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

Transcription

1 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 appraise personal 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 now nor 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 to the best of their knowledge and belief. This appraisal is written in complete compliance with the Uniform Standards of Professional Appraisal Practice, written by the Appraisal Standards Board of the Appraisal Foundation in Washington, D.C. The Appraisal Foundation is a congressionally sanctioned, not-for-profit organization, established in 1987 and dedicated to the advancement of professional valuation for appraisers and users of appraisal services to ensure public trust in the work performed by appraisers. This appraisal is considered to be a current Appraisal Report as the effective valuation date, 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 this period. The items were not examined by the appraiser as they were delivered to Donee Museum prior to 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 items donated with dimensions and brief descriptions. As such, the appraiser does not feel that the appraisal was compromised due to the lack of personal examination. To the appraiser s knowledge, she has not performed any services regarding the subject property, 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 reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions. The values expressed herein are based on the appraiser s best judgement and opinion and are not representations or warranties that the item will realize that value if offered for sale in an appropriate market within the United States. The appraiser carefully examined information regarding the articles listed herein, and without any past, present, or contemplated future interest which might tend to prevent a fair and unbiased appraisal, declares the current fair market value of the item. Valuation is based solely on personal research and analysis of comparative market data as performed by the appraiser and office assistants at Abigail Hartmann Associates. Compensation for this appraisal is not contingent upon the arrived valuation. Fee is based on an hourly rate plus expenses. No person, group, or organization was given a fee in connection with the procurement of this appraisal assignment. (Continued on Page 2) Page 1 of 21

2 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 2 OF 21 APPRAISER S CERTIFICATION (Continued from Page 1) Further, compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client / donor, the amount of the value estimate, 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 a basis for charitable donation evaluation. The appraiser understands that this appraisal will be used in connection with a tax return or claim for refund, and a substantial or gross valuation misstatement resulting from this appraisal may subject the appraiser to a civil penalty under Section 6695A of the Internal Revenue Code. The appraiser valued one (1) group of sculptures comprised of six (6) independent bronze According to the client / donor named at the top of every page of this report, the articles listed herein have been given free and clear, without restrictions, to the permanent collection of Donee Museum, Art Town, USA, an IRS qualified non-profit charitable organization, (See Exhibit 1). sculptures as designated by client / donor for this recipient in Photographs, when included, are for reference in the event of an audit by the Internal Revenue Service. The client / donor is responsible for obtaining additional photographs if requested by the Internal Revenue Service. Donee Museum is responsible for obtaining and filing the appropriate IRS form 8282, if and when applicable. Although these certification pages include salient information regarding the methodology of the report, additional information regarding the scope of work, assignment conditions, and disclaimers are important to understand the entire appraisal process. As such, the entire report is required to fully understand the assignment and these certification pages encompass the entire report and are not valid without reading and understanding the entire report. Total pages of report: 21 Total number of articles appraised: 1 (group; 6 independent sculptures) Total number of photographs: 10 Examination date: DID NOT EXAMINE Research dates: February 12 - March 23, 2014 Contribution date (date of receipt and acceptance by Donee Museum): November 12, 2013 Effective valuation date: November 12, 2013 Issue date of report: March 24, 2014 Gayle M. Skluzacek, AAA Appraisers Association of America, Certified Member EIN # Page 2 of 21

