Sometimes Originality Isn't So Obvious!

One of the issues appraisers face when evaluating antiques is the impact an object's current state has on its value versus its original state. Detecting subtleties can be tricky, unlike this example!

Always check your appraiser's credentials and experience!

3 Easy Tips for Appraisal Preparation

Contrary to the image given appraisals by programs like Antiques Roadshow, professionally written appraisals are very serious documents. They are products of diligent research that must respond to myriad conditions and circumstances, all of which are processed by the appraiser.

The true professional appraiser spends considerable time and effort keeping up their credentials by constantly pursuing continuing education – on top of the time they’ve already put in that gives them expertise in a given field.

Appraisals may serve as evidence in a court case, or as documented support for an insurance claim. They may be the go-to document for a family wanting to split up an estate fairly and efficiently. I’m sure you can come up with other very serious uses for an appraisal.

‘You get what you pay for’ is the philosophy at work here.

All the same, there are ways a client can help expedite the appraisal process and save themselves money. As with most things in life, the best way is by paying special attention to the organization of the items under consideration.

Clients regularly ask how we can streamline their process to both expedite the final product and save themselves a bit of money. Because I too want the process to go as smoothly as possible, I offer the following tips:

1) Organize the items to be evaluated in a well-lit area that provides the inspecting appraiser a 360-degree view of the items, including room to tip large items to view the undersides or backs.

For fine art, it may be necessary to remove an item from its frame. Fine art appraisers like myself are knowledgeable about this process. When it comes to fine art, bear in mind that the frame rarely adds value to the work itself, so don’t worry about it being removed briefly from its frame. Appraisers are adept and removal without compromising the frame.

Having the work secured back in the frame is usually quite painless. If the back of the frame is sealed by a large sheet of paper, it may be that there is an attempt there to hide something that will significantly impact value, and appraisers must be sure of all aspects of your piece before rendering a trustworthy value conclusion. This is for your own good, as they say!

2) Talk to your appraiser about cleaning up the items before the inspection. This is an important step because there are some kinds of items whose value might be harmed by cleaning, such as things with confirmed historical importance, and your appraiser will surely tell you not to touch a thing.

Your appraiser should also be able to offer you handy tips for safely cleaning up your items in a way that will make them look their best, no matter what their condition. Even if cleaning up something means exposing a flaw, it should be done. Believe it or not, the flaw may actually add value to a piece, but in the end what you want is an accurate valuation of the item in its current state.

3) Gather any provenance beforehand, that is to say, formal documentation of an item’s journey through the past, such as its gallery or show appearances, loans or displays in museums, and any previous sale documentation whether auction or private. These documents may well save the appraiser time by helping streamline the research process.

But don’t panic if your item doesn’t have any of these things – absence of provenance is more common than you might expect!

So there you are! Three easy things you can do that can save you money and help your appraiser produce the most accurate appraisal document possible!

Galileo Goes Under the Hammer (In a Good Way This Time)

In 1638, Italian astronomer Galileo Galilei (1564-1642) published what would be his final work, Discorsi e Dimostrazioni Matematiche Intorno a Due Nuove Scienze, (Discourses and Mathematical Demonstrations Relating to Two New Sciences).

As most people already know, Galileo was a true polymath with extensive experience in astronomy, mathematics, physics, engineering, and philosophy. His role in the scientific revolution of the seventeenth century is celebrated with good reason.

Credit: Pierre Bergé & Associés

Because of his championing of Copernicus and heliocentrism, he was something of a target for religious authorities. By the time …Two New Sciences was published in 1638, Galileo had been under house arrest for several years, having been investigated by the Roman Inquisition in 1615.

Their conclusion was that his support of heliocentrism was ‘foolish and absurd, and formally heretical.’

He made things worse for himself when he published Dialogue Concerning the Two Chief Worlds Systems (1632), in which he appeared to attack Pope Urban VIII. The trouble with this was that both Urban and the Jesuits had been supportive of Galileo up to this point. Their support, of course, ceased.

Credit: Pierre Bergé & Associés

Further, Galileo was suspected of heresy, and the book was placed on the church’s Index of Forbidden Books, where it remained until 1835. In fact, all of Galileo’s writings were essentially banned in many Catholic countries.

As for …Two New Sciences, it is widely considered the first physics textbook and is found on the list of the fifty most valuable scientific documents of all time.

Written while under house arrest, and dedicated to the French Ambassador to the Holy See, it was to be his last major published work and essentially recounted his work in physics over the last thirty years.

Its significance is found in the mathematical analysis experiment regarding problems in mechanics and dynamics.

Original copies are rare to find in the market, yet on April 26, 2017, a copy went under the auction hammer in Paris at the firm Pierre Bergé & Associés, with an estimated range of €700,000 and €900,000.

