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DIGITAL JOURNAL OF ADVANCED APPRAISAL PRACTICE SPRING 2019 SPONSORED BY THE INTERNATIONAL SOCIETY OF APPRAISERS PRIVATE CLIENT SERVICES Edited by Todd W. Sigety, ISA CAPP

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ii DIGITAL JOURNAL OF ADVANCED APPRAISAL PRACTICE Copyright © 2019 by Todd W. Sigety and named authors All rights reserved. No part of this digital journal may be reproduced or transmitted in any form or by any means without written permission of the author. Disclaimer and Limitations of Liability The views expressed within the Digital Journal of Advanced Appraisal Practice are solely those of the authors and do not necessarily represent the views of the editorial staff or the International Society of Appraisers. While the editorial staff has used reasonable efforts to include informative content within the Journal, we make no warranties or representations as to the accuracy of the content and assume no liability or responsibility for any use, error or omission in the content.

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iii ISA Private Client Services he ISA Private Client Services program was developed to educate ISA appraisers who wish to work with high-net-worth individuals (HNWI) and ultra-high-net-worth individ-uals (UHNWI) and their collections. Members of the program will acquire best practice methodolgies and how to approach and interact with gatekeepers specializing in high value objects and collections. While not a certification, after completion of the program, ISA appraisers will use the ISA Private Client Services affiliation to promote this service in their appraisal practices and to their HNWI clients and allied professionals. As the chart shows, the number of HNWI is growing every year. The ISA Private Client Services program was de-signed to specifically train ISA mem-bers to develop, manage, and market their services to high net worth individ-uals and their associates. This includes attorneys, family offices, wealth mangers, estate planners, financial planners, insurance agents/under-writers, and private bankers. Additionally, developing contacts and relationships with associated and allied professionals in the art market including museum registrars, conservators, logistics specialists, auction houses and galleriest are also part of the ISA Private Client Services training. After meeting the qualification requirements and taking the two-day seminar, ISA members will be able to promote themselves as part of the ISA Private Client Services program. As appraisers expand and transform their practices into areas beyond basic USPAP compliant apprais-als and move into other sectors of valuation services and art advisory, such as fine and decorative art consultations, brokerage, security, logistics, and collection management, professional appraisers need T

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iv to be prepared to work with and interface with the HNWI client demographic and their art and finan-cial planning professionals. The ISA Private Client Services program was developed to prepare and train ISA appraisers to work with these service pro-viders in the most complete and professionally trained manner. The fine and decorative art markets are no longer static. Professional appraisers now must constantly change with the marketplace while expanding and re-inventing our specialty and professional services. Re-invention and expansion are not only necessary for a thriving appraisal practice, but it is considered essential in order to stay viable and to compete in an increasingly competitive and changing market-place. The ISA Private Client Services advanced educational programs train participating appraisers to develop relationships with high net worth individuals, while preparing its appraiser members to work with and promote their services to associated professionals within the legal, financial and allied art markets. If you are looking to expand your appraisal practice, this pro-gram is designed specifically to do that while targeting HNWI collectors and their associates, many with important objects and collections which need both appraisal services and connected advisory services. Don't miss out on this specialized appraisal program and continuing appraisal pro-grams. If you are an ISA member, don’t hesitate and apply to the Private Client Services, and if not an ISA member, think about joining or bridging into ISA. For more information on ISA Private Client Services, CLICK HERE.

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v Foreword would like to thank the International Society of Appraisers and ISA Private Client Services for sponsoring and promoting the new Digital Journal of Advanced Appraisal Practice. This new publication is a both a continuation and a variation from the previous Journal of Advanced Ap-praisal Studies, first published in 2008 and ceased publication in 2016. The Journal of Advanced Appraisal Studies was previ-ously published in print form. After careful review with contributing authors, fellow appraisers and allied professionals it was determined that with new publishing technologies the best way to move forward and expand its reach was to develop a new, all-digital edition. The new digital journal will be published twice a year with typically 5-8 articles on advanced appraising. With sponsorship and hosting from ISA’s Private Client Services the new Digital Journal of Advanced Appraisal Practice will contain content geared for higher level assignments and more advanced ap-praisals focusing on High Net Worth Individuals and building client bases of museum collections, advanced collectors, estate planning attorneys, private bankers, financial planners and other allied professionals. The Journal is written and complied specifically for personal property appraisers and professionals from related and associated fields and will include original research articles and ad-vanced appraisal principles and methodologies from a variety of perspectives and approaches. I would like to thank Perri Guthrie, President of the ISA Board of Directors for assisting in the new direction and name of the Journal, and to all contributors for this new and important appraisal edu-cational project. Todd W. Sigety, ISA CAPP I

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vi Table of Contents • An Overview of the Many Ways That An Appraiser Can Assist the Private Client Services Community - By Sarah Reeder ....................................................... 7 • Art Crimes and Misdemeanors: Managing Risk in Estate Administration and In Appraisals of Stigmatized Art - By Sarah Moore Johnson & Cindy Charleston-Rosenberg .................................................................................................................. 17 • The Dynamics of Valuing Emerging Art and Artists - By David Shapiro ........ 42 • Appraising Designer Furniture: The Challenge of Authenticity and False Identities - By Soodie Beasley.................................................................................. 79 • Valuing Beauties: The Bijin In Japanese Prints - By Daphne Lange Rosenzweig ..................................................................................................................................... 90 • Appraising Chinese Glass: A Guide to Objects & Connoisseurship - By Susan Lahey ........................................................................................................................ 127 • From the Archives - Introduction to Research for Art Appraisers - By Tom McNulty ................................................................................................................... 142

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An Overview of the Many Ways That An Appraiser Can Assist the Private Client Services Community By Sarah Reeder, ISA CAPP s a member of the International Society of Appraisers’ recently implemented Private Client Services Program for high-net-worth-individuals, I am excited to have the desig-nation and specialized training to work with this community in my firm. However, I feel the very first step needed to help these professional relationships thrive going forward is for appraisers to proactively enlighten the Private Client Services community about the myriad of ways we can ease and inform their work to assist their clients. In the 2018 “Appraising in the World of High-Net-Worth Individuals” workshop featuring speakers from family offices, estate planning firms, and other pro-fessionals serving this community, it became clear to me that many of the experts in this field are not yet fully aware of the countless ways appraisers can assist their work. We in the appraisal field now have an opportunity to inform them about the broad range of our professional roles. This article is an introductory overview of the many ways appraisers can assist the private client ser-vices community with an initiation to a discussion that I hope will be continued and expanded on in the future by my appraisal colleagues and our professional counterparts serving high-net-worth indi-viduals. Often one only considers calling in an appraiser if something has been damaged or a client passes away, but appraisers can be critically helpful for high-net-worth-individuals at every life stage. Rather than a one-time service provider, I feel appraisers are more akin to an auto mechanic—experts with highly specialized knowledge to be checked in with regularly to maintain and protect one’s col-lection assets, just like routine scheduled oil changes with a trusted mechanic keeps a car running smoothly for years. A

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Sarah Reeder Digital Journal of Advanced Appraisal Practice 8 In the following article I will outline a range of ways appraisers can be of significant assistance to estate planning experts, accountants, lawyers, insurance firms, family offices, collection managers, and simi-lar professionals serving high-net-worth individuals. This list will not be exhaustive but is intended to expand the popular understanding of the breadth of expert resources appraisers can provide and help spark new future contributions to this ongoing conversation from my colleagues in the field. One area of focus that applies to our outreach to specialists in all of these industries is the benefit of an increased emphasis on spreading awareness about the Uniform Standards of Professional Appraisal Practice: what it is, what ethical and professional regulations are included in it, and why it is critical for the protection of their high-net-worth clients. The Private Client Services community should always work with appraisers who are USPAP-compliant. I spend a great deal of time in my own appraisal firm talking about the Uniform Standards of Professional Appraisal Practice, or USPAP. On a regular basis I encounter attorneys and similar high-level professionals who were previously unaware of the existence of USPAP and delighted to hear my explanation of how it serves to protect their clients. The elements of USPAP pertaining to avoiding appraiser conflicts of interest and prohibited conditional fee structures are especially important for the Private Client Services community to be aware of given the multiple hats appraisers sometimes wear in their professional roles. I consider greater emphasis on educating what USPAP is and the benefits of working with USPAP-compliant appraisers (which all members of the International Society of Appraisers Private Client Services Pro-gram are required to be) as a keystone in the future growth of opportunities for collaboration between appraisers and high-net-worth individuals. USPAP is one of the very best assets we have in the appraisal field to illustrate the massive changes and improvements that have taken place in our industry over the last several decades. I’ve found that some gatekeepers initially retain an image of the appraisal field as it was known many years ago in its unregulated state before the introduction of USPAP in 1987. They react very favorably when I bring them up to date about the sweeping improvements in standards and the high bar of training needed

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An Overview of the Many Ways That An Appraiser Can Assist the Private Client Services Community International Society of Appraisers - Private Client Services 9 to become an appraiser now. It’s incumbent on us now in the appraisal field to continue this educa-tional outreach and demonstrate to the Private Client Services community how well suited we are to assist in the protection of their clients’ collections. Estate Planning Experts, Accountants and Lawyers Traditionally in the estate field one only considers bringing in an appraiser after a client has passed, but in reality, appraisers are useful experts for estate professionals to collaborate with long before a client’s date of death. Appraisers are critically useful for estate planning purposes as they provide the independent, objective perspective that can accurately assess that a treasured heirloom’s worth is limited to sentimental value, while the ignored painting no one likes hanging behind it is actually a rare masterpiece. Having accu-rate valuation feedback about the art collections and other tangible personal property belonging to a high-net-worth client can help estate planning specialists better design the structure of estate plans to reduce tax liability and protect the interests of heirs. Identification of which items are truly valuable in a financial context rather than a personal context is the best way to accomplish this, and also miti-gates the chances of future conflict within the client’s family. I’m sure nearly every appraiser has encountered assignments where the client’s family has argued bitterly over an item with an inaccurately perceived high value. Getting a clear assessment about which items are monetarily valuable and which aren’t from a USPAP-compliant appraiser who is objective, independent, and has no vested interest in the outcome or appraised values is the best way to reduce these conflicts and help protect the estate holdings that do have high value. For estate professionals specializing in high-net-worth clients, these items can be exceptionally valuable and may be better held for estate planning purposes in structures like art LLCs. It can be useful to work with an appraiser quite early on in the estate planning process to catalog and provide a comprehensive assessment of the client’s assets if this has not already been completed as

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Sarah Reeder Digital Journal of Advanced Appraisal Practice 10 part of regular collection management. This serves to document the tangible personal property assets in the client’s holdings and give the high-net-worth individual the opportunity to review each item in the collection together with estate planning professionals to determine the most appropriate course of action for each piece in the development of the estate plan. Any potential complications that need a specialized treatment in the estate plan, such as a $50 million dollar painting, can be identified and mitigated early on rather than being discovered after the client’s death and triggering a tax burden for the estate that could have been reduced with informed preventative planning. It also gives the estate planning professional a clearer picture of the client’s total net worth by quantifying the art and other tangible personal property, providing the opportunity to more accurately compare net worth across all asset categories against estate taxation thresholds and make appropriate adjustments to the com-prehensive estate plan. The appraiser can also assist as a consultant in the creation of family distribution reports for personal use within the family. While they do not replace or preclude the legally mandated appraisal reports for the estate and often occur far too early to be appropriate for setting basis, the execution of an internal family distribution report with limited intended users can greatly smooth the process of set-tling the subsequent dispersal of tangible personal property among heirs. Ideally, this sort of report helps support the process of the high-net-worth client working with her or his estate professional to identify which items in the collection she or he wishes to go to certain heirs, which can dramatically reduce headaches and expensive complications for estate professionals caused by the family discord and legal disputes that so often plague the settlement of estates where the deceased’s wishes have not been clearly identified about who should get what. It also provides the deceased with the satisfaction of being involved in this decision-making process during life and helps document important prove-nance information about the collection known by the owner, such as which gallery a certain work was purchased at, which can increase future value.

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An Overview of the Many Ways That An Appraiser Can Assist the Private Client Services Community International Society of Appraisers - Private Client Services 11 The most obvious function for appraisers in estate settings is of course preparing an estate appraisal report at fair market value as of the estate’s effective date. In order to classify as a “qualified appraiser” as defined by the Internal Revenue Service, in addition to the stringent educational and experience requirements, the appraiser who prepares an appraisal report with the IRS as an intended user cannot be what they consider an “excluded individual.” I am not a legal professional but feel the definition of what an “excluded individual” is as outlined in the Internal Revenue Service’s Publication 561 should be carefully reviewed by all involved in the preparation of an appraisal report with the Internal Revenue Service as an intended user. While these excluded individual requirements were originally written with language specific for the context of charitable contribution appraisal reports, the concepts of disqualifying previous involvement have extended in application to estate intended uses: “The following persons cannot be qualified appraisers with respect to particular property. 1. The donor of the property, or the taxpayer who claims the deduction. 2. The donee of the property. 3. A party to the transaction in which the donor acquired the property being appraised, unless the property is donated within 2 months of the date of acquisition and its appraised value is not more than its acquisition price. This applies to the person who sold, exchanged, or gave the property to the donor, or any person who acted as an agent for the transferor or donor in the transaction. 4. Any person employed by any of the above persons. For example, if the donor acquired a painting from an art dealer, neither the dealer nor persons employed by the dealer can be qualified appraisers for that painting.

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Sarah Reeder Digital Journal of Advanced Appraisal Practice 12 5. Any person related under section 267(b) of the Internal Revenue Code to any of the above persons or married to a person related under section 267(b) to any of the above persons. 6. An appraiser who appraises regularly for a person in (1), (2), or (3), and who does not perform a majority of his or her appraisals made during his or her tax year for other persons. In addition, a person is not a qualified appraiser for a particular donation if the donor had knowledge of facts that would cause a reasonable person to expect the appraiser to falsely overstate the value of the donated property. For example, if the donor and the appraiser make an agreement concerning the amount at which the property will be valued, and the donor knows that amount is more than the FMV of the property, the appraiser is not a qualified appraiser for the donation.” (Source: Publication 561) For this reason, and also just as a good general practice, it’s my opinion that it is exceptionally useful for estate attorneys, accountants, and similar estate planning offices to develop positive working rela-tionships with a number of different USPAP-compliant appraisers, and maintain a roster of these appraisers in their professional network so they can call on an entirely different appraiser to perform the estate appraisal from the appraiser or appraisers who were associated with the earlier collection cataloging, estate planning, and family distribution document. It is crucial to have a large enough roster of appraisers to be able to engage an appraiser not previously involved with that particular estate for the final estate appraisal report, both to meet IRS requirements and also to protect the estate from any claims of conflicts of interest or favoritism from an appraiser with a long association with the client. The ISA Private Client Services Program will be a major tool in helping estate professionals serving high-net-worth clients to source multiple appraisers with the appropriate training and build a diverse resource network.

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An Overview of the Many Ways That An Appraiser Can Assist the Private Client Services Community International Society of Appraisers - Private Client Services 13 Insurance Firms I’ve found a major blind spot among many clients of their awareness of the need to regularly update insurance appraisal reports to reflect and incorporate market changes. Just in the last several months of appraisal assignments, I’ve had the opportunity to review previous appraisal reports on file dating to the 1990s, 1980s, and even one from the early 1970s. Clearly, the appraised values in these reports are no longer an accurate representation of the current market and clients are massively vulnerable in the event of loss, particularly those traditionally served by the Private Client Services community who often have significant collections. This absence of popular awareness of how frequently insurance appraisal reports should be updated, which is closer to every few years rather than every few decades also contributes to a systemic issue where many insurance providers are missing the opportunity to collect premiums that accurately reflect the current value of the insured items, which in many cases have enjoyed several decades of appreciation. It is an all-too-common situation that doesn’t serve either the clients—who are underinsured and not sufficiently protected—or the insurance compa-nies—who are missing out on collecting millions in premiums due to the prevalence of decades-old appraisals on file. Appraisers can remedy this situation and we are ready to help. This is an area where future collaborative educational outreach by both insurance firms and appraisers to their shared client base about appropriate time frames for insurance appraisal updates will be especially beneficial to improve client collection protection and expand business opportunities for both fields. Regular updates of insurance appraisals also incorporate new additions to collections which have been acquired since the last report was issued, which is another important function of appraisal updates. It’s not uncommon in my insurance assignments to find that several major pieces have been acquired since the last update and have been sitting unprotected in the client’s residence for years. As anyone who has ever been involved with a damage claim can attest, it is so much simpler to have all items documented and protected before any damage or loss occurs rather than having to reconstruct the item’s appearance and condition from minimal records or photographs. Having an updated insurance appraisal also supports and facilitates a number of other collection-related activities, such as easing the

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Sarah Reeder Digital Journal of Advanced Appraisal Practice 14 process of arranging to move a painting between a client’s homes or sending it to a museum to be included in an exhibition as a loan. Before the work leaves the wall, it is important to have a current appraised value already in place for the work’s protection. Achieving comprehensive collection pro-tection with regular appraisal updates reduces stress for the collector and improves the service and business opportunities of insurance firms. Collection Management A linchpin in all the activities described above is collection management, which is a separate service that many appraisers regularly provide. Collection management is an overarching, integrative practice that can take a variety of forms depending on each client’s interests and vision. In collection manage-ment, appraisers in the role of consultants can: • advise on planned future purchases and assess market conditions for the artist being consid-ered • serve as a liaison with art handlers and similar professionals • inspect, photograph, and document new incoming additions to the collection and arrange for them to be added to insurance coverage • inventory and catalog all of the items in the client’s collection and maintain a collection data-base • work with the client to help identify and evaluate areas of desired expansion and future pur-chases for the collection. It is akin to having one’s one private museum registrar and curator, serving as the steward of a client’s collection and maximizing opportunities for the client to enjoy the elements that bring the most joy (such as contemplating new purchases or having certain paintings included as a loan in an institutional exhibition so others can share in seeing the works) without having to worry about the day-to-day maintenance. Appraisers can be every useful in bespoke collection development as well, gaining a

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An Overview of the Many Ways That An Appraiser Can Assist the Private Client Services Community International Society of Appraisers - Private Client Services 15 deep understanding of the client’s taste and collecting aims. They can also help research and source new artists tailored to the client, as well as assisting in building positive relationships with these artists that can enhance the client’s enjoyment of the collecting process. Due to the restrictions in USPAP about appraiser conflicts of interest, it’s critical that appraisers serv-ing in collection management roles for a client remain vigilant about activities that would present a conflict of interest and bring in other qualified appraiser colleagues when appropriate to fulfill those roles, but collection management is an area of service where appraisers’ skills, connoisseurship, and market experience is currently sorely underutilized. Family Offices Appraisers are an important resource for family offices, which are a centralized team of professionals managing all financial and practical logistics for a high-net-worth family or small group of families. Building long-term relationships with a diverse network of appraisers with different specialties and areas of expertise will ensure that a family office can provide comprehensive appraisal services for the full extent of the family’s collections. Maintaining a large roster of appraisers in a family office’s network also protects the interests of the family by making sure that there are enough appraisers with private client services experience available that a different appraiser can be selected for different ap-praisal intended uses as the family’s needs arise. For example, the family office can coordinate with one appraiser for an insurance appraisal report and a second different appraiser for a charitable con-tribution of a painting to a museum to help shield the client from any future claims, however unjusti-fied, of appraiser influence or favoritism. Maintaining objectivity and avoiding previous involvement are critical for both the appraiser and the protection of the client, which is why developing a deep bench of highly trained appraisers experienced in working with the private client services community will be extremely beneficial to all. This is one of the areas of continued future growth I’m most excited to contribute to in the International Society of Appraiser’s Private Client Services Program.

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Sarah Reeder Digital Journal of Advanced Appraisal Practice 16 About the Author Sarah Reeder, ISA CAPP, is a Certified Member of the International Society of Appraisers with the Private Client Services designation and an Accredited Member of the Appraisers Association of Amer-ica. She is the owner of Artifactual History® Appraisal and the Co-Editor of Worthwhile Magazine™, an online publication about the art and appraisal world. She can be reached at info@afhappraisal.com.

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Art Crimes and Misdemeanors: Managing Risk in Estate Administration and In Appraisals of Stigmatized Art By Sarah Moore Johnson, Esq and Cindy Charleston-Rosenberg, ISA CAPP INTRODUCTION rt collectors and their estates can experience disastrous outcomes when art is acquired without proper due diligence and when art is incorrectly valued. At the root of these problems are various types of stigmatized art that commonly lurk in estate collections, including forgeries, stolen art, mistakenly attributed or unidentified works, and art that is illegal to own or trade. Failure to properly identify and value stigmatized works can result in avoidable excess tax liability, unequal distributions to heirs, overpayment of insurance premiums, family disputes, and in-creased vulnerability to IRS challenge. This article provides guidance to appraisers, trust and estate attorneys, and wealth managers on how to identify stigmatized art that may complicate estate administration. It discusses the associated legal and monetary risks can be managed through advanced strategies and diligence in the selection of relevantly qualified experts. PART ONE — TYPES OF STIGMATIZED ART FORGED ART Over the past decade the international art market has been deeply challenged by forgery scandals, with no segment of the art world left immune. The discovery of forgeries brokered at premiere levels of the gallery and auction markets has resulted in shifting standards and expected practices for collectors and advisors. Collectors should no longer rely solely on the vetting of their eminent gallery or auction house to confirm authorship, as the following examples show. A

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 18 Galleries: Knoedler & Company forgery scandal In 2011, Knoedler & Company — one of New York's oldest and most revered art galleries — abruptly shuttered its doors in the wake of an $80 million forgery scandal. Since its opening in 1846, Knoedler had been a leading supplier of Old Master paintings to barons of the Gilded Age, including Cornelius Vanderbilt and J.P. Morgan. In 1994, a previously unknown art dealer, Glafira Rosales, visited Knoedler gallery director Ann Freed-man. Rosales claimed to represent the reclusive heir of a private collector, who had built a world-class American abstract expressionist collection by purchasing directly from then-living artists including Robert Motherwell, Richard Diebenkorn, Jackson Pollock, and Mark Rothko. Rosales reportedly rep-resented to Ms. Freedman that the heir refused to allow the collector's identity to be revealed, and that provenance (history of ownership), including original sale documentation, could not be supplied. These works, passed off as originals, were later discovered to have been expertly painted by Chinese immigrant Pei-Shen Qian in his Brooklyn garage. Over the next 14 years, Rosales worked in tandem with her boyfriend and his brother to place dozens of fakes in the collections of Knoedler’s prominent and sophisticated clientele. In promoting the works, Freedman reportedly represented to buyers that the unidentified collector was known to the gallery.1 One victim, Domenico De Sole, a board member of Sotheby’s and former CEO of the Gucci Group, purchased a fake Mark Rothko from Knoedler for a reported $8.3 million. The De Soles sued Knoedler under the federal RICO Act as running a racketeering operation and settled after a full trial. Many other victims settled out of court.2 1 Cahill, John R., "An Update on the Knoedler Gallery Lawsuits," Sothebys.com News (May 4, 2014). 2 Miller, M.H., “The Big Fake: Behind the Scenes of Knoedler Gallery’s Downfall,” Art News (April 25, 2016).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 19 Allegations raised by plaintiffs include that Freedman failed to exercise diligence in confirming prov-enance and that early warnings from authenticators had been ignored.3 John Elderfield, an eminent art historian, and Gretchen Diebenkorn Grant, the daughter of painter Richard Diebenkorn, both testified that, as early as the mid-1990s, they’d indicated to Freedman that works represented as Diebenkorns were dubious. Jack Flam, president of the Dedalus Foundation, dedicated to the legacy of artist Robert Motherwell, also testified that in 2008 he’d disputed two works attributed to Mother-well. Despite a lack of confirmed provenance and early authenticity concerns voiced by recognized author-ities, Freedman continued to represent works from this collection for another decade. Commentators also point to the unusually high differential between Knoedler's cost and sale prices as another obvious cause for concern. These factors suggest, that at the very least, Freedman acted with a reckless lack of due diligence. The Knoedler scandal deeply undermined buyers’ trust in the vetting process of prominent galleries and other eminent sources and highlights the need for buyers of significant works to exercise more diligence in advance of purchase. The scandal also brought into sharp focus the professional ap-praiser’s responsibility to confirm authorship with recognized authentication experts before conclud-ing value. Auction: Old Master forgery scandal As the art world was still reeling from the Knoedler scandal, European art collector Giuliano Ruffini emerged as a common link in an Old Master forgery scandal involving an estimated $250 million in forged art. 3 Kinsella, Eileen, “Richard Diebenkorn's Daughter Challenges Ann Freedman's Story at Knoedler Forgery Trial,” Art-net News (January 28, 2016).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 20 In 2010, Ruffini sold a work attributed to artist Frans Hals to London-based art dealer Mark Weiss, and Weiss sold the work through Sotheby’s in 2011 for $10.8 million. When authenticity suspicions arose after the sale, Sotheby’s employed forensic analysis and discovered the work contained synthetic pigments not invented until the 20th century. Sotheby’s reimbursed the buyer and sued Mark Weiss for breach of contract.4 Sotheby’s traced back chains of title for other works originating with Ruffini, identifying a work titled “St. Jerome” attributed to 16th century Italian artist Parmigianino, that had been consigned by a col-lector who’d also purchased from Ruffini. Through forensic analysis, Sotheby’s also determined this work to be a fake and refunded the buyer. The painting had been displayed in prominent museums and endorsed by independent specialists as either by or in the “circle of” Parmigianino. Ruffini is also connected to “Venus with a Veil,” attributed by experts to Lucas Cranach the Elder and sold to Hans-Adam II, the Prince of Liechtenstein, for €7 million (approximately $7.95 million). The image of the ancient Greek goddess was seized by the French authorities in March 2016.5 Ruffini is currently being investigated by the French police and says he never claimed any of the works were authentic. The Terrus Museum forgery scandal The Terrus Museum in Elne, France, dedicated more than 20 years to collecting the works of Étienne Terrus, a local artist best known for his landscapes of the Roussillon region. As the museum was expanding to house its growing collection, it discovered 82 of its 140 works were counterfeits. Smaller museums are particularly vulnerable to forgeries because they often lack the budget to hire profes-sional curators or to conduct proper diligence.6 4 Boucher, Brian, “Sotheby’s Sues London Dealer Mark Weiss Over Frans Hals Forgery,” ArtNet News (February 7, 2017). 5 Watson, Leon, “Vividly-Colourful ‘Renaissance’ Masterpiece Ruled a Fake,” The Telegraph (January 19, 2017). 6 Peltier, Elian and Codrea-Rado, Anna, “French Museum Discovers More Than Half Its Collection Is Fake,” The New York Times (April 30, 2018).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 21 The Palazzo Ducale museum scandal: Modigliani fakes In the summer of 2017, a major Amedeo Modigliani exhibition at the Palazzo Ducale in Genoa, Italy, was shut down amid authenticity concerns. Of the exhibition’s 30 works, 20 were later confirmed to be forgeries. Modigliani is one of the most forged artists in the world. Modigliani scholar Marc Restellini reports there are at least 1,000 Modigliani fakes in circulation.7 Modigliani originals are particularly difficult to confirm as a result of the artist’s penchant for trading art for drinks, an incomplete catalogue raisonné, and various experts jockeying for positioning as the recognized authority, often issuing contrary opin-ions. UNATTRIBUTED AND MISATTRIBUTED ART Reassignment of a work’s authorship can lead to dramatic changes in value. Lack of diligence in con-firming authenticity, or in fully exploring authorship for unidentified works, can present greater valu-ation risks than outright bad intent. Although appraisers are rarely qualified to authenticate, a critical part of the appraisal process is identifying and consulting with the recognized authentication authori-ties. Misattributed: Chinese art in the collection of the Pacific Boychoir Academy The Washington Post recently covered a story where misattributed art donated to a small but prestigious music academy undermined the school’s financial solvency. A patron had recently donated Chinese artworks at an appraised value of $2.8 million.8 The struggling school viewed the well-intentioned gift as the seeds of an endowment and long-term security. 7 Esterow, Milton, “The Art Market’s Modigliani Forgery Epidemic,” Vanity Fair (May 2017). 8 Brice-Saddler, Michael, “A school bet its future on paintings worth $2.8 million — then learned their real value,” The Washington Post (March 4, 2019).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 22 When the school took steps to sell the art, it was informed the paintings were copies of little value. However, relying on the appraisal, the school had already borrowed against the art for program and staff development, and now owed significant debt against a relatively worthless asset. Consequently, the school has had to lay off staff and is struggling to continue its operations. This story highlights a range of serious financial consequences that can result from a less-than-diligent appraisal, in addition to the elevated risk of an IRS challenge and embarrassment for the institution and donor. The continuing controversy surrounding “Salvator Mundi” In 2005, a painting later identified as Leonardo DaVinci's “Salvator Mundi” sold at a Louisiana estate auction for approximately $10,000. Over the next 12 years, the painting was the subject of painstaking restoration and exhaustive provenance research. In 2017, Christie’s set a record price for an artwork at auction, with “Salvator Mundi” achieving $450 million. The attribution and/or degree of originality of the artwork continue to be the subject of controversy, although expert consensus seems to support the attribution to DaVinci. Nevertheless, Oxford University art historian Matthew Landrus has publicly stated his opinion that the work was mostly executed by Leonardo’s assistant, Bernardino Luini, whose auction record is approximately $650,000.9 Landrus is not the only expert to express uncertainty on the painting’s authorship. Univer-sity of Leipzig art historian Frank Zöllner, Michael Daley of ArtWatch UK, and New York magazine critic Jerry Saltz have also expressed doubts. Without explanation, the Louvre Abu Dhabi indefinitely postponed an exhibition of the work that was planned in 2018. The history of the “Salvator Mundi” illustrates the risk of value loss when authorship of estate art is not recognized. Here, there were two instances of potential lost value: the original estate auction sale at far less than the painting was worth (regardless of whether it was painted by DaVinci or one of his 9 Neuendorf, Henri, “Who Really Painted ‘Salvator Mundi’?,” ArtNet News (August 7, 2018).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 23 assistants), and the high purchase price at Christie’s auction (should DaVinci prove not to be the original author). Unattributed: John Constable in the collection of Lady Hambleden In 2013, Lady Hambleden, the former wife of Viscount Hambleden held an auction sale at Christie’s London. One of the items auctioned was an oil sketch similar to “Salisbury Cathedral from the Mead-ows,” one of the best-known works of 19th century British landscape artist John Constable. Listed for auction sale as the work of a Constable “follower,” the oil sketch sold for approximately $5,200. Anne Lyles, a leading Constable expert at the Tate museum in London later confirmed the work to be by Constable. The painting subsequently sold at Sotheby’s New York for $5.2 million.10 Lady Hambleden decided not to take action against Christie’s. Unattributed: Caravaggio Sotheby’s was sued by the consigner of a work listed for sale by the auction house as copy of Cara-vaggio’s “The Cardsharps”. The work was purchased at auction by prominent British art historian Denis Mahon for approximately $83,000. After the sale, leading Caravaggio scholar Mina Gregori confirmed the work is indeed by Caravaggio, and this attribution has been widely accepted.11 In 2015, Sotheby’s successfully defended the suit on the basis of the right of the auction house to depend on its own in-house experts. The work is currently on loan to a London museum, insured at £10 million. STOLEN ART Art theft produces estimated losses in the billions of dollars annually.12 The Federal Bureau of Inves-tigation (FBI) has an Art Crime Team dedicated to the recovery of stolen works and bringing criminals 10 Manly, Lorne, “$5,200 or $5.2 Million? It’s All in How It’s Framed,” The New York Times (March 7, 2015). 11 Id. 12 “What We Investigate,” Federal Bureau of Investigation, March 20, 2019, www.fbi.gov/investigate/violent-crime/art-theft#Art-Crime%20Team.

