9/23/2016

Ex Sotheby's CEO to Invaluable


The Wall Street Journal is reporting that Bill Ruprecht, the ex CEO of Sotheby's will not become the chairman of the advisory board at Invaluable. Ruprecht left Sotheby's in 2014 after a yearlong battle with hedge-fund manager Daniel Loeb.

The Wall Street Journal reports
The art world hasn’t heard much from Bill Ruprecht since the longtime Sotheby’s chief executive stepped down almost two years ago following an activist shareholder revolt.

Mr. Ruprecht’s departure in late 2014 capped a turbulent, yearlong campaign by hedge-fund managers such as Third Point’s Daniel Loeb to transform the auction house into a leaner, more-profitable company. Mr. Loeb criticized Mr. Ruprecht directly in a letter he released publicly before eventually calling a truce and joining the board.

After he left, Mr. Ruprecht largely disappeared from global art circuit, advising a few collectors on their art buys but otherwise remaining absent as the auction house he helmed for 14 years hired a new leader, Tad Smith, and underwent roiling changes.

Friends said Mr. Ruprecht mostly went fishing—in Alaska and elsewhere—and rarely came home to Greenwich, Conn., preferring to travel.

“The art world is a hothouse, and I purposefully tried to get a little distance from it,” Mr. Ruprecht said Wednesday, in his first interview since his departure, “but I keep getting drawn back in.”

Now, the 60-year-old Mr. Ruprecht will become chairman of the advisory board of Invaluable, a privately held online art venture based in Boston that for the past seven years has used a modified electronic-trading platform to facilitate online bids in auctions. This year alone, it plans to take part in more than 17,000 live sales originating in more than 4,000 auction houses, galleries and e-commerce outfits around the world—including eBay Inc., Sotheby’s and Phillips. Sotheby’s chief rival, Christie’s, uses its own click-to-bid platform.

Using a model similar to design clearinghouse 1stdibs, Invaluable is best known for charging auction houses—from Latvia to Nigeria to Vietnam—a $650 fee to post offerings for any coming sale on its mothership site. Before each sale, Invaluable alerts potential bidders to offerings that might appeal to them based on their requested items or past purchases and allows them to bid in real time during the sales; afterward, Invaluable charges buyers a 5% commission on any winnings.

When Mr. Ruprecht stepped down from Sotheby’s, the art market was riding high. Now, he’s wading back into the auction arena at a time when the top of the art market is slumping. This fall, he said he expects to see “continued reductions from the historic highs” seen at auctions a couple of years ago, in part because he doesn’t think the major houses will offer risk-offsetting sweeteners to potential sellers as they once did. The online art marketplace is also fractured by startups such as Artsy, Paddle8 and Auctionata.

Instead of prying away masterpieces from wary billionaires, the auction executive said his new role will allow him to focus on winning over millennials, who increasingly are doing more of their art shopping online.

According to a report issued earlier this year by insurer Hiscox, $3.3 billion worth of art changed hands online last year, up 24% from the year before. Dallas-based auctioneer Heritage Auctions, which is known for selling collectibles such as coins and memorabilia, sold $344 million in online art last year—more than tripling Sotheby’s online total for the period and a sign collectors till may feel confident competing at price points below $500,000.

Rob Weisberg, Invaluable’s CEO, said the company is on track to top $350 million in online sales this year. He said that besides adding Mr. Ruprecht, the company’s biggest initiative of the year was to rejigger its platform to add a fixed-sale feature so galleries could join in, posting their offerings and allowing shoppers to “click to buy.” The fee for galleries is $500 a month; the buyers’ commission remains 5%.

Mr. Weisberg said 175 galleries have signed up already, including New York’s Paul Kasmin Gallery, but he hopes Mr. Ruprecht’s arrival will convince more blue-chip dealers to join, he said. “Dealers are continually looking to extend their reach to new buyers, which we have,” he said.

