Gallery Night on 57th Street, October 2012

In what has quickly become a New York tradition, yesterday dozens of galleries stayed open late for the biannual Gallery Night on 57th Street walk. Whereas this gallery-goer noticed eerily empty corridors during the last couple of rounds, the fall 2012 event seemed to have all the markers of success: sardine-can packed elevators, side-step-only passing through select exhibitions, and lots of people everywhere carrying little gray maps. Measuring by the yardstick of personal taste, a few artists and shows really stood out:

- D. Wigmore Fine Art, Charming Observations: Modernism of the 1930s and 1940s: including several canvases by the American painter Doris Lee, at once deeply contemplative in their monochromatic abstraction and delightfully charming in their subject matter

- Pace Prints, Santi Moix: silkscreen monotypes with hand-coloring; bursting with spontaneity, a dynamic and visually striking series with infinite layers of line, shape, and color

- Nohra Haime Gallery, Olga de Amaral: Places: large fabric compositions seductively dancing with light from afar and shimmering glamorously up close; metaphorically, like evening jewelry for the wall

- Bonni Benrubi Gallery, Abelardo Morell: Rock Paper Scissors: featuring “tent camera” landscapes photographed simultaneously with the grassy patches of ground beneath the camera itself, seamlessly combining two views into one deliberately confusing but beautiful experiment in texture and context

An Art Investment Council Panel Review: Is the Art Market in a Bubble?

 Last week the Art Investment Council (AIC) presented a private panel: Is the Art Market in a Bubble?

Moderated by Stephen Brodie, partner at Herrick, Feinstein LLP, the panelists consisted of Benjamin Mandel, Economist at the Federal Reserve Bank of New York, Michael Moses, Co-Founder of Beautiful Asset Advisors, Michael Plummer, Co Founder & Principal at Artvest Partners LLC and Barrett White, Senior Vice President, Christie’s, Post War & Contemporary Art.

Michael Moses described a market bubble in terms of return:  a bubble means annual growth of at least 25% per year, for at least five years in a row.  A few obvious examples include Japan during the 1980’s and the U.S. from 1995 to 2000.   

During discussion, all panelists confirmed what experienced professionals working in the field know well, and that which makes it such a unique beast –more than any other, the art market is driven by emotion, collector psychology and confidence (or lack there of) in the market.  Following the 2008 economic collapse, the market experienced the shortest contraction in history (3 years) due largely to consumer confidence in art as an asset class.  Those who stayed away from the sales in 2009 began to feel they were missing out on some favorable prices, and those who had refrained from selling saw sales jump.

Other topics of discussion throughout the evening included art funds (15-20 years in the future), online price databases (collectors love them while dealers feel they can betray their own purchase prices to clients) and regulations and commission transparency along the lines of the real estate market (it will happen when the scale of the art market demands it).

The final verdict?  The general consensus among all was that the art market is not in a bubble – yet.  What leads to a bubble?  Panelists cited troubles in China, which constitutes 40% of the auction market, and the struggling Euro.  Perhaps the most insightful explanation (or warning) of a bubble is the ignoring of connoisseurship in one’s field.  This in turns leads to inflated prices being paid for inferior works, a phenomenon seen in the early to mid 2000’s.

October 2012 Summary of Art Exhibits

There’s just too much art around if you’re a professional in the field; it’s hard on the eyes, feet, brain and calendar, leaving little time for anything other than visiting art exhibitions, attending art panels, going to galleries, attempting all those Art Nights on 57th, Chelsea, Lower East Side, Williamsburg, Lower Batavia, etc.

What’s hardest of all is trying to distinguish one artist from another, or which gallery showed which artist, or trying to remember what you actually thought of any of those artists whose work you can’t sort out anyway.

Clutching a sheaf of papers, invitations, announcement cards and print-outs as I hobbled into the office this morning, I’m trying to recap just a few, a very few, of the shows I attended over the weekend – this is not to include the two or three museum visits I made as I skittered around and through The Korean Day Parade, The Polish Day Parade and the Columbus Day Parade – the parade trifecta. Never let it be said again that New York is the easiest city in the world to get around in – no, no, no, not if there’s a parade going on.

