THE PROVENANCE

OF LEONARDO DA VINCI’S BEESWAX MAQUETTE OF HORSE AND RIDER

1506 – Leonardo is summoned to Milan by the French Governor of Milan, Charles d’Amboise. Charles commissions Leonardo to design lavish gardens for his new villa, under-construction inMilan. (8)

1508–1511 - Leonardo begins work on what is intended to be a life-size equestrian monument to his benefactor Charles d’Amboise. (8) Leonardo begins by creating a miniature scale model of Charles on horseback fashioned from beeswax. Charles d’Amboise dies in 1511. The gardens, the villa and the equestrian monument to Charles, are never realized.

1519 - Leonardo da Vinci dies. Pupil and protégé Francesco Melzi, inherits all of Leonardo’s drawings, notebooks and unfinished works, including the beeswax model of Charles d’Amboise on horseback. (8)

1519-1570 – As the executor of Leonardo’s estate until his death in 1570, Francesco Melzi attempted to sort and compile thousands of pages of Leonardo’s notes and drawings. When Francesco died, his son Orazio inherited Leonardo’s possessions. When Orazio died on the Melzi Estate at Vaprio d’Adda, his heirs began to sell the collection of Leonardo’s works. (8)

1519-1890s The equestrian beeswax model of horse and rider, which had remained at the Melzi Estate at Vaprio d’Adda after Leonardo’s death, was later recorded to be includedintheSangiorgiCollectionin Rome inthe late19th century. (8)

1920 - During the 1920s the Italian ownerofthewaxmodelremovesthe piece from the serious economic problems of war-torn Italy and finds safe-haven for Leonardo’s wax maquette in a SwissBankvault.

1979-81 – Arturo Bassi - 1925-2015 Was known as the last Italian owner of Leonardo’s beeswax model. Bassi shares information, as well as photographs of the wax model with friend and associate, the renowned Leonardo scholar, Dr. Carlo Pedretti. Bassi invites Pedretti to personally view the model and give his opinion of the piece, as he wishes to sell the beeswax model. After researching thehistoryofthepieceandextensive examination, Pedretti concludes the piecetobebyLeonardo.WithArturo Bassi’s permission, Pedretti contacts DavidG.F.Nickerson,directorof fine arts and antiques dealer Mallet at Bourdon House in London.

1982 – David Nickerson, together with associate James Cadenhead, form a consortium of investors to acquire Leonardo’s beeswax model. The group purchases and takes possession of the equestrian model. At this time, only Arturo Bassi, the new owners of the beeswax model, and Carlo Pedretti, were known to have knowledge of the 500-year-old wax model’s existence. (18)

1982-1987 – The cataloging and editing of the Leonardo da Vinci collection at Windsor Castle, owned byQueenElizabethII,wascompleted by Carlo Pedretti in 1984. However, due to delays in the limited editions printing, the huge leather-bound book, Volume II - Horses and Other Animals, was not published until 1987. Page 185 of Volume II reproduced for the first time, B&W photos of Leonardo’s beeswax model along with the following text: “Fragmentary wax statuette in a private collection in London, formerly in the Sangiorgi Collection in Rome, said to have come from the Melzi estate at Vaprio d’Adda. This according to its last Italian owner, Professor Arturo Bassi of Florence. The rider’s head bears a striking resemblance to the known portraits of Charles d’Amboise, the French governor of Milan from 1503 to1511, and Leonardo’spatron.”

