Family of Art Dealer Killed by Nazis Sues Germany

ArtInfo is reporting that the family of Walter Westfeld is suing Germany over stolen and looted art during World War II. Westfeld was a Jewish art dealer in Germany and was killed in Auschwitz. Westfeld's family is now suing Germany for damages. The collection stolen by the Nazis is said to have contained works by Rubens, Hals, Van Dyck and many more. The collection is said to have had 100's of items, many of them the whereabouts are unkonw.

ArtInfo reports "The suit is unusual in that claimants generally sue for the restitution of specific artworks rather than damages. There are several hundred items and we don't know where they all are," Jeffrey Schoenblum, a lawyer representing the Westfield family, told Bloomberg. "It would be really difficult to locate all the works of art, which may be scattered around the world. We are suing the German government. It bears the legal and moral responsibility."

Monica Tatzkow, co-author of the restitution-case handbook "Nazi-Looted Art," has written a book about Westfeld's collection and will be published shortly.

To read the ArtInfo article, click HERE.

Picasso Painting Withdrawn from Sotheby's Sale

Carol Vogel of the New York Times is reporting that Picasso's 1909 cubist painting "Arlequin" has been withdrawn from Sotheby's November 3rd sale. The estimated sales price was $30 million, and according to the article Sotheby's did not offer a guarantee. Instead of the guarantee, Sotheby's agreed to allow the consignor to withdraw the painting from the sale, which has been done.

Vogel reports “Arlequin” (1909), which the auction house estimated at more than $30 million, was one of the most expensive works in a high-profile sale that will kick off the important fall art season. The painting is included in the catalog that was sent to potential buyers this month. “It’s been withdrawn for private reasons,” David Norman, a co-chairman of Sotheby’s Impressionist and modern art department worldwide, said late Monday. He was speaking on behalf of the seller, who could not be reached. It had been rumored for weeks that the work would be taken off the market because of fears that art prices were heading the way of the world financial markets.

To read the New York Times article, click HERE.

USPAP September Q&A's

The Appraisal Standards Board (ASB) has released the September, 2008 Questions and Answers document. Main topics for this edition of the ASB Q&A are:

• Sales History for New Construction

• Appraiser Coercion

• Confidentiality and Review Appraisers

• Copy of License in Appraisal Report

Click HERE to read the full September 2008 Q&A postings, and click HERE for a listing of all USPAP Q&A's for 2007/2008. .

Thomas Kinkade - Power Artist?

Christopher Knight of the The Los Angeles Times Culture Monster blog reports that Thomas Kinkade has made the list of Britain's Art Review Power 100. Knight questions if the inclusion of Kinkade in the power list is actually a joke. Lets hope it is.

The post is very short, so here it is in full with hot links:

The other day, Britain's ArtReview magazine issued its Power 100 list, a ranking of artists, dealers, collectors and assorted others who ostensibly "run the art world." While most attention focuses on who is at the top -- artist Damien Hirst, dealer Larry Gagosian and Museum of Modern Art associate director Kathy Halbreich came in at Nos. 1, 2 and 3 -- way more interesting is who brings up the rear.

Number 100 on the list is Sacramento-born Thomas Kinkade, 50, self-described "Painter of Light," whose treacle-plenty pictures of bucolic bliss have been cranked out by the hundreds over the years.

A joke from across the pond? Or a simple sign of the inescapable silliness of all such lists?

Either way, Kinkade seems to nicely bracket the Power 100.

Bonhams to be Regulated by Royal Institution of Chartered Surveyors

The British art magazine Antiques Trade Gazette is reporting that international auction house Bonhams has agreed to be regulated by the Royal Institution of Chartered of Surveyors (RICS).

Bonhams chairman Robert Brooks tells the ATG We have joined RICS’s regulatory regime because we believe the time has come to establish formal regulation within the international art auction industry,” he said. “We believe RICS to be the best-placed body to become auction-industry regulator, a responsibility it has already fulfilled to wide acclaim within the real estate world.”

The ATG article continues As well as ensuring the safety of all money held on behalf of clients, regulated firms must have professional indemnity cover, set up internal and independent external client complaints procedures and show a commitment to professional and technical standards and training.

According to the article, RICS has set up an independent regulatory board that will oversee and set general guidelines for auction houses to follow. It will be interesting to see if other auction houses follow the lead set by Bonhams.

ASA is associated with RICS in the US. I wonder if ASA is looking to assist auction houses self regulate and become more transparent.

Keep in mind that this action by Bonhams is voluntary, and is not a government sponsorship or regulatory requirement. Therefore, is it just a bit of dressing over and above current auction house regulations, or is it a serious attempt to bring transparency and a bit of protection to auction house consignors and clients? Bonhams is unique in the auction industry today as they claim to keep consignor funds separate from operating accounts. With that in mind, I believe their intentions in being regulated by RICS is a true effort in third party independent auction house regulation. I would also assume it to be better than total self regulation.

If the auction house is strong and financially viable, I can see this working out and being beneficial to the public. I can also envision an auction house that may have financial trouble backing away from such programs and regulations since it is only a voluntary initiative. I guess time will be the judge.

To read the full Antiques Trade Gazette article, click HERE.

Museums Concerned about the Economy

Carol Vogel of the NY Times is reporting that museum executives are concerned about the how the various financial issues will impact both visitors and patron donations. Current trends at some museums have seen growth of visitors over the past year. One with positive growth is the NY Museum of Modern Art with the Van Gogh exhibit Colors of the Night. But many museum executives are no so sure on the future. Many hope there will be clearer signs by the end of the year.

Vogel reports museums are bracing for the effects of an economic crisis that could change everything from the size and kinds of exhibitions a museum presents to the acquisitions it could afford and the merchandise it should offer in its shops.

There is concern about future donations, and government subsidy cuts, along with planning issues for exhibits, but there also is a large group of corporate donors who plan on continued giving to cultural causes during the economic stress. Vogel reports that many corporations point out that cultural philanthropy is not only a way of building good public relations with arts audiences but also a way to telegraph that they are still in business and confident.

So, I guess the news is mixed. But like any other business, museums have to adapt to the times, be it changes in public opinion, popular culture, financial boom or bust.

To read the NY Times article, click HERE.

Jan Lievens The Other Ducth Master at the National Gallery

The Wall Street Journal has a very good review of the Jan Lievens exhibit at the National Gallery of Art which opened on Oct 26th.

The WSJ states that Many of Lievens's works were long attributed to Rembrandt or inaccurately labeled "student of Rembrandt," but scholarly detective work is producing a more complicated portrait of the relationship between the two artists and a fuller picture of Lievens as a remarkable talent in his own right. This is a big show -- some 54 paintings, 39 drawings, and 39 prints -- because Lievens's output encompassed many genres and styles as the artist traveled from court to court and city to city.

To read the WSJ article, click HERE.

Tech Tip: 280 Slides

Don't have Microsoft Power Point and need to prepare a slide presentation. No problem, try the new presentation web application 280 Slides. 280 Slides creates power point like presentations which can be viewed though any web browser with Flash software installed.