Mr. Ruprecht’s art-world re-entry appears relatively smooth so far. Even as he clicked through cellphone photographs of some rainbow trout he hooked in Alaska last week, he said he planned to attend Andy Warhol dealer Alberto Mugrabi’s wedding this weekend at the Hotel du Cap-Eden-Roc in “I’ll be there with 600 of my closest friends,” he said.
Source: The Wall Street Journal


9/22/2016

New Rules for Charitable Remainder Trusts


I am not sure I can properly condense this information from Forbes, so best for those interested in the changes to Charitable Remainder Trusts (CRTs) and CRUTs and CRATs to read through and digest. In any event the CRT is a way to defer taxes and can be used with fine art.

Forbes reports
Art and collectibles are subject to a 28% long-term federal capital gains rate, compared to a top rate of 20% for stocks and other investments assets.  Add on the 3.8% Net Investment Income Tax and state and local income taxes, and a New York City collector can end up paying up to 44% on gains; a California collector could pay up to 45%.

So understandably, collectors are always looking for ways to mitigate this tax burden. A new IRS Revenue Procedure  makes using certain charitable remainder trusts (CRTs) as vehicles for tax deferral more viable for art and collectibles.  Moreover, this change comes at an opportune time, what with the Federal Reserve expected to increase interest rates later this year. (Charitable remainder trusts are most effective in higher interest environments.)

The dual benefit of CRTs

The name “charitable remainder trust” suggests a charitable component, and not surprisingly, CRTs are typically used by those who are both charitably inclined and want to sell a highly appreciated asset without paying a big capital gains tax bill. If appreciated art is sold outright by an art collector, the collector would owe income tax on the gain in the year of the sale.  By contrast, if a CRT sells the appreciated art, the gain is taxed over time as distributions are made from the CRT. Meanwhile, the CRT, which is itself generally exempt from state and federal income taxes, can reinvest the full amount of sale proceeds unreduced by taxes.  Additionally, in the year the CRT sells art, the collector can take a charitable deduction on his individual income tax return — a deduction based on the remainder value of the CRT that is projected (based on formulas dictated by the IRS) to be left for charity.

How a collectibles CRT works

Typically, a collector transfers art to the CRT and the CRT’s trustee sells that art, reinvesting the proceeds in a portfolio of stocks and bonds.  As noted above, the initial transfer of art to the CRT and the subsequent sale of the art will not result in a current capital gains tax bill for either the art collector or the CRT.

The CRT then makes a series of annual payments to a non-charitable beneficiary, usually the art collector who created the trust (or a family member) for his or her life or for a term of years.  The annual payments to the art collector or family member will be made from the CRT’s portfolio of assets, and the amount will vary depending on the structure of the CRT.

A CRT structured as a unitrust (or CRUT) pays an annuity equal to a fixed percentage of the net fair market value of the trust’s assets, as valued annually. (The percentage paid must be at least 5% but not more than 50%  of the trust’s value.)  If the value of the assets increases, the annual payments from the CRT will increase, and if the value of the assets decreases, the annual payments from the CRT will decrease.  By contrast, a CRT structured as an annuity trust (or CRAT) pays a fixed dollar amount equal to at least 5% but not more than 50% of the initial appraised net fair market value of the art or collectible transferred to the trust.

At the end of the CRT term, all remaining trust assets are paid to a charity or charities, chosen by the art collector who created the CRT, and the trust terminates.  By law, when the CRT is formed, the projected actuarial value of the remainder interest (that is, what’s being left to charity) must be at least 10% of the initial net fair market value of the trust.  Thus CRTs end up being a win for both charity, which receives at least 10% of the initial net fair market value of the art, and the collector, who receives tax benefits.

The key rule change by the IRS

Prior to the release of IRS Revenue Procedure 2016-42 in August, low interest rates have made qualification of a CRT with an annuity trust structure (a CRAT) difficult, if not impossible, for those under the age of 74 to create.  This was due to a rather arcane IRS rule referred to as the Probability of Exhaustion Test.  Under that test, if the probability of exhausting the entire trust fund before the charity receives it’s share is greater than 5%, the CRAT would not qualify.  (By definition, a CRUT, which pays only a percentage of what’s in the trust each year, can be designed so it won’t run out of assets.)

