ARTWORK BACKGROUND REPORT - Skate's Art Market Research

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2. Skate’s Investment Summary Ar5st Edvard Munch is classified by Skate’s as a third-‐=er ar=st, the middle category in Skate’s rankings of ar=sts. For a complete list of ar=st categories, please refer to pg. 84 of Skate’s Art Investment Handbook. Based on Skate’s Top 1000 ranking of the world’s most valuable art (in nominal auc=on prices, USD, and including buyer’s premium), as of March 23, 2010: • Edvard Munch is the 28th most valuable ar=st with 7 artworks in Skate’s Top 1000. The total market value of these works is $107,199,448. • The average Munch work listed in Skate’s Top 1000 is priced at $14,233,101 (the average work in Skate’s Top 1000 in general is $13,573,025). Artwork Edvard Munch’s most valuable works (in terms of market prices) were created during the period of his career from the mid-‐1890s un=l the mid-‐1900s; all but one of his top ten highest priced works were created during this period. Printed in 1896, The Sick Child I belongs to a series of similar lithographs all from 1896. Although this series has seen some strong auc=on results and although it generally belongs to the highest-‐ priced period of Munch’s art, the lithograph medium has generally failed to bring anywhere near the prices paid for pain=ngs of the same era. Based on the peer group of similar Munch works from the series discussed further in this report, our recommended price range for The Sick Child I (from the perspec=ve of ra=onal art investment) is: $250,000-‐300,000 We recommend bidding within the lower end of the auc=on house’s suggested price range. Investment risk summary Report 3-‐EM-‐001 Client 0030 March 30, 2010 The Sick Child I is rated BBB+ on Skate’s Artwork Risk Scale (see Sec=on 13 for the full scale), which corresponds to Tier-‐3 investment grade art. Skate’s posi=ve outlook is due to both the work’s sale at a top-‐=er auc=on house and the low level of authen=city and =tle risk associated with this work. For a detailed discussion of any risks associated with this pain=ng, refer to Sec=on 3 of this report. Skate’s, LLC, Copyright ©2010 3
3. Skate’s Artwork Risk Ra>ng The Sick Child I is an investment quality work of art and rated BBB+, a ra=ng that captures the following risk factors: Ar5st Liquidity Risk: Low • Edvard Munch was a top Symbolist ar=st who enjoyed a long and prolific career. The market for his works is both broad and liquid. Ar5st Price Vola5lity Risk: Low • Edvard Munch’s art has a well-‐established historical track record of auc=on prices. Mul=ple price points in the public domain allow accurate peer groups to be constructed. Furthermore, there is a strong record of posi=ve returns on repeat sales of several Munch works. Title Risk: Moderate-‐High • Edvard Munch is not the most amrac=ve ar=st for thieves, but a number of recent notorious theTs do cast a shadow (see Sec=on 8). Two of these recent theTs involved lithographs. Nevertheless, it should be said that all four recent theTs took place in Oslo, and each =me they were carried out with surprising ease, which could be explained by an unusually low level of security in the city. The moderate-‐high =tle risk ra=ng, the absence of a =tle guarantee, and the pre-‐World War II date of crea=on are the primary factors that have led Skate’s to place The Sick Child I in the Tier-‐4 category for investment grade art. Authen5city Risk: Low • A typical feature of Munch's graphic work is that he neither numbered his prints nor stated the size of the edi=on. Furthermore, he did not have the plates destroyed once the prin=ng was complete. On the contrary, he tried to preserve his stones and plates so that he could take further impressions at a later date. Consequently, in many cases many years may have passed between the date when Munch worked the plate and the =me the last print was pulled from it. This led to great varia=on in the quality of prints from the same plate. Though the most of the reprints were done in Munch's own life=me and largely under his control, there is s=ll a slight risk that a reprint could have been completed aTer his death. Given the fact that this transac=on is taking place at a first-‐=er auc=on house that can provide proper authen=ca=on, we view the level of authen=city risk as low. Condi5on Risk: Low-‐Moderate Report 3-‐EM-‐001 Client 0030 March 30, 2010 • The Sick Child I is 114 years old and has not experienced considerable travel or numerous changes in ownership. Although Chris=e’s catalogue notes the excellent condi=on of the print, poten=al buyers may want to examine condi=on before comple=ng a transac=on. Skate’s, LLC, Copyright ©2010 4
Page 1 and 2: ARTWORK BACKGROUND REPORT Artist: T
Page 3: 1. Artwork Profiled This report has
Page 7 and 8: 1898 Paris and Berlin. Meets Tulla
Page 9 and 10: 7. Provenance / Catalogue Raisonné
Page 11 and 12: On November 13, 2009, The New York
Page 13 and 14: Our sampling of repeat sales (limit
Page 15 and 16: 13. Suggested Valua>on Based on the

ARTWORK BACKGROUND REPORT - Skate's Art Market Research

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