possessed a bronze cast of one of the preliminary studies for Ugolino. The strained pose of Rodin’s Thinker with the right elbow on the left knee is closer to the agitated contrapposto of Carpeaux than to the calm immobility of Michelangelo. Notes: The auction literature does not possess an example of the Great Thinker, as only 8 were cast. 7 are now held in museums, and one is on Rodin's grave. It is among the best-known icons of 20th-century sculpture second only to Michelangelo’s David. I cannot imagine that a Great Thinker with a reasonable provenance would sell for less than $3M. Its acquisition would be a formidable coup for any institution or private collection. The records for the Medium Thinker, however, are particularly vivid regarding the value. The Great Thinker, 1880 Estimated Value: USD $3,000,000 D’Airain Collection Great and Medium Thinkers Stewart Waltzer Company Page 2 D’Airain Collection Valuation Report: Bronzes exhibited at the Royal Ontario Museum in Toronto circa 2000-2002 Title: 2. The Medium Thinker, 1880 Description: 27 1/8 x 15 /34/ x 19 ¾ inches, 73 x 45 x 56 cm; Signed left side of base: A. Rodin, Bronze. Tancock 3-a P. 113. References: Tancock P.111 The Thinker belongs to a group of works done in 1880-1881 in which the influence of Michelangelo is particularly apparent. Its indebtedness to Michelangelo’s Il Penseroso has been pointed out by numerous commentators and had been noted by the foundry workers. The resemblance to Michelangelo’s Jerimiah from the Sistine ceiling has also been noted. Rodin was undoubtedly impressed by the brooding power of these figures, but he was probably more directly influenced by a nineteenth-century work which was also indebted to Michelangelo, Carpeaux’s Ugolino. In fact, he possessed a bronze cast of one of the preliminary studies for Ugolino. The strained pose of Rodin’s Thinker with the right elbow on the left knee is closer to the agitated contrapposto of Carpeaux than to the calm immobility of Michelangelo. Notes: The records for the medium version of the Thinker are particularly vivid regarding value: Title: Le Penseur, taille de la porte dit moyen modèle; Description inscribed A. Rodin; inscribed with the foundry mark Alexis Rudier fondeur Paris; Medium bronze, Year of Work 1880, Printing/Casting 1919 – 1925. Size Height 28.1 in. / Height 71.5 cm. Misc. Signed, Inscribed. Sale of Sotheby's London, Tuesday, February 3, 2015 [Lot 00014], Impressionist & Modern Art Evening Sale: Estimate 3,000,000 - 4,000,000 GBP (4,537,891 - 6,050,522 USD) Sold For 6,309,000 GBP Premium (9,543,186 USD) HALF SIZE Petite modele; Le penseur, petit modèle; Description inscribed A. Rodin, with the foundry mark A. Rudier. Fondeur. Paris; Medium bronze, Year of Work 1903, Printing/Casting Circa 1905, Size Height 15 in. / Height 38 cm. Misc. Signed, Stamped. Sale of Sotheby's London: Wednesday, February 5, 2014 [Lot 00041], Impressionist, Modern & Surrealist Art Evening Sale: Estimate 3,000,000 - 5,000,000 GBP (4,891,570 - 8,152,617 USD): Sold For 4,114,500 GBP Premium (6,708,788 USD) Le Penseur; Description Signerad A. Rodin, även signerad invändigt A. Rodin; Gjutarstämpel Alexis Rudier, Fondeur, Medium bronze w/brown patina; Year of Work 1880-1881; Printing/Casting 1915 – 1925; Size Height 15 in. / Height 38 cm.