280 Slides can import existing Power Point presentations, it can also download/export a 280 Slides presentation into Power Point. The program contains a large library of themes to use for professional looking backgrounds. It can manage uploaded images and movies to use in your presentation, and you can link to your presentation from a website for web viewing. With 280 Slides the presentation is always accessible from a web browser and computer connected to the internet. The program also automatically saves every few minutes, and your full presentation is stored on the 280 Slides secure servers.

At the moment, 280 Slides is free. Click HERE to visit the 280 slides website. There now is no excuse for not making a professional looking slide presentation.

Despite Market Downturn - Jewelry Sales Remain Strong

The other week I posted to the AW blog about the negative impact the financial downturn has had on international auctions houses. I also reported that some segments, such as coins (through Heritage) and jewelry were doing well with some signs of strength. Click HERE to read the post.

Forbes is reporting that jewelry auction sales are strong. The article by Jeanine Poggi called Why Auctions Thrive in A Bad Economy states "What also makes auctions of interest during difficult times is the sheer flood of items that go on the block. The economic downturn has been a driving force behind new consignors showing up at auction houses."

"Especially when it comes to jewelry, many people have items sitting in their safety deposit boxes that they don't need and haven't worn for years," says Leslie Hindman, owner of Leslie Hindman Auctioneers. "They are looking in their closets and seeing what they can sell to make some quick money."

"In some cases, the pre-auction hype far exceeds expectations. The highly anticipated Hip Hop Crown Jewels auction at Phillips de Pury & Company in New York has been pushed back to March 5, 2009, from Oct. 1, to "accommodate the increased demand from consignors and buyers who wish to participate in the sale," according to a statement by the auction house."

To read the full Forbes article, click HERE.

It is Amazing How Brazen Some Dealers Are

The New Orleans Times Picayune is reporting on a guilty plea from a mother and son art forgery team. It appears that the mother and son purchased Chinese oil paintings, signed the paintings, and then created fake artist biographies and sold the paintings as original creations of invented Louisiana artists.

The article reports The Breithoffs created artists. They provided collectors with invented, written biographies of nonexistent artists, complete with signatures, concocted by the Breithoffs to mask the true origin of the Chinese paintings and to establish a more marketable identity for each piece. Falgot, Shanta, S.A.M and Michel were just a few of their fictitious artists.

To read the NO Times Picayune article, click HERE.

eBay to Ban all Ivory Sales

Effective Jan 1, 2009 eBay will have a global ban on all sales of ivory. EBay states that they "simply can’t ensure that ivory listed for sale on eBay is in compliance with the complex regulations that govern its sale.

According to the official eBay blog, eBay Ink, "eBay already had stringent regulations in place for the sale of ivory, which is regulated by a complex set of laws and treaties. Due to the unique nature of eBay’s global online marketplace and the complexity surrounding the sale of ivory, we will be rolling out a complete ban of the sale of ivory on eBay. We feel this is the best way to protect the endangered and protected species from which a significant portion of ivory products are derived.

The statement continues "As with all policy changes, this one will take some time to roll out. As we roll-out this change, we will continue to work with a number of international and domestic law enforcement authorities with any investigations they initiate into suspicious ivory sales on eBay sites. We will begin enforcing this global ban in January 2009."

To read the full posting, click HERE.

Sotheby's and Lot Guarantees -SEC Form 8-K

Here is yesterdays SEC form 8-K filing by Sotheby's. The report deals with recent losses due to lot guarantees from the London and Hong Kong sales and the impact on Sothebys. On an Oct 16th AW Blog post I mentioned there was concern in the market place about auction house guarantees. To read the previous post click HERE.

The report 8-K report to the SEC states:

Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement

From time to time in the ordinary course of business, the Company will guarantee to consignors a minimum price in connection with the sale of property at auction (an “auction guarantee”). In the event that the property sells for less than the minimum guaranteed price, the Company must perform under the auction guarantee by funding the difference between the sale price at auction and the amount of the auction guarantee. If the property does not sell, the amount of the guarantee must be paid, but the Company has the right to recover such amount through the future sale of the property.

In October 2008, the Company held an autumn sales series in Hong Kong and a sale of Contemporary Art in London. The aggregate amount of auction guarantees related to property offered at these sales was approximately $60 million. As a result of certain of the guaranteed property failing to sell or selling for less than the minimum guaranteed price, the Company incurred a principal loss of approximately $15 million (pre-tax). The Company will recognize this loss in the third quarter of 2008 as these auction guarantees were outstanding as of September 30, 2008. As a result of the guaranteed property that failed to sell in these auctions, the Company will own inventory currently valued at approximately $11 million, which had an original mid-estimate sale price of approximately $14 million.

Subsequent to the Hong Kong and London sales discussed above and as of October 23, 2008, the Company had outstanding auction guarantees totaling $285.5 million. The Company’s financial exposure under these auction guarantees is reduced by $63.3 million as a result of risk sharing arrangements with unaffiliated partners. Substantially all of the property related to such auction guarantees is being offered at auctions in the fourth quarter of 2008. As of October 23, 2008, $81.9 million of the guaranteed amount had been advanced by the Company.

The Company’s current financial exposure under auction guarantees represents a 50% reduction from one year ago. In light of the current uncertainty in the global economy and volatility in the financial markets, the Company expects to continue to substantially reduce its use of auction guarantees until stability is restored in the global economy and financial markets.

Some websites for 20th Century Design

Over the past few months I have been encouraging fellow appraisers to become more aware of 20th century design. These more recent decorative arts are drawing a lot of attention, interest and dollars, so we as appraiser need to stay current with what is popular, and of course be able to properly evaluate and value.

Fellow appraiser Angela Whitaker sent me some good websites for 20th century design. Some we are familiar with, others may be new to appraisers.

They are as follows:

1stDibs.com - for Mid-Century Modern, Art Deco with other areas coming soon

LiveAuctioneers.com - comprehensive auction sales results for the last few years on their site

TreadwayGallery.com- Arts and Crafts, Mid-Century, Fine Art, Art Glass and Pottery with results

Architonic.com-Mid Century Modern resource

Ragoarts.com - a mixture of auctions including craftsman and 20th century design

Chrisites Impelements New Payment Procedure

The Antiques Trade Gazette is reporting that Christie's is now requiring payment in full prior to collection of purchases by dealers. In the past the dealers could collect the works and pay in full several weeks later.

The November issue of Maine Antique Digest also discusses Christies and credit card purchases using an American Express Card. "Before this agreement between Christie's and American Express, buyers have paid for objects bought at auction through checks and wire transfers. Credit or charge cards had been accepted only for the purchase of auction catalogs." Perhaps the two new policy and procedures work together for cash flow purposes.

The ATG reports states As the US and European governments infused billions into their banking systems, Christie’s have changed their approach to credit. Dealers who were previously allowed several weeks to pay for items after collection have now been informed they must pay before receipt of their goods.

