First, some of the info in the article was incorrect, such as the value after restoration being $16.9 million and pre damage valuation of $22.5 million.
According to one appraisal referenced, the $16.9 million is the loss of value, not the post restoration value.
The other interesting aspect is the existence of a second "preliminary" appraisal referenced in the appraisal for the owner/plaintiff, where the appraiser determined the work not to be by Brancusi. This appraisal valued the damage work at $5,000 with a 50% loss of value. Both appraisers used fair market value.
For those interested in reviewing the appraisals, links are
Alex Rosenberg & Associates report ($22.5 million pre damage FMV)
CLICK HERE
Victor Wiener Associates report ($5,000 pre damage FMV)
CLICK HERE
Both reports are good reading for appraisers, as will be the legal decisions. I have gotten a lot of interesting comments and feedback on this lawsuit and appraisals. Please keep the comments coming. All very interesting to personal property appraisers, art attorneys, art advisors and insurance professionals.
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