Treasure Hunter

2011-12-04T17:05:00.000-05:00

NOT SURE IF YOU NEED A PROFESSIONAL APPRAISER?

READ THIS

DO IT YOURSELF

If you can identify an item of furniture, jewelry, decorative or fine art, you are on your way to determining a value.

In 1993, the Getty Information Institute initiated a collaborative project to develop an international documentation standard for the information needed to identify cultural objects. The new standard was developed in collaboration with police forces, customs agencies, museums, the art trade, appraisers, and the insurance industry. The result is the Object ID Checklist.

OBJECT ID CHECKLIST

Questions to Answer

Type of Object What kind of object is it (e.g., painting, sculpture, clock, mask)?

Materials & Techniques What materials is the object made of (e.g., brass, wood, oil on canvas)? How was it made (e.g., carved, cast, etched)?

Measurements What is the size and/or weight of the object? Specify which unit of measurement is being used (e.g., cm., in.) and to which dimension the measurement refers (e.g., height, width, depth).

Inscriptions & Markings Are there any identifying markings, numbers, or inscriptions on the object (e.g., a signature, dedication, title, maker™'s mark, purity marks, property marks)?

Distinguishing Features Does the object have any physical characteristics that could help to identify it (e.g., damage, repairs, manufacturing defects)?

Title Does the object have a title by which it is known and might be identified (e.g., The Scream)?

Subject What is pictured or represented (e.g., landscape, battle, woman holding child)?

Date or Period When was the object made (e.g., 1893, early 17th century, Late Bronze Age)?

Maker Do you know who made the object? This may be the name of a known individual (e.g., Thomas Tompion), a company (e.g., Tiffany), or a cultural group (e.g., Hopi).

Congratulations!

You're on your way to appraising an item yourself!

The next steps are figuring out where the items sell most frequently and for how much.

Estate Planning for Collectibles

2011-09-29T12:00:00.002-04:00

Many people knowledgeable about the value of their estates: stocks, bonds, real estate Few pay attention to their personal property. I think this is often because your collection represents you and your passions and memories; and a price is not easily put upon that. So, people avoid addressing it, because they haven't necessarily made financial investments in the item as much as they have coveted, loved, studied, and enjoyed those purchases or inheritances. It's often the most challenging of all your estate planning analyses. Like writing a personal diary.

You or members of your family have such collections. It can be an emancipation, a liberation and a satisfaction to know that, if you address what will, at least, happen to your personal property, you can truly rest in peace. If you don't, some relationships you have spent a lifetime making (both friendly, familial and your relationship with your "stuff") can spiral down a long and sad vortex, before they address the collection's value and direction (equitable distribution, estate tax, sale, donation) that should have been the job of the collection's owner.

Identification And Valuation

A good estate personal property appraiser with high ethical standards, familiar with de-accessioning or tax choices, working in conjuction with your financial and legal team, can truly be a godsend. Attorneys, accountants, lawyers and estate planners all know about financial instruments, business and real estate. Your art, antiques, collections and jewelry must be part of your estate consideration, and sometimes will be the most contested.

An ASA or AAA appraiser is good first phone call to make. Schedule a consultative visit to come up with an action plan. Determine the necessary scope of the job and discuss previous appraisals, including insurance, timing, provenance. Cataloging and photographing your items is best done by the appraiser in USPAP (Congressional standards) format, with research and valuation assignation following.

Get it on your calendar. We find that our clients are so happy with getting this process underway; knowing that your collection will be MOST APPRECIATED by future owners is a blessing. Your spouse, your children, your heirs will love and respect you forever.

Sale vs. Bequething vs. Gifting

Art, Antiques, and other collectibles are often ideal assets for charitable giving, particularly if they've appreciated significantly in value.

1. Who would want them? Who would qualify as an acceptable institution?

2. Is there an endowment requited to maintain the collection at a museum?

3. What about fractional gifting, where you share ownership with the institution?

3. Capital gains vs. taxes?

4. Love a charity and want them to benefit? Perhaps selling a collection and donating the proceeds should be discussed.

5. Beware of the "empty hook syndrome." American grandchildren are already assuming a huge burden for an exploding aging population. Your grandchild might get stuck with this unncessary and princely (with "late fees") bill, too.

Whatever strategies and techniques you use to transfer art and other collectibles in a tax-efficient manner is important to estate planning. Do it right.

Beware! Of Auction House Appraisals

2011-08-26T10:26:00.000-04:00

Victor Wiener was my very first-ever appraisal instructor (USPAP) and my inspiration for pursuing an advanced Appraisal Education. This article was on Chubb Insurance's website today.

Why Auction Estimates Are Not Insurance Appraisals

by Victor Wiener, LLC and Charles Wong, LL.M

Collectors often have difficulty in deciding what type of appraisal to use for insurance purposes. Aggressive marketing by auction houses (in which valuation services are offered, often for free, in the hope that a collector will decide to sell) has led many to believe that auction estimates can be used. However, it may not always be prudent to rely on these, as insurance compensation based on auction estimates may prove insufficient to purchase replacements for lost or damaged works.

