Art Appraisal Lessons - MAYNARD ELLIOTT INC.

Maynard Elliott Inc. (USA)
Maynard Elliott Limited (Canada)

The Mission: Under The Wings of G_d and the Shadow of Amalek by Dubi Arie.
Oil on Canvas, 84" x 462"

This seven panel painting depicting over 4,000 years of Jewish History was recently appraised by Maynard Elliott Inc., for 3,600,000.00 dollars, making it one of the largest, single works of art to be donated to charity.

Appraisals 101

The object of obtaining an appraisal for insurance purposes is not only to be insured, but to be in a position to collect the full replacement value less your deductible in the event of a claim. Or even to obtain a replaced item of equal or under certain circumstances, greater value than the insurance claim.

There are all sorts of people who can give you an appraisal just as there are all sorts of insurance companies that insure various items. We have seen all sorts of appraisals, from a single piece of paper showing an appraised value, to "free verbal appraisals" or even "scholarly appraisals".

While all of these may give you an indication of value (which may or may not be correct), The Bottom Line lies within the actual collecting of the money rightfully due you in the event of a claim. This should be in a hassle-free, expeditious manner, even when replacing the item and to avoid any contentious or litigious claim because of loopholes.

Early work by Pablo Picasso. Mosaic measures approximately 2 1/2 feet high by 5 1/2 feet long. It consists in its entirety of half inch square, 24 karat gold tiles. Valued at 60 million dollars.

We have appraised many high end works of art, as well as many having values of only a few thousand dollars. We also write appraisals for both large and small collections and for both IRS and Revenue Canada tax purposes.

This is why we stress that anyone buying or selling art could have a conflict of interest. By simply appraising the works of art for future replacement, or for some other profitable reason, creates a loophole to your detriment. While this may not be intentional, it still opens the door for the insurance adjuster to reduce the amount of the claim by virtue of this suggestion, opinion or enhanced replacement value. Now it's up to you to prove otherwise, which is going to be very difficult and costly. It is now your opinion and the opinion of the seller (if you are still able to obtain it) against that of the claims adjuster and the insurance company. They also have the advantage at this point, because you have sustained the loss, and paid the premiums, but they still have the money to pay the claim. Remember, an insurance claims adjuster is highly qualified to settle insurance claims to greatly benefit the insurance company and not you. If there's a way to reduce the claim, they will take full advantage of it. Times have changed, and this is how it is in the REAL WORLD.

Our copy written appraisals eliminate this problem from even occurring. If it does happen, this type appraisal will make it easier to settle the claim quickly and efficiently, to everyone's satisfaction. Avoiding the costly delay of litigation is in the best interest of all involved. It may also allow your insurance agent and your insurance company to retain you as a client.

This Diptych painting by Steve Tracy of Ernest Hemingway in his boat the Pilar was appraised by Maynard Elliott Inc. for the owner who donated it to the Hemingway Foundation in Chicago, Ill.

The painting was created using oil based paint on gold foil to give an iridescent colour to the Marlin. The subject is an inspiration model taken from Hemingway's book, "The Old Man And The Sea."

SO YOU JUST BOUGHT A NEW WORK OF ART

If you are about to, or have just acquired a new work of art, you can ask your art dealer, or insurance broker to obtain an immediate appraisal for you. You can do this while you're in the gallery or insurance brokers office. If your art dealer or insurance broker does not have computer access to the Net, we can be contacted via phone, fax or leave the info on our secured voice mail. Upon receipt, it will be processed quickly and a temporary appraisal will be issued subject to the conditions outlined in the Immediate Appraisals On Line.

If you have or are just purchasing an original work of art - remember, there is only one original.