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 24 to justice. The Art Crime Team has recovered more than 14,850 items since its inception, valued at over $165 million. According to the FBI, only about 5 percent of stolen art is recovered. Despite the high-profile art theft that is the subject of movies and breaking news, art theft commonly occurs on a less grand scale, where buyers may not consider purchase prices high enough to warrant due diligence and provenance is not as critical a consideration. To help determine if a questionable work of art is stolen, the following resources may be consulted: • Art Loss Register is the world’s largest database of stolen art. It is maintained by a private company and is used as a resource by insurance companies and law enforcement. • National Stolen Art File (NSAF) is a database of stolen art and cultural property maintained by the FBI. Law enforcement agencies in the U.S. and abroad may submit stolen works for entry in the database. • Interpol is the world’s largest international police organization, with 192 member countries. It also maintains a database of stolen works that is accessible to law enforcement agencies and other authorized users across the world. Nazi-confiscated art The restitution of Nazi-looted art during World War II remains an ongoing, worldwide problem. While the publicly-stated aim is to return works to the heirs of the rightful owner, the reality is far more complicated and litigious. The Nazi government had a practice of searching Jewish homes to purchase valuable works at dis-tressed prices. The owners knew that they would face dire consequences if they did not agree to the sale, and so the looting was given an air of legitimacy through forced “legal” transactions.13 13 Kaplan, Isaac, “Three Cases That Explain Why Restituting Nazi-Looted Art Is So Difficult,” Artsy.net (July 5, 2017).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 25 The US has emerged as the forum of preference for heirs of Nazi-looted art to bring suit to recover works. Under Anglo-American law, a thief cannot pass good title, no matter how many times a work is subsequently sold to good faith purchasers. U.S. courts have relied on this well-settled principle to order the return of Nazi-looted art to the heirs of the rightful owners. Although the Foreign Sovereign Immunities Act (FSIA) prevents U.S. courts from exercising jurisdic-tion over foreign sovereign governments, there is an exception if the taking of property by a govern-ment is in violation of international law, such as genocide. The museum community argued that this exception had a chilling effect on loans of international collections to U.S. museums, as various U.S. district attorneys and attorneys general have used the exception to FSIA to seize works of art transported to the U.S. through intra-museum loans.14 On December 16, 2016, a new amendment to FSIA was signed into law, meant to protect works of art sent to the U.S. for temporary exhibit. The amendment contains an exception for artworks taken by the government of Germany or any government in Europe occupied by Germany from 1933 to 1945.15 After World War II, each country was entrusted to return the stolen art to its citizens, but many of these governments were still anti-Semitic. France received 61,000 stolen artworks and quickly returned some 45,000 of these to the rightful owners, but thousands more were sold to replenish post-war coffers. For decades, the Louvre and other museums throughout France have willingly displayed the remaining 2,000 or so unreturned works.16 Experts disagree on whether the country is doing enough to reunite the works with their owners. 14 Id. 15 FSIA §1605(h)(2). 16 McAuley, James, “The Louvre Is Showing Nazi-Looted Art in a Bid to Find Its Owners,” The Washington Post (February 2, 2018).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 26 At a December 3, 1998, conference in Washington, D.C., 44 nations agreed on the “Washington Principles on Nazi-Confiscated Art” (sometimes referred to as the “Washington Declaration”) and established protocols for the identification and return of stolen art. Nevertheless, some foreign governments continue to fight to retain works known to be stolen by Germany on theories such as adverse possession and statutes of limitation.17 Gallery conversion of consigned art Whether by accident or fraud, conversion occurs when an art dealer sells art consigned to it by an artist or collector for less than or without an agreed price, or when galleries fail to pay the consignor following a sale. “Conversion” is treating someone else’s property as one’s own and is a form of theft. In 2011, Pennsylvania art collector George Ball consigned eleven modernist works by artists such as Paul Klee, Henri Matisse, and Pablo Picasso to his long-trusted Madison Avenue art dealer, Scott Cook. The value of the works was estimated to be in excess of $5 million. Cook told Ball the works would be included in Christie’s London auction that summer. Ball trusted Cook and never asked to see the Christie’s catalog or look for his consignments on the Christie’s website. Later that summer, Cook sold the paintings without Ball’s knowledge and fled the country.18 Ball later received an $18 million judgment against Cook for breach of contract, conversion, and breach of fiduciary duty,19 and Cook was criminally prosecuted at the federal level.20 Typically, when conversion occurs, a claim is filed with the property insurer, and the insurance com-pany litigates with the dealer or gallery. 17 See Kaplan, supra at note 13 (explaining that Spain successfully argued against the U.S. to keep a Camille Pissaro painting known to have been stolen by Germany by applying its adverse possession laws). 18 Grant, Daniel, “‘Conversion’ Presents Thorny Issues for Art Owners,” Art News (September 7, 2011). 19 Ball v. Cook, 2012 U.S. Dist. LEXIS 147380. 20 FBI Press Release, “Manhattan-Based Art Dealer Charged in Manhattan Federal Court with $4 Million Fraud” (Jan. 26, 2012).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 27 WORKS DISCLAIMED BY ARTISTS UNDER THE VISUAL ARTISTS RIGHTS ACT Works created after 1990 have specific protections under the Visual Artists Rights Act (VARA), which allows living artists to disclaim works deemed to have been so altered or modified by damage that the original work, even if properly conserved, would no longer retain original integrity or meet their orig-inal intent. A few high-profile actions have been brought by or against living artists evoking VARA protections to disclaim authorship. Cady Noland disclaimed authorship for “Cowboys Milking,” a slightly dam-aged screen print on aluminum, persuading Sotheby's to withdraw the work from a 2011 sale, trigger-ing a $26 million claim from the consigner.21 Sotheby’s successfully defended the suit based on their contractual right to withdraw works with authenticity concerns. Works disclaimed under VARA are sometimes referred to as “zombie art.” It is prudent to consult with living artists in advance of con-servation efforts. VARA creates a set of enforceable “moral rights” for artists akin to copyright law. The Act recognizes two causes of action for visual artists: attribution and integrity.22 Attribution allows an artist to both claim authorship of a work and to disclaim a work when their name is inappropriately applied to it. Integrity allows the artist to disclaim authorship and to prevent identification of their name with a work that has been subsequently distorted, mutilated, or modified in a way that is prejudicial to the artist’s honor or reputation. The protections provided by VARA cover only limited, fine art categories of "works of visual art": paintings, sculptures, drawings, prints, and still photographs produced for exhibition. Within this 21 Swick, Tracy, (2013, June 7). "Sotheby's and Jancou Battle in Appeals Court over Cady Noland Artwork," Art in America (June 7, 2013). 22 Esworthy, Cynthia, “A Guide to the Visual Artists Rights Act,” Harvard Law School (www.law.harvard.edu/faculty/martin/art_law/esworthy.htm).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 28 group, only single copies or signed and numbered limited editions of 200 or less are protected.23 VARA grants these moral rights to the artist, but only for the duration of the artist’s life. The legal remedies available under VARA are the same as for copyright infringement. Damages can range from $200 for innocent infringements to $100,000 for willful infringements. COLLATERALIZED ART The major private banks and private client divisions of large banks have been promoting art lending as a business line; U.S. Trust, J.P. Morgan, Northern Trust, and others have art-lending teams. If an estate contains art that has been pledged as collateral for a loan, the executor will either need to have the lender file a claim against the estate and sell the work or use other estate assets to pay the debt. The standard provision in a will or revocable trust stating that assets pass subject to secured debt will also need to be examined. ILLEGAL TO TRADE ART Illegal art is art that cannot legally be sold, either because it contains materials that may have once been legal but are now illegal to sell, or because the content or origin of the work renders it illegal to trade. Examples include works incorporating ivory or other endangered species, objects subject to cultural appropriation protections, and/or copyright and intellectual property infringement claims. Estate art that is illegal to trade can complicate both the appraisal and estate administration processes. In the widely-reported IRS audit of the Estate of Ileana Sonnabend, the valuation risks posed by illegal art were seen first-hand. Sonnabend was a prominent dealer of modern American art who died in 2007 at the age of 92. Her estate tax return assigned a value of $0 to a mixed media work titled “Can-yon” by Robert Rauschenberg, as it included an illegal stuffed bald eagle. 23 Id.

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 29 Under the 1940 Bald and Golden Eagle Protection Act and the 1918 Migratory Bird Treaty Act, it is a crime to buy, sell, barter, or possess a bald eagle in the United States, alive or dead. Thus, the Rausch-enberg work could no longer be sold. The IRS insisted the masterwork was worth $65 million and assessed additional estate taxes of $29.2 million and penalties of $11.7 million. The taxes and penalties were waived in a settlement with the IRS when the Sonnabend children donated the work to the Museum of Modern Art (MoMA) in New York City for a $0 donation credit.24 PART TWO – RISKS ASSOCIATED WITH STIGMATIZED ART VALUATION RISK As seen in the stories above, forged and misattributed art can create unexpected estate tax liability, can cause unnecessary overpayment of estate or gift taxes, and can deprive charitable organizations of relied-upon funds. The taxpayer in Doherty v. Commissioner25 donated a painting by Charles M. Russell to the C.M. Russell Museum. The taxpayer’s claimed value was $350,000 and the Service’s expert claimed the painting was a forgery with a value of $100. The case pitted the two foremost authorities on Russell against one another. The U.S. Tax Court agreed that the dispute over the painting’s authenticity reduced the value, as did the poor quality of the painting and materials, settling on a value of $30,000. As a result of the reduction in value, the taxpayer’s charitable contribution was reduced, and the taxpayer had to pay additional income tax and interest. LOSS OF POSSESSION AND TITLE RISKS Stolen art presents an ethical quandary, as there are often two innocent parties and a third guilty party. Assuming the criminal no longer has possession of the stolen work, the innocents are the original 24 Cohen, Patricia, “MoMA Gains Treasure that Met Also Coveted,” The New York Times (November 28, 2012). 25 Doherty v. Comm’r, TC Memo 1992-98.

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 30 owner who was the victim of the theft, and the good faith purchaser who was the victim of fraud. The rightful owner of the stolen work can vary depending on whether the case is heard in a common law or a civil law country. Stolen art implicates the jurisdictions of the thief, purchaser, seller, and the location of the work of art itself, and these jurisdictions often cross international borders and apply different laws. The result is that participants in the art market are understandably unsure of their legal rights and responsibilities. Nemo dat versus market overt In the U.S. and the UK, the legal principle of nemo dat quod non habet applies, which means that an owner can never transfer more legal rights than what he actually has. If an object has been stolen at any point in its chain of title, it remains a stolen object. The expiration of a statute of limitations only means that the original owner's ability to bring suit for the object's return is barred. It does not vest title to the stolen object in the current possessor, although if the statute of limitations deprives the original owner of an actionable claim, the practical result may be to vest title in the good faith purchaser. Nevertheless, in some circumstances the fact that the artwork was stolen may mean that if it is sold or transferred to another person, the statute of limita-tions begins to run anew against that subsequent transferee.26 Some countries still apply the theory of “market overt” as an exception to the nemo dat rule. The market overt exception originates from the Middle Ages when markets were held in walled cities, and puts the burden on the victim of the theft to search the vendors’ stalls to recover the stolen property. The rule in market overt jurisdictions is that if a buyer makes a purchase in good faith from a vendor who has displayed the goods openly for sale, the good faith buyer is protected.27 Jurisdictions that apply some form of the market overt rule include Brazil, Spain, France, Italy, China, and Japan.28 26 Ray, Kevin, “(In)security — Secured Transactions in Art and Cultural Property,” 13 DePaul Bus. and Com. L.J. 515, 519 (2015). 27 Lian Yap, Ji, “Appraising the Market Overt Exception,” 3 J. Int’l Com. Law & Tech. 254, 256 (2008). 28 Schwartz, Alan and Scott, Robert E., “Rethinking the Laws of Good Faith Purchase,” Yale Law School Faculty Scholarship Series, Paper 4166 (2011) and 111 Colum. L. Rev. 1332, 1335 (2011).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 31 Statutes of limitation and replevin In the U.S., an owner who sues in a timely manner almost always recovers stolen goods. The action in replevin must be brought within the state’s statute of limitations period. A replevin action is an action to recover personal property that was wrongfully taken or detained and can also include dam-ages for resulting loss.29 The statutes of limitations periods for such actions vary across the states, which generally fall into three categories:30 • Demand and refusal rule: The statute of limitations for a suit in replevin begins to run only when the owner finds her goods and demands their return, and the buyer refuses her, which provides the greatest protection to the original owner. • Time of theft or purchase: At the other extreme of protecting the good faith purchaser are states where the statute of limitations begins to run at the time of the theft, or at the time of the fraudulent purchase by the merchant-seller, so long as the buyer can establish an open, notorious, and continuous adverse possession. • Discovery rule: A number of states have adopted a middle-ground position where the statute of limitations begins to run at the time the original owner discovers or should have discovered the location of her stolen goods. Uniform Commercial Code While replevin actions are usually brought against the thief, good faith buyers forced to return a stolen work to the original owner often bring breach of contract actions against the seller, which may be governed by the Uniform Commercial Code (UCC). UCC Section 2-725 states any action for breach of contract for sale must be commenced within four years after the cause of action has accrued. A cause of action under the UCC accrues when the breach occurs, “regardless of the aggrieved party’s lack of knowledge of the breach.”31 29 See, e.g., D.C. Code § 16-3701. 30 Schwartz and Scott, supra note 22, at 1336-1337. 31 U.C.C. § 2-725(2).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 32 PART THREE –MITIGATING THE RISKS OF STIGMATIZED ART VETTING APPRAISER QUALIFICATIONS In the Estate of Kollsman v. Commissioner32, the U.S. Tax Court rejected a premiere auction house appraisal for bias and absence of objective support. The opinion in Kollsman illustrates that preeminence in the auction business, or in another art-related profession, is not adequate assurance of appraisal expertise or even competency. In rejecting the appraisal offered by the estate in Kollsman as “unreliable and unpersuasive,” the court found profound deficiencies in the competency as well as the independence of the auction house appraiser. In the wake of Kollsman, it is clear that preeminence in the art industry does not by itself ensure ap-praisal expertise. The involvement of the auction house or dealer in the sale and purchase of the subject artwork can undermine the Service’s (or court’s) confidence in the appraisal. In fact, in certain cases, IRS Treasury Regulations prohibit the appraiser from also being the broker of the donated work. When a donor claims a charitable deduction in excess of $5,000, Treasury Regulations require a qual-ified appraisal, made not more than 60 days before the date of contribution, to be attached to the income tax return.33 A “qualified appraisal” is one prepared by a “qualified appraiser.” The Treasury Regulations explicitly state that to be “qualified,” the appraiser must be “completely independent of the donor.”34 The authors interpret this to mean that the dealer who sold the donor the work of art should not be the appraiser, nor should an employee of the dealer appraise the donated item. While the same “qualified appraiser” rule does not apply to estate and gift tax returns, the appraiser for estate and gift tax purposes must still “be reputable and of recognized competency to appraise the 32 Kollsman v. Comm’r, TC Memo 2017-40. 32 Ray, Kevin, “(In)security — Secured Transactions in Art and Cultural Property,” 13 DePaul Bus. and Com. L.J. 515, 519 (2015). 33 Treas. Reg. 1.170A-13(c). 34 Treas. Reg. 1.170A-13(c)(5)(i).

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 33 particular class of property involved.”35 The estate’s attorney should engage appraisers who meet rec-ognized professional standards for qualification and competency in order to best protect the interests of the estate. The Appraisal Foundation’s 2018 Personal Property Appraiser Qualification Criteria The appraisal of art is a recognized professional discipline, distinct from other types of art market expertise, with clearly defined credentialing standards. In the United States, The Appraisal Foundation (TAF) is the foremost authority on the valuation profession. Under the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Congress au-thorized TAF as the source of appraisal practice standards and qualifications. TAF’s Appraiser Qual-ifications Board is responsible for developing appraiser qualification standards, and TAF’s Appraisal Standards Board issues and updates “The Uniform Standards of Professional Appraisal Practice (USPAP).” These standards and practices help ensure a trustworthy level of professional competency. Effective as of January 1, 2018, TAF issued an updated and more stringent “Personal Property Ap-praiser Qualification Criteria.” If an appraiser is credentialed by one of the TAF sponsoring profes-sional personal property organizations, the appraiser will meet the stringent criteria set forth by TAF. Those organizations are: • The International Society of Appraisers; • The Appraisers Association of America; and • The American Society of Appraisers. Each of these organizations maintains public online registries where an expert’s specialization, level of credentialing, and current USPAP compliance may be confirmed. 35 Treas. Reg. 20.2031-6(b).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 34 To become accredited by a TAF sponsoring organization, the appraiser must go through a rigorous admissions, training, and testing process. They are required to comply with IRS guidelines, adhere to a code of ethics, and are subject to oversight and continuing education requirements. Appraisal Reports Every appraisal submitted to assist in determining tax liability has the potential to become the subject of litigation. Appraisals over $50,000 are subject to review by the IRS Art Appraisal Services.36 The appraisal report should be supported by comparable sales data, relevant expert opinions, and a well-reasoned objective justification for value conclusions. All appraisal reports should disclose the approach to valuation and methodology employed, intended use, definition of value, markets ex-plored, any conditions limiting the results, extraordinary assumptions, and scope of work. IRS Publication 561, Determining the Value of Donated Property, outlines a preferred identification format for art valued over $50,000. The appraisal should include professional quality photographs, and con-tain a complete physical description of the object, including size, materials or medium, subject matter, name, nationality and life dates of the artist, signatures or other identifying inscriptions or markings, date of creation, provenance, condition, literature references, and exhibition history. The IRS also expects the appraiser to exercise due diligence in confirming authenticity. The appraisal report should also address how the appraiser meets the IRS appraiser qualification cri-teria, and the appraiser should acknowledge the civil liabilities associated with a grossly inaccurate valuation. Finally, the appraisal report should include a signed and dated certificate of compliance with USPAP. This certification must disclose conflicts or bias to the subject property or parties and confirm that the assignment was not predicated on a predetermined result. 36 The IRS Art Appraisal Services is distinct from the IRS Art Advisory Panel. The members of the Art Advisory Panel are re-nowned art experts, scholars, and gallerists who serve without compensation. The IRS Art Appraisal Services is part of the Office of Appeals, staffed by TAF-qualified appraisers.

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 35 USPAP prohibits appraisals that are subject to a contingency fee. An appraiser must not accept an assignment, or have a compensation arrangement for an assignment, that is contingent on a predeter-mined value result, based on a percentage of value, or attainment of any advantage (e.g., the appraiser will broker or sell the subject property). BEST PRACTICES AND DUE DILIGENCE IN MANAGING A COLLECTION Advisors are often surprised to discover the lack of due diligence commonly exercised by passionate collectors both in the acquisition process and in retaining critical records and documents. Following are steps an advisor can recommend to art collector clients and the executors administering the estates of deceased art collectors. At the point of purchase Buyers of art should exercise caution before purchasing significant works of art, even when purchasing through a dealer who represents and warrants that the art is authentic, is free and clear of all liens, and will remain so in the future. Buyers should take the following precautions: • Hire an independent qualified appraiser to assist in the authentication process and to confirm value and provenance. • Obtain strong representations and written warranties from the dealer or seller with regard to clear title and authenticity. • Check with the Art Loss Register, FBI, and Interpol to ensure the work was not stolen. • Search the U.C.C. database to ensure the work does not secure the debt of a former owner. • Consider if the purchase of art title insurance is warranted. Keep a detailed inventory Collectors should keep a detailed inventory that includes a complete physical description of the object consistent with the IRS appraisal reporting standard discussed previously; the location of the object; detailed records of each purchase, including the name of the seller, the date and place of the purchase;

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 36 and the consideration paid. If the collection is appraised for insurance purposes, the appraised values should also be noted in the inventory. If the work has been exhibited, loaned, leased, sold, pledged, gifted, or otherwise transferred, the inventory should be updated to reflect this, together with information on when, where, and to or with whom the work has been transferred or placed. If the collector has scholarly publications or reference materials documenting or publicizing the work, such as catalogs in which the work was offered for sale, these should be kept with the inventory. If the work is missing due to loss or theft, the inventory should document the known circumstances of the loss or theft. If a work was produced in a limited edition of multiple copies, the inventory should state how many copies were produced and whether the plate or cast was destroyed. Protecting the art collection The first steps for administering an estate with an art collection are the same as with the other assets of the estate: secure and inventory the assets and assess their value. To prevent lost and stolen art, immediately ensure art is securely stored. The court in In re Warhol Est., 629 N.Y.S.2d 621, 627 (N.Y. Surr. 1995) commended the executor for securing Warhol’s home on the day of his death and not losing a single object to theft or misplacement, noting that the home contained over $100 million of valuable objects and people were seeking entry to claim ownership of objects from the day of Warhol’s death forward. If the decedent kept an inventory of works, locate it and ensure it is current. If an inventory does not exist, engage a qualified art advisor or appraiser to catalog the collection.

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 37 The executor should make sure all works are insured and obtain a rider to any existing insurance policy covering the interests of the estate and the beneficiaries. Enforce rights before statutes of limitation expire If works of art are on loan to a museum or have been consigned to a gallery, the executor should notify the current possessor of the estate’s intent to preserve its interest in the works and, if appropri-ate, demand return of the works. Ascertain proper ownership of artwork The executor should ascertain whether anyone besides the decedent owned an interest in the works; whether the works are owned by an LLC, partnership, or other entity; and whether the decedent gave fractional interests in the works to children, friends, or museums. Examine chain of title and investigate weaknesses If the decedent collector’s inventory reveals weaknesses in the chain of title of works, the executor should investigate, particularly if the work was purchased in the last four years. If more than four years have passed from the date the decedent bought stolen art that is later reclaimed by the owner, the estate’s claim against the dealer from whom the art was purchased may be time-barred under the UCC. Stale loan statutes If the decedent lives in, or the art is located in, a state that has a “stale loan” statute, under some circumstances title in the loaned object may pass to the borrower as a deemed gift. New York enacted an abandoned loan statute in 2008 that allows nonprofit museums located in the state to acquire title to abandoned works of art and, if they choose, to deaccession (or sell) the works. “Stale loan” legislation has been passed or is pending in other states (including Alaska, Arkansas, Florida, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, New Mexico, Ohio, Texas, Vermont, and Wisconsin), but only a limited number of states have included provisions

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 38 directed at the issue of Nazi-looted art. New York’s statute is unique in that it protects the interest of Holocaust victims by requiring the museum to notify the Art Loss Register whenever they attempt to acquire title to abandoned artworks that were created before 1945 and that changed hands in Europe between 1933 and 1945. These statutes generally apply to an indefinite loan or a loan with a defined term that has expired. Art stolen or missing from the estate If a work of art was stolen prior to the collector’s death or in the course of administration of the estate, the executor should take steps to locate it. The theft should be reported to the police, the FBI, and Interpol. If a work is stolen while it is in the estate, the FBI offers the following advice:37 • Protect the scene of the crime and do not let staff or visitors into the area, lest they disturb evidence. • Determine the last time the objects were seen and what happened in the area, or to the objects, since that time. • Gather documents, descriptions, and images of the missing objects and provide this to the police. • Follow up on police actions and investigations to ensure that everything possible is being done. In addition, the theft should also be reported to stolen art archives such as the NSAF, Interpol, and Art Loss Register, and assistance should be sought from experts who deal with the type of art involved, who can put galleries and other dealers on notice through the Art Dealers Association of America. 37 What We Investigate,” Federal Bureau of Investigation, March 20, 2019, www.fbi.gov/investigate/violent-crime/art-theft#Art-Crime%20Team.

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 39 Efforts to locate the works should be continuous, even though they may seem futile. If the work is located, the cause of action to recover it could be time-barred in states that apply a discovery rule or extinguished by laches in states that apply the demand and refusal rule. The “discovery rule” permits the artist who uses reasonable efforts to report, investigate, and recover a painting to preserve the rights of title and possession until the identity of the current possessor is known. Registering the stolen works with the law enforcement databases and private registries should put a reasonably prudent purchaser of art on constructive notice that someone other than the posses-sor was the true owner.38 APPOINTING AN ART EXECUTOR Often, the artist’s or collector’s spouse or children do not have the requisite knowledge, experience, or interest to plan for the disposition of the decedent’s art at death. In this case, the client should consider appointing an art executor who will assemble the works; develop, exhibit, market, or other-wise promote the works as appropriate; and determine which could be donated or sold for a reason-able price in the short term, held to generate interest, or discarded if appropriate. The will or trust should state whether the residuary beneficiaries or the recipients of the works bear the expense of the art executor’s fee. The trust or will should make clear whether or not the art exec-utor is simply an advisor or an actual executor. If the art executor is to be an actual executor, it should be made clear that the art executor has the power to act in his or her sole and absolute discretion with respect to the property at issue, even if over the objections of the other fiduciaries. Ideally, the will or trust will provide for compensation to the art executor, which is a deductible ex-pense of administration. If the person named as art executor would otherwise have been paid a 38 See, e.g., O’Keeffe v. Snyder, 416 A.2d. 862 (N.J. 1980).

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Sarah Moore Johnson and Cindy Charleston-Rosenberg Digital Journal of Advanced Appraisal Practice 40 commission for selling the collection, naming that person as art executor and paying compensation instead will save estate taxes, as sales commissions are not deductible unless the artworks were required to be sold to pay taxes or by the terms of the trust instrument or will. If an art dealer is to be appointed as executor or trustee, the will or trust should excuse possible conflicts of interest (but only if the client trusts the conflicted fiduciary).39 The art executor should not be the valuation expert. As seen in the Estate of Kollsman, the U.S. Tax Court found that the Sotheby’s appraiser had a “significant conflict of interest” that called into question his objectivity, as Sotheby’s was also trying to sell the Old Master works for the estate.40 CONCLUSION The art authentication process is often non-absolute and subject to alteration as new information, scholarship, and technologies become available. The role of interested or less-than-relevantly-creden-tialed valuation experts, together with careless acquisition by collectors, can elevate estate administra-tion risks. Advisors and appraisers should be alert to stigmatized art in estate collections to avoid gross over- or undervaluation and associated legal and financial consequences. A team of the client, the attorney, and a qualified, independent appraiser is the best protection against the risks of stigmatized art. # # # Cindy Charleston-Rosenberg ISA CAPP, President of the Art Appraisal Firm, brings more than twenty-five years of art market experience to the appraisal and management of important collections of American art. A member of the Appraisal Foundation's Board of Trustees, and a past President and Certified Member of the International Society of Appraisers (ISA), Cindy is active in industry 39 For a cautionary example, see in re Rothko, 43 N.Y.2d 305, 372 N.E.2d 291, 140 N.Y.S.2d 449 (1977) (gallery executive serving as executor of Rothko’s estate hired himself to sell 798 of Rothko’s works to a corporation owned by the executor). 40 Ray, Kevin, “(In)security – Secured Transactions

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Art Crimes and Misdemeanors: Managing Risk in Estate Admiration and In Appraisals of Stigmatized Art International Society of Appraisers - Private Client Services 41 activities to raise awareness of the critical importance of appraiser qualification criteria, and in collab-oration with allied professionals to advance diligent art collection and succession planning practices. She is an experienced expert witness, writes and presents widely on advanced appraisal methodology issues and has won numerous awards for her thought leadership in the personal property appraisal profession. Sarah Moore Johnson is a founding partner of Birchstone Moore LLC, a boutique law firm focusing on estate planning and estate administration. Mrs. Johnson is a leader in the Washington, DC estate planning community, serving in leadership roles within the DC Bar and as a Board Member and now President-Elect of the Washington, D.C. Estate Planning Council. Mrs. Johnson has given numerous presentations at the national level on planning for artists and collectors among other topics and has twice served on the faculty of the Heckerling Institute on Estate Planning. She is a fellow of the American College of Trust and Estate Counsel and was recognized by the American Bar Association Taxation Section as a Nolan Fellow in 2008 for her leadership as a young lawyer. Mrs. Johnson is a magna cum laude graduate of both Wake Forest University and the University of Georgia School of Law.

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The Dynamics of Valuing Emerging Art and Artists By David Shapiro Rosemarie Trockel, Who Will Be In In ’99, 1988, knitted wool, 82⅝ by 63 inches (210 by 160 cm), Edition: 2/3 + A/P

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 43 he valuation of works of emerging art,1 while performed in accordance with the same methodological principles as the valuation of works in other collecting categories, has dynamics that are particular to it. One notable difference between emerging art and ap-praising works in many other collecting categories is the limitation of data. Whereas appraisers using the Sales Comparison Approach to valuation often rely upon the transparent, verifiable data of public auction records to establish Fair Market Value,2 this is not an option in assessing values of many emerging artists who have limited or no auction history, requiring the appraiser to rely upon sales data recorded in news accounts or given by dealers. The latter may be difficult to obtain, as dealers are under no legal obligation to disclose information about past sales. Dealers’ asking prices may or may not correspond to a market of realized sales, generally rendering them inappropriate as comparable data for purposes other than the assessment of Retail Replacement Value3 for insurance. When works by emerging artists debut at auction, the results may be at significant variance from prices commonly realized in the dealer market, which often remains the main market for the artist’s work. Collectors seeking to re-sell works by emerging artists often return to the primary-market dealer, who may be able to secure stronger prices than an auction house can. Dealers normally operating in the 1 Artsy, self-described as “a platform for collecting and discovering art” defines “emerging art” as: “A general category for contemporary artworks created by young artists whose careers are on the rise. In addition to younger artists and newer works, the category also includes artists who are relatively under-recognized but for the most part considered on the path to critical and/or market acceptance.” See: https://www.artsy.net/gene/emerging-art 2 Fair Market Value (FMV) is defined in IRS Publication 561 (dealing with charitable donations), as “the price that prop-erty would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.” (See: https://www.irs.gov/publications/p561). While Fair Market Value is used for all tax purposes, it may also be used for a variety of other appraisal purposes as well. Fair Market Value is generally understood to include transactions costs paid to the agent of the seller, including buyer’s premium at auction, or a dealer’s commission. 3 Retail Replacement Value (RRV) is defined by the Appraisers Association of America (AAA) as “the highest amount in terms of US dollars that would be required to replace the property with another of similar age, quality, origin, appear-ance, provenance, and condition within a reasonable length of time in an appropriate and relevant market.” (See: https://tinyurl.com/y5a28jbq). See also: Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts, 2013, “Terms and Definitions,” p. 438. Despite this definition, RRV may be expressed in currency other than US dollars, de-pending on the needs of the assignment. T

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David Shapiro Digital Journal of Advanced Appraisal Practice 44 primary market may want to handle the artist’s secondary market (even if with relatively low returns) rather than risk a collector putting work to auction too soon, resulting in poor performance and con-sequent tarnish to an artist’s emerging reputation. Works by artists with no prior auction history fre-quently sell for low prices at auction if they sell at all. Prices realized on the auction market for works of emerging art are often only a small fraction of prices realized in the primary market at retail galleries. In such a circumstance, particularly when the gallery has no known history of selling the artist’s works on the secondary market, Retail Replacement Value will likely be many multiples of Fair Market Value. By contrast, when primary-market supply is scarce and demand is high, works by emerging artists may sell at auction for prices that are considerably higher than retail gallery prices, inverting the traditional expectation that retail is a higher market than auction. In such cases, high prices may be realized from auction debut, sometimes for works that are the same age or scarcely older than those being sold at galleries in the primary market. This has been the case with Loie Holowell (American, b. 1983), whose hard-edge paintings abstracting from female human anatomy and treating themes of sexuality have performed extraordinarily well in her few auction offerings to date. Her first auction offering, Transformation in Green and Red (2015) (illustrated below) sold for $68,750 at Sotheby’s New York on May 17, 2018, well above the pre-sale estimate of $15,000 - $20,000. Her next auction offering, Linked Lingam in blue, gray, pink and copper (2018) (illustrated below) sold for $110,0004 at Christie’s New York on September 27, 2018, far sur-passing its pre-sale estimate of $20,000 - $30,000. Each of these works is 28 by 21 inches. Despite these auction prices, Pace Gallery, which represents Holowell, was offering her 48-by-36 inch paintings for $55,000 each as of January 2019. Pace said that their prices did not change significantly over the past several months, despite the high sales at auction. Although the stellar performance of 4 All auction prices cited in this article include the buyer’s premium.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 45 these works at auction might have signaled to Pace that a price increase was warranted, the gallery presumably maintained the price structure to guard against inflation, maintaining close control of mar-ket growth.5 (l.) Loie Holowell, Transformation in Red and Green, 2015, oil on linen and panel, 28 by 21 inches (71.12 by 53.34 cm). Sold for $68,750 at Sotheby’s New York on May 17, 2018. (r.) Loie Holowell, Linked Lingam in blue, gray, pink and copper, 2018, oil, acrylic, sawdust, and high-density foam on canvas mounted on panel, 28 by 21 inches (71.12 by 53.34 cm). Sold for $110,000 at Christie’s New York on September 27, 2018. 5 Holowell’s auction record was set on March 1, 2019, when HUNG(UP), a 48-by-36-inch work sold for $200,000 at So-theby’s New York against a pre-sale estimate of $50,000 - $70,000.

