PORTFOLIO 2014

CAREER MANAGEMENT DIVISION: Launched in Baltimore, Maryland, Global Art Career Management SM was established in 2012 to support the growing demand by independent artists seeking integrity, tenacity and professionalism from a career manager; a career professional who will spearhead their art career with the same intensity as they would if it was their own career. As a division of Global Art Network U.S.A, Global Art Career Management Division mission is to advance the career and income generation of all talented artists contracted.

GACM has leveraged it's parent company decade of field experience, international network, and a developed team of professionals to offer independent artists a comprehensive services, a path to opportunities and fees lower than other providers. All backed by the industry only guarantee of results.

GACM has managed over two dozen successful careers, built affiliates in thirty-one different countries, has contributed to artists earning a position on Bloomberg Business's Top Earners list. We developed working relationship with leading media groups in eight-teen countries and createdone of the industry-leading emerging artist processes.

Our parent company Global Art Network, launched in 2010, is a spin off of the Louisiana Art Network of Shreveport, La, started in 2001, with over a decade of experience in art marketing, management and investment. The company motto “ Why Struggle? We're connecting the World! - GAN is structured in six (6) independent divisions: Art Marketing, Sales, Business Consulting, Brokerage, Career Management and Special Project divisions which merges it field activities into a global conduit of industry, intelligence and solutions.

Our staff has more than two decades of combined field expertise, and our procedures for acquiring, a trading and creating value was proven credible, comprehensive, secure and efficient for transactions of any size.

Our mission is to offer a first class experience while maintaining our client complete privacy. Global Art Career Management Division is here to take the uncertainty and risk out of artist engaging the art market.

1040 Park Ave, Baltimore MD, 21201Office: +01 (443) 292-2394Email Us. - globalartnetwork www.gan-usa.comSkype: globalartnetworkGoogleTalk

TATJANA

PALCUKA

24 Countries

25 International Exhibits

TATJANA PALCUKA

Date of birth: December 6, 1954Place of birth: Riga (Latvia)

Academic Degree: 2003- Master of Arts (Visual Arts) in Humanities The Master of Arts, Studio of prof. Education: 1975-1981 Latvian Academy of Arts 1967-1973 Riga Janis Rozentals Riga Art High School

Teaching: From 2008 private master class Tutor. Lector 2006-2008 Lector, tutor of Academic painting (oil, watercolors) and drawing in Baltic International Academy 2001- 2007 Lector, tutor of Academic painting (oil,

watercolors) and drawing in Riga International Education Management

Ghent, BelgiumBerlin, GermanyToronto, CanadaChechoslovac RepublicChelsea New YorkGeneva, SwitzerlandLas Angeles, United States Moscow, RussiaRiga, LatviaSt. Petersburg, RussiaVerona, ItalyRome, ItalyOmsk, RussiaLibramont, BelgiumNew York, United StatesMonte Carlo, MonacoMexicoUruguay, MongoliaChechoslovac RepublicIndiaMexicoFlorence, Italy

Exhibited in 24 countries

Data: 2 /25

Title „ The rape of Europe”

Artist Info -Tatyana Palchuk

Date Created -1997Medium -oil on canvasDimension -80x90Category -painting

P-Price (EUR) - 4300 uroe 57 7 USD1 $

Provenance - original (artists collection)

Exhibit History -

Germany 2008 “ Vinokurov “ Gallery - Latvia

Russia 1997 Hudoznika Dom Centralnij - “1997. Vini Rigas “ Gallery –

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Data: 5/ 25

Title " Sulamith”

Artist Info Tatyana Palchuk

Date Create :d 1998Mediu :m oil on canvasDimensio :n 68,5x78,5Categor :y painting

P-Price (EUR) - 3600 u osr e - $ USD4860

Provenance - original (artists collection)

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Data: 1 /25

Title " The Game”

Artist Info Tatyana Palchuk

Date Create :d 1999Mediu :m oil on canvasDimensio :n 90x100Categor :y painting

P-Price (EUR) - euros-0360

$ USD2483

Provenance - original (artists collection)