Not in sequence of either time nor area:

Driscoll-Babcock Galleries is celebrating its 160th year in the business by moving to Chelsea and opening its initial exhibition with both 19th century and contemporary artists. There’s a 5.5 million dollar Hartley in one room and a Jeff Koons polka dot painting in the next. A John F. Kensett show is coming up next, but like so many other American Art galleries it is allowing space for what really brings collectors inside their doors – new art.

I’ve been following the work of Louise Fishman for many years and her new work at Cheim & Reid somewhat startled me this time. After 50 years of presenting a wide range of themes, the art has exploded into a blue thunderclap with red slashes. After five decades that’s quite an energetic viewpoiont.

Andrea Zittel at Andrea Rosen, continues to explore the relationship of art to consumable art objects, choosing in her own words to work at the intersection between textiles and painting, working with a group of weavers and artisans to create hanging textiles, some based on Navaho designs, and a giant rug, 144 x 192 inches. One of three, it is $85,000.

Robert Miller Gallery showed some marvelous vintage photos, primarily from the 1930s – Walker Evans, Dorothea Lang, and the usuaal suspects, but I made special note of the newer photos by Jorn Lehr. These offered a contrast to the otherwise very good photos I’d seen the night before at The Affordable Art Fair, held this year on 11th Avenue. Yes, it was affordable – in fact one of the best things I saw in the show was a $375 work by an artist in the Under $500 booth, but the difference between what is affordable and what is gallery worthy leaves some growth room in between.

At Pace the Richard Tuttle exhibition is of free-standing works that expands the space of his smaller creations. Couldn’t help but think of these when the next day I attended “Eyes Closes/Eyes Open,” the recent acquisition of drawings at MoMA. There was displayed the work of German artist Franz Erhard Walther from the decade of the 60s, a suite of interactive sculptural objects, shown for the first time since its original presentation in 1969.

There was tons more to speak of, but I’m not going to be the one to report it. I ended my afternoon in Chelsea on the highest of high notes, at Luhring Augustine where I sat through a performance in 12 parts by Guido Van Der Werve, an extraordinary visual video with a full orchestra that intertwined homage to Chopin with the history of Alexander the Great and the artist as guide, swimming, biking and running from Warsaw to Paris – 1,000 miles - dressed always in black. I lost count of the time for the music alone held me bound to the folding chair on which I sat, not knowing if I was comfortable or not and wishing it would go on for even a little while longer. I don’t usually react that way to art videos, but this time was different. When Chopin died in Paris, his sister promised to bring his heart back to Warsaw to be buried there, smuggling it out and having it was interred in the Church of the Holy Cross. The last scene showed the artist laying a gift at the foot of the artist’s monument in the Pierre Lachaise cemetery.

Biennale des Antiquaires 2012 Report

Art lovers were blessed with perfect weather last week at the 2012 Biennale des Antiquaires held in Paris’s Grand Palais.  In its 26th year, the fair is the foremost showcase of art and antiques for dealers from the Société National des Antiquaries (SNA).  

In a venue designed by Karl Lagerfeld this year, dealers exhibited in lanes of two-storey white shop fronts, and there was no shortage of stunning antiques to admire.  Amongst a healthy mix of old, new and Revivalist pieces was a rare, blue slant top desk varnished in the Chinese taste, by Pierre IV Migeon and the “frères Martin,” France c. 1735 offered by Anne-Marie Monin (Paris), an ornamented walnut and marble cabinet by Édouard Lièvre c.1875 offered by Galerie Marc Maison (Paris), and an 1874 Emile Reiber rosewood, ebony, walnut, gilded and silvered bronze corner cabinet with enameled cloisonné offered by Oscar Graf (Paris). 