ATG understands that at Christie’s sale of antiquities at King Street on October 13, long-time trade clients were asked for the first time to produce a credit or debit card when registering to bid and, after the sale, were told it would not be possible to pick up any purchases without full payment.

While this is general policy for most clients, it is not unusual for regular trade buyers to be offered a grace period of perhaps a month before settling a bill."

To read the Antique Trade Gazette article, click HERE. To read the Maine Antique Digest article, click HERE.

Phillips de Pury to Represent Annie Leibovitz

The Art Newspaper is reporting that Phillips de Pury will represent photographer Annie Leibovitz. This continues the trend of the major international auction houses blurring the lines between the primary and secondary market. I have discussed this situation in past posts here on the AW Blog. There was Sothebys direct from artist studio to auction sale of Damien Hirst creations and Christies purchase of the Haunch of Venison Gallery.

The Art Newspaper states Each large-format print at Phillips will be stamped and signed, and priced at £20,000 ($37,000). The auction house would not disclose what commission it will take from these sales, although it is unlikely to vary dramatically from the usual contemporary gallery level of around 50%. Phillips says no Leibovitz works from its selling exhibitions will be offered at auction. The two strands of the business are completely separate, says Mr de Pury.

The treads continue and the auction houses keep insisting that these business division will remain. This trend is very interesting from the appraisal perspective and how markets are effected, and should by followed and analyzed.

To read the ArtNewspaper article, click HERE.

Corporate Bankruptcy and Art Collections

Daniel Grant, writing for the Wall Street Journal reports that many companies with financial problems and potential bankruptcy filings may hold large collections of art. Grant states bankrupt Wall Street Investment bank Lehman Brothers has a 3,500 piece collection. Some of these collections are expected to be sold at upcoming auctions to satisfy creditors and increase liquidity.

According to the article "Companies in trouble sell whatever can raise them money, and art collections are but one more asset. Arthur Andersen, the accounting firm brought down by the Enron scandal, for instance, turned two floors of its Chicago offices into a gallery showroom in 2002, selling more than 2,000 artworks over a five-day period."

Grant continues "Once proud buyers of A-list art, corporations are taking a second look at collections. Amid the corporate downfalls and takeovers, we are seeing signs that the heyday of corporate art collecting is over, replaced increasingly by budget-priced decoration."

Even though overall financial health is not good, the upper portions of the art markets remain strong. So there may be forced sales of corporate artwork, but it does not appear the better collections will be sold at fire sale prices.

To read the Wall Street Journal article click HERE.

Art Price Releases its Contemporary Art Annual Report

Artprice released their annual Contemporary Art Market annual report. According to the Artprice website printed in English and French is a guide for the art market as seen through the prism of auction in 72 different countries. It includes analysis such as Structural change: towards a new world order; The art market in the new economic reality; Sculpture: an “in vogue” medium; The Chinese wave still flooding the market; India, the new Himalaya of the market; Affordable contemporary art; The best first appearances at auction in 2007; The heavyweights of the contemporary art auction market; Galleries insight with exclusive interviews; a top 500 of contemporary artists; a report on the market of Design; International contemporary art fairs and galleries: an exclusive overview by sociologist Alain Quemin.

The 100 plus page report has gathered a large amount of data, and makes several conclusions, such as the growing impact of the Chinese. The report also states the growing demand for the middle market of contemporary art. With upper market contemporary prices extremely high, I can certainly see why the middle market would show signs of growth. The contemporary upper market is just to high for many collectors. A quick review of the reports table of contents reveals sections on 2007/2008 contemporary art markets, gallery insights, French design, and a list of 500 contemporary artists.

There are reports coming out of the Paris based art fair Foire Internationale d'Art Contemporain (FIAC), where the Artprice report was released, that reveal some strengths in the contemporary middle market. Emerging artists were being displayed by over 70 dealers at the fair, an increase of over 20 from the previous year. This is certainly a positive sign since many of the other fine and decorative arts middle markets have shown weaknesses.

I have yet to fully read the report, but my only word of caution is that the report may be missing the most recent sales data and the downward turn of the economy over the past month or two. Just be cautious in your analysis, and keep in mind current events.

To donwload the the Artprice contemporary art annual report, click HERE.

Upcoming Appraisal Courses

ISA and ASA have published schedules for some of their upcoming appraisal and product knowledge related classes.

Click Here for a calendar of upcoming classes from the American Society of Appraisers. This includes an interesting new webinar offering on the appraisal of Dali prints. The webinar allows you to take the course through your computer. At the end of the session there will be a question and answer session.

Click HERE for a list of some 2009 classes being offered by the International Society of Appraisers. ISA is again offering its popular Appraisal of Japanese Prints class, along with the excellent appraisal principles Core Course in appraisal studies, USPAP offerings and an expert witness class.

Interior Designers Feeling the Bite of the Economy

The AW Blog continues to track the plight of market trends and how the economic downturn impacts prices and values. I have posted a fair amount on these issues, and I dont mean to be such a downer, but the markets are what they are, pretty dreadful. I am feeling the impact in my antique shops, where I should now be in the prime selling months, and find sales are remain very slow.

A recent Wall Street Journal article by Nancy Keates documents how high end decorators are also feeling the pain. Keates reports some high end decorators and designers are shopping at Ikea to keep prices down. Keates states "High-end home designers are better known for their indulgence in name-brand tiles and exotic textiles than their frugality. But in this anxious economy, even big-ticket decorators are scrambling to prove their worth and hang onto an increasingly jittery clientele."

Keates continues "even before the credit crisis, the amount of money people have been willing to spend renovating has been falling. According to the latest report by Harvard University's Joint Center for Housing Studies, homeowner improvement will fall by an annual rate of 11.1% to $122 billion by the first quarter of 2009."

The article lists many examples of decorators and designers having to cut back on jobs and offer less costly alternatives. It also lists some points on how to get the "boom look on a bust budget".

To read the Wall Street Journal article click HERE.

Tech Tip: Open Office v3.0 Releases

Open Office v3.0, the free open source alternative to Microsoft's Office business productivity suite released last week. From what I understand and based upon the reported donwload activity, the response and interest in Open Office v3.0 has been very strong.

The Open Office sites states "OpenOffice.org 3 is the leading open-source office software suite for word processing, spreadsheets, presentations, graphics, databases and more. It is available in many languages and works on all common computers. It stores all your data in an international open standard format and can also read and write files from other common office software packages. It can be downloaded and used completely free of charge for any purpose. "

I have primarily use MS Office, but I also have a version of Open Office on my desktop. I have used the Open Office presentation package called Impress for several years and it has always performed and functioned well. If you are using an older version of MS Office and dont wish to pay the cost of the newest version (or you just hate Microsoft), Open Office is an excellent alternative.

To download the newest version of Open Office, click HERE. It really is a very good alternative to the MS Office suite, and it is free.

Weekend Contemporary Art Auction Results - Ouch

Last Thursday I posted about the concern in the marketplace for the weekend contemporary art sales, along with dangerous lot guarantees by both Sotheby's and Christie's. This weekend saw sales at Sotheby', Christies, Phillips and the London Frieze Art Fair.