There are many reasons for this. Auction houses are in the business of valuing goods for regular sale. They deal in large volumes and have business relationships and obligations to both sellers and buyers, not to mention their own interests. This can affect an estimate. Note, however, that the litigation cases discussed in this article relate to situations auction houses may find themselves in when providing estimates in their usual business; it is conceivable that they may encounter similar challenges when giving estimates for insurance purposes.

Is there such a thing as a free lunch? Auction houses may not have time to conduct proper research.

Consider the case of Guido Ravenna of Buenos Aires. In 1999 he received an offer from a South American dealer for a family heirloom known as the Pieta, conditional on immediate acceptance. Coincidentally, his wife was in New York and showed photographs of the painting to Christie's Old Masters expert who thought the Pieta was by Nuvolone, a minor 17th century Italian artist, and worth between $10,000 to $15,000. Ravenna then accepted an offer of approximately $40,000 for the picture and some items of furniture. Six months later, the Pieta was consigned to the same branch of Christie's by the dealer who had purchased the painting from Ravenna. After a thorough physical examination, Christie's determined it to be a "highly important" painting by the Italian Baroque painter Ludovico Caracci and, in 2000, sold it at auction for $5,227,500 to the Metropolitan Museum of Art, where it now hangs as The Lamentation.

Ludovico Carracci, ca. 1582; A faithful photographic reproduction of an original two-dimensional work of art. The work of art itself is {{PD-US}}: public domain - copyright has expired.

Ravenna sued Christie's. The federal district court acknowledged that Christie's was aware Ravenna would be relying on their estimate, but found that Christie's did not owe Ravenna a fiduciary duty as the advice was free and there was no previous or other relationship between Ravenna and Christie's. This is an important consideration when relying on a free appraisal. Always consider the legal implications of free advice; if in doubt, obtain reliable legal counsel.

Is this what I think it is? Due diligence

Sometimes less than three months transpire between consignment to an auction and final sale. In an atmosphere of quick turnaround, omissions sometimes can occur.

The collector William Foxley acquired a Mary Cassatt from Sotheby's in December 1987. Sotheby's had indicated that there would be a letter from an expert 'discussing' the work. That letter arrived nearly six years later, and was based on an examination of color transparencies rather than an actual view of the original. Foxley later sent the painting for auction by Sotheby's; they informed him that the Cassatt Committee had determined that the work might not be authentic.

Torn between two lovers: Auction houses may have divided loyalties

On any item sold, auction houses have two possibly conflicting relationships: with the seller, and with the buyer.

In 1946 the collector, Jane Koven paid $1,400 for a Braque pastel. In 1990 Christie's auctioned it on her behalf to Barbaralee Diamonstein for $600,000. Immediately afterwards, however, Diamonstein questioned the Braque's authenticity. Although Christie's experts were convinced that it was genuine, they felt compelled to refund the purchase price, but Koven declined to return the proceeds. Christie's underwriters paid Diamonstein, and sued Koven. The federal district court found in favor of Christie's, noting that Christie's had a 'dual loyalty': a fiduciary duty of loyalty to Koven, but which was superseded by their statement to Diamonstein that the work would be genuine.

In another instance, Christie's, in 1991, was asked to value the works held by the Andy Warhol Foundation for the Visual Arts. Christie's appraised the collection at $95 million, but following related litigation, the New York County Surrogate Court held that the assets were worth $509 million. Surrogate Preminger's judgment noted that, at the same time as conducting the valuation, Christie's was also negotiating to sell Warhol works on the Foundation's behalf - conflict of interest that should have been disclosed in their appraisal.

The court also observed that in appraising the Warhol works, Christie's had had a limited focus which was unacceptable. They had not sought evidence of Warhol's marketability, nor evidence of his importance as an artist. Nor did they consider comparable sales: they did refer to some Christie's sales figures, but not those of other auction houses. The judge held that sales by dealers, private treaties and auctions should all have been considered.

A change is as good as a holiday: Revisions of estimates

Auctions houses are known to revise their estimates. This, not unnaturally, raises questions as to the reliability of the initial estimate.
In the Ravenna case an estimate of $10,000 to $15,000 on an initial view rocketed to a far higher figure when re-examined, admittedly physically rather than from photographs, which disclosed physical clues that led to its final attribution.

Another case involved a Faberge egg described by Christie's as an Imperial Easter egg. It was bought, sight unseen, in 1977 for $250,000. On viewing it, the buyer thought it was not authentic and tried to withdraw, but paid when Christie's provided a written opinion from an outside expert that the egg was genuine. When the buyer consigned it to Christie's some years later, the same expert declared that it was not an Imperial Easter egg, but something lesser, and of lower value.

