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Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 : Date / ROUTING AND TRANSMITTAL SLIP 30 TO: (Name, office symbol, room number, Suiiding. Agency/Post) initia. % i 1. EXA/DA ) o arms \ Zh oor ee Action s/s [File [Note and Return ADE + {or Clearance _ Per Conversation As Requested’ |For Correction |_| Prepare Rep! , 2 Sane Circulate _/ | | For Your Information | [See Me Comment/ | Tinvestigate | [Signature Coordination | | justify REMAR DO NOT use this form as a RECORD of approvals, concurrences, disposais, clearances, and similar actions FROM: (Name, org. symbol, Agency /Post) Room No.-~—Bidg. Phone No. §041-102 OPTIONAL FORM 41 (Rev. 7-76) w U.S.G.P.0.: 1983.421-529/320 FRM tat Coty ces 11.206 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 Declassified in Part : Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 STAT STAT CENTRAL INTELLIGENCE AGENC i a Office of the Inspector General ay A axe 27 October 1986 Bill - You will recall that, when and I spoke with you about the Vincent Melzac offer to donate some of his paintings in return for purchases, we agreed that the first step was to get an appraisal of the fair market value. We have done that, and the result is attached. As you can see, the appraisal estimates vary widely, depending on the artist, the painting, and to some extent the condition. A sub-group of the Fine Arts Commission had viewed all of the paintings now hanging at one point and agreed that there were a number we would be interested in purchasing. The real question is: how much money is available for purchase and is the Agency interested in pursuing this course? I hope, as does the Commission, that we can take advantage of Melzac's offer, as he has made it clear repeatedly that he intends to be generous in his donations to us tied to the purchase, Please let me know of your decision, so that I can be in contact with Melzac, either to open negotiations or tell him that we are not interested. ; Thanks. LLIG; ee ID 28) CENTRg? Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 STAT STAT cy MINNIE B. ODOROFF, Art Appraisals Suite 2007, 400 Madison Street Alexandria, Virginia 22314 ASA | (703) 549-4060 October 20, 1986 Fine Arts Coordinator Central Intelligence Agency Washington, D. C. 20505 Dear This report is submitted at your order for an appraisal to assign fair market value to the art described below which I examined at the Central Intelligence Agency Headquarters, McLean, Virginia, om September 18, 1986. Attached is a statement of my qualifications to perform this service for you. APPRAISAL REPORT Dimensions are stated in inches with height preceding width. All works are in excellent condition unless otherwise noted. "Fair market value" is defined as the price at which property would change hands between a willing. buyer and a willing seller neither being under any compulsion to buy or sell and both having reasonable knowledge of the , relevant facts. ARTIST: NORMAN BLUHM (American 1920 - ). Born in Chicago, Illinois. Studied architecture at Illinois Institute of Technology and with Mies van de Rohe in 1936, 1945-47. Studied painting at the Ecole des Beaux Arts and the Academie de la Grande Chaumiere, Paris, Lived and worked in Paris, 1947-46, 1964-65, His works are included in the permanent collections of the Dallas Museum of Fine Arts, Texas, Museum of Fine Arts and Whitney Museum, New York City, and Corcoran Gallery of Art, Washington, D. Co 1. Oil on canvas painting, size 84x72, untitled, unsigned, circa 1966. Valuation: $30,000.00. ARTIST: THOMAS DOWNING (American 1928-1985), Bor in Suffolk, Virginia. Studied at Randolph-Macon College and Pratt Institute, Traveled in Europe in 1951 m grant from Virginia Museum of Fine Arts, Attended Academie Julian in Paris and studied in 1954 with Kenneth Noland at Catholic University, Associated in 1957 with Washington Workshop Center for the Arts and in 1958 with Sculptor's Studio, Taught in Washington, D. C. and Virginia Public Schools and at Corcoran School of Art, 1967-70. t cont, page 2 DD “eS TRY yee Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 APPRAISAL REPORT -~ Central Intelligence Agency 10/20/86 2. Acrylic on canvas painting size 694 x 70, framed baguette strip size 70 x 70%, titled "Center Grid" (black, red, blue, white dots), unsigned, circa 1960. Valuation: $18,000.00. — 3. Acrylic om canvas painting, size 95 1/4 x 100 3/4, framed baguette strip size 96 x 101%, titled "Rudder" (parallelogram) unsigned, circa 1965. Valuation: $8,500.00. 