Artvest / Detroit Institute of Arts Report

Fellow appraiser Judith Vance, ASA was able to obtain a copy of the Artvest report prepared for the Detroit Institute of the Arts. I have to print and read, but I wanted to get it online and out to fellow appraisers.

The report is not titled an appraisal report, but an expert witness report and includes market analysis, qualifications, collection evaluations, review of Christie's report, cultural impact, and limiting conditions. FYI, the noted 26(a)(2)(B) rule is a Federal rules for expert reports in civil procedures.

I have uploaded the report to a cloud server for viewing and downloads.  I will keep it up for a few weeks, so if you wish to keep a copy for your files and reference, please download and save locally on your device.

Follow the link to download the full report (enjoy), it  is about 2.5 mb in size, and 112 pages with charts and profiles.


The block quote below contains the table of contents and the scope of opinion.
Table of Contents

I. Scope of Opinion and Disclosures Required Under Rule 26(a)(2)(B)

II. Qualifications

III. General Art Market Issues

IV. Evaluation of the Collection of the Detroit Institute of Arts

V. DIA-Specific Market Issues Affecting Selling Strategy and Value

VI. Potential Factors That May Affect the Liquidation of the DIA Collection

VII. Critique of Houlihan Lokey Analysis and Indications of Interest

VIII. Critique of the Christie’s Recommendations for Monetization

IX. Cultural Impact

X. Conclusion

XI. Assumptions and Limiting Conditions

I. Scope of Opinion and Disclosures Required Under Rule 26(A)(2)(B)

1. I have been retained by Cravath Swaine & Moore LLP on behalf of its client The Detroit Institute of Arts (“DIA”) and by Jones Day LLP on behalf of its client The City of Detroit, Michigan
(together “Counsel”), in connection to the matter that is the title of this report.

2. Counsel has asked me to form an opinion with respect to the following:
a) The indicative value of the works in the DIA Collection
b) The feasibility and likely effects on the market and value realization of a sale of the DIA collection under a variety of market and sale conditions
c) Creditor-proposed sales of the DIA’s collection, including analysis of certain third party indications of interest
d) Monetization alternatives described in Christie’s report to the City of Detroit
e) Infirmities in any rebuttal expert reports, which I will address in any supplemental report as necessary

3. In addition, this report contains a summary of the information that I relied upon in the development of my opinions and a statement of qualifications. My opinions, detailed herein, are based upon the data and other information available to me as summarized in this report.

4. A detailed list of the sources of information relied upon is presented in Exhibit A.
5. My curriculum vitae and lists of recent testimony, publications and relevant presentations are presented in Exhibit B.

6. Exhibits D through F are additional sources, tables and calculations that I have relied upon.

7. Artvest Partners LLC is compensated at a fixed fee of $112,500 for preparation of this report, and $6,000 per day (or $3,500 per half day) for expert witness testimony at deposition or trial.
8. I reserve the right to supplement and/or revise my report if additional information becomes available and to prepare and present an additional report in reply to any expert report proffered in response to this report. I also may be asked to testify at deposition and trial.

9. I reserve the right to use any charts, tables or graphs contained in this report as demonstrative exhibits to support my testimony at deposition or trial.
Click HERE to download the report

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