How much is that Dufy in the window? Type of value used

Apart from considerations affecting estimates, there may be a more fundamental issue. Under most insurance policies, collections should be valued according to their retail replacement value, that is, what a buyer or collector would have to pay to replace a lost or damaged work in as short as time as possible. This value is calculated from the point of view of the owner who wishes to maintain a collection.

On the other hand, auction estimates are calculated from the perspective of an owner who wishes to sell, namely: the fair market value, or how much the seller would receive at auction. This can dictate where replacements may be obtained. Dealers generally have stocks of specialized items at most times. However they charge a premium to cover their rental and storage costs, and consequently one usually pays more for the convenience of immediate replacement: in fine arts, dealers' prices can frequently be twice as much as prices realized at auction; in decorative arts, they can sometimes be as high as three to four times auction prices.

While auction prices can be lower, buyers must wait - sometimes years - for an appropriate piece to come up at auction, and items are frequently sold in an unrestored state, whereas dealer offerings are almost always restored. In another case, Levin v. Harned, appraisers alleged that the Levins had overpaid for certain antiques. However, the appraisers used as comparables unrestored pieces from the auction marketplace, whereas the Levins' pieces were all highly restored, sold by exclusive dealers. Generally, "retail replacement value" means that a collector would be compensated enough to obtain an appropriate replacement immediately rather than waiting for a similar item to appear at auction.

As a protection against rising market prices, collectors frequently select an insurance policy that compensates for the higher of two values: the retail replacement value, and the current market value, a term which is undefined in most policies. Be aware that when settling a claim, market value will most likely be interpreted as being analogous to fair market value. Accordingly, compensation will be based upon the price the work would have obtained if it were to have been sold as at the date of loss, and not what the insured would have to pay to purchase a similar work on the same date.

Objectivity of Appraiser: USPAP considerations

Though reduced or no fee auction estimates may appear economical, as we have seen, auction estimates may be predicated upon inappropriate values and marketplaces. In contrast, a properly qualified appraiser who is not involved in the commercial aspects of the auction room should provide an appraisal report written in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP), in which factors such as appropriate value, appropriate market place, appropriate comparable sales, title, authenticity and condition are covered and explained thoroughly.

This may prove more labor intensive and perhaps costlier than obtaining auction estimates. But should there be a loss, one should receive adequate compensation, and be able to move on.

Harding Township: Are you listening??

2011-06-16T21:30:00.014-04:00

Last week, I became aware of a recently formed "redevelopment steering committee" in Harding Township. Apparently, there is a district in town called "downtown." Foot traffic and aesthetics, signage, pathways and lighting are desired. A market, a restaurant, the post office, and a florist. It's a quaint, short walk thru "town." I'm not counting banks or realtors. I think it's a terrific idea. Here's my thought: Spend the money developing a town center around the Country Mile, there are a whole BUNCH of Harding Township businesses starting around the MARKET Restaurant, Dominick's Pizza, The Morris County Board of Realtors, a hair salon, dentist, attorneys, classic cars, Elite Repeat, Annie's make-up and skin care, Harding Gallery Art and Antiques, Talbots, The Depot, Baby Crossing, Georgio Pappas Furs, Bedrosian Rugs, The Minute Man, A new consignment shop, Acquisitions Jewelry & Antiques, Hannah's Flowers, deli, dry cleaner, nail salon, Country Mile Garden Center, Wightman's Farms, Ricchardi Paint and a design store, Garden Cottage. I'm sure I'm forgetting several stores. Last year, about 24 Country Mile vendors published a brochure trifold; included a map of the area, including historical and park areas like Jockey Hollow, the Great Swamp, and the Audub on and a blurb about each business (hours, website, description). This group very much wants to bring more business to the area. What's really needed is a walking path on both sides of the "country mile" and historical lighting designating the area. Most business have parking and people drive the short distances between stores. Morris County is a walker, jogger's and biker's heaven. The pedestrian traffic on Route 202 is decent. With better safeguards (sidewalks, bike path, lighting) it would be a natural stopping point for people to spend an afternoon. With few stores around the Morristown Green, people walk around it, desperate for stores to shop in. If a walking area was established on the Country Mile, people will appreciate the oasis it is. If there's money to be spent or grants to be applied for, do it where it can do the most good and benefit dozens of Harding Township retail and business taxpayers! The Country Mile will be a unique destination unparalleled in Morris County, catering to the active buyers that would shop there more and increase their support of the businesses there.

Gettin' our Groove On....

2011-05-14T09:10:00.021-04:00

I haven't been away in almost a year. Drew's had his couple of weekends in Clarksdale Mississippi to fix his live music jones. I hold down the fort at work while Drew gets his groove on.

After a challenging start to 2011, if I don't get my boogie on soon, I will surely die.

I never ever get excited before the first parking of the rental car in New Orleans. "Are you getting excited for your trip?" No. "Are you looking forward to going to JazzFest?" No. There's too much to do before we leave. Got to clean up all the outstanding work, make sure all the clients won’t miss us, all the team is on a mission to make business as usual. Working three times as much, as hard, in the weeks before THE VACATION. So hard to let it all go. But, when I do, I can do it knowing I’ve done all I could to cover.

