Expert: Ben Mahmoud - 3/16/2008

Question
QUESTION: I have 242/250 of the William R. Addison seriagraph "Hideaway," purchased by me from Merril Chase about 1968. Can you tell me what the current value should be for insurance purposes.

ANSWER: I have made an exhaustive search of the internet for Willian R. Anderson.  I have found nothing.  This simply means that no gallery or museum has his name on their web page.

However, I must tell you that I know the Merril Chase Galleries in Chicago very well.  I can tell you that the are not a member of the Art Dealers Association, and there is a reason for that.  It is not because they did not wish to be a member.  The feeling among Chicago artists is that the M/C Galleries dealt in very unsophisticated work.  So much for the gallery, now the work.

An edition of 250 is a fairly large edition.  This reduces its value.  It does not matter what the number of the print is in the edition.  You did not give the size of the work, and this is important in determining the value.  There are no auction statistic on Addison, so there is no telling what the market price would be. In fact, the value is what the highest bid for the work would be. But the work has to be on the market in order to gain that information.

To answer your question directly, I would take the price you paid for the work, and maybe add a 30% increase in value. That would be a fair assessment.  However, this is not a replacement cost. Should you wish to replace in case of loss or damage, you would have to pay the current prices.  So, maybe you can figure what you paid for it, and then factor in the inflation since 1968. That would also be an acceptable price, I think.

I hope that I have been of some help in this matter.

If you have further questions, please do not hesitate to ask.

Ben Mahmoud

---------- FOLLOW-UP ----------

QUESTION: Thank you. I made an error in the name and I apologize for any futile effort I may have caused. The artist's full name is Robert William Addison. The serigraph is 24" high by 17" wide plus mat and frame. Included in the printed legend attached to the back is the following. "...an original serigraph; an edition of 250 numbered prints and 50 artist's proofs...signed by the artist and numbered. This is the only edition, the plates have been destroyed. Printed by Superior Silkscreen Industries, Inc., February/March, 1974." I should have looked on the back before I wrote. My wife and I both think we remember buying it in 1968, but I guess not. Perhaps it was 1978. It also states that Addison was born in 1924 in Boise, Idaho and educated at the Arti Institute of Chicago, In 1984, when I moved the work from home to my office, Merrill Chase estimated the retail replacement value to be $1350.

Again, I apologize for giving you incomplete information. I should have taken the work down and looked at the back. Regards, Marv

Answer
Indeed, that is different story. I found a case where an 18" x 24" serigraph was put on the market at auction in June of 2005.  It was from an edition of 275.  The estimated range expected at auction was $100 to $200. The print sold for $475. Should you wish to view that print, here is the link:

http://www.antiquehelper.com/search.php?searchstr=Robert+Addison

When you get to the site, click on the little image of Addison's print, and you will be taken to another page with some close ups of the work.

Addison died in 1988.  That sometimes means the print gained in value since the supply has ended.

There was a retrospective exhibition of Addison's work in 1971.  There was a catalog published.  I think you can buy a copy of that catalog for a very small price.  Here is the link that will take you to the site that has the book:

http://www.abebooks.com/products/isbn/9780960018222/Robert+William+Addison:+A+Re

There is an auction record of Addison's prices. I see that there have been 2 drawings/watercolors, 2 paintings, and 24 prints auctioned.  However, there is a fee to get the information.  They also have a site that you can get a professional estimate of the work, again, for a fee.  However, there is link for "free express sign up."  I have no idea of the information you can obtain from that.

Here is the link to that page:

http://web.artprice.com/artistdetails.aspx?idArti=Nzk1MjcwOTIwODIyOTI3LQ==&src=3

I think that Merrill Chase gave you a very inflated price, but you can find out by signing up on the ArtPrice site.  The home page of ArtPrice says that there is a promotional fee of $109 instead of $129.

One thing:  you have not mentioned whether it is signed or not.  The signature will have to be in pencil and below the print, and probably in the middle of the print.

Again, I hope that I have been of some help to you in getting the information that you want.

Good luck,  

Ben Mahmoud