Verdult Art Market Index

Verdult $35,000 ticked Off Too!

Verdult $35,000 ticked Off Too!

by: Alton Perkins,
CEO of  Wealth Enterprises Corporation/Yazzy's Fine Art Corporation

When I found out a Verdult painting wasn't worth $35,000 in cash I was ticked off too.

I wanted to know why this person could sell me something knowing that it wasn't worth $35,000 in cash; $35,000 in trade or exchange but not cash. And I got beat over the head and shoulders by both our auditors and the regulators. Why? Because they wanted to see some cash sales.

When I went to Troy Verdult all he could tell me was that he had received several thousands of dollars for each painting. But when I asked him for some receipts to back that up, he couldn't produce any.

 

What he did produce was this:

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"I have plenty of info and sales receipts on past sales and trades I've just found digging through boxes they are excellent. I will send them as well. I am also working on your certificates."

Troy Verdult

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In short, while telling the public a Verdult painting was worth $150,000; he was selling Verdult paintings to anyone that would buy one from him for pennies on the dollar.

I explained to Troy that this wasn't going to cut it. Why? Because it was duping the public. People believed in his father’s work. They liked his father's work, and people wanted to see Verdult do well. In turn they would do well. But I let him know that you can't tell the public one thing and then behind closed doors do another - that's really duping people that are spending their hard earned dollars on Verdult paintings.

So I set about the business of setting things straight.

What I learned was that there are four bench marks for pricing Verdult paintings. I've looked at all the books, all the records, and saw the documents behind the scenes.

Now art is doing well, and we all want our investments in art to do well. But I believe we have to earn that recognition and growth. How?  By getting William Joseph Verdult artwork in all of the major on-line reputable art places which our company has done. Then based upon art lovers' and investor's support, the artwork will in my opinion stand the test of time.

We get tons of emails asking about the value of creations by William Joseph Verdult

Sacrifice

Often we get tons of emails asking about the value of creations by William Joseph Verdult. Here is an email that we want to share with you.

I currently own several pieces of original Verdult artwork. I am interested in selling them to help pay for my children's (x3) college educations. My question is, doesn't an appraisal (authenticated/certified type) actually also counts as a certificate of authenticity and as well as establishing a value?

Our response:

Thanks for the email.

The short answer is no.

Most people do not understand this.

The Certificate of Authenticity or COA comes directly from the artist/company. That Certificate is entitled a “Certificate of Authenticity and Insurance Appraisal”.

The COA or Certificate of Authenticity bearing the artist’s original signature contains the artist/company’s estimate of value and serves a dual purpose. The COA from the artist/company serves as proof that you have an authentic work and gives a guide for the replacement value. The COA basically says this work is authentic and if something happens to it and the work is required to be replaced, then according to the artist/company the value on the COA is what it would cost to replace it. This is a more subjective value.

The COA is provided to an Independent third party certified appraiser when that entity or person is officially appraising the work. The Independent Appraiser considers the COA when appraising the work as well as other factors, such as past sales of the artist work, similar sales of similar artist work and other factors are considered as well. The appraiser then comes up with the “market value” of the work. We have found that provided that the work has been appraised by an appraiser who is an expert in his field and an expert in Verdult artwork, the market value established normally with stands any sort of challenge in Court, by the IRS, or Insurance companies.

The value stated on the COA – especially for Verdult artwork is normally higher than the value that will be ultimately placed on the work by an independent third party appraiser.

For example, if the COA from the artist/company states $250,000, we have found that normally the market value placed by an independent third party appraiser is considerably less than the value on the artist’s/company’s COA.

At present we have commissioned several formal appraisals of Verdult artwork from an independent expert in Verdult work and Government sanctioned appraiser; values range from $16,000 up to $100,000.

You are probably aware that the art market in general is on a steep upward swing. We see the formal appraised market value of Verdult work going beyond the $100,000 range in the near future.

Hope this helps.

www.verdultgallery.com