Verdult Art Market Index

Yazzy's at www.williamverdult.com is here….

On September 1st and 2nd Yazzy's at www.williamverdult.com will be available for a pre-showing by select individuals.

During the preview in recognition of the launch of the new site, a number of activities will be held including two auctions, our art financing program, and a rare art Free give away.

Click to see screen shots

The Corporation is launching a new presence on the web expanding www.williamverdult.com capabilities.

Verdult - We thought you ought to know.

We thought you ought to know.

Recently a piece of artwork was damaged in shipment. The item was one of our William Joseph Verdult limited edition signed lithographs.

Based on this experience we learned two very important lessons that we thought you may want to know.

First, prior to shipping the item, we insured it by purchasing insurance with the shipper. We shipped the item. Later we were advised by the person receiving the artwork that it had been damaged in shipment. We promptly notified the shipper who sent an inspector out to view the shipment. After reviewing the shipment, the inspector determined that it had been properly packaged, and damaged in shipment. Thus a proper claim could be filed.

We filed a claim for $1,000.00. The purchaser upon finding out that our company was receiving a $1,000.00 for a piece of artwork that he would have paid far less for was amazed.

The lessons to be learned are many.

Here are two:

First, if you have purchased a piece of Verdult artwork from us and you are displaying, shipping or storing it – please make sure prior to shipping, displaying or storing your artwork, you insure it. Why? Because it may sound amazing but the insurance replacement value on your Verdult artwork for limited edition lithographs actually is 10 to 15 times what you actually paid for the work. For those who purchase original paintings the value is 20 times or even more.

What's An appraisal - Verdult Art Market Index

What's An appraisal

An appraisal is an educated guess given by an expert. The person giving the appraisal should possess expert knowledge about the object being appraised. Expert knowledge comes from years of study and work. An appraisal is an opinion. The insurer and the owner of the object being appraised depend on the opinion of the expert should damage or theft occur.

The appraiser will give a price range that could be expected if the object was sold. It is very difficult for anyone to predict what someone else will pay for an object. Knowledge of the overall marketability for similar objects is required. Knowing what other similar things have brought recently in sales is the foundation of establishing value. Knowing the scarcity of the object is fundamental in setting value. Knowing how many collectors are looking for similar items is a big part of knowing the market well. It is a process of learning not only about the origins of a piece or about styles or periods of art or schools of art but also a bit about human nature and business.

 

“Market” value

The term that appraisers and insurance companies use for the price an object could be expected to sell for in a gallery, a specialty shop or an auction house sale is called the “market” value. They are trying to determine what it would bring at “market”. Market value is quite different from replacement value. A unique item really can not be replaced… after all it is one-of-a-kind… it has no such thing as replacement value.

The market value is determined by examining the art object or antique very carefully. The appraisal must be in writing and must give a complete description of the object. There is an accepted procedure for making a description of an art object. Photographs must be taken. The finished product is a set of condition reports, origin reports, photos and supporting materials that can be given to the insurance company as evidence of the true value.