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Tim in Appraisals
Tim in Appraisals, Fine Art Appraiser
Category: Appraisals
Satisfied Customers: 1155
Experience:  Certified Fine Art Appraiser, MA, President of ANA, CFAA
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I have a W. Eddie painting, oil on canvas, 32"x26" and is

Customer Question

I have a W. Eddie painting, oil on canvas, 32"x26" and is titled "Interior Scene". This very painting is on askart.com as an "Example(s) of this artist's work:" In August of 2015, I placed the painting with Morton's Auction Gallery in Houston, Tx. where I was given an estimate of $700-$1,000. Although I had not researched it's value, I felt this was too low but I acquiesced giving them more credit for knowledge of value than I should have,. That auction was electronic only and to my surprise the painting did not sell. Unfortunately the price and failure to sell is in the record. I then discovered an appraisal by Alan AOA C, at your website, which showed a larger Eddie painting titled "The River" which was appraised at a replacement value of $7,188 plus a $1,250 frame. I am hoping that your appraisal of "Interior Scene" will be a good deal more realistic than Morton's was and will serve to offset their obvious mistake.
You can see the image on askart.com and Morton's failure at Live auctioneers.com
Submitted: 11 months ago.
Category: Appraisals
Expert:  Tim in Appraisals replied 11 months ago.

Good day my name is Tim

I am a Certified IRS Qualified Fine Art Appraiser. It will be a pleasure to put my expertise, libraries, resources, and experience in the field to work for you.

I need to see images of the painting, I will look at the live Auctioneer listing for you.

Customer: replied 11 months ago.
I have just sent a couple of photos please let me know if you need any more.
Expert:  Tim in Appraisals replied 11 months ago.

Thank you for the pictures. Here is what I have determined about your artist:

W. Eddie

Born: 1955-01-01

Country: Hong Kong

His work has come to auction several times. The highest hammer price achieved was $850.00.

There are several paintings by the artist currently available in Galleries the asking prices range from $1,100.00 to $2,300.00.

Unfortunately Contemporary Impressionist painting is a low ebb in the current art market.

Customer: replied 11 months ago.
As I mentioned above, your appraiser Alan valued a W. Eddie painting "The River" at $7188. plus $1250. for the frame alone. "The River" painting was larger and the price estimate was described as "retail" and/or "replacement value", not what it might bring at auction. I was looking for the same basis for valuation. Can you please consider this and revise your estimate of value by use of a method similar to one apparently used by Alan? I don't expect it to be as high in value as "The River" but it seems, given the comments and estimate of value written by Alan and your observation that highest hammer price found was $850. that you and he must be using different methods of valuation.
Customer: replied 11 months ago.
More simply put, his valuation at a total of $8438. for "The River" far exceeds the high end of the asking prices currently in galleries for paintings by W. Eddie. Seems to me there is a disconnect somewhere...what do you think?
Customer: replied 11 months ago.
are you receiving these messages?
Expert:  Tim in Appraisals replied 11 months ago.

Yes, the $8438.00 was an unrealistic value based on the auction records and current gallery prices.

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