But the new Revenue Procedure opens the door to long-term charitable remainder annuity trust planning for those under age 74 by providing an alternative test.  A CRAT isn’t subject to the Probability of Exhaustion test if it contains a provision that triggers the early termination of the CRAT and an immediate distribution of all trust assets to the charitable remainder beneficiary if the total value of the trust’s assets falls below a certain level. In other words, under the Revenue Procedure, the CRAT would have to maintain a minimum amount of funds for charity.  If the trust assets fall below this amount, the trust must terminate.  That minimum amount is equal to 10% of the starting value of the trust, increased at the IRS assumed rate of interest (currently 1.4%).

Federal interest rates matter

As state and federal tax rates for art and collectibles remain high and adjustments to federal interest rates are being considered, it is an opportune time for charitable remainder annuity trusts to surface as an option for collectors.  CRTs are tax-exempt so the tax deferral benefit is greater when tax rates are high.  Additionally, charitable remainder annuity trusts for art and collectibles become a more attractive structure as interest rates rise.  That’s because higher interest rates translate into a larger tax deduction for donors, which increases the tax benefits of using a remainder trust.  As we wait to see what happens with federal interest rates in the coming months, it is worth keeping this new IRS Revenue Procedure in mind.
Source: Forbes


9/21/2016

Warhol Biopic Movie Announced


How about a little entertainment news, The Hollywood Reporter is reporting that actor Jared Leto will co-produce and star in a biopic about Andy Warhol. The team involved seems like a good one, so hopefully when (if) released it will be entertaining. The film will be based on the 1989 book Warhol: The Biography.

THR reports
The actor also will produce the film alongside Michael De Luca, with Terence Winter set to write the screenplay.

Jared Leto, Michael De Luca and Terence Winter are teaming to tackle the life of Andy Warhol, the famed pop art artist whose blend of art and commerce made him a household name.

Leto will portray the artist in the biopic, titled Warhol, as well as produce it, along with De Luca, the producer whose credits include such Oscar-winning and -nominated true-life tales as The Social Network and Captain Phillips.

Winter, the Boardwalk Empire creator who wrote The Wolf of Wall Street, will pen the screenplay, using the Victor Bockris 1989 book, Warhol: The Biography, as a jumping-off point. (Leto and De Luca jointly acquired the rights to the book, having had a desire to partner on a project for some time now, according to sources.)

Warhol stormed the art world in the 1960s with works that elevated American consumerism to artistic heights, showing that even Campbell’s soup cans, Coca-Cola bottles and celebrities can be spun into art.

Openly gay before such a thing was accepted, Warhol created an art studio called The Factory that attracted swaths of New York society (not to mention an unbalanced person or two, as one artist nearly killed Warhol when she shot him in 1968) and cranked out art ranging from silk screens to films to music. Warhol himself managed Lou Reed’s Velvet Underground for a while. In later years, he was a fixture in New York’s famed Studio 54 nightclub scene and mentored a new generation of artists, such as Jean-Michel Basquiat, before dying in 1987.

READ MORE
Jared Leto Joins Ryan Gosling in 'Blade Runner' Sequel
Warhol was a hypochondriac who, according to friends and acquaintances, vacillated between a cold and shallow person — sometimes quiet, sometimes the center of attention — to a brilliant eccentric who wore wigs and even went to hairdressers to have them cut.

The part seems tailor-made for Leto, who won an Oscar for playing a gay man dying from AIDS in 2013’s Dallas Buyers Club and drew legions of fans for his take on Batman’s insane villain The Joker in this summer’s Suicide Squad. (The actor currently is filming the untitled Blade Runner sequel being directed by Denis Villeneuve.)

The project also plays to De Luca’s strengths of translating real-life figures to the screen. In addition to adapting the lives of Mark Zuckerberg and Captain Richard Phillips, he brought Oakland A’s coach Billy Beane’s story to screens with the Brad Pitt drama Moneyball. (His next movie heads in the opposite direction: Fifty Shades Darker, the sequel to S&M romancer Fifty Shades of Grey.)

Leto, producing via his Paradox production shingle, and De Luca, producing through his Michael De Luca Productions banner, are not aiming for a low-budget indie with Warhol but rather a strong mainstream project with prestige credentials.

