donor’s charitable contribution appraisal...

Abigail Hartmann AssociatesFine and Decorative Art Services

415 Central Park West, Fifth FloorNew York, New York 10025

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DONOR’S NAME 2013 CHARITABLE CONTRIBUTION APPRAISAL REPORT

DONEE’S NAME, LOCATION ARTIST’S NAME SCULPTURE PAGE 1 OF 21

APPRAISER’S CERTIFICATION

Abigail Hartmann Associates is a registered firm of appraisers qualified to appraisepersonal property including fine art and antiques. The appraiser signed below, Gayle M.Skluzacek, AAA, holds herself out to the public as a professional appraiser of Fine Art,including Contemporary Art as included in this appraisal document. Ms. Skluzacek is not nownor has she ever been disqualified by the IRS from preparing IRS appraisals.

The statements on these two pages are certified by the appraiser and her firm to be true tothe best of their knowledge and belief.

This appraisal is written in complete compliance with the 2014-2015 Uniform Standards ofProfessional Appraisal Practice, written by the Appraisal Standards Board of the AppraisalFoundation in Washington, D.C. The Appraisal Foundation is a congressionally sanctioned,not-for-profit organization, established in 1987 and dedicated to the advancement ofprofessional valuation for appraisers and users of appraisal services to ensure public trustin the work performed by appraisers.

This appraisal is considered to be a “current” Appraisal Report as the effective valuationdate, the research, and the issue date of the report transpired within approximately ten(10) months. Insignificant changes in the market for Artist’s work occurred during thisperiod.

The items were not examined by the appraiser as they were delivered to Donee Museum priorto the appraiser’s involvement. The appraiser is using photographs supplied by the artist,a statement from the client regarding the condition of the sculptures, and a list of itemsdonated with dimensions and brief descriptions. As such, the appraiser does not feel thatthe appraisal was compromised due to the lack of personal examination.

To the appraiser’s knowledge, she has not performed any services regarding the subjectproperty, as an appraiser, or in any other capacity, at any time.

Although the statements of fact contained in this report are true and correct, the reportedanalyses, opinions, and conclusions are limited only by the reported assumptions andlimiting conditions. The values expressed herein are based on the appraiser’s bestjudgement and opinion and are not representations or warranties that the item will realizethat value if offered for sale in an appropriate market within the United States.

The appraiser carefully examined information regarding the articles listed herein, andwithout any past, present, or contemplated future interest which might tend to prevent afair and unbiased appraisal, declares the current fair market value of the item. Valuationis based solely on personal research and analysis of comparative market data as performedby the appraiser and office assistants at Abigail Hartmann Associates.

Compensation for this appraisal is not contingent upon the arrived valuation. Fee is basedon an hourly rate plus expenses. No person, group, or organization was given a fee inconnection with the procurement of this appraisal assignment. (Continued on Page 2)

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APPRAISER’S CERTIFICATION(Continued from Page 1)

Further, compensation is not contingent upon the reporting of a predetermined value ordirection in value that favors the cause of the client / donor, the amount of the valueestimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

The objective of this report is to provide an unbiased fair market value guideline and abasis for charitable donation evaluation. The appraiser understands that this appraisalwill be used in connection with a tax return or claim for refund, and a substantial or grossvaluation misstatement resulting from this appraisal may subject the appraiser to a civilpenalty under Section 6695A of the Internal Revenue Code.

According to the client / donor named at the top of every page of this report, the articleslisted herein have been given free and clear, without restrictions, to the permanentcollection of Donee Museum, Art Town, USA, an IRS qualified non-profit charitableorganization, (See Exhibit 1).

The appraiser valued one (1) group of sculptures comprised of six (6) independent bronzesculptures as designated by client / donor for this recipient in 2013.

Photographs, when included, are for reference in the event of an audit by the InternalRevenue Service. The client / donor is responsible for obtaining additional photographs ifrequested by the Internal Revenue Service. Donee Museum is responsible for obtaining andfiling the appropriate IRS form 8282, if and when applicable.

Although these certification pages include salient information regarding the methodology ofthe report, additional information regarding the scope of work, assignment conditions, anddisclaimers are important to understand the entire appraisal process. As such, the entirereport is required to fully understand the assignment and these certification pagesencompass the entire report and are not valid without reading and understanding the entirereport.