Credit: Pierre Bergé & Associés

This edition, published in Leiden (The Netherlands), was dedicated before being sent to François de Noailles, Comte d ' Ayen (1584-1645).

It is presumed to have been bound by Le Gascon, judging by the style of some of his other bindings of the era. It is with full Moroccan red leather boards, tooled with gold, with marbled endpapers.

It remains a stunning and obviously rare edition. It realized €727,919 inclusive of fees.

See the original auction listing here.

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!

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!

What's the Most Valuable Thing...

Every so often I'm asked about the most rare and valuable item or collection I've evaluated. Was it Saddam Hussein's uniform? The archive of Joseph Conrad letters? The Civil War library? Pre-Columbian stone artifacts?

Well, that's a rather difficult question to answer.

There are different approaches to concept of value which makes the question unanswerable without more detail. An item might hold immense intellectual interest and value but also have little monetary value. While this might seem paradoxical, it's really quite easy to illustrate.

Take the subject of rare books. Librarians may view all books as rare, and we should not blame them for the habit. Each book reflects an aspect of the intellectual history of its time. And over time, naturally, there are fewer and fewer copies of any book that is no longer in print.

Ultimately, a rare book that holds no interest really and truly has little monetary value.

Just because something is old or considered uncommon does not mean it automatically has monetary value.

However, while a single volume may not hold much monetary value, a collection of books on a common subject can have significant intellectual and monetary value. Why? Because while the individual volumes may have been considered ephemeral, a collection on the subject finds its highest and best use by historians, and value is increased by a condition known in appraisal circles as the "collection effect."

So, collect what you love. Collect what interests and inspires you. Don't be distracted by the discovery of individual rarities.

Remember that the more imaginative your topic, the better the chance your collection of reasonably priced individual items will rise in value over time.

Appraisers Are Your First Line of Defense!

Everyone dreams of being the lucky devil we hear about every so often who picks up a piece of artwork or artifact at a garage sale, and it turns out to be worth a small fortune.

Of course, no one wants to be the seller who turns on Antiques Roadshow a year or so later to see their old item hauled before the show’s appraiser who then gushes over the piece and estimates a value that might have paid off the previous owner’s house.

That’s why I always say, ‘be sure of identity and value – call your appraiser!’ While I often couch this in comic terms, I’m actually very serious.

Many times have I worked for a client whose assumption was that book, those prints, those primitives, those whatever, were garage sale fodder - only to have me come in and identify them as historically significant and highly desirable to the market. In fact, there is no better feeling for an appraiser than saving a client embarrassment and finding them money where they thought there was little or none.

A large portion of the appraisals I’m asked to do are for insurance. The client knows they have nice things and want documentation to protect those items - and themselves - from risk. Very wise.

Of course, things are not always so clear-cut for everyone. Sometimes people inherit items. Sometimes the items have been in the family for years and are assumed to be this or that and have X value, but no one knows for sure.

Be sure of identity and value, call your appraiser!

Recently, in one of the many Facebook collector groups I follow, there was a story about a man who was selling a flag for $200. Happily, the prospective buyer knew it was worth far more and insisted on giving the seller far more so the buyer ‘could sleep at night’ after he resold the item for what he knew was going to be a handsome profit.

Sadly, I don’t recommend counting on finding many people whose belief in honesty and karma outweighs their pursuit of short term gain.

Reputable appraisers - that is to say those affiliated with major appraisal associations like the International Society of Appraisers, should be perfectly willing to help you with value discovery. The process is usually quick and inexpensive. The professional membership and credentialing is vital because it ensures they’re not going sell you an appraisal based on made up numbers you’ll later discover were bogus, just so they can take a few hundred dollars off you and disappear.

And remember, if an appraiser begins talking to you about buying the item directly, excuse yourself from the conversation and contact me so I can direct you to a real appraiser in your area!

Appraisers Solve Problems!

You have stuff. Some of it has been given to you by grandma or other family members. Some of it has simply accumulated through the years. Maybe it’s an entire collection of things. You like some of the stuff. Maybe you even like a lot of it. But some of the stuff fills you with inertia. Unfortunately, some of it is a downright annoyance.

You’re pretty sure there’s value in some of it, so there’s one looming question: 

What am I going to do with it?

Sure, you’ll find somewhere to put the stuff you really like, but is it stored correctly and adequately protected by insurance? You’re not absolutely sure? Well, don’t worry -- that’s quite normal.

An appraiser can help you separate the ‘wheat from the chaff,’ and outline options before your next step, based on your unique situation. Whether your ultimate goal ends up being selling, scheduling insurance, making a charitable donation, or something else, your appraiser will be able to provide valuable information that will help you make an informed decision and protect yourself and your heirs from future unknowns – near or far.