Upon our arrival in New Orleans, we used to drive straight to Uglesich’s for oysters before even checking into the hotel. I needed desperately to hear the scrape and patois of shucking. And a Bloody Mary with pickled beans. This becomes my decompression. Then off to Lafayette Square for the first dose of live music outdoors. The fastest left hand on piano ever - Marcia Ball. My work has evaporated, finally…..

This time around, I decompressed the minute I met my seatmate while still on the tarmac in Newark. His name’s Howie and he’s producing a bunch of shows for bands I just happen to be a fan of. He told us Grateful Dead and Pfish and Radiators stories and about his 2 year old and his very beautiful wife and about living Lower East Side. Do we know where they could get an antique farm table and what’s to do with a coin collection? Would we like some free tickets to his events? Say wha?

Donna & Ron were onboard, too. They’ve fested for the past 30 something years. Drew and I are here 23 years now. Dejavu. Same couple, same flight, different year. I first met Donna at the Morristown health club some twenty five years ago. We said hello daily. Then one vacation, I see her at JazzFest and that's all it takes to connect. Donna & Ron become our Fest Friends. They live around the corner in Far Hills, but we’ve spent more time with them in New Orleans than in Jersey. I wonder if that will ever change.

So here we are at JazzFest, living the joyous experience. I “let it go let it go let it go” doses of Cowboy Mouth Michael Franti Amanda Shaw Bonerama Eric Lindell Treme Brass Band Wild Tchopotoulos Big Sam Trombone Shorty Willie Nelson Jamey Johnson Allen Toussaint Dirty Dozen Ruthie Foster Marcia Ball Galactic Stanton Moore George Porter Jr. Radiators.

People whirring around me, laughing, eating, devouring, dancing, eating the music, loving my fellow festers and my third softshell crab poboy, fully dressed, extra pickles.

Why dey call it Sunday? Cuz you can dance all day in the sun.

At breakfast Thursday morning I run into Barbara, a hardly-a-girl-anymore who used to swim for me when I coached swimming at Ridgewood. She and Tod are 13 year fest vets, now with their three tow-headed boys in tow. We catch up on the 24 years since she came to my wedding over a jalapeno and cheese omelet and share our love of the Rads. I think her husband and kids are perfect. I covet her children.

For the past 20 years, we've park at Theresa’s house on N. Gayoso, past D’Abadie. Drew and I drove up that street Thursday Fest morning, drove right past their yard. No Theresa, no husband, Charles parked in the aluminum folding chairs, no lemonade, no chattering folk, no children climbing around. We say "hey!" across the street, and meet Eric who tells us Theresa’s moved on now. She up and moved the whole family after Katrina and after her husband Charles died. But, look who’s driving up in her van right now? Theresa, maybe knowing we were looking for her !? Drew and I watched her daughter Tracy grow up right before our eyes. She was a mere fidget of a child, our own Lauren’s age when we first met her. Spunky little girl. Always got us to missing Lauren and wishing she was here. Then guess what? They grew up! Lauren started comin' when she was 9, all the way through high school. We enjoyed hanging out with them pre and post fest every day. We got invited to Tracy’s wedding, too. Then, lo and behold, the next fest, there she was with her own little spunkster on her hip. Theresa blocks the street, puts it in park and we hug and kiss and bless you all. She says we’re in Eric’s good hands now with a safe and friendly parking space for JazzFest. I give Eric a praline cookie.

One morning we tried to go to Houma House. Got the map, got the car gassed, take the scenic route or the wrong route. Turns out Houma House is not in Houma. Not even close except it’s in the same state. So we walk around the Nature Preserve in Houma, studying Spanish moss and bird calls. Looking for gators. Time for a softshell crab poboy…again. Can’t get them in Jersey.

Sunday after fest we head to Mandina’s for turtle soup and guess what? Softshell crab almandine. Not cuz we’re hungry, cuz we’re here.

When not eating (is there such a thing in New Orleans?) a visit to MS Rau Antiques is a ritual, as is a cruise of Magazine Street and a Bloody Mary on the porch of the Garden District Columns Hotel. Best fresh fried shrimp po-boy ever at Guy's up on Magazine Street.

Jack and Sue were married and living in L.A. when we first joined them in New Orleans in 1989. Now Jack is married to Barbara and lives in RIVER RIDGE and is on the radio down here which is a perfect match. Biggest music brain on the planet and a voice that'd melt butter. He's personally responsible for introducing me to Louisiana music. And speaking of butter, Jack is a great cook. He makes us boudin stuffed peppers, duck, oyster and andouille gumbo and a Bananas Foster that puts Commander’s Palace’s to shame. Drew and I are drunk on Jack’s food.

As we board our overcrowded plane home with a couple of muffalettas from Central Grocery, angry that our seats are in the last row, we revel in more voodoo that the only no-show empty seat on the plane is comfortably between us. Maybe it's the ghost of Marie Laveau.