While galleries such as Richard Green (London), Galerie Mendes (Paris) and others brought striking examples of Dutch floral and Old Master work, the fine art leaned toward European Modern and Contemporary.  Italians Lucio Fontana and Georgio Morandi appeared beside the French:  Yves Klein, Fernand Leger, Simon Hantai.  One stand-out was Galerie Patrice Trigano (Paris) showing a selection of still life paintings by the self taught Séraphine de Senlis.  The man of the hour?  Fellow primitive Jean Dubuffet, with pieces being offered by no fewer than 20 galleries including Galerie Zlotowski (Paris) whose booth featured Dubuffet en Papier, a grouping of the artist’s works on paper.

Last, but certainly not least were the jewels.  Cartier, Van Cleef & Arpels, Dior, Bulgari, Piaget, Siegelson (New York), Chanel, Boucheron (Paris), Chaumet (Paris), and Wallace Chan (Hong Kong) - the list goes on. 

If you were looking for sparkle, one couldn’t have asked for a better venue.  Spirits (along with Mr. Lagerfeld’s balloon) seemed high.

VIEWPOINT: Conceptual Art

A pyramid of jumbled rags, a multi-colored wool bear sitting on a plastic sheet, a tumbled bed with dirty sheets. All conceptual art, all accepted as art in museums, galleries, private collections, international exhibitions.

The acceptance of the unexceptional subject has been with us so very long that, observing fly-like in a corner, one can note show-goers examine with solemn, even reverential eyes, the concept made manifest and physical. What do they know of its history?

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS.

To read the complete article please click here:

Viewpoint - Conceptual Art

Farewell to Herb

Our client, and more than just a client, for over 20 years, Herb Vogel was an American legend, an ordinary guy on the surface, an art supernova beneath, dead at 89. Herbert and Dorothy, his partner-wife, soul-mate, best friend, fellow connoisseur, are the legendary couple who amassed one of the most extraordinary collections of art in the 20th/21st century while still living in a tiny one-bedroom apartment that also accommodated  cats, turtles, uncounted artworks, and cartons of related paperwork that reached to the ceiling. There was a Sol Lewitt drawing painted into the wall over their bathtub which, I believe Dorothy helped to paint, and which she invited me to examine.

In the early 90s it took five full-size moving vans to take the artworks from their apartment to the National Gallery where they were accorded a room of their own following a celebration that included the chief justice of the United States, David Rockefeller, Christo and Jean-Claude, and a very fortunate me.

I’m going to miss Herb. Used to see him and Dorothy at all the gallery openings, exhibition openings, and all events associated with art. Of course Herb slowed down in recent years, but Dorothy continues to lecture and discuss her projects, such as the “50 for 50,” that provided 50 artworks to museums in each of the 50 states.

A good part of the legend of Herb & Dorothy had to do with how they created such a collection of primarily minimalist art on the salaries of a postal worker and a librarian. For those of us who had the pleasure of spending time with them it doesn’t seem so unlikely. They took the time to develop a deep knowledge of art, they explored all the art the contemporary world had to offer, they focused on what art they could afford (much of the time in installments), and they took the time to seek out the artists and learn from them about their art. Of course, to do this the Vogels had to forgo travel and vacations, fancy clothes and food, live in a one-bedroom rent-controlled apartment, and walk everywhere. History will tell us it was worth it. I think Herb knew that already.

Red is for Happiness

It was supposed to be a secret, but when we arrived in Wilton the tent on the lawn gave it away, as did the three enormous birthday cakes with “Happy 80th” in chocolate, strawberry and carrot cream spelled out besides Peter’s name.

 

The “secret” celebration was for the Lord of the Manor and dean of Chinese art in America, Peter Rosenberg, who looks 20 years younger than the numbers on his birthday cakes. Tribute was paid to Josephine, his mother, who began the business so many years ago in this same rather crookedy 18th century cottage, and to Louise, his late wife-partner, an extraordinary woman famous for her quick humor and Christmas fruit cakes.

