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Sample Appraisal

This is only an example of an appraisal for a work of art and not necessarily an exact copy of an appraisal you might receive. All our appraisals are researched, written and prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). As no two works of are exactly the same, all our appraisals are designed to fit the specific need.



REPLACEMENT VALUE: APPRAISAL/VALUATION OF NEW, ORIGINAL, CONTEMPORARY PAINTING(S) AND/OR NEW, LIMITED EDITION, NUMBERED PRINTS BY VARIOUS ARTIST(S), AS STATED WITHIN THE ATTACHMENT(S) BEING THE PROPERTY OF:


--------------- Your Name Goes Here ---------------



Based upon the information submitted; a certified copy of the bill of sale, and a photograph of the item being appraised, Maynard Elliott Inc. hereby appraises and/or values the item(s) described within the attachment page(s) to this Master Appraisal/Valuation. Research was performed, where and when applicable, and the following appraisal(s)/valuation(s) (unless otherwise stated) are solely the opinions of Maynard Elliott Inc.



CONDITIONS OF VALUATION

While the appraiser has endeavored to list and describe correctly, based upon the information supplied, a guarantee is not made to the correctness of the listings, or other descriptions of physical condition, size, importance, authenticity, attribution, provenance, exhibitors, literature, historical relevance, and no statement made within this appraisal/valuation shall be deemed such a warranty.

The replacement appraisal/valuation, and (if applicable) restoration costs shown, are solely the opinion(s) of Maynard Elliott Inc., as of: _________________ 1998 and are based upon the replacement value for the item(s) described on the attached addendum page(s), at the highest realistic price from a major art gallery, organization, or individual, located within a major United States or Canadian center, to that of a similar and like subject, with similar and like medium, similar and like mannerism, similar and like ability of execution, in a pristine like condition, and the item(s) being of a similar and like size, and approximate age for valuation purposes.

If a painting were lost in a fire, the time and costs for you to find another "acceptable" work by the "same" artist would take a long time, if at all even possible. Then you must have it inspected, crated, shipped, etc. All these costs are hard to estimate as there are many variables like currency exchange, conservation, telephone calls, and so on up until the time you replace the work in your home. The time and costs associated in locating the item have not been taken into consideration for an appraisal/valuation, or replacement purposes.

This means that we are only appraising the actual work of art. We are not including within the appraised values any costs or necessary time incurred to find another work of art by the same artist.

The Restoration costs (if applicable), are those services performed by a conservationist with a degree in fine art from a major European University. This conservationist has worked for a major European museum, and has worked for Maynard Elliott from time to time over many years.

All comments, opinions, and conclusions are discussed and elaborated upon within the body and context of this appraisal/valuation, to the extent felt necessary in support of the final estimate of value(s). However, no guarantee is made, as to any exact replacement actually obtainable, as the item(s) so appraised are considered to be original, or in the case of a print(s), that of a specific number(s) of a new, limited numbered edition, unless otherwise specifically stated. Therefore, the replacement values of the item(s) deemed as being either a new, original, contemporary work of art, or a new, contemporary, particularly and specifically numbered print, consisting as one of a series of a limited, numbered edition of prints, and deemed possible to replace within the reasonable stated value(s).

Specific attention should be given to the assumptions and limiting conditions contained herein; which form an integral part of this appraisal/valuation.

This appraisal/valuation is limited to our opinion(s) of value(s). There is no warranty applied or intended as to the actual placement of insurance coverage, the amount of an insurance claim settlement, or of the actual values being realized at auction, or by sale, however made, as we are not an insurance agent or broker, insurance company, auction gallery, or an art dealer etc.

We have taken into consideration that, if described below, and in our considered opinion, deemed necessary, that one or more of the works could be restored. However, it is also noted, that in our considered opinion, that with much of the restoration within the area of fine art that would be involved, could entail removing the canvas from the stretcher, or board, relining, which would instantly be detectable to the touch, and/or by viewing verso. Also, that by filling any cracks or chips, and over painting, would instantly he detectable under ultra violet light and/or other methods of detection. In other instances, such as a new stretcher, it would instantly be detectable on sight. As a result, it is our considered opinion, that conservation, and/or the restoration in many instances, unless otherwise stated, should not be considered unless it is absolutely necessary, as the cost thereof, could exceed the value of the item(s), and/or the cost thereof, combined with the depreciated value could also exceed the value of the item(s). Therefore, any restoration and/or conservation should only be considered on an individual basis within direct relation to the actual conservation, and/or restoration required. Further, that restored works are often severely discounted by the industry in general when sold. Restored works could also be considered as fakes. Therefore, the restoration costs if shown, are those of the simplest nature that could be performed in such a manner in order not to depreciate the value of the item(s), unless it is necessary to state otherwise.