1985 – Theownersofthe wax model request Armand Hammer Chair in Leonardo Studies at UCLA Professor Carlo Pedretti, to give an opinion of authorship of the beeswax model. Professor Pedretti examines the equestrian beeswax model, typing and signing his letter of opinion on UCLA letterhead. (18)

1985 – In order to protect the condition and integrity of the fragile, 500-year-old equestrian beeswax model, the owners commission a latex mold to be made of the beeswaxmaquette. (18)

1987 – U.S. businessman Richard Lewis, purchases the latex mold and all documentation pertaining to the making of the mold, as well as the attribution to Leonardo da Vinci of thebeeswaxmodel. (18)

1990 – Thewaxmodelwasexamined by the University of Oxford’s Research Laboratory. Samples taken from both the wax model as well as the wooden plinth on which the wax model was attached, were subjected to radiocarbon dating by accelerator mass spectrometry. (20)

1994-2001 - Between 1994-2001, Otto Letze of the Institut für Kulturaustausch arranged a world tour exhibition entitled Leonardoda Vinci - Scientist – Inventor – Artist.

TheexhibitionwassponsoredbyIWC 4 and Mercedes Benz, included the beeswaxstatuette as one of the only original works attributed to Leonardo da Vinci on exhibit Over a 6-year period, the exhibition would travel to 3 continents, showing in 11 cities, attracting more than 3 million visitors. (9)

2003 – January – Sotheby’s London, releases a report titled: TECHNICAL EXAMINATION OF A WAX MODEL DEPICTING AN EQUESTRIAN GROUP IN THE RENAISSANCE STYLE (15)

2012 – 25 years after acquiring the mold made of Leonardo’s beeswax model of a horse and rider, Richard Lewis ’pulls’ a wax from the mold and casts Leonardo’s Horse and Rider in bronze.

2012 – The original bronze cast of Horse and Rider is unveiled to the publicforthefirsttimeinaceremony held at the Greystone Mansion in BeverlyHills, California.

2014 – In a private sale, SilverPoint Holdings LLC acquires from Richard Lewis, the original bronze cast of Horse and Rider and the mold made of Leonardo’s equestrian beeswax model.

2016 – September – After months of research and in-depth examination of the bronze Horse and Rider sculpture, Professor Ernesto Solari documents his research and findings in his 2016 publication: Leonardo da Vinci Horse and Rider – A Tribute to Charlesd’Amboise. (5)

Upon inspection of the bronze, Prof. Pedrettistates; “all details of the wax model are present in the bronze!” (18)

2016 – November-Professor Ernesto Solari curates a 30-day exhibit entitled, Leonardo da Vinci – A Tribute To Charles d’Amboise at the prestigous Palazzo delle Stelline in Milan. The exhibit, featuring the bronze cast of Horse and Rider as well as the mold made of Leonardo’s beeswax model, became the subject of over 200 newspaper articles and television stories world-wide. A prime-time TV special featuring Horse and Rider, aired on Italian publictelevision inApril2017.(12)

2019 – November – Although still believed to be a part of a London collection, Leonardo’s equestrian beeswax model had not been seen since the Leonardo da VinciScientist – Inventor – Artist exhibition in the late 1990s. The owners of Leonardo’s beeswax model contacted SilverPoint Holdings LLC with an interest in sharing information and provenance of the beeswax model with the owners of the original bronze cast of Horse and Rider. While the bronze Horse and Rider is secured in a US bank vault, the 500-year-old beeswax model resides in a climatecontrolled storage facility in London, England. Among the owners of the beeswax model are prominent businesspeople and include an Englishman Knighted by Queen Elizabeth in the 1980s. Many documentsheretoforeunavailableto researchers, were disclosed, adding important history and documentation totheprovenance of Leonardo’s beeswax model of Horse and Rider, as well as the bronze cast of Horse and Rider. The sharing of documents and information has greatly added to and verified the Horse and Rider story. (18)

2021 – Representativesofthebronze Horse and Rider owner, SilverPoint Holdings LLC, travel to London to view Leonardo’s beeswax model firsthand. Photos are included later in thisbook. (18)

SCIENTIFIC ANALYSIS and TESTING OF HORSE AND RIDER

University of Oxford Research Laboratory for Archaeology and History of Art 1990 – 1997 - Scientific Analysis -

