Attached are the assignment guildlines, hammer ratio example, and how to calculate the fair value. My topic isOption 1: Willem De Kooning. Please let me know if you need any clarification
Spring 2020 FIN 445- Alternative Investments Final Project Select one artwork and collect information on: 1- Artist background, artistic activity, institutional support 2- Artist market performance and strength of demand over the last 5 years (2015-2019), graph the hammer ratio and percentage of unsold/bought in (show your work on excel)- write your conclusion 3- Estimate the fair value of the artwork (low estimate, high estimate)- write your justification 4- Based on the fair value you estimated in point 3, estimate: a. return over the holding period b. annual return 5- Asses risk Option 1: Willem De Kooning Title: MONTAUK III, Year 1969 https://www.sothebys.com/en/auctions/ecatalogue/2010/contemporary-art-evening-auction-n08678/lot.25.html?locale=en Option 2: Joan Mitchell Untitled https://www.sothebys.com/en/auctions/ecatalogue/2009/contemporary-art-evening-sale-n08550/lot.17.html?locale=en Option 3: Patrick Heron Title: BIG RED WITH CADMIUM GREEN: JULY 1960 https://www.sothebys.com/en/auctions/ecatalogue/2007/20th-century-british-art-l07140/lot.132.html?locale=en Option 4: Mark Rothko https://www.sothebys.com/en/auctions/ecatalogue/2007/contemporary-evening-l07022/lot.51.html?locale=en Option 5: Charles Hossein https://www.sothebys.com/en/auctions/ecatalogue/2014/contemporary-art-doha-do1401/lot.42.html?locale=en Lucio Fontana Year Auction houselocation Sale date lot number colour height width Area low estimate high estimate sale price 1963Sotheby'sLondon 6/26/1921red655435101,800,0002,500,0002,415,000 1964Sotheby'sMilan 4/11/1935red 2419456200,000300,000372,500 1965Sothby'sMilan 11/26/1919green65543510500,000700,000684,500 1965Sothebys Hong Kong 4/1/191141red384517107,000,00010,000,0008,575,000 Joseph Albers (2) titleYear Auction houselocation Sale date sale number lot number colour medium provenancecondition certificate signiture height width low estimate high estimate sale pricecurrency 6Homage to the Square1962PhillipsLondon 3/8/1846yellow oil The Josef and Anni Albers Foundatio, Waddington Galleries, London, Xavier Hufkens Gallery,Brussels, Private Collection, Belgium, Samuel Vanhoegaerden Gallery, Knokke, Distinguished Private Collection, Belgiumno40.640.6300,000500,000381,000Pound 7Study for Homage to the Square: Mellow1960Christies New York 11/16/18672mellowoil London Art Galleries, Detroit, Acquired from the above by the present owner, 1971yes60.960.9250,000350,000516,500US$ 5STUDY FOR HOMAGE TO THE SQUARE: "ALLEGRO1961Sotheby'sLondon 3/6/19169yellowoil Galerie Bischofberger, Zurich, Private Collection, Europe, Sotheby's, Milan, 24 November 2015, Lot 19, Acquired from the above by the present owneryes4040250,000350,000410,000Pound 4STUDY TO HOMAGE TO THE SQUARE: SIXTEEN1958Sotheby'sNew York 9/26/196yellowoil none yes45.745.7200,000300,000275,000US$ 3Study to Homage to the Square - Endless1964PhillipsNew York 11/13/19130yellowoil Robert Elkon Gallery, New York, THE MILES AND SHIRLEY FITERMAN COLLECTIONyes40.640.6120,000180,000287,500US$ 2Study for Homage to the Square: With Saffron1962Christies New York 11/14/19623yellowoil Sidney Janis Gallery, New York Private collection, Dallas Robert Miller Gallery, New York Pace Gallery, New York Private collection, New Jersey Anon. sale; Christie's, New York, 19 November 1992, lot 312 Acquired at the above sale by the present ownernone none yes6161450,000650,000915,000US$ 1STUDY TO "WHITE SETTING" [HOMAGE TO THE