Part of that prestige comes from scribe Winter, who was Oscar-nominated for writing Wolf of Wall Street and won Emmys for working on The Sopranos and was nominated for Boardwalk Empire. He last co-created HBO’s Vinyl.

Leto, De Luca and Winter are all repped by CAA, which helped to broker the deal.
Source: The Hollywood Reporter 


9/19/2016

Cracks in the Contemporary Art Market


Bloomberg has an interesting article about the fall in value of works by abstract artist Hugh Scott-Douglas. The contemporary art sector has long been one with an investment component, where flipping for short term gains is not unusual. That is good when the trends are moving upward, but can rather detrimental, with drastic fall offs when trending downward.

Bloomberg reports
Art dealer and collector Niels Kantor paid $100,000 two years ago for an abstract canvas by Hugh Scott-Douglas with the idea of quickly reselling it for a tidy profit. Instead, he is returning the 28-year-old artist’s work to the market this week at an 80 percent discount.

Such is the new art season. At auction houses in London and New York, sellers are preparing to bail on their investments after the emerging-art bubble burst and the resale market for once sought-after artists dried up.

“I’d rather take a loss,” said Kantor, who is offering the Scott-Douglas work at the Phillips auction in New York on Sept. 20. “I feel like it can go to zero. It’s like a stock that crashed.”

Prices for works by young artists such as Scott-Douglas and Lucien Smith soared with the auction market in 2014, sometimes reaching hundreds of thousands of dollars, when they were traded like bull-market tech stocks. But since auction sales began to drop in late 2015, the emerging names have been hit especially hard. Sales by some artists are down 90 percent or more as the glut of work and nosebleed prices scare away buyers.

That’s because speculators purchase art to resell it, not to keep it.

‘Economics 101’
“When those speculators realize that there is no end user at a higher price, then they scramble to sell the work before they lose everything,” said Todd Levin, director of Levin Art Group, who advises collectors. “The demand is driven by greed, the selloff by fear. It’s Economics 101.”


Today’s market is a far cry from a few years ago, when young artists churning out process-based abstract work presented opportunities for outsize returns.

The works were often created by artists still in their 20s. Smith saw a painting he made while an undergraduate at New York’s Cooper Union fetch $389,000 at Phillips in 2013, two years after it was purchased for $10,000.

This week, estimates for three Smith pieces are as low as $7,000. One, from the series he made by spraying more than 200 canvases with paint from a fire extinguisher, is estimated at $12,000 to $18,000. A bigger spray work sold for $372,120 two years ago.

“This whole year has been a big readjustment, a much-needed one, like a chiropractic session,” said Timothy Blum, co-owner of Blum & Poe Gallery in Los Angeles, New York and Tokyo. “It can hurt, but you come out on the other end better than before.”

Scott-Douglas’s untitled canvas, one of several resembling a sheet of blueprint grid paper, is estimated at $18,000 to $22,000 at Phillips’s “New Now” sale. The work was part of the artist’s sold-out exhibition at Blum & Poe in 2013, when it garnered $25,000.

‘Drunk’ Traders
Kantor acquired the work privately in July 2014. Four months later, a similar piece from the series went for $100,000 at Christie’s. Kantor expected the prices to keep surging, but in February 2015 another canvas from the same series failed to sell at auction.

“I feel like we were a little bit drunk and didn’t think of the consequences,” he said. “Then the bottom fell out. Everyone got stuck with their pants down.”

Before consigning his piece to Phillips, Kantor tried selling it privately for a year -- through Blum & Poe, the work’s former owner, even on EBay. At one point he was asking $50,000 but couldn’t get an offer.

“There are certainly some cases where people have paid more at the height of the market,” said Rebekah Bowling, head of the Phillips sale. “We are in a market where we have to be conservative. Everyone is very price conscious.”

As a result, auction estimates often not only are down from the heyday, but also below primary market prices. At Phillips, more than half of the 204 lots are estimated below $10,000.

Still, dealers representing Scott-Douglas in the U.S., the U.K. and Hong Kong say they continue placing his newer works through the gallery market, which is more stable. His collectors include billionaires Francois Pinault and Eli Broad as well as Japanese artist Takashi Murakami.