 

Peter’s booth is always front and center at all the antiques shows, a tribute to the quality of his merchandise. He has so many stories to share that sometimes stopping by his booth means that the show could close before you get very far beyond it. 

 

A Lion in Summer

 When you’ve lived in New York for a long time there are certain facial expressions you try on before heading out into the world.  Surprise! Your eyes widen, your mouth parts in an O shape, your head crooks slightly. It is an expression used by long-time New Yorkers to indicate a certain emotion when told for the 54th time about the vacation that ended in disaster, the reason for the split-up of someone’s hedge fund husband, or the speaker’s discovery of a fabulous  brand new restaurant whose opening you attended six months before.

 Well, that’s one of many practiced instant expressions, and there are lots of others, but no need now to go through a panoramic viewing of practiced reactions to the oft-told tale. Another time, perhaps another place.

 Last week, at the birthday dinner for a friend, I was seated next to a columnist who writes for Page 6 of the New York Post. In a casual conversation and probably trying to sound worth quoting, I mentioned that just last week we had been in the living room of a client who had, among conventional collectibles, books and porcelains, a full sized African lion – long-manned, ferocious looking, and stuffed, of course.

 “Interesting,” he replied, “but I have 200 preserved animals in my Central Park apartment and another 200 in my home down south.”

 Not possible to out-surprise New Yorkers, and certainly no need to practice the appropriate expression.

Art Basel 2012 Report

True to its lustered reputation as the must-see and must-be-seen destination for serious art enthousiasts, the 2012 edition of the Art Basel fair was buzzing with business.

Gallery booths elegantly displayed large-scale works by top modern and contemporary artists. As if every dealer had simultaneously thought of a "Less is More" aesthetic. It worked.

 No idle dealers spotted – everyone seemed busy with a client or engaged with the screen of their iPads. With the type of serious transactions realized and potential for future sales, a fair of this caliber can represent up to 70% of a dealer's yearly revenue.  In contrast to people-friendly art fairs held in the US, the Art Basel fair is a controlled environment peppered with security guards, check points and no photography permitted. That seemed to work as well. In a strange way this type of elitism makes for both man and art to be equally treated as VIP's.

Damage/Loss/Fraud Appraisals and How They Grew

A Bitter Beginning

It was enough years ago so that I don’t want to even mention the date, but I was an intern in the office of the 80-year-old dean of fine art appraisers, James St. Lawrence O’Toole. He was at the stage of life in which he loved to visit with clients while his protégé  went about examining, measuring and, in our case at least, photographing the objects of our appraisals.

I’d only been out on a few jobs with my mentor, but the first of them had been the appraisal of everything in a small city museum, so I had a bit more confidence than perhaps I should have had after successfully researching colonial portraits and Chippendale chairs. I saw no trouble when we were called in to prepare a report for an English couple just come to the States where they’d found several of their antiques had been severely damaged in the crossing.

After turning in the appraisal to my boss, who checked it favorably, we were certain the clients would be pleased with our report. They were not. Politely, but quite firmly we were informed that the report did them no good because it was based on insurance replacement value only, but no mention of the damage or what they were to do about it. We were embarrassed and bewildered. We had failed, but neither understood how and what we were to do to remedy it.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS.

To read the complete article please click here:

Damage-Loss-Fraud Appraisals and How They Grew

Exhibition Review: Gustav Klimt: 150th Anniversary Celebration at the Neue Galerie, May 24-August 27, 2012

New York City’s Neue Galerie is the latest venue to jump on the Klimt exhibition bandwagon this year. Nearly every museum in Vienna has pulled up a chair to the artist’s 150th birthday party, and while the Neue might be seated at the far end of the table, its contribution to the potluck is more impressive than many of the others’.

During a recent tour through Vienna, an OTE staff member found Klimt’s famous face and kissing couple on every wall, billboard, and bus. But while the streets are like a museum of Klimt reproductions, finding an actual Klimt inside a museum is trickier.

