Artfest International, Inc (fka ARTS)

[stervc]

nupapa, about the $50 Million Picasso...

Yes, there was some discussion about the Picasso. I had discovered that it was truly appraised to be valued between $50 to $70 million according to Veritas Fine Art. The company misspelled the name to be ”Eritas” when it should have been ”Veritas” within the PR below:

http://www.marketwire.com/press-release/Artfest-International-Inc-and-ArtFest-Direct-to-Sell-Picasso-Art-Piece-1281449.htm
…The Picasso Sculpture was completed in 1949 and is titled "Rendering Of Francoise Gilot."The Picasso piece was appraised by Eritas Fine Art Appraising and Consulting, LLC in February 2010. The market value of this sculpture is estimated to be between fifty and seventy million dollars. The purchase price for the Picasso Art Piece is $2,500,000.00 in cash and 50 million warrants at $1.00 per share from Artfest International, Inc. …“

From doing further research, Veritas is a very legitimate appraisal company for art in my opinion as could be researched below:
http://www.veritasartappraisals.com/

I think this was solid DD posted earlier on the matter:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=52393513&txt2find=picasso

The company intends to keep the Picasso art piece as an asset to be used as Equity to the bottom line of their Balance Sheet from my understanding, but I do believe that if someone walked in with $50 million, they would probably sell it to them.

The company will create duplicates and sell the duplicates as numbered limited editions. Regardless, I think the acquisition of the Picasso art piece is a win win situation for the company.

v/r
Sterling