Now the conversation back at home is "Whadya eat? Whadya hear?"

What do you want to know?

2011-03-13T19:46:00.006-04:00

I never would have guessed the top 10 searches of items people want to know about on this website, would you? WorthPoint

The TOP 10 inquiries at our firm:

1. Stuff

2. Antiques

3. Silver

4. Furniture

5. Art/Paintings/Prints

6. Jewelry

7. Statues/Figures

8. China/Crystal

9. Books

10. Asian works

What's your inquiry? Visit us and send us an email.

America's Top Doggies Market

2011-02-23T07:48:00.001-05:00

Dog Lovers and Dog Art at Harding Gallery Sure do love our puppies here. Visit Polly and Sasha, mother and daughter Bijons (Polly ex-Westminster show!). Reagan Fausel will be visiting us soon, too! Lauren Magnusson and Billy have adopted Atlas.

And, we even have a few for sale.......

The Prince and The Pauper

Print signed L/L Carl Arnold

Brittany Spaniel Photograph, RW Tauskay (1888-1979 Upper Saddle River) Tauskay was the official photographer for the American Kennel Club

Dog on Point Oil on Board, Albert Willms (French, L.19th C.)

Guilty Conscience Oil on Canvas, Herbert William Weekes (British, L. 19th C.)

Celebrating Reagan Marley Day

2011-02-06T08:21:00.003-05:00

Love these Guys

Happy 100th Ronnie! Watch Reagan toss today's Super Bowl coin.

Happy 66th Bob! Stir It Up

Today, I pray for peace, prosperity and a good Super Bowl game. I can't root for the Steelers because of the Rapesberger, and who doesn't love Green Bay! Please, dear God, give us a good game AND a good half-time show AND good commercials. And legalize pot now. Amen.

The Angry Historian: Don't Get Scammed: Use Common Sense

2011-01-30T20:12:00.000-05:00

The Angry Historian: Don't Get Scammed: Use Common Sense: "I’ve written about fakes before, since I consider finding one both exciting and annoying. They are exciting because some detective work i..."

Who you gonna call? Pay Attention or the Tax Authorities will getcha

2011-01-07T18:19:00.012-05:00

Just because an appraiser says they know about art or antiques or home contents, doesn't mean you should hire them. Some "appraisers" pay for an association with a appraisal society. That doesn't mean they've ascended to MEMBERS. It's important that your due diligence includes hiring the right appraiser: one who is ACCREDITED by the American Society of Appraisers or CERTIFIED by the Appraisers Association of America.

"In recent years, there have been many important changes in substance and in procedure in how appraisals of works of art are treated for tax purposes," Gilbert Edelson, administrative vice president of the Art Dealers Association of America, told audience members at the October 14 and 15 Visual Arts and the Law conference in Chicago.

Among those changes are the specific qualifications for those submitting an appraisal for tax purposes, and there are also increased penalties for appraisals identified by the Internal Revenue Service's Art Advisory Panel as being errant by more than 20%.

APPRAISALS for TAX PURPOSES

In general, the donated object must be a capital asset - "that is, held for at least one year before being given away" - and donated to a nonprofit institution to be used for its exempt purposes. A fund-raising auction "is not one of the exempt purposes of a not-for-profit organization," he noted. If the institution decides to sell the donated item, it may not do so for at least three years. Charitable contributions may not exceed one-third of a taxpayer's adjusted gross income. Since 1985, donors to charitable institutions have been required to include a valid appraisal on their tax returns if, when the gift is an object, it is valued at $5000 or more, or over $10,000 when it is a closely held stock.

Special attention has been given by Congress to appraisers, and Edelson cited both the 2004 American Jobs Creation Act and the 2006 Pension Protection Act as having introduced "new standards for the appraisal of donated work." The Internal Revenue Service has written up guidelines and is awaiting final approval from the Department of the Treasury.

Under the proposed rules, the appraiser must be designated as competent by a recognized professional appraisers' organization or must have passed professional or college-level courses in valuing relevant objects. In addition, the appraiser must be paid to perform appraisals on a regular basis. Neither the donor, the person from whom the donor obtained the item, nor someone employed by the institution receiving the donation may perform the appraisal. The appraiser's fee may not be based on the estimated value of the object.

Valuations found to be grossly incorrect by the 25-member Art Advisory Panel may trigger a range of penalties for the appraiser, either 10% of the tax underpayment due to misstatement, $1000, or 125% of the income received for the appraisal. In addition, the appraiser may be subject to a civil penalty for aiding and abetting an understatement of tax liability and may be prohibited from submitting appraisals for tax purposes for a period of five years. Taxpayers are assessed 30% of the tax underpayment if the appraised value of the object is found by the IRS to be off by 150% or more. This is in addition to the payment of the adjusted tax and interest on that amount.

