Los Angeles, CA; August 9, 2014 – A provisional patent application for the Art Preservation Index or APIx (www.ArtPreservationIndex.com) was filed in July 2014 to standardize the measurement of stability risks of blue-chip paintings and other types of artwork that may deteriorate over time. The APIx, is a rating system published like investment ratings from Moody’s and Standard & Poor’s for the financial industry; to reduce and protect investment risks for fine art. APIx scores are generated by scientific and historical research that is completed by a staff of professionals who base their artwork analyses on multi-layer assessments of the materials, their application, and the way they interact chemically and physically to determine their sustainability.
How APIx could have saved millions for Harvard and investors
“Art conservators know that a great deal of art being sold today may deteriorate quickly and cause the monetary value to decline precipitously in some cases” said Emily MacDonald-Korth, an art conservator and one of the inventors of the rating system. Emily goes on to say: “A prime example, was the stunning deterioration of the Rothko paintings donated to Harvard University that irreparably faded after exposure to harmful light over the years. Experts know the materials Rothko commonly used to paint his remarkable color studies are unstable. Yet a Rothko painting, almost certainly painted using similar light-sensitive colorants, was recently sold at auction for over $56 million. This new buyer, for example, would have been alerted to the vulnerability to fading if APIx was consulted prior to purchasing the investment. The Rothko case is just one of thousands keeping art conservators in business today. Art is created with many materials that are visually appealing and seem innocuous but most artists, gallery owners and buyers of art know very little about the stability of these materials or how they interact with each other over time.”
The APIx inventors expect the rating system will illuminate this for the entire art world and should be engaged by many buyers of fine art. Preliminary ratings are currently being carried out and interested parties should contact the APIx to request a rating or consultation.
“Fine art is extremely expensive. Buyers of art like buyers of investments should seriously consider getting an APIx rating before making a purchase. A rating will be a modest additional cost to acquisition of fine art and it could prevent a financial disaster like the Rothko situation” said James Korth, the co-inventor, father to Emily and an investment banker.
The APIx inventors expect that art buyers, conservators and insurers everywhere should be excited about the APIx as it will make investing in art a safer process while creating a higher profile and more work for preservation experts, and a safer bet for those who insure it. Each rating will be accompanied with a full rating report that describes how the rating was derived, and specific recommendations for the care of the artwork. For more information and to request a rating please see ArtPreservationIndex.com or contact Emily MacDonald-Korth at [email protected].
About The APIx Inventors:
Emily MacDonald-Korth, is an art preservation specialist working in art conservation, research, and consulting; she has published, lectured, and taught internationally and worked on conservation projects across the United States, in China, and in Italy. In 2013, MacDonald-Korth founded the conservation practice Longevity Art Preservation, LLC; formerly she was Associate Project Specialist at the Getty Conservation Institute. MacDonald-Korth is a graduate of the Winterthur/University of Delaware Program in Art Conservation where she earned a Master of Science degree in Art Conservation, with a specialty in the conservation of paintings. More information can be found at:
James Korth started J W Korth & Company in 1982. Throughout the 80s and 90s Korth focused on investment banking, underwriting debt of major corporations for retail issue and pioneered many of the corporate debt programs that are found today. As the internet took hold in the early 2000s Korth launched the Shop4Bonds website in 2003. JW Korth & Company brings institutional investing expertise to individual investors and small institutions. The company has offices in Miami, Orlando, and Lansing, Michigan, and clients located across the country and around the world. More information can be found at: www.shop4bonds.com