Unreliable assessment as a pretext for litigation
ARTinvestment.RU   27 августа 2010

More recently, collectors are increasingly judged with art dealers because of "unfair" evaluation of art

recently Western collectors are increasingly judged with art dealers because of "unfair" evaluation of art objects. Why can not blindly trust an art dealer in the evaluation of his work? This question is Daniel Grant on the pages of The Wall Street Journal . The essence of the actual trials in the U.S., which relies on the author, it makes sense to tell.

sellers always confident that their product can be assessed more. When it appears that the work pushed to the dealer for one price, then resold them much more expensive, the former owner shall submit to the court. The subject of the claim - wrong assessment. How do I claim foreign lawyers in the field of culture and art, the court required proof "that one party to the transaction intentionally misled the other».

In 2008, the heir to Loretta Canadian assets Jolles Shefner (Lorette Jolles Shefner) filed in the District Court of New York claim to the two experts on the French artist Chaim Chaim Soutine (Chaim Soutine) and the National Art Gallery in Washington. Appraisers Maurice Tahmena (Maurice Tuchman) and Esti Dunow (Esti Dunow) accused of disinformation Loretta Shefner who has sold his 2004 painting Soutine "A piece of beef" (1923) for $ 1 million. A few months later, these same dealers resold the canvas National Gallery of Art in Washington for $ 2 million. According to plaintiff, dealers specifically named the owner of examples of paintings by Soutine, who went under the hammer for amounts less than half a million dollars. And more specifically drew her attention to the fact that at the last auction, many of Soutine generally left without buyers. At this Tahmen and have been told that they are experts in authentication, but not about its products and data supplied by the seller of the painting Loretta Shefner, at the time of the transaction were correct. The court sold the National Gallery in Washington now heir was already late Loretta Shefner, but dealers have paid him 210,000 dollars, and without admitting guilt.

similar lawsuit was filed against the art collector dealer from Philadelphia. According to the prosecutor, the dealer "forced" the owner to sell him in 2003 a collection of photographs of Diana Arbus (Diane Arbus) for 3,5 thousand dollars, but six years later, in 2009, the collection was exhibited at the Phillips de Pury auction with a estimeytom several hundred thousand dollars. As a result, the auction house had to withdraw these lots from the auction. The case was decided without a trial, but the official dealer did not admit his guilt.

In 2008, the Supreme Court of New York contacted representatives of the monastic Union, Daughters of St. Mary of the Round Top ( New York). They are charged with premeditated collusion of local appraiser of art and art dealer from Santa Fe, bought them the painting "Virgin of the Angels by William Adolphe Bouguereau (William Adolphe Bouguereau) for 450 thousand dollars and resell it for $ 2 million to another dealer. The case is still pending before a court.

Sometimes victory is on the dealer. Korean Nachun Syn (Najung Seung) bought from a New York dealer Mary Daynaburg (Mary Dinaburg) for 290 thousand dollars painting by Julian Schnabel (Julian Schnabel). Initially, the dealer now valued at 500 thousand. Even after buying Nachun Syn found that painting is worth only 110 thousand. The Supreme Court of New York has not recognized dealer Daynaburg guilty, because it is not an expert on creativity Schnabel and, accordingly, its overestimation was not intentional. In addition, their client could order from Korea and its own expertise, which she did, "blind trust" is not considered a specialist on modern art Daynaburg.

important when considering the matter is that those who designated price. In 1996, Charles and Anne Rice (Carl and Anne Rice) from Tucson (Arizona) on sale of assets of one of the local estates purchased two paintings by Martin Johnson Hida (Martin Johnson Heade) for $ 88. Later they sold the painting at Christie's more than a million dollars. In 1998, in Rice sued, but they were acquitted because the original price of $ 88 designated vendors or their representatives.

Material prepared by Maria Onuchina, AI

Sources: online.wsj.com , artinvestment.ru

Editor's comment : The situation with the misjudgment of Soutine, owned by Loretta Shefner, in fact, is not so unambiguous as it may seem from the article. At first glance, two some middleman held owner of which, I suppose, was an elderly woman. "Rogues tricked the old lady." But the point is that Tahmen Maurice (Maurice Tuchman) and Esti Dunow (Esti Dunow) - it's not random people. That the drafters of the catalog-Raisonne Chaim Soutine ( Chaim Soutine (1893-1943): Catalogue Raisonne ), that is one of the most authoritative experts on his work. It is known that the theme Soutine with carcasses and meat enjoyed less demand of collectors, than as a portrait painter, and there are other things being equal cheaper. So it is quite possible to assume that Tahmen and given at the time suggested that the owner of an assessment close to the market. Another thing is that they themselves had more opportunities to properly present and resell it profile institution - the National Gallery of Art in Washington. When a thing comes from such influential experts, the price is laid a substantial premium. This, of course, only an assumption. All in all a special case.

Situations, when speculators himichat really not enough. And honestly, in our latitudes attempts to resolve the dispute on the fact the courts appear to be a curious and even more so exotic. "Buy cheaper - sell expensive" - this is the first commandment of any trader, especially if he professes business model "and then at least the grass does not grow." How did you have to be gullible enough to believe in the fairness of the price the middleman?

But in order not to fall into such a situation, the owner of the things you need to take the most elementary precautions. Suffice it to get at least one more independent view, that have crept in doubt. Okay, knowledgeable and reputable friends is not at all, but there are books, handbooks, and all have Internet access. There are several databases of auction results. If an artist from the orbit of Russian art (the same mentioned by Soutine), then there is good reason to use a database of artists ARTinvestment.RU with the prices of foreign and our auctions, as well as indicators of the auction risk. There is a budget for a month subscription for 1700 rubles. With it, then all is not so difficult: choose similar parameters for the original work over the past two years, the prices refer to the procedures and draw conclusions. Then you can sing anything, but it is twice just not deceived. About that, how to evaluate the work with ARTinvestment.RU, for beginners written an entire technique . So that our readers, hopefully, not caught with chaff.

Vladimir Bogdanov, AI