3 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 3 OF 21 GAYLE M. SKLUZACEK, AAA Principal 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, Japanese prints, manuscripts, books, Judaica, Orientalia, tribal art, Pre-Columbian art, collectibles, artists estates, archives, antique furniture, porcelain, silver, general contents Specialization: European art, 15 th - 20 th century American art, 17 th - 20 th century (certified) Prints, 20 th century, American (certified) Wine (certified) Uniform Standards of Professional Appraisal Practice (USPAP) Tested and Passed, May 1994, June 1999, June 2004, and May 2009 Updated May 2011 and June 2013 Education: AQB Certified USPAP Instructor, Certified through March 16, 2016 The Appraisal Foundation, Washington, D.C. Master of Arts Degree Program, Art History Department University of Chicago Graduate Department of Architectural History University of Minnesota Bachelors of Art, Art History Department Barat College, Lake Forest, Illinois Professional Affiliations:Appraisers Association of America (AAA), Certified Member International Society of Appraisers, Instructor International Foundation for Art Research Cooper-Hewitt Museum, New York Metropolitan Museum of Art, New York Museum of Modern Art, New York National 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 the Minneapolis Institute of Fine Arts, the Chicago Art Institute, the Oriental Institute, and the Carnegie Institute. 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 court cases, and has worked closely with major museums in their art acquisition programs. She has taught art and 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 and Appraisal. She has been on the faculty of NYU's Appraisal Studies Department since 1992, where she teaches courses 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 to teach a course on appraising in Havana. She has also worked with Florida State University to develop an international online accredited course for appraisers. Ms. Skluzacek served on the Board of Directors of the AAA from where she was elected as an officer and served as President, She is listed in Who's Who of American Women, Who's Who of Emerging Leaders in America, and Who's Who in Society. Page 3 of 21

4 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 4 OF 21 TABLE OF CONTENTS Appraiser s Certification Pages 1-2 Appraiser s Qualifications Page 3 Gayle M. Skluzacek, AAA Table of Contents Page 4 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 Market Analysis Page 15 Total Value Page 16 Donated Items Article 1 - DONATED WORKS Artist Pages Biography: Artist Page 19 Comparable Sales Page 20 Sources, References Books and Price Guides Page 21 Galleries, 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 Photographic images Follows report Follows report Page 4 of 21

5 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 5 OF 21 SCOPE OF WORK: APPRAISAL METHOD AND DEFINITION OF VALUE PROBLEM TO SOLVE: The appraiser was asked to appraise one (1) installation work comprising of six (6) individual works which has been donated to Donee Museum, Art Town, USA. The client / donor requires this appraisal as he will be taking a deduction on his 2013 Federal Income Taxes based on the appraised value of the contribution. This appraisal will be sent to the client / donor. The client / donor will be advised to send a copy of this appraisal to Donee Museum and to keep a copy of the report with their taxes for submission upon request. CATEGORY OF ITEMS EXAMINED: Contemporary 21 st 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, his designated 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 date of 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 s mission is to provide in the arts (Exhibit 2). The Artist s sculptures, collectively titled DONATED WORK, coincides with the University s mission and will serve to OWNERSHIP INTEREST / ART LOSS REGISTER: The question of title was not an issue as the works were acquired directly from the artist and are pictured on the artist s website. As such, the appraiser did not perform an Art Loss Registry Inquiry. AUTHENTICITY: Although the appraiser is not an authenticator, the appraiser had no reason to doubt the authenticity of the work. (Continued on Page 6) Page 5 of 21

6 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 6 OF 21 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 services regarding 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 is based on information provided by the client, the artist, and Donee Museum. The appraiser was 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. provided with any primary documentation for this article. The appraiser was not SPECIFIC ASSIGNMENT CONDITIONS (ASSUMPTIONS): The following assumption was taken by the appraiser as 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 Extraordinary Assumptions were taken by the appraiser as facts. If these Extraordinary Assumptions are found to be untrue, the appraisers opinions and analysis, including the opinions of value, may be affected. The appraiser assumes any information provided by the client/owner, the artist, and/or Donee Museum, written or verbal, to be accurate and correct. The appraiser assumes the work included in this appraisal report was the artwork donated to Donee Museum. The appraiser assumes that the condition of these items are good, as apparent in the photographs. The appraiser assumes authorship to be authentic, including signatures and markings. The appraiser assumes these works were originally acquired in an appropriate market without any unusual market stimuli affecting its sale or transaction. The appraiser assumes the client retained full title to the works for a minimal period of 366 days prior to the gift. (Continued on Page 7) Page 6 of 21