Exhibit History - Ventspils Varti”2014 “Juras House Teathre

CesisRiga

2013 Hall Exhibition Banka Rietumu 2013 Hall xhibitionE

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Data: 12 /25

Title " In painte 'r s studio”

Artist Info Tatyana Palchuk

Date Create :d 1999

oil on canvasDimensio :n 78,5x100Categor :y painting

P-Price (EUR) - 5000 eu osr $- 6711 USD

Provenance - original (artists collection)

Exhibit History -

2011 Librart Libramont, ,2009. Berlin “Vinogradov” Gallerie

2013.Latvia - Riga

2013. Hall Exhibition banka Rietumu

Hall ExhibitionCesis - Latvia

2014 House theatre

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Respublica,N185,11.10.2000

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Data: 6 /25

Title " Jazz”

Artist Info Tatyana Palchuk

Date Create :d 2000Mediu :m oil on canvasDimensio :n 100x110Categor :y painting

P-Price (EUR) - 3600 u osr $- e USD4832

Provenance - original (artists collection)

Exhibit History -

Latvia – CesisRiga

Latvia 2000 “Krasts” Gallery – Germany 2008. “Vinokurov” Gallery –

2013. Hall Exhibition Banka Rietumu 2013, Hall exhibition

Latvia – Ventspils 2014 “ Varti Juras “ House Theatre

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Why buy from GAN? You know the art is original. The artist's work and career path are assessed for wealth generating potential. We only showcase work from artists who meet the following; Have a track record of accomplishments; have an exceptional personal conduct; have produced a body of work which exemplify a high intrinsic standard; with the capacity to produce over time and a focus to reach a higher level of career achievement.

Valued-Add Career Management: We believe a strategic managed career will manifest into wealth for our artist and the purchaser of the artist's work. The future value is determined by artist movement in the art market. Our 'Career Architects' manage every aspect of the artist career path for the first two years with a focus on wealth development opportunities.

Valuation: We select every artist, based on career progression, rarity, sales,

geographical distribution and body of work. We contract with our them to help orchestrate a career path which lead to more premium position in the market. - Robert Currie CEO

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PurchasingWhether you're an experience buyer or making your first purchase, we think you'll find

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TUTELA CAPITAL Make the most of alternative assets 2014

1

© Copyright 2014 Tutela Capital SA Tutela Capital Sa, 4 Bvd Emile Jacqmain, 1000 Brussels, Belgium

Analysis of holding period for young artists since the 1980s

TUTELA CAPITAL Make the most of alternative assets 2014

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© Copyright 2014 Tutela Capital SA Tutela Capital Sa, 4 Bvd Emile Jacqmain, 1000 Brussels, Belgium

ABOUT the authors

Fabian Bocart, PhD - Quantitative Research Director Dr. Bocart is a specialist of econometrics of alternative assets and of statistics related to price indices in the art market in particular. He graduated from the Solvay Brussels School of Economics and Management with an MA in Business and from the Catholic University of Louvain with an MSc and a PhD in Statistics. Prior to cofounding TUTELA in 2011, he worked as front office trader in investment banking at BNP Paribas Fortis in Brussels. Alexandra Labeyrie - Art Historian Ms. Labeyrie is a specialist of contemporary art. She graduated from Warwick University with a Master in History and Art Management and Collections, from Hull University with a BA in International Business and from Bordeaux Ecole de Management with a Diplôme de l’Ecole Multinationale des Affaires. Prior to joining TUTELA in 2013, she worked as Client Liaison at Galerie Karsten Greve in Paris. Ohana N’Kulufa - Art Historian Ms. N’Kulufa is a specialist of contemporary arts in emerging markets. She graduated from ICART Paris with a MBA in Market and International Art Trade and from the Free University of Brussels with a Bachelor in History of Art and Archaeology. Prior to joining TUTELA in 2014, she was Sale Assistant at Galerie Perrotin in Paris.

