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qualifications, when needed.
Limiting Conditions: The following Limiting Conditions apply to this assignment. These conditions limited the examination, research and/or writing of the Appraisal Report. The following limiting conditions apply: no work of art was removed from its frame for examination; the backs of large (heavy) pieces of furniture were not examined.
Assumptions: This Appraisal Report is based on the following Assumptions: provenance and other information provided by the collectors is assumed accurate; the information provided by Carey Mackie and Judith Rygiel in the inventory is assumed accurate; the information obtained from value-related services (auction houses, auction price databases, online galleries, etc.) is assumed accurate.
Extraordinary Assumptions: As defined by USPAP, Extraordinary Assumptions are assignment-specific assumptions as of the effective date regarding uncertain information used in the analysis, that, if found to be false, could alter my opinions or conclusions. The following Extraordinary Assumptions apply: there are none.
This Appraisal Report is based only on the readily apparent identity of the items appraised, and no further opinions or guarantee of authenticity, genuineness, attribution, or authorship is made. I found no reason to question the authenticity of the articles, except as noted. If the clients provided verbal information regarding provenance of the articles listed herein, I am not responsible for the accuracy of this information.
Information furnished by consulting sources is assumed to be reliable.
To my knowledge, no laboratory testing has been performed on most of the subject property. In at least one instance, microscopic analysis of wood samples was performed, and this is noted in the report.
This Appraisal Report is not an indication or certificate of title ownership. The appraised value is based on whole ownership and possessory interest undiminished by any liens, fractional interests or any other form of encumbrance or alienation.
Hypothetical Conditions: Defined by USPAP as a condition directly related to this assignment that is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The following Hypothetical Conditions exist in this assignment: there are none.
Research Methodology: My research included referencing books, auction catalogues and online databases. Galleries, private dealers and auction houses were contacted for information, when necessary. Sources and websites are listed under Sources of Data and Bibliography.
Definition of Sales Comparison Approach and Market Examined: The Sales Comparison Approach1 analyzes recent sales and prices of comparable articles at retail establishments, galleries, and private sales as well as international, national and regional auctions where objects such as the subject property are normally traded.
For this particular Appraisal Report, I examined the appropriate following markets: local, regional, national, and international auction and retail markets. I then made adjustments for each comparable
1 Also known as Market Data or Comparable Data
Jack and Pat Holden
Fair Market Value for Non-Cash Charitable Contribution
Appraisal Report
Effective Valuation Date: 00/00/00 page 9 of 851
Andrew Richmond PO Box 2199 Marietta, OH 45750 740.760.1788 andrew@wipiak.com