The beeswax horse was sent to The University of Oxford’s research lab forradiocarbondatingbyaccelerator mass spectrometry. Samples of beeswax were taken from under the horse’s leg and a sample from the wooden plinth The results for the beeswax indicated an age range between 1470AD and 1700AD,while the wooden plank indicated a range of 1470AD to 1690AD, both with a 95.4% accuracy rating. (20) (report availableonrequest) types, amounts and age of pollens within the beeswax. Pollen was present in small amounts, with higher concentrations deeper into the lower chest of the horse. Data gathered suggests in the broadest possible terms, pollen came from southern Europe, probably a cornfield or cultivated land before the use of herbicides. (report availableonrequest) (18)

The PALYNOLOGY UNIT of The ROYAL BOTANIC GARDENS RICHMOND, LONDON

1990 – Pollen grains have a highly resistant outer coat composed of a substance called sporopollenin. The outer walls of pollen grains are ornamented with sculpturing and apertures which form a pattern, often distinctive of a particular plant family or even sometimes a particular species.

Core samples were taken at various depthsandlocationsonthebeeswax statue attemptingtoascertain the

The CONSERVATION CENTRE of Sotheby’s Department of Restoration, London is engagedtodo a

TECHNICAL EXAMINATION OF A WAX MODEL DEPICTING AN EQUESTRIAN GROUP IN THE RENAISSANCE STYLE

Methods applied during technical examination.

1 Exam underbinocularmicroscope

2.Examunderultra-violet light.

3.Fouriertransform-Infra-Red Spectroscopy (FTIR) andGas Chromatography -Mass Spectroscopy (GCMS)

4.X-radiography (15)

Below is the one-page conclusion of findings after examination of the beeswaxmodel of horseandrider.

“The evidence of the wax analysis andtheradiographssuggestthatthis is a wax model of some age that has beensubjectedtorestorationsovera considerable period of time. Its consistency with wax modelling techniques of the 16th century and the complexity of its restorations makes it unlikely that it is a 19th century pastiche. Whilst it is impossible to conclude that the technique can link its origins to any particular artist, the attribution to Leonardo da Vinci cannot be ruled out in terms of date or quality of manufacture. There is little doubt that the model has an energy and a dynamism that still show through its damaged appearance The quality of the modelling seen in the brocade jacket suggest that the artist was an accomplished sculptor with a fine eye for detail. The unusual pose of the horse also demonstrates a flair for dramatic and adventurous composition Thesculptorwouldalso need to be certain that he could translate this composition into bronze without encountering structuralproblems.” (15)

–

January-2003

(Analysis and report available upon request)

Attribution

In thefollowing pageswe presentthe opinions of recognized Renaissance scholars, historians, and Leonardo experts, concerning the wax model of Horse and Rider and/or the mold taken of the wax model in 1985, and/or the original bronze Horse and Rider cast directly from the mold. Each expert’s opinion will be listed in the chronological order of when the opinion was given by that expert.

Recognized as the world’s foremost expert on the works and writings of Leonardoda Vinci forover 6 decades, Pedretti became aware of the physical existence of the wax model in the late 1970s.

1981-November 22, Pedretti sends a fax to James Cadenhead, who would become a party to the purchase of the wax model the following year. In the fax, Pedretti is referring to his ideaofintroducingthewaxmodel via an article to be published in a 1982 issueof London’s, APOLLOMagazine.

To: James Cadenhead, "As you know, I had intended to include a reproduction of the wax model in this publication, but I am having second thoughts. The piece is too important for me to toss it out in an art magazine with just a few lines of presentation…I think the proper place for it is in thevolume onhorses in my Corpus of the Leonardo drawings at Windsor Castle...It is my opinionthatthispieceisbyLeonardo, who is known from his own notes to have made such models…I have a strong case based on the character and style of the work itself. Many of Leonardo's works are recognized as such precisely on these elements alone." (18)

1985 – July 10 – At the request of the owners of Leonardo’s beeswax model, Pedretti personally inspects the beeswax model He types and signs a letter of authentication on UCLA letterhead, as the Armand Hammer ChairofLeonardo Studies at the University of California, Los Angeles. Excerpts from letter follow.