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David Shapiro Digital Journal of Advanced Appraisal Practice 46 One can observe a similar pattern in the market for Christina Quarles (American, b. 1985), known for colorful paintings of abstracted long-limbed figures, which, according to her explanation, explore am-biguities stemming from her identity as a queer woman of mixed race.6 Just two years after receiving an MFA from Yale University, and one year after her first solo show at a commercial gallery, David Castillo (Miami), one of Quarles’s paintings, Pull on Thru Tha Nite (2017) (illustrated below), sold for $225,000 in her auction debut at Phillips New York on November 15, 2018, far surpassing its pre-sale estimate of $30,000 - $50,000. This price was several times higher than the prices for which her paint-ings sell in the primary market at retail galleries. As of February 2019, the gallery Pilar Corrias, which represents Quarles in London, stated that their prices for her paintings are in the range of $50,000 - $60,000, but at the time, the gallery had none to offer, and thus, one can reasonably expect that in such an environment of scarce supply, if another painting by Quarles were to be offered at auction, it would again command a price far higher than gallery prices. Although such control of primary-market prices guards against inflation, which can have pernicious effects on the market for emerging art, it also limits the financial benefit to the artist, as the strong prices on the secondary market afford the artist little or no benefit, with the windfall going to the re-seller.7 6 See Christina Quarles’s website: https://christinaquarles.com/About. See also the website for gallery Pilar Corrias (London), which represents her: https://www.pilarcorrias.com/artists/christina-quarles/biography/ 7 In the United States, resale royalties are only given to the artist in California, and only under certain conditions. In the United Kingdom, the Artist’s Resale Right allows for a small percentage of resale revenue is to be returned to the artist. See: https://www.gov.uk/guidance/artists-resale-right

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 47 Christina Quarles, Pull on Thru Tha Nite, 2017, acrylic on canvas, 60 by 56 inches (152.4 by 142.24 cm). Sold for $225,000 at Phillips New York on November 15, 2018. The striking differences between auction and retail prices for highly sought-after emerging artists such as Holowell and Quarles might cause the appraiser to dispense with conventional wisdom when de-termining the most appropriate marketplace for identifying comparable sales data for a valuation as-signment. In such cases, the retail gallery does not constitute the highest market. With auction being the highest market for these artists, the usual discrepancy between Fair Market Value and Retail Re-placement Value collapses, and the two types of value are essentially indistinguishable. Exponential growth in the prices for emerging artists may also take place entirely in the dealer market, as in the example of Amy Sherald (American, b. 1973), whose paintings of African-American figures, typically set against flat monochromatic backgrounds, rose to national attention following her

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David Shapiro Digital Journal of Advanced Appraisal Practice 48 commissioned portrait of Michelle Obama for the National Portrait Gallery, Washington, DC, the first of its kind for an African-American woman.8 Beginning in 2015, Sherald’s works sold in the range of $8,500 to $10,000 at Monique Meloche Gallery (Chicago). By December 2017, following the an-nouncement of the Obama commission, the gallery had, at the Untitled Art Fair in Miami, sold three of her works, all to museums, for $50,000 each. On March 20, 2018, mega-gallery Hauser & Wirth announced exclusive worldwide representation of Sherald,9 increasing her visibility and her prices; in December 2018, at Art Basel Miami Beach, Hauser & Wirth sold Sherald’s When I let go of what I am, I become what I might be (Self-imagined atlas) (2018) (illustrated below) to a museum for $175,000.10 With such high demand and limited supply, it is likely that if a recent work by Sherald were to be offered at auction, it would command a much higher price than her current primary-market retail prices. 8 The commissioned portrait of Barack Obama was painted by another African-American artist Kehinde Wiley (Ameri-can, b. 1977). At the time of the commissions, Wiley was significantly more established, having long exhibited with ma-jor galleries, and his work long been collected by major museums; Wiley’s work was the subject of a solo exhibition at the Brooklyn Museum (February 20 – May 24, 2015). 9 See Hauser & Wirth’s archived announcement: https://www.hauserwirth.com/stories/15541-hauser-wirth-announces-exclusive-worldwide-representation-american-artist-amy-sherald 10 See: Anna Louise Sussman, “Demand Soars for Amy Sherald’s Work Following Obama Portrait Reveal”, Artsy, Feb. 16, 2018 https://www.artsy.net/article/artsy-editorial-demand-soars-amy-sheralds-work-obama-portrait-reveal. See also: Andrew Goldstein: “Amy Sherald, Michelle Obama’s Chosen Portraitist, Is Now a Bona Fide Art-Market Success Story,” Artnet News, December 6, 2017, https://news.artnet.com/art-world/amy-sherald-rising-star-untitled-miami-beach-2017-1171190. See also: Caroline Goldstein, “Price Check! Here’s What Sold – And For How Much – At Art Ba-sel in Miami Beach 2018,” Artnet News, December 10, 2018, https://news.artnet.com/market/price-check-art-basel-in-miami-beach-1413343.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 49 Amy Sherald, When I let go of what I am, I become what I might be (Self-imagined atlas), 2018, oil on canvas, 54 by 43 inches (137.16 by 109.22 cm). Sold for $175,000 by Hauser & Wirth at Art Basel Miami Beach in December 2018. The fast emergence of markets for artists such as Holowell, Quarles, and Sherald has ramifications for a variety of appraisal purposes. One notable example is appraisal for the purpose of establishing values for scheduled insurance policies. Whereas in some market sectors, values generally change slowly, making the need for appraisal updates far from urgent, the rapidity with which markets develop for many emerging artists means that a scheduled insurance policy from just a year ago would today be highly outdated and insufficient for providing proper coverage for works by many artists.

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David Shapiro Digital Journal of Advanced Appraisal Practice 50 While there are no reliable predictors for such dramatic increases in value, it is relevant to consider patterns of emergence in relation to larger collecting trends, including those at the uppermost echelons of the market. In the past few years in particular, collectors at various levels of the market have demon-strated significant interest in diversifying their collections with respect to the identity of the artist, including gender, race, and ethnicity. This desire has been expressed in several well-publicized exam-ples at the top of the market, such as the sale of Georgia O’Keeffe’s (American, 1887-1986) Jimson Weed/White Flower No. 1 (1932) to the Crystal Bridges Museum of Art for over $44 million at Sotheby’s on November 20, 2014, eclipsing the previous record for a female artist. Among the high-profile sales of works by African-American artists in recent years, one can look to the example of Jean-Michel Basquiat’s (American, 1960-1988) untitled head, which sold to Japanese collector Yusaku Maezawa for slightly over $110 million, setting all-time auction records both for a work of American art and a work of art created after 1980. As another example, Kerry James Marshall’s (American, b. 1955) Past Times sold to rapper and media mogul Sean Combs (Diddy) for slightly over $21 million at Sotheby’s New York on May 16, 2018, setting the record for a living African-American artist. Concurrently, there have been several notable exhibitions highlighting the achievements of con-temporary black artists.11 At a moment when the art world is seeking, in various ways, to address past inequalities in represen-tation, demand is strong for artists with the capacity to diversify collections, particularly those whose 11 These include “Soul of a Nation: Art in the Age of Black Power” at the Tate Modern (July 12 – October 22, 2017), the Brooklyn Museum (September 14, 2018 – February 3, 2019), and the Broad, Los Angeles (March 23 – September 1, 2019); “Basquiat: Boom for Real” at the Barbican Art Gallery, London (September 21, 2018 – January 28, 2018); “Jean Michel-Basquiat” at the Brant Foundation, New York (March 6 – May 15, 2019); “The Music of Color: Sam Gilliam, 1967-1973” at the Kunstmuseum Basel (June 9 –September 30, 2018); “Adrian Piper: A Synthesis of Intuitions, 1965-2016” at The Museum of Modern Art (March 31 – July 22, 2018); “Odyssey: Jack Whitten Sculpture, 1963-2017” at the Baltimore Museum of Art (April 22 – July 29, 2018) and the Met Breuer (September 6 – December 2, 2018); and “Lynette Yiadom-Boakye: Under-Song for a Cipher” at the New Museum (May 3 – September 3, 2017), among many others.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 51 works address issues of identity. With prices for many established African-American artists increas-ingly out of reach for many collectors, there is presently strong demand for those who have more recently entered the market, such as, among many others, Jordan Casteel (American, b. 1992),12 Derek Fordjour (American, b. 1974),13 Jennifer Packer (American, b. 1984),14 Tschabalala Self (American, b. 1990),15 and Vaughn Spann (American, b. 1992).16 African-American artist Jonathan Lyndon Chase (American, b. 1989)’s loosely-rendered paintings on themes related to his identity as a gay black man, were priced between $10,000 - $15,000 in two sold-out solo shows in 2018, one at Company Gallery (New York), the other at Kohn Gallery (Los Ange-les). Despite these relatively low prices, Josh Friedman, associate director of Kohn gallery, said: [The exhibition] probably could have sold out five times over […] We didn’t raise the prices for this show too much because our goal was placement and we wanted to make sure that the works were affordable for institutions […] Just because demand is high doesn’t always mean it’s correct to push prices up. […] He’s a young artist and we want him and his prices to grow in tandem.17 12 Casteel’s second auction offering, Patrick and Omari (2015) sold for £299,250 ($393,809) at Christie’s London on March 6, 2019 against an estimate of £40,000 - £60,000 ($52,639 - $78,959). Earlier that week dealer Casey Kaplan was offering her paintings in the range of $35,000 - $50,000 at The Art Show of the Art Dealers Association of America (ADAA) at the Park Avenue Armory in New York. 13 Josh Liley Gallery (London) sold eight of Fordjour’s works at Art Basel Miami Beach in December 2018, priced be-tween $25,000 - $60,000. See Goldstein 2018. 14 Packer is represented by the prominent New York gallery Sikkema Jenkins & Co., which is currently offering her works for up to $75,000 each. 15 Self is represented by Pilar Corrias (London) and Thierry Goldberg Gallery (New York). Less than four years after receiving an MFA from Yale University, her work is in numerous significant public collections including the Hammer Museum (Los Angeles), Perez Museum (Miami), and the Rubell Family Collection (Miami). Her auction debut took place on March 7, 2019, when Lilith (2015) sold at Phillips London for £125,000 ($164,236), appreciably above the pre-sale estimate of £40,000 - £60,000 ($52,555 - $78,833). 16 Within a year after receiving his MFA from Yale, Spann, primarily an abstract painter, has had a solo exhibition with Half Gallery (New York), run by influential tastemaker Bill Powers, and has been works purchased by such powerful collectors as the Rubell family and Beth Rudin de Woody. David Castillo Gallery sold a painting by Spann for $25,000 at Art Basel Miami Beach in December 2018. 17 As quoted in Henri Neuendorf, “With Back-To-Back Sold-Out Shows, the 28-Year-Old Painter Jonathan Lyndon Chase Is a Young Artist to Watch,” Artnet News, June 29, 2018, https://news.artnet.com/market/jonathan-lyndon-chase-market-1309103. See also Eileen Kinsella, “Three Museums Rush to Buy Works by Jonathan Lyndon Chase,” Art-net News, March 6, 2019, https://news.artnet.com/market/jonathan-lyndon-chase-1482409. In this article, published on

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David Shapiro Digital Journal of Advanced Appraisal Practice 52 The market for emerging art is, however, far from a one-way street; prices for works by emerging artists may contract as rapidly as they expand. Dealers’ caution in pricing works by emerging artists today may in part be a reaction to a heavily speculated market in the earlier part of this decade, shortly after recovery from the financial crisis and culminating in 2014, after which, in the words of art-market journalist Georgina Adam, “[t]he speculative bubble in emerging artists popped loudly.”18 In a February 2014 article in Bloomberg about speculation on emerging artists, art-market journalist Katya Kazakina identified the trend of putting work to auction early in the artists’ careers: Flipping has picked up as wealthy collectors chase paintings by emerging artists with the goal of reselling them quickly for a profit, a strategy some advisers say may be a sign that the con-temporary art market is taking on characteristics of a financial bubble. From 2011 through 2013, the number of works three years old or younger sold at auction topped 7,300 annually, compared with 4,023 in 2007 when the art market was peaking, according to research firm Artnet Worldwide Corp.19 The vicissitudes in prices for emerging art during this period are perhaps exemplified by a group of process-based abstract artists, dubbed somewhat mockingly the “Zombie Formalists” by artist-critic Walter Robinson, who gave as examples Jacob Kassay (American, b. 1984)’s canvases covered with silver applied with an electroplating process; Lucien Smith (American, b. 1989)’s “Rain Paintings,” in which paint is applied with a fire extinguisher; and several examples of works that resemble paintings the occasion of the Armory Show of March 2019, the prices for Chase’s paintings were said to be $20,000 on average, but no source is cited. Collectors were said to include the Walker Art Center; the Institute of Contemporary Art, Miami; Beth Rudin DeWoody, and the Hort family. 18 Georgina Adam, Dark Side of the Boom: The Excesses of the Art Market in the 21st Century, London: Lund Humphries, 2018, p. 160. 19 Katya Kazakina, “Art Flippers Chase Fresh Stars as Murillo’s Doodles Soar”, Bloomberg, February 7, 2014, https://www.bloomberg.com/news/2014-02-06/art-flippers-chase-fresh-stars-as-murillo-s-doodles-soar.html

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 53 but are made with materials other than paint, such as Chris Duncan’s “ghostly square monochrome whose surface is made from horizontal rows of strapping tape” (illustrated below) and other similar works in a show called “Ain’tings” curated by Ryan Steadman at Robert Blumenthal Gallery in New York (March 20 – April 26, 2014).20 Chris Duncan, FADE #6 (A.I.W.I.L.I.A.B.O.L.T.T.T.P.A.), 2014, Strapping tape, glue, plexi, paper, wood filler, matte finish on panel with maple frame, 49¼ by 49¼ by 1⅞ inches (125.1 by 125.1 by 4.76 cm) At the time of Robinson’s article, roughly the market peak for emerging process-based abstract art, the high auction price for a Kassay was $317,000, realized at Phillips New York on November 11, 2013 for an untitled 2011 work (illustrated below), far exceeding the pre-sale estimate of $150,000 - 20 See: Walter Robinson, “Flipping and the Rise of Zombie Formalism,” Artspace, April 3, 2014,. https://www.artspace.com/magazine/contributors/see_here/the_rise_of_zombie_formalism-52184

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David Shapiro Digital Journal of Advanced Appraisal Practice 54 $200,000. Another untitled Kassay piece (illustrated below) created in 2012 with the same technique and at the same size and similar in appearance sold for only $47,500 at Christie’s Online on December 12, 2018, against an estimate of $40,000 - $60,000. The price realized was approximately 15% of the high price realized in 2013. (l.) Jacob Kassay, Untitled, 2011, acrylic and silver deposit on canvas, 84 by 60 inches (213.4 by 152.4 cm). Sold for $317,000 at Phillips New York on November 11, 2013. (r.) Jacob Kassay, Untitled, 2012, acrylic and silver deposit on canvas, 84 by 60 inches (213.3 by 152.4 cm). Sold for $47,500 at Christie’s Online on December 12, 2018. Similarly, at the time of Robinson’s article, the high price for a Smith “Rain Painting” was £224,500 ($372,120),21 for Two sides of the same coin (2012) (illustrated below) at Sotheby’s London on February 21 Currency conversions used in this article generally follow from those published by the price databases Artnet and Artprice. There are sometimes very minor discrepancies among the published currency conversions.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 55 12, 2014, against an estimate of £40,000 - £60,000 ($66,302 - $99,453).22 A Smith “Rain Painting”, Close Your Eyes & What Do You See (2012) (illustrated below) sold for £20,000 ($26,486) at Phillips London on June 26, 2018 against an estimate of £15,000 - £20,000 ($19,864 - $26,486); this work is identical in size, style, technique, and color as the high sale in 2014, but it sold for approximately 7% of the 2014 price.23 (l.) Lucien Smith, Two side of the same coin, 2012, acrylic on unprimed canvas, 96 by 72 inches (243.8 by 182.8 cm). Sold for $372,120 at Sotheby’s London on February 12, 2014. (r.) Lucien Smith, Close Your Eyes & What Do You See, 2012, acrylic on unprimed linen, 95⅞ by 72 inches (243.8 by 182.9 cm). Sold for $26,486 at Phillips London on June 26, 2018. 22 At the time of Robinson’s article, another Smith painting, though not a “Rain Painting” had sold for an even higher price. His painting Hobbes, The Rain Man, and My Friend Barney / Under the Sycamore Tree (2011) sold for $389,000 at Phil-lips New York on November 11, 2013, far above the pre-sale estimate of $100,000 - $150,000. That sale, his auction de-but, remains his highest price at auction to date.

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David Shapiro Digital Journal of Advanced Appraisal Practice 56 In a New York magazine article of June 17, 2014, art critic Jerry Saltz elaborated upon Robinson’s critical address of “Zombie Formalism,” identifying a number of specific ways in which process-based abstract art was being made, and observing that certain strategies and effects closely resemble one another in the practices of various artists: He writes: Edge-to-edge, geometric, or biomorphic composition is de rigueur, as are irregular grids, lattice and moiré patterns, ovular shapes, and stripes, with maybe some collage. Many times, stretcher bars play a part. This is supposed to tell us, “See, I know I’m a painting—and I’m not glitzy like something from Takashi Murakami and Jeff Koons.”24 The markets for a significant number of the artists named by Saltz in this article surged and subse-quently declined in patterns similar to those of Kassay and Smith. These include (among many others): • Nick Darmstaedter’s (American, b. 1988) oxidized-copper-on-canvas works reached an auc-tion peak when Suck (2013) sold for $149,000 at Sotheby’s New York on September 24, 2014, several times above the pre-sale estimate of $18,000 - $25,000. Multiplicity (2013), which is identical in size, technique, date of creation, and color, sold for just $21,114 on June 30, 2017 at Phillips London, against a pre-sale estimate of £15,000 - £20,000 ($19,430 - $25,907); this is 14% of the 2014 sale. • Louis Eisner’s (American, b. 1988) grid-patterned ink-on-Sheetrock works were temporarily popular at auction. On May 15, 2014, one such work from the “Knucklehead” series sold for $53,125 at Sotheby’s New York. On December 8, 2016, a work identical in technique, style, and size made only £6,250 ($7,800) at Phillips London, about 15% of the 2014 high price. 24 Jerry Saltz, “Zombies on the Walls: Why Does So Much New Abstraction Look the Same?” New York, June 17, 2014, https://www.vulture.com/2014/06/why-new-abstract-paintings-look-the-same.html.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 57 • David Ostrowski (German, b. 1981) became known for casually-styled white near-mono-chrome abstractions with collaged elements and lacquer. His auction record for one such work was set when F (Gee Vaucher) (2012) sold for £170,500 ($292,653) at Phillips London on July 2, 2014. F (Jet Grill), which is identical in style, technique, and size, and similar in quality sold for £37,500 ($51,982) at Phillips London on March 9, 2018, about 18% of the high 2012 price. • Ned Vena (American, b. 1982) is known for paintings in which two canvases are stretched over the same support, and both are flooded violet Garvey ink, which is normally used in supermarket price markers. The market for these paintings, which allude both to Frank Stella’s paintings from the 60s and Andy Warhol’s Rorshach paintings, peaked in 2014 and has sub-sequently crashed. The high price at auction for one such painting was $125,000, realized on November 12, 2013 at Phillips New York; a similar painting at the same size sold for £6,250 ($8,870) at Sotheby’s London on April 11, 2018, about 7% of the high 2013 price. These works are illustrated below.

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David Shapiro Digital Journal of Advanced Appraisal Practice 58 (l.) Ned Vena, Untitled, 2012, Garvey ink and acrylic in canvas, 84 by 48 inches (213.4 by 121.9 cm). Sold for $125,000 at Phillips New York on November 12, 2013. (r.) Ned Vena, Untitled, 2012, Garvey ink and acrylic in canvas, 84 by 48 inches (213.5 by 122 cm). Sold for £6,250 ($8,870) at Sotheby’s London on April 11, 2018. One might opine on the role that negative press may have in scaring the market, particularly when coming from such a critic as popular as Saltz. Or, perhaps more compellingly, one might observe changing tastes. Given the strong market interest in recent years in art that treats issues of identity (often taking the form of figurative representation), it might stand to reason that non-objective pro-cess-based abstract painting would fall out of favor in proportion with raised interest in other forms of expression.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 59 Diminishing prices are significant to appraisals in several ways. Whereas collectors are generally eager to update their insurance policies when they buy artists whose markets are rapidly expanding, insur-ance companies issuing scheduled policies may encourage collectors to have their policies updated so that scheduled values reflect market realities, such that in the event of a loss, the carrier would not be liable for paying beyond the true value of the work. Also, some collectors may wish not to pay exces-sive premiums for unwarranted coverage. Additionally, lenders using emerging art as collateral may wish to structure loans such that the appraisals are re-visited more frequently than they might be when lending against art in other, less volatile, market sectors, so that lenders do not find themselves ex-tended beyond what is possible to recover if they need to take possession of the art and then try to sell it. In analyzing emerging art, it is important to consider the discourse that articulates the meaning of the art, as this may affect demand and consequently value. Works that share certain aesthetic and/or structural similarities may be considered very different in the minds of collectors, and thus may have very different values – and value trajectories. As a counterpoint to the Zombie Formalists, one can consider the example of Theaster Gates (Amer-ican, b. 1973), a Chicago-based multi-media artist known for repurposing and reconfiguring objects, particularly those related to African-American history. Gates’s first solo show, which took place at Kavi Gupta Gallery (Chicago) in April 2011, sold out, with prices ranging from $20,000 - $50,000.25 Most of the works in the exhibition included decommissioned fire hoses, referring to police hosing of 25 Katya Kazakina, “Fire Hoses for $39,000 Bring Fame to Theaster Gates: Hot Art,” Bloomberg, August 16, 2011, https://www.bloomberg.com/news/articles/2011-08-16/fire-hose-art-for-39-000-brings-fame-to-hot-urban-recycler-theaster-gates. In addition to making objects, Gates is the founding executive director of the Rebuild Foundation, which according to the mission on its website, “collaborate[s] to extend the social engagement of Gates’ studio practice to the South Side of Chicago and beyond.” (See: See: Rebuild Foundation, https://rebuild-foundation.org/our-story/)

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David Shapiro Digital Journal of Advanced Appraisal Practice 60 civil-rights demonstrators in 1963 in Birmingham, Alabama.26 In 2018, a Gates flattened-fire-hose piece, A Flag for the Least of Them (illustrated below), sold for $807,000 in the (RED) auction to fight AIDS in Africa, held in Miami by Gagosian and Sotheby’s and curated by Gates himself (who recently signed with Gagosian) along with architect David Adjaye. The price, Gates’s new auction record, soared above the pre-sale estimate of $450,000 – $500,000, and above his previous auction record of $459,000, also for a flattened-fire-hose work, Stars Over Harlem, which sold at Sotheby’s New York on May 17, 2018 against an estimate of $250,000 - $350,000. These fire-hose pieces, his most sought-after works, are essentially paint-less monochromatic abstract paintings. As such, they have both material and aesthetic affinity with many of the process-based abstract works maligned as “Zombie Formal-ism,” differing hardly at all in any structural way but rather in the discourse of social and political engagement that has been attached to them. Appraisers of emerging art must be keenly aware of the narratives that articulate individual artists’ practices and even individual works of art, as visual affinity may deceive and in many cases has little or no relation to market patterns. 26 This narrative about the meaning of the fire hoses has been reiterated widely, including in web text used by the Brook-lyn Museum (https://www.brooklynmuseum.org/opencollection/objects/197576) and the Tate (https://www.tate.org.uk/art/artworks/gates-civil-tapestry-4-l03666).

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 61 Theaster Gates, A Flag for the Least of Them, 2018, decommissioned fire hose, 59⅞ by 84⅝ inches (152.1 by 214.9 cm). Sold for $807,000 in the (RED) auction, held in Miami by Gagosian and Sotheby’s in December 2018. The advent of social media has altered the environment by which artists publicize their work. Stefan Simchowitz, who is known for flipping works of emerging art, has commented: [I]n 2006 you have the emergence of what is essentially the mainstream social media [….] More people see the art, more people can consume it and engage with it, and, more im-portantly, many more people have started taking and sharing photos and describing what they’re seeing. […] In this way, the curator, the critic, and the context become fragmented, and we go from a hierarchical system that’s controlled from the top to a system that’s more like a beehive [….]

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David Shapiro Digital Journal of Advanced Appraisal Practice 62 This is changing the way culture is distributed and marketed and thought about, which I think is pretty radical.27 Some artists have used the direct-marketing capacity of social media to create markets outside the traditional gallery structure, one example being C.J. Hendry (Australian, b. 1988), who has used Insta-gram to generate tremendous market demand for her precise color-pencil drawings of objects. In the book Art Collecting Today, art economist Doug Woodham observes that Hendry, obscure only a few years earlier, had 265,000 followers on Instagram as of November 2016, then the fifth-highest Insta-gram following for an artist, after only Bansky, JR (French, b. 1983), Shepard Fairey (American, b. 1970), and KAWS (a.k.a. Brian Donnelly, American, b. 1974), and ahead of major mainstream artists, in this order: Ai Weiwei (Chinese, b. 1957), Takashi Murakami (Japanese, b. 1962), Jeff Koons (Amer-ican, b. 1955), and Damien Hirst (British, b. 1965). By November 2016, Hendry’s prices were as high as $80,000 per work. As of December 5, 2018, when a profile on her was published in Artnet News, Hendry, who did not go to art school, still sold most of her work directly through Instagram, not through a gallery; to date, her work appears to have no auction history. Consequently, an appraiser valuing a work by Hendry would find the highest and most appropriate comparable sales data in the social-media market.28 For other artists, social media has enabled entrance to the mainstream gallery system through encoun-ters that would otherwise be difficult or impossible to obtain. One such example is Genieve Figgis (Irish, b. 1972), whose Twitter posts of her macabre cartoonish paintings caught the attention of Richard Prince (American, b. 1949), who purchased one and helped her gain access to the art world. 27 Interview by Andrew Goldstein, “Cultural Entrepreneur Stefan Simchowitz on the Merits of Flipping, and Being a ‘Great Collector,’” Artspace, March 29, 2014, https://www.artspace.com/magazine/interviews_features/how_i_col-lect/stefan_simchowitz_interview-52164 28 See: Doug Woodham, Art Collecting Today, New York: Allworth, 2017, p. 18. See also: “In the Studio with Cj Hendry,” Artnet News, https://news.artnet.com/in-the-studio/go-inside-artists-studio-cj-hendry-watch-make-viral-photorealistic-drawings-1404796. See also: “Australian artist CJ Hendry tries New York on for size,” November 3, 2016, https://www.theguardian.com/artanddesign/2016/nov/04/australian-artist-cj-hendry-tries-new-york-on-for-size.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 63 Figgis has since had solo exhibitions at such noted galleries as Half Gallery (New York) and Almine Rech Gallery (Paris and Brussels).29 Figgis’s work debuted at auction on July 18, 2018, when her paint-ing Downstairs (2014) sold for $20,000 at Christie’s, First Open Online: Post-War and Contemporary Art, considerably above the pre-sale estimate of $8,000 - $10,000. Artist Brad Phillips (Canadian, b. 1973), who is well known for his Instagram account, observed in a 2016 article about Instagram and the art world: How would I, they, anyone, have found a way to connect with Richard Prince before Insta-gram? An earnest letter and a CD of images? I can guarantee that even if someone were able to track down Prince's home address, such a package would have been immediately thrown in the garbage by his assistants.30 29 See Dominique Mucols, “Genieve Figgis,” Flaunt, January 11, 2016, http://www.flaunt.com/content/art/genieve-figgis. See also: “An Interview with Geneive Figgis, Purple Diary, http://purple.fr/diary/an-interview-with-genieve-fig-gis/ 30 Brad Phillips, “How Instagram Is Changing the Art World,” Vice, May 18, 2016, https://www.vice.com/en_us/arti-cle/zn8ezy/how-instagram-is-changing-the-art-world. As noted above Figgis was discovered on Twitter, not Instagram.

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David Shapiro Digital Journal of Advanced Appraisal Practice 64 Genieve Figgis, Downstairs, 2014, acrylic on panel, 24 by 26⅜ inches (61 by 67 cm), sold for $20,000 at Christie’s, First Open Online: Post-War and Contemporary Art on July 18, 2018 Although examples such as Hendry and Figgis are tantalizing Cinderella stories of the democratization of opportunity for emergence, the advent of social media has also created an infinitely expanding data set that has the potential to be harvested and quantified for speculative purposes, which may work against many emerging artists, with those in its possession favoring what is already proven to be in fashion. Among the products available in the advisory market for emerging art is Carlos Rivera’s ArtRank (formerly called Sell You Later), a website that began in 2014 with the following categories: “Buy Now < $10,000,” “Buy Now <$30,000,” “Buy Now <$100,000,” “Sell Now/Peaking,” and “Liquidate.” In the Q3/2015 report, the category of “Liquidate” was replaced with the more benign-sounding

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 65 category of “Undervalued Blue Chip.” ArtRank is freely available to general users, and available to early-access subscribers for $3,500 per quarter, whose purchase gives them earlier information about which artists to buy and which to sell. Georgina Adam interviewed Rivera, who explained his motivations behind the website: “I wanted to know what makes a Christopher Wool worth $15 million and when I looked into the art world there were no metrics at all,” he says. He wanted to find the variables in other artworks that matched up to the nine he had identified.31 Adam observes that Rivera, working with a financial engineer and a scientist, created rankings through an algorithm comprising diverse data including “the number of hits on Instagram and other social media, auction results, market saturation and support, and museum representation.”32 The outcomes of ArtRank’s predictions have varied. Rivera, as cited by Adam, identifies Njideka Aku-nyili Crosby (Nigerian, b. 1983) as an example of the success of his predictions, given his categoriza-tion of her in 2015 as a “buy” at $50,00033. Crosby, who is known for large-scale works on paper depicting intimate spaces, which often include self-portraits with her husband, and incorporate photo transfers of Nigerian advertisements, has emerged rapidly as a major figure on the international scene. Her auction debut was in September 2016, when a fairly small untitled work sold for $93,750 at So-theby’s New York against an estimate of $18,000 - $25,000. Her next auction sale and first of a major work, Drown, took place less than two months later, immediately after her first solo show at the noted gallery Victoria Miro (London), and it fetched slightly under $1,092,500 at Sotheby’s New York on November 17, 2016, far above the pre-sale estimate of $200,000 - $300,000. Less than four months 31 As cited by Adam 2018, p. 159. 32 Adam 2018, p. 159. 33 In ArtRank’s online archives, she first appears in the Q1/2016 report under “Early Blue Chip.”

