Condition is King!

In real estate, it's all about location, location, location.

In personal property, it's condition, condition, condition!

Rare Books: Stewardship from Start to Finish

Defining ‘Rare Book’

Book collecting is very much an act of faith. The general state of this field has long since shifted from what you could afford to buy to what you can find to collect that is in an acceptable condition. What hasn’t seemingly changed is that to be a true collector, one must always be short on funds.

On the face of it, book collecting seems a noble and straightforward idea. Increasingly though, it is one that is often overly concerned with tracking down aging rarities.

This at-a-glance article will attempt to define common terms and give the reader the 'lay of the book collecting land' - from the collecting process to the final distribution of a collection.

Assumptions and Actuality

A general assumption people make upon hearing someone is a book collector is that they only pursue ‘rare books.’ The great variable in this assumption, however, is that ‘rare’ can mean several things. The wise librarian and collector know that all old books are rare in some sense. Each has a place in the intellectual history of its time and none should be neglected. Similarly, the bibliographer approaches all books in a library as if they were rare.

The whole history of book collecting consists in attention being drawn to a book or books, or to some feature that had previously been overlooked. Yet for appraisal purposes, there are ways to define ‘rare’ that are reflected in the open market.

Of course, rare books may not always be beautiful. Age is a very important factor – yet it’s vital to remember that the age of a book is primarily one of degree and one in relation to an edition’s rate of attrition and recognizable distinctions. Quite often, beautiful old books, i.e. those with impressed boards with gold or other color illustrations, may not be prized by the market at all. This is often a terrible shock to descendants that have inherited them and simply assume beauty equals monetary value.

Another important aspect, depending upon the type of appraisal being done, can be a book’s intellectual value. In some fields, it may nearly be impossible to draw a meaningful line between antiquarian books of research interest and rare books proper.

Paradox

Ultimately, a ‘rare book’ that holds no public interest has little monetary value. Paradoxically, monetary value tends to make rare books more common because the more valuable an edition is, the less likely it is to sit unnoticed on a dealer’s or collector’s shelf. In other words, one likely won’t have much trouble locating a rare book even if affording it be another matter entirely.

Intellectual value and its subsequent effect on monetary value tends to be much more difficult to define and usually requires a diligent and exhaustive justification.

Books that were published in special editions are often initially expensive and therefore preserved very well. Naturally, this means the rate of attrition that otherwise makes volumes rare in number is, in this case, glacial. Also, the number of copies printed may not reflect the actual number of copies bound and sold. It may be nearly impossible to determine how many copies are actually in circulation of a given title.

Another overlooked aspect is that later editions of a work may have a bibliographic importance equal to or greater than a first edition! What this means is that dedicated collectors forming a comprehensive author collection will gather the widest range of editions and impressions possible, which when examined will provide a unique window to textual changes.

How to Build a Desirable Library

Twenty years ago there was talk of the collapse of the printed word. We now know the reports of such a death were greatly exaggerated.

A quick scan across Internet platforms like eBay and Amazon reveal a lively and consistent trade in books, and the publishing industry continues to move forward apace. There is even a trend toward more brick-and-mortar bookstores.

A focused collection that tackles a single subject, often inexpensively when considered per piece, can have considerable value both intellectually and monetarily. This is because much of the material may have been ephemeral and will find its ‘highest and best use’ by historians, libraries, and archives, and gains monetary value from what appraisers call ‘the collection effect.’

Keeping an Asset from Becoming a Liability

I’ve recently worked with a couple of clients that have been left a remarkable private library or archive built by a dear departed one. The struggle is with how to liquidate the collection in a way that benefits the heirs, is respectful of the late family member’s wishes, and also conforms to market realities.

Generally, the best route in these cases is donation to a library, archive or other interested non-profit institution. Once interest is assured by one of these institutions, an appraisal of the collection is conducted, and the value conclusion figured into the estate’s tax calculation for credit when combined with the receipt from the donee. I provide the necessary paperwork to expedite that part of the process.

If the collection’s theme is varied, there are other options which I can help navigate in order for the client to confidently take their next step and keep the asset from turning into a liability.

Whether you have ten books or ten thousand, give me a call and let’s get started.

“Pretty Sure I Have Enough Insurance”

- a statement that invites heartbreak.

As the U.S. economy recovers, I’m hearing from more and more clients who have realized their home owner’s insurance would not adequately cover damage or loss of their items or collection.

Others are aware their things do or probably do have value but are seeking a professional evaluation to help determine the level of coverage needed.

Still, others have inherited things which carry assurances of value from the departed family member – but curiosity lingers alongside the awareness that these things should be insured.

A big part of my business is helping these three types of people. It is also highly rewarding for me personally.

Almost every time we find a hidden gem, or at least something truly surprising. It could be an item that carries some previously undiscovered historical component. Or it could be an item everyone assumed had little value but actually had significant value!

Let’s not take any chances. Give me a call and let’s discuss your situation and needs!

Not the Antiques Roadshow

Stumbled on this a while back and have been meaning to post a link. Enjoy!

Not the Antiques Roadshow by Keaton Patti

Detecting Fakes: Provenance Evaluation

On the heels of yesterday’s post about real or perceived provenance posted by the FBI on April 6th that I was made aware of earlier today.

While my post was more about provenance as it is believed by the item's current owners, the FBI’s article makes an important point that dovetails with my own about reevaluating formal provenance. This is an area where your appraiser will want to take extra time to make sure there are no anomalies – and you should want them to as well!

Whether the item is fine art or a historical piece, legitimate provenance usually makes a big difference to the valuation! The best way to ensure your appraiser is versed in tracing histories and detecting fake claims and records is by confirming they are members of a reputable appraisal association like the International Society of Appraisers (ISA), Appraisers Association of America (AAA) or American Society of Appraisers (ASA).

Perhaps you don't need an appraisal but would like someone to evaluate your provenance -- let me know if I can help!

About Your Stuff: Fact or Belief

Sometimes a client believes they know all about their item before they reach out to me for an appraisal. 

Sometimes this information is the product of a generation or more of family members repeating - and sometimes adding to - the romantic lore around an item. Many times, though, they only have part of the story.

One of the hardest tasks I face as an appraiser and historian is telling someone their beloved story is only partially true or that the current market doesn’t support their assumption of value. The worst is when I have to contradict some deeply held or sentimental belief.

While there are many wonderful things about being an appraiser, one of the best moments for me is when I suspect that reality is even more interesting and windswept than family lore. Admittedly, such moments are rare. However, it’s always wonderful when I am able to tell them straight away and illustrate the point with physical evidence provided by the item itself.

Yet no matter what the news, there’s an art to informing a client gracefully.

Long before I deliver a report, though, comes the research phase. It is in this magical period, my favorite in fact, that I may discover a previously obscure historical aspect or component of the item about which my client had no clue. 

It is in this ability to sniff out historical detail that I take especial pride.

It might be as simple as translating an obscure phrase, deciphering an unknown symbol or logo, tracing a signature or maker’s mark. Yet because such historiographical detail may add significant support or additional value to their item, it is vital to a complete and accurate appraisal.

As I always say, be certain of identity and value – call your appraiser!