“The object in question, which I have examined personally at your request, isawaxmodelofahorsebucking,the rider in full attire, with hat and fluttering cape. The horse is fixed to a wooden board by an iron support and has three legs partly missing. It is the same work to which I refer in my exhibition catalogue of Leonardo da Vinci’s Horse Studies from the RoyalLibraryatWindsorCastleinthe following terms. This fragmentary wax model of a horse and rider in a London collection, possibly an equestrian portrait of Charles d’Amboise of c.1506-1508, said to have come from the Melzi collection in Milan. In my opinion, this wax model is by Leonardo himself, and to myknowledgeithasnotbeenseenby other scholars. It will be reproduced, for the first time, in my forthcoming corpusof Leonardo’s Horsestudiesat Windsor.”

1984-1987 - LEONARDO DA VINCI IN THE COLLECTION OF HERMAJESTYTHE QUEEN AT WINDSOR CASTLE was edited in 1984. However, the final printing and publication of the huge volume of work was not until 1987. Included within VolumeII-Horsesand Other Animals, were the first photos along with a description of Leonardo’s beeswax model of horse and rider. A limited edition of 350 copies were printed of this massive work. Queen Elizabeth IIretained #1, while Carlo Pedretti the editor, received #2. This is the same work which Pedretti spoke of in his 1981 fax to James Cadenhead, (see 1981 above) as well as in his letter of authentication dated July 10, 1985. (see 1985 above) Page 185 of Volume II has B&W photos along with the following description.

”Fragmentary wax statuette in a private collection in London, formerely in the Sangiorgi Collection in Rome, said to have come from the Melzi estate at Vaprio d’Adda. This accoring to its last Italian owner, Profesor Arturo Bassi of Florence. The rider’s head bears a striking resemblance to the known portraits of Charles d’Amboise, French governorofMilanfrom1503to1511, and Leonardo’spatron.” (19)

1995 – September 7, Pedretti sends a fax to David Nickerson, Director of Mallett at Bourdon House, London and representative of the syndicate of owners who purchased the wax model in 1982.

Mr David Nickerson please reference Volume VIII of Achademia Leonardi Vinci 1995 – Pgs.243-244. (8)

“Please do consider this new publication of mine as my way to confirm my very high opinion of this extraordinary piece, which I had already included in my edition of the corpusofLeonardo'sHorseStudiesin the Queen's Collection at Windsor Castle, which I consider the work of Leonardo himself. When confronted bythisextraordinarystatuette,oneis overwhelmed by the power, grace, and nobility of the small equestrian figure. It belies its actual size. The spiraling leap forward of the charger and regal bearing of its rider delight the eye with its vitality. The liveliness of expression and dignity of posture, enhanced by the elegance and nobility of the fluttering cape, taken inconjunctionwiththespiritedaction of the horse, are precisely as expected of Leonardo, whose horse studies from the first decade of the sixteenth century may offer remarkableoccasionsforcomparison withthis wax model. “(18)

1997 – April 21 – An article in the LondonEveningStandard newspaper about the wax model and the ownership history of the piece from 1982-1997, Carlo Pedretti is quoted;

”I work with originals all the time. I can tell whether something is a Leonardo or not and I am more convinced than ever that the wax horse and rider is from Leonardo’s own hand.” (11)

2012 – Examining the original bronze cast from the original mold of Leonardo’s beeswax horse and rider, Pedretti declares the bronze to be true in every detail, when compared to the early b&w photos of the wax model taken in the 1970s. Viewing the cast from every angle, Pedretti exclaims, ”perfect, perfect, perfect”

2013 – Carlo Pedetti presents the original bronze Horse and Rider sculpture, at the Renaissance Society ofAmerica conference San Diego CA.

