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 Loca=on: New York Aucon Name: Impressionist/Modern Evening Sale Lot: 61 Aucon Date: Tuesday, May 4, 2010 Aucon Es=mate: $2,500,000 - $3,500,000 Source: Courtesy of Chrise’s. Skate’s, LLC, Copyright ©2010 2 Report 9-CM-001 Client 0010 May 3, 2010 2. Skate’s Investment Summary 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. Skate’s, LLC, Copyright ©2010 3 Report 9-CM-001 Client 0010 May 3, 2010 3. Skate’s Artwork Risk Rang 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. Skate’s, LLC, Copyright ©2010 4 Report 9-CM-001 Client 0010 May 3, 2010 4. Brief Biography of Claude Monet 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. Skate’s, LLC, Copyright ©2010 5 Report 9-CM-001 Client 0010 May 3, 2010 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 Skate’s, LLC, Copyright ©2010 6 Report 9-CM-001 Client 0010 May 3, 2010 5. Public Collec=ons 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.