“No one is folding tent because auction prices have declined,” said Casey Kaplan, whose gallery is opening the artist’s solo exhibition in New York next month. Prices for fresh works by Scott-Douglas range from $25,000 to $80,000.

There are several reasons to sell low, according to Kantor.

‘Supply Chain’
“Some people are looking for a tax loss. Some people didn’t pay much. Some people bought for an investment,” he said from Los Angeles. “These are large works. You are paying storage and insurance.”

Keeping estimates modest could help set up a new bullish cycle, said Stefan Simchowitz, the Los Angeles entrepreneur known for buying in bulk from young artists on behalf of clients and for his own collection.
“I am going to be extremely active in the auction market as a seller and a buyer,” said Simchowitz, who owns 3,500 artworks.

At Phillips, Simchowitz is parting with a piece by Lucy Dodd, an artist he said he isn’t able to collect in depth. The work, made of rope strands hanging off a horizontal wooden bar like a curtain, may bring $10,000 to $15,000. Dodd’s auction record of $37,500 was set in May, shortly after the Whitney Museum of Art displayed her large-scale paintings made with materials such as fermented walnuts.

“I want to create a supply chain of work at lower price points so that people can come in again and start buying opportunistically,” Simchowitz said. “People can say: ‘I don’t have to worry about losing this money.”’
Source: Bloomberg


9/18/2016


The CEO of Invaluable was recently interviewed and discussed the art market and buying art and antiques online. The six points he mentions to be a smart online buyer are:

  • check condition and quality
  • Understand the artist
  • Know the seller
  • Understand the pricing
  • Patience
  • Love 
If you're interested in exchanging your hard-earned money for work of art that hangs from your wall, the internet is a great place to start browsing for your masterpiece. With so many online art galleries popping up, it's never been easier to access high-quality original art from all over the globe to start your collection. But be warned: just because you can discover pieces more easily doesn't mean you can skip doing your due diligence. It's still up to you to be a smart buyer.

To learn how, we spoke to Rob Weisberg, CEO of Invaluable, a top online marketplace for fine art, antiques, and collectibles from the world's most prestigious auction houses, galleries, and dealers. As an expert in the field, Rob gave us some priceless tips on the basics of online art shopping you need to know to set your yourself and your budding gallery up for success.

Quality and Condition

Don't be shy when it comes to asking for information on a piece you're interested in. From the state of the canvas to the condition of the medium, read the description carefully. If anything is missing or unclear, reach out to the seller. A reputable dealer should be able and willing to provide answers. "Ask the auction house or gallery for a condition report, and make sure there is a certificate of authenticity," advises Rob, who says it's critical do your research before buying or bidding. He recommends using Invaluable's database to find critical background info, such as when the piece last sold and what it sold for.

Artist
When investing in a pricier piece you hope will appreciate in value, it's important to understand who the artist is and what his credentials are, like research topics such as where he lives, what positions he's held, galleries he's exhibited at, publications he's been featured in, and honors he's received. These can be indicators of past success and future potential.

For more contemporary artists, you can check out their social media profiles on everything from Artsy to Instagram to get an idea of how popular they are and, depending on how far back their accounts go, whether they're the trend of the moment or have been around a while.

Seller
Whether you're buying directly from an artist or shopping through a gallery, know your seller. A reputable seller will not only have positive reviews and feedback, but will also be willing to procure proper documentation for a piece. You should insist on a certificate of authenticity, and be sure to store it safely with your invoice. If you go to sell or insure your piece down the road, having proof of provenance could save you a huge headache.

Asking Price
It's important to understand how art is priced, so as to know if what is being asked is reasonable. It's also wise to set a budget, but leave room to spend a little more since pieces can range wildly in price. The artist, provenance, condition, amount of time a piece took to create, and its medium, or the materials the piece was created with, all heavily influence the asking price; for example, Rob notes, "It's important make sure you understand the medium that you're purchasing. Is it an original painting? Is it a print?" A print should cost significantly less than an original painting, and knowing this is a big part of understanding pricing — and avoiding being ripped off.