2014 – June 16 – In response to Richard Lewis, owner of the mold of the original beeswax horse, and the original bronze cast from that mold, Pedretti responds via email, “I am ready to fulfill your request concerning the mould of the wax horse.ButfranklyIdon’tseetheneed of what you ask, namely a “certificate” concerning a mould which is unquestionably taken from theoriginalwaxhorse,possiblyinthe early 1980s. All I can possibly say is that – in my opinion the original wax horse and rider, in its fragmentary form, had all that would take to attribute ittoLeonardo, andthat the incredibly masterful portrayal of the countenance of the rider could well be considered as a possible portrait of Charles d’Amboise, French governor in Milan and a Leonardo patron acting in the name of King

Louis XII around 1508. This is publishedinmyeditionofLeonardo’s studies of horses in the Collection of Queen Elizabeth at Windsor Castle. This huge monograph was published in London and New York by Johnson Reprint Corporation and Harcourt Brace Jovanovich in 1987. … You can certainly seeitinany public library in London. This is obviously betterthan any “certificate” you may think of!” (18)

2015 – July 22 – An email response to a request from Silverpoint Holdings LLC, the new owner of the mold made of Leonardo’s wax horse and the original bronze cast from the mold, seeking further verification of authorship of the wax horse. An aging Carlo Pedretti, dictates an email response to his assistant, Dr. Margherita Melani, sent via email; “Professor Pedretti wants to make it very clear to you and to Mr. Lewis that the former owner of the original waxstatuettehadamouldmadeofit in the 1980s, and it was that most accurate mouldthatwasacquiredby Mr. Lewis and that enabled him to make a perfect bronze of Leonardo’s original wax model. Please find in attachment Professor Pedretti’s full account of his discovery and the provenance of the piece as published inAchademia Leonardi Vinci, Vol. VIII,1995,pp. 243-244,figs. 13-15.” (18)

Dr. Constance J. Moffatt

As a graduate student at UCLA, in the early 1980s, Moffatt was shown photos of the wax model by Professor Pedretti, who asked her, as an assignment, to compare the horse’s and rider’s attire and armor to other Renaissance era armor and/or attire. Moffatt’s paper and findings were published years later.

1990 - AchademiaLeonardi VinciVolume III, page 127. Excerpts from Moffatt’s 4pg. paper; (7)

“…A Quattrocento wax statuette of horse and rider, which embodies all the vitality of a Leonardo study, shows a frontale and crinet which bear an astonishing likeness to the cassone warhorse bardings. The armor of the statuette provides reinforcement that the twodimensionality and replicate nature of the figures is betrayed by the relative accuracy of the costumes themselves, a duplicity not immediatelyapparent.” *(7)

*Footnote (12) at bottom of pg. 127

– “Thisisafragmentarywaxmodel of ahorse andrider ina private Englishcollection, formerly inthe Sangiorgi collectioninRome, and saidtohave comefrom the Melzi estateat Vapriod’Adda.” (7)

2005 – After viewing the wax model in London, in 2004, Dr. Moffatt presents a paper at the Renaissance Society of America’s annual conference in Cambridge, England in 2005. The title of her paper,

“A Horse is a Horse, Unless of Course…it’s by Leonardo - A Study of a Renaissance Wax Model”

The abstract of Dr. Moffatt’s paper “Presentedonaworldtourin1994,a small Renaissance wax horse and ridercreatedquiteastir.ALeonardo? Not a Leonardo? An auction house retains the work for future sale while scholars debate its authorship. If by Leonardo, it enters the canon. If not, is a horse just a horse? …why is this onesointriguing? First,itisLombard, no doubt; second, carbon dating and other scientific tests deliver it in at 1500; third, the remainders of Sforza heraldry recall fanciful designs produced by Leonardo for that family; fourth, the animation and pose of the horse match so many drawings made by Leonardo for the Sforza and Trivulzio monuments. While authorship may be impossible to prove, the relationship of this wax to other equestrians may provide a missing link from Verrocchio to the sixteenth and seventeenth century bronzettes that are mainstays of private collections across Europe and America. (21)

David G.F. Nickerson (1933-1995)

Director of Mallett at Bourdon House in Mayfair, from 1967 until his death in 1995. Friend and business associate of The Royal Family, Nickerson was said to have two outstanding qualities; his highly individual and informed ‘eye’ when it came to works of art, and a talent for making and keeping friends from every walk of life. In 1982, together with associate James Cadenhead, an investment syndicate was formed to purchase Leonardo’s wax model from Arturo Bassi, the last Italian owner of the wax horse and rider.