I will let you decide the current state of the industry from the following headlines after this weekends contemporary art sales. Remember these sales were specifically for contemporary art, just recently considered one of the stronger segments of the fine art market.

I understand Sotheby's evening sale saw approximately 71% of the lots sold, which is a good showing. But I also read that many of the consignors lowered reserves, and that many lots sold for below the low estimate.

Here is a taste from one of the articles:

"Lot after lot by contemporary-art stars such as Takashi Murakami and Richard Prince failed to sell in London last night as Phillips de Pury & Co's auction raised less than a third of its expected total. The 70-lot sale fetched 5 million pounds ($8.6 million) with fees, against a lower estimate of 18.6 million pounds. Forty-six percent of the lots failed to find buyers.".

Click on the headline to read the copy.

Times Online Art Imitates Life as Boom Shows Signs of Bust

UPI reports Warhol Painting Sold at Discount Price

Scotland on Sunday reports Crisis Hits Art World in Auction Flop

Bloomberg reports Warhol Fails to Lift Sotheby's Sale Above Estimate Amid Slump

Wall Street Journal Frieze Art Fair Sees Thinner Crowds and Better Bargins

Bloomberg again Crisis Bites Art Market as Sales Raises Less Than Third Estimate

NY Times reports Frieze Art Fair Feels a Big Chill

Reuters UK Sotheby's London Auction Falls Short of Pre Sales Hopes

Financial Times Still Plenty of Gain..... Sales are Steady at Fairs and at Auction

Art Indices and Futures Trading

The Financial Times is reporting Dublin based Intrade has begun offering future contracts on the art market based upon the Mei-Moses All Art Index. The FT reports "The move is part of a trend for art to be viewed as an asset class, with the development of art funds and art prices indices."

The FT articles continues "The evidence on how the art market tracks financial markets is mixed. Art prices have continued to rise strongly in the past year even as the credit crisis has caused big losses in the fixed income and stock markets. The Mei Moses index is based on repeat sales of artworks rather than average prices."

Future contracts on art prices is not really that surprising, given the amount of money being invested in art, and now with the Mei-Moses art indices, there is a reliable and sophisticated manner of tracking market prices.

For those of you not familiar with the Mei-Moses Art Index, or Beautiful Asset Advisors as the website is called, click HERE to visit the site. It is an excellent resource for the fine art appraiser, and a sophisticated valuation tool. I have used it on several occasions, and when taken with other appraisal valuation methodologies, it is an excellent resource in determining growth in value.

To read the Financial Times article, click HERE.

Los Angeles Modern Auctions on Ovation TV

Ovation TV will air a 60 minute behind the scenes documentary of Los Angeles Modern Auctions February sale. The program, called SOLD will air at 8:00 pm eastern time. The documentary followed LAMA owners Peter and Shannon Loughery from client consignment meetings through catalog production and the actual sale. The sale features a collection of Andy Warhol prints.

If you are a regular reader of the AW blog I have mentioned numerous times how appraisers need to become more aware of mid century decorative arts. Here is a good and simple opportunity to get a little perspective on the market and the challenges of putting together an auction of modern items.

Click HERE to visit LAMA, and click HERE for Ovation TV.

Ebay's Ax And Acquire Strategy

Here's some more on Ebay. After announcing on Monday that 1,000 full-time employees will be laid-off, a 10% reduction, Ebay's stock dropped more than 8% while the Nasdaq dropped 6.6%.

According to Forbes, the reason for this downturn is that Ebay is spending $820 million in cash and $125 million in stock options for the online payment service "Bill Me Later". "Bill Me Later" works like this. Instead of using a credit card at checkout, a shopper clicks on the "Bill Me Later" button, enters certain personal information and if all checks out, they get a bill later. "Bill Me Later" pays the merchant upfront. Is this really a good idea?

Click here to read this story and other related stories "The Reason Ebay is Stuck", "Ebay's "Classified" Strategy" and "Ebay Aims to Fix Growth. "

eBay posts 5% Earnings Increase - Yet Core Sales Decline

Laurie Flynn of the NY Times reports that 3rd quarter earnings at eBay increased by 5%. No doubt a good sign. But, eBay has also lowered expectations for future earnings. So in effect the results are mixed.

Flynn reports "For the first time, eBay’s gross merchandise volume, the total sum of all transactions on the eBay Marketplace, declined. It was the biggest disappointment in eBay’s announcement of its third quarter financial results. Considered a key measure of growth for the company by analysts, volume fell 1 percent in its third quarter from the same period last year to $14.28 billion. Volume had increased 8 percent in the second quarter, which itself had marked a dramatic decline from the robust double-digit growth of earlier periods."

Flynn continues "EBay, once primarily a marketplace for high-end unique merchandise sold in online auctions, has in recent months found itself increasingly vulnerable to the consumers pulling back on spending. It has started shifting to fixed-price sales, improving service and beefing up its other businesses."

At the end of the year eBay is also pulling out of the on-line auction platform business to concentrate on its core business. EBay also plans on laying off 10% of its workforce of 16,000 employees. EBay has some division which are showing signs of growth, such as PayPal, Skype , StubHub and Shopping.com. But the core auction business is within the eBay marketplace has shown declines.

To read the full NY Times article, click HERE.

More on Fakes and Frauds - Now the Russian Variety

I recently posted on the AW Blog about how the Russian fine art market was extremely strong. Click HERE to read the AW post. As is typically the case, when interest and money converge, fakes and frauds are not far away.

Bloomberg is reporting that there is now a growing market for, as well as much concern over forged and fake postwar and contemporary Russian fine art. Many paintings are showing up, even while the artist is still living. The article states that part of the problem is that scholarship is lacking in scholarship and independent experts to authenticate.

The Bloomberg article states "Despite these difficulties, artists, dealers and collectors agree that more awareness and greater vigilance will help curtail attempts to swamp the market with fakes."

Just like with the post of earlier today, as appraisers we need to know what we are looking and evaluating. If that means have items authenticated, then it needs to be done. Dont take chances or risks. To read the Bloomberg article, click HERE.

English Antique Dealers - Fakes & Frauds Running in the Family?

Fellow appraiser Francine Proulx of Art/Antiques Information Resource sent me a NY Times article about New York English furniture dealer Carlton Hobbs. (Francine has a great list service for appraisers on shows, educational opportunities and websites, I recommend you check out her website and professional services at www.artantiquesinfo.com). This story on Hobbs is starting to gain some traction in the press. ArtInfo and MarketWatch are also carrying stories and information on the Hobbs situation. Links are at the bottom of the post.

You may recall, back in May, the NY Times ran a story on John Hobbs, an upper market English furniture dealer in London. The article reported on how much of what John Hobbs had been selling was having questions of authenticity and condition disclosures. To read that article, click HERE. The article is so good, we use it as an example in our Good, Better, Best Appraiser Workshop.