Patience
Don't rush into buying a piece out of fear of missing a good deal. Wait until you find something you're truly passionate about and feel good about buying. "If you like a particular artist or style of art, sign up for artist and keyword alerts with Invaluable," says Rob. "You'll get automatically notified when an item you might be interested in becomes available, either at an auction or through one of our partner galleries."

Love
Even if you do all of the above, at the end of the day, you haven't gotten a good deal unless you've purchased something you truly love. "I always recommend that you buy what you love. While art can be a great investment, you should ultimately buy something that you'll enjoy displaying and looking at every day," says Rob.
Source: Popsugar


9/16/2016

Foreign Cultural Exchange Jurisdictional Immunity Clarification Act


The NY Times reports on Senate Judiciary Committee legislation, Foreign Cultural Exchange Jurisdictional Immunity Clarification Act which would protect works from seizure while on loan for exhibitions here in the U.S. Critics believe it will protect stolen works fro seizure. Museums believe if the law passes and protects works from seizure, more international works will find themselves for exhibits in the U.S. Works looted between 1933 and 1945 would be exempt from the protection and could be seized.

The NY Times reports
Legislation to safeguard international art loans will be taken up by the full Senate after years of criticism and complaints that the bill amounts to protection for plundered works.

On Thursday the Senate Judiciary Committee, with bipartisan support, approved the Foreign Cultural Exchange Jurisdictional Immunity Clarification Act. It would extend added protections to shield works from seizure while on loan for exhibitions in the United States.

American museum directors and their professional association have argued that foreign museums in countries like Russia are more reluctant to make loans because of costly ownership battles that could entangle foreign powers.

“It will help ensure that foreign governments are not discouraged from loaning works,” said Christine Anagnos, the executive director of the Association of Art Museum Directors, which supports the bill. Those art exchanges, she said, enable Americans “to experience works that they otherwise might not have a chance to see.”

The association has been the driving force since 2012 for such a bill, but the legislation stalled because of criticism that it could block efforts by owners to recover looted treasures that land in the United States. In the past, politicians sought to allay those concerns by exempting from the legislation any valuables taken by the Nazis in World War II.

Restitution groups are satisfied that the latest version exempts the descendants of the owners of art looted in World War II because it will not shield works looted from 1933 to 1945 by the German military or its allies. Also included is an exemption for works seized after 1900 by a foreign government against “members of a targeted group.”

Other groups, though, contend that the new bill offers significant new protections to Russia, because it could be argued that specific groups were not targeted when art was appropriated as government property during the Bolshevik Revolution.

“That’s a definition of genocide, and you could argue in court that the Russian Federation never committed genocide,” said Lang Eric Sundby, the president of the Holocaust Remembrance and Restitution Foundation, an educational group based in Oklahoma.

Russia has blocked art loans to the United States since 2010, fearing that works could be seized as a form of ransom because of a continuing legal battle in the United States with the Chabad-Lubavitch Hasidic movement over an archive of 40,000 books and manuscripts in the Russian government’s possession.

Chabad had sued for the archive in Russian court, but lost. The bill’s opponents contend that it will aid the Russians by “allowing exhibits of looted artworks and cultural property within the U.S., with no ability for a domestic claim to be made before U.S. courts,” Mr. Sundby said.

Legal protections already exist for art loans from foreign countries, but museums sought more safeguards after a federal court ruling in a 2005 case found that while those protections can prevent outright seizures, they do not block claimants from filing lawsuits to recover artworks.

The ruling followed a lawsuit by the heirs of the abstract painter Kazimir Malevich, who sought to recover paintings from the Stedelijk in Amsterdam while they were on loan for an American exhibition. The Dutch museum believed its State Department waiver protected the works from seizure. But the judge ruled that the family could still sue.

Ms. Anagnos said she could not predict how the bill would fare in the legislative process. Opponents have said that the bill now has broader political support and that they expect it will pass easily out of the Senate for a House vote.