With the exception of the magnificent Death and Life canvas, The Leopold Museum’s display primarily consists of what seems like every scrap of paper that ever passed the artist’s desk – interesting, but a letdown to a tourist who spent the entire tram ride staring at the exhibition poster. The Secession and the Kunsthistorisches Museum have built temporary ramps to allow visitors a closer view of the artist’s wall murals, and the Albertina is showing a group of lovely drawings and preparatory sketches. Finally, the Belvedere’s glittering Kiss, regal Judith I, seductive Wasserschlangen (Water Snakes), and about ten other masterpieces give the Klimt party crasher a reason to get really excited – over and over again.

Meanwhile at the Neue Galerie, the sumptuous Adele Bloch-Bauer I, arguably the Mona Lisa of North America and made all the more dazzling by her $135 million price tag in 2006, is joined by her contemporaries in The Black Feather Hat, The Dancer, and Pale Face. Displayed with the ladies are three beautifully-patterned landscapes and a comprehensive array of black and white photographs, light sketches and finished charcoals, and lithographic posters. All of the works are from the museum’s holdings, courtesy of (lucky for us) Klimt’s biggest fan Ronald Lauder, and all selections are extraordinary examples of the artist’s talent.

Ultimately, the Neue Galerie show offers a satisfying Viennese dessert table (pun most certainly intended) that proves second only to Vienna’s best.

Copyright and Authentication

For the past couple of months there have been premonitory signals rumbling throughout that non-crystalline solid we loosely call the Art World that has ignited fear alike in scholars, dealers, consultants, collectors, artists and appraisers, a somewhat disparate cluster.

That Janus-headed fear on one side is Authentication and on the other Copyright, and is scaring the ego out of any number of those in the trade, and I use that word to encompass anyone who, either through fame or fortune, occupies the greater part of his/her time laboring in the field of art.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, April 2012.

To read the complete article please click here:

Viewpoint April 2012: Copyright and Authentication


Original Research and Innovative Appraisals

Once in a while, and these occasions don’t occur with great frequency, the personal property appraiser is asked to take on an assignment for which there is no precedent, no standards set by USPAP, no guidelines provided by his or her professional association, and very little reference to the subject in other disciplines. Such a situation arose earlier this year when we were approached by the director of a trust to provide:

 A. fair market value appraisal

B. replacement value appraisal

C. fair market/replacement value leasing fee 

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the Journal of Advanced Appraisal Studies, (c) Foundation for Appraisal Education, 2010.

To read the complete article please click here:

Journal of Advanced Appraisal Studies 2010 Original Research and Innovative Appraisals

For Appraisers Only: Responses to Some FAQs

“How can I persuade a reluctant dealer to provide a value on the work of an artist he represents?” My Opinion: We have a policy in our office. Do not ask a dealer for a value unless you have researched it first yourself. The research usually begins with an auction search, Googling information and utilizing your art and antiques reference library of art and antiques. When you decide you have a pretty good handle on the fair market price you can then call the dealer and say “I have checked auction prices on your artist, Billy Brown, and it appears paintings of his from the 1960s that are about 36 x 48 inches sell for $2,000. That doesn’t seem nearly enough to me in this market. After all, he has had a number of exhibitions here and inEurope. I want to do justice to your artist with an accurate value.”

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the ASA Personal Property Journal, Autumn 2008 / Winter 2009.

To read the complete article please click here:

PPJ Vol 17 (34) 2008 2009 For Appraisers Only - Responses to some FAQs

State of the Art in the Summer of ’08

I propose that the upcoming Olympics inBeijingshould introduce a new category: art show attendance as an all-weather, all-terrain endurance event. I noted that in one week alone in Manhattan this spring there were ten shows, none of them small, and all but one eulogizing the glories of contemporary art. And there were panel discussions, and special events, and video screenings and Chelsea block parties with art and artist film screenings and tours and late night gallery openings. To add to our agony (speaking of feet), a new wave has descended upon us, enlarging the scope of attendance for those who take their art straight (meaning upright, not seated).

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the ASA Personal Property Journal, Summer 2008.