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David Shapiro Digital Journal of Advanced Appraisal Practice 66 later, her auction record crossed the three-million-dollar mark, when, on March 7, 2017, The Beautyful Ones (2012) (illustrated below) sold for £2,517,000 ($3,072,884), dramatically surpassing the pre-sale estimate of £400,000 - £600,000 ($488,340 - $732,511).34 Victoria Miro has a long waiting list for her works, with primary-market sales largely reserved for museums,35 and mega-gallery David Zwirner has recently announced co-representation of her work. So, by any measure, Rivera’s prediction of her success was accurate, as her market has, so far, gone only in one direction – up. Njideka Akunyili Crosby, The Beautyful Ones, 2012, acrylic, pastel, color pencil, and Xerox transfer on paper, 95⅝ by 66⅞ inches (243 by 170 cm). Sold for £2,517,000 ($3,072,884) at Christie’s London on March 7, 2017. 34 Crosby’s current auction record is $3,375,000, set at Sotheby’s New York on May 16, 2018 for Bush Babies a signifi-cantly smaller work with no figures, which carried a pre-sale estimate of $600,000 - $800,000. 35 Matt Carey-Williams of Victoria Miro communicated this at Art Basel Miami Beach in December 2018. At the fair, the gallery sold a secondary-market work lacking figures, Tea Time in New Haven, Enugu, for $2,200,000; the piece had previ-ously sold for 7,020,000 HKD ($990,819) at Sotheby’s Hong Kong on May 27, 2017, against an estimate of 6,200,000 – 9,400,000 HKD ($795,595 - $1,206,226). Carey-Williams observed that Crosby’s most sought-after works contain fig-ures.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 67 Another example of an accurate prediction on ArtRank is Avery Singer (American, b. 1987), who is known for grayscale paintings of mechanamorphic figures. She topped the “Buy Under $100,000” group in Q2/2015 and Q4/2015, and was #2 in that category in Q3/2015. She has subsequently become an unqualified success at auction, with four auction sales over $300,000 in 2018, including a high price of $735,000 for Fellow Travelers, Flaming Creatures (illustrated below) at Sotheby’s New York on May 6, 2018, many multiples above the pre-sale estimate of $80,000 - $120,000. Singer is now represented by a major gallery, Gavin Brown’s Enterprise (New York) and will be included in the upcoming exhibition at the Venice Biennale 2019, “May You Live in Interesting Times.”36 Avery Singer, Fellow Travelers, Flaming Creatures, 2013, acrylic on canvas, 86 by 132 inches (218.4 by 335.3 cm). Sold for $735,000 at Sotheby’s New York on May 6, 2018. 36 The list of artists included in the Venice Biennale exhibition is here: https://www.labiennale.org/en/art/2019/artists

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David Shapiro Digital Journal of Advanced Appraisal Practice 68 In other cases, the accuracy of ArtRank’s buying advice depends on the time horizon. One can look to the example of Korakrit Arunanondchai (Thai, b. 1986), a cross-disciplinary artist best known for his painting-like compositions of irregular patterns of blue and white made from bleached denim with collaged photographs of fire; these works gained significant market attention shortly after Arunanondchai received his MFA from Columbia University. Arunanondchai is included in the “Buy Now < $100,000” group in ArtRank’s reports for each of the four quarters of 2014 (#7 in Q1, #1 in Q2, #4 in Q3, and #2 in Q4). His work debuted at auction during that time: a mixed-media painting Untitled (White Temple Painting) sold for $53,125 at Sotheby’s New York on May 15, 2014, far above the pre-sale estimate of $12,000 - $18,000. The following year, another work in this style, Untitled (History Painting) (2013) (illustrated below), sold for £96,100 ($148,371) at Christie’s London on October 17, 2015 against an estimate of £30,000 - £40,000 ($46,317 - $61,756), setting a record that stands, by far, today. On September 28, 2016, less than a year after ArtRank’s publication of the advice to buy Arunanondchai, a work that is identical in size and style, Untitled (History Painting) (2013) (illustrated below) sold for about half the price—$75,000—at Christie’s New York, against a pre-sale estimate was $40,000 - $60,000, indicating the auction house’s understanding that the market had already con-tracted significantly. As of February 2019, works by the artist were on offer from the gallery Car-los/Ishikawa (London) in the range of $60,000 - $100,000. However, Arunanondchai was announced for inclusion in both the 2019 edition of the Whitney Biennial and the Venice Biennale 2019 exhibi-tion, “May You Live in Interesting Times,” both of which will open in May. So, Arunanondchai’s market may be poised for a new surge, as collectors often pay close attention to such prestigious exhibitions.37 So the advice on ArtRank may have been good for the short-term speculator, bad for those with a medium-term horizon, and possibly sound for those with a longer-term horizon. 37 The full list of artists to be included in the 2019 Whitney Biennial (May 17 – September 22), curated by Jane Panetta and Rujeko Hockley is included on the museum’s website. See: https://whitney.org/exhibitions/2019-Biennial. See also: Alex Greenberger, “Here’s the Artist List for the 2019 Whitney Biennial,” ARTnews, February 25, 2019, http://www.art-news.com/2019/02/25/heres-artist-list-2019-whitney-biennial/. In the ARTnews article on the artists selected,

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 69 (l.) Korakrit Arunanondchai, Untitled (History Painting), 2013, burnt bleached denim, 86 by 64 inches (218.5 by 162.5 cm). Sold for £96,100 ($148,371) at Christie’s London on October 17, 2015. (r.) Korakrit Arunanondchai, Untitled (History Painting), 2013, denim, inkjet print and canvas 86 by 64 inches (218.5 by 162.5 cm). Sold for $75,000 at Christie’s New York on September 28, 2016. ArtRank’s advice for selling has also been of mixed utility. In some cases, the advice to sell would be proven wrong if one were to consider a horizon of a few years, as opposed to months. One such example is that of KAWS (Brian Donnelly) (American, b. 1974), who is known for works in a variety of media that draw inspiration from graffiti and cartoons. Artrank listed KAWS as #4 in the “Sell/Peaking” group of their Q1/2014 report, which was released to “early access” subscribers on February 28, 2014. At that time, KAWS’s auction record stood at $293,000, set for Untitled (2008) (illustrated below) at Sotheby’s New York on November 14, 2013, above its pre-sale estimate of Arunanondchai, despite his recent market downturn, is singled out along with Elle Pérez (American, b. 1989), Paul Mpagi Sepuya (American, b. 1982), and Martine Syms (American, b. 1988), as one of “today’s most closely watched emerging artists.”

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David Shapiro Digital Journal of Advanced Appraisal Practice 70 $100,000 - $150,000. Perhaps at the time, it seemed that the market for this kind of work was not poised to develop in the short term, and in fact in 2014, there were only two higher auction sales for KAWS’s work, both for larger sculptures,38 and in 2015 there were no KAWS auction sales above the 2013 sale. However, in the past year, the market has grown precipitously for KAWS’s work. As of January 2019, his top 21 auction prices were realized in 2018, topped by the sale of Untitled (Fatal Group) (illustrated below) for $3,495,000 at Phillips New York on November 15, 2018, far above the pre-sale estimate of $700,000 - $900,000. Among the 35 KAWS works that sold for more than the 2013 record at the time of ArtRank’s Q1/2014 report, 25 took place in 2018 (five of which made over $1 million each), and seven more took place in 2017. The retail market has been favorable too: KAWS is now repre-sented in the United States by Skarstedt gallery, which states that prices for new paintings are in the range of $300,000 - $900,000, but as of January 17, 2019, the gallery had none available. As reported by Artnet News following Art Basel Miami Beach 2018, an edition of 100 silkscreens by KAWS sold out at $65,000 each.39 KAWS’s profile has also been raised by his associations: There has been publicity about hip-hop music mogul and art collector Kasseem Dean (a.k.a. Swizz Beatz) collecting KAWS’s work, including a colossal 19-foot wood sculpture of a lamenting Mickey Mouse, titled At This Time (2013).40 KAWS’s name recognition has also been strengthened by a number of commercial collabo-rations outside the art world such as those with Nike for Air Jordan sneakers, and Sesame Street for an apparel and toy line marketed by Uniqlo. 38 One Accomplice sculpture sold for £266,500 ($425,243) at Phillips London on October 15, 2014, and another sold for $305,000 at Sotheby’s New York on May 15, 2014. 39 Goldstein 2018. 40 See, for example: Benjamin Sutton, “Swizz Beatz Has a KAWS Colossus at His House,” July 29, 2014, https://news.artnet.com/art-world/swizz-beatz-has-a-kaws-colossus-at-his-house-68965. For a recent treatment of this connection, see: M.H. Miller, “How Swizz Beatz Bridged the Worlds of Hip-Hop and Contemporary Art.” The New York Times Style Magazine, February 13, 2019, https://www.nytimes.com/2019/02/13/t-magazine/swizz-beatz-art.html. In that article, Swizz Beatz, who is also on the board of the Brooklyn Museum, is pictured seated next to KAWS, along with three other emerging artists whose work he collects.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 71 So, a collector relying on ArtRank’s Q1/2014 recommendation to sell KAWS at that time would have almost certainly done so to his or her detriment, missing a period of tremendous market growth three to four years later. This example shows the lack of reliability of forecasting in the field of emerging art, as markets for individual artists often defy prediction, even when those predictions are made by experienced professionals using a robust data set. (l.) KAWS, Untitled, 2008, Acrylic on canvas, 50 by 60 inches (127 by 152.4 cm). Sold for $293,000 at Sotheby’s New York on November 14, 2013. (r.) KAWS, Untitled (Fatal Group), acrylic on canvas, 68⅛ by 68⅛ inches (173 by 173 cm). Sold for $3,495,000 at Phillips New York on November 15, 2018. Another data-driven project seeking to track the emergence of artists is that of Samuel P. Fraiberger, Robert Sinatra, Magnus Resch, Christoph Reidl, and Albert-László Barabási, published last year in the article “Quantifying reputation and success in art” in the journal Science41. A dataset collected by one 41 Samuel P. Fraiberger, Robert Sinatra, Magnus Resch, Christoph Reidl, and Albert-László Barabási, “Quantifying repu-tation and success in art”, Science, http://barabasi.com/f/972.pdf

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David Shapiro Digital Journal of Advanced Appraisal Practice 72 author’s firm, Magnus,42 was created based on “information on artists’ exhibitions, auction sales, and primary market quotes.”43 The authors acknowledge: “Given the fragmented and often secretive na-ture of transaction records, quantitative analyses of the art world have been difficult.” Indeed, as stated above, dealer representations are frequently hard to verify because their sales are confidential, as pro-tected by the provisions of the Gramm-Leach-Bliley Act (GLBA) in the United States. Furthermore, as discussed above, primary-market quotes are generally not to be considered reliable data for purposes other than assessing Retail Replacement Value, because there is no guarantee that these sales will be realized at or near the levels of primary-market asking prices; many works are discounted heavily, and many others do not sell at all. Despite the admitted limitation of data, the “Quantifying reputation” team used the above data as the basis for interpreting career paths of artists, centering their analysis on the relative prestige of the institutions at which they exhibited, underlined by a truism: Prestigious institutions have access to well-regarded artists, and influential artists in turn tend to seek out prestigious institutions.44 Although the authors of the “Quantifying reputation” article acknowledge that “institutional prestige is also highly subjective,” they rate the institutions on a scale of “A” (highest) through “D” (lowest), based on factors including “longevity, the artists exhibited, size and quality of exhibition space, and art fair participation.”45 Analyzing art careers, artists were assigned high initial-reputation rankings if their works were exhibited in the top 20% of institutions, according to their rankings. Their key con-clusion was: 42 Magnus offers an eponymous mobile application that uses image-recognition software to allow users to photograph works of art and submit them for identification. It is marketed as “Shazam for Art” due to its similarity to the app Shazam, which recognizes and identifies musical tracks. 43 Fraiberger, et. al. 2018, p. 1 44 Fraiberger, et. al. 2018, p. 1. 45 Fraiberger, et. al. 2018, pp. 1-2.

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 73 Overall, initial reputation (first five exhibits) [sic] predicted success across a variety of measures. […] [A]rt careers were characterized by a strong path dependence; artists starting in high-prestige institutions […] showed a lower dropout rate and tended to maintain their status.46 Certain findings from their study include: • High-initial reputation artists had twice as many exhibitions as low-initial reputation artists. • The work of a high-initial reputation artist was traded 4.7 times more often at auctions than that of a low-initial reputation artist, at a maximum price that was 5.2 times higher. • The average maximum price of high-initial reputation artists was $193,064, compared to $40,476 for low-initial reputation artists. In their view, this model attempts to “codify the stratification of the art world, which limits access of artists to institutions that would be beneficial to their career.”47 Some of these findings are self-evident. One would hardly need an algorithm on institutional prestige to observe that Matthew Barney (American, b. 1967), with solo exhibitions at Barbara Gladstone Gal-lery and the San Francisco Museum of Modern Art (SFMoMA) just two years out of Yale, was on a promising path to continue exhibiting at top institutions throughout his career. On the other hand, even the most sophisticated computational technology used by the most experi-enced appraiser, advisor, or dealer might not predict much of the dynamic movement in the markets 46 Fraiberger, et. al. 2018, p. 2. 47 Fraiberger, et. al. 2018, p. 3.

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David Shapiro Digital Journal of Advanced Appraisal Practice 74 for contemporary artists. In 1981, when Basquiat’s works were selling for $5,000 at Annina Nosei Gallery, and works by fellow neo-Expressionist painter Julian Schnabel (American, b. 1951) were sell-ing at Mary Boone Gallery for $40,000 – up considerably from $3,000 - $3,500 just two years earlier, it might have been difficult to predict that at the time of this article in 2019, Basquiat would hold the record for a work of American art at auction with a sale for $110.5 million, which is about 76 times the highest price paid at auction for a work by Schnabel.48 Unlike other, more quantifiable fields, such as sports, in which early performance can predict career outcomes with relative reliability,49 career paths in fine art depend on a wide range of shifting variables including many that are exogenous to innate ability and early institutional affiliation. In recent years, there has been significant market attention on a number of older female and non-white artists who were lesser known for much of their careers. Markets for these artists have risen precipitously in patterns that one might more typically associate with younger artists, complicating what it means to be an “emerging artist” and certainly defying predictions that might have been made with a mathematical model emphasizing the importance of early-career institutional affiliations. One can look at the example of Carmen Herrera (Cuban-American, b. 1915), who worked in essential obscurity for decades, only emerging in the last two decades of her life. Herrera is now represented by a major gallery, Lisson. Her auction record was set when Blanco y Verde (illustrated below) sold for $2,655,000 at Phillips New York on November 15, 2018, exceeding the pre-sale estimate of $1,000,000 48 See: Nate Freeman, “The Rise and Fall of Mary Boone,” Artsy, https://www.artsy.net/article/artsy-editorial-rise-fall-mary-boone-revolutionary-art-dealer-going-prison-tax-fraud. See also: Scott Reyburn, “A ‘Small, Untrained Talent’ Be-comes America’s Most Expensive Artist at Auction,” New York Times, May 26, 2017, https://www.ny-times.com/2017/05/26/arts/basquiat-auction-untitled.html. 49 For example, North Yard Analytics, led by economist Daniel Altman, uses proprietary algorithms to forecast out-comes for soccer and other professional sports players, based on past performances. See: https://www.northyardanalyt-ics.com

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 75 - $1,500,000. As a demonstration of the rapidity with which her market developed late in life, her auction record just ten years ago was $30,000, about 1.1% of her current record. Carmen Herrera, Blanco y Verde, 1966, acrylic on canvas, 40⅛ by 45¼ inches (101.9 by 114.9 cm). Sold for $2,655,000 at Phillips New York on November 15, 2018. As another example, one can look at the African-American painter Stanley Whitney (American, b. 1946), who also joined Lisson gallery fairly recently, and whose abstract paintings and drawings have recently risen enormously in value. Whitney’s work was not traded at auction until April 2013, when one of his signature colorful grid paintings, Light Rain (illustrated below), sold for approximately €13,446 ($17,664) at Boetto (in Genoa, Italy), above the pre-sale estimate of €9,852 - €10,903 ($9,809 - $10,856). Less than six years later, on November 25, 2018, his current auction record was set when Queen of Hearts (illustrated below), which is similar in size, style, and date, sold for 1,750,000 HKD ($223,665) at Sotheby’s Hong Kong, above the pre-sale estimate of 800,000 – 1,200,000 HKD ($102,246 - $153,370).

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David Shapiro Digital Journal of Advanced Appraisal Practice 76 (l.) Stanley Whitney, Light Rain, 2006, oil on canvas, 53.9 by 53.9 inches (137 by 137 cm). Sold for €13,446 ($17,664) at Aste Boetto on April 16, 2013. (r.) Stanley Whitney, Queen of Hearts, 2004, oil on linen, 54 by 60 inches (137.2 by 152.4 cm). Sold for 1,750,000 HKD ($223,665) at Phillips Hong Kong on November 25, 2018. One can see similar significant retail gallery attention late in life for a number of other African-Amer-ican artists, such as McArthur Binion (American, b. 1946),50 Frank Bowling (American, b. 1934),51 Ed Clark (American, b. 1926),52 and Fred Eversley (American, b. 1941).53 50 Binion, represented by Lehmann Maupin Gallery, is known for allover patterned abstractions. His work had not been traded at auction until 2018. His work DNA: Sepia: VIII (2016) sold for $106,250 at Sotheby’s New York against a pre-sale estimate of $50,000 - $70,000. Binion was profiled, among others, in Hilarie M. Sheets’s recent New York Times arti-cle “Discovered After 70, Find Success, Too, Has Its Price,” which stated that he “had been creating art almost com-pletely under the radar for four decades.” (See: https://www.nytimes.com/2019/03/23/arts/design/black-artists-older-success.html) 51 The current auction record for abstract painter Frank Bowling was set when Morning Light sold at Swann (New York) for $161,000 against an estimate of $60,000 - $90,000. Before 2016, his auction high was $50,000, and before 2013, his auction high was $7,800. Perhaps more astonishingly, Michael Rosenfeld Gallery is reported to have sold a Bowling painting for $500,000 at The Armory Show in March 2019. 52 The auction record for Clark, an abstract painter, is $198,000, set at Phillips New York on September 21, 2018 for an untitled painting with a pre-sale estimate of $80,000-$120,000. Before 2018, his auction high was $30,000. Before 2015, no work by Clark had sold for over $7,000 at auction. 53 Known for abstract translucent cast sculptures, Fred Eversley is represented by David Kordansky Gallery (Los Ange-les). His auction record was set on February 17, 2019, when Untitled (Lens) sold for $281,250 at Lama (Van Nuys,

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The Dynamics of Valuing Emerging Art and Artists International Society of Appraisers – Private Client Services 77 In assessing value trends, one may look to various data, including auction sales (when they exist), dealer prices (when they are communicated), and retail asking prices (with the caveat that they may never be realized). One can also look at influencing factors such as the nature and extent of press coverage, institutional affiliations, and variously quantified attention on social media. Assessment of value of works of art by emerging artists may require analysis of a range of data, and one must be aware that even those values ascribed following rigorous and complex analysis may be subject to sig-nificant and rapid change in either direction. One must similarly be aware that when acting in an advisory capacity, neither connoisseurship-based interpretation nor computationally-derived trend-forecasting tools nor any combination of the two can reliably predict future markets for emerging artists. In consideration of these facts, it is advisable that values for works of emerging art should be reviewed with great frequency. Although the market for each emerging artist is unique, and the purpose of a valuation assignment may dictate specific terms, it is wise to consider that the review of values of works of emerging art should ideally take place biannually, and no more infrequently than annually. About the author David Shapiro is a Senior Art Appraiser and Advisor with Victor Wiener Associates, LLC (New York). He contributed to the valuation of the collection of the Detroit Institute of Arts (DIA) in connection with the 2014 Detroit bankruptcy trial, as well as the art fraud case, United States v. Luke D. Brugnara (2015). He is an Accredited Member of the Appraisers Association of America (AAA) and an Indi-vidual Member of the New Art Dealers Alliance (NADA). California) against an estimate of $30,000 - $50,000. No work by Eversley had sold at auction until 2016. By comparison, in May 2012, two works by Eversley, each only slightly smaller than the recent high sale, failed to clear low estimates of $1,500 at Bonhams Los Angeles.

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David Shapiro Digital Journal of Advanced Appraisal Practice 78 Mr. Shapiro has lectured on art appraisal and the art market for Sotheby’s Institute of Art, the New Art Dealers Alliance, The New Art Academy, and St. John’s University. He has been quoted in the New York Times about art appraisals and IRS regulations for charitable donations. Mr. Shapiro is the founding editor of the online contemporary art publication Museo and has published interviews with artists including Vanessa Beecroft, Elizabeth Peyton, Shirin Neshat, and Jeff Wall, the latter in two books, Jeff Wall: Selected Essays and Interviews (Museum of Modern Art, 2007) and The Education of a Photographer (Allworth, 2006). Contact: +1 (917)763-8710 david@victorwienerassociates.com Instagram: davidshapiro

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Appraising Designer Furniture: The Challenge of Authenticity and False Identities By Soodie Beasley, ASA, AAA "... the fear of being copied is often the characteristic of the meager imagination." ~ Elsie de Wolfe opying something without consideration of the designer, the design, materials, and quality is now pandemic. Appraisers need to be aware that unauthorized copies, misattributed designs and outright forgeries of twentieth-century custom-made furniture are becoming increasingly prevalent. This problem occurs across the price spectrum, across all market levels and across all areas of twentieth-century design. By considering key furniture designs by, and misleading attributions specifically to, Frances Elkins (1888-1953) and Karl Springer (1931-1991), appraisers can better understand why and how dubious authenticity has developed into such a major, widespread problem in designer furniture and why it is so hard to stop outright. The twentieth-century design market has become one of the most dynamic and influential areas in the international marketplace. In 2005, a glass-top spine-like trestle table with shuddering carnal un-dertones designed by Carlo Mollino in 1948 sold at Christie's for $3.8 million, nearly twenty times the high estimate. It broke a financial threshold and marked a new kind of market ripe for develop-ment. One of Italy’s most influential mid-twentieth-century designers who was once marginalized in design history and labeled “enigmatic,” “erotomaniac,” and “dangerous”1 became the most sought after. An original Mollino was now deemed worth any price, and the market kept its eyes peeled for 1 Beatriz Colomina, “Carlo Mollino (1905-1973),” Architectural Review, June 12, 2014. C

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Soodie Beasley Digital Journal of Advanced Appraisal Practice 80 new, unique and fresh-to-the-market pieces. Christies SALE 1532 - Important 20th Century Decorative Art & Design New York, 9 June 2005 Only a decade before, the cognoscenti of architects, designers, sellers, journalists, collectors, and critics knew furniture design merited reverent study, but the masses remained indifferent to custom-made pieces of modern design. Many were leery to bank on a designer’s name who was not well-recognized and formally trained. Since the sale of Mollino’s table, the market for mass-produced mid-century modern American furniture waned even as the market grew for limited and custom-made pieces. These highly stylized pieces, with exotic shapes and profiles and materials that were once only available through designers and show rooms, began to appear both at auction and through dealers generating great interest and investment. This area is difficult to navigate, however. When increased awareness created stronger demand, thus diminishing supply, designer furniture was copied elsewhere. Since the turn of the twenty-first century, more examples have been copied, parts redone, and others crafted only alluding to a whiff of a de-signer’s style, than originals exist. There is no handbook, no list, and few experts with whom to confer. Bespoke, one-offs, and custom-made pieces form a thick, dark and murky area for authenticity. A majority of the original designers would change and adjust their designs as they were being executed, even after working drawings were produced, if they were even used. Many of these designers didn’t always sign their pieces or have their work always photographed. Many of their pieces were created for a specific client for their specific room. Design tends to be fleeting. Over time, very few of these

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Appraising Designer Furniture: The Challenge of Authenticity and False Identities International Society of Appraisers – Private Client Services 81 rooms remain intact. Their parts disassembled, walls painted over, carpets and drapes changed out, the furniture then shifted elsewhere and passed through various hands. Any continuity is lost. "Everything is permissible as long as it is fantastic." ~ Carlo Mollino The result is that an idea of a design can become more desirable than the original design itself. Cop-ies of an already copied chair can become an iconic design, and even offered at higher prices in the market, than a designer’s original chair. Often a designer's name is most associated with a design that was borrowed from the past, and the design itself has had more impact in style than historical con-text. Frances Elkin's loop chair, for example, has held more power than the nearly two-hundred-year-old chair it emulates. After all, today, referencing a design produced in the 1940s is a lot sexier than referencing one from the eighteenth century. Elkins was one of the most prominent grand-dame decorators of the first half of the twentieth century, and certainly the most influential on the West Coast. She revolutionized interiors by combining tradi-tional pieces with the avant-garde with the likes of Jean-Michel Frank and Alberto Giacometti. She had an uncanny sense of how much of the past to mix with the present. Her genius lay in crafting an environment that was much more comfortable tinged with a bit of rock ‘n’ roll. Elkin’s interiors were edgier than de Wolfe’s light but stiff European style and further whetted than the reserved look of Elsie Cobb Wilson. But Elkins, too, borrowed from the past and had eighteenth-century chairs copied for two of her clients. Elkins and her architect brother, David Adler, the renowned Chicago architect, were known to have owned a copy of Percy MacQuoid and Ralph Edwards's four-volume Dictionary of English Furniture, which was first published from 1904-1908. An image in this publication of a very similar George II

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Soodie Beasley Digital Journal of Advanced Appraisal Practice 82 japanned chair raises the question of attribution, although the design has been widely attributed to her. This came to light in 2009,2 yet this is one example of confusing authorship in the market today. In 1934, Frances Elkins had two sets of four of these chairs copied with slight alterations and painted a creamy-beige color for two different clients, Evelyn Marshall Field and Mr. and Mrs. Leslie Wheeler. Sotheby’s offered one set at auction in April 2009.3 Elkins wasn't the only one who copied the chair. As an article in The Magazine Antiques notes, Frederick P. Victoria & Son, a business established in 1933 in New York City that sold antiques and high-quality reproductions, copied the chair for their clients Robert and Marietta Tree (parents of the 1960s fashion model Penelope Tree, also famously known as Twiggy). The Trees owned an eighteenth-century example from Ditchley Park in Oxford-shire England, but they wanted a copy for their American home. Various forms of the loop chair have been spotted in settings of Hollywood films of the 1930s and 1940s.4 Stephen M. Salny's 2005 monograph on Elkins sparked a renewed interest in her work and particularly this chair. When the preference for stark minimalist forms from 2000-2005 fell away and began to grow into the fuller-forms of 2005-2010, variations of these loop chairs began to grace countless co-vers of glossy interior magazines. These chairs were coated in primary and secondary glossy saturated colors and available in all forms of quality and in all areas of the primary and secondary markets. The trouble is, examples were and still are given the label of “Frances Elkins Loop Chair,” which leads any potential buyer to believe Elkins had something to do with the procurement of these particular new 2 Shax Riegler,“The ‘It’ chair,” The Magazine Antiques, January 2009 vol. CLXXV, No. 1, pp. 146-151, fig. 4; and “The ‘It’ Chair, a Postscript,” February 2009 editions. Also Emily Evans Eerdmans has thoroughly and with great detail discussed this on her blog. 3 Mrs. Charles H. Gedge, the consignor, purchased the chairs from an estate sale of the Prentice estate in 1970-1971. (Mrs. Wheeler was remarried to Clarence Prentice.) Gedge had them painted bright yellow. Then she had them lacquered black a few years later. Each pair of Elkins’ Loop chairs, lots 84 and 85, sold for $5,938 (including buyer’s premium) at the April 9, 2009 Sotheby's New York sale. See also Penelope Green, “In Chair Design, an Endless Loop,” New York Times, April 8, 2009. 4 See also Jennifer Boles’s February 8, 2010 Peak of Chic blog post. Coincidently, I had spied this chair watching the same 1944 film noir movie Lara on Turner Classic Movies the weekend she had.

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Appraising Designer Furniture: The Challenge of Authenticity and False Identities International Society of Appraisers – Private Client Services 83 chairs.5 Further, many of the vintage examples appearing on the market lack any provenance and newly copied chairs have an asking price far above the Elkins’ examples, which sold through Sotheby’s. This image of the chair was so highly popularized that when the real deal, an actual Elkins loop chair, became available, it fell with a quiet thud, barely reaching $3,000 per chair. The origin and historical context of the design left to history. Partial results of image search for Elkins Loop chair on Google Buyers want something unusual, and sellers want to sell something no other dealer possess in their inventory. Sellers focus on the romantic tale about a piece and not necessarily the real circumstances surrounding its design, or how it was made. The market has been trending toward furniture that will reflect who the owner is, something no one else can order directly out of a page out of a catalog. Collectors want something to call their own exclusively. During the Gilded Age of robber barons, the mighty rich who threw lavish soirées in their mish-mash of Revival–style, marble-clad grand mansions that stretched down the Atlantic and dotted the bluffs over large Western river towns, sent architects abroad to procure furniture, art, and bric-à-brac prying 5 I spoke at two conferences addressing the issue of this chair, "The Digital Revolution and the Democrati-zation of Design," International Society of Appraisers Annual Conference, Kansas City, Missouri, April 27, 2014 and most recently, “Decorative Art Markets –Identification: Attributions and Misattributions in the 20th-century Design Furniture Market,” American Society of Appraisers, Santa Fe, March 11, 2019.

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Soodie Beasley Digital Journal of Advanced Appraisal Practice 84 them from the hands of fallen European gentry because the look of old-world culture communicated, the architects believed, sophistication. The Gilded-Age mansions’ vertically lofty, dark spaces were layered with thick rugs, the long windows covered with heavy drapes, bushy ferns tucked in porcelain Chinese-export globular vessels, and large, lumbering walnut pieces fresh off the conveyor belt were placed squarely in rooms which the architects had covered, stuffed and tufted with dark jewel-toned upholstery. When the twentieth century rolled in, the ne plus ultra American decorator Elsie de Wolfe led the revolt to throw the Victorian era out and paint everything white punctuating spaces with mirrors and tous les Louis. She removed the clutter, the bibelots and the boulle replacing them with furniture of clean, simple lines, painted the wood an array of cream tones and covered everything in chintz. Her aesthetic slapped the face of the public, caught their attention and set the style for the first half of a century. De Wolfe, along with a few other high-society decorator women, created the interior decoration métier and left the rich dripping with good taste. These taste brokers pushed the vogue for custom-made pieces.6 Antique furniture was pickled, bleached, reworked, resized and remade just for the elite. After all, custom furniture symbolized a separation of the upper crust from the masses. One hundred years later, as the stripped-down rigor of minimalist contemporary interiors lost favor to a new version of maximalist tradition, collectors again crave individualistic interiors. Today, collec-tors neither eschew nor fully embrace any single period, nor devoting themselves to any single de-signer; rather all want that one outré piece. They want a piece of a past designer's original personal vision to punctuate a room like a dazzling diamond-studded brooch on a classic little black dress and have their guests drop their jaws and whisper about the fortune that must have been paid on that piece. They want their furniture to recall the once-exclusive affluent cultures of past years, which were always as much about personalizing the material world as about mere appearances. Each of these past 6 Soodie Beasley, "Discovering a New Collecting Category: Furniture by Decorators," Journal of Advanced Appraisal Studies, 2009 edition.

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Appraising Designer Furniture: The Challenge of Authenticity and False Identities International Society of Appraisers – Private Client Services 85 designers reflected not only his or her own taste but broader prevailing trends of good taste. Owning a piece of this luxury furniture now means conveying a sense of polished refinement. Increasingly, long-forgotten designers’ furniture is pulled out of the homes of many a top-drawer downsizer; sellers recognize some designs but others might simply assign a name to a piece if it merely resembles a sought-after designer’s work. Many of these pieces debut on the secondary retail market. What once seemed a scattered, anecdotal oddity has now become mainstream. Although buyers and sellers have become more sophisticated about design, more once-forgotten designers’ names have reemerged. But not every piece presented through a selling venue is vetted, and not every piece with a designer’s name affixed to it is accurately tagged. And many designs of the great masters were copied even by other past interior designers by changing a few dimensions and materials. “I allow nothing to represent me that is not my best effort.” ~ Karl Springer In the past fifteen or so years, the market has noted Karl Springer's exotic furniture. Springer, who possessed a long list of society clientele, was a genius at capturing the aesthetic essence of the 1970s and 1980s. Although he was inspired by the classical shapes of the art deco style, he translated them into contemporary, custom-made furniture, light fixtures, and glass objects. He preferred bold yet streamlined forms with a flash of fantasy. Were all of his individual furniture and accessories to be placed together in one room, they would comprise a unique vision. Since his death in 1991--and at least partly as a result of the concomitant rise of minimalism--Springer's reputation waned. However, when several of his pieces started to surface at auction and were offered through galleries in the early 2000s, his creations piqued interest.7 Yet more and more of his work has 7 Soodie Beasley, "Fantasy Furniture by Designers: Marx, Mont, Duquette and Springer," Journal of Ad-vanced Appraisal Studies, 2011 edition.