Now the NY Times has an article on Ney York dealer Carlton Hobbs, John's brother. It appears Carlton is now having some of the same problems as his brother. The NY Times article states "a 73-page report recently reviewed by The New York Times, and dozens of supporting photographs, suggest that those customers may not always be getting what they pay for. The report appears to show that Carlton Hobbs, like his brother, employed a British furniture restorer named Dennis Buggins to create both outright fakes and radically altered vintage pieces that could be offered for sale as high-quality original antiques. As his brother did, he denies having done so."

All very interesting. As appraisers, we need to be aware that there are fakes and frauds at every level within the marketplace. Therefore, even if the property comes from a respected merchant, make sure to do your due diligence.

To read the NY Times article on NY dealer Carlton Hobbs, click HERE.

This story is really starting to take off. ArtInfo also has a very good article on the Hobbs brothers and the accusations of restorer Dennis Buggins. Click HERE to read. MarketWatch is also reporting on it, click HERE to read.

And......More on Sotheby's

Bloomberg is reporting that Sotheby's has obtained a $250 million loan from Bank of America, and that it will also cut lot guarantees (see post of earlier today). In the article, Sotheby's claims to have reduced guarantees from $458 million from last year at this time to a present amount of $306 million. Any way you cut it, that is still a lot of money on the line in a unpredictable economy (yesterday the Dow fell over 700 points).

In an SEC filing, Sotheby's stated the loan was "a defensive step to ensure additional liquidity in response to the recent turbulence in the global financial markets.'' I guess the good news is that Sotheby's was actually able to borrow the money. Perhaps the economic bailout of 700 billion is starting to work.

Regarding guarantees, the Bloomberg report states that Sothebys in now sharing the risk of guarantees with affiliated partners.

To read the Bloomberg article, click HERE.

Risky Business - Auction Houses Guaranteeing Top Lots

Scott Reyburn of Bloombergs is reporting that Sotheby's and Christie's are both guaranteeing minimum sales amounts for many paintings in this weeks sales in London showrooms. The auction houses are taking a risk at the top end of the market, and will have to pay consignors the guaranteed amount even if the hammer prices dont reach the guarantee. Reyburn states that more than half of the low estimate lot value totals in the Sotheby's sale are guaranteed. Specifically 10 of the 64 lots at the Sotheby's sale are guaranteed for a total of $27 million. While Christies is guaranteeing approximately 38 percent of its low estimate lot value totals.

Reyburn reports "Everything appears to be on hold at the moment,'' said the London-based art adviser Tania Buckrell Pos, who represents high- net-worth clients in both the developed and emerging economies. ``Everyone has a budget, even if they're a billionaire. These people know when to be prudent. At this time, some of my clients are balancing the decision to buy art against other assets.''

Reyburn continues "The mood has changed over the last couple of weeks,'' said Anderson Peterson , founder and managing director of the London- based art market research company ArtTactic . ``The magnitude of the economic crisis is such that even the ultra-rich will have second thoughts about buying things.''

Click HERE to read the full Bloomberg article.

If I recall correctly a few years ago Sotheby's stock price dropped because of guaranteed consignments. It will be interesting to see what happens this week in London. If the sales are strong, there could be additional confidence, if the returns are poor, there certainly would be reason for continued concern. As reported previously on the AW Blog, Sotheby's stock price has taken a rather big hit over the past month or two, although that can be expected due to the overall decline in financial markets. Yet many believe the lower Sotheby's stock price is due to declining markets and lower than expected sales during the recent Asian sales. It will be interesting to see how the sales perform this week at both Sotheby's and Chrisitie's.

ASA Offers Advice When Selling Collectibles

I was just sent an email about an October 8th press release issued by ASA. The press release is titled Appraisers Offer Advice to People Looking to Cash In Their Antiques and Collectibles.

The Press Release opens with "In uncertain economic times, people not only curtail spending but also get creative about ways to make extra cash. Many people find themselves looking around their attics and storage areas wondering what they could sell and how much it would sell for. The American Society of Appraisers offers advice to people who want to sell their antiques and collectibles."

The release continues with different options for selling personal property through auction houses, dealers, consignment shops, etc. It also quotes fellow appraiser Mark Grove on how an appraiser can assist clients with a need or desire to sell property. "“I do what I call a home triage,” says Mark Grove, an accredited senior appraiser of the American Society of Appraisers. “I might spend an hour or two walking though a client’s home, and while they take notes I advise them—this should go to a yard sale, or this can go to a catalogue auction.” He continues, “Although I am not doing an appraisal, or providing them a value for each item, they find it helpful to know which items might be valuable and merit an appraisal, and which items could be sold at what type of venue.”"

Many people are currently in difficultfinancial times, and there is much concern over the financial markets in general, and our own fine and decorative arts markets in particular. As the ASA press release infers, the economic times are difficult and might become more difficult in the near term. People are spending less, and looking for ways to create cash flow and financial reserves. Appraiser need to position themselves to assist clients in these uncertain times, and be aware of business opportunities that may present themselves.

To read the full ASA press release click HERE.

NY Times Reports Lower Auction Sales/Heritage Reports Gains

Dave Itzkoff of the New York times recently wrote about the lack luster sales of some major auctions, along with concerns about some upcoming sales as well. I sure wish I had some better news to report on the AW Blog, but it seems like for every positive article on the markets, I find about 5 negative ones. Following the NY Times item is some better news from Heritage Auctions of Dallas, Texas.

The article is very short, so I just cut and pasted the full text.

Itzkoff states "Adding to speculation about how the worldwide economic downturn will affect next month’s big auctions in New York, two sales abroad drew disappointing numbers. On Tuesday an auction of Islamic and Indian art at Christie’s in London sold just 47 percent of its 439 lots, Bloomberg News reported. The auction generated total sales of $18.1 million, according to Bloomberg; a similar auction at Christie’s in April generated $20.5 million from 282 lots. On Wednesday, Bloomberg reported, Sotheby’s in Hong Kong had lower sales than expected at the end of a five-day auction of Asian art. The auction was expected to yield about $257 million, but garnered $141.7 million from a sale of 1,700 items."

To show how mixed the markets are at the moment, a fellow appraiser recently sent me an update from Heritage Auctions. Heritage is reporting the following:

"Our $35 million September 24-27 Long Beach Expo auction of coins and currency registered more bidders (over 14,000 of them!) than any auction in our history. Our Entertainment, Space Memorabilia, and Natural History auctions over the past 10 days were consistently strong events with above average sell-through and very happy consignors. And here are some hard and fast facts on Heritage weekly coin, currency, movie posters, comics and sports auctions for just the last quarter (i.e. the last 30 days versus the 30 day period starting four months ago):

*Our number of successful bidders is up by 11.5%.
*Our number of lots actually sold in each weekly auction is up 39.95%.
*Our average lot value is up 8.49%.
*Our total sales volume is up 43.34%

I recently heard from a fellow appraiser that some jewelry stores are also setting record sales figures. To me, it appears like the upper ends of the markets have strong investment opportunities as well as mixed prices. This with some very strong sectors such as coins, mid century decorative arts, and sections of contemporary art, while the middle market continues to languish. I also believe that while the top end of the market may show some signs strength, I do question the depth of the strength, as the NY Times article basically alludes to.