4, Acrylic ™m canvas painting, size 83 x 914%. framed strip baguette size 84 x 92%, untitled (orange square with wide raw canvas border), unsigned, circa 1958-59, Valuation: $7,000.00. 5. Acrylic on canvas painting,size 694 x 57%, framed strip baguette Size 70% x 58%, titled "Dapper," (green blue, gray dots) unsigned, circa 1959, Valuation: $10,000.00, 6. Oil on canvas painting, size 48 x 118k, titled "Folds II," unsigned, circa 1968. Valuation: $12,000.00. 7. Oil on canvas painting, size 67 x 85, titled "Planks," unsigned, Circa 1967. Valuation: $14,000.00. ARTIST: HOWARD MEHRING (American 1931-1978), Born in Washington, D. C. Studied at Wilson Teachers College (BS 1953) and Catholic University (MBA 1955) Shared a studio with Thomas Dowming 1956-58. With Downing and others helped found the Origo Gallery in 1959, Traveled in Europe on a grant from Woodward Foundation in 1961, 8. Acrylic on canvas painting, size 34 x 52, framed strip baguette size 35 x 53, untitled (swirl) unsigned and undated, Valuation: $6,000.00. 9. Acrylic on canvas, size 1004 x 100%, framed strip baguette size 101 x 101, . untitled (red) unsigned and undated, circa 1960. Valuation: $15,000.00. 10. Acrylic on canvas painting, size 26 x 27, framed strip baguette size 27 x 28, untitled, unsigned, circa 1963, Valuation: $3,000.00. ll, Acrylic on canvas painting, size 91 x 81, framed strip baguette size 91 3/4 x 81 3/4, titled "Early," unsigned, circa 1960. Valuation: $12,000.00. 12, Acrylic on canvas painting, size 102 x 96, framed strip baguette size 103 x 97, untitled (gray), signed "H. Mehring" and dated 1959 in lower left comer. Valuation: $14,000.00. cont. page 3 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 10/20/86 . fe : ARTIST: ROBERT NEUMAN (American 1926 - ). Born in Kellogg, Idaho, Studied at California College of Arts & Crafts, California School of Fine Arts, | University of Idaho, Mills College, also in Stuttgart, Germany. Taught at California College of Arts & Crafts, 51-53; Brown University, and Carpenter Center for Visual Arts of Harvard University. Awards: Fullbright Grant 5-54; Guggenheim Fellow 56-57,. 13. Oil on canvas, size 64x64, untitled (arrows) unsigned and undated, Valuation: $4,500.00, ARTIST: ALMA THOMAS (American 1896-1978). Born in Columbus, Georgia. Studied at Howard University, Washingto, D.C. and: was the first: student to graduate in 1924 from the Art Department, Columbia University, New York City, MFA 1934. American University, Washington, D.C. with Ben ‘Summerford, Robert Gates and Jacob Kainén, 1950-60, Major Exhibitions: Museum of Fine Arts, Boston, Mass., Whitney Museum, 1971; National Collection of Fine Arts, Washington, D. C. 1971; Baltimore Museum of Art, 1971; Corcoran: Gallery of Art, Washington, D. C., 1971; Carnegie Institutim, Pittsburgh, | Pa., 1971, 14. Acrylic ™ canvas painting, size 50 x 48, framed strip baguette size Sl x 49, titled "Wind Dancing with Spring Flowers," signed "A M Thomas" and dated '69 in lower right corner. Valuation: $12,000.00 15. Acrylic om canvas painting, size 69 x 53, framed strip baguette size 70 x 54, titled "Mars Reflection," signed "A M Thomas '72" in lower right corner. Valuation: $14,000.00. 16. Acrylic om canvas painting, size 49 x 25, framed strip baguette size . 50% x 26%, titled "For Vincent," signed"A M Thomas" and dated 1976 in lower right corner. Valuation: $7,500.00. ARTIST: GENE DAVIS (American 1920-1985). Born in Washington, D. C. Studied at University of Maryland and Wilson Teachers College. Worked as a journalist in the 1940's, Studied art informally with Jacob Kainen in the early 1950's, Taught painting at the Corcoran School of Art in 1966 and in 1970-71. 17, Acrylic on canvas painting, size 88 3/4 x 85, titled "Black Rhythm" (stripes) unsigned, circa 1964. Some abrasions with loss of color in lower right. Condition good. Valuation: $70,000.00. The above valuations have been assigned after careful and extensive research in the records of public sales (International Auction Records, E. Mayer) for the period 1980 to date; after consultation with art dealers; after consultation with knowledgeable colleagues; after visits to commercial galleries for purposes of comparisons of current prices of contemporaries; and based upon information provided by you. cont, page 4 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 APPRAISAL REPORT —Central Intelligence Agency 10/20/86 I certify that I have no financial interest, past or future, in the works appraised other than an appropriate fee for my services computed on an hourly rate. I further certify that this report has been prepared to the best of my ability and in accordance with the principles, guidelines and code of ethics of the American Society of Appraisers of which I ama Senior Member, Fine Arts. Respectfully submitted, Wunnue, B Dtartff MINNIE 'B. ODOROFF,A.S.A Encs,. Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 [ Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 ~~~ ee ae . Poe _ MINNIE B. ODOROFF, Art Appraisals : Syl Us A . - Suite 2007, 400 Madison Street | Alexandria, Virginia 22314 ASA (703) 549-4060 APPRAISAL BACKGROUND AND EXPERIENCE I a , My background includes thirty years in the field of Fine Arts as A collector of 20th Century Art; as the ; Co-owner of a ig peiisices art gallery; Treasurer-Trustee of the Friends of Corcoran Gallery of Art, Washington, D. C., a member of the Friends 1975 Art Acquisition Canittee; Co-Chairperson of the Cammittee which arranged the 20th Anniversary Exhi- bition of _the Friends, 1981; member of the Mayor's Committee : _ for the City of Alexandria, Virginia, 1983 Sculpture Festival;: member of the Selection Committee, City of Alexandria Virginia 1984 Sculpture Festival; and currently Trustee and I have achieved Senior Member status, Fine Arts, in the American Socie Of Appraisers, This status requires a minimm of five years full fae appraisal experience, passing a comprehensive examination on general appraisal practices, principles and ethics, ard Passing a specific ‘xamination related to Fine Arts subject matter and resources, _ Finally, my appraisal experience inthe jee itar lashington area politan Wi Ae Ons oka arpa ah anis assignments from the Smithsonian mea, and space Museum, the Museum of ‘African Art, the Corcoran, lery = Art, ee National Academy of Sciences, the National Teague of eyes : cher -ege, Sweetbriar College, commercial galleries, attomies, and humerous private clients... Experience in other than art related areas has been in real estate development, budget and fiscal affairs Management, ~~ Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 CIA-RDP88G01332R000700810002-4 Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : eo 3 d t é ‘ 1 MB ese cs cad se } 4 i Tested, Certified, and Desig : - by the American Society of : r 2 ' A Education A Experience A Examination ‘aa ‘ oy! A Ethical Standards ars } Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 meee | —— — Declassified in Part - Sanitized Copy Approved for Release 201 4/12/01 : CIA-RDP88G01332R000700810002-4 ASA originate to establish an : “Members of the American Society of Appraisers aré: * Jocated in the United.States, Canada, Mexico, Com:.... monwealth of Puerto Rico, Virgin Islands, .The Phil- ippines, England, Australia, Indonesia, Japan, Central” and ‘South Ame ica, Holla ons Kong. Woes ago ie E weg Chapters include: ‘Abron-Clevelanid e bAconA e ae @ Boston @ Broward County @ Central Florida @ Central Oregon ®@ Central Valley @ Chicago @ Colum: ‘bus @ Connecticut @ Dallas-Ft. Worth @ Dayton-Cin-. cinnati ® Denver @ Detroit @ El Paso © Greater Miami @ Hampton Roads @ Honolulu @ Houston @ [ndiana @ Iowa @ Kentucky @ Knoxville @ Lancaster @ Lansing , @ Las Vegas @ Long Island @ Los Angeles @ Maryland @. Mid-America @ Mississippi @ Montgomery @ _ Nebraska @ New Mexico @ New Orleans @ New York -@ North Carolina-Piedmont ® North Carolina-West- -ern @ Northern New Jersey @ Oklahoma @ Orlando | ® Permian Basin @ Philadelphia ® Philippines © Pitts- burgh ® Portland @ Princeton @ Puerto Rico ® Reno- Tahoe ® Richmond ® Roanoke ®@ Sacramento @ St. - Louis @ Salt Lake City @ San Bernardino-Riverside @ San Diego @ San Francisco @ San Jose ® Santa Barbara ® Seattle @ South Texas ® Southern New Jersey @ Spokane @ Tampa Bay ® Texarkana ® Toledo ® Topeka 8 Toronto @ Tucson ®@ Tulsa @ Twin Cities @ Vancouver @ Virgin Islands @ Washington, D.C. ® Western New York State @ West Texas @ ante Plains ® Wisconsin w+ eed nt a me Rill i counsel will be iailable ive) the Public, ASA requifes Senior Members to recertify on a regular five-year basis. This Society's examination procedures, and Sciences Degree Programs. ee Se —~ Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : GIA-RDP88G01332R000700810002-4 ot . Requirements for Professional Designations in ASA 1. Education A degree from a recognized institution of learning or such other education, knowledge or experience as may be deemed to be the equivalent of such professional education by the International Board of Examiners of the — American Society of Appraisers. 2. Experience’ Member status requires a minimum of two years full time appraisal experience. Senior Member (ASA) status requires an individual to have a minimum of five years full time appraisal experience. Fellow (FASA), an honorary designation, is bestowed on a Senior Member who has rendered outstanding service to the appraisal profession and the Society. 