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Soodie Beasley Digital Journal of Advanced Appraisal Practice 86 been found as of late, a copious amount for a designer whose small and intimate team carefully and painstakingly crafted each piece by hand for an exclusive client base. Springer JMF Console Table It is not easy to sleuth out if a Springer piece is a true one. Fakes and forgeries abound, more so in the past ten years. A majority of his work left his studio and was to be placed into the homes of his discerning clientele, unsigned. Signing custom-made furniture was considered tacky back then. Friends, previous employees, and subcontractors of Springer’s -- during his lifetime and post-humously -- have reproduced variations of Springer’s designs with slight alterations and materials. Some even tack on Springer’s signature. A quick search on 1stDibs or Decaso reveals a plethora of examples with the name of Karl Springer attached. More transparent dealers will place in their title "in the manner of." Yet many others sell examples with only a nod to Springer’s unique and seamless forms, nonetheless claiming each one is by his hand. Although Springer was trained as a bookbinder, he was largely self-taught when it came to furniture. He didn’t always draft his ideas on paper or preserve them in blueprints. If he made a model, he might have tossed it away. After he created furniture items, he would constantly tweak and adjust the design. Each new creation was unique unto itself. How is an appraiser to know when culling comparables for valuation that the comparables claimed as Springer's are authentic or even appropriate? Currently, no monograph on Springer’s work exists. No

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Appraising Designer Furniture: The Challenge of Authenticity and False Identities International Society of Appraisers – Private Client Services 87 foundation or estate owns the rights to his designs. It appears that there are more fakes on the market than genuine. Not everyone is familiar with his aesthetic and process; not every one of Springer's clients kept change orders, specifications, and invoices sent by the showroom. Springer had a clear vision and always was the master of quality control. His quest for high quality imbued his work with a sense of scale and proportion. He paid close attention to detail and exact craftsmanship, a trait that won him respect throughout the design industry. Not all information listed on a dealer's posting is reliable, and a dealer’s hasty words can skip over information that might otherwise reveal true authorship. As appraisers, how do we value something we are uncertain of the accuracy, attribution, or authenticity? Once a sales record is added to a price database, it is frozen forever. Even if attribution is later rectified, the database will likely not be not updated. Tom Langevin, who worked with Springer from 1977 until the designer’s death, has been promoting and protecting the reputation and authenticity of the master’s work.8 For a reasonable fee, he reviews works and attributed works by Springer for appraisers, auction houses, dealers, and collectors cutting through the muck of this barely navigatable area. As another generation of decorators peddles taste today, the idea of designing a lifestyle has come to dominate. Interior designers and decorators have contributed to connoisseurship of past design as well as for luxury craft and handiwork. They have made untold contributions. In the process, they informed clients, set trends, and transformed the market. The growing interest in interior design paved the way for a greater appreciation for well designed, high-quality furniture. In an industry where crea-tors are pressured with the Sisyphean task of churning out novelty and newness, many designers relied too heavily on borrowing from designs of the past. 8 see www.karlspringerfurnitureauthentication.com. I am indebted to the generous time, effort and care Tom Langevin has given me.

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Soodie Beasley Digital Journal of Advanced Appraisal Practice 88 For designers coming up with new forms can be difficult. Kelly Wearstler, Jonathan Adler, Celerie Kemble, Oscar de la Renta, and Thomas O’Brien, who helped pioneer the “new eclecticism,” have all heavily borrowed from pieces by great masters such as Karl Springer, Aldo Tura, Gio Ponti, Luisa and Ice Parisi, Tommi Parzinger, Dorothy Thorpe and Dorothy Schindler. A few of these designers believe in offering classic pieces but by changing materials and adjusting dimensions they can cater to an entirely new clientele. Fresher and more contemporized, they say, so they can call the design their own. Designers of mass-manufactured items now recreate the look of vintage, limited-edition, and custom-made furniture by those who once bridged the gap between couture and design with superior skills and a sensible, sharp aesthetic.9 High-end vintage one-offs or limited edition examples cloaked in exotic animal skins or crafted from unusual materials are being copied and credited under the name of an-other designer. As a result, the name of lesser known designers are getting lost. Many of these designers who have been borrowed from were not architects. Many did not have com-plete projects documented, published, and evaluated. Furniture designed by starchitects, on the other hand, can be referenced, but what about the lesser-known designers who designed and executed fur-niture? Shouldn’t designers advocate for authenticity? They are educated about the importance of original design intellectual property. Yet are some a source of the problem? Today’s names of interior designers who design furniture have become well-known beyond the pages of the glossy magazines. Their work is now permanently recorded in the publication of monographs and disseminated through social media. Their work has greater accessibility online available in 9 Examples can be found within the past five to eight years issued by manufacturers such a Henredon and Century Furniture.

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Appraising Designer Furniture: The Challenge of Authenticity and False Identities International Society of Appraisers – Private Client Services 89 numerous editions in a variety of color choices. Is it their work that is better recorded which will be remembered and sourced from in the future? Many current collectors want a vintage piece by one of the greats, but only a limited amount of these one-offs or limited editions were made. Many other buyers have become more receptive to a look over something authentic. Great design depends not only on the ideas of designers but the dimensions and materials they have chosen; the safety standards they have implemented. Their achievement was to manifest their concept in a tangible form, communicate an essence and unique vision. When design is freely copied without adherence to a designer's particular specifications, then attribution is not re-quired to the creator. How will these altered, posthumous, and even current copied designs affect the market for the creators' original designs? Marketplace complicity is one of the greatest obstacles in remedying the proliferation of fakes and forgeries. Knockoffs aren’t going to stop being made, and the people who buy them aren’t going to stop wanting something that looks on trend. Due diligence to the provenance and the authorship of items is vital to our industry. We are positioned to honor those designers who have been borrowed from, copied, misattributed, and shoved aside. *** Soodie Beasley, ASA, AAA holds both a BA and MA in Art History, a post-baccalaureate in Interior Architecture and a Certificate of Appraisal Studies. She has been a professional appraiser since 2002. She has lectured and taught college-level courses on art and design history for nearly ten years with a focus on twentieth-century women artists and designers. She has previously contributed five articles to the Journal of Advanced Appraisal Studies. Beasley currently serves as the co-chair of the PR/Marketing committee for ASA's Personal Property Committee. www.soodiebeasley.com

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Valuing Beauties: The Bijin In Japanese Prints By Daphne Lange Rosenzweig, Ph.D, ISA CAPP IJIN, or “beauties”, are a major subject in Japanese prints, paintings, and illustrated books. Properly translated as “beautiful person”, the term “bijin” has come to signify “beautiful women” and the term “bijin-ga”, illustrations of such women. This brief essay focuses on bijin portrayals in Japanese Ukiyo-e prints of the Edo Period (1615-1868), and more specifically within that category, on “geisha” prints and their valuation. ------------------------------------------------------------------------------------------------------- What types of women are represented in Japanese prints? To what professions or classes did they belong? How are they depicted? How can different eras be distinguished by the demeanor and dress of the women depicted? What are the determinants of assigned values for appraisals of bijin prints? The Edo Period in brief: The three major cities of the Edo Period were Osaka, the thriving commercial center, Kyoto, the ancient imperial and cultural capital and Edo, said to be the largest city in the world at this time, and the home residence of the shoguns, or governmental rulers of Japan. During the Edo period, the Tokugawa family headed the shogunate, which organized the country utilizing the Confucian class structure borrowed from China. Society was divided into four classes, with the shoguns, daimyo (pro-vincial lords) and samurai at the top, followed by farmers, artisans and merchants in that order. Though occupying the lowest social level, merchants were yet among the wealthiest members of so-ciety and it was in part to drain off their energy and resources that the government established B

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 91 entertainment districts in major cities. It is also that audience for which Japanese prints were produced by members of the artisan class. The Edo authorities also adopted a Policy of Seclusion, closing Japan to all but a select few groups of foreigners, and restricted travel within Japan. An isolated world and a relatively peaceful epoch, Edo Japan saw the flourishing of interest in the dramatic arts and literature, in the national sport of sumo, and in the diversions of sex and beauty, as exemplified in the arts of the Floating World. Ukiyo-e in brief: The term “Ukiyo” has two ways in which it can be written, one, the original, a Buddhist term signifying the principle Buddhist concept that life is fleeting, life is suffering, that nothing lasts, so therefore the desire to possess something is a futile, illusory exercise. Written with different characters meaning “Floating World” (“uki” = floating, “yo” = world), the term “Ukiyo” is also used to represent the hedonistic quality of Edo period culture in the pleasure quarters and the theatre districts, as illustrated so vividly in Japanese prints. Both sets of characters pronounced “Ukiyo” come from different avenues but share a common attitude, that life is ephemeral. That attitude is expressed in the art of “Ukiyo-e” (“e” = paintings or prints), images drawn from the Floating World of Edo Japan. Woodblock prints of the Ukiyo-e School were produced on a massive scale for commercial purposes by private, and highly competitive, publishing houses. Utilizing a four-step print production process (publisher, artist, carver, printer), prints were subject to government inspection before publication, and if approved, a censor’s seal (or seals) would be added to the overall print design (1) [ILLUS. 1]. Major Ukiyo-e types of Beauties, or Bijin: Edo Period Japanese bijin designs feature a variety of female types, including:

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 92 a. Upper class women: princesses, and Genji-style women more generally These elite women were well-dressed, elegant, motionless and emotionless and literate, as in the courtly lives and loves featured in the romances described in The Tale of Genji of 1053 (See below.) b. Male actors in female roles: the onnagata role in kabuki theatre Kabuki was the popular theatre of the Edo Period, with devoted audiences in the major cities de-manding print images of their favorite actors and theatre settings. An adult-male only actor world (after a series of trials and errors with female and young boy actors), the kabuki plays contained many female roles. Male actors who specialized in onnagata or female roles were the quintessence of femi-ninity and served as models for women in terms of appropriate appearances and demeanor. They wore elaborate makeup and either wigs or a cloth piece on their forehead to cover the government-man-dated shaved crown (www.kabuki21.com). “Yakusha-e”, prints of the world of kabuki (and other the-atrical forms) became a primary subject in early Ukiyo-e, along with the popular “bijin-ga” or designs with beauties [ILLUS. 2]. c. Deceitful women/hags/ghosts This category includes tricksters such as fox women (transformative, untrustworthy beings, often with their furry tails exposed beneath heavy robes); there are also supernatural beings such as those created by the modern artist Fuyuko Matsui, and in famous 19th century Ukiyo-e print series by Hokusai and Yoshitoshi. Females in this category can appear ugly, haggard, aged, disheveled, and emotionally distraught.

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 93 d. Loose women/morally bad women/non-conforming to standard Completely lacking propriety, self restraint, with their hairdo awry, their robes slumping in slovenly fashion, their breasts partially or completely exposed, women in this general category illustrate the chain of moral descent from category a. but are not necessarily associated with the supernatural, as in category c. Utamaro’s famous series “Five Shades of Ink in the Northern Quarter” (c. 1794-5) begins with the woman illustrating the “best of” the bijin level (demure, hair and dress in place) to the lowest of the low within that category (slumped and “letting it all hang out”), and his series “A Parent’s Moralizing Spectacles” (1802-3) features “The Hussy, also known as “The Wanton”, a disheveled girl drinking from a wine glass (Note: erotica prints are a separate issue, for another article.). e. Mothers and children An unobjectionable and popular genre within the general bijin category, such prints portray the charming intimate interaction between beauties/mothers and happy children, usually within an interior space. Such print designs, as those by Utamaro, were reportedly the inspiration for some of Mary Cassatt’s prints a century or so later. That denizens of the Floating World brothels had children as a result of their profession was an unhappy fact of life in the Green Houses. f. “Geisha” The literal translation of the term “geisha” is “gei” - arts/performance and “sha” – person, a profes-sional entertainer, an “arts person”. This category includes both men and women singer-entertainers, not prostitutes. Talented, they could come and go from their establishments to entertain clients for parties. They were not forced or allowed to fraternize too intimately with male clients. A combination of talent and beauty was taken for

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 94 granted. It is both this specific type and an expanded interpretation of this term which is explored in many bijin prints, and in this essay. Physical location of Beauties, or Bijin: During the Edo period, as well as the theatrical districts, there were twenty-five government-spon-sored, officially-licensed walled, moated and gated districts in major cities devoted to entertainment venues, the ‘pleasure quarters”. Designed to appeal to the merchant class, the districts also attracted actors, artisans and (unofficially) samurai. It is within these walls that the Green Houses, or licensed brothels, flourished [ILLUS. 3]. In the city of Edo alone, the Yoshiwara (or, post a 1657 fire in the old Yoshiwara, the Shin Yoshiwara), had c. 153 Green Houses within the estimated twenty-acre compound. By 1800, the densely populated Yoshiwara district was home to more than 4,000 prostitutes as well as kitchen workers, maids and other service people. The biggest brothels would have as many as 50 prostitutes (2). (To experience strolling through a street scene in the licensed entertainment quarter, log on to https://scrolls.uchi-cago.edu/scroll/visit-yoshiwara.) Geisha Skills: Women within the licensed pleasure quarters were highly stratified by education and their own per-sonal attributes, and ranged from servants and girls-in-training through the levels of geisha and at the top, the highest-ranking members, the “ideal” bijin who achieved the “tayu” (Kyoto) or the “oiran” (Edo) level. A well-trained geisha would ideally possess the following attributes: a. exhibit an acceptable degree of showmanship, with the ability to skillfully and elegantly perform traditional dances and songs and play an instrument for clients [ILLUS. 4 and 5];

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 95 b. evidence some degree of literary talent, including calligraphy skills, composing or reciting verse or matching poetry lines with clients; c. perform the standard traditional womanly “high culture” pursuits of flower arranging, kimono and obi pattern matching, makeup application, genteel conversation, serving beverages with the right ges-tures; and d. at all times assume appropriate demeanor, posture, and etiquette. It takes years of training by the “mother” of the Green House and possibly outside tutors to learn how to perform successfully at a high level. A beauty exhibiting many of these talents did not have to take many clients, often just one, and would be allowed to meet noblemen clients. These “tayu” or “oiran” were called “castle razers” because they cost the client so much money that he might have to pawn a castle! Often after their terms of contract were completed, they would marry their client. Terminology gets murky here in English (though the ranking is clear in Japanese); often these upper level skilled and beautiful women are called in English “courtesans” and those well-trained but perhaps with fewer talents or lesser beauty “geisha”. In the West, the term “geisha” has come to be used specifically for women, and is defined in dictionaries as “prostitute”; this is misleading, as although sexual attractiveness is assumed, there are many levels encompassed by the general term “geisha” (see below). Having signed contracts (usually of ten years’ duration) with the parent whose daughter would be entering into this atmosphere at age c. 7-8, the Green House management educated the girls up to the limits of their ability. They were ranked, from servants through the maiko (apprentice) level through

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 96 the geisha rank and for a select few, the tayu or oiran rank (YouTube, “Maiko Kyoto”, “Edo Won-derland Oiran Parade”). Prints often depict maiko (“dance child”). Maiko, promising children who begin their serious training at ages c. 11-12 were assigned to be assistants to geisha, and would accompany them to events to observe behaviors and skills appropriate for the tea houses or parties. The maiko were supplied with room, board, clothes, training, all within the Green House from the “mother” or with tutors of specific skills. The training costs ultimately had to be repaid. When considered appropriately talented, they were formally promoted to geisha rank. In prints maiko can be discerned by their seasonally-appro-priate floral hair ornaments, and they also might appear smaller than a geisha and paired up with another maiko. Many “group” bijin prints illustrate the leading woman of a Green House presented on a dominant physical scale and perched on her especially high “geta” (sandals), the smaller scale maiko, and smaller yet, servants, and when on their special parades through the street, a rugged mus-cled hairy male body guard often is included. Print renderings of Bijin: There are certain commonalities within the general category of bijin, no matter the date of the print. a. hierarchy of scale The dominant female will be the largest or tallest within a group rendering of females, gorgeously dressed in multiple robes and if the design in a “bijin” subject print depicts a high-ranking female, her assigned name will accompany the image and her robes will bear her particular identity crest (although the various early nineteenth century sumptuary reform regulations attempted to eliminate that prac-tice).

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 97 From 1655 on, a twice-yearly guidebook (“saiken”) naming and ranking each inhabitant of every Green House was published, together with layout of the districts. Often the prime beauties of each of the three major cities (Edo, Kyoto, Osaka) were combined into one print, although such together-ness was physically unlikely in real life. If a print depicts a grouping of three females all of the same size and all looking appropriately behaved and equally well-dressed, then the subject may be the yearly or bi-yearly ranking of the top beauties in the licensed entertainment quarters of Kyoto, Osaka and Edo (see below). The term “Ukiyo” plaintively suggests the fleeting fame of these top beauties. b. demeanor and appearance So what is “beauty” and how can it be expressed in art? In the West, the female nude, with its sinuous curves and ripeness of breast and belly becomes an ideal. In Japan (and apart from erotica), a more modest approach prevails (though the experienced eye can discern suggestive content, embedded in demeanor and clothing designs). Designed by male artists for male audiences, the ideal beauty is depicted as compliant, non-threatening, lacking shoulders, bones or muscles. Except in erotica, the body will be barely exposed, and the beauty will possess a well-tended coiffure and be elegantly dressed. Depending on the artist the beauty can be shown in an “okubi-e (large head/bust portrait) view or full-length, perhaps with one foot partially shown, or a little out-of- proportion hand grasping her robe of holding an umbrella, and perhaps the nape of the neck (the erogenous zone) exposed. The beauties’ pose and demeanor, together with their garment designs reveal not only their status but also the period of the print. Their faces are uniformly emotionless and lack muscle refinement or defining personal quirks. They are often pear-shaped, even jowly, a facial style drawn from 8th century Tang Dynasty China, one thousand years before! The lead-whitened faces uniformly feature a small single-stroke hook nose, important eyebrows, almond-shaped eyes and tiny little lips. One lip may be a dif-ferent color than the other, and exposed teeth may be blackened, an old custom borrowed from the aristocratic beauties of the Tale of Genji era of the 11th and 12th centuries of Japan. In essence, the 17th-19th c. bijin of the licensed entertainment quarters, occupying the lowest societal level, emulate

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 98 the aristocratic ladies of five hundred years before (www.taleofgenji.org; www.kuniyoshiproject.com, “Prince Genji” and “Women”; www.ogatagekko.net, “Tales of Genji”). [ILLUS. 6 and 7]. These neutral beauties are usually positioned so that their heads are in three-quarters view, the hook nose seen from the side. Because of the inherent fragility of the hairline hairs and the nose, these sections of the wood block tend to wear out and may be re-plugged or re-cut to refresh the lines; worn or broken lines are signs that the prints are not from the initial pulls and are later pulls, or from poorly carved later editions using new blocks (See below, on valuing such prints). If the beauties are stately, fully in command of the space they occupy, enveloped in an elaborate robe with large-scale seasonally-related designs, slightly inclining their heads and with their forms assuming an S-curve, they probably are prints produced in the early to mid 1700’s. Their proportions with long torsos and short legs, are idealizations (https://ukiyo-e.org, “Early Ukiyo-e”). The 1760’s-70s saw the influence of the famed print designer Harunobu (1724 – 1770), whose willow-wisp sweet-young-thing charming girls are buffeted by winds, or relax on verandas with garden views, or play music or write a poem. Their thin forms seem to barely exist, serving as a sinuous clothes rack to hold up their robes rather than a flesh and blood object of desire (www.viewingjapaneseprints.net, “Suzuki Harunobu”). This fragile form disappears with the advent of the great careers of Utamaro and Sharaku at the end of the 18th century. Sharaku (active 1794 – 1795), whose known print design career only spanned 1794-95, was an acute analyst of kabuki actor’s physiognomy (“nigao”, or likeness). Among his best okubi-e (large head) print designs are those of the onnagata, male actors specializing in female roles. The actors, who were known personalities (www.kabuki21.com) are not “sweet young things” but robust men, some clearly in their 60’s but still playing young women. What enables them to be distinguished from females is either the elaborate wigs or a piece of cloth strategically placed over the forehead, to hide the shaved head (a government requirement for actors) [as in ILLUS. 2], or a specifically unlady-like distinguishing feature such as a prominent nose.

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 99 Sharaku’s contemporary, the famed and influential Utamaro (1753 – 1806) was well-trained in a tradi-tional master print designer’s workshop and possessed the ability to produce designs of many subjects as needed by a book or print publisher. He created a female style, with a more realistically proportioned body type than earlier in the century and in direct contrast to Harunobu’s fragile young things, Uta-maro’s women are robust, buxom, not shy, and range thematically from bad girls with bad posture, disheveled hairlines and breast exposure to high-ranking beauties of the entertainment quarters, con-fident, with appropriately refined posture, and decidedly attractive appearance, their hairlines immac-ulate, clothes decorously arranged and gorgeously patterned (https://ukiyo-e.org, “Toshusai Sharaku” and “Kitagawa Utamaro”). He also excelled in his portrayal of tragic lovers, a popular theme in theatre and literature, in which a star-crossed couple are illustrated as joined in sorrow, closely-knit as they journey together emotionally, physically or spiritually, their emotions expressed not through facial expressions (which are the standard neutral beauty/handsome type) but through their physical bond, including their scarf gestures, and other devices (www.viewingjapaneseprints.net, “Tragic Lovers (Kit-agawa Utamaro)”). Apart from the routine required pre-publication governmental censorship of proposed prints designs, highly restrictive shogunal reform movements beginning in the early 19th century and continuing into the 1830’s and early 1840’s imposed new rules on the depiction of beauties (and actors) because the government found that it made those portrayed too conspicuous and alluring, a detriment to public morality. Multi-block prints, and prints naming specific beauties and actors were constrained (3). From this era on in the 19th century, prints of women often depicted them as more populist in class, and ill-favored in appearance, looking harassed, hunched over, with multitudinous small designs on their layers of robes. They lack the confidence of the stately gliding, self-confident women of the earlier 18th century, the charming boneless beauties of mid-century or the fully-realized beauties of the

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 100 end of the century. Their heads shrink in size in comparison to their busily-detailed robes and their mouths appear to grimace (www.yoshitoshi.net, “32 Aspects of Women”). Value structure of Bijin-ga: In most particulars, the numerous considerations which enter into assigning values to Japanese Edo Period Ukiyo-e prints as a whole or to bijin prints specifically are not that different from those used to value prints of other periods and cultures, though several criteria assume more importance in bijin print valuation. Under “Frequently Asked Questions about Japanese Prints”, from the site www.view-ingjapaneseprints.net, the section “What is my print worth?” is useful to summarize the points to consider; those who have taken this author’s “The Appraisal of Japanese Prints” two-day seminar presented for ISA (as well as other sources) will be familiar with the points made on this site. Some of them are self-evident and relate to questions brought up in any print appraisal, but several require more specific attention as they relate to valuing Japanese prints and specifically prints of beauties. Briefly summarized, the “What is my print worth” headings include: a. artist; b. design or subject; c. originals and reproductions; d. condition; e. rarity; f. fashion or current trends;

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 101 g. financial markets; h. scholarship; i. exhibitions or publications; j. provenance; k. local or specialized interest; l. venue or source; m. “new to the market” Certainly all these categories can affect print valuation. Indeed, a., b., e., h., i., j., k., l. and m. from this list are all applicable to prints as well as paintings from many schools and cultures and would automatically be observed and documented where possible. C and d., f.. and g. and j. with l., demand more attention here, to point out aspects strongly affecting appraisal of Japanese prints, and more specifically bijin-ga. But first: a. Artist: Is the artist identified, well-known, admired? Is the signature/authorship believable? These and other concerns are questions asked of printings and prints worldwide so the usual strictures and identifica-tions arise (“by the artist”, “attributed to the artist”, “manner of the artist”, etc.). If two prints are of roughly equivalent design and quality of print materials, will one identified as being by a famous artist be more valuable than one by a second or third tier artist? Yes. This is to be expected.

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 102 b. and k. Design, subject, local or specialized interest: To state what is quite obvious, in bijin-ga, beauties have to be beautiful, as defined above. Prints of beauties, even mediocre designs, tend overall to be more popular in the Ukiyo-e marketplace than prints depicting harrowing scenes, references to historical events (with some exceptions as the famous “47 Ronin” tale), or other material that in any way is demanding or appalling - though those themes have their own collecting audience. Prints of “bad girls”, female ghosts, and bondage designs have their own collecting coteries, as do the often beautifully executed but unsigned erotic print designs by famous artists (such as Utamaro). Beauties, bijin, the standard lovely lady engaged in appropriate activities, can be appreciated on a superficial level; apart from those who can read accompanying poetry, the expressionless but lovely bijin-ga are more a pleasant artistic topic rather than an intellec-tual exercise for a viewer. e., h., and i. Rarity, scholarship, exhibitions or publications: Rarity is naturally of interest, especially if combined with moderate or ideally, superior, condition. How does one know when a design (or artist) is rare? Consult, research. Recent publications devoted to particular Ukiyo-e artists or prints and the general Ukiyo environment can help broaden appreciation or heretofore neglected aspects of Japanese prints. Two Japanese art society magazines, Andon and Impressions, feature scholarly articles on aspects of Japanese prints and collectors. Hotei and Brill publishers sponsor substantial books regarding prints including print series. Modern scholarship can change traditional thinking and create awareness of neglected aspects. This helps create market demand and thus affects assigned value. -------------------------------------------------------------------------------------------------

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 103 There are several other aspects which need to be heavily weighed in valuing bijin-ga and Ukiyo-e prints more generally: f. and g. Fashion or current trends, financial markets A generation ago, the several fundamental periods of Edo Period Ukiyo-e were often defined as “Primitive” (i.e., early Edo), “Classic” (18th century, perhaps a touch of late 17th century, perhaps very early 19th century, in any case mid-Edo) and “Decadent” (anything produced early-mid-later 19th century, particularly from those artists associated with the Utagawa lineage). Today the term “Primitive” is considered too pejorative sand judgmental, and is rarely applied, partic-ularly as the inherent quality of such prints is more readily recognized by today’s audience. Further-more, popular taste has caught up with the distinctive 19th century design sensibility, and the term “Decadent” is rarely applied. Certainly the masters of the late 17th-18th century (“Classic”), with their exemplary publishers and design work, are still collectible, and in the case of Harunobu, Utamaro and Sharaku are achieving some unprecedented prices-realized at auction (depending on condition, rarity, brilliance of design, etc.). Bijin-ga prints by some of the 19th century Utagawa School artists such as Kuniyoshi and several other “Kuni’s and Yoshi’s in the Utagawa lineage have also become very popular. Such prints have risen from the below -$100 level at auction as in the past (and well into today for such prints in terrible condition) and into the high-hundreds- lower thousands level, again depending on design, perfection of the print overall, recent respected publications and exhibitions devoted to 19th century themes and artists, and other determinants of value. There are currently collectors who specialize in tall, narrow prints of beauties (Eizan, Eisen, some Toyokuni), and others who are drawn to beauties executed as “azuri-e”, the blue-toned prints popularized in the 18920’s and 1830’s [See ILLUS. 4-5]. For whatever

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 104 reason, including wide availability and shifts in tastes, 19th century bijin-ga now have a much stronger market presence than before. Another “financial” (g.) note is that there are an increasing number of Japanese buyers for Japanese prints. After the bloom of popularity with the Japanese lower-middle classes of collectors in the Edo, and with the advent of the distinction between “fine arts” 3 .and other,“lesser”, arts as introduced into Japan by Western art historians in the Meiji Period (1868-1912), the Japanese audience for Ukiyo-e fell off, the decline linked as well to the lack of relevance of traditional Ukiyo-e subject matter in the frantically modernizing world of the Meiji period (later 19th century government patronage of prints is a major topic, discussed elsewhere). During the Meiji and to an extent continuing into the 20th century, Japanese art history was taught in the Japanese universi-ties and art schools by splitting “high art” (worthy of study) from “low art” (including prints) described as being popular taste, commercially motivated and not worthy of consideration as “art”. The Japa-nese print audience was replaced by avid Western buyers, particularly Dutch, Americans, Germans and French, who were less bound by the societal prejudices and cultural constraints of the Japanese milieu and eager for a fresh aesthetic approach to engaging contemporary life into artistic statements, hence the Japonisme movement of late 19th-early 20th century Europe and America. The vision of Japan was fifty years out of date, but the romance of that vision lingered. The foreign appreciation for Japanese prints is particularly evident to those of us engaged in appraising collections of Japanese prints in American or Canadian family estates. If that family member was a member of the Allied military forces stationed in Japan during the Occupation Period, he or she had a golden opportunity to buy prints not only from the PXs but from dealers and private individuals. It was noted above that 19th century bijin and actor prints are now being broadly collected, the sting of “decadence” having been eradicated to a large degree. So too, a change in patronage has occurred in recent years. While foreign collectors are still avid to acquire prints from Edo and modern periods

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 105 in a variety of genre, now Japanese collectors, to some degree, have had a broadening of taste and have come back in the market, making serious purchases and building collections of Ukiyo-e works. With the development of the world-wide web marketplace, access to prints is easier than ever, and more nationalities and differing collector levels are active. Ukiyo-e prints in general were in the doldrums for several decades, and in fact Japanese art overall fell behind Chinese art overall in terms of market desirability (with, notably, Sotheby’s ceasing to hold its Japanese works of art auctions for the last several decades). Japanese art is staggering back to some degree now, with Japanese prints on its leading edge of resurgent popularity, although it is still the “big names” and “big designs” which dominant this trend. c. Originals and reproductions: Original and reproduction issues are omnipresent critical factors in appraising Japanese prints. In this brief essay, there is little room to offer anything beyond cautions. As with Edo Period prints in gen-eral, bijin prints are not editioned in the manner of modern and contemporary Japanese prints, or as is typical with later Western prints. There is no edition number, or pull number within that edition (24/100, for example) and the suggested number of print designs in a series may be totally apocryphal (A good example being, or course, the “Thirty-six Views of Fuji” series by Hokusai which has forty-six total designs.). Because the edition sizes are typically unknown, and because artists often produced thousands of designs which were transformed into prints, appraisers need to rely on not only a basic knowledge of the ascribed artist, the period, and other forms of information, particularly condition, to arrive at an appropriate valuation. To illustrate the magnitude of this problem,, it has been noted that Harunobu alone is said to have created over 1,200 single sheet designs for prints (4)! And Uh-lenbeck states that “An estimate of the total number of impressions of any print type between 1765 and 1940 results in the astounding figure of over 300 million.” (5).