The contents of a qualified appraisal must include the identity of the artist, if known, and if unknown, to whom the work is attributed (school of or studio of, for instance), the title, media, dimensions, date, if and where signed, provenance, and publication and exhibition record. If the donated artwork is a multiple, the appraisal needs to include the edition number and size of the edition (if a sculpture, the name of the foundry). In addition, the appraisal needs to cite the cost of the work, when and how it was acquired, its condition, and when it was donated, and must supply a good photograph or transparency of the object.

---Maine Antique Digest, December 2010 by Daniel Grant (edited)

Brains + Lips = Win the Antiques Roadshow Game

2010-11-28T15:39:00.012-05:00

The Antiques Roadshow website has a game you can play. You watch a little video segment. Along the way are multiple choice questions regarding the item (like "Who is Thomas Chippendale?") And finally, can you guess the price before the appraiser calls it? Thanks to 16 years of fine and decorative art study, I managed the multiple choice questions pretty well. The appraised values, however, weren't quite so easy. My timing was off. The objective is to "beat the appraiser." I contend that the roadshow appraiser knows so much more about the item, having researched the bejesus out of it, there's no way I can beat him. Drew's better at this than I am. This brings me to the BIG Antiques Roadshow FALLACY. The Roadshow Appraiser not only sees the item before he goes on television, he has the benefit of exhaustive research, executed by a team of appraisers with computers, libraries, sales results, and everything there is to know about the item including history and provenance. Sometimes AR knows about a piece before they even get into town!

We get a lot of referrals from the Antiques Roadshow for which we are grateful. But, because of this BIG FALLACY, some people think appraisers just know this stuff and can spout spontaneously. Some find it hard to believe that an appraiser doesn't know everything there is to know about everything. Oh, some appraisers (I live with one) have enormous brains,

indeed, as well as the ability to recall the data and use their lips

at the same time. But, mostly, appraising is all about honing one's connoisseurship skills, studying items, mediums, artists, makers and history AND researching comparables and sales results. Just so's you know, it's not spontaneous.

Opposites Attract Buyers

2010-10-03T15:45:00.012-04:00

This weekend, we visited Pook & Pook Auction in Downingtown, PA and Rago's in Lambertville, NJ. In many ways, these two venues represent polar opposites of the auction market in terms of product offerings. Pook's Saturday sale featured about 750 lots of 18th and 19th century American furniture and decorative arts. The room was filled with buyers; the phones were busy and the internet bought some items. Almost nothing was passed. Prices for beautiful pieces of finely made antique furniture and tall case clocks seemed sadly low. Competition was stiff, however, for the best examples of paintings, pen wipes (who knew?), quilts, miniatures and anything rare and unusual. The John George Brown (American, 1831-1913) oil painting The Monopolist, hammered down for $115,000 (plus 18.5% buyers premium) on a $35,000-55,000 estimate. Rago's Saturday sale consisted of over 1000 lots of 20th and 21st century furniture and dec art. There appeared to be more workers in the room than buyers. The phones and internet were active. Modern furniture by known makers such as Nakashima, Springer, LaVerne, Parzinger, Evans and Robsjohn-Gibbings were popular. A Victor Schreckengost Jazz Bowl hammered down for the same price as the JG Brown painting at Pook's, plus Rago's 22% buyer's premium. David's estimate was $20-30,000. David presented quite a few "experiments;" decorations by offbeat or unknown artists. There were a lot of items passed or bought in. Many an antique collector has lamented that "they just don't make 'em like they used to." 21st century buyers are proving to be savvy, as well. Fine furniture and art have been and are still being made today. It appears that modern furniture by well-known makers seems to be selling better than antique. Decorations that are cool or rare are selling regardless of their age.

Estate Wars!!

2010-08-23T18:54:00.003-04:00

Personal Property Consultants has watched many family dramas take place when a loved one or family member passes away, or when family members downsize. Regardless of how fair and reasonable people's intentions are, there's often misunderstandings. A professional appraiser, like us, can help with the identification, labeling, valuing and distribution advice for almost all things on the inside of a house. Hiring us is a great place to start the process. No one has ever regretted hiring us to help, edit, elucidate, divide, distribute, donate, sell or value their "stuff." OR.....you can go on National TV and duke it out! We think our methodology is more pragmatic and less embarrassing.

Playing the Antiques Roadshow Game

2010-07-31T16:03:00.007-04:00

Do you love the Antiques Roadshow as much as we do?

Drew and I have been playing the Antiques Roadshow "game" for about 10 years. It goes like this: the owner of the thing presents his item and its story to the appraiser on the show; before the appraiser divulges their value determination, each of us predicts the outcome; closest number wins. If there's disagreement with their evaluation, we do the research to determine if they're "right." Truth be told, Drew's a winner. I'm betting you play this game, too. Some people in our (appraisal) profession don't have kind things to say about the show. They say that the values represented on the show are at best, dubious, or at least, not realistic representations of the marketplace. As entertainment and information, Drew and I find it compelling. In any case, it's a show we need to watch and know about because our customers, clients and friends watch it. If I had a nickle for every time a client said "I saw one of these on the Antiques Roadshow so I thought I better have it appraised" I'd have at least enough for a lifetime subscription to the Antiques Roadshow newsletter.

