tag:blogger.com,1999:blog-9798750.post9143270572014828694..comments2023-10-07T11:02:09.916-05:00Comments on ArtTrak Tribal Art: Does this Park West appraisal conform to current standards - You be the judgeAnonymoushttp://www.blogger.com/profile/01851394398280891354noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-9798750.post-63729380264849588982010-11-14T13:28:52.551-06:002010-11-14T13:28:52.551-06:00John, you are right "lawyers, judges, and ins...John, you are right "lawyers, judges, and insurance companies often don't have a clear understanding of the appraisal business".<br /><br />And nor do the innocent purchasers - in fact, they generally don't have a clue, they are relying on the pretty piece of paper from a so-called reputable source.<br /><br />I reckon that you are a good, honest appraiser - in fact, I know you are because you too have suffered the PWG baseball bat and yet have had the guts to try to portray and open and even-balanced dialoge.<br /><br />Should you get your written interview with PWG, it will be interesting to see what they have to say. I have seen the results of some of these "written interviews" - answered by their PR firm Fleishman Hillard or Bob's Goldman Whittman.<br /><br />Good Luck!Unknownhttps://www.blogger.com/profile/09755120092921139165noreply@blogger.comtag:blogger.com,1999:blog-9798750.post-69904824978997848912010-11-14T12:27:00.232-06:002010-11-14T12:27:00.232-06:00Sharon, I think the dialogue is important, so ther...Sharon, I think the dialogue is important, so there was no hesitation in publishing your remarks. The fact that you were able to obtain insurance is not really relevant until you have a loss and your appraisal then becomes instrumental in settling the claim favorably. My point in writing this was to point out that lawyers, judges, and insurance companies often don't have a clear understanding of the appraisal business. Obviously, you and your husband have every right to be angry; because, as reasonable people, you had certain expectations in your transaction that proved to be inaccurate. Even as lawyers you were not aware that you were entering into a one-sided transaction. Think of the folks that are in completely unrelated fields that suddenly find that have no recourse but to accept their loss. And you are right I have been doing this for 36 years have seen problems like this before. I hope this article does some good in making more art buyers aware of invoices and appraisals that are provided after the sale. Thanks JBAnonymoushttps://www.blogger.com/profile/01851394398280891354noreply@blogger.comtag:blogger.com,1999:blog-9798750.post-17968443761664194432010-11-14T11:48:04.144-06:002010-11-14T11:48:04.144-06:00Thank you John, I am glad that you posted my comme...Thank you John, I am glad that you posted my comments, with you being the gatekeeper, I was sceptical as to whether they would be posted.<br /><br />In any event, re the insurance: my being the judge of whether Park West will stand behind their appraisal or not somewhat misses the point - unfortnately, we already know the answer to that question. I am responding to your comment that PWG appraisals "are not really useful for anything such as obtaining insurance. . .".<br /><br />When we obtained insurance on our work, it was not a simple matter of adding it to our personal articles policy - not at all, the insurance company submitted the authentication documentation and appraisal to the underwriters for further scrutiny. I discovered this when I chased them because the insurance was taking so long to come through.<br /><br />If, therefore, the PWG appraisals can pass muster with the insurance company and its underwriters, I am somewhat bewildered that you would take the view you have and also conclude that our purchase of a PWG appraisal is merely to make us "feel good personally" about the purchase.<br /><br />Re court settlements, ditto my point above about passing muster - if the PWG appraisals can convince a judge, an insurance company and its underwriters, how can you possibly take the view that they are merely marketing tools to enhance the "feel good" factor of the purchasers.<br /><br />You are looking through the eyes of an experienced, INDEPENDENT appraiser - something I have discovered PWG is not. <br /><br />Your question about whether these purchasers understand the appraisal process is a resounding - of course not! I did not think that I had to be given that I was dealing with a household brand name (Royal Caribbean Cruises) and the World's Largest Art Gallery. <br /><br />I am an ex-employment law lawyer turned full-time mum of three for the past decade; my husband is debt finance lawyer - we are not sophisticated art buyers and we most certainly are not experts in the appraisal field. <br /><br />And let's not forget the "caveat emptor" argument. Yeah, too bad that "caveat emptor" is not a defence to fraud, otherwise Bernie Madoff would not be in jail. Let's see what happens to Albert Scaglione, Morris Shapiro et al.Unknownhttps://www.blogger.com/profile/09755120092921139165noreply@blogger.comtag:blogger.com,1999:blog-9798750.post-57255429933759694292010-11-14T08:58:09.744-06:002010-11-14T08:58:09.744-06:00Thanks Sharon you have made another great point. L...Thanks Sharon you have made another great point. Let's say that the Park West appraisal was used for equitable distribution in a divorce case. The value of this work of art represents a significant portion of the settlement. The spouse decides to sell the work and finds a prospective buyer, who decides to get another appraisal to confirm the sales price. The second appraisal comes in much lower and the sale is cancelled. The spouse goes back to the divorce court and Park West. Nothing can be done. Park West has disclaimed all liability for their $35 appraisal. <br /><br />So why would the court or the attorney accept such an appraisal? I have no explanation.Anonymoushttps://www.blogger.com/profile/01851394398280891354noreply@blogger.comtag:blogger.com,1999:blog-9798750.post-67505781893115958022010-11-14T08:28:15.971-06:002010-11-14T08:28:15.971-06:00What a great question. Let's say the work was ...What a great question. Let's say the work was stolen and the insured party submitted a claim. State Farm goes back and checks the file and decides to get a second opinion, which is significantly lower. State Farm refuses to pay and now Park West appraisal becomes pivotal in the dispute. What would the outcome be? Would Park West stand behind their $35 dollar appraisal for a $510000 claim? You be the judge.Anonymoushttps://www.blogger.com/profile/01851394398280891354noreply@blogger.comtag:blogger.com,1999:blog-9798750.post-81047337319935117242010-11-14T07:48:16.725-06:002010-11-14T07:48:16.725-06:00"The gallery is very much out in the open tha..."The gallery is very much out in the open that their appraisals are not really useful for anything such as obtaining insurance, collateralizing a loan, resale, divorce settlement, etc."<br /><br />Really?<br /><br />Why then did the court in the Heidi Rice divorce case (subsequently, co-plaintiff to Day and Howard vs Park West Gallery) rely on the Park West Gallery appraisals of her artwork in awarding the artwork as a substantial part of her divorce settlement???Unknownhttps://www.blogger.com/profile/09755120092921139165noreply@blogger.comtag:blogger.com,1999:blog-9798750.post-74682881022264643412010-11-14T07:06:41.306-06:002010-11-14T07:06:41.306-06:00"The gallery is very much out in the open tha..."The gallery is very much out in the open that their appraisals are not really useful for anything such as obtaining insurance, collateralizing a loan, resale, divorce settlement, etc"<br /><br />Really?<br /><br />Why then did State Farm Insurance rely on said appraisal to insure the work for the full $510,000 Park West appraised value???Unknownhttps://www.blogger.com/profile/09755120092921139165noreply@blogger.com