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 106 It goes without saying that originals generally will be valued higher than reproductions, (always given the caveat of condition), and early editions of a print more prized than later, but what is surprising is that some reproductions and editions far removed from the original (Meiji editions, Adachi, Watanabe) actually have a rising value. Many dealer sites now list reproductions in separate sections of their web-site. Reproductions can be deceptive if the work is viewed only framed, matted and glazed. If the design looks vaguely familiar just from a general knowledge of the field, it could well be a reproduction since it is those desirable designs which are most often reproduced; Utamaro’s bare-breasted beauties, Sharaku’s actors including those in onnagata roles, slightly naughty bathhouse scenes with women and children in stages of undress, and notoriously Hokusai’s “Great Wave” are some of the more familiar. www.ronin.com, www.mita.com and other galleries often list reproductions separately, and auction houses such as www.skinner.com often group a number of reproductions together as one lot). See www.Skinner.com, sale 3008T, lot 1408, “Boxed Set of Six Reproduced Ukiyo-e Prints”, est. $20-200, unsold. Reproductions used to be valued in the $35-50 range but now the finer ones with popular designs often sell in the $150 and up range, with some Sharaku and Utamaro in the high $300’s (See https://www.adachi-hanga.com for range of values from ¥ 13,000 to ¥ 65,000; also http://www.hangasw.com for S. Watanabe Color Print Company.). On top of that, as explained in my textbook Guide to Japanese Print Appraisals*, there are those print designs initially published, those from the same blocks which could follow shortly, those which are printed even fifty or more years on, those printed after the death of the artist, those printed into the twentieth century though original published during the Edo era, all originals by definition, though they may be a long way on from the first ones; there are newly-cut blocks; there are re-cut blocks; there are variants/impressions/states; there might have been several publishers using the same blocks, having bought them from a previous publisher. Editioning is one of the most problematic areas in Japanese print appraisals, and since so many people, collectors or no, like beauties as a genre, bijin prints are often printed in numerous editions and appear in reproductions. Some of the clues are the nose, so fragile, and the hairline, so susceptible to broken lines. If the micaceous background on a

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 107 Sharaku-ascribed work is intact and gleaming, if a Harunobu or Utamaro beauty is far too fresh and colorful overall, with paper intact, it could well be a reproduction. Given all other factors (see condi-tion, below) a beauty by an acknowledged master of this genre, produced in the original edition or very close to it, with few marring condition problems, could well be reckoned in the thousands in prices-realized at auction. Indeed, just recently some really special bijin-ga have risen to the almost half-million price-realized level, so caution is certainly needed. As well as reading as much as possible, consulting the valuable website http://ukiyo-e.org (which collates specific print designs from multiple sources), reputable print dealer websites, looking at gen-eral websites such as Pinterest to see if a certain print by a certain artist is reproduced (over and over), auction catalogues from reputable auction houses can provide useful eye training. Of course, the best training an appraiser can have is to visit reputable dealers and pre-auction viewing opportunities to look at bijin prints (both originals and reproductions) to note differences in linear and color plays and the quality of the paper as well. This is self-evident. Furthermore, there is a distinction between “higher priced first editions, characterized by the use of beautiful paper, sumptuous colorants and elaborate printing techniques, and ordinary printings for standard quality prints” which an in-person handling reveals (6). For a quick online comparison of three interpretations of Utamaro’s “Three Beauties of The Present Day” go to the following three sources: https://www.mfa.org/collections/object/three-beauties-of-the-present-day-t%C3%B4ji-san-bijin-tomimoto-toyohina-naniwaya-kita-takashima-hisa-234047; https://www.fujiarts.com/cgi-bin/item.pl?item=766652;

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 108 https://www.christies.com/lotfinder/Lot/kitagawa-utamaro-1753-1806-three-beauties-of-5416356-details.aspx. d. Condition: Condition is a major consideration in assigning print value, due to the essential frailty of the materials, the susceptibility to light damage, bugs, the owner’s mistreatment or neglect of the work over the years, etc. In https://www.viewingjapaneseprints.net/texts/topics_faq/faq_grading.html, the author defines three components of a grading scale for judging Japanese Ukiyo-e prints: a. “impression” = “quality of the printing of the particular sheet, which would not change over time” (a technical issue, and one which separates a master print from an also-ran print; observable in the paper, the inking, the registration); b. “color” = perceived changes between the assumed or known original hues and the current appear-ance of the colors” (and here, a knowledge of the original appearance and observable fading is a key factor); c. “condition” = “everything else”! This includes even such simple observations such as are all the component parts of the design intact (all sheets in a diptych or triptych present), margins present and not re-margined, etc. Sales catalogues such as “Edo Bijutsu” from Hara Shobo in Tokyo (http://www.harashobo.com) illustrate many multi-sheet prints, and in general, if there is something not quite right in a print – a sword halfway out of a print image, a horse’s hoof entering the design, a beauty’s hand appearing from out of nowhere, one should suspect that the work is incomplete as is. An appraisal client may not have recognized this problem, and might be unhappy to have it pointed out, but an appraiser must make the necessary value adjustment.

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 109 In reference to the bijin-ga category of Edo Period Ukiyo-e, and as mentioned above, the basic re-quirement for a beauty is to be beautiful! Apart from the fact that the appearance of a woman in apparent pain, doubled over, grimacing, or otherwise observably unhappy is not that attractive as a design, there are condition issues which are important to consider in a bijin-ga. If there is a wormhole or a spot of foxing on the nose, if the hairlines are broken, or details of the ear are erased by water damage or rubbing, or anything that makes a so-called “beauty” less desirable, it must be considered a value deterrent. Interestingly, the blacked teeth evidenced in some prints are not inherently value deterrents (though perhaps not to a modern collector’s taste) since that is a classic identifier of an elite beauty! In the print images accompanying this essay, the reader will note wormholes (evidently, these “chomp” lines are actually from a type of beetle found in Japanese wood furniture), bleeding through from the front to the reverse, particularly with the brightly toned chemical aniline dyes (widely used in later nineteenth century prints, as in the Yoshitoshi here), the blurring of some colors, the breaks in block lines for some of the profiles and the margins, the use of backing paper, taping, and other condition situations which need to be noted in an appraisal. The factors such as embossing of certain areas, a luxury note, and other surface enhancements such as metallics and lacquer embellishments also should be noted, since they are value enhancements. Both positive and negative value considerations may be disguised by glazing, matting and framing, which is why it is so important to view a work, recto and verso, out of any enclosure – or note this as a major limiting condition. There are many different appellations assigned to condition problems: some auction and dealer cata-logues outline their interpretation of the terms, others do not and there is not necessarily agreement about the exact definition of the commonly encountered terms, Excellent, Fine, Good, Fair, or Poor are the simplest. There are some moderations of these terms such as “very good, fairly good”, etc.

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 110 “Pristine” may be seen also. In general, somewhere in an appraisal an appraiser is going to have to explain how whatever the assigned term is to be understood, and why. “Excellent” and “Pristine” are vulnerable terms, as almost always there is something a little less than perfect, or something which the appraiser failed to observe. If there is no way in which the print could be seen in person, including viewing it in its entirety, this must be mentioned as it is a major limiting condition in this field. The appraiser is left with an imper-fect situation. Obviously there is a need to state why this had happened, and just think of the various scenario which arise; a trio of squabbling sibling heirs have separated up a triptych, each taking a sheet and essentially ruining potential value (This unfortunate fact possibly should not be expressed quite that way in the appraisal report!); a hurricane has destroyed not only the evidence of a print’s existence but any photographic record, etc. Finally, j. and l. Provenance, venue and source: As in all fields, the more respectable (and believable) the provenance, venue and source, the greater the potential value-added factor. One-collector print auctions can be essential tools for illustrating a terminus date by which collections of note were assembled and what experienced eyes have thought about the state or impression or authenticity of a print image. Huguette Beres (traditional prints), Juda Collection (20th c.), , Sidney Ward (surimono), College Women’s Association of Japan (contemporary), and others have done the initial homework for the appraiser if a print with that provenance comes up in an appraisal. Provenance information or exhibition history may also be available in the listings of major Japanese print dealers exhibiting at the Asia Week spring and autumn sales in New York and London. Several dealers routinely send out well-illustrated and thoroughly researched and docu-mented catalogues; just to mention one, Israel Goldman in London often has rarities from the Ukiyo-

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 111 e era (including erotica), and he includes price lists and province/exhibition information where avail-able. Major auctions, particularly those devoted to Japanese (or often Japanese and Korean) art, and more especially though rarer, auctions specifically focused on Japanese prints may have much more information than the limited estimate-price realized information available on the many subscription auction record venues. Christie’s and Bonham’s are especially useful. One useful yearly source for a broad spectrum of values, from earlier through modern, is the Robert C. Eldred August sales devoted to Japanese art, The retrievable Japanese print auction records from Skinner’s is another useful value guide for the primary level which appraisers encounter in households. Floating World Gallery holds on-line auctions of prints on a regular basis. There are many other sources (again, a topic for another essay!), but in general, the more diligent the dealership or auction house is with listing its print offerings, the better the opportunity for appraisers to recover the history of the prints and correctly value them. Usually via verbal accounts, provenance documenting purchase at a PX during the Occupation raises flags, as many Edo and pre-War prints were reproduced post-War for that specific military and civilian staff audience. A print stamped on the reverse “Made in Japan” or a tag such as “Tokyo National Museum” (excellent reproductions) are both informative and essential to note in the appraisal. --------------------------------------------------------------------------------------------------- In summary, Japanese prints of the Edo Period present many challenges for an appraiser. There are numerous value considerations, certain of which will be familiar to print and painting appraisers in non-Japanese fields. There are also specific issues related to Japanese prints which make appraising them both rewarding and frustrating. It is impossible to know everything, there is the language barrier for most appraisers, there are often unfamiliar cultural choices and aesthetic issues, and there are the demands of constantly keeping up with modern scholarship and the current marketplace.

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 112 Bijin-ga, a major sub-group within the larger field of Japanese prints, are especially rewarding for their glimpse into a perhaps unsavory but fascinating aspect of Japanese culture and artistic expression. What is expected of a bijin subject? How should she be behaving and dressing? What is expected of a bijin artist? Has the artist observed a bijin in person? How true is the print to the realities of the licensed entertainment quarters? How does time alter what is considered beautiful for these beauties? Bijin-ga offer an appealing entry point into the world of Ukiyo-e. REFERENCES 1. Sarah E. Thompson and H. D. Harootunian, “The Politics of Japanese Prints”, in Undercurrents in the Floating World: Censorship and Japanese Prints (New York: The Asia Society Galleries, 1991), pp. 39, 70, ft. 21 2. Lisa Hix, “Sex and Suffering: The Tragic Life of the Courtesan in Japan’s Floating World” (https://www.collectorsweekly.com/articles/the-tragic-life-of-the-courtesan-in-japans-floating-world/, March 23, 2015) (unpaginated) 3. www.artelino.com, “The Tenpo Reforms and Ukiyo-e” (Kunisada Utagawa, 1786-1865) 4. David Waterhouse, “The Cultural Milieu of Suzuki Harunobu”, in The Commercial and Cultural Climate of Japanese Printmaking by Amy Reigle Newland, editor (Amsterdam: Hotei Publishing, 2004), p.43

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 113 5. Chris Uhlenbeck, “Production Constraints in the World of Ukiyo-e: An Introduction to the Com-mercial Climate of Japanese Printmaking” in The Commercial and Cultural Climate of Japanese Print-making by Amy Reigle Newland, editor, (Amsterdam: Hotei Publishing, 2004), p. 12 6. Uhlenbeck, ibid., p. 17. * Daphne Lange Rosenzweig, Guide to Japanese Print Appraisals, 7th edition, 2017 (used as a course text for ISA “Japanese Prints” courses). Available from author fall, 2019 (currently undergoing revision for a new edition) GLOSSARY Abuna-e – Glimpses of/ hint at amorous activity, semi-clothed figures Bijin – Beautiful women Bijin-ga – Pictures of beautiful women Edo – Place and era, locale of shogunal government 1615 – 1868 (1867) Geisha – “Art person”, Entertainers and companions Genji – “Tale of Genji” by Lady Murasaki Shikibu, dated 1053, revolves around Prince Genji, his loves and court life.

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 114 Green Houses – Licensed “geisha” houses Kabuki – Popular theatre form Kyoto – Ancient capital of Japan, home of emperors until 1867 – 1868 Maiko – Apprentice geisha Nishiki-e – “Brocade” pictures; full color woodblock prints post 1760’s Oiran – Elite courtesans, post mid-1700’s Okubi-e – “Large head” pictures; close up portraits Onnagata – Kabuki theatre, male actor in female role Osaka – Commercial center, active kabuki theatre; known for kamagata or actor prints Shogun – Military rules of Japan Shunga – Spring pictures, a broad term for a range of erotica both mild and extreme, as well as bondage prints Tayu – Courtesans, highest ranked beauties of the licensed entertainment quarters. Era of Tayu came to a close mid 1700’s.

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Valuing Beauties: The Bijin In Japanese Prints International Society of Appraisers – Private Client Services 115 Tokugawa – Shogunal family of Edo Period; headquartered in Edo Tokyo – 1868 – Today, later name for Edo; “Eastern Capital” Ukiyo – Floating World Ukiyo-e – Pictures (images) of Floating World Yoshiwara – licensed entertainment district in Edo For further extended online glossary, see www.hiroshige.org.uk.glossary.\ ILLUSTRATIONS Please note: Photographs of all the Edo Period Japan woodblock prints illustrations included in this essay are courtesy of Rosenzweig Associates, Inc. (www.rosenzweigassociates.com), and unless oth-erwise noted, were produced in ink and color on paper. 1. Eisen, “Courtesan Oginouchi of the Ogiya”, c. 1835. Note lantern, tobacco pouch and pipe, and netsuke. Artist’s name, courtesy name, publisher and censor’s seal lower right. 2. Det. from Shunsho, “Actors as Warrior and Beauty”, c. 1780. Note the kabuki actors’ identifying “mon” or crests on robes, denoting their acting lineage; the onnagata, or female role actor on the right wearing robes with large-scale plant designs and the forehead “cap” concealing his shaved head.

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 116 3. Det. from Eisen, “Beauty Behind Balustrade”, 1835. Note lanterns with identifying “mom” or crests, and same signature with courtesy name as on #1 and #4. 4. Eisen, “Reclining Beauty with Shamisen”, c. 1835, Note that this is an aizuri-e (blue-colored print), based on the imported synthetic dark blue mineral pigment substituting for natural plant indigo. Called “Prussian blue” or “Berlin blue”, it had a vogue in prints of the 1820’s-1840’s. Here it dominates the print, which depicts the beauty plucking the strings of her instrument, an open book in front of her on the floor and a maple-leaf screen to the rear.. Same signature, courtesy name, publisher, censor seal and Green House name as on #1. 5. Reverse of 4. 6. Yoshitoshi, “The Ghost of Seigen Haunting Sakurahime” from “36 Ghosts” series, 1889. Note that as this famous beauty observes the fire’s flames, the ghost of her Buddhist Abbot admirer appears from the smoke. Note also the difference in the red coloration from the previous prints (natural dyes) to this print (aniline dye). Publishing information, with Meiji era date, lower left margin. 7. Det. lower left from 6, illustrating the robe’s more active and smaller floral designs than on the earlier print, #2, and the blind embossing (“gauffrage”) along the collar, an “extra value” feature.. 8. Toyokuni III/Hiroshige II, “Shore with Woman Holding Fish and Boy with Hoop” from “Famous Views of 36 Places in Edo”, c. 1859. 9. Reverse of #8, illustrating the importance of viewing verso in assessing print

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Daphne Lange Rosenzweig Digital Journal of Advanced Appraisal Practice 126 About the Author: Daphne Lange Rosenzweig, Ph.D., ISA CAPP is a professor of Asian art at the Ringling College of Art and Design, a museum consultant and a certified appraiser of personal property specializing in Asian art. Trained at Mount Holyoke College and Columbia University, she spent two years at the National Palace Museum in Taipei on a Fulbright Fellow-ship and has published over sixty articles, books and catalogues. A former member of the ISA Board of Directors and many ISA committees, she teaches several Asian art courses for ISA, including the “Appraisal of Japanese Prints” and “Asian Paintings and Screens”. Daphne Lange Rosenzweig, Ph.D, ISA CAPP President, Rosenzweig Associates, Inc. Certified Appraiser of Personal Property International Society of Appraisers P.O. Box 3976 Sarasota, FL 34230-3976 USA phone: 941.371.4643 e-mail: rosetwig@aol.com www.rosenzweigassociates.com

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship By Susan Lahey, MA, ISA AM he three traditional areas of collecting in Chinese art are porcelain, jade and painting. Dec-orative arts such as glass, lacquer and cloisonné have, generally speaking, been overlooked and often underrated. Chinese glass in particular has suffered from this lack of attention, and more scholarly work needs to be done to increase our understanding and appreciation of its beauty and potential value. One reason for this is the dearth of archaeological evidence, i.e. actual extant early Chinese glass objects. The other reason is the cultural reverence of jade to the detriment of the perception of glass works of art. The focus of this article is on the connoisseurship of Chinese glass and the values which certain types of objects are achieving in the current market. Brief History of Chinese Glass: In ancient China, the earliest examples of glass discovered are from Zhou period tombs (c.1050-221 BC). Many of these glass artifacts, known as “eye-beads” are in fact Western in origin.1 Through maritime trade and the Silk route, glass objects from the Islamic world, India and Rome, found find their way to China. Some eye beads were made by the Chinese in imitation of Western ones, and they can be distinguished by scientists according to the higher content of barium. Glass objects were initially cast, and the Chinese did cast some items larger than beads in the Han dynasty (206 BC-220 AD), including ritual bi discs. During the Tang period (618-906 AD) glass in China was being made with both techniques of casting and blowing. Of the handful of Tang blown glass objects offered at auction, consisting of plain bowls and cups, the average price for such items was under $5,000 USD. 1 While there is no exact date of when glass was first made, it is likely to have been around the end of the third millennium BC, in Mesopotamia. It is also interesting to note that vitreous glazes were already used on ceramics at this time. T

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 128 Excellent examples of Tang period opaque green glass objects can be seen in the collection of the British Museum.2 During the Yuan dynasty (1280-1368) and Ming dynasty (1368-1644), there are very few ‘native’ Chinese glass artifacts that exist to be studied, as the Chinese definitely seemed to prefer importing foreign painted glass during this time. Since jade has traditionally been revered by the Chinese as a precious material, it is not surprising that glass objects were not held in as high esteem. Glass was likely regarded as a less expensive substitute for jade and other precious hardstones. However, rare glass objects such as beads were probably only accessible to the wealthiest individuals. Below is an image of a bead found at a Chinese burial site, from the Corning Museum of Glass collection: Photo credit: Collection of the Corning Museum of Glass, Corning N.Y. (68.6.3), Height 2.6 cm; Diam. 2.90 cm. This bead, known as the “horned eye bead,” dates to the 4th century BC. It is composed of translucent dark blue, grey, yellow, opaque white, and pale yellow glass, and was hot-worked by Chinese craftsmen, demonstrating a very complex design and excellent workmanship. However, as noted in Glass Beads, “the high quality of glass bead-making exemplified in this object disappeared at the end of the Zhou 2 Tait, ed., 5000 Years of Glass, p. 141. Scientists have examined later Chinese ‘native’ glass and noted that it has a higher lead composi-tion than the soda-lime composition of Western glass. In the Tang, the small glass items tended to be figures of Buddha and animals, as well as very practical, plain implements such as bowls.

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Susan Lahey International Society of Appraisers – Private Client Services 129 dynasty, and Chinese glass beads reverted to simpler forms in the ensuing centuries.”3 Such beads rarely come up for auction. However, a similar bead was offered by Marchance Auctioneers Ltd. in 2016.4 That bead is later in date, from the Warring States Period (475-221 BC). Unfortunately, despite the scarcity of such beads and their rare appearance at auction, the bead was Bought In. It is a cliché, but the market really is all about supply and demand, nd there is not a great demand for ancient Chinese glass beads. The estimate of $43,750-64,338 US was quite aggressive, which may have been another factor in it being unsold. Photo credit: Marchance Auctioneers Ltd. Real efforts at glassmaking by the Chinese began in the Qing dynasty (1644-1911). This is the type of glass known as “Peking Glass,” as it was initially made in the capital of Peking [known as Beijing today]. The fourth Qing Emperor, Kangxi (1654-1722 AD), a contemporary of France’s King Louis XIV, was responsible for encouraging new ties with the West, specifically French Jesuit missionaries. Kangxi was open-minded about importing scientific knowledge in the areas such as astronomy, car-tography and medicine, as well as the technology of glassmaking. The establishment of the glassworks 3 P.12, Glass Beads. 4 Wednesday, June 1, 2016 [Lot 00313]. Bought In. A Chinese ‘Seven Eye’ Circular Mosaic Glass Bead, from the Warring States Pe-riod (475-221 BC). Length 2.3 cm. (1 in.) Width 2.3 cm.

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 130 workshop in 1696 within the walls of the Forbidden City in Beijing, marked an advancement in artistic ambitions in this area. While the Chinese were masters of bronzes, ceramics and jade artistry, glass had been long neglected. With the arrival of the Germany missionary Kilian Stumpf (1655-1720) in Beijing who had a strong knowledge of kiln construction and method of creating a variety of colors, there was a dramatic improvement in the quality and quantity of glass production. During the Qing dynasty, gold was also introduced in both porcelain glazes and glass making, with great results. The pinnacle of Chinese glassmaking took place in the 18th century during the reign of the Qianlong Emperor (r. 1735-1796). Below is an example of the cameo-carving technique, with ruby glass en-casing the inner frosty white glass vase. A master craftsman would have carved through the ruby overlay to expose the white ground to compose the battle scene- hence the name of this object known as ‘The Warrior Vase.’ This vase, which is part of the Corning Museum of Glass collection, is an example of technical virtu-osity because of its unusually large size and elaborate decoration. It is ‘cameo glass’5 at its finest. The neck and body serve as a canvas to depict a famous battle scene in Chinese history.6 The inner white body can be described as ‘snowflake glass’ (sometimes also referred to as ‘frosted’ glass). Notice the very high depth of the relief carving. Depth of carving is a factor in terms of quality and value, just as it is with other Chinese decorative objects, such as those made from lacquer. 5 P. 10, Looking at Glass, defines ‘cameo glass’ as: “Glass made of two or more layers of glass of different colors. During manufacture, the primary layer is covered with one or more layers of contrasting color, usually by encasing. The outer layers are carved, cut, engraved, sandblasted or acid etched to produce a design in relief, and the primary layer serves are the background color for the design.” 6 From the Corning Museum of Glass website: “The elaborate scene on this vase illustrates an episode from the legend of the Song-dynasty general Yue Fei (1103-1141). Four Song warriors fight with hammers against a single enemy, a sol-dier of the Jin dynasty who is armed with two spears. The fight ends in a draw, but the brave Jin soldier later learns that he is the son of a Song general who had been killed by the Jin. This moment of revelation is set in a pavilion that is shown in the background of the scene on the vase.”

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Susan Lahey International Society of Appraisers – Private Client Services 131 Warrior Vase with Stand. China, 1736-1795. H. 49.2 cm, D. 24 cm. Collection of The Corning Mu-seum of Glass (57.6.10). Gift of Benjamin D. Bernstein.

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 132 (Detail) Warrior Vase with Stand. China, 1736-1795. H. 49.2 cm, D. 24 cm. Collection of The Corning Museum of Glass (57.6.10). Gift of Benjamin D. Bernstein. Color is one of the most important factors in appreciating glass. While it comes literally in a rainbow of colors, however, egg-yolk yellow is highly valued because of its association with the Imperial family, and ruby red glass is one of the most visually impressive. Glass makers usually copied shapes of porcelains and bronzes.

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Susan Lahey International Society of Appraisers – Private Client Services 133 This rich deep yellow shown below is associated with the Imperial family and has a wheel-carved four character mark within a square of the Emperor Qianlong. Its provenance is also solid, since it was from the Ina and Sandford Gadient Collection. Carved with warrior scenes like late of the Corning Museum of Glass example, this stunning glass vase sold at Freeman’s auction in March of 2015 for $6,875 USD. 7 7 March 12, 2016 [Lot 00282]. Height 7.8 in. (19.7 cm).

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 134 It is interesting to observe how many examples of Qing dynasty Chinese glass echo ancient times with their archaic theme and/or imitation of the color of jade. The belt buckle, carved with swirling gui dragons, and pair of vases, both dating to the late Qing dynasty, are jade-like green in color. Imitation is, as the saying goes, the most sincere form of flattery: Belt hook. Photo Credit: Collection of the Corning Museum of Glass, Corning, NY. (51.6.371) Pair of vases. Photo Credit: Collection of the Corning Museum of Glass, Corning, NY, (56.6.5), Gift of Mrs. E.C. Chadbourne Reverse Glass Painting: In Chinese art, reverse glass painting uniquely combines the genres of glass making, and the tradition of meirenhua (paintings of beauties). Unlike Peking glass made at the capital in the northern part of China, this art form was predominantly painted in the southern area of China, particularly where the foreign business lived and worked, in Guangzhou. The colors and style of export reverse glass por-traits appealed very much to the European taste and fascination with Chinoiserie in the 18th and 19th centuries. This technique is described as: “Painting a design on the back side (often the interior) of a glass vessel. The design is viewed through the glass. Because of this, the pigments must be applied in the reverse of normal order, beginning with the highlights and ending with the background.”8 8 P.73, Looking at Glass.

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Susan Lahey International Society of Appraisers – Private Client Services 135 The history of reverse glass painting at the Imperial Chinese court is an extremely interesting one, and it involves another Jesuit priest, the Italian painter Guiseppe Castiglione (1688-1766). He was fre-quently commissioned by the Qianlong Emperor and whose works are included in the Imperial Palace Collection. It is believed that Castiglione painted one of Qianlong’s concubines in the technique of reverse glass painting. In fact, most reverse glass paintings typically feature a portrait, often of a woman, and are regarded as belonging to the genre of export art. However, in more recent years, export art has begun to be re-evaluated by the academic attention of such scholars as James Cahill. Unfortunately, reverse glass painting has suffered from past opinions of it being “lesser” in quality and value because it is later in date. Astutely noted in the article on the Chiswick Auctions website: “Whilst primarily an export art, its Imperial patronage, technical sophistication and Chinese aesthetics demand that it receives closer academic attention within the canon of Chinese painting art.” Below is a fine example of two reverse glass paintings of meihuaren: Photo credit: Christie’s New York. Each of the paintings depicts a seated lady of obvious wealth and status, with a vase of flowers (one of which is made from transparent glass), and is mounted in a gilt,

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 136 lacquered frame. Dating to 1775-1825, the pair were sold at Christie’s New York in January 2019 for $20,000 USD, which includes the buyer’s premium. These examples would be considered at the very high end of the scale of reverse glass paintings in terms of condition, quality and age. The one below is more typical of what appraisers will see in the field: Photo credit: Chiswick Auctions This painting, which is filled with erotic subtext, sold for $8,037 USD (includes buyer’s premium), at Chiswick Auctions in November of 2018. 9 Because of this new interest by scholars in reverse glass paintings, prices overall are gaining in strength along with appreciation of it as an art form. Snuff Bottles: Glass was a prolific medium used in the creation of snuff bottles. The timing of the introduction of snuff (powdered tobacco) to China by Portuguese Jesuits in the late 16th century, worked out very well 9 Circa 1700-1799, 10.2 x 7.9 in. (26 x 20 cm.) November 12, 2018 [Lot 00249].

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Susan Lahey International Society of Appraisers – Private Client Services 137 with the establishment of the glass workshop in the 17th century. Due to the humid weather in China, a container with a stopper/seal rather than the European snuff box was needed in order to keep the powder dry. Miniature glass bottles with a stopper were the ideal solution. Snuff was initially only used amongst members of the Imperial family and household, and the bottles were produced in the Imperial workshop for them specifically in mind. Glass bottles proved to be a light-weight, portable luxury good also convenient for gift-giving. As the popularity of snuff spread over the next two centuries, so too did the production of snuff bottles outside of the Imperial workshop in a myriad of materials. There are several types of glass snuff bottles, including monochrome, painted (outside or inside), cameo or overlay type, mottled, and imitations of other stones. The technique of carving overlay glass (as exemplified in the ‘Warrior Vase’) was commonly used in snuff bottles of the 18th and 19th century. Glass snuff bottles produced during the Qing dynasty often imitated semi-precious stones such as realgar, aventurine, and jade. Photo credit: Galerie Zacke Vienna The example above depicts a finely carved pink glass lotus snuff bottle, dating to the Qing dynasty (1740-1830), featuring a lotus flower with petals and stem, carved in high relief from pink glass, and having incised details of veins. The stopper consists of green aventurine glass, 6.5 cm (2.6 in.) in height. It had a provenance of being from a private American collection and was sold at Galerie Zacke

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 138 Vienna for $6,389 USD in 2018.10 This is a very solid price for a superb quality, likely Qianlong period, snuff bottle. It reflects the lower prices being achieved in the past few years, since the generation of collectors who admired snuff bottles is passing away. For the most part, children of the collectors in the 1970s and 80s no longer share their parents’ interest in snuff bottles, and thus there are fewer potential buyers when they come up for auction today. However, there was a time when the sales of the Ruth and Carl Barron Collection of Fine Chinese Snuff, The J&J Collection, and the Mary and George Bloch Collection garnered incredible attention and high prices. Of all the glass objects in the market today, snuff bottles remain the most collectible and valuable. Records have been set in the past for enamelled glass snuff bottles, such as the most expensive snuff bottle ever sold, a Qianlong-era creation, featuring a rare painted enamel on glass of a European woman, which achieved $HK25,300,000 ($3.2 million USD) at Bonhams Hong Kong in November 2011. Photo credit: Bonhams, Hong Kong. 10 Galerie Zacke Vienna, Friday June 15, 2018 [lot 00041], $5,500 Euro (Hammer)

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Susan Lahey International Society of Appraisers – Private Client Services 139 Nineteenth and twentieth-century interior-painted glass snuff bottles are very common for appraisers to encounter. Most interior-painted snuff bottles can be dated to the Daoguang period (1821-50), when this technique of painting bottles became very popular, or later. If the bottle is signed by a well-known artist, then it can often fetch a decent price of a few thousand dollars, even in today’s deflated market for snuff bottles. For example, the inside-painted snuff bottle below sold by Bonham’s New York last year, is signed by an artist for whom there are many comparables in art databases, Ye Zhong-san. Photo credit: Bonham’s New York. Lot #216, Bonhams, New York, sale #24827, March 19, 2018. Ye Zhongsan, 1926. This snuff bottle, which is very finely painted, sold for US$ 2,375, including buyer’s premium.11 11 Of rounded rectangular form, the sloping shoulders rising to a flared neck and flat lip, an oval foot ring enclosing a convex foot, the inside painted with a continuous scene of a mossy bank, with insects resting on rocks and hovering by a willow tree over a school of fish, dedicated to Lisheng, dated bingyin liuyue (1926, fifth month), and signed Ye Zhongsan with a painted seal read-ing yin. 2 3/8in (5.9cm) high

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Appraising Chinese Glass: A Guide to Objects & Connoisseurship Digital Journal of Advanced Appraisal Practice 140 The overall market for Chinese glass is a fluctuating one because glass is easy to copy. There are many fakes in the market and the Chinese have both a tradition and reputation for making excellent copies. For this reason, as well as the overall decline in the numbers of buyers currently collecting glass items, such as snuff bottles, prices for Chinese glass is not very strong. In addition, there has been an his-torical cultural bias in China against glass, as it was always regarded as “lesser” than jade. Or in the case of export reverse glass paintings, “lesser” than other genres of traditional Chinese painting. Since glassmaking reached its zenith of quality in the Qing dynasty, and it proliferated both inside and out-side the Imperial court in the 19th century, it is often regarded not as worthy to collect as jades, porce-lain and paintings. The situation with Chinese glass is similar to that of Republican porcelain. Values for it dramatically increased when collectors were priced out of the Qianlong period porcelain market. So much so, that even Republican porcelains are now being faked. A similar attitude is held towards Chinese glass objects. The market continues to change. In the early 1980's they were relatively inex-pensive because of low demand. However, by the end of the 1980's the market had improved and glass objects were being sought out at auction. Today, prices achieved at auction depend on the rarity, condition and particularly provenance of an item. There will always be buyers for the very high end of the market, while average pieces may not sell, or sell for modest prices. The best strategy to hone one’s connoisseurship skills is to study collections in the Museum of Fine Arts in Boston, the British Museum, National Palace Museum in Taipei, Taiwan, and the Corning Museum of Glass in New York. These museums have easy access to their collections online. Take the time to do some research with an open mind. Chinese glass is worthy of a serious second look by appraisers, collectors and scholars alike in its varied forms- from ancient ritual items, vases and bowls, reverse glass paintings to snuff bottles. Bibliography: A Chorus of Colors: Chinese Glass from Three American Collections (San Francisco: Asian Art Museum, 1995). Byrne Curtis, Emily. “A Plan of the Emperor’s Glassworks”, Arts Asiatiques, Vol. 56, 2001. pp. 81-90.

