A Real Sample Report

Fair Market Value Report

Executive Summary

The fair market value for the 1984 lithograph Two Pembroke Studio Chairs, from Moving Focus lies in the range $15,000 – $21,000, with a most likely value of $18,000 (point estimate). The effective date of this appraisal is 2026-07-28. Confidence in the range is high, driven by two directly comparable auction results for the identical subject and edition size.

The owner-declared details—edition 75/98, pencil signature, date, numbering, Tyler Graphics blindstamp, and full margins—align with the two recorded sales and place the work at the 47.8th percentile of David Hockney’s overall auction distribution. The asking price of $20,000 represents fair value with modest room for negotiation.

Subject Description

David Hockney, Two Pembroke Studio Chairs, from Moving Focus, 1984. Lithograph in colors on HMP handmade paper, 40.6 × 48.9 cm (1985.34 cm²). Owner-declared edition 75/98 from an edition of 98 plus 18 artist’s proofs; signed in pencil, dated and numbered, with Tyler Graphics blindstamp; full margins, framed.

Market Context

David Hockney’s Moving Focus lithographs have shown stable pricing over the past twelve months, with recent results clustered between $11,000 and $21,000 for editioned sheets of comparable scale. Sell-through remains high at 91 percent across the broader series. The artist’s median sold price stands at $20,337, and the subject work implies a value of 0.89× that median.

Comparable Sales Analysis

The valuation rests on two identical-title sales:

• Sotheby’s, 23 October 2025, hammer $17,000, numbered 28/98, PPSCM $6.40.
• Phillips, 24 June 2025, hammer $19,000, numbered 4/98, PPSCM $7.20.

Both comparables are edition-matched, signed, and share the same publisher blindstamp and paper. Four additional comparables from the series could not be edition-matched and are used only for context.

Valuation Methodology

The two identical-title hammers average $18,000. Scaling the observed PPSCM range ($6.40–$7.20) to the subject’s area of 1985.34 cm² produces an implied band of roughly $14,800–$18,200. After size adjustment and allowance for the lower-numbered impression’s modest premium, the reconciled FMV range is $15,000–$21,000.

Estimated Fair Market Value

The estimated fair market value range is $15,000–$21,000, with a most likely value of $18,000 (point estimate). Confidence level: high.

Market Position

The work sits at the 47.8th percentile of Hockney’s sold lots and 0.89× the artist median. Comparable liquidity of 0.88 sold per month indicates a moderate resale horizon of six to twelve months.

Asking Price Assessment

Asking: $20,000. The price falls inside the FMV range and is consistent with the upper half of recent identical-title results. A modest discount of 5–10 percent could be negotiated given the most recent softening trend.

Assumptions & Limiting Conditions

The report relies on owner-declared edition, signature, and condition details that remain unverified by physical inspection. Only two identical-title records were available; broader series data provide supporting context only.

Risk Factors

Price spread of 88 percent of the average indicates elevated variability. Smaller dimensions relative to some comparables and the upcoming Bonhams offering of this exact impression introduce modest market-timing risk.

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How to Read This Valuation

• Estimated FMV range — the band within which a willing buyer and a willing seller would most likely agree. This valuation is anchored on 2 sold auction records of this same title.
• Most likely value (point estimate) — the single most probable price inside that range; the median of the anchor sales.
• Confidence — a data-quality score built from sample size, sell-through, comparability, and price consistency. It describes the evidence, not a guarantee.
• Key comparables set the valuation. Additional Market Context lots inform the series picture and the statistics, but do not set the range.

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Comparable Sales

Key Comparables — these set the valuation

Additional Market Context

These lots inform the series picture and market statistics, but do not set the valuation range.

9 further auction records inform the statistics but are not listed.

Market Position
David Hockney’s Moving Focus lithographs have exhibited stable pricing over the past twelve months, with recent results clustered between $11,000 and $21,000 for editioned sheets of comparable scale. Sell-through remains high at 91 percent across the broader series, yet individual lots have shown mixed performance relative to pre-sale estimates, ranging from -15 percent to +100 percent. Chronological comparison of the two identical-title records reveals a modest softening from $19,000 in June 2025 to $17,000 in October 2025.

Key Comparables
The valuation rests on the two recorded sales of the identical subject; data confidence is therefore limited by the small sample.

• Two Pembroke Studio Chairs, from the Moving Focus series (Museum of Contemporary Art, Tokyo 264), Sotheby’s, 23 October 2025, hammer $17,000 (-15 percent versus estimate), numbered 28/98, PPSCM $6.40.
• Two Pembroke Studio Chairs, from Moving Focus (T.G. 276, M.C.A.T. 264), Phillips, 24 June 2025, hammer $19,000 (-5 percent versus estimate), numbered 4/98, PPSCM $7.20.

Both comparables are edition-matched (signed and numbered from the same 98-impression edition with 18 artist’s proofs) and share the same publisher blindstamp and paper type, rendering them directly relevant. The remaining four key comparables depict different compositions and cannot be edition-matched to the subject.

PPSCM Analysis
The two identical-title sales produced PPSCM values of $6.40 and $7.20. The subject work measures 1985.34 cm², approximately 25 percent smaller than the comparables. Scaling the observed PPSCM range to the subject’s area yields an implied value band of roughly $14,800–$18,200, consistent with the lower half of the observed hammer prices once size adjustment is applied.

Data-Driven Valuation
Anchored exclusively on the two identical-title auction results, the fair market value for the 75/98 impression lies in the range of $15,000–$21,000. The upper bound accommodates the possibility of a stronger result for a lower-numbered impression, while the lower bound reflects the most recent price point and the subject’s smaller dimensions.

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Price-per-Size (PPSCM) Methodology

PPSCM Analysis (22 lots with area data)

Subject Implied Value (1985.34 cm² — from the 6 key comparables): $8,000 – $10,000 – $14,000

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Artist & Market Research

Exact artwork match (high confidence): This specific impression (edition 75/98, signed/dated/numbered in pencil, Tyler Graphics blindstamp, MCAT 264 / Tyler 276, 1984 lithograph on HMP handmade paper, 40.6 × 48.9 cm image) is scheduled for auction at Bonhams Los Angeles on 29 July 2026 (Prints & Multiples sale, lot 73). Estimate: US$15,000–25,000 (or equivalent). Provenance: Erika Meyerovich Gallery, San Francisco; private collection. Condition noted as excellent.[1]

No prior public auction sale for this exact numbered impression was identified in available records.

Artist's recent market (Moving Focus / this print type): The work has an established auction history (19 sales since 1997). Recent hammer prices for comparable impressions have ranged from approximately £10,500 (Oct 2024) to £22,000 (Sep 2022). Current market estimates for signed examples typically fall in the £19,000–28,000 / US$35,000–50,000 range.[2]

Hockney’s print market showed strong performance in 2025 (record year per analyst reports), with the Moving Focus series viewed as a major mature achievement; values remain supported by composition and recognizability.[3]

Market context: Limited additional recent exhibition or estate news directly tied to this print in available sources; primary/gallery pricing for comparable Moving Focus lithographs aligns with the secondary estimates noted above. The upcoming Bonhams lot provides the most current valuation benchmark.

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