3. Examinations In order to achieve Member or Senior Member (ASA) status in the American Society of Appraisers, the individual, in addition to other mandatory requirements, must pass a. comprehensive examination covering areas of: General Value Theory, Technical Expertise, Professional Ethics. 4. Appraisal Reports Candidates for a professional designation must submit several appraisal reports for evaluation and grading as part of the professional designation process. 5. Personal Investigation Each individual seeking the designation must furnish nuMeroas protessional and personal references and be subject to ic cl credit and background investigations. In addition, local chapters conduct personal interviews and evaluate the practices of all applicants, Declassified in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G01332R000700810002-4 Ethical Standards : Recognizing the need for the highest. dards, one of the American Society of 4 objectives is to ensure ethical practic on the part of its members. The Society efforts to strengthen and uphold the Practice and Code of Ethics (the code o all members must subscribe) in order ta The following and other subjects are 4 detail in the above mentioned bookle for misunderstandings by member app 2.2 Objective Character of the Resui Undertaking 3.6 Appraiser’s Fiduciary Relations Parties. 3.7 Appraiser’s Fiduciary Relationshiff 4.5 Appraiser’s Obligation Relative i than One Client in the Same Mattét - 5.2 Appraiser’s Obligations Relative to. 9 Society’ 3 Disciplinary Actions : 6.5 Hypothetical Appraisals : 6.6 Appraisals in Which Access to Pertinent Data is Denied 6.9 Inspection, Investigation, Analysis, ain Description of Subject Property 7. Unethical and Unprofessional Sheetal Practices 7.1 Contingent Fees : 7.2 Percentage Fees 7.5 Advocacy 7.8 Misuse of Membership Designations _ 7.9 Causes for Disciplinary Action by the Society 8.5 Statement of the Appraiser’s Disinterestedness Grievance Procedures ASA has developed a mechanism for thg,enforcement of the previously cited Code of Ethics wher@®¥ the client may fle a written complaint directly with the International Head- quarters of the American Society of Appraisers if he/she feels an appraisal rendered by one of ASA’s members violates sound professional practice. ASA has permanent, internal procedures for processing all documented grievances, assuring due process. Sanctions against members, if found to be in violation of the Code of Ethics, range from censure to expulsion with lope of professional des Declassified in Part - Sanitized a hoseaveer, for Release 2011/12/01 : CIA- RDP88G01332R000700810002- 4 ‘Sanit | - 01332R000700810002-4 aera? in Part - Sanitized Copy Approved for Release 2011/12/01 : CIA-RDP88G Up ? ourses os addition, it'conduc * uation inténded f rin methods and expetti Appraisal Services Directory eee (Annual Directory of Tested/Certified Appraisers: $5.00 prepaid) | ae a in the development of the Valuation Sciences Degree Pro: <i. grams at both the graduate and undergraduate Jévels in. ~ numerous universities across the country, re yes The American Society of Appraisers has been the leader at te ee cs The following publications are free with sate Stamped, self-addressed envelope: .. ASA, since 1972, has been the proponent of certification: of all appraisers and has produced a Model Billi: onthe: subject. a eo Directory of Certified Professional Personal Prop- erty Abpraisers : _ © Principles of Appraisal Practiceand Code of Ethics © Information on the Appraisal Profession . © Pro Bono Publico (Policy Statementon the Neces- Sity for Certification of Al] Appraisers) -.. The Society has been an active Participant at all levels: e a one of government and industry in helping to develop viable, meaningful appraisal standards of practice. . * ... ASA has been a pioneer in the area of consumer edu- ° cation programs. For seven years the Society has con- |. ducted a Consumer Information Program Providing free pamphlets and brochures that help consumers understand more about the appraisal profession. To order write: American Society of Appraisers ae a PO. Box 17265 - Washington, D.C. 20041 Attn: Publications Division 2 hoary et Write for Information If you would like more information about the Society and its members, write: ¢ 7°: American Society of Appraisers PO. Box 17265 Sashington, D.C. 20041 Attn: Personal Property Division nd E: ‘a shed lak aa Ah a) Sa icc satiety 5 gtd ny