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Susan Lahey International Society of Appraisers – Private Client Services 141 https://chiswickauctions.co.uk/chinese-reverse-glass-painting, “Through the Looking Glass: Chi-nese Reverse Glass Painting,” April 11, 2016. The Corning Museum of Glass: A Guide to the Collections, The Corning Museum of Glass, Corning, New York, 2001. Gennett, Adrienne V. Glass Beads: Selections from The Corning Museum of Glass, New York, 2013. Hess, Catherine. Looking at Glass: A Guide to Terms, Style and Techniques. The J. Paul Getty Museum, Los Angeles, 2005. Tait, Hugh, ed., Glass: Five Thousand Years. New York, 1991. About the Author Susan Lahey, MA, ISA AM, is an appraiser of personal property with a speciality in Asian art, specifi-cally focusing on Chinese decorative and fine art. Ms. Lahey holds an Honours BA in Chinese Studies from the University of Toronto, an MA in Classical Chinese Literature from the University of British Columbia, and a Post-Graduate Diploma with Distinction in Asian Art from the School of Oriental & African Studies (University of London) and Sotheby’s Educational Studies. She is President of Eastern Art Consultants Inc., providing independent appraisal, research, education and collection management services since 2010. Previously she worked at the Royal Ontario Museum in various capacities, as well as lead the Asian art department of a local Toronto auction house for six years. She is a frequent speaker at conferences, and her articles are published in journals, trade magazines and newspapers. Susan regularly teaches specialty courses for the University of Toronto’s School of Con-tinuing Studies, and the International Society of Appraisers. Susan Lahey, MA, ISA AM President, Eastern Art Consultants Inc. susan@easternartconsultants.com Cell: 647-283-8984 www.easternartconsultants.com

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From the Archives - Introduction to Research for Art Appraisers In Memoriam Tom McNulty (1955-2018) (Originally published in the 2014 edition of the Journal of Advanced Appraisal Studies) he appraisal of art is a very research-intensive process. As we begin this chapter which focuses on research tools and processes, let’s lay the groundwork by defining our terms and establishing our goals. What exactly do we mean when we use the word “research?” Research projects can be simple, complex and multi-faceted, or somewhere in-between. For example, if we expect to find a single answer to a question (e.g., what are the birth and death dates of Pop artist Andy Warhol?), our task is on the simple side of the continuum; conversely, if our question is broad (e.g., “how is the art market affected by economic recessions?”), we will obviously have to create a more complex research strategy. The key-word here is strategy. From the very simple to the very complex, research is most effective if conducted methodically – that is, according to a plan. Professional appraisers require knowledge of, and access to, a wide range of information sources. To this end, most appraisers maintain a personal library, comprised of both print and digital materials. Anything approaching serious research in fine art and its markets, however, requires access to a vast array of material that will only be found in a library. With this in mind, we’ll begin with an overview of libraries, including how to find them and gain admission to those that are not publicly funded. Then we’ll proceed to an overview of how to use libraries most effectively, including both print and digital materials. Finally, we’ll consider the value of experts in a variety of fields, and how they fit into the overall infrastructure of information. T

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 143 Once we’re comfortable with information seeking processes like library use, advance database query-construction and other technicalities, we’ll proceed to the subject-matter content, which will be orga-nized around three primary topics: Researching art and artists: Here, we’ll review standard sources for art historical research, focusing on those that are most basic. The literature of art and art history will be surveyed, and subject-specific formats will be defined. These include catalogues raisonnés, exhibition catalogs and the like. Researching the value of artworks: The modern appraiser has a vast array of tools that facilitate the process of identifying sales of “comparables” – that is, works that are similar in one or more ways to the item subject to appraisal. Most of these are now digital, and available by subscription to individuals. Each of these will be described in detail, and demonstrated through the inclusion of screen shots. Researching the art market and its various sectors: Appraisers should strive to be au courant on the state of the global economy, because these affect our subject of interest – the art market. With this in mind, a wide variety of sources – some of the best of which are available free-of-charge, are identi-fied and described. The methods and sources that comprise each of the subject areas will be illustrated through case study research on a wide array of topics. Wherever possible, visual content in the form of page scans (for print works like books and magazines) and Internet “screen-shots” is included. Research Thinking Students and other novice researchers rarely devote enough thought to strategy building, one aspect of what I like to call “research thinking.” Rather, they jump right in – often eschewing the world of paper and going right for the digital. Not that we don’t all wish for the world on our desk tops! The

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Tom McNulty Digital Journal of Advanced Appraisal Practice 144 problem is, subject areas differ in terms of their digital presence, with art lagging far behind other areas – notably the hard sciences, business, etc. Part of this can be attributed to the fact that researchers of art are far more likely to require materials that are decades old, while practitioners in other fields – like biochemistry – will find less use for the science of, say, the 1930s or forties (unless, of course, they’re researching the history of their subject). Most of our research knowledge is gained during our years of formal education. Here, supposedly, students are taught how to find, evaluate and synthesize information, almost all of which is found in textual sources. We’ll begin, therefore, with an overview of basic techniques, including something as basic as how to locate a book! Everyone thinks they know this, but few do, so don’t gloss over this; even if you’ve earned your doctorate, there might be something new for you. Researchers in the professions have the option – and the responsibility, really – to go beyond the world of publication and to track down information that might be available only from other profes-sionals. With this in mind, we’ll round out this chapter with a discussion of experts – how to find them, how to assess them, and how to work with them. But first, the library basics. Finding and Using Libraries As noted earlier, serious fine art researchers require access to far more material than any of us could ever dream of owning in our personal collections. That’s where the library comes in. Residents of large cities often have a substantial public library at their disposal, one or more university libraries, and maybe even a museum library or two. Those in small cities, towns or rural areas are usually less well-served. In order to find the library or libraries closest to you, try searching this freely-available Inter-net-based directory: Lib-web-cats: an International Directory of Libraries. http://www.librarytechnology.org

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 145 lib-web-cats (library web sites and catalogs) is a directory of libraries worldwide. While the majority of the current listings are in North America, the numbers of libraries represented in other parts of the globe is growing. Each listing includes links to the library's website and online catalog. Other infor-mation available includes the geographic location, address, library type, current and previous library automation systems used, and the size of the library's collection. Academic libraries – that is, libraries that serve the students and faculty members of colleges and universities – usually have the richest collections, particularly if they support advanced programs in art history. Many large academic libraries (particularly those that are state-supported) are open to the public, but the vast majority of these do not lend materials to anyone without a formal connection to the institution. Large private universities and colleges, especially those in large cities, tend to be more restrictive. Most of these, however, do offer fee-based access, usually with the restriction that materials may be used on-site only. For the professional appraiser, a small annual fee for access to an enormous art library is a work-related expense that will quickly pay for itself. Using the Library How to Find Books Most people think they know how to use a library’s catalog, but from my own experience, few are actually aware of some very important details. Those of us who went to college in the years pre-dating the online library catalog were more proficient in locating materials by subject, because those unwieldy card catalogs made it necessary; you can’t conduct a keyword search of a card catalog. Finding books by subject is not as easy as most library users think, but it’s not rocket science either. Libraries organize materials using a standard list of subject terms so that there is uniformity in han-dling. Most of the books, journals and other traditional materials published each year are cataloged by a small army of professionals – many of them employed by the Library of Congress. Imagine this

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Tom McNulty Digital Journal of Advanced Appraisal Practice 146 scenario. A new book arrives at the Library of Congress, titled A History of American Cinema. Cataloger A assigns the subject heading “Cinema—United States” to this title. Not realizing that her colleague has already begun work on this book, cataloger B assigns the term “Film—Unites States. Another cataloger might assign something like “Motion pictures—United States.” In order to ensure a degree of order, librarians developed standards that are followed by all libraries using the same system. Most large libraries use Library of Congress Subject Headings (LCSH) – a multi-volume list of terminology which is available in libraries that employ those standards, so let’s explore those. As noted earlier, subject classification dates from the earliest days of the old-fashioned card catalog. In order to assure that all cards for similar materials would be found together, librarians decided to create a list of terms. In the earliest days of cinema, books on film were assigned the term “moving pictures.” Why? Because that’s what films were called in the earliest days. Over time, that terminology gave way to “motion pictures,” “film,” and “cinema.” Because we had already typed so many cards with the old term, the decision was made to create one single card for the subject “motion pictures.” That card said simply: Motion pictures – see “Moving pictures.” That way, like materials continued to remain together, and tons of re-typing was avoided. Many of these antiquated terms continue to be used, even in the computer catalog era. For an example that is more germane to our area of study, consider the subject of fine art authentication. Wouldn’t you think “authentication” would be the term applied? It is not. Rather, the Library of Congress con-tinues to use the heading “expertising” – the same term used in the nineteenth century!

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 147 Take a look at the Library of Congress Subject Headings (LCSH) volumes the next time you use the library. They look like this: The LCSH is also available online, in a rather user-unfriendly interface, at: http://authorities.loc.gov/ (subject terms are referred to here as “subject authorities”) WorldCat: the Ultimate Library Catalog http://www.worldcat.org Long before the personal computer could be found in most homes and virtually all offices, libraries were using big, expensive computers to automate a wide variety of tasks ranging from acquisition and cataloging of books to recording circulation (check-out) information. Forward thinking planners saw the possibility of “networking” libraries through any number of consortia, in order to increase produc-tivity by sharing information. One of the largest of these early efforts was OCLC (then “Ohio College Library Center”). The acronym today remains the same, but stands for “Online Computer Library Center.” The very earliest networks, while primitive by today’s standards, gave us the added benefit of finding out which library owned particular items. Today, OCLC has grown to include 1.5 billion items available in libraries around the globe. This free-of-charge “supercatalog” makes it very easy to find the closest library that includes any particular item.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 148 Here’s how it works. Imagine that I want to locate the nearest library with a copy of the catalogue raisonne (more about these later) of the work of nineteenth century American painter Martin Johnson Heade. Here is our example painting, followed by the search that would reveal who owns the catalogue raisonne we need: T he first item we find is obviously just what we want:

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 149 When we click on the title link, we get details of the book: But we also get a list of libraries that own the title, arranged by geographical proximity, nearest first. Note that I am entering the zip code for the small city of Easton, Pennsylvania (18040). Not surpris-ingly, the closest copy is held in the library of Easton’s Lafayette College:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 150 For researchers who live in larger metropolitan areas, multiple copies of this same title might appear in libraries ranging from small colleges to museums to research universities. But for all users of books, consider WorldCat your first stop! Another great strength of WorldCat is its inclusion of archival collections. So, imagine that we’re researching a painting by our subject artist “Martin Johnson Heade,” and you would like to spice up your report with some primary source documentation. A search for the artist’s name retrieves 380 items, including a wide array of materials, and the all-im-portant “archival material:”

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 151 A quick review of the items labeled “Archival material” revealed that the Archives of American Art maintains a significant number of Heade’s personal papers, working material and the like. A search of their database lead us to this beautifully digitized version of the artist’s working notes on humming-birds, as featured in our subject painting:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 152 In the next section, we’ll go into much greater detail on methods and sources for researching artists and their work. Before we proceed, however, a review of basic methods for finding and evaluating journals and magazines is in order. How to Find Articles in Newspapers, Magazines and Journals After books, articles represent the most sought-after publication format in libraries. For many of our appraisal needs, they might even be more important, because they are the most recently-published, for the simple reason that they’re short and often appear within a day of being composed (as in daily newspapers). So what’s the most efficient way to find exactly what we need in this vast sea of material? Before we review the best practices for finding what we want online, it behooves us to consider the pre-digital world of periodical literature. Generally speaking, in the world of print there were two major types of indexes to this literature: the single publication index (as in the New York Times Index, published annually) and the subject-specific index, like the Art Index for the researcher of fine and decorative arts.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 153 Before the advent of digital information dissemination, very few newspapers produced indexes to their contents. The New York Times, the Times of London, and some others were large enough, and lucrative enough, to afford the rather expensive process of self-indexing. Subject specific indexing of professional and scholarly literature emerged in the twentieth century, and continues today in the digital environment. Every field of study had its core title or titles. Sociology, for example, has Sociological Abstracts. Psychology’s equivalent is Psychological Abstracts, now dubbed PsycINFO in its digital form. Typically, these indexes were published quarterly, and these were super-seded by a cumulative volume each year. The print version of Art Index looked like this: Each article included in the Art Index appeared under one or more subject headings, as well as an author or artist name heading. An artist heading looked like this: The article titled “Leon Daviel, Engraver and Painter” appeared in the journal Print Collector’s Quarterly, on pages 56-64, in January of 1933 What else do we learn about the article from this brief citation? It includes several illustrations, including “Sinister House, after J. Pryde.” (This means that the

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Tom McNulty Digital Journal of Advanced Appraisal Practice 154 illustration is a copy of Pryde’s original). With this information, the researcher would next search for Print Collector’s Quarterly in the library’s card catalog. Quite a cumbersome process, right? The Wilson Company used the same subject terms that were, and are, applied to books by the Library of Congress; so, the researcher could move easily from books to periodical literature searching, once they found the appropriate subject terms. Researching an artist, style or other art topic could take hours in the pre-digital era because each annual volume had to be consulted. Because time is money in the world of any business professional – including art appraisal – the advent of the digital version of these essential tools revolutionized our working habits. But still, most researchers lack the advanced skills required to get the most out of digital indexes. So, let’s fix that by reviewing the construction of databases, and take a close look at the most effective way to use them. Before we go into the specifics of databases, remember that some old indexes did not migrate to the web, because there was little financial incentive for anyone to support that conversion. Even if just for historical interest, take a look at an old index the next time you visit a library’s reference room. How to Get the Most Out of Library Databases Most library databases – other than the library’s own catalog of holdings – are used to locate articles in journals, chapters in books, and sometimes other information formats including hard data (e.g., statistical data) and the like. Many of the most important subject-based databases evolved from print counterparts. For example, in the field of art history, the aforementioned Art Index, now available only online, was published in its print incarnation from the late 1920s until just a few years ago. The vast majority of subject-specific indexes have also ceased to be published in paper form, as the modern researcher expects this type of resource to be available online. Most researchers – even those with significant experience – are unaware of some of the basics of database searching. In the next section, we’ll explore the most common misconceptions and point out some time-saving (and hence, money-

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 155 saving) tips for effective database searching. In addition to subject-specific index databases, we’ve always had general, multi-purpose indexes to the general press (magazines, newspapers, etc.). Until recent decades, the most widely used general index was titled Readers Guide to Periodical Literature. From the early deacdes of the twentieth century, this standard was used, and taught, in public schools and libraries across the nation. After we take a look at some basic techniques for subject-specific tools, we’ll consider the modern iteration of the general literature index – the Internet “aggregator” data-bases. Don’t Be Simple, Be Advanced! Most database interfaces provide two searching modes: “simple” and “advanced.” The “simple” mode will look like the simple search box provided by popular web search engines like Google: Serious researchers rarely use the simple mode. Why? Because in this case, the database Art Full Text includes indexing to almost thirty five years of art magazines and journals. As time goes by, this data-base will continue to grow, and depending upon the specificity of search term(s), hundreds, maybe even thousands of items will be retrieved – certainly not as many as one gets with an Internet search, but a daunting number to consider reviewing in any detail. When would a serious researcher use the simple mode? If the goal is to find the last five year’s publish-ing output on an artist with a very distinctive name (for example, Vija Celmins), the simple mode might do just fine.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 156 Advanced search mode, by contrast, allows us to tailor our searches when we’re faced with one of those “needle in a haystack” kinds of tasks. Before we go into specifics, take a look at the Advanced search screen option given by the popular database vendor EBSCO: Note that the “drop down” menu offers us a number of options, including author, title, subject, ab-stract and more. These individual data elements are referred to as “fields” in the database record. So, which fields are most effective for locating articles by subject? Before answering that question, let’s jump ahead and look at a single record from the database Art Full Text. Note that, despite its name, not all of the articles in it are, in fact, full text versions.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 157 Imagine that the topic of our research is the evolution of the role of the curator in modern times. If we had simply searched the word “curator” without restricting its “field” (in this case, Subjects), we would be faced with a list of 12,715 items, instead of the 1,520 found here, because the word “curator” appears in many articles in which curatorship is not the subject! Of course we would further limit our search by date, by venue (e.g., “museum”), or other parameter. The same principles hold true for researching artists’ names. We noted above that a search for artist Vija Celmins is straightforward, because we know in advance that it is highly unlikely that two people named Vija Celmins would be active as artists. How about the major American sculptor David Smith? Again, searching ArtBibliographies Modern without specifying “field,” we retrieve 411 items, including more than half that are irrelevant, like:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 158 Limiting our search terms “Smith, David” to the SUBJECT field yields only 150 results, and all of them are relevant to our analysis of David Smith and his sculpture. Constructing a “Boolean” Search Perhaps you’re unfamiliar with the word “Boolean.” Even so, you’ve probably constructed a “Bool-ean” search without even realizing it. Most web-based journal literature databases offer the researcher a form (usually in the Advanced or similarly-named interface mode) that has what are typically re-ferred to as the “Boolean operators” built right in. Here’s an example from the popular database provider Proquest: So what are these Boolean operators? Three little words -- and, or, not – instruct the database to group and retrieve terms in specific ways.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 159 The Boolean operator “and” searches for items that contain two (or more) terms, as in: Watercolor and painting Reveals titles like: One Hundred Twenty-Five Years of American Watercolor Painting But note that our search fails to retrieve this one: The Practice of Watercolour Painting Why? That British spelling, of course! That’s where the “OR” comes in: (watercolor or watercolour) and painting Imagine that we’re researching British watercolor painting – our search becomes even more com-plex, as in: (british or english) and (watercolor or watercolour) and painting The Boolean operator “not” searches for items that exclude a search term or other database element, as in: ((british or english) and (watercolor or watercolour) and painting) not document type=book reviews Note that we rarely use NOT with content words. Rather, we generally use NOT to eliminate certain types of literature (as book reviews, in this search statement). Truncation and Wildcards Another advanced search function that is rarely used by beginning searchers is the “truncation” com-mand. Here, the researcher is instructing the database to yield results that match search terms that begin with a certain “root” word, as: authentic* = authentic, authenticate, authentication, etc. Unfortunately, the producers of databases never settled on a symbol to use as a standard. Usually, however, the symbol is one of the following: * (asterisk) -- this one seems to be the most commonly used as truncation symbol ? (question mark) -- this one sometimes, but less often…

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Tom McNulty Digital Journal of Advanced Appraisal Practice 160 ! (exclamation point) -- to the best of my knowledge, only LexisNexis uses this one! There are many, many additional commands available to the advanced researcher. But because there is little overlap between major providers of digital information, in-depth analysis of this material is useless. Explore your library’s offerings, and spend some serious time exploring the interface of the most important, general resources. Time spent learning the specific commands that can be accom-plished will “pay for itself” as you gain proficiency, and increased productivity, in finding the research content you really need! The next section discusses “aggregator” databases and should underscore the importance of mastering some of the advanced searching techniques. As the days, months and years go by, these resources are growing exponentially. Basic keyword searching is, in my opinion, already rather useless in most re-search jobs, as the sheer volume of material in tools like LexisNexis and others is too overwhelming. So, with our newfound knowledge of some fancy commands, let’s take a look at the big, general “aggregator” databases. General “Aggregator” Index Databases Appraisers often seek answers to simple questions, many of which are expected to be found in publi-cations like newspapers and magazines, rather than “scholarly” journals like those indexed in the Art Index. For this, general “aggregator” databases are usually most effective. So, what exactly is an aggre-gator database? Imagine a massive system of filing cabinets, in which individual articles – short and long – were placed in individual file folders. Here, the researcher can find articles on everything from aardvarks to zoos. Some of the most important aggregator indexes include Proquest, LexisNexis and a few others. Proquest describes itself as “the largest aggregated full-text database in the market today, with thou-sands of periodical titles and millions of full-text articles available. It serves as the central resource for researchers at all levels in all markets.” LexisNexis is probably, in reality, far larger than its competitors

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 161 in terms of sheer numbers of pages of content. It is almost always my first choice, “go-to” source for finding answers to questions like: “How large is the global art market?” or “Who is considered the most widely recognized authentication expert on the work of artist Marc Chagall?” Tips for Searching Large, General Aggregators Earlier, we saw that selecting the “advanced” search option will almost always save us time, as the items retrieved are far more likely to be relevant, than those that result from a “basic” (keyword) search. This is even truer for the general aggregators than it is for the subject indexes, because the aggregators’ contents are far larger than their subject-specific counterparts. Consider LexisNexis as our example. LexisNexis is one of our oldest providers of digital information, and its decades’ of content is supplemented by thousands of pages each week. A keyword search of such a vast sea of material almost always yields an unwieldy number of results. And just like the other tools described above, it offers both the “basic” option: As well as the “Advanced Search”:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 162 Let’s go with a factual question, to which we expect there is an answer to be found. Let’s look again at the question, “Who is the recognized authenticator of artworks by Russian artist Marc Chagall?” LexisNexis’ Advanced Search mode allows us to perform a wide range of complex queries, including: Chagall W/3 (expert! Or authenticat!) This odd-looking query instructs the system to retrieve only those articles in which the word “Chagall” appears within three words of the words “Expert, experts, expertise, authenticate, authentication, or other variants of our truncated search terms.” Chagall W/s (expert! Or authenticat!) is the same as above, but this time our terms must appears within the same sentence. How about research involving a person who is named so often in articles that have little, if anything to actually do with him or his work? For example, how many times have we read the expression “like Warhol’s fifteen minutes of fame…” or some variant of the Pop artist’s quote about moderns society’s Chagall W/3 (expert! Or authenticat!)

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 163 obsession with fame, in pieces that have really nothing to do with the artist? If we ARE researching the artist Warhol, we can “knock out” most of those articles in which the artist’s name is simply evoked in passing with yet another useful command: ATLEAST3(Warhol) ATLEAST5(Warhol) Here, the searches reveal articles in which the word Warhol appears three times, or five times, or as many (n-times) as we desire (up to 255 times, actually!). Clearly, if the artist’s name appears numerous times, it is likely that the article is actually about him and or his work. There are many more specialized commands to be discovered in LexisNexis, as there are in the other aggregators. The point here is that as these massive information tools grow, mastering these advanced search strategies is increasingly necessary. Spend some time reading the HELP features offered in most of the online databases you have access to. Mastering a few advanced commands might take an hour or so, but your newfound speed and accuracy will translate directly into increased efficiency, which in turn will make your business more lucrative. New Trends in Library Technology and Service: “Discovery Tools” The burgeoning world of digital information has created a desire in some users for a simpler, more straightforward way to find what they need. E-Books, online articles and papers, newspapers, infor-mation sources that are “born digital” (i.e., those that have no print fore-runner or counterpart), blogs and the like all compete for our attention, and one or more of these traditional and emerging formats might be just what we need to solve the research problem at hand. But in a world of digital information

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Tom McNulty Digital Journal of Advanced Appraisal Practice 164 overload, the introduction of a more seamless access point seems very appealing, and is currently being offered in many institutions. What are these “discovery tools?” Like the other database interfaces described earlier, discovery tools offer the single-box “search engine” type basic option, and most also allow for more tailored searches of items by title, author, etc. From my limited experience (they’re relatively new), these tools are most effective in locating literature on a subject that appears outside of the traditional subject areas one might expect. That is, they’re particularly good at finding interdisciplinary approaches to research questions. As an example, consider the search for writing on the “African tribal art market.” I have researched this topic on a regular basis over the past few years, and would never have considered pursuing the literature on international affairs/politics for highly relevant material. The following citation, from the journal African Security, literally fell through the cracks of the many searches I conducted via individual databases, but is the first item retrieved in the new discovery system currently under review for acqui-sition by my own library (NYU).

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 165 Google Scholar http://scholar.google.com In a sense, Google Scholar can be considered a free-of-charge version of the “Discovery Tools” de-scribed above, with one very important difference – most of the content discovered will not be avail-able to the user who is unaffiliated with an institution that subscribes to the delivered e-content. Before we move on to discuss Google Scholar’s usefulness, let’s take a look at what it actually does. Google Scholar works the same way that the more familiar Google search engine works, but the con-tent delivered is limited to works that are considered “scholarly.” It employs a very sophisticated al-gorithm for ranking documents, including “where it was published, who it was written by, as well as how often and how recently it has been cited in other scholarly literature.” [Google Scholar Website, “About” file] Using “Search Alerts” – Your Personal Research Assistant Some research conducted by appraisers is related to a single project that will have an end in sight. At the other end of the spectrum are those research questions that are so open-ended and ongoing that they might be lifelong endeavors. Consider, for example, the research needs of the specialist in African tribal art. He or she will need to keep abreast of developments in the field, probably from a variety of perspectives including those of art historians, anthropologists, and possibly even from fields as diverse as law and business/economics (for the market part of their work). We’re all busy professionals, and we can’t afford to live in our favorite library! To satisfy the need for professionals to constantly update their subject knowledge, major database vendors (like the aforementioned EBSCO, Proquest and oth-ers) have instituted “search alerts,” which works as automated research assistants.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 166 How does the search alert work? The researcher conducts a search, using keywords. Consider this search, for items including the terms “tribal African” and (art or sculpture). Note that we’re in-structing Proquest to look in the field marked Abstract; an abstract is a short description of an item’s contents.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 167 Here’s the SEARCH ALERT form: Once the Alert is established, Proquest will run my search again, every Friday, for the next year, and will send me an email message notifying me of new content that matches my research interest: tribal African art / sculpture. Learn these powerful tools – a smartly wired appraiser can benefit from a

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Tom McNulty Digital Journal of Advanced Appraisal Practice 168 steady flow of information on issues relating to everything from market issues to connoisseurship, often without even leaving the office! Internet Research: Finding High Quality Materials While our focus thus far has been on libraries and more traditional, “published” (whether in print or online) materials, we should never underestimate the importance of the vast amount of material avail-able for free, on the Internet. From full text nineteenth century books to museum and artists’ websites, the sheer volume of free information is astounding. As we’ve seen earlier, some very important mate-rial for art historical research is still not digitized, and perhaps never will be. But ever-increasing free content is making its way onto the Internet, and it behooves the appraiser to have a grasp on what’s there, and what’s coming down the pike in this exciting new information environment. We saw earlier that most researchers conduct basic keyword searches when they query online data-bases, and the same is true for the Internet search engines. The default Google search box is: With Google’s many billions of pages of content, is it any wonder that we retrieve thousands, or even millions of results when we search for just about anything? That’s where Advanced Search function-ality comes in:

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 169 We saw that most subscription-based professional databases have advanced searching functionality, and this feature is also present in most freely-accessible search engines like Google. Finding Experts Sometimes, as noted in this Chapter’s introduction, a conversation with someone with expertise in our subject area is far more productive than hours of traditional library (print or online) work might prove to be. As a teacher of research skills, I always urge students to consider approaching experts for a variety of reasons. Many are surprised to learn that experts can be very generous with their knowledge and time. But what exactly is an expert, and how can we find them and assess their credentials? There is no formal licensing or certification of true expertise. Usually, an expert (especially in art his-tory) has an advanced degree in his field, but that’s not always the case. Sometimes, the real expert on an artist is a dealer, an auction house specialist, or other practitioner. The author of an artist’s catalogue The Boolean “OR” command The Boolean “AND” con-nector

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Tom McNulty Digital Journal of Advanced Appraisal Practice 170 raisonne is often considered the expert on their subject artist. Remember that we now have access to the IFAR database of catalogues raisonnes that will even tell us if there is a catalog “in the works”: http://www.ifar.org/cat_rais.php How else can we identify experts? Those large “aggregators” of information – LexisNexis, Proquest, EBSCO and others are enormously helpful. Remember that many professionals will expect to be compensated for sharing their expertise. Appraisers often require input from professional conserva-tors, for example; with few exceptions, they’ll expect a fee for anything beyond a few minutes’ tele-phone conversation. From my experience, the opposite also holds, but usually within academia, or in the more esoteric areas of scholarship. The independent scholar who has devoted his life to the com-pilation of the catalogue raisonne on a relatively minor artist, for example, is often thrilled when he encounters someone with an interest in “his” artist, and will often be more than happy to speak at length. Researching Art and Artists Back to Basics Now that we’ve reviewed some of the advanced techniques available to us in the digital world, let’s go back to the beginning and review some antiquated – but still important – research tools and tech-niques. We’ll start with an overview of the structure of art historical literature, including unique for-mats and reference materials. Everyone knows what a bibliography is, and most would probably define it as “a list of books, arranged by author.” We’ve all done them, if only for our college term papers. In most scholarly disciplines, there are a handful of definitive, book-length bibliographies that are intended for serious scholars, librarians, and professional researchers. In the field of art history, one of the standard titles that is never allowed too far out-of-sight by art librarians is: Guide to the Literature of Art History 1 and 2 (GLAH).