1985 – August 15 – Nickerson sends letter to an associate on Mallett letterhead, stating.

“As you know, the most important reference from the 16th century to a wax horseman by Leonardo da Vinci, comes in Vasari’s “Life of Leonardo da Vinci” where he states that such objects areknowntoexist.Iacquired the object from a 78-year-old Swiss Italian, …and as you know, I was introduced to the object by Professor Pedretti. …I imported the piece to Englandin1982.” (5)

Professor Martin Kemp

Professor Emeritus of the History ofArtattheUniversityofOxford& considered one of the world’s leading experts on Leonardo da

Vinci, KempsendsthisfaxtoMrsE. Pidoux in Zurich, with CC to Professor Carlo Pedretti and Mr DavidNickerson.

1992 – April 3

"I have as promised been looking further into the wax equestrian statuette, which Mr. Nickerson very kindly agreed for me to see in London. I have been in further correspondence with Carlo Pedretti and looked at the article by C.J. Moffatt in ALV IV. Having done this further work, I confess that I am a little less puzzled than I was on first viewing the sculpture. It is obviously a very extraordinary work, of high originality and great vivacity. The complex motion of the horse and rider does not really correspond to anything I have seen before… My overallconclusionatthisstageisthat I would not eliminate an attribution to Leonardo…the sculpture is sufficiently remarkable that I will continue to think about it and follow upfurtherleads." (18)

Mike Loades - Writer, author, and historical consultant for numerous television history documentaries, Mr. Loades is an expert on Renaissance & medieval warfare, combat and armor.

2012 – October 19 – After careful examination of hi-res photos of the original bronze cast of Horse and

Rider, Loades had the following comments;

”

...I am inclined to think the horse is in the early stages of performing a ’croupade’ ...a controlled movement initiated by the rider, that can be used aggressively on the battlefield. Being able to accurately reproduce these micro-second snapshots of movement showed immense powers of observation at a time before such analysis became possible with a camera. LeonardodaVinciandother artists frequently use the image of the horse rearing to show power. What is so extraordinary about this statue is that he has chosen an even more aggressive posture and one that is not otherwise seen in sculptural art. The technical challenge and virtuosity of capturing thismotionisastonishing.” (18)

Professor Franco Cardini

Italian art historian and writer, specialized in the study of the Middle Ages, Cardini was part of a panel of experts at the press conference held, at the Palazzo delle Stelline, in Milan, announcing the opening of the Leonardo da Vinci – A Tribute To Charles d’Amboise exhibition. The exhibition was curated by Professor Ernesto Solari.

2016-November - Under questioning of the expert panel by the press, Professor Cardini gave this observation of the Horse and Rider sculpture.

“…in my opinion, the sculpture is a funeral monument.There are several clues that lead me to this interpretation:thehorseisportrayed while doing a ‘croupade’, …he is throwing the rider aside to indicate that the animal is frightened…he is going down to the underworld. Not so the knight, Charles d’Amboise, who is portrayed with a serene air and closed eyes, his hand over his heart:thegovernorofMilanistaking his leave of his loved ones. Finally, you can see the ‘scallop shell’ shape on the rider’s leg, a symbol of a journey, in this case, to the underworld,withoutreturn.”