ABOUT Tutela Capital

Tutela Capital delivers outstanding art advisory and investment services based on a combination of advanced and unique quantitative art valuation models and historical, academic and market research. Contact: TUTELA CAPITAL SA 4, Bvd Emile Jacqmain, 1000 Brussels, Belgium Tel: +32 2 450 94 70 fb@tutela.net info@tutelacapital.com www.tutela.net

TUTELA CAPITAL Make the most of alternative assets 2014

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© Copyright 2014 Tutela Capital SA Tutela Capital Sa, 4 Bvd Emile Jacqmain, 1000 Brussels, Belgium

Lately, attention has been given to art flipping in the media. The current study about the phenomenon is based on the artworks by artists whose works were bought and resold before their 40th birthday between 1985 and 2014. On average, it came out that artworks were kept by their owners for 5 years. Figure 1 shows the evolution of holding period of art between acquisition and resale at auction for artists who were younger than 40 years old at the time of the resale.

Figure 1. Average holding period before resale at auction for young artists who were aged 40 years old or less at the

time of the resale. Smoothing by cubic splines. Source: TUTELA CAPITAL SA

First, before 1990, a particularly fast rotation of the artworks is seen. It coincides with a

real bubble on the global art market, partly due to Japanese investors benefiting from an

optimistic economic growth and a strong currency.

Then, between 1990 and 1996, the market had a tendency to slow down, leading to

longer durations of rotations with artworks kept for more than 8 years sometimes.

The market starts up again from 1996 before stumbling on the global economic

uncertainty around the turn of the millennium. We suspect the 1997 financial Asian crisis,

the Ruble crisis of 1998, the dot-com bubble and the 9/11 tragedy to bear a part of

responsibility in this uncertainty. The low confidence level of collectors apparently led

them to patiently hold their collectibles.

Confidence in the art trade seems to grow again around 2002 up to the recent economic

and financial crisis initiated by the fall of Lehman Brothers. Indeed, the holding period

reaches a 20-year low suggesting a buoyant period for market in the year prior to the

recession.

From 2009 to 2011, there is a clear slow-down due to the financial crisis. It is observed in

the increasing duration of the years the artworks are kept for, as the owners did not

TUTELA CAPITAL Make the most of alternative assets 2014

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© Copyright 2014 Tutela Capital SA Tutela Capital Sa, 4 Bvd Emile Jacqmain, 1000 Brussels, Belgium

expect to sell well at auction during these difficult times.

There is a stabilisation observed between 2011 and 2012 which is quickly surpassed by a

new decrease in artworks rolling up to today. In 2014, artworks of young artists hitting the

market have been kept on average a record 8 years, close to 1995’s all-time average

high.

Several hypotheses may explain these variations in the past few years.

During the crisis period of 2009-2011, there was a short supply of new young artists in the

art market. The young artists of the time did not have the time to build their market at

auction as the crisis led to fewer sales and thus less exposure. The owners, who are

generally loss-adverse, kept the young artists acquired prior to the crisis in their

collection/portfolio. As a consequence, the pool of young artists was not renewed during

the crisis years because of lack of liquidity and poor market circumstances.

Therefore the perceived “art flipping” phenomenon may not be interpreted as such, but be

understood more as a compensation effect from the crisis period’s lack of renewal. The

short supply of young artists and the willingness of owners and need to renew art

portfolios after abnormally long holding periods may be seen as contributing to this form

of recent fast market activity. In fact, the perceived increased liquidity at auction

corresponds to rotation of stock held before the crisis in an environment of low supply

because of the crisis’ damages to supply’s renewal.

We may expect to observe new young artists within two years at auction, which would in

return lead to a decrease in the average holding periods and a return to normal.

Furthermore, with the development of access to information about the art market with the

Internet, owners have also had the opportunity and power to decide by themselves when

and where to best sell their artworks. They will still approach auction houses to resell,

however with more information about the expected price their artworks may fetch

according to the past results achieved.

Finally, the recent numerous articles and comments about art flipping may also be a

cause to the increase in the holding period: the more it has been talked about, the less

the phenomenon has been observed, with people not willing to contribute to it because of

the bad reputation associated.