7 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 7 OF 21 SCOPE OF WORK: APPRAISAL METHOD AND DEFINITION OF VALUE (Continued from Page 6) SPECIFIC ASSIGNMENT CONDITIONS (LIMITING CONDITIONS): The following Limiting Conditions exist in this assignment. These conditions limited the examination, research, and / or writing of the appraisal report. Some are also considered to be Extraordinary Assumptions and were also taken by the appraisers as facts. If these Limitations and Extraordinary Assumptions are found to be untrue, the appraisers opinions, including the opinions of value, may be affected. Since the appraiser did not examine these works or obtain the factual information regarding 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 the client/donee (This is also considered an Extraordinary Assumption). an Extraordinary Assumption). The appraiser is not a conservator; as such, did not prepare a condition report. This report is limited by the appraiser s visual inspection of the photographs. No other condition report was supplied (See General Condition of Item) (This is also considered SPECIFIC ASSIGNMENT CONDITIONS (HYPOTHETICAL CONDITIONS): No Hypothetical Conditions exist. METHOD OF EXAMINATION: The appraiser did not examine the works because they were in winter storage during the time of the appraisal. She examined photographs and documentation as supplied by the client, Donee Museum, and the artist. The appraiser was able to ascertain medium, style, and quality of work from the referencing photographs, supporting documentation, and personal research. As such, she does 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 website 1. To the appraiser s knowledge, no modifications or alterations have been made to the photographs 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 and auction catalogues. Additional research was conducted on the Internet using standard search engines as well as pricing databases to which Abigail Hartmann subscribes (including ArtNet, ArtFact, ArtPrice, AskArt, P4a, and Artinfo). Appropriate galleries and auction houses were contacted for information when necessary. The artist was also contacted. No outside library or museum research was conducted for this specific appraisal. Specific sources and Internet sites are listed at the end of the report. (Continued on Page 8) 1 http: // s.com Page 7 of 21

8 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 8 OF 21 SCOPE OF WORK: APPRAISAL METHOD AND DEFINITION OF VALUE (Continued from Page 7) This report is considered to be a current Appraisal Report according to the rules of the USPAP (Uniform Standard of Professional Appraisal Practice). Specific comparables not included in this report are held in the client s / donor s files at Abigail Hartmann Associates. Specific comparable retail sales history is confidential according to the Gramm, Leach, Bliley Act 2 and cannot be disclosed without the owner s permission. However, the appraiser has noted general conversations in the client s file in the offices of Abigail Hartmann Associates. The client file is available for the client, the client s representatives, and/or the IRS (with the client s permission) to examine upon request. This information will be kept by Abigail Hartmann for a minimal period of five A (5) years after the date H of issue or two (2) Ayears after final disposition of 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 this document has employed the "market comparison" approach to arrive at the appraised "fair value." The "income" and cost approaches were not applicable to this particular appraisal. 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 would pay for another work of equal value by the same artist, craftsman or manufacturer or one whose reputation is considered to be on the same level. MARKET EXAMINED: The "market comparison" approach analyzes recent sales of comparable articles at appropriate major international and regional fine art auctions, private and public sales, shows and exhibitions, as well as prevailing prices at retail shops and galleries where the article may normally be traded. For this particular appraisal, the appraiser primarily examined the American art gallery and art show market as they were the most appropriate markets. The artist does not sell his work at auction and is thus deemed to be inappropriate market. Adjustments are then made for each article which consider age, condition, rarity, artistic merit, technical workmanship, current trends and availability of an article as compared to such recent sales. TYPE OF VALUE USED: Fair Market Value. (Continued on Page 9) 2 The Gramm-Leach-Bliley Act, passed in 1999 and fully effective in July, 2001, addressed overall financial industry reforms as well as emerging consumer privacy and security issues. Officially called the Financial Modernization Act of 1999, it affects the technology and information system policies used by anyone engaged in providing financial services either directly or indirectly to consumers. Appraisers are specifically named as institutions required to follow the stipulations of the law. Page 8 of 21

