Item: 13 1/4" x 10 3/8" watercolor and gouache on paper, depicting scene of two women harvesting apples, signed lower right "N. Goncharova (Natalia Sergeevna Goncharova, RUSSIAN, 1881-1962). Goncharova is a highly listed avant garde artist, costume designer, and member of the renowned Blue Rider group. A large oil painting (35 x 48.6 in) depicting similar subject matter, "Picking Apples", sold at Christie's last month for nearly ten millions dollars, a record for Goncharova, as well as a world record for a Russian painting. This certainly serves to boost interest in both Goncharova's work, and perhaps especially those pieces that bear some similarity in subject matter, as she was previously much better known for her early abstract pieces and costume designs.
The style of your painting, however, is a little atypical for Goncharova, who commonly employed very distinctly angular lines paired with blocks or washes of color. Yours, in contrast, employs very fluid, curving brushstrokes. Bearing in mind both the similarities and differences your painting shows in comparison to the best of Goncharova's work, this watercolor, with the authenticity and provenance provided, ought to perform exceptionally well in the marketplace.

Please read the appraisal in its entirety, and scroll to the bottom for value conclusions.

As you requested, on July 27, 2007, I conducted an appraisal inspection of the subject property by examination of a digital image and the written description that you provided. I made no personal inspection of the item. The objective of the appraisal was to estimate the fair market and replacement values of the item for the function of contemplated sale or purchase, or personal planning. This appraisal is to be used only for these functions, and any other use of this appraisal renders it null and void. The value is effective as of the date the image was examined.

In this appraisal, value has been established by the sales comparison approach. This method of valuation involves comparison of the property with similar items which have sold within the market that I considered most common for the property. This approach makes use of data obtained from professional art databases, the market including sales at retail stores and live/online auctions, price guides, opinions of other experts, or other personal observations. Unless otherwise noted, markets explored appeared to be balanced and stable.

This appraisal is largely based on extraordinary assumptions, any one of which, if proven to be incorrect, could render the value conclusion inaccurate. For greater reliability in the value conclusion, the item should be submitted to a qualified appraiser for a firsthand inspection. Although this appraisal has a very limited scope of work, I have determined that the results would not mislead the client. The appraiser’s opinions and conclusions set forth in this report cannot be understood properly by anyone other than the client without additional information from the appraiser’s workfile.

The condition of the item is assumed to be as described by the client and what is readily apparent from examination of the image. Any variation from this condition could result in an incorrect value conclusion. Unless otherwise stated herein, the appraisal is based only on the readily apparent identity of the items appraised. In my opinion, no further guarantee of authenticity, genuineness, attribution or authorship is represented, or possible, without a physical inspection of the property.

The appraised values are based upon the whole interest and possessory interest of the client, undiminished by any liens, fractional interests or any other form of encumbrance or alienation. However, this appraisal is not an indication or certificate of title or ownership. The identification of the interest of the client has been represented to me by my client and no inquiry or investigation will be made, nor is any opinion to be given as to the truth of such representation.

The value conclusions expressed herein are based on the appraisers best judgment and opinion and are not a representation or warranty that the items will realize those values if offered for sale at auction or otherwise. The values expressed are based on current information on the date the appraisal was made. No opinion expressed as to any past value, nor, unless otherwise expressly stated, as to future value.

I certify that to the best of my knowledge and belief:

a. Statements of fact contained in this report are true and correct.
b. The reported analyses, opinions and conclusions are limited only by the reported critical assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
c. I have no undisclosed past, present, or contemplated future interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.
d. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
e. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
f. My compensation for this appraisal is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
g. I have personally inspected images of the listed property that is the subject of this report.
h. Unless noted elsewhere, no one provided significant professional assistance to the person signing this report.
i. This appraisal has been prepared in conformity with and is subject to the current version of the International Society of Appraisers Appraisal Report Writing Standard and Code of Ethics.
In addition, my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the current version of The Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP).

Possession of this report does not carry with it the right of publication. Furthermore, no change to this appraisal shall be made by anyone other than myself. In accordance with the terms of service, I regard information concerning this appraisal as confidential. My qualifications to conduct this appraisal are listed http://www.trocadero.com/thornton. This appraisal is kept in the What’s It Worth to You archives. During the time it remains in their archives the Client can verify the appraiser's electronic signature by contacting http://www.whatsitworthtoyou.com

Erin Nieto, member, ISA

This online appraisal is an expert's opinion of the item(s) depicted above based solely on images and information supplied by our customer. Additional information, not shown on this certificate, may have been taken into account for this online Appraisal.

Please Note: Our service strives to include the best international authorities in their respective fields. While the appraiser may be an expert in rendering the valuation, please understand that they may not be completely fluent in English.

* Current Fair Market Value is the amount someone might receive when selling their item to a dealer or at auction. It is also the amount most government tax agencies (IRS, Revenue Canada, Inland Revenue, etc.) recognize as the tax deductible amount were the item donated to a charitable organization.

** Replacement Cost is the retail amount one might reasonably pay to purchase the item from a dealer, gallery, store, etc. It is also the amount for which one may want to insure an item.

For currency conversion go to http://www.xe.net/ucc/full.shtml

Whatsitworthtoyou.com
40 Sunset Blvd.
Perth, ON K7H 2Y4
CANADA
613-264-9032