I like a couple of the appraisers a lot, mostly because I learn from them and they are funny, smart or both. We've met many of them and have a few on speed-dial. Alan Fausel on fine art, Noel Barrett on toys, David Rago on early 20th C. arts and crafts, Philip Weiss on collectibles, and of course, the Kenos on antique furniture are favorites to watch. Sometimes, they are like kids in a candy store. I've included links to each of their archived TV appraisals on video. I get a kick out of watching these more than once because I do learn something new every time. Then again, I have America's Funniest Videos on permanent DVR, too. Remember, AFV was America's first social networking site!

Continuing Care Retirement Communities

2010-07-29T12:00:00.004-04:00

July 26, 2010 Senate Begins Hearings on CCRCs On July 21, the Senate Special Committee on Aging chaired by Herb Kohl (D-Wisconsin) convened a hearing on the state of the CCRC (Continuing Care Retirement Community) industry. For readers or followers of the newsletter, Apex Health News, you may recall a number of articles on the state of the industry and specifically, how the CCRC and Senior Housing industry has been impacted by the economic downturn in general and the the languishing housing (residential) market specifically. In addition, Reginald Hislop, III, Managing Partner of Apex Healthcare has written numerous articles on his Blog regarding CCRCs and their fortunes in the current economic climate. Recall that in the wake of the failure of the Erickson Retirement Communities, some associated but not related concerns regarding other high-profile CCRCs in financial distress (the Clare in Chicago, etc.) and negative industry outlooks and debt downgrades in the sector via Fitch, the Senate Special Committee on Aging began an investigation into the CCRC industry. The most notable step taken was a request to the GAO to complete a study on the industry. Somewhat simultaneous with the GAO request, the Committee sent out letters of inquiry to five CCRC organizations. A report summarizing the information received via the inquiry was produced. As he reviewed the findings in both reports, he noted similarities in themes. He also noted that the Committee’s skew would be toward calling for added regulation of the industry, directed state to state. As the Senate Special Committee has only “fact-finding” and “recommendation” powers, we didn’t expect a great call or swell for federal involvement beyond this point. Providers and trade associatons however, should take caution as the recommendations from the committee reports (GAO and other) are likely to produce added regulations for the industry on a state to state basis, especially given the nature of the findings. Mr. Hislop's summary of the information is below. The vast majority of states offer minimal regulation of CCRCs and fewer still (17) include requirements for periodic actuarial studies (a recommendation from the Committee). Twelve states have no regulations at all. CCRCs that were tied to certain forms of debt instruments such as bonds were more closely watched financially than those that had other forms of debt structure or no debt at all. While bankruptcy and/or failure in the industry is rare, the biggest risk to residents in financially unstable CCRCs is abrupt rate or fee increases. A secondary, less likely risk, is loss of principle or investment via a downpayment or entry fee should the CCRC become illiquid. Only 16% of CCRCs pursue voluntary accreditation. Recent downturns in the economy have added real estate and credit risk to the industry. Providers have found it difficult to secure new debt or to refinance existing debt at competitive terms in the current credit markets, making operating costs associated with debt more expensive and/or, keeping the CCRC from proceeding with needed capital improvements. From a real estate perspective, the fall in housing prices coupled with a very slow re-sale market for existing homes has hurt CCRC occupancies and thus, revenue profiles. Operating cash reserves and cushions as well as investment reserves have declined significantly over the past two years. Of the facilities reviewed by the Committee, four out of five claim to have reserves equal to two months or less of operating expenses. Three of the five report having debt levels greater than asset equity and one reports having a refund liability on contracts equaling eight times more than net worth. The Committee is recommending that states adopt more uniform regulations for CCRCs in the focal areas of licensing, reserves, recurring monitoring and analysis, periodic reviews and analysis, and consumer disclosure. Important or notable recommendations include requiring periodic actuarial analysis, periodic financial examinations conducted by the state or under the auspices of the state (i.e., independent accounting firm following a prescribed methodology), a review of marketing practices, audited financial statements, and a review of financial ratios to assure capital stability and liquidity. On a final note, Mr. Hislop found both reports interesting in terms of their similarities and their differences. It is clear from the report generated via the Committee’s direct inquiries that the inquiries were made to less established CCRCs and/or newer developments. This sample, in our opinion, is hardly representative of the industry. In the GAO report, the investigation probed through activities in only eight states. While he found the GAO report more “balanced”, neither document shed any new light on the industry or its issues. The bottom-line and somewhat concluded within both reports is that the industry, while somewhat temporarily troubled by the economy, is good for seniors and offers a significant and important option for retirement and long-term care. The troubles that are so often highlighted in recent times, are representative of a small slice of the total industry, typified by newer developments, focused on affluent seniors, in crowded markets, heavily leveraged, and in his opinion, less than adequately researched prior to development. Stabilized projects under the control of experienced ownership groups and operators, will continue to prosper and remain stable, even through the slow recovery.