9 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 9 OF 21 SCOPE OF WORK: APPRAISAL METHOD AND DEFINITION OF VALUE (Continued from Page 8) DEFINITION OF VALUE: Appraised fair market value as defined by IRS Section and (b) is "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." (According to Technical Advisory Memorandum [May 27, 1992], fair market value should include the buyer's premium.) (b) continues "the fair market value of an item of property includible in the decedent s gross estate is not to be determined by a forced sale price. Nor is the fair market value of an item of property to be determined by the sale price of that item in a market other than that in which such item is commonly sold to the public, taking into account the location A of the item wherever H appropriate. Thus, Ain the case of an item of property includible in the decedent's gross estate, which is generally obtained by the public in the retail market, the fair market value of such an item of property is the price at which the item or a comparable item would be sold at retail." (Treasury Regulation Section 1.170A-13(c)(3)(1988) SOURCE FOR VALUE DEFINITION: IRS Section and (b) and Treasury Regulation Section 1.170A-13(c)(3)(1988) USPAP COMPLIANCY: The report was written by Gayle M. Skluzacek, AAA whose USPAP qualification with the AAA is valid through June This appraisal report follows the guidelines of USPAP in that the report provides all of the necessary information/analysis to satisfy the current report development requirements as defined in Standard 7 (Personal Property, Development) and the writing requirements of an Appraisal Report as defined in Standard 8 (Personal Property, Reporting). Page 9 of 21

10 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 10 OF 21 EXPLANATION OF AUTHORSHIP AND ATTRIBUTION AUTHORSHIP GLOSSARY Title - If a generally accepted title for the work exists, that title is given. If the work is untitled or the title is unknown, a descriptive title may be assigned and is indicated with an asterisk (*). When provenance is unknown and a search of reliable sources fails to render information concerning a particular artist or work involved, a value determination is based on artistic merit and market conditions. For this particular appraisal, the appraiser had no question of clear title as the work was executed by the client s brother and the appraiser was provided with an invoice from the artist. Authorship - When a work is unsigned but generally accepted in the scholarly community to be by a particular artist, that artist's name will be indicated as "Ascribed to...". This is the highest category of authenticity. When a question of doubt concerning authorship prevails, the authorship will be indicated as "Attributed to..." a particular artist or a school. When a signature exists on a work, but the work does not appear to be by the hand of such signed artists, the appraiser will indicate that the work "Bears signature of...". This means that the appraiser does not believe the work to be by the "signed" artist. The appraiser does not question the authenticity of the works included in the appraisal. Page 10 of 21

11 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 11 OF 21 GLOSSARY OF TERMS APPLICABLE TO THIS REPORT abstraction - a style of art which makes no direct, immediate discernible reference to recognizable objects. In abstract art, the formal arrangement of colors and forms is independent of, and more important than, the subject matter. asking - the price that is listed on the galleries website, at exhibitions, or their quoted price less any discounts image size - the dimensions (in inches) of the actual image of the artwork. Most paper editions have a white border around the image. The sheet size has been measured in this report, rather than the image size. TAM - Technical Advice Memorandum (IRS). 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 the accuracy of this information. work size (sight) - the dimensions (in inches) of the visible size of the artwork which appears to the viewer. Work size (sight) does not include the material under the matte and/or frame. The sheet size has been measured in this report, rather than the work size (sight). Page 11 of 21

