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The appraisal often serves as an important document which details important aspects of the items condition, medium and provenance, as well as exhibition history if known. Loan Collateral Art collectors or investors who use their contemporary art as collateral for loans may require an appraisal to determine its value as security.
It was one more chapter in a long story of provenance, profit, and protecting history. At the time, the price for the entire collection was $23 million, and the foundation had to take a bank loan, with the collection as collateral, to complete the purchase.
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