adrian77
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Post by adrian77 on Oct 13, 2017 12:51:27 GMT
Looks to me as if this painting was sold last week at Christie's for £392,750 which was over the Christie's valuation of £220-280K. Well if correct then hopefully there will be no problem in redeeming the loan. Interesting to note the valuation used by FS was for £300K....
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rs
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Post by rs on Oct 13, 2017 12:55:08 GMT
How do you know the one sold is the one on FS?
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rs
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Post by rs on Oct 13, 2017 12:57:54 GMT
The loan parts selling for 0.3% discount for this loan on FS so I guess there will be a rush to buy these loan parts!
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rogerthat
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Post by rogerthat on Oct 13, 2017 12:59:39 GMT
Woo hoo..I had a decent slice of that  ..FS erring on the side of caution perhaps ?....on second thoughts no..as per external valuation  |
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rogerthat
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Post by rogerthat on Oct 13, 2017 13:19:06 GMT
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rs
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Post by rs on Oct 13, 2017 13:22:30 GMT
Stampede for loan parts on SM ended!
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gurberly
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Post by gurberly on Oct 13, 2017 13:27:36 GMT
I'm just coming to the same conclusion. Subject matter is the same and same angle (different season/summer/autumn maybe?) but they do appear to be different paintings.
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r00lish67
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Post by r00lish67 on Oct 13, 2017 13:28:57 GMT
Firstly, forgive my lack of knowledge on the art world. I agree, they do appear to be entirely different paintings, but they were both painted in 2010-11, both oil on board, 22x22in, stylistically very similar, and he called them both the same name. Is that usual?
Edit: have found reference to at least a 3rd too, so whether usual or not, appears to be the case.
Edit2: Still, I suppose that's encouraging nonetheless for the holders of the loan.
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rogerthat
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Post by rogerthat on Oct 13, 2017 13:33:05 GMT
My eyesight is bad..but not that bad..oh well its good to see the extraordinary sums of money some folk will pay for 'art' like this
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blender
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Post by blender on Oct 13, 2017 14:01:25 GMT
Not sure I would know exactly where to insert my Xmas cards. Probably has to paint a number of them; so that we can all find at least one pillar box. Not bad for an octogenarian.
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mikes1531
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Post by mikes1531 on Oct 13, 2017 19:42:31 GMT
I just went to the FS loan page and looked at the image of the painting. That's a pillar box?   Certainly fooled me! |
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adrian77
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Post by adrian77 on Oct 14, 2017 8:38:24 GMT
I said "looks like"- same name and same size but the photo of the image wasn't as conclusive although I think it could be the same painting.
Whatever if there are 2 paintings with the same name by the same artist then I guess they would go for a similar price ?
It sold for how much!!!!!!!!!!
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Post by shyinvestor on Oct 14, 2017 10:09:09 GMT
The valuation document is interesting:
"Coram James Limited gives no guarantee in the Valuation in respect of an object’s origin, provenance,
attribution, condition, date, age or authenticity. Any statement as to authorship, attribution, origin, date,
age, provenance and condition is a statement of opinion and is not to be taken as a statement or
representation of fact."
Is there any point to a valuation with so many caveats?
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adrian77
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Post by adrian77 on Oct 14, 2017 10:19:03 GMT
I will ask FS on Monday to confirm whether this is the same painting - even if not then this chap's paintings all seem to sell for a great deal of money. He has displayed at The Tate but I won't hold that against him!
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badersleg
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Post by badersleg on Oct 14, 2017 11:12:30 GMT
The price of £392750 includes the buyer's premium ( 25% of the first 100k, 20% on the rest = 69625 ). Once this is removed you're left with a hammer price of £323125, so you're heading towards the FS valuation.
Then FS have the seller's fees to pay ( another £69625 ) and you're left with £253500. There's also VAT to pay on the premium ( 13925 ), which I don't think is reclaimable. There also may be insurance and lotting fees to pay.
And that may not be the end of it there's Artists Resale Rights to pay because the artist is still alive. ( around £7200 as it's administered in Euro)
So a £392,750 sale becomes less than £233,000
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..FS erring on the side of caution perhaps ?....on second thoughts no..as per external valuation 