12 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 12 OF 21 STATEMENTS, INDEMNIFICATION, AND DISCLAIMERS This certificate of appraisal is given, subject to the terms and conditions hereinafter set forth, all of which are a part hereof unless expressly set aside in this report (Certification Pages and Scope of Work) or by writing attached to the certificate signed by all parties concerned. This appraisal consists of 21 (plus two [2] exhibit) pages and must be presented in its entirety to be valid. This appraisal is prepared solely for charitable contribution purposes using the comparative market approach to arrive at the fair market value as of November 12, It is to be used solely by Donor and his agents (accountants, attorneys, University personnel) for income tax purposes. This report can be relied upon by the Internal Revenue Service and Donee Museum. The client/donor shall indemnify, defend, and hold us harmless from and against all actions, claims, liabilities or expenses incurred as a result of claims based on or arising from the appraisal, by third parties unrelated to the immediate purpose of this appraisal. Unless otherwise stated herein, this certificate is based only on the readily apparent identity of the item appraised, and no further opinion nor guarantee of authenticity, genuineness, attribution, or authorship is made. However, in appraising the subject article, the appraiser found no reason to question the authenticity of the article, unless as indicated in the individual description. Some descriptive information pertaining to the works was supplied by the client/donor through standard reference material and/or the Internet. No reported scientific and/or laboratory testing has been performed on the work. Unless otherwise stated herein, the appraised value is based on the whole ownership and possessory interest undiminished by any liens, fractional interests or any other form of encumbrance or alienation. This certificate is made at the request of the party named for his use. It is not an indication or certificate of title ownership. The identification of the interest of the requesting party is simply that represented to the appraiser by such party and no inquiry or investigation has been made nor is any opinion given as to the truth of such representation. (Continued on Page 13) Page 12 of 21

13 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 13 OF 21 STATEMENTS, INDEMNIFICATION, AND DISCLAIMERS (Continued from Page 12) The values expressed herein are based on the appraiser s best judgement and opinion and are not representations or warranties that the items will realize such value if offered for sale at an auction or otherwise. The values expressed are based on current information on the effective valuation date of this report, November 12, 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 articles with respect to the most appropriate, common, and legal marketplace given the purpose of the appraisal. The appraiser has no past interest, no present interest, nor any contemplated future financial interest in the appraised property. The appraiser has no personal interest or bias with respect to the parties involved. This appraisal was done objectively, according to the rules of the IRS (in the Pension Protection Act of 2006 H.R. 4, Public Law ), and in accordance with the Uniform Standards of Professional Appraisal Practice and the Elements of the Elements of a Correctly Prepared Appraisal as required by the Appraisers s Association of America. Further, the appraiser has no other interest which might tend to prevent making a fair and unbiased appraisal. This appraisal was researched and prepared by the appraisers named on the cover page of this report. Primary research was done by Gayle M. Skluzacek at Abigail Hartmann Associates. Supplemental research was supplied by office assistants at Abigail Hartmann Associates, particularly and No other person supplied significant assistance in preparation of this report. Consulting sources are listed in the back of the report. Information furnished by consulting sources is assumed to be reliable, but is not guaranteed by this appraiser or her firm. The client/donor provided the appraiser with verbal and written information regarding provenance of the articles listed herein. The appraiser is not responsible 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, unless prior arrangements have been made with the appraiser. Should this report be challenged in anyway, not limited to litigation, it is understood that the appraiser is prepared to defend their appraisal, if required. Courtroom (Continued on Page 14) Page 13 of 21

14 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 14 OF 21 STATEMENTS, INDEMNIFICATION, AND DISCLAIMERS (Continued from Page 13) testimony, mediation proceedings, and the necessary preparation are considered to be separate assignments and will be billed at our normal hourly rate plus expenses as required. Possession of this report, or copy thereof, does not include the right of publication without the written consent of the appraiser and her firm. This report in its entirety, or any part thereof, including the identity of the appraiser or her firm, shall not be made public through advertising, public relations, news releases, sales, or other distributive or information media without the written consent of the appraiser and her firm. period expires last. Abigail Hartmann Associates will make every effort to store Copies of this appraisal and notes pertaining to the appraisal, written and electronic, will be kept in the offices of Abigail Hartmann Associates for a minimal period of five (5) years after the date of issue or two (2) years after final disposition of any judicial proceedings involving the appraiser, whichever client records in a safe and secure environment. However the firm is not responsible for acts of war, terrorism, or other such unexpected catastrophes which may affect the safekeeping of this report. All matters treating the duties, responsibilities, and liabilities of the appraiser are in accord with the Valuation Standards and Professional Practices as outlined by the Appraisal Foundation in the Uniform Standards of Professional Appraisal Practice and the Principles of Practice and the Code of Ethics of the Appraisers Association of America. Page 14 of 21