Total pages of report: 21Total number of articles appraised: 1 (group; 6 independent sculptures)Total number of photographs: 10Examination date: DID NOT EXAMINEResearch dates: February 12 - March 23, 2014Contribution date (date of receipt and acceptance by Donee Museum): November 12, 2013Effective valuation date: November 12, 2013Issue date of report: March 24, 2014

Gayle M. Skluzacek, AAAAppraisers Association of America, Certified Member EIN #12-3456787

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GAYLE M. SKLUZACEK, AAAPrincipal Appraiser, Fine Art Specialist, and Review Appraiser

Appraisal experience: Paintings, works on paper, prints, posters, sculpture, photographs, art glass,art ceramics, architectural interiors, textiles, rugs, Americana, Japaneseprints, manuscripts, books, Judaica, Orientalia, tribal art, Pre-Columbian art,collectibles, artists’ estates, archives, antique furniture, porcelain, silver,general contents

Specialization: European art, 15th - 20th centuryAmerican art, 17th - 20th century (certified)Prints, 20th century, American (certified)Wine (certified)

Education: AQB Certified USPAP Instructor, Certified through March 16, 2016The Appraisal Foundation, Washington, D.C.

Uniform Standards of Professional Appraisal Practice (USPAP)Tested and Passed, May 1994, June 1999, June 2004, and May 2009Updated May 2011 and June 2013

Master of Arts Degree Program, Art History DepartmentUniversity of Chicago

Graduate Department of Architectural HistoryUniversity of Minnesota

Bachelors of Art, Art History DepartmentBarat College, Lake Forest, Illinois

Professional Affiliations:Appraisers Association of America (AAA), Certified MemberInternational Society of Appraisers, InstructorInternational Foundation for Art ResearchCooper-Hewitt Museum, New YorkMetropolitan Museum of Art, New YorkMuseum of Modern Art, New YorkNational Museum of Women in the Arts, Washington, D.C.Whitney Museum of American Art, New York

Ms. Skluzacek has worked/volunteered in curatorial, research, and public relations positions at theMinneapolis Institute of Fine Arts, the Chicago Art Institute, the Oriental Institute, and the CarnegieInstitute. In 1981, she became involved in art appraising where she has catalogued important collections,estates and archives, identified lost masterpieces, served as an art/personal property expert in courtcases, and has worked closely with major museums in their art acquisition programs. She has taught artand wine collecting/appraising courses for the NYC Board of Education and the NJ Center for the Arts. Since 1995 Ms. Skluzacek has been on the faculty of SUNY-FIT's Graduate School, teaching Valuation andAppraisal. She has been on the faculty of NYU's Appraisal Studies Department since 1992, where she teachescourses in appraising Fine Art and Wine and Research Methods for Appraising. Through NYU and the AAA, Ms.Skluzacek coauthored and taught the first course on Uniform Standards of Professional Appraisal Practice(USPAP) to personal property appraisers in the US. In 2001 she was invited by the Cuban government toteach a course on appraising in Havana. She has also worked with Florida State University to develop aninternational online accredited course for appraisers. Ms. Skluzacek served on the Board of Directors ofthe AAA from 1992-2011 where she was elected as an officer 1994-2002 and served as President, 2000-2002. She is listed in Who's Who of American Women, Who's Who of Emerging Leaders in America, and Who's Who inSociety.

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TABLE OF CONTENTS

Appraiser’s Certification Pages 1 - 2Appraiser’s Qualifications Page 3Gayle M. Skluzacek, AAA

Table of Contents

Scope of Work: Appraisal Method and Definition of Value Pages 5 - 9

Explanation of Authorship and Attribution Page 10

Glossary of Terms Applicable to this Report Pages 11

Statements, Indemnification, and Disclaimers Pages 12 - 14

Market Analysis Page 15

Total Value Page 16

Donated ItemsArticle 1 - DONATED WORKS Artist Pages 17 - 18

Biography: Artist Page 19

Comparable Sales Page 20

Sources, References Books and Price Guides Page 21Galleries, Experts, Auctions, Internet Sites Page 21

Exhibit 1 - Letter from Donee Museum to Donor acknowledging the acceptance of the donation on November 12, 2013 Follows report

Exhibit 2 - Mission and Vision: Donee Museum, Art Town, USA Follows report

Photographic images Follows report

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SCOPE OF WORK: APPRAISAL METHOD AND DEFINITION OF VALUE

PROBLEM TO SOLVE: The appraiser was asked to appraise one (1) installation work comprisingof six (6) individual works which has been donated to Donee Museum, Art Town, USA. Theclient / donor requires this appraisal as he will be taking a deduction on his 2013Federal Income Taxes based on the appraised value of the contribution. This appraisalwill be sent to the client / donor. The client / donor will be advised to send a copy ofthis appraisal to Donee Museum and to keep a copy of the report with their taxes forsubmission upon request.