Professor Ernesto Solari

Born in Forlimpopoli (FG) in 1951, Solari’s artistic and cultural training took place in Bologna and Florence. He has lived and worked in Como since 1978. He is an artist and researcher. He taught Art Painting andArtHistoryfor38years. Overthe last 35 years he has organized and curated over 30 exhibitions in Italy and abroad. Over several months in 2016, Ernesto Solari’s in-depth examination and research of the bronze Horse and Rider resulted in his publication “Leonardo da Vinci Horse and Rider – A Tribute to Charles d’Amboise” (5)

2016 – September – Ernesto Solari’s book is published. Solari introduces us to Horse and Rider, then follows with these observations and comments. (5)

“This sculpture is extremely innovative, far removed from the classical models the young Leonardo had been familiar with during his time with Verrocchio (particularly when Verrocchio was working on the Colleoni monument). The Horse and Rider is a work characterized by extraordinary artistic quality, reflected in the artist’s studies or projects, as well as in paintings such as The Adoration of the Magi or The Battle of Anghiari, associated with the horse theme or with the horserider pair, all showing the search for movement and symbolically representative of this animal’s vitality, energy and freedom, deeply loved by Leonardo.

The documentation and the reconstruction of its historical journey substantiate the importance of this work that succeeds in overcoming the classicism of his earlier horse monuments known to us only through his drawings or studies. However, we are in possession of an actual sculpture and, because of this tangible evidence we can argue that this artwork is unique in art history up until Leonardo’s time. These are the main reasons that make this artwork amasterpiece.

Many maintain that, in all his works Leonardo depicts part of himself and this is particularly true in this work. Symbols or inscriptions found on this sculpture bear witness to the complexity of each of his works, just likeeverystudyonpaperpresentsthe various aspect of his mind and thought.”(5)

2014 – April - Richard Lewis, owner of the original bronze cast of Horse and Rider, seeks an appraisal of the bronze statuette. Renowned fine art appraiser Brett Maly is hired to do a comprehensive in-depth appraisal for insurance coverage as a replacement value.

Below are excerpts from Mr. Maly’s appraisal, representing his thought process in determining the valuation of Leonardo’s Horse and Rider, bronze maquette.

“Approach to Value was considered: however, the beeswax is currently housed in a private collection in London and, according to testimony, its owners are not interested in casting from the work or making it available for creation of an intermediary mold. Therefore, the Market/Sales Comparison Approach to Value was utilized for the assignment.

The challenge in evaluating “Horse and Rider” using the Market/Sales ComparisonApproachisthedifficulty in finding comparables for analysis. The only authenticated works by Leonardo to appear for sale at appropriate auctions, through such internationally renowned houses as Sotheby’s and Christies, have been small watercolors and sketches, and none have come up for sale in recent years. Two small gouaches, measuring 11” by 7” sold through Sotheby’s for $5,973,260 and $5,226,600 in 1989, while an ink sketch measuring 8” by 5” sold for $3,630,000 in1986.

This lackof activity has nothing to do with a lack of demand, however. Leonardo’s art is the most sought after and revered in history, and interest in his work extends far beyond the fine art world. (Microsoft’s founder and chairman, Bill Gates, purchased a book of his scientificwritingsforover$30million in 1994.) However, there is a dearth of authenticated works by Leonardo, and they virtually never appear for sale. Fewer than twenty paintings in the world have been definitively attributed to Leonardo, and all are housed in prestigious museums. (As oftheEffectiveDateofthisAppraisal, no other sculptures have been authenticated to Leonardo’shand.)”

Maly goes on to say; “An art piece of “Horse and Rider’s” prestige and rarity would only be available through extremely high-end market sources, such as Sotheby’s or Christies auction houses, esteemed private collections, or potential museum deaccession.” (18)

Leonardo da Vinci’s Horse and Rider Replacement cost - $34,500,000.

LEONARDO DA VINCI – BEESWAX HORSE and RIDER IN THE COLLECTION OF HER MAJESTY THE QUEEN AT WINDSOR CASTLE VOLUME II – HORSES AND OTHER ANIMALS

1987