15 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 15 OF 21 MARKET ANALYSIS Recent published auction sales and available gallery sales are listed in the report within the descriptions of the individual item. These listings serve to substantiate the final appraised value as well as indicate market preferences and levels. Copies of these sales as well as a copy of this report are kept on file in the offices of Abigail Hartmann Associates for a period of five years or two years after any judicial proceedings in accordance with the standards set forth in the version of Uniform Standard of Professional Appraisal Practice (Record Keeping, Page U-10). -. Given that the art and antique markets are always volatile markets, an overall market valuation forecast cannot be established Page 15 of 21

16 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 16 OF 21 TOTAL VALUE DONATED WORK Collectively numbered I - IV Commissioned A in 2011, Artist H A $ FAIR MARKET VALUE OF DONATION $ --, GRAND TOTAL $ --, Page 16 of 21

17 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 17 OF 21 DONATED ARTICLE Article Number Appraised Value Description 1. $ 89, Group Title: DONATED WORK (I- VI) Artist: Artist (American, born 19--) Description: A collection of six (6) independent bronze sculptures, each depicting A H A Medium: Patinated bronze Edition: Unique Date: 2011 Comprising: Work I: A Reported work size: -1 x 3- x 1-- inches Photo 1 Work II: A : A Reported work size: -2 x 3- x 1-- inches Photo 2 Work III: A : A Reported work size: -3 x 3- x 1-- inches (Continued on Page 18) Photo 3 Page 17 of 21

18 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 18 OF 21 DONATED ARTICLE Article Number Appraised Value Description (Continued from Page 17) Comprising: Work IV: Reported work size: -1 x 3- x 1-- inches Photo 4 Work V: A Reported work size: -2 x 3- x 1-- inches Photo 5 Work VI: A Reported work size: -3 x 3- x 1-- inches Photo 6 Provenance: Commissioned, Reported condition: Good. Page 18 of 21

19 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 19 OF 21 Artist (American, born 19--) Artist is a sculptor, author, violinist who was born in----. His father was the artist Artist and his mother was Artist graduated from the in Artist grew up in the art community, surrounded by artists, authors and editors Early work ( Later Work The donated work is a product of His work is collected by the following museums presently represented by Gallery. He is Page 19 of 21

20 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 20 OF 21 COMPARABLE SALES Since most of Artist work tends to be Gallery who represented Artist since the late 1990s, said they no longer represent him. They stated that Artist has slowed his production and is rarely working. They did state that his work sold for about $--, ,000 depending on the size and intricacy of the composition. When contacting Artist, He provided the following details of a 2012 sale to for approximately $--,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 information to establish a basis for her valuations. Hence: Work I Dims $--, Work II Dims $--, Work III Dims $--, Work IV Dims $--, Work V Dims $--, Work IV Dims $--, $ --, Page 20 of 21

21 DONEE S NAME, LOCATION ARTIST S NAME SCULPTURE PAGE 21 OF 21 SOURCES THE FOLLOWING REFERENCE BOOKS AND PRICE GUIDES WERE CONSULTED:. Auction catalogues, Annual Guide to Galleries, Museums, Artists. New York: Art in America, Uniform Standards of Professional Appraisal Practice and Advisory Opinions Edition. Washington, D.C.: Appraisal Standards Board, 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: , Abigail Hartmann Associates. All Rights Reserved. None of the contents of this appraisal report may be reproduced, stored in a retrieval system 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. Page 21 of 21