It would be nice to see some balance come back to the markets. That being said, as appraisers we need to stay current, and know where there is strength and where there is market weakness. It would be wrong to assume just because the overall economy is weak, all sectors of the art and collectible markets are weak as well.

Word of caution, know what you are appraising.

Appraiser Workshops Announces New Valuation Workshop

The Appraiser Workshops are now developing a new course on personal property valuation. The two day program will be an in-depth advanced course devoted to the theory and practical applications of personal property valuation. We have done extensive research in preparing the Value program with content from economic sources, legal opinions, professional journals, IRS publications and published appraisal/valuation resources. We have spent hours in the local law library and in the reading rooms of the Library of Congress gathering legal opinions, documents and explanations of theories on valuation.

The valuation program's content will include information from the fundamental development of valuation. This starts with a basic understanding of classical and neoclassical economic theories, which developed into real estate appraisal methodologies. We then look at how over the years those concepts and principles have developed into existing practices and the standardization and professionalization of personal property appraising. This background is needed and necessary to understand how personal property appraisal principles and valuation techniques have developed.

The program will take an in depth view of:

* What Value is
* Understanding the many definitions of Value
* Approaches to Value & The Appraisal Trinity
* Types of property
* Markets
* Standards of Value
* Intended Uses
* Property Considerations
* Auctions - What Market?
* Finding Comps
* Factoring Values
* Final Value Conclusions & Adjustments

We selected valuation as our next workshop topic since all personal appraisers need to be knowledgeable, resourceful and professionally diligent when it comes to determining value. There is so much to know and experience with the numerous approaches, economic theories, intended uses, markets and liability concerns it only seemed natural that an advanced valuation workshop would be beneficial and of interest to the serious personal property appraiser. There is also much confusion due to complex and overlapping principles, associated subtext and mixed definitions, all developed by various appraisal groups, the legal and insurance industry and the government.

Our valuation workshop will tackle these issue and appraisers will have a new found confidence, understanding and ability when making difficult valuation conclusions.

The Appraiser Workshops believe the new valuation workshop will be a worthwhile and informative addition to our education offerings as we expand the Appraiser Workshops programs. Feel free to contact us if you have any questions, and visit often as we develop and post dates and additional information for the new workshop. Although we have not decided on a location, we expect the first valuation workshop to be in late Spring 2009, and most likely in either Texas or Chicago.

AAA Annual Conference

The Appraisers Association of America will be holding their annual conference on November 8th & 9that the New York Athletic Club, 180 Central Park South in New York City. The theme of this years AAA conference is Changing Times: Changing Markets. There is also an evening reception on Friday, November 7th at the Michael Rosenfeld Gallery. Program topics include changes in the market place, changes and new trends in insurance, and other topics such as prints, wine, trends in silver, expert witness, attorneys working with appraisers and changes in IRS and USPAP and much more. As usualy, it sounds like a very good program.

For the full conference itinerary and registration information from the AAA click HERE.

AIC-Protecting Virginia's College Art Collections

I received the following from a fellow appraiser who thought it important the following museum deaccessioning situation at Randloph College was known to members of the appraisal and related professions. We are seeing this type of activity more and more, and I have posted similar content on the AW Blog. The Washington Post recently reported the Corcoran Museum is also having issues about deaccessioning art from its collection. The AW Blog also reported on the University of Iowa exploring the possiblity of selling a Jackson Pollock. This is an ongoing issue on the protection of cultural property and it is bound to continue as financial issues continue to deteriorate. To read the Washington Post article click HERE, or the AW post on the University of Iowa click HERE.

The following is an email cirulating about Randolp College in VA:

Over a century ago, an art collection was started at Randolph-Macon Woman’s College (now Randolph College) through the efforts of faculty, alumnae, students, and the greater Lynchburg community. The collection was founded with the express purpose of serving as a permanent educational resource for both the school and the general public. Known since 1983 as the Maier Museum of Art, it was the first public art collection in the Commonwealth, and over the decades it grew to be one of the best small academic collections in the country. Last year the College removed four significant paintings from this collection to sell at auction in order to raise funds for the school’s operating endowment. One, Rufino Tamayo’s “Troubadour,” has already been sold. Three others, including George Bellows’ masterpiece, “Men of the Docks,” are still awaiting auction in New York (the other two are Edward Hicks' “Peaceable Kingdom” and Ernest Martin Hennings’ “Through the Arroyo”).

In early September 2008, The Chronicle of Higher Education published an op-ed supporting the practice of selling art from college collections. That piece, as well as the ongoing struggle over the O'Keeffe gift of art at Fisk University and recent news that the University of Iowa may be considering similar action with regard to a significant Pollock painting, show that the issue of plundering museum collections to support parent organizations' finances is not confined to the Maier Museum of Art at Randolph College. Quite apart from the specialized concerns of the museum field, such actions have a negative impact on the communities these museums serve.

What you can do to help: write a letter to Virginia Attorney General Robert McDonnell. Mr. McDonnell may take notice of the concerns of Virginia citizens regarding the dispersal of cultural resources if his office receives a substantial volume of letters. Please note that letters sent last year will not have an impact this year—please write again. Also note that phone calls to the Attorney General’s office will not be helpful. Written communication is crucial. Letters from citizens of the Commonwealth should speak to the impact of this issue on their lives as Virginia residents. Letters from interested persons or groups outside the state are welcome as well, though they should direct attention to the welfare of Virginia’s residents and the long-term health of its cultural and educational organizations.

Please write to the Attorney General to express what the collection at the Maier Museum of Art means to you, and express your thoughts on its value to Virginia’s cultural heritage, educational resources, economic base, and quality of life. Express your opinion on what the loss of the three major paintings awaiting auction will mean to the state’s cultural, educational, and tourism resources. A positive approach will be most effective, so focus on the long-term good that will result from keeping these paintings with the Maier Museum. Be sure to include your name, location, and contact information. It may be helpful to include some information about your personal and professional experiences with the Maier Museum in particular and with museums and museum-based education in general. Individual letters as well as letters from groups of people and families are welcome (please have all members sign the letter if possible).

E-mails: wkincaid@oag.state.va.us

Letters: The Honorable Robert McDonnell
Office of the Attorney General
900 East Main Street
Richmond, Virginia 23219 (William Kincaid, Constituent Services, Office of the Attorney General)

Record Price for Philadelphia Stool

There are signs that the top end of the American furniture market remain strong despite the financial crisis and lack of interest within the middle markets. At Sotheby's recent Americana sale a Philadelphia walnut compass shaped stool, circa 1750 with an estimate of $200,000/$500,000 sold for $5,234,000.00 including buyers premium. Maine Antique Digest reports the winning bidder was Albert Sack. Maine Antique Digest saw this as important news and sent out an email alert and a fellow appraiser received a Kovels update which also included the sale of the stool. Kovels reports the price was a record for seating furniture at auction.

