Nola

Nola was issued across several colourways, recorded separately and trading at different levels, and some of the variants are considerably scarcer than the standard release.

This is the same problem as Kate Moss and Soup Can and it is the single most common reason a Nola valuation goes wrong. The colour is not decoration; it identifies the edition. An owner describing the work as a Nola with a girl and an umbrella has not yet said which print they own.

The image was made in response to Hurricane Katrina and to the aftermath in New Orleans, and the title is the city's own shorthand.

Works tied to a specific event can either gain weight or lose it as the event recedes. This one has held, partly because the image works without the reference — a girl sheltering from rain that is falling inside her umbrella is legible to anyone — and partly because the event has not been forgotten. Both facts support demand.

A largely white sheet with a small, precisely printed figure, which is among the least forgiving combinations in the catalogue.

Surface dirt, handling marks, light staining and uneven tone all show against an open white ground, and a paper conservator can address some of it. Fading and trimming cannot be addressed. Photograph in daylight, square on, with the full margins.