For the first time ever, former FBI Art Team investigator and bestselling author of “Priceless” Robert Wittman will present an art crime investigation seminar. This unique program is scheduled for June 12 to 17 in Philadelphia. The depth of this one week program is a good indicator of how sophisticated art investigations have become and how new opportunities are expanding in the art business. Customs Service veteran James McAndrew, Herbert Lottier of the Philadelphia Museum of Art, and other experts will join the panel.
A recent case example illustrates how intriguing the details of art crime have become and how the clues contain important information for everyone in the art business. In May last year, professional thieves carried out a daring heist at the Paris Museum of Modern Art. The five paintings reported to be stolen were estimated to be worth over $600 million by local investigators. That put the average value at over $120 million, more than the all-time record price for art set at auction, the $104 million paid for Giacometti’s “Walking Man I” in February 2010.
While many observers were initially puzzled about the value estimate being so high, there are two very important reasons. First, the Paris MOMA has a set of records about the licensing fees paid for using these images in a wide range of businesses -- book publishing, gift merchandise, calendars and postcards, to name a few. The amounts paid to license these works are comparable to well known masterpieces such as Van Gough’s “Irises” and Rembrandt‘s "Night Watch." Thus the value of the works as income producing assets justified a high valuation. Second, the prestige of being displayed at the Paris MOMA as part of its permanent collect elevates the importance of a works of art. There is a specific premium associated with this level of prestige. This factor is one of many that experts use to estimate premiums or discounts from market standards, often referred to a benchmarks.
It is actually possible that the five paintings are worth more to the museum after the high profile theft than when they were on display. The museum still owns the digital rights to the images, which are much more valuable following the publicity and notoriety about the works of art. And the Museum no longer has to pay the ongoing maintenance costs for the physical works of art. This phenomenon is RARE and applies only to a few thousand premium works of art worth millions of dollars.
You too can become an expert on this topic at the next “Valuing Art” workshop in Beverly Hills. This popular program will introduce you to helpful resources for art business success. The presentation will outline time-tested techniques for estimating art prices and finding the best values in the art market. Attendees will also hear important new developments related to the listing of shares in works of art on the Paris Art Exchange and private investments in art related businesses.
Date: Wednesday, June 1, 2011 5:30 to 7:00 p.m.
Fee: $15
Location: Beverly Hills Public Library, Meeting Room North (Second Floor)
444 N Rexford Dr, Beverly Hills (East of Rodeo Drive)
A parking lot is adjacent to the library with free parking for two hours.
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