From an appraisal perspective, does the cost equal value? Something to think about. If you see other similar examples of interesting sales or appraisal related information, please send to me for posting on the AW Blog.

Fine Art Title Insurance

Kate Taylor of the NY Sun reported on art title insurance in July. I know I missed posting about the article and concept of fine art title insurance earlier. Recently there was a post on the ISA forum about the new insurance product. I believe it is still very viable and since it is a relatively new concept, something fine art appraisers should be aware of.

Taylor of the NY Sun reports "A new insurance product, art title insurance, is meant to protect both buyers and sellers against these kinds of problems. At the moment, only one company, called ARIS, offers it. Founded by a lawyer and a former AON executive, ARIS has underwritten more than 300 policies since it started selling insurance in June 2006, covering works of fine art valued at between $20,000 and $4 million. (They do not offer insurance on antiquities.)"

Taylor continues "The primary difference between this and real estate title insurance is that there is no central registry of art transactions. So while a real estate title insurer only has to search the public records to underwrite a policy, ARIS has to comb the spotty (and sometimes intentionally obfuscatory) records and recollections of dealers, auction houses, and collectors. That partly explains why art title insurance is so much more expensive than real estate title insurance. With both types of insurance, a purchaser pays a onetime premium for a policy that lasts for the life of ownership. The chief executive of ARIS, Lawrence Shindell, said that so far, premiums have ranged from 1.75% to 6.75% of an artwork's value, depending on the risk."

In today's litigious society, and with much fraud and various ownership claims, fine art title insurance is the type of service the fine art appraiser should be aware of and in the right circumstances recommend to clients.

To read the NY Sun article, click HERE, or to visit the website of ARIS, click HERE. The ARIS site has some very useful information and is worth visiting.

Fine Art Loans

I recently received a solicitation email from a company called ArtLoan Financial Services. I found the concept very interesting, where ArtLoan values a work or works of art in a collection, uses it as collateral and issues a short term loan or a line of credit. OK, not that unusual, as a matter of fact back on August 14 I wrote on the AW blog about a NY Sun article and art as collateral. I mention how a few major banks and their private banking divisions are catering to high net worth individual more as of a courtesy and issuing financial loan packages based upon the value of fine art collections. Click HERE to read that post.

ArtLoan at first seemed to fit into that category as a boutique financial services firm offering loans collateralized by art and antiques. ArtLoan states there are no credit checks, credit scores, tax return reviews or financial statement requirements and offers a very quick turnaround once your account has been established. The loans appear to be based solely on the value of the art being used to collateralize the loan.

The difference between a regular bank loan and an ArtLoan Financial Services loan, and the aspect the bothers me a little is that ArtLoan takes possession of the collateral. With a typical bank loan, the collector still gets to keep and enjoy his collection, although there is a lien/UCC statement recorded and placed upon the property. I do understand that should ArtLoan lend without a proper financial review of the collectors net worth, cash flow and credit, the risks are greater, and to protect their interests they not only collateralize the loan with a lien on the property, but take actual possession of the property. As the old idiom states, possession is nine tenths of the law.

The ArtLoan service appears to lean toward fine art pawn brokerage rather than traditional fine art loans. It is another service that appraisers should be aware of, and perhaps might be called upon to value an object of an art loan. In any event, as personal property appraisers we need to know about all of the new and different types of services that are being offered to collectors in the marketplace, and how they might impact value. For more information on the types of loan and application process you can visit ArtLoan Financial Services on the web by clicking HERE.

Museum Care of Cultural Property in Question

The Guardian of the UK recently posted an article by Jason Benetto on how English Museums are taking care of the material culture held in their care. Unfortunately the news Benetto uncovered was not encouraging.

Benetto states "Details released under the Freedom of Information Act by the National Gallery, the Tate and the V&A, reveal that dozens of works have been dented, scratched, dropped and vandalized over the past five years. The culprits are not only malicious or clumsy visitors, but also partygoers, staff and removal men. The cost of accidents and vandalism is unknown because the galleries and museum declined, in most cases, to put a value on damage or repairs."

Not to disparage the museum trade, but I always ran under the assumption that great care was given to the collections. Although as Benetto points out, it is not necessarily the staff that is causing the damage. Given the state of the economy today, I would think it would be difficult for the museums to pull back fund raisers and availability to benefactors due to some damage issues. In any event, it is a shame, but I would think the repairs also keep the conservation laboratories busy as well. To read the Guardian article click HERE.

RICS Releases 3rd Quarter Arts and Antiques Survey

The Royal Institute of Chartered Surveyors just released their third quarter market survey. The results show art and antique markets continue to feel the downward pressure of the housing market. Britain is having some of the same issues we are facing here in the US.

The survey reports the top end of the market is still relatively strong, stating "The top end of the market is still booming, less reliant as it is on the domestic housing market. Anecdotal evidence suggest as yet there is still there is no shortage of money at the upper price tiers".

The survey states the "strongest performing sub-sector was contemporary arts, followed by jewelery, where the net balances were 41% and 20% respectively. The weakest performing sub-sector was Furniture, followed by Oils and Water colors, where the net balances were -6% and -5% respectively."

The market survey states that 6% more surveyors reported a fall in furniture lot prices. This is better than the 20% from the 2nd quarter, so perhaps there is some stabilization i the furniture markets. There were reports of price increases at the top end of the furniture market. For traditional art, including oils and watercolors 5% reported decline prices, although 41% reported a rise in contemporary art prices.

To read the RICS release or full survey, click HERE.

Phillips de Pury Sold to Russsian Retailer

The Wall Street Journal is reporting that Phillips de Pury, the worlds third largest auction house and contemporary art specialist, has been sold to Russian retailer Mercury Group.

The WSJ article states "The transfer of ownership to the Moscow-based Mercury Group gives London-based Phillips deep pockets to keep funding its events and financial arrangements with sellers and buyers of contemporary art. Phillips is the first company in years to threaten the duopoly of auction houses Sotheby's and Christie's International."

The WSJ article continues "By offering lucrative terms to sellers and specializing in newcomer artists from Russia and China, Phillips has been able to increasingly win consignments away from Sotheby's and Christie's. But unlike its rivals, the company is particularly vulnerable to art-market mood swings because of its singular focus on selling contemporary art, typically the most speculative end of the art market."

As noted here on the AW blog over the past few months, the large international auction houses have certainly been an active group and expansive group. Sotheby's recently becoming a player in the primary markets with the studio direct offering of Damien Hirst's art, and Christies purchasing the Haunch of Venison Gallery. Now Phillips, with new financial backing from Russia, may be poised for growth and a larger share of the market.

To read the Oct 7th Wall Street Journal article click HERE.

Fine Art Resale Agreements

Judd Tully recently wrote an article for Art & Auction that should be of interest to most fine art appraisers. Tully writes about resale agreements which mostly involves retail galleries. These agreements typically prevent the purchaser from selling the art for some specific period of time without giving the original gallery the right of first refusal to re-purchase.