CATEGORY OF ITEMS EXAMINED: Contemporary 21st century art.

CLIENT: The owner / donor of the work, Donor.

OWNER/DONOR OF THE ARTWORK: The client, Donor

USE OF APPRAISAL: Charitable Contribution / Taxation.

USER(S) OF APPRAISAL: This appraisal can be used and relied upon by the client/donor, hisdesignated attorney and / or accountant, Donee Museum, and the Internal Revenue Service. Any other user is considered an unintended user.

EFFECTIVE DATE OF APPRAISAL: The value expressed in this appraisal is effective on the dateof the Deed of Gift from Donee Museum acknowledging the donation. November 12, 2013,(Exhibit 1).

TAX YEAR: 2013

RELATED USE: This donation has been made to Donee Museum, Art Town, USA, Donee Museum’smission “is to provide -------------------------------------------------------------------------------------------------------------- in the arts----------------------------------------------------------------------------------------------.” (Exhibit 2). The Artist’ssculptures, collectively titled DONATED WORK, coincides with the University’s mission andwill serve to -------------------------------.

OWNERSHIP INTEREST / ART LOSS REGISTER: The question of title was not an issue as the works wereacquired directly from the artist and are pictured on the artist’s website. As such, theappraiser did not perform an Art Loss Registry Inquiry.

AUTHENTICITY: Although the appraiser is not an authenticator, the appraiser had no reasonto doubt the authenticity of the work.

(Continued on Page 6)

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SCOPE OF WORK: APPRAISAL METHOD AND DEFINITION OF VALUE(Continued from Page 5)

APPRAISER’S PAST EXPOSURE TO APPRAISED OBJECTS: The appraiser has not performed any servicesregarding the subject property, as an appraiser, or in any other capacity, at any time.

GENERAL ASSIGNMENT CONDITIONS: The appraiser did not examine the work. The appraisal isbased on information provided by the client, the artist, and Donee Museum. The appraiserwas not provided photographs, they were taken from the Artist’s website, however,descriptive information, and a condition statement were provided.

The appraiser was given adequate time to research the items. The appraiser was notprovided with any primary documentation for this article.

SPECIFIC ASSIGNMENT CONDITIONS (ASSUMPTIONS): The following assumption was taken by the appraiseras fact. If this assumption is found to be untrue, the appraisers’ opinions and analysis,including the value, will not be affected.

The appraiser assumes the mediums to be as reported.

SPECIFIC ASSIGNMENT CONDITIONS (EXTRAORDINARY ASSUMPTIONS): The following ExtraordinaryAssumptions were taken by the appraiser as facts. If these Extraordinary Assumptions arefound to be untrue, the appraisers’ opinions and analysis, including the opinions ofvalue, may be affected.

The appraiser assumes any information provided by the client/owner, the artist, and/orDonee Museum, written or verbal, to be accurate and correct.

The appraiser assumes the work included in this appraisal report was the artworkdonated to Donee Museum.

The appraiser assumes that the condition of these items are good, as apparent in thephotographs.

The appraiser assumes authorship to be authentic, including signatures and markings.

The appraiser assumes these works were originally acquired in an appropriate marketwithout any unusual market stimuli affecting its sale or transaction.

The appraiser assumes the client retained full title to the works for a minimal periodof 366 days prior to the gift.


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SPECIFIC ASSIGNMENT CONDITIONS (LIMITING CONDITIONS): The following Limiting Conditions exist inthis assignment. These conditions limited the examination, research, and / or writing ofthe appraisal report. Some are also considered to be Extraordinary Assumptions and werealso taken by the appraisers as facts. If these Limitations and Extraordinary Assumptionsare found to be untrue, the appraisers’ opinions, including the opinions of value, may beaffected.

Since the appraiser did not examine these works or obtain the factual informationregarding these works, she is relying on the information provided by the client and /or Donee Museum, as such, this report is limited to such information as provided by theclient/donee (This is also considered an Extraordinary Assumption).