Consequently, the replacement of the item(s) within the manner discussed in these instances, would be recommended. It should be noted, that with any conservation and/or restoration performed, perhaps other than with cleaning, re-varnishing, and perhaps some very minor repairs, that any conserved and/or restored item(s) would never be completely original.

It is our considered opinion, unless otherwise stated, that the item(s) examined, is/are/were of an original nature in the first instance, and the lesser cost of restoration, is only conditionally outlined, or that the replacement outlined has been taken into consideration within the writing of this appraisal/valuation.




CERTIFICATION

The appraiser hereby certifies that the Company, or the valuator, has no present interest, or contemplated interest, in any of the item(s) contained within this appraisal/valuation, and/or conservation/restoration pertaining thereto, of any kind whatsoever.




COMPENSATION

The compensation for services rendered within this appraisal/valuation do not include compensation for court preparation, court appearance, transportation, meals, accommodation, or any other expenses pertaining thereto, which must be negotiated separately. However, neither this, or any other limiting conditions is an attempt to limit the use that might be made of this appraisal/valuation; should it properly become evidence in a judicial proceeding. In such a case, it is hereby acknowledged, that it is the judicial body which will decide the use of this appraisal/valuation, which best serves the administration of justice.




COPYRIGHT

This Master Appraisal/Valuation, plus accompanying addendum pages for individual appraisal(s)/valuation(s), is considered to be copy written, and consists of three (3) certified original copies, containing approximately twelve (12) pages, plus one description addendum page for each item being appraised, and a photograph for each item being appraised. Contained within the Supporting Documentation Section, are graphs and charts, photocopies database print outs and other researched material. All addendum pages plus any available, and/or researched provenance pages are attached to the addendum pages, and form part of the Master Appraisal Valuation. Further copies of any nature, means, or method of any kind, mechanical, retrieval, or otherwise, may not be made without the prior written approval of Maynard Elliott Inc., and/or Maynard Elliott Limited, nor may this appraisal/valuation be used without exception, for any purpose or purposes, other than to which, and to whom it is intended, as particularly specified below, and so written. ©

This appraisal/valuation and/or report may be used by: _________ Your name goes here _______ for the sole, specific purpose being; the replacement value(s) of the item(s) contained within the attachments without further compensation being paid to Maynard Elliott Inc., and/or Maynard Elliott Limited.





NUMBERING SYSTEM

The item(s) shown on the addendum page(s) are numbered in chronological order within the application(s) for the appraisal/valuation and are in direct relation to the bill of sale and the photograph submitted.





DEFINITIONS

For Oriental items, a "CHOP" (signature of the valuator) is in Mandarin Chinese, and shall be added to the written signature of the valuator for authoritative purposes only. This is not considered an endorsement or authentication of the artist's work(s).

THIS APPRAISAL/VALUATION IS CONSIDERED A "MASTER APPRAISAL/VALUATION" FOR ALL OF THE ATTACHED APPRAISAL(S)/VALUATION(S) AS WRITTEN THIS DATE, OR TO BE WRITTEN HEREINAFTER THIS DATE FOR THE PERSON(S) AND PURPOSE SO NAMED WITHIN THIS APPRAISAL/VALUATION. AS SUCH, ALL ATTACHED ADDENDUM PAGES FOR APPRAISAL(S)/VALUATION(S) FORM PART OF, AND ARE SUBJECT TO, ALL OF THE CONDITIONS AND STATEMENTS AS CONTAINED WITHIN THIS "MASTER APPRAISAL/VALUATION", AND ARE ALSO COPY WRITTEN. © ____________ E. & O.E.

Signed this           day of                           200-

MAYNARD ELLIOTT INC.

Dr. J. Darragh M. Elliott
President.



Attachment(s)
C/S

The Format Of Our Appraisals Has Been Adjusted So
As To Conform With The UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP).



ADDENDUM ATTACHMENT PAGE

Attached to and forming part of the appraisal/valuation for:

Date of This Appraisal/valuation:

Number: 1.

Artist:

Size:

Signed:

Title:

Medium:

Subject:

Remarks:

Current Replacement Value:
(Appraised values are provided in either US dollars, Euro dollars or, Canadian dollars.)



Appraisals are written for many different purposes. Some of these values are distress values, wholesale values, fair market values, retail values and replacement values. Each value is a different value.

Some of the reasons that an appraisal has been written are for the purposes of a distress sale, for tax purposes of one kind or another, for retail or replacement purposes. The reason for which the appraisal has been written, dictates the type of stated appraised value, and therefore, values would differ for the same work of art in accordance with the purpose of the appraisal.

We write appraisals for clients from all over the world. Therefore no matter where you live, we can provide an appraisal that falls within our areas of expertise.

MAYNARD ELLIOTT INC.



J. Darragh M. Elliott M.Sc., Ph.D.
President


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