SQUARE]1959Sotheby'sMilan 11/26/193yellowoil Sidney Janis Gallery, New York Gimpel Fils Ltd., Londra The London Arts Group, Londra Gimpel & Hanover Galerie, Zurigo Collezione Dr. Herbert Gross, Zurigo Kornfeld und Klipstein, Berna, 11 giugno 1969, Auktion 132, Lotto 1 Studio Bellini, Milano Ivi acquistato dalla famiglia dell'attuale proprietario negli anni Settantayes60.960.9300,000400,000312,500euro exchange rate $. To gbp 11/16/180.7789 9/26/190.8814 11/13/190.778 11/14/190.776 exchange rate Euro to gpb 11/26/190.8571 Sheet1 Art Market performace and strength of demand DateHammer PriceLow EstimateHigh Estimate 11/2/15200,000160,000180,000 2/5/1587508,00012,000 2/5/1587508,00012,000 13/5/15250,000250,000350,000 13/15/15490,000700,0001,000,000 13/5/1575,00060,00080,000 13/5/1537,50040,00060,000 13/5/1581,25080,000120,000 13/5/1537,50040,00060,000 12/5/156,074,0008,000,00012,000,000 12/5/151,690,0001,200,0001,800,000 12/5/156,410,0006,000,0008,000,000 19/6/1521,25010,00015,000 29/11/1552,50040,00060,000 29/11/1535,00010,00015,000 4/11/1524,890,00025,000,00035,000,000 12/11/15346,000250,000350,000 12/11/15490,000400,000600,000 24/11/1515,00010,00015,000 24/11/1518,75010,00015,000 24/11/1513,7508,00012,000 3/3/1665,00040,00060,000 3/3/16162,500150,000200,000 3/3/1675,00070,00090,000 21/4/1627,5008,00012000 12/5/16112,50060,00080,000 29/11/1652,50020,00030,000 29/11/1610,62510,00015,000 29/11/1652,50030,00040,000 29/11/1656,25035,00045,000 29/11/1635,00020,00030,000 29/11/16112,50060,00080,000 8/10/1663,00060,00080,000 8/10/1630,00035,00045,000 28/10/1618,75015,00025,000 15/11/1647,50030,00040,000 17/11/16612,500250,000350,000 17/11/161,332,5002,000,0003,000,000 17/11/169,800,0008,000,00012,000,000 17/11/162,832,5001,500,0002,000,000 18/11/16516,500250,000350,000 18/11/1610,362,5008,000,00012,000,000 16/2/1770,00035,00045,000 2/3/1732,50035,00045,000 19/5/1775,00030,00040,000 19/5/1760,00060,00080,000 19/5/17200,000200,000300,000 27/9/17792,500200,000300,000 24/10/175,2505,0007,000 16/11/17735,000600,000800,000 16/11/17615,000600,000800,000 17/11/172,775,0001,500,0002,000,000 17/11/171,095,000700,0001,000,000 17/11/17855,000100,0001,500,000 17/11/171,335,000600,000800,000 21/11/1714,8707,0009,000 21/11/1714,0447,0009,000 6/3/189,0007,0009,000 27/4/1817,5008,00012,000 27/4/186,0003,0004,000 29/4/18500,000300,000500,000 30/4/1812,50010,00015,000 30/4/1811,8757,0009,000 16/5/1812,565,2008,000,00012,000,000 17/5/1850,00040,00060,000 17/5/18644,000350,000450,000 17/5/18300,000150,000200,000 25/9/18106,25060,00080,000 25/9/18300,000120,000180,000 14/11/189,331,000700000010,000,000 14/11/188,314,9007,000,00010,000,000 14/11/1811,589,00010,000,00015,000,000 15/11/18312,500250,000350000 15/11/18471,000500,000700,000 10/12/1893,75070,00090,000 10/12/1852,50070,00090,000 16/5/1912,565,2008,000,0001,200,000 17/5/19300,000150,000200,000 17/5/19644,000350,000450,000 17/5/1950,00040,00060,000 26/9/19150,000120,000180,000 14/11/1930,105,80025,000,00035,000,000 15/11/19524,000250,000350,000 15/11/19800,000600,000800,000 15/11/19400,000350,000450,000 6/12/1915,00015,00020,000 average hammer ratio Sheet2 Yearnamesale dateMediumheight cmwidth cmlow estimatehigh estimatesale pricehammer price 1971Amityville14-Nov-18oil on canvas203.2177.810,000,00015,000,00011,589,0009850650 1968Women in Landscape II15-Nov-16oil on canvas152.4121.93,000,0005,000,0003,367,5002862375 1972untitled17-May-18oil and charcoal on paper mounted to canvas107147.61,000,0001,500,0001,215,0001032750 average sale datesale priceheightwidthareahammer price/cm2 * areahigh estimate return over the holding period Annual return