comps

Dear Mr. Steve KAMINSKI ,

the Art Pricing department has prepared the following report for you:

MODIGLIANI, Amedeo (1884-1920)

Elvira

Painting

Oil/canvas , 78x40 cm (30.7x15.7 in)

1916

Price range on 7/19/2007
6,201,450.17	7,579,550.21	USD
4,500,000.00	5,500,000.00	EUR
3,038,850.01	3,714,150.01	GBP

Evolution of the price range over the last 13 years

Curr

Recent sales of Modigliani oils similar to Elvira.

Lowest $5,616,000.00 USD

Highest $31,096,000 USD

Elvira is a well known subject of Modigliani’s.

The first fine are that JOSEPH PULITZER purchased was Elvira resting on a table.

Lot 17 : l - Amedeo Modigliani , JEUNE FEMME (TOTOTE DE LA GAÎTÉ)

Painted circa 1917. signed Modigliani (upper right) oil on canvas

Estimate : £3,500,000 - £4,500,000

Realized : £ 4,164,000

Sotheby's : United Kingdom

Auction Date : Jun 19, 2007

Lot 25 : Amedeo Modigliani (1884-1920)

Homme au chapeau
signed 'Modigliani' (lower right)
oil on canvas
25 5/8 x 21 1/4 in. (65 x 54 cm.)
Painted in 1915

Estimate : £2,700,000 - £3,400,000

Realized : £ 3,940,000

Lot 15 : Amedeo Modigliani (1884-1920)

Jeune fille au béret
signed 'Modigliani' (upper right)
oil on canvas
25 3/4 x 18 1/4 in. (65.4 x 46.3 cm.)
Painted in 1918

Estimate : £3,000,000 - £4,000,000

Realized : £ 6,068,000

Christie's

Auction Date : Feb 6, 2007

Lot 31 : Amedeo Modigliani (1884-1920)

Vénus (Nu debout, nu médicis)
signed 'Modigliani' (upper right)
oil on canvas
39 1/4 x 25 1/4 in. (99.5 x 84.5 cm.)
Painted in 1917

Estimate : $6,000,000 - $9,000,000

Realized : $15,920,000

Christie's : New York : Mid Atlantic

Auction Date : Nov 8, 2006

Lot 38 : AMEDEO MODIGLIANI

1884-1920
LE FILS DU CONCIERGE

measurements
36 1/8 by 23 1/2 in.

alternate measurements
92 by 60 cm
Painted in Cagnes in 1918.
Signed modigliani (upper right)

Estimate : $14,000,000 - $18,000,000

Realized : $31,096,000

Sotheby's : New York : Mid Atlantic

Auction Date : Nov 7, 2006

Lot 137 : Amedeo Modigliani (1884-1920)

Homme assis sur fond orange
oil on canvas
39 1/4 x 25 1/2 in. (100 x 64.8 cm.)
Painted in 1918

Estimate : £2,000,000 - £3,000,000

Realized : $6,632,727

Christie's : United Kingdom

Auction Date : Jun 20, 2006

Lot 15 : l,f - AMEDEO MODIGLIANI

PROPERTY FROM AN AMERICAN PRIVATE COLLECTION

1884-1920
JEANNE HÉBUTERNE (AU CHAPEAU)

measurements
92 by 54cm.

alternate measurements
36 1/4 by 21 1/4 in.

Painted in 19 [...more]

Estimate : £8,500,000 - £12,000,000

Realized : $29,745,455 £ 16,360,000

Sotheby's : United Kingdom

Auction Date : Jun 19, 2006

Offered by Steve Kaminski
Aspen, Colorado

970-366-7099