Letter from Ted Spencer, Executive Director of the Alaska Aviation Heritage Museum.

April 22, 1996

To Whom it May Concern:

I have been asked to estimate the value of an ivory exhibit created by artist Max Corey. Max Corey, an accomplished multi-media artist, is perhaps one of the finest model builders of scale museum grade models in Alaska, or for that matter, in North America. His commissioned work is on display at several museums including the Wasilla City Museum, the Anchorage Museum of History and Fine Art and the Alaska Aviation Heritage Museum in Anchorage, Alaska.

Because of my background as a professional model builder and a professional ivory artist for twenty years, I feel qualified to asscertain the market value of Mr. Corey's work. Additionally, in my position as executive director of the above named aviation museum, I have examined hundreds of museum grade models throughout the country.

Mr. Corey's exquisite ivory sculpture is a masterpiece of the highest grade. In addition to commemorating an important historical Alaskan event, the model itself is extremely accurate from a replica standpoint. Rendered in fossilized walrus and prehistoric mastodon ivory, the authenticity of the dimentions of the aircraft, (a 1929 Loening OL8A seaplane), have not been surrendered to oversizing the delicate features of the actual aircraft. In fact, one of the extroardinary aspects of this unique replica, is the fidelity to actual detail resulting in a one-of-a-kind art item. Mounted on a walnut base and supported by a generous handcut slab of polished Alaskan Kobuk region jade, the Loening is protected by a handmade glass case. A historical description of the Loening's use in Alaska by the U.S. Navy circa 1929 adds the finishing touch. Duplication of this piece of art would be extremely difficult, if not impossible by persons other than Mr. Corey.

I appraise this ivory sculpture conservatively at $10,000 (ten thousand dollars).

Sincerely,

Ted M. Spencer

Executive Director