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 171 What can a bibliography provide that can’t be found easily on the Internet? In the case of the Guide to the Literature of Art History, citations have been vetted, and fully annotated. Most appraisers have one or more specializations, but frequently need to delve into a period or style they haven’t investigated since college, or possibly, ever! As a librarian with decades of experience, I am comfortable navigating most art-related subjects, but when confronted with a serious researcher of Chinese porcelain (or a few others that remain personal subject weaknesses) I go right to my GLAH volumes to identify the most highly respected works in the field. I highly recommend these two volumes for the appraisal office’s library. [Full disclosure: I authored the section on “Sculpture of Western Countries – Europe, the US and Canada” in GLAH2, but I receive no compensation for sales of this volume.] Arntzen, Etta, and Robert Rainwater. Guide to the Lit-erature of Art History. Chicago: American Library As-sociation, 1980. 616p. Marmor, Max, and Alex Ross. Guide to the Literature of Art History 2. Chicago: American Library Association, 2005. 899p This volumes serves as the update to Artnzen & Rain-water, bringing coverage to about 1999.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 172 In addition to the big standards like GLAH, each specialization is served by many more narrowly defined bibliographies. To find bibliographies, search your library’s catalog, or Worldcat (described earlier), using “bibliography” as a subject word, as in: Researching Artists: Biographical Methods and Sources An important part of art historical research involves identifying artists and locating details about their lives. Art history has generated a tremendous number of general and specialized tools to assist the researcher, and the most important of these are profiled here. Let’s start with a very general source that can streamline our work, particularly when we’re searching for artists who are relatively obscure. Consider the following pair of floral still lifes by Flemish painter Peter Faes (1750-1814). I feel com-fortable with artists of the Low Countries, but I don’t believe I’ve ever heard of this artist. When that’s the case, there is one online tool that is the very best starting point for biographical research. Note that this appears also in print form, but many, perhaps most libraries have now opted for the online version. The title is Biography & Genealogy Master Index.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 173 Our search of the database for the name “Faes” in Biography & Genealogy Master Index (BGMI) yields just five entries; the third and fifth appear that they might be relevant. Before we even look, let’s consider what BGMI does. As a “master index,” BGMI indexes the entries in hundreds of standard biographical sources, from things like Who’s Who in America to Who Was Who in American Art. This handy resource tells us which of the many hundreds of biographical sources includes a reference to the person we’re seeking. In this case, we have a truly obscure artist with only one entry listed. Peter Faes (Flemish, 1750-1814) Untitled (Still Lifes)

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Tom McNulty Digital Journal of Advanced Appraisal Practice 174 But as it turns out, only #3 is relevant: The next and final step is to locate the McGraw-Hill Dictionary of Art. Without BGMI, we would have gone from title to title, making this a most time-consuming exercise! Researchers lacking access to BGMI have somewhat of a substitute in the Getty’s Union List of Artists’ Names. Find it on the website: www.getty.edu

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 175 So what does the Union List do? Union lists are created so that catalogers can impose order on their catalogs. In this case, name variants are listed, along with the heading that is deemed the most accepta-ble to use. The complete entry for van der Faes appears on the next page. Note that the items circled in red are biographical sources containing an entry on our sought-after artist.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 176 Other Biographical Sources In the broadest sense, biographies can range in scope from a few sentences in a reference source to a full book. Major artists are most likely to be the subject of the latter, while emerging artists will usually be found only in the former. Exhibition catalogs featuring multiple artists often include a section on biography, which might feature a relatively lengthy reference-type biography of each artist in the ex-hibition. Another important format, often overlooked, is the “national biography.” These multi-volume refer-ence works feature well-researched biographical entries on individuals who have made significant con-tribution to the source’s subject nations. Most of the developed nations have produced one or more national biography sources over the course of the last two centuries. The most recent iteration of the National Biography of the United States is available by subscription in many libraries, under the title American National Biography Online. This excellent source has a print counterpart, but the online version allows us to search by time period, follow links to biographies of individuals named in the essays, etc.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 177 Art Encyclopedias & Dictionaries Just about everyone is aware of the big general encyclopedias like Britannica or Americana, as well as the user-created online Wikipedia. The print version of Encyclopaedia Britannica was a staple in most school, public and college libraries, and in many homes. Today, it’s offered free-of-charge on the Internet. Many less-experienced researchers might be unaware of the vast array of specialized encyclopedias that serve the needs of scholars in every discipline imaginable. These range in scope of coverage from the general (e.g., Encyclopedia of World Art) to the narrowly-defined (e.g., Museum of American Folk Art Encyclopedia of Twentieth-Century American Folk Art and Artists). The sheer number of specialized ency-clopedias serving the needs of art researchers makes the provision of a list impossible in the space allotted here. Rather, what follows is a list of the most widely-accessible general titles, along with a list of specialized ones intended to demonstrate the wide range of titles available. General Encyclopedias Two of the most useful art encyclopedias found in libraries include: Encyclopedia of World Art. New York: McGraw-Hill, 1959-68. 16 volumes. This general art, architecture and design encyclopedia, while somewhat dated, offers well-illustrated, lengthy essays on styles, periods, techniques, etc. Individual artists’ biographies vary in length but all are well-documented. Dictionary of Art. Jane Turner, ed. New York: Grove’s Dictionaries, 1996. 34v. This is the last major print-based encyclopedia of art. Like the previous entry, it covers art, design and architecture of the world, but with far more attention paid to non-Western countries. The complete contents of the 1996 print version is available online via Oxford Art Online, where the original content is updated with new text and bibliographies. The original set, in print, might be a worthwhile invest-ment, but is quite costly.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 178 In addition to its online iteration, the Dictionary of Art has a number of specialized “spin-off” products. These include updated material on their respective topics. The titles are too numerous to list in their entirety, but a few titles that are germane to our subject- American art - include: Note that many other specializations – from Latin American to European art and beyond – have their own specialized Grove Encyclopedias. To find them, consult WorldCat. If there’s a title that works for your area of specialization, it is well worth the price to buy a copy for the office! Dictionaries of Art Like every academic discipline, the field of art history has developed an extensive vocabulary all its own. Terminology related to materials and techniques, styles, periods, etc. can be found in one of the many dictionaries of art available on the market. Grove Encyclopedia of American Art (5 volumes). New York: Oxford Uni-versity Press, 2011. Grove Encyclopedia of Materials and Techniques in Art (1 volume) New York: Oxford University Press, 2008.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 179 Some art dictionaries include significant biographical entries in addition to subject terminology. One relatively inexpensive title, available in most libraries, is: To find additional dictionaries, conduct a subject search of any library catalog using the SUBJECT search string: Art--dictionaries Painting (and other media) Indexes Sometimes, we need to find out where a work of art has been illustrated. This process can help with a variety of tasks. Finding an illustration often provides clues to provenance, for example. An extensive bibliography can also have an impact on a work of art’s value. A few of the most useful resources include the following: World Painting Index. [+Supplements through 1999]. Patricia Pate Havlice, ed. Metuchen, NJ: Scare-crow Press, 1977. This handy title indexes art books and exhibition catalogs. Artists are listed alphabetically, with indi-vidual works under each. If the work is indexed in a particular book, this is indicated. Note that this type of resource is most useful for artists who employ distinctive titles, for obvious reasons. (Picasso Concise Oxford Dictionary of Art and Artists. Ian Chilvers, ed. New York: Oxford University Press, 2003.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 180 produced hundreds of works titled Femme Assise (Seated Woman), making the process of locating an individual artwork a bit like searching for a needle in a haystack!). To find additional indexes like this, conduct a subject search of the library’s catalog using the Subject search string: Painting—Indexes Signatures Often, appraisers are confronted with a signed work, and might be interested in checking the signature against that on other of the subject artist’s works. A large number of reference books have been pro-duced over the past several decades to assist us in this process. Note that a “good” signature should not, in itself, be taken as a definitive sign of authenticity. If the painting is fake, the “good” signature might have been the easiest part to paint! Here’s an example of a signature reference source; international in scope, note the signature specimen for American artist Martin Johnson Heade:

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 181 Source: Pfisterer, Paul. Signaturenlexikon = Dictionary of Signatures. Berlin and New York: W. de Gruyter, 1999. [online version]. Selective Bibliography of Signature Resources Caplan, H. H. Classified Directory of Artists’ Signatures, Symbols & Monograms. Detroit: Gale Research, 1976. __. The Classified Directory of Artists’ Signatures, Symbols & Monograms: American Artists with New U.K. Additions. Enlarged and rev. ed. London: P. Grahame, 1987. Enlarged, updated version of previous entry. Castagno, John. African, Asian and Middle Eastern Artists: Signatures and Monograms: A Directory from 1800. Lanham, Md.: Scarecrow Press, Inc., 2009. _____. American Artists: Signatures and Monograms, 1800–1989. Metuchen, N.J.: Scarecrow Press, 1990. _____. Artists as Illustrators: An International Directory with Signatures and Monograms, 1800–Present. Metu-chen, N.J.: Scarecrow Press, 1989. _____. Artists’ Monograms and Indiscernible Signatures: An International Directory, 1800–1991. Metuchen, N.J.: Scarecrow Press, 1991. _____. Australian, British, and Irish Artists: Signatures and Monograms: A Directory from 1800. Lanham, Md: Scarecrow Press, 2009. _____. European Artists: Signatures and Monograms, 1800–1990, Including Selected Artists from Other Parts of the World. Metuchen, N.J.: Scarecrow Press, 1990. 895p.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 182 _____. Jewish Artists: Signatures and Monograms: An International Directory. Lanham, Md.: Scarecrow Press, 2010. 615p. _____. Latin American Artists’ Signatures and Monograms: Colonial Era to 1996. Lanham, Md.: Scarecrow Press, 1997. 673p. _____. Old Masters: Signatures and Monograms, 1400—Born 1800. Lanham, Md.: Scarecrow Press, 1996. Falk, Peter H. Dictionary of Signatures & Monograms of American Artists: From the Colonial Period to the Mid-20th Century. Madison, Conn.: Sound View Press, 1988. Lampe, Louis. Signatures et Monogrammes des Peintres de Toutes les Écoles; Guide Monogrammiste Indispensable aux Amateurs de Peintures Anciennes. Brussels: A. Castaigne, 1895–98. 3 v. in 1. Pfisterer, Paul. Signaturenlexikon = Dictionary of Signatures. Berlin and New York: W. de Gruyter, 1999. Signatures et Monogrammes d’Artistes des XIXe et XXe Siècles.—Paris: Editions Van Wilder, 1998. Catalogues Raisonnés The artist’s catalogue raisonné is the definitive list of works of art attributed to its subject artist. Some artists’ catalogues raisonnés list work in a single medium (e.g. Jacob Lawrence: The Complete Prints (1963-2000): A Catalogue Raisonné. Seattle: U. of Washington Press, 2005). Others include a variety of media,

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 183 as in the multi-volume catalogue of works by Picasso, compiled by Christian Zervos: Pablo Picasso.1 Paris: Cahiers d’Art, 1949-1978. Christian Zervos: Pablo Picasso What are the features that make the catalogue raisonné so unique? Generally, they have one or more (or all) of the following: Complete description, including dimensions, media, title and date of execution Exhibition history Bibliography of publications in which the work has been illustrated Provenance, or record of ownership Additionally, catalogues raisonnés might offer special features, including a chronology of the artist’s life, extensive signature analysis, etc. (Note that signatures change over time. Some catalogues offer analysis of signature samples based upon date – a most useful feature). To find artists’ catalogues raisonnés, start with your library’s catalogue and conduct a search like this: 1 Long out of print, a complete set of this catalogue sold at Christie’s London on February 8, 2012, for the equiva-lent of US $68,768. A reprint edition is scheduled for release in the fall of 2013, for the pre-order price of $15,000.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 184 Remember that if your library does not own the desired catalog, the go-to source is WorldCat to find another library that does. Here’s an example of some entries for our subject artist, Martin Johnson Heade2: 2 Stebbins, Theodore E. The life and work of Martin Johnson Heade: A Critical Analysis and Catalogue Raisonné. New Haven: Yale U.P., 2000.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 185 Sometimes, artists’ catalogues raisonnés do not identify themselves as such; note that the Picasso title cited above does not have raisonné in its title. One very handy title for this kind of research is a reference book titled, simply, Art Books. Compiled by Wolfgang Freitag, this handy list is available in many libraries, and is rather inexpensive if purchased in the out-of-print market. Basically, it lists books about individual artists in a single A-Z bibliography, and indicates which ones are to be considered catalogues raisonnés with the notation <CR>. The importance of the catalogue raisonné cannot be overestimated, and anyone who seeks to collect a huge private library of these essential tools had better be prepared to expend several to many tens of thousands of dollars. So, unless you or your firm is extremely well-funded, get used to the idea of using large research libraries! Subject-Specific Databases for Art Research In the first section of this chapter we went into some detail on the intricacies of searching databases. Art researchers are fortunate to have a number of excellent subject-specific titles to choose from. The following represent the most important of these. We’ll start with what I consider to be “core”

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Tom McNulty Digital Journal of Advanced Appraisal Practice 186 databases. These are the large, “all-purpose” sources that will help us with anything from Chinese sculpture to contemporary earthworks. They’re also the most ubiquitous, as even the smallest of aca-demic libraries usually has some art offerings, and art cannot be taught without access to its subject literature. Art Index Retrospective / Art Full Text (EBSCO) This is the online version of the old standard Art Index, a print index that has covered art and art history since the 1920s. Journals and museum bulletins included, primarily English language titles. Art Source (EBSCO) This general source provides access to journals, museum bulletins, some electronic books and tens of thousands of images. Scope of coverage is very broad, from ancient art through contemporary. ArtBibliographies Modern This important tool focuses on art and design from the late 1800s through the present. Journals, museum bulletins, doctoral dissertations and exhibition catalogs included. International Bibliography of Art (Proquest) Considered a basic sources for the scholarly study of Western art. Includes access to approximately 500 core journals, and a great deal of non-English language material. This title continues the now defunct Bibliography of the History Art which is now offered free-of-charge by the Getty Research Institute: http://www.getty.edu/research/tools/bha/ Oxford Art Online Provides access to various basic art historical research resources including Grove Art Online, The Oxford Companion to Western Art, The Concise Ofxord Dicitonary of Art Terms, The Encyclopedia of Aesthetics and more.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 187 Researching Emerging Artists Researching artists who have established careers is fairly straightforward. In the not-so-distant past, it was the artist in the early stages of professional development who posed the greatest challenge to the appraiser/researcher. It is here that the Internet proves most useful. Back in the pre-Internet era, artists embarking on a career literally pounded the pavement with sheets of slides and paper copies of their CVs, hoping to get a dealer to take a look and consider them for representation. Today, it is probably safe to say that most serious artists have websites, and it is here that the researcher will find a treasure trove of information on a less-than-famous artist. Consider, for example, the artist Erik Sommer (http://www.erikjsommer.com) . Mr. Sommer received his MFA from the City University of New York in 2007, and went on to complete his Master of Library Science in 2010. Erik Sommer’s work consists primarily of richly textured two-dimensional mixed media pieces, as seen in the illustration; his most recent exhibition at New York City’s Rooster Gallery featured as well a somewhat post-apocalyptic installation work titled Apartment 4-B, which became the subject of a very positive, lengthy review in the spring, 2013 issue of World Sculpture Review. The appraiser charged with providing a valuation on a work by Mr. Sommer will find on the artist’s website a complete exhibition history, list of publications, CV, excellent images, and the all-important Erik Sommer. Among The Cold. mixed medium on canvas (gessos, oils, acrylics, pastes, plasters, cement). 36" x 36"

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Tom McNulty Digital Journal of Advanced Appraisal Practice 188 lead: the artist’s New York and London dealers, along with their contact information, who can provide guidance in the valuation process. Needless to say, because of his young age, Mr. Sommer does not yet have a secondary (auction) market, and so there is not yet any data recorded in the auction value databases discussed in the next section. A search of the numerous fine art databases identified earlier did not yield any results on Erik,3 which should come as no surprise, as he is an emerging artist. His up-to-date CV, however, lists each of the artist’s reviews, group and solo exhibitions, educational background and contact information. Researching the Value of Artworks Once we know exactly what we’re researching, including its art historical and social contexts, the next task facing the appraiser is the selection of data related to the sale of comparable works of art. Auction values are by far easier to find than retail gallery or private sales figures, and in fact most appraisals give particular weight to this publicly recorded fine art valuation data. With this in mind, we’ll explore the most important of the online resources available for the art market researcher. Most of these resources require a subscription, but some quite good ones are available free-of-charge. The latter will be clearly identified as such, as all business people are interested in finding ways to cut down on their overhead costs. While the focus of this chapter is on fine art research, most appraisers also provide values to works that would be considered decorative, or utilitarian. The focus here will remain on fine arts, but those databases that have value to the appraiser of the decorative will be identified as such. 3 This will change, as the artist’s career advances. Erik has numerous published reviews and interviews in a wide array of smaller publications which are not the subject of indexing in the scholarly literature databases.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 189 We’ll start with an overview of two of the most important resources available to art appraisers: artnet and ArtFact. Before we even begin, these two represent an important point of contrast. Artnet is a highly structured database, while ArtFact is far less so. What does that mean? Take a look at the interfaces of each. With ArtNet, we can limit our search to works created by a named artist. With ArtFact, we are “keyword” searching everything. So, if the name “Tom Wesselman” appears in the catalog essay on a work by “Roy Lichtenstein,” the Lichtenstein work will be among those retrieved when we search for Wesselman’s work. In short, if we only want Wesselmans’, we’ll have to ferret those out from a long list that will include works by other artists. But, we’ll also see that there are occasions when ArtFact’s keyword searchability is indispensable!

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Tom McNulty Digital Journal of Advanced Appraisal Practice 190 Artnet search interface. Note the number of discrete “fields” ArtFact search interface. Note that one cannot limit searches to individual artists, titles, or other facets.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 191 artnet As noted, artnet is one of the most robust, highly faceted databases of fine art values. Let’s go step-by-step through the process of identifying comparables for our Martin Johnson Heade painting, de-scribed in the previous section. If you’re unfamiliar with the artist, I recommend a few basic tricks for building a profile of the artist’s career. Here’s the work, with description: First, you might want to look at the most recent one hundred sales of Heade paintings, and “sort” them by “price descending” – that will bring the highest prices to the top. For an artist like Heade, who has a few distinct subjects, this will give us an idea of those subjects’ relative importance/value. So, for Heade, here are the top ten values as retrieved from an artnet search conducted on June 24, 2013: Heade, Martin Johnson. American, 1819 – 1904. Cattleya Orchid and Three Hummingbirds. 1871. oil on wood. overall: 13 11/16 x 17 15/16 in. Collection National Gallery of Art, Washington, D.C. Accession #: 1982.73.1

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 193 Of the ten top prices fetched at auction by Martin Johnson Heade canvases, seven feature humming-birds and orchids. Clearly, our subject painting is among the artist’s most valuable, in terms of subject matter. Note that because we sorted by value, we have a very wide range of sale dates. The earliest, 1987, is actually number three on our list of ten most-expensive Heade paintings!:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 194 So, in order to get another view of Martin Johnson Heade’s market, we’ll conduct the search again, this time sorting to get results by DATE OF SALE. Here’s the list of the ten most recent sales:

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 197 Note that each artnet search comes at a cost. The company offers a wide range of subscription options which are subject to change and easily found on the artnet website, and so not covered here. Just one word of advice. Each batch of one hundred sales records represents one “search.” So, especially for those artists whose lives and careers you might be least familiar with, don’t be overly precise in your searching. Look at the first one hundred; the best comparable might be among the top ten, but by investing a little time in reviewing the full one hundred, you’re building your knowledge base on your subject artist, who will possibly come up again in future appraisal assignments. Search ArtFact We’ve seen that artnet allows for far greater precision, because it is so highly structured, than its com-petitor ArtFact. But ArtFact’s keyword search ability fills a great need in the appraisal research world. Consider a painting like this:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 198 Sometimes, we don’t know the identity of an artwork’s creator. When this is the case, we can use ArtFact to generate a list of comparable works by searching general descriptive words. If our subject work is an eighteenth century Dutch floral work, consider the following search: Description: 18th century Dutch School Floral Still Life oil on canvas (lined), housed in a later gilt wood frame, classic exuberant still life with tulips, morning glories, holly-hocks, and roses in an earthenware vase atop a marble ledge, all set against a dark ground. 35.25 x 27.25 in

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 199 Note: sometimes we say “18th” century, sometimes “eighteenth,” sometimes “1700s,” and sometimes “1700’s” – remember to try them all, even perhaps dix-huitième if you can read some French (or other non-English variant). So, what does this generalized search for anonymous still lifes retrieve? Records like the following:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 200 ArtFact for Decorative Arts and other Collectible Objects ArtFact’s real advantage over artnet is its inclusion of a vast amount of decorative arts and utilitarian objects. Anything from a multi-million dollar 17th century American highboy to a mid-century modern classic piece of furniture will be found here. Further benefitting the researcher of this type of material is ArtFact’s inclusion of catalogue text, which is often of a scholarly nature, particularly for those items carrying high pre-sale estimates. Additional Databases for Auction Sales artprice.com http://www.artprice.com Like other major vendors of art market information on the Internet, artprice.com offers the subscriber access to a variety of tools for researching the careers, and markets, of artists. Paintings, works on paper, prints, posters, sculpture, photography, and multimedia are covered. A few of the artprice com-ponents are available to the casual user at no cost; the more valuable tools are available by subscription.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 201 Various plans are available, ranging from short-term, for the infrequent researcher, to annual, unlim-ited use accounts for the serious collector or art market professional. In addition to fine art prices, artprice is quite strong in design. As a multi-purpose source, it is a great choice for generalists. Entries are basic, but provide all of the most important data points: Artprice includes an enormous number of artists’ biographies and signature copies among its sub-scription-based services; see, for example, this partial entry for French artists François Boucher:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 202 Artvalue.com: Art, Luxe & Collection http://www.artvalue.com This free-of-charge database provides access to the online version of Mayer’s (Guide Mayer), founded in 1962. Artvalue boasts a database of 160,000 artists’ names. For a free resource, artvalue reports on auction prices for this large, and highly diverse group of artists. In addition to price data, artvalue.com serves as an online gallery of primarily Western European artists’ works. AskART. http://AskART.com AskART is a subscription database, but it is one of the least expensive. The price database provides a substantial number of auction records, and seems to be particularly strong in reporting sales conducted at smaller, regional auction houses. In addition to its several directories, artist biographies and auction records, AskART generates graph-ical analyses of individual artists’ works at auction. Graphical analyses include:

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 203 • -Lots sold vs. unsold • -Lots (number) sold by year • -Average sale by medium • -Total $ sold by medium • -Number (of works) sold by medium Use graphical information with caution, because one or two unusually high sales can skew the overall result, particularly for those artists whose works appear only infrequently at auction. Blouin Art Info http://www.artinfo.com This is a rare find – a well-constructed database with reliable data, offered free-of-charge to research-ers. Its user interface is highly intuitive, and allows the researcher to locate records for works sold at auction according to the following parameters: Artist’ name Category Artwork title Year of work Artwork dimension Artwork price in three currencies ($, €, and £) Auction House and Sale Code Auction Date Artwork Lot Number Results Lot Sort according to: Price, Size, Dimension (metric/imperial) Note the various search parameters offered by Blouin’s Art Sales Index; this search is constructed to identify sales of paintings by American artist John Frederick Kensett, from 2010 through 2013 (search conducted on June 27, 2013):

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Tom McNulty Digital Journal of Advanced Appraisal Practice 204 Gordon’s Datastore http://www.gordonsart.com LTB Gordonsart, Inc. 610 E. Bell Rd, Ste 2-163 Phoenix, AZ 85022

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 205 Datastore, the online gateway to several of Gordon’s most valuable databases, allows the user to search each of the following products: • -Gordon’s Print Prices, 1985—current. As this book goes to press, this portion of the Datastore in-cludes some 1.25 million print and poster auction records. • -Lawrence’s Dealer Print Prices 1992—2005. Over 250,000 records providing historical retail values reported by dealers. • -Gordon’s Photography Prices 1970-present. Over 330,000 auction records for 19th, 20th, and 21st century photographs, as well as books and periodicals featuring original photographs. Searching Gordon’s Datastore is relatively straightforward. The user simply enters the name of the sub-ject artist, and a spreadsheet appears, with individual lots arranged in alphabetical order by title of print or multiple. Records may be sorted by: • -Title / sale date lot • -Title / price • -Price / title • -Sale date / lot p4A.com http://www.p4a.com p4A.com offers a very easy-to-navigate system for auction house prices on works of fine and decora-tive arts. Coverage is somewhat limited compared with that of some of the other online systems de-scribed in this section, but users can identify a good selection of low- and middle-level material here, and all entries include good reproductions. Several search options are available. Researchers may browse by object category (e.g., paintings), fur-ther limit by medium and support (e.g., oil on canvas) and place of origin. For more detailed searches, keyword searching is also available.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 206 p4A.com can be very useful for research attempting to survey the market for a particular type of artwork or object. A search for “paintings” produced in England, with the keyword modifier “school” retrieved a good selection of unattributed, British School works of art, including miniatures, paintings on board, canvas, etc. Note the straightforward interface: P4A is particularly useful as a source of value information on works of fine and decorative arts that have sold at smaller, regional auctions. For example, consider these Frank Lloyd Wright-designed bedside tables, produced by Henredon in the mid-1950s.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 207 A simple keyword search of P4A: Retrieves numerous sales records, including:

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Tom McNulty Digital Journal of Advanced Appraisal Practice 208 And each record is very well-documented. Note in particular the “Auction Note” at the bottom of the record. These notes present good overviews of the auction and help to contextualize the individual sale. Researching the Art Market and its Various Sectors Appraisers of fine art must have a broad-based knowledge of the art market, including its history and its current condition. In order to find scholarly books on this topic, researchers should conduct a search of the library catalog using Library of Congress Subject headings like: Art as an investment Art—Economic Aspects A list of recommended titles on general art market matters is included at the end of this chapter, but the process of conducting research in this all-important subject area should be an ongoing one. Re-member to set up “search alerts” in the various e-resources, including Google and Google Scholar; these will serve to keep you abreast of new material as it appears.

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 209 Generally speaking, books provide us with the breadth of historical coverage required in our work. Periodicals (scholarly journals, trade magazines and the like) serve to keep us up to date – particularly in our subject specializations. For example, the appraiser of Classical and/or contemporary Chinese art will find important resources in specialized art and economics publications. But because theirs is such an interdisciplinary subject, a whole additional world of publication must be considered: the general “area studies” materials that cover all aspects of East Asian affairs, from politics and govern-ment to cultural studies. While we focused on American art throughout this chapter, remember that there are thousands of freely-available research guides out there, in every subject specialization imag-inable, on libguides.com: http://libguides.com Periodical Literature on the Market Art market researchers require information from a wide range of sources: Scholarly or professional level materials are most often found in large libraries – particularly good are those libraries that support graduate programs in both fine art and business (the MBA). This type of material provides a level of depth that is not found in the general press (magazines and newspapers). Scholarly articles and working papers record the work of empirical research, and as such, offer (or should offer) a detailed explanation of the data collection methodology employed. The following resources are the ones I consider best for this type of research. Again, depending upon your location, you may or may not have access to these sources. Remember that the freely available “Google Scholar,” discussed above, can provide deep indexing to the world of scholarly literature, and is available free-of-charge.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 210 EconLit is the database used by professional economists. Its contents are very academic; there are no short newspaper or magazine articles to be found here, just lots of advanced economic literature. It is most valuable for “big picture” art market studies, and in-depth analysis of various market sectors. The following examples demonstrate the type of materials found indexed in EconLit: Onofri, Laura. “Old Master Paintings, Export Veto and Price Formation: an Empirical Study.” Euro-pean Journal of Law and Economics. (Oct 2009): 149-161. Ursprung, Heinrich; Wiermann, Christian. “Reputation, Price and Death: An Empirical Analysis of Art Price Formation.” CESifo Working Paper Series: Paper no. 2237. 2008. Trade and “General” News coverage of the art market and its various sectors can be found readily online, but again, for those appraisers who have access to a library serving a business program, the database to use is ABI/Inform: ABI/Inform indexes the contents of many newspapers, trade-specific publications and the like. Here, you’ll find a great deal of news coverage on everything from the higher-end market to the world of collectibles and flea markets. This is the source used by working professionals, as opposed to EconLit which is purely academic. The following examples demonstrate the type of materials found indexed in ABI/Inform: Crow, Kelly. “The Art Market: The Bar Keeps Rising for Basquiat.” Wall Street Journal, April 5, 2013, p.D6. Broad-Based Art Market Studies: A Resource List for Appraisers

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 211 The following titles are recommended as good starting points for appraisers seeking breadth of art market knowledge. The Art Business. Iain Robertson and Derrick Chong, eds. London; New York: Routledge, 2008. Benhamou-Huet, Judith. The Worth of Art: Pricing the Priceless. New York: Assouline, 2001. Boll, Dirk. Art for Sale: A Candid View of the Art Market. Ostfildern, Germany: Hatje Cantz, 2011. Findlay, Michael. The Value of Art: Money, Power, Beauty. Munich: Prestel, 2012. Fine Art and High Finance: Expert Advice on the Economics of Ownership. Clare McAndrew, ed. New York: Bloomberg, 2010. McAndrew, Clare. The Art Economy: An Investor’s Guide to the Art Market. Dublin: Liffey Press, 2007. Renneboog, Luc and Christophe Spaenjers. “Buying Beauty: On Prices and Returns in the Art Mar-ket.” Version: April 2012. Available: Social Science Research Network: http://papers.ssrn.com Robertson, Iain. A New Art from Emerging Markets. Surrey, UK: Lund Humphries, 2011. Skatershchikov, Sergeĭ. Skate’s Art Investment Handbook: the Comprehensive Guide to Investing in the Global Art and Art Services Market. New York: McGraw-Hill, c2010. Stallabrass, Julian. Art Incorporated: The Story of Contemporary Art. Oxford; New York: Oxford University Press, 2004.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 212 Thompson, Donald N. The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art. New York: Palgrave MacMillan, 2010. Throsby, C.D. Economics and Culture. Cambridge; New York: Columbia Univ. Pr., 2001. Understanding International Art Markets and Management. Iain Robertson, ed. London; New York: Routledge, 2005. Velthuis, Olav. Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art. Princeton and Oxford: Princeton University Press, 2005. 264p. Keeping Current Keeping current on the state of the art market is very important for appraisers, because individual works’ valuations are best if they are placed or understood within a broader context. The following, highly selective list of publications (some free and some subscription-based) can be relied upon for very accurate, insightful art market news and views. Antique Trader: America’s Weekly Antiques and Collectibles Marketplace [formerly: Antique Trader Weekly] F&W Media 38 E 29th St, 3rd Fl, New York, NY 10016 ISSN: 0003-5912 1957– . http://www.antiquetrader.com Apollo ISSN: 0003-6536

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 213 1925 – present (monthly) Website: www.apollo-magazine.com Art & Antiques ISSN: 0195-8208 1978 – present (monthly) http://www.artandantiquesmag.com Art & Auction ISSN: 0197-1093 1979 – present (monthly; 11 issues annually) http://www.artinfo.com/art-and-auction Art and Australia Art and Australia Pty Ltd. 11 Cecil St. Paddington, NSW 2021 Australia ISSN: 0004-301X Quarterly (Supplements accompany some issues); 1963– . http://www.artaustralia.com/ Art Asia Pacific ISSN: 1039-3625 1993 - present (bi-monthly) http://artasiapacific.com Art in America Brant Publications, Inc.

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Tom McNulty Digital Journal of Advanced Appraisal Practice 214 575 Broadway, 5th Fl, New York, NY 10012 ISSN: 0004-3214 Monthly; 1913– . http://www.artinamericamagazine.com/ Art Monthly Britannia Art Publications 4th Fl., 28 Charing Cross Rd., London WC2H 0DB United Kingdom ISSN: 0142-6702 Monthly; 1976– . http://www.artmonthly.co.uk Art Market Insight www.artprice.com Art Market Monitor www.artmarketmonitor.com Art Newspaper ISSN: 0960-6556 1990 – present (monthly; 11 issues per year) www.theartnewspaper.com Art Press: La Revue de l’Art Contemporain ISSN: 0245-5676 1972 – present (monthly)

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 215 Art Review ISSN: 1745-9303 1949 – present (monthly) Website: http://www.artreview.com ArtNews ArtNews LLC 48 W 38th St., New York, NY 10018 ISSN: 0004-3273 Monthly (June–Aug. combined) 1923– . New York: Artnews Associates. http://www.artnews.com Auction Central News: The Authority in Art + Antiques + Collectibles (ACN) http://www.auctioncentralnews.com/ Beaux Arts Magazine ISSN: 0757-2271 198 – present (monthly) Text in French Website: http://www.beauxartsmagazine.com/ Blouin ArtInfo. Market News. http://www.artinfo.com Burlington Magazine Burlington Magazine Publications Ltd. 14 Dukes Rd., London WC1H 9AD United Kingdom

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Tom McNulty Digital Journal of Advanced Appraisal Practice 216 ISSN: 0007-6287 Monthly; 1903– . Christie’s Magazine [formerly Christie’s International Magazine 1984–1998] London: Christie, Manson & Woods Ltd. ISSN: 0266-1217 Ten issues per year; 1998– . Connaissance des Arts ISSN: 0293-9274 1976 – present (monthly) www.connaissancedesarts.com Financial Times (United Kingdom) ISSN: 1476-8844 1888-present www.ft.com Flash Art International ISSN: 0394-1493 Giancarlo Politi Editore Via Carlo Farini 68, Milan, 20159 Italy Bimonthly. http://www.flashartonline.it/ IFAR Journal

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From the Archives - Introduction to Research for Art Appraisers International Society of Appraisers – Private Client Services 217 International Foundation for Art Research (IFAR) 500 Fifth Ave., New York, NY 10110 ISSN: 1098-1195 Quarterly. http://www.ifar.org Journal of Cultural Economics ISSN: 0885-2545 1977-present, quarterly Magazine Antiques Brant Publications, Inc. 575 Broadway, 5th Fl., New York, NY 10012 ISSN: 0161-9284 Monthly. Maine Antique Digest PO Box 1429, Waldoboro, ME 04572 ISSN: 0147-0639 Monthly; 1973– . http://www.maineantiquedigest.com/ New England Antiques Journal 24 Water Street, Palmer, MA 01069 ISSN: 0897-5795 Monthly. http://www.antiquesjournal.com/

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Tom McNulty Digital Journal of Advanced Appraisal Practice 218 L’Oeil 0029-862X 1955 – present (monthly) www.lejournaldesarts.fr Skate's Art Market Research www.skatesartinvestment.com Southwest Art Southwest Art Publishing 38 E 29th St, 3rd Fl, New York, NY 10016 ISSN: 0192-4214 Monthly. http://www.southwestart.com