adrian77
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Post by adrian77 on Jan 12, 2018 17:23:14 GMT
What - there should have been an alternative sales route organised at least a month ago!
This reads to me "have yet done nothing - not really bothered"
As I said earlier I used to work for a top London auction house and know a bit about how the art market works - I firmly believe this could have been sold to a dealer at a price to recover the capital...bet the Posh pawnbroker chap on the telly would have shifted it within a week!
I also said it was not the ideal venue to sell such a painting...
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Liz
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Post by Liz on Apr 10, 2018 9:22:51 GMT
New auction live today 10 april at 11.00. Link and details on DD at p2pindependentforum.com/thread/12249/peter-howson-alpha-omega-defaultUnfortunately this new auction house even lowered the earlier estimate.... Estimate: £8,000 - £12,000 Shocking compared to the FS estimate... The painting has been valued between £30,000-£40,000, by a professional art valuerThat's why I avoid art! I know sweet FA about it, double what the valuers know.
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locutus
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Post by locutus on Apr 10, 2018 9:31:27 GMT
It mentions Artist's Resale Right in the description which is probably depressing the value. I can't stand this type of double dipping which is similar to uplift clauses when selling land without planning permission.
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Post by spareapennyor2 on Apr 10, 2018 10:46:41 GMT
not sold at 5.5k
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 10, 2018 10:57:41 GMT
The word is obviously out that it's a distressed sale and buyers are trying to get it for a song. I'd vote for putting the bloody thing in storage and trying again in 6 to 12+ months. btw, seems that some RICS "Professionals" are also qualified to value art, wonder if they had a hand in this?  |
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adrian77
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Post by adrian77 on Apr 10, 2018 11:15:35 GMT
totally agree - seems like another disaster although to be fair to FS I thought it would sell.
However I am annoyed FS did not take the money when it had a bid last year. Granted some wealthy hipster may like this painting and buy it but I can't see a dealer paying anywhere near the lastest reserve price. Well this owner seems to have "sold" this painting to FS via the over-inflated loan price and if this painting is the only security for the loan then a 50% loss looks likely and that will probably be in 12 months time. This is the last time I am buying a modern so-called art loan - adrian77 take 1000 lines "I will not be a slaphead and invest in rubbish art loans"...this may go back into auction and fly or it may bomb again
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Apr 10, 2018 12:33:32 GMT
New auction live today 10 april at 11.00. Link and details on DD at p2pindependentforum.com/thread/12249/peter-howson-alpha-omega-defaultUnfortunately this new auction house even lowered the earlier estimate.... Estimate: £8,000 - £12,000 Shocking compared to the FS estimate... The painting has been valued between £30,000-£40,000, by a professional art valuerCan FS take legal action against this un-named 'art valuer'? Or does it even exist? I cannot find any official documentation for this FS valuation. Whoops painting was in the kitchen next to the chip pan which caught fire unfortunately it was destroyed !!! Sadly will have to claim the £40000 valuation price. 
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Liz
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Post by Liz on Apr 10, 2018 15:45:49 GMT
New auction live today 10 april at 11.00. Link and details on DD at p2pindependentforum.com/thread/12249/peter-howson-alpha-omega-defaultUnfortunately this new auction house even lowered the earlier estimate.... Estimate: £8,000 - £12,000 Shocking compared to the FS estimate... The painting has been valued between £30,000-£40,000, by a professional art valuerCan FS take legal action against this un-named 'art valuer'? Or does it even exist? I cannot find any official documentation for this FS valuation. No, there won't be anyone to sue. The valuation was probably some informal email or phone call, not an official indemnified valuation.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 10, 2018 16:02:34 GMT
The Bidders were really taking the urine on this one, and the Auction House too with the lowered reserve. I know Football Association about art but my DD indicates that his "oil on canvas" work (this is one) usually sells in the £20K to £30K++ ballpark.
So the word is obviously out, and the painting should be put away for a year or more, or bunged out again at a much higher reserve to show The Bidders we're not mugs.
Jeeez, I might buy the bloody thing myself if they'll take £2K!!!
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Liz
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Post by Liz on Apr 10, 2018 16:25:23 GMT
The Bidders were really taking the urine on this one, and the Auction House too with the lowered reserve. I know Football Association about art but my DD indicates that his "oil on canvas" work (this is one) usually sells in the £20K to £30K++ ballpark. So the word is obviously out, and the painting should be put away for a year or more, or bunged out again at a much higher reserve to show The Bidders we're not mugs. Jeeez, I might buy the bloody thing myself if they'll take £2K!!! MAybe FS should buy it for the office wall. They should have took the first auction price. These things have a tendency to fall in value, the more they are touted for sale/sold. Maybe someone in the office fancied themselves as an art expert and did the valuation. This really just goes to show we shouldn't be lending on these type of assets we and FS know sweet ...all about.
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pier2pier
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Post by pier2pier on Apr 11, 2018 10:31:35 GMT
Wade in, just over half your money back  |
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Post by fundingsecure on Apr 11, 2018 10:50:38 GMT
To answer the question relating to the prior auction "bid". There were no actual bids, the auction house followed the usual practice of off-the-wall bidding - see link for further explanation. FundingSecure. |
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Post by carol167 on Apr 11, 2018 11:04:20 GMT
Well at least it's one less in my loooong list of defaulted/can no longer sell/waiting for godot titles that will mean I have left.
Better a known outcome than being strung along for years with fictional updates - and that's on a good day.
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Liz
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Post by Liz on Apr 11, 2018 11:09:11 GMT
Well at least it's one less in my loooong list of defaulted/can no longer sell/waiting for godot titles that will mean I have left. Better a known outcome than being strung along for years with fictional updates - and that's on a good day. You do know it didn't sell and is still defaulted. Unless the wall came back in with a bid 🤣
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adrian77
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Post by adrian77 on Apr 11, 2018 11:13:30 GMT
As I said earlier I am sure FS could have ditched this painting within the art market but now the price will be even lower as dealers will have it flagged as a distressed sale. Personally I think it best this goes back to market and we accept 50% of the capital value or I think this one will drag one forever.
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