Some within the industry question the legality of these agreements, but many believe that if worded properly, they can be enforceable. Tully states the agreements are "little-known but widespread practice of so-called artist/gallery resale agreements in primary market transactions" and are “a way for the artist to control and protect his intellectual property in the marketplace.”

Tully continues "Although the wording varies, these clauses basically require or request the buyer to agree, in writing or otherwise, to give the gallery or artist the right of first refusal, usually for a limited time, when the work is about to be resold."

Tully adds, "Top-tier galleries typically seek to maintain the career of a major artist or rising star over the long term, and high auction prices aren’t always matched in the larger market. In addition, works at auction may not fetch stellar prices and can easily wind up in the hands of anonymous collectors, or worse, speculators unknown to the original dealer."

From an appraisal standpoint, whenever the title of ownership might be encumbered or questioned there is a case to be made of a loss in value. If not all markets are open based upon an enforceable resale agreement and the right to sell within the most appropriate market is restriced, then value is impacted. Fine art appraisers should be aware of the practice of resale agreements, inquire with the client if there are any resale restrictions and value accordingly.

To read the Art & Auction article, click HERE.

Sotheby's Shares Fall on Market Concerns

Bloomberg.com is reporting today that Sotheby's shares have fallen by 20% due to concerns with the deteriorating worldwide financial situation and the poor results from the last auctions in Asia. At the recent 2oth Century Asian Art sale two thirds of the lots were bought in.

Bloomberg.com reports "Sotheby's shares dropped $3.34, or 20 percent, to $13.68 as of 10:46 a.m. in New York Stock Exchange composite trading. They're at their lowest since June 2005 and have lost about 30 percent this month."

To read the Bloomberg.com article click HERE.

Tech Tip: A New and Easy Method to Search all of Craig's List

In a July 22 AW post I wrote about a method for searching all of Craig's List (click HERE to read the post). The method used Google's advanced search features along with filters. Not a real easy process, and not as practical as I would have liked.

Well there is some good news. Now there is a new site with a search bar for item input which will search all of the individual Craig's lists for you. The sites name is, Search All of Craig's List. The web address is http://www.searchallcraigs.com, or click HERE to visit. The site is not perfect, and returns items in list form without images. You then click on the item to bring up the actual Craig's listing with image and price information. It would be nice if prices and images were on the search page, but this is a nice start. You can also filter results by region.

As I mentioned in my earlier post,Craig'list is a great resource for finding comparable items of depreciable household property. Sometimes when searching, you dont always find what you need locally or the number of comps necessary for the scope of work. By using the Search All of Craig's List, our research just became a little easier.

Update: Halsey Minor Suing Sotheby's

On September 9th I posted about technology entrepreneur and C-Net founder Halsey Minor being sued by Sotheby's. The suit against Mr. Minor was for failure to pay on $16.8 million of purchases of art from Sotheby's, including the $9.6 million purchase of Edward Hicks' "The Peaceable Kingdom With the Leopard of Serenity".

Serenity and peace are nowhere near this Sotheby's sale. Philip Boroff of Bloomberg.com is reporting that Mr. Minor is now suing Sotheby's, although the amount was not disclosed. Minor is claiming that Sotheby's had a financial interest in the painting which should have been disclosed prior to purchase. Boroff of Bloomberg.com states " auction houses which are licensed by the New York City Department of Consumer Affairs, disclose when they have a direct financial interest in lots for sale. That includes when they have guaranteed a price to a seller.

It will be interesting to see where these lawsuits lead. To read the original AW post click HERE, to read the Bloomberg.com article, click HERE.

New Book on Studio Furniture: Modern Americana: Studio Furniture from High Craft to High Glam

The New York Sun reviews Modern Americana: Studio Furniture from High Craft to High Glam, edited by Todd Merril and Julie Iovine and published by Rizzoli will available in October or November.

The Sun article states Modern American "hits shelves at a time of renewed interest in American studio furniture among auction houses, galleries, museums, and collectors." The article continues ""Modern Americana" follows the movement from its beginning at the 1940 New York World's Fair, when furniture maker Wharton Esherick (1887-1970) exhibited a startlingly Cubist-like, heavy timber spiral staircase he had built a decade earlier at his home in Paoli, Pa. Esherick's staircase is considered one of the masterpieces of studio craft."

As appraisers we are aware of the growing interest in Studio furniture, especially from Esherick and Nakashima, but there are other mid century studio furniture artisans who are very collectible and sell in the six figures, such as Paul Evans' metal cabinet which recently sold at Sotheby's for $157,000.00.

Personal property appraisers need to be acutely aware of trends in the various markets for both fine and decorative arts. Mid century decorative arts, including studio furniture has shown an enormous amount of growth, collectiblity and interest over the past several years. As such, appraisers need to be familiar with more than only Nakashima and Escherick when it comes to knowledge of studio furniture. Modern American details and reviews the studio movement from the conceptual beginning at the NY Worlds Fair in 1940, and includes information on 26 furniture makers, artisans, designers and decorators.

To read the NY Sun article click HERE.

You can also pre-order the book from Amazon (stating availability of Oct 14th) by clicking HERE.

Russian Rich Buying the Best of Russian Art

Marcel Theroux of The Independent in London recently reports that Russian billionaires are purchasing some of the best Russian art available. As Russian artifacts come to market, the wealthy Russians are buying at an enormous rate and easily topping many auction high estimates. The article states that the Russian wealthy have come a bit late to buying upper market Russian fine art, but they are now making up for the late arrival in volume. They are mostly focusing on Russian art, but they are also buying quality fine art in general and even lesser known works by Russian artists. The article compares the current purchasing sprees to those of Catherine the Great.

Theroux reports "James Butterwick tells me that in the past three years the prices of Russian art have gone up by as much as 400 per cent. It's not hard to figure out the reason. A new generation of super-rich collectors started buying up the works of the Russian avant-garde with the same devotion that the earlier generation painted them."

As many appraiser have known for a while, Russian fine art and decorative art is highly desirable and collected by many. This article reinforces the escalating prices of Russian art, and as appraiser we need to be aware of the market and market trends. For quality Russian art, the trend continues its upward march.

To read the Independent article by Theroux click HERE.

Appraiser Tech Tip: Google Translate Option

Google recently updated its main search box to translate words between English and nine other languages, including Spanish, French, German and Italian. Everyone once in a while appraisers need to quickly translate a paragraph or sentence. Google's translate is the perfect solution for those of us who are not multi-lingual. It is simple to use, just type translate and type the foreign word and press enter, or type "translate" followed by the English word into Spanish or German etc.

For example you can type:

"Translate Haus" (to get German to English) or type

"Translate house into German" (to get English to German)

Google returns a page with the translation. This simple translation tool will work for individual words and very short phrases. For more powerful translations use the Google translation tool.

Just another useful tool we as appraisers can use when searching in a book, catalog or reference written in another language.