Fraud for Gold - SHAME ON THEM

2010-07-04T10:54:00.007-04:00

NJ gold selling consumers beware! The Star Ledger published an article Thursday, July 2 Cash-for-Gold fraud tips the scales against sellers. We've been warning our clients and friends for years to avoid selling their precious metal jewelry and coins to charlatans. "They sound so nice and professional."

The Better Business Bureau and Consumer Reports has been warning that consumers have been underpaid or flat-out robbed by television and internet cash-for-gold operators. The NJ Office of Weights and Measures has formed a Precious Metals Task Force to conduct surprise inspections of scales. The biggest rip-offs are the "transient buyers;" the ones that take out the full-page ads in the Star Ledger! Springs were found in their scales, cheating customers out of accurate measurements of their gold and silver. Some fraudulent NJ dealers even had store-fronts, with scales that were all inaccurate in their favor. What a coincidence!

In case you're interested in selling your unwanted gold and silver jewelry, we've just gotten a new state-of-the-art scale to help you take advantage of $1200/ounce gold. Fridays are a good day to meet with Drew and weigh-in on your decision making. He'll explain the testing and weighing methodology. Give a call and make an appointment! You'll be richer for it.

FYI - For our Clients Who Own Fine Works of Art & Those Who Wish They Did

2010-06-15T21:24:00.009-04:00

Is it time to Buy or Sell?

ArtPrice Report of May's top Sales:

A Top 10 at $324.3m In just one week (05/04 - 05/12), Christie’s and Sotheby’s generated six results above the $25m line. The combined revenue from the top 3 results ($95m for Picasso’s Nude,Green Leaves and Bust + $47.5m for Giacometti’s Grande tête mince + $29m for Warhol’s Self Portrait) almost equals the total generated by Sotheby’s, Christie’s and Phillips de Pury from their 2009 May sales ($180m from 734 lots). The combined revenue from Christie’s and Sotheby’s Impressionist & Modern Art sales was up 205% vs. 2009. In May 2009, no-one dared to offer Picasso’s major works for sale. A year later, his works are at both ends of the Top 10 (in 10th position, his Femme au chat assise dans un fauteuil fetched $16m, estimated $10m - $15m ). His peer Henri MATISSE is in 6th position with Bouquet de fleurs pour le quatorze juillet ($25.5m, Sotheby’s).

Top 10 Hammer price in May 2010

Jersey Boys vs. Vuvuzela

2010-06-12T19:44:00.010-04:00

CHOOSE YOUR OWN AMERICAN (SOCCER) IDOL

I love soccer and am excited to watch as many games as possible...with the sound off.

I'm making my own list of favorite player-idols, too. Who will be in the finals?

The vuvuzela may be THE most horrible sound in the world. "It's been compared to a deafening swarm of wasps. Or a herd of flatulent elephants." Pardon me, but WTF? Is this sound actually pleasant to someone? I definitely don't get it. FIFA clearly does not get it, either. This excruciating sound should be banned.

I really thought Jozy Altidore would score near the end of the England v. USA game. Al-most! So much for his sprained ankle. Oh, and did you know he was born in Livingston, NJ? Home town of the one and only, Drew Magnusson! The USA will get much confidence from this tie game result. Tim Howard, goalie extraordinaire' from North Brunswick, NJ (x-Man U; now with Everton) showed his talent with most amazing saves, including taking a boot to the ribs, but a save, nonetheless.

I am a fan of all great athletes that play with class and grace. Not a fan of the stupid vuvuzela played by obviously sophomoric, rude and probably deaf numbskulls.

....from Swimming to the White Elephant

2010-05-24T11:50:00.006-04:00

Lynn, do you collect anything?

Yes, I collect friends, music and occasionally broken green pottery.

Why broken green pottery?

I like green pottery and I feel sorry for the broken ones.

When and how did you get into the appraisal of antiques?

Through my husband's Comedy Club, Rascal's, back in the early 90s. Seemed like a seamless transition from Competitive Swimming.

How's that?

He had a restaurant called "The White Elephant," which required frequent replenishment of "things to sell." I was a buyer for them. Obviously I used my very special swimming techniques.

Thanks, Lynn, for filling us all in. Now we know.

HNWI + Art = Investment

2010-05-13T07:40:00.005-04:00

WSJ, Kelly Crow:

Christie's International auctioned $232 million of post-war and contemporary art at its evening sale in New York on Tuesday, led by a record-setting $28.6 million waxy painting of an American flag by Jasper Johns.

"Flag," which was completed in 1966 and hung for decades in the home of the late "Jurassic Park" author Michael Crichton, sold to New York art adviser Michael Altman. It was priced to sell for up to $15 million.

Mr. Crichton's collection of colorful, mid-century artworks helped the sale beat Christie's own presale expectations as well as eