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Coffeeshop Chit Chat - Someone kelong in National Heritage Brd</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>9:07 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 9) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>31806.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Apr 16, 2010
NHB's valuation process questioned
Art experts weigh in after donation of 'misvalued' Peranakan ware is returned
<!-- by line -->By Deepika Shetty
http://www.straitstimes.com/Singapore/Story/STIStory_515137.html
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QUESTIONS are being asked about the valuation process of the National Heritage Board (NHB) following reports that a major donation to the Peranakan Museum was returned after the collection was valued down significantly.
The Straits Times reported on Wednesday that the valuation of the 300 pieces of Straits Chinese porcelain and silverware went from $15 million to under $2 million after doubts arose over the worth of the collection.
The donors were Mr and Mrs Tan Eng Sian, who asked for the collection to be returned. Mr Tan, who is in his 80s, is a descendant of pioneer and philanthropist Tan Kim Seng.
Mr Valentine Willie, a gallery director who has been in the art business for almost 15 years, said the initial valuation of $15 million seemed 'over the top'.
He said the Peranakan collectors market is largely confined to South-east Asia and Nonya ware is not deemed to be as collectible as other artefacts such as Chinese ceramics.
It is rare for a Peranakan object to fetch thousands of dollars, which would have been the case if the Tan collection had really been worth $15 million.
In the last known auction of Peranakan items here in 2000, international auction house Christie's sold a group of brooches called kerosang for $1,175 and an 18-karat gold mesh bag for $5,288.
Mr Willie added: 'Even if we factored in some star pieces, it would still mean that each of the other pieces would have a value in excess of $10,000. That is obviously way too much.'
Art experts interviewed were also struck by the wide gap in the valuation amounts. Mr Howard Rutkowski, the former director of modern and contemporary art at British auction house Bonhams in London, said: 'It is rare to find such vast differences in opinion. There is so much information available and so many sources to consult.'
Art experts find it unusual that, given the high initial valuation, a second opinion was not sought immediately.
Mr Daniel Komala, chief executive officer of regional auction house Larasati, said: 'Estimating the value of a piece of artwork is a complex process. Our information sources include collectors, curators, specialised market analysts and experts. The final valuation will be a weighted average of different valuations given by several parties.'
Both Mr Willie and Mr Rutkowski agree this is the way valuations should be done. 'It is unusual to rely on just one valuation, particularly when the figure is running into millions of dollars,' said Mr Willie.
But the experts also agree that valuing Peranakan ware is a tricky business, given that there are no international benchmark prices to guide valuers.
Peranakan author and curator Peter Lee said: 'There is no serious interest internationally to collect Nonya ware so these objects never make it to the international art market.
'At the moment, it is not considered historically or artistically important in Chinese porcelain studies, so there are no academic specialists in this area.'
The NHB said last night that high-value donations and acquisitions have always been valued by independent third parties who are experts in their fields. It has strengthened its procedures, including having 'a spectrum of valuers'.
Acquisitions which are of small amounts in value are approved by museum directors. For larger amounts, museum directors would recommend the acquisition to the chief executive officer and the views of acquisition committees are taken into consideration.
Asked if it plans to value again the collection at the Peranakan Museum, given the controversy over the valuation of the Tan donation, the NHB said it will continue with the existing practice of conducting regular spot valuations of selected high-value objects.
As for the credentials of the valuation experts, it said: 'We have worked with our valuers who are experts in their fields previously. We trust that our valuers have conducted the valuation to the best of their knowledge and expertise, and we stand guided by them.'
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NHB's valuation process questioned
Art experts weigh in after donation of 'misvalued' Peranakan ware is returned
<!-- by line -->By Deepika Shetty
http://www.straitstimes.com/Singapore/Story/STIStory_515137.html
<!-- end by line -->
<!-- end left side bar --><!-- story content : start -->
QUESTIONS are being asked about the valuation process of the National Heritage Board (NHB) following reports that a major donation to the Peranakan Museum was returned after the collection was valued down significantly.
The Straits Times reported on Wednesday that the valuation of the 300 pieces of Straits Chinese porcelain and silverware went from $15 million to under $2 million after doubts arose over the worth of the collection.
The donors were Mr and Mrs Tan Eng Sian, who asked for the collection to be returned. Mr Tan, who is in his 80s, is a descendant of pioneer and philanthropist Tan Kim Seng.
Mr Valentine Willie, a gallery director who has been in the art business for almost 15 years, said the initial valuation of $15 million seemed 'over the top'.
He said the Peranakan collectors market is largely confined to South-east Asia and Nonya ware is not deemed to be as collectible as other artefacts such as Chinese ceramics.
It is rare for a Peranakan object to fetch thousands of dollars, which would have been the case if the Tan collection had really been worth $15 million.
In the last known auction of Peranakan items here in 2000, international auction house Christie's sold a group of brooches called kerosang for $1,175 and an 18-karat gold mesh bag for $5,288.
Mr Willie added: 'Even if we factored in some star pieces, it would still mean that each of the other pieces would have a value in excess of $10,000. That is obviously way too much.'
Art experts interviewed were also struck by the wide gap in the valuation amounts. Mr Howard Rutkowski, the former director of modern and contemporary art at British auction house Bonhams in London, said: 'It is rare to find such vast differences in opinion. There is so much information available and so many sources to consult.'
Art experts find it unusual that, given the high initial valuation, a second opinion was not sought immediately.
Mr Daniel Komala, chief executive officer of regional auction house Larasati, said: 'Estimating the value of a piece of artwork is a complex process. Our information sources include collectors, curators, specialised market analysts and experts. The final valuation will be a weighted average of different valuations given by several parties.'
Both Mr Willie and Mr Rutkowski agree this is the way valuations should be done. 'It is unusual to rely on just one valuation, particularly when the figure is running into millions of dollars,' said Mr Willie.
But the experts also agree that valuing Peranakan ware is a tricky business, given that there are no international benchmark prices to guide valuers.
Peranakan author and curator Peter Lee said: 'There is no serious interest internationally to collect Nonya ware so these objects never make it to the international art market.
'At the moment, it is not considered historically or artistically important in Chinese porcelain studies, so there are no academic specialists in this area.'
The NHB said last night that high-value donations and acquisitions have always been valued by independent third parties who are experts in their fields. It has strengthened its procedures, including having 'a spectrum of valuers'.
Acquisitions which are of small amounts in value are approved by museum directors. For larger amounts, museum directors would recommend the acquisition to the chief executive officer and the views of acquisition committees are taken into consideration.
Asked if it plans to value again the collection at the Peranakan Museum, given the controversy over the valuation of the Tan donation, the NHB said it will continue with the existing practice of conducting regular spot valuations of selected high-value objects.
As for the credentials of the valuation experts, it said: 'We have worked with our valuers who are experts in their fields previously. We trust that our valuers have conducted the valuation to the best of their knowledge and expertise, and we stand guided by them.'
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