“It’s a benefit for new material for museums,” said Pierre Ciric, an opponent of the bill and a New York lawyer who has pursued looted-art claims in the United States and France. “Attendance is down in U.S. museums, and they need this.”
Source: The NY Times 


9/15/2016

How to Be an Effective & Successful Appraisal Expert Witness at ISA Conference


During the ISA annual conference in March/April 2017 will be the opportunity to take the SEAK, Inc How to Be an Effective and Successful Appraisal Expert Witness.

The two day class will be on Thursday the 30th and Friday the 31st of March, 2017, and the annual conference starts on Saturday April 1 through Monday April 3 in Chicago at the Palmer House Hotel.

I have been wanting to take the class in the past and just never had the opportunity due to schedules. I dont plan on  missing this offering and have already singed up for the class at the bargain rate, early member discounted rate of $695.00. SEAK has a suggested registration fee of $1,300 for this two day program. ISA Member prices jump by $100 after October 31st. See the block quote for content of the class and the schedule.

SEAK has previously offered the expert witness class with other appraisal organizations, and with that, they are now well versed in what personal property appraisers what and need to get out of such a program.  In effect, it is designed not as a general expert witness class but as a personal property expert witness class. If you have ever been on the stand, or watch a fellow appraiser get cross examined by an opposing attorney, it would be wise and in your appraisal practices best interest to register for this class. I hope ISA and their educational planning team decides to provide additional and more advanced courses in the future for their appraisers.

Follow the below source link for more information and registration.

ISA reports on the program
How to Be an Effective & Successful Appraisal Expert Witness
Learn expert witnessing from A-Z. This is a customized training program specially designed for appraisers and presented for ISA by SEAK, Inc.The Expert Witness Training Company.

The course will feature numerous video examples of experts testifying in real cases. Also featured will be mock trial and deposition demonstrations utilizing volunteer attendees. The mock trial demonstrations will be based upon pre-submitted CVs and reports. This highly interactive program is appropriate for both novice and experienced expert witnesses.

Registration
Normally $1,300 for two days of training, ISA members receive a special discount. Early-Bird Rate - Ends October 31!

As this course is held in tandem with our Assets 2017 conference you should register via the Annual Conference registration form - select option Course Registration Only (does not include Conference registration).

Faculty
James J. Mangraviti, Jr., Esq., has trained thousands of expert witnesses through seminars, conferences, corporate training, training for professional societies such as the ASA, AAA, and NAJA, and training for governmental agencies including the employed fine art appraisals of the Internal Revenue Service. Jim is a former litigator who currently serves as Principal of the expert witness training company SEAK, Inc. (www.testifyingtraining.com). Mr. Mangraviti has designed dozens of expert witness training programs and has personally taught experts in a group setting over 200 times since 1997. He is the co-author of thirty books, including: How to Be an Effective Expert Witness at Deposition and Trial: The SEAK Guide to Testifying as an Expert Witness, How to Be a Successful Expert Witness: SEAK’s A–Z Guide to Expert Witnessing, and How to Write an Expert Witness Report.

Program
Day One – Thursday, March 30, 2017

8:00-9:00am                The Role of the Expert Witness in Civil Litigation

9:00-10:00am              What Successful Expert Witnesses Have in Common

10:15 – 11:15am         Mastering the Engagement Process and Drafting an Effective Retention Agreement

11:15am – 12:00pm    Setting and Collecting Your Fee

12:00-1:00pm              Lunch

1:00 – 2:00pm             Bulletproofing Yourself

2:00 – 3:00pm             Bulletproofing Your Opinions

3:15 – 4:30pm             How to Write a Persuasive and Defensible Report

Day Two – Friday, March 31, 2017

8:00 – 10:00am           How to Excel During Deposition

10:00- 10:15am           Break

10:15 – 12:00pm         How to Excel During Direct Examination

12:00-1:00pm              Lunch

1:00-3:00pm                How to Excel During Cross Examination

3:00 – 3:15pm             Break

3:15 – 4:00pm             How to Market and Grow Your Expert Witness Practice

4:00 – 4:30pm             Ethics and Risk Management

Fees
Members
$695.00 before October 31, 2016
$795.00 between October 31, 2016 and
Non-members
$795.00 before October 31, 2016
Source: International Society of Appraisers