Based upon the information submitted; a certified
copy of the bill of sale, and a photograph of the item being appraised,
Maynard Elliott Inc. hereby appraises and/or values the item(s) described
within the attachment page(s) to this Master Appraisal/Valuation. Research
was performed, where and when applicable, and the following appraisal(s)/valuation(s)
(unless otherwise stated) are solely the opinions of Maynard Elliott Inc.
CONDITIONS OF VALUATION
While the appraiser has endeavored
to list and describe correctly, based upon the information supplied, a
guarantee is not made to the correctness of the listings, or other descriptions
of physical condition, size, importance, authenticity, attribution, provenance,
exhibitors, literature, historical relevance, and no statement made within
this appraisal/valuation shall be deemed such a warranty.
The replacement appraisal/valuation,
and (if applicable) restoration costs shown, are solely the opinion(s)
of Maynard Elliott Inc., as of: _________________ 1998 and are based upon
the replacement value for the item(s) described on the attached addendum
page(s), at the highest realistic price from a major art gallery, organization,
or individual, located within a major United States or Canadian center,
to that of a similar and like subject, with similar and like medium, similar
and like mannerism, similar and like ability of execution, in a pristine
like condition, and the item(s) being of a similar and like size, and
approximate age for valuation purposes.
If a painting were lost in
a fire, the time and costs for you to find another "acceptable" work by
the "same" artist would take a long time, if at all even possible. Then
you must have it inspected, crated, shipped, etc. All these costs are
hard to estimate as there are many variables like currency exchange, conservation,
telephone calls, and so on up until the time you replace the work in your
home. The time and costs associated in locating the item have not been
taken into consideration for an appraisal/valuation, or replacement purposes.
This means that we are only
appraising the actual work of art. We are not including within the appraised
values any costs or necessary time incurred to find another work of art
by the same artist.
The Restoration costs (if
applicable), are those services performed by a conservationist with a
degree in fine art from a major European University. This conservationist
has worked for a major European museum, and has worked for Maynard Elliott
from time to time over many years.
All comments, opinions, and
conclusions are discussed and elaborated upon within the body and context
of this appraisal/valuation, to the extent felt necessary in support of
the final estimate of value(s). However, no guarantee is made, as to any
exact replacement actually obtainable, as the item(s) so appraised are
considered to be original, or in the case of a print(s), that of a specific
number(s) of a new, limited numbered edition, unless otherwise specifically
stated. Therefore, the replacement values of the item(s) deemed as being
either a new, original, contemporary work of art, or a new, contemporary,
particularly and specifically numbered print, consisting as one of a series
of a limited, numbered edition of prints, and deemed possible to replace
within the reasonable stated value(s).
should be given to the assumptions and limiting conditions contained herein;
which form an integral part of this appraisal/valuation.
This appraisal/valuation is
limited to our opinion(s) of value(s). There is no warranty applied or
intended as to the actual placement of insurance coverage, the amount
of an insurance claim settlement, or of the actual values being realized
at auction, or by sale, however made, as we are not an insurance agent
or broker, insurance company, auction gallery, or an art dealer etc.
We have taken into consideration
that, if described below, and in our considered opinion, deemed necessary,
that one or more of the works could be restored. However, it is also noted,
that in our considered opinion, that with much of the restoration within
the area of fine art that would be involved, could entail removing the
canvas from the stretcher, or board, relining, which would instantly be
detectable to the touch, and/or by viewing verso. Also, that by filling
any cracks or chips, and over painting, would instantly he detectable
under ultra violet light and/or other methods of detection. In other instances,
such as a new stretcher, it would instantly be detectable on sight. As
a result, it is our considered opinion, that conservation, and/or the
restoration in many instances, unless otherwise stated, should not be
considered unless it is absolutely necessary, as the cost thereof, could
exceed the value of the item(s), and/or the cost thereof, combined with
the depreciated value could also exceed the value of the item(s). Therefore,
any restoration and/or conservation should only be considered on an individual
basis within direct relation to the actual conservation, and/or restoration
required. Further, that restored works are often severely discounted by
the industry in general when sold. Restored works could also be considered
as fakes. Therefore, the restoration costs if shown, are those of the
simplest nature that could be performed in such a manner in order not
to depreciate the value of the item(s), unless it is necessary to state
Consequently, the replacement
of the item(s) within the manner discussed in these instances, would be
recommended. It should be noted, that with any conservation and/or restoration
performed, perhaps other than with cleaning, re-varnishing, and perhaps
some very minor repairs, that any conserved and/or restored item(s) would
never be completely original.
It is our considered opinion,
unless otherwise stated, that the item(s) examined, is/are/were of an
original nature in the first instance, and the lesser cost of restoration,
is only conditionally outlined, or that the replacement outlined has been
taken into consideration within the writing of this appraisal/valuation.
The appraiser hereby certifies
that the Company, or the valuator, has no present interest, or contemplated
interest, in any of the item(s) contained within this appraisal/valuation,
and/or conservation/restoration pertaining thereto, of any kind whatsoever.
The compensation for services
rendered within this appraisal/valuation do not include compensation for
court preparation, court appearance, transportation, meals, accommodation,
or any other expenses pertaining thereto, which must be negotiated separately.
However, neither this, or any other limiting conditions is an attempt
to limit the use that might be made of this appraisal/valuation; should
it properly become evidence in a judicial proceeding. In such a case,
it is hereby acknowledged, that it is the judicial body which will decide
the use of this appraisal/valuation, which best serves the administration
This Master Appraisal/Valuation,
plus accompanying addendum pages for individual appraisal(s)/valuation(s),
is considered to be copy written, and consists of three (3) certified
original copies, containing approximately twelve (12) pages, plus one description
addendum page for each item being appraised, and a photograph for each item being appraised.
Contained within the Supporting Documentation Section, are graphs and charts, photocopies
database print outs and other researched material. All addendum pages plus any available, and/or
researched provenance pages are attached to the addendum pages, and form
part of the Master Appraisal Valuation. Further copies of any nature,
means, or method of any kind, mechanical, retrieval, or otherwise, may
not be made without the prior written approval of Maynard Elliott Inc.,
and/or Maynard Elliott Limited, nor may this appraisal/valuation be used
without exception, for any purpose or purposes, other than to which, and
to whom it is intended, as particularly specified below, and so written.
This appraisal/valuation and/or
report may be used by: _________ Your name goes here _______ for the sole,
specific purpose being; the replacement value(s) of the item(s) contained
within the attachments without further compensation being paid to Maynard
Elliott Inc., and/or Maynard Elliott Limited.
The item(s) shown on the addendum
page(s) are numbered in chronological order within the application(s)
for the appraisal/valuation and are in direct relation to the bill of
sale and the photograph submitted.
For Oriental items, a "CHOP" (signature of the valuator) is in Mandarin
Chinese, and shall be added to the written signature of the valuator for
authoritative purposes only. This is not considered an endorsement or
authentication of the artist's work(s).