The appraiser is not a conservator; as such, did not prepare a condition report. Thisreport is limited by the appraiser’s visual inspection of the photographs. No othercondition report was supplied (See General Condition of Item) (This is also consideredan Extraordinary Assumption).

SPECIFIC ASSIGNMENT CONDITIONS (HYPOTHETICAL CONDITIONS): No Hypothetical Conditions exist.

METHOD OF EXAMINATION: The appraiser did not examine the works because they were in winterstorage during the time of the appraisal. She examined photographs and documentation assupplied by the client, Donee Museum, and the artist.

The appraiser was able to ascertain medium, style, and quality of work from thereferencing photographs, supporting documentation, and personal research. As such, shedoes not feel the report is compromised due to the lack of a personal examination.

PHOTOGRAPHY/DIGITAL IMAGES: Six (6) photographs were acquired through Artist’s website1. To the appraiser’s knowledge, no modifications or alterations have been made to thephotographs except sizing.

The client is responsible for obtaining additional photographs if requested by the IRS.

METHOD OF RESEARCH: Research was conducted in the offices of Abigail Hartmann Associates. The offices are equipped with an extensive library of more than 10,000 research books andauction catalogues. Additional research was conducted on the Internet using standardsearch engines as well as pricing databases to which Abigail Hartmann subscribes(including ArtNet, ArtFact, ArtPrice, AskArt, P4a, and Artinfo). Appropriate galleriesand auction houses were contacted for information when necessary. The artist was alsocontacted. No outside library or museum research was conducted for this specificappraisal. Specific sources and Internet sites are listed at the end of the report.(Continued on Page 8)

1http: //www.artist’s.com

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This report is considered to be a “current” Appraisal Report according to the rules of the2014-2015 USPAP (Uniform Standard of Professional Appraisal Practice). Specificcomparables not included in this report are held in the client’s / donor’s files atAbigail Hartmann Associates. Specific comparable retail sales history is confidentialaccording to the Gramm, Leach, Bliley Act2 and cannot be disclosed without the owner’spermission. However, the appraiser has noted general conversations in the client’s filein the offices of Abigail Hartmann Associates. The client file is available for theclient, the client’s representatives, and/or the IRS (with the client’s permission) toexamine upon request. This information will be kept by Abigail Hartmann for a minimalperiod of five (5) years after the date of issue or two (2) years after final dispositionof any judicial proceedings involving the appraiser, whichever period expires last.

APPROACH TO VALUE: The appraiser named on the Cover Page and the Certification Pages of thisdocument has employed the "market comparison" approach to arrive at the appraised "fairvalue." The "income" and “cost” approaches were not applicable to this particularappraisal.

DEFINITION OF MARKET DATA/COMPARABLE DATA/MARKET COMPARISON APPROACH: The "market comparison"approach is defined as the valuation method used to determine the price which one wouldpay for another work of equal value by the same artist, craftsman or manufacturer or onewhose reputation is considered to be on the same level.

MARKET EXAMINED: The "market comparison" approach analyzes recent sales of comparablearticles at appropriate major international and regional fine art auctions, private andpublic sales, shows and exhibitions, as well as prevailing prices at retail shops andgalleries where the article may normally be traded. For this particular appraisal, theappraiser primarily examined the American art gallery and art show market as they werethe most appropriate markets. The artist does not sell his work at auction and is thusdeemed to be inappropriate market. Adjustments are then made for each article whichconsider age, condition, rarity, artistic merit, technical workmanship, current trendsand availability of an article as compared to such recent sales.

TYPE OF VALUE USED: Fair Market Value.


2

The Gramm-Leach-Bliley Act, passed in 1999 and fully effective in July, 2001, addressed overall financial industry reforms as well as emergingconsumer privacy and security issues. Officially called the “Financial Modernization Act of 1999”, it affects the technology and information systempolicies used by anyone engaged in providing financial services either directly or indirectly to consumers. Appraisers are specifically named asinstitutions required to follow the stipulations of the law.