To read the complete article please click here:

PPJ Vol 17 2008 Summer State of The Art in The Summer of '08

Art, The Appraiser and Econometrics

Articles in professional journals are presumed to be weighty matter – informational sentences that open for the reader insight into a subject about which he or she knows little if anything, and for which enlightenment is sought. This article is on what at first may seem to be a subject far from that of fine art appraising – Econometrics. It’s a hotter topic than you might think initially, but it has been coming up more and more on the pages of newspapers and journals regarding art and art prices.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the ASA Personal Property Journal, Spring/Summer 2007.

To read the complete article please click here:

PPJ Vol 17 (12) 2007 Spring Summer Art the Appraiser and Econometrics

Damage/Loss Appraisals: Part II - From Average to Aberrational

The “silly question” is sometimes the first step towards understanding and solving a problem in the field of damage/loss. Never be afraid to ask, never apologize for asking. Let them think you’re naïve if it results in getting the information you seek. A late nineteenth century table has been exposed to water damage. The company responsible for the sprinklers that caused the damage agrees to only pay for refinishing the top, the only part affected by the water.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the ASA Personal Property Journal, Autumn 2006.

To read the complete article please click here:

PPJ Vol 16 (3) 2006 Fall DAMAGE LOSS APPRAISALS - PART II - FROM AVERAGE TO ABERRATIONAL

What’s the Matter with Mold? Claims and Counterclaims

 When a New York Supreme Court judge issued an important decision in September 2006 regarding mold claims, I realized that I had over recent years unwittingly become a mold junkie. My scattered file drawers coughed up dozens of articles and multiple clippings on the subject, a collection begun about six or seven years ago when this office was hit with a flurry of assignments to determine losses relating to mold damage.  These were invariably coupled with health claims cited as being caused by the same environmental problem.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the ASA Personal Property Journal, Winter 2006-2007.

To read the complete article please click here:

PPJ Vol 16 (4) Winter 2006 2007 What's the Matter with Mold - Claims and Counterclaims

How to Strategize Loss When Art is Damaged—A Very Tricky Business

A Picasso print is stolen from a collector's home. A nineteenth century painting by Monet suffers a gash when being unloaded from its wooden crate. During a coast-to-coast trip, an antique George III table falls on a fragile Giacometti sculpture inside a moving company van. The thin bronze sculpture snaps in two and one of the table legs breaks at the knee. An Andy Warhol silkscreen on canvas portrait is rained on for days when a leak in the apartment ceiling above it causes mischief during the owners' absence. What usually happens next is that a representative from the owners' insurance company arrives to assess damages. This person is usually not informed about paintings or antiques and readily admits this because he or she will be calling in a damage/loss specialist, a professional with the background and experience to assess and determine the loss.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in Valuation Strategies (WG&L), May/June 2005.

To read the complete article please click here:

HOW TO STRATEGIZE LOSS WHEN ART IS DAMAGED- A VERY TRICKY BUSINESS Valuation Strategies (WG-L) May-Jun 2005

Auction World Catchup

Exactly where are last year’s auction house superstars since the U.S. Justice Department’s relentless pursuit of antitrust violators revealed collusion among the top movers and shakers? And how has the auction market been affected? The first admission of guilt by a senior executive of the world’s two leading auction houses came when Christie’s Christopher Davidge admitted to participation in price-fixing, thereby allowing that auction house a grant of immunity by offering evidence first. It was said that Diana D. Brooks, then chief executive of Sotheby’s, had attempted to offer evidence at that time but that her admission came too late for the same leniency. She has pleaded guilty to a violation of the an­titrust laws, admitting to working with Christie’s to fix com­mission prices charged to sellers between 1993 and 1999.

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The above is an excerpt from an article by Elin Lake-Ewald, Ph.D, ASA, RICS, published in the ASA Personal Property Journal, Summer 2001.

To read the complete article please click here:

PPJ Vol. 13 (2) 2001 Summer Auction World Catchup