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DEFINITION OF VALUE: Appraised “fair market value” as defined by IRS Section 1.170 and20.2031 (b) is "the price at which the property would change hands between a willingbuyer and a willing seller, neither being under any compulsion to buy or to sell and bothhaving reasonable knowledge of relevant facts." (According to Technical AdvisoryMemorandum 9235005 [May 27, 1992], fair market value should include the buyer's premium.) 20.2031 (b) continues "the fair market value of an item of property includible in thedecedent’s gross estate is not to be determined by a forced sale price. Nor is the fairmarket value of an item of property to be determined by the sale price of that item ina market other than that in which such item is commonly sold to the public, taking intoaccount the location of the item wherever appropriate. Thus, in the case of an item ofproperty includible in the decedent's gross estate, which is generally obtained by thepublic in the retail market, the fair market value of such an item of property is theprice at which the item or a comparable item would be sold at retail." (TreasuryRegulation Section 1.170A-13(c)(3)(1988)

SOURCE FOR VALUE DEFINITION: IRS Section 1.170 and 20.2031 (b) and Treasury RegulationSection 1.170A-13(c)(3)(1988)

USPAP COMPLIANCY: The report was written by Gayle M. Skluzacek, AAA whose USPAPqualification with the AAA is valid through June 2015.

This appraisal report follows the guidelines of USPAP in that the report provides all ofthe necessary information/analysis to satisfy the “current” report developmentrequirements as defined in Standard 7 (Personal Property, Development) and the writingrequirements of an Appraisal Report as defined in Standard 8 (Personal Property,Reporting).

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EXPLANATION OF AUTHORSHIP AND ATTRIBUTION

AUTHORSHIP GLOSSARY

Title - If a generally accepted title for the work exists, thattitle is given. If the work is untitled or the title is unknown, adescriptive title may be assigned and is indicated with an asterisk(*).

When provenance is unknown and a search of reliable sources fails torender information concerning a particular artist or work involved,a value determination is based on artistic merit and marketconditions.

For this particular appraisal, the appraiser had no question ofclear title as the work was executed by the client’s brother and theappraiser was provided with an invoice from the artist.

Authorship - When a work is unsigned but generally accepted in thescholarly community to be by a particular artist, that artist's namewill be indicated as "Ascribed to...". This is the highest categoryof authenticity.

When a question of doubt concerning authorship prevails, theauthorship will be indicated as "Attributed to..." a particularartist or a school.

When a signature exists on a work, but the work does not appear tobe by the hand of such signed artists, the appraiser will indicatethat the work "Bears signature of...". This means that theappraiser does not believe the work to be by the "signed" artist.

The appraiser does not question the authenticity of the worksincluded in the appraisal.

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GLOSSARY OF TERMS APPLICABLE TO THIS REPORT

abstraction - a style of art which makes no direct, immediate discerniblereference to recognizable objects. In abstract art, the formal arrangement ofcolors and forms is independent of, and more important than, the subject matter.

asking - the price that is listed on the galleries’ website, at exhibitions, ortheir quoted price less any discounts

image size - the dimensions (in inches) of the actual image of the artwork. Mostpaper editions have a white border around the image. The sheet size has beenmeasured in this report, rather than the image size.

reported size - the dimensions (in inches) of the work as reported by an entity other than the appraiser. The appraiser does not taken responsibility for theaccuracy of this information.

TAM - Technical Advice Memorandum (IRS).

work size (sight) - the dimensions (in inches) of the visible size of the artworkwhich appears to the viewer. Work size (sight) does not include the materialunder the matte and/or frame. The sheet size has been measured in this report,rather than the work size (sight).

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STATEMENTS, INDEMNIFICATION, AND DISCLAIMERS

This certificate of appraisal is given, subject to the terms and conditionshereinafter set forth, all of which are a part hereof unless expressly set asidein this report (Certification Pages and Scope of Work) or by writing attached tothe certificate signed by all parties concerned.

This appraisal consists of 21 (plus two [2] exhibit) pages and must be presentedin its entirety to be valid.

This appraisal is prepared solely for charitable contribution purposes usingthe comparative market approach to arrive at the fair market value as ofNovember 12, 2013 . It is to be used solely by Donor and his agents(accountants, attorneys, University personnel) for income tax purposes. Thisreport can be relied upon by the Internal Revenue Service and Donee Museum .

The client/donor shall indemnify, defend, and hold us harmless from and againstall actions, claims, liabilities or expenses incurred as a result of claims basedon or arising from the appraisal, by third parties unrelated to the immediatepurpose of this appraisal.

Unless otherwise stated herein, this certificate is based only on the readilyapparent identity of the item appraised, and no further opinion nor guarantee ofauthenticity, genuineness, attribution, or authorship is made. However, inappraising the subject article, the appraiser found no reason to question theauthenticity of the article, unless as indicated in the individual description.

Some descriptive information pertaining to the works was supplied by theclient/donor through standard reference material and/or the Internet. Noreported scientific and/or laboratory testing has been performed on the work.

Unless otherwise stated herein, the appraised value is based on the wholeownership and possessory interest undiminished by any liens, fractional interestsor any other form of encumbrance or alienation.

This certificate is made at the request of the party named for his use. It isnot an indication or certificate of title ownership. The identification of theinterest of the requesting party is simply that represented to the appraiser bysuch party and no inquiry or investigation has been made nor is any opinion givenas to the truth of such representation.


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STATEMENTS, INDEMNIFICATION, AND DISCLAIMERS(Continued from Page 12)

The values expressed herein are based on the appraiser’s best judgement andopinion and are not representations or warranties that the items will realizesuch value if offered for sale at an auction or otherwise. The values expressedare based on current information on the effective valuation date of this report,November 12, 2013. No opinion is hereby expressed as to any future value, or,unless otherwise stated, as to any past value.

The appraiser has considered the highest and best use of the appraised articleswith respect to the most appropriate, common, and legal marketplace given thepurpose of the appraisal.

The appraiser has no past interest, no present interest, nor any contemplatedfuture financial interest in the appraised property. The appraiser has nopersonal interest or bias with respect to the parties involved. This appraisalwas done objectively, according to the rules of the IRS (in the PensionProtection Act of 2006 H.R. 4, Public Law 109-280), and in accordance with the2014-2015 Uniform Standards of Professional Appraisal Practice and the Elementsof the Elements of a Correctly Prepared Appraisal as required by the Appraisers’sAssociation of America. Further, the appraiser has no other interest which mighttend to prevent making a fair and unbiased appraisal.

This appraisal was researched and prepared by the appraisers named on the coverpage of this report. Primary research was done by Gayle M. Skluzacek at AbigailHartmann Associates. Supplemental research was supplied by office assistants atAbigail Hartmann Associates, particularly ----- ------ and ----- ------. Noother person supplied significant assistance in preparation of this report.

Consulting sources are listed in the back of the report. Information furnishedby consulting sources is assumed to be reliable, but is not guaranteed by thisappraiser or her firm.

The client/donor provided the appraiser with verbal and written informationregarding provenance of the articles listed herein. The appraiser is notresponsible for the accuracy of this information.

The appraiser is not required to give testimony, be present in any court of law,or appear before any commission or board by reason of this appraisal, unlessprior arrangements have been made with the appraiser. Should this report bechallenged in anyway, not limited to litigation, it is understood that theappraiser is prepared to defend their appraisal, if required. Courtroom


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STATEMENTS, INDEMNIFICATION, AND DISCLAIMERS(Continued from Page 13)

testimony, mediation proceedings, and the necessary preparation are consideredto be separate assignments and will be billed at our normal hourly rate plusexpenses as required.

Possession of this report, or copy thereof, does not include the right ofpublication without the written consent of the appraiser and her firm. Thisreport in its entirety, or any part thereof, including the identity of theappraiser or her firm, shall not be made public through advertising, publicrelations, news releases, sales, or other distributive or information mediawithout the written consent of the appraiser and her firm.

Copies of this appraisal and notes pertaining to the appraisal, written andelectronic, will be kept in the offices of Abigail Hartmann Associates for aminimal period of five (5) years after the date of issue or two (2) years afterfinal disposition of any judicial proceedings involving the appraiser, whicheverperiod expires last. Abigail Hartmann Associates will make every effort to storeclient records in a safe and secure environment. However the firm is notresponsible for acts of war, terrorism, or other such unexpected catastropheswhich may affect the safekeeping of this report.

All matters treating the duties, responsibilities, and liabilities of theappraiser are in accord with the Valuation Standards and Professional Practicesas outlined by the Appraisal Foundation in the 2014-2015 Uniform Standards ofProfessional Appraisal Practice and the Principles of Practice and the Code ofEthics of the Appraisers Association of America.

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MARKET ANALYSIS

Recent published auction sales and available gallery sales are listed in the reportwithin the descriptions of the individual item. These listings serve tosubstantiate the final appraised value as well as indicate market preferences andlevels. Copies of these sales as well as a copy of this report are kept on file inthe offices of Abigail Hartmann Associates for a period of five years or two yearsafter any judicial proceedings in accordance with the standards set forth in the2014-2015 version of Uniform Standard of Professional Appraisal Practice (RecordKeeping, Page U-10).

Given that the art and antique markets are always volatile markets, an overallmarket valuation forecast cannot be established.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------.

---------------------------------------------------------------------------------------------------------.

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TOTAL VALUE

DONATED WORKCollectively numbered I - IVCommissioned in 2011, Artist

$ ---------

FAIR MARKET VALUE OF DONATION $ --,----.--

GRAND TOTAL $ --,---.--

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DONATED ARTICLE

ArticleNumber

AppraisedValue

Description

1. $ 89,000.00Group

Title: DONATED WORK (I- VI)

Artist: Artist (American, born 19--)

Description: A collection of six (6) independent bronze sculptures,each depicting -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Medium: Patinated bronze

Edition: Unique

Date: 2011

Comprising: Work I: A --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Reported work size: -1 x 3- x 1-- inchesPhoto 1

Work II: A : A --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


Work III: A : A --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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DONATED ARTICLE

ArticleNumber

AppraisedValue

Description

(Continued from Page 17)

Comprising: Work IV: --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


Work V: A --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


Work VI: A --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


Provenance: Commissioned, 2011.

Reported condition: Good.

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Artist(American, born 19--)

Artist is a sculptor, author, violinist------------------------- who was bornin----. His father was the artist ----- Artist and his mother was -----. Artist graduated from the ------------------------------------ in 1970.

Artist grew up in the art community, surrounded by artists, authors andeditors. ------------------------------------------------------------------------------------------------------------------------------------------------------------.

Early work -------------------------------------------------------

(

Later Work----------------------------------------------------------

The donated work is a product of------------------

His work is collected by the following museums--------. He ispresently represented by -----------Gallery.

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COMPARABLE SALES

Since most of Artist work tends to be ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------.

--------- Gallery who represented Artist since the late 1990s, said they no longer representhim. They stated that Artist has slowed his production and is rarelyworking. They did state that his work sold for about $--,000----,000depending on the size and intricacy of the composition.

When contacting Artist, ------------------------------------------------------------------------------------------------------------------------------- He provided the following details of a 2012 sale to ---------- forapproximately $--,000 retail (pictured at left).

His quote of $--,000 is inline with what ------ Gallery had indicated. As such, the appraiser is using these sales and the Gallery informationto establish a basis for her valuations. Hence:

Work I Dims $--,000.00

Work II Dims $--,-00.00

Work III Dims $--,000.00

Work IV Dims $--,-00.00

Work V Dims $--,000.00

Work IV Dims $--,-00.00

$ --,000.00

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SOURCES

THE FOLLOWING REFERENCE BOOKS AND PRICE GUIDES WERE CONSULTED:

_____. Auction catalogues, 2000-2014.

_____. Annual Guide to Galleries, Museums, Artists. New York: Art in America, 1998- 2013.

_____. Uniform Standards of Professional Appraisal Practice and Advisory Opinions. 2014-2015 Edition. Washington, D.C.: Appraisal Standards Board, 2013.

THE FOLLOWING GALLERIES, EXPERTS, AND AUCTION HOUSES

WERE SPECIFICALLY CONSULTED:

Artist, Long Island, New York--------- Gallery, New York

THE FOLLOWING INTERNET SITES WERE SPECIFICALLY CONSULTED:

www.artfact.comwww.artnet.comwww.askart.comwww.Artist.bizwww.amazon.comwww.MUSEUM.edu

___________________________________________________________________________________© 2014, Abigail Hartmann Associates. All Rights Reserved. None of the contents of this appraisal report may be reproduced, stored in a retrievalsystem or transmitted in any form or by any mean (electronic, mechanic, photocopying, recording or otherwise) without the prior written permission

of Abigail Hartmann Associates and the appraisers' signature.

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http://www.artnet.com



http://www.artprice.com

http://www.askart.com

http://www.gillespieart.com

http://www.radford.edu

http://www.davidsaunders.biz

http://www.springfieldart.museum

http://www.davidsaunders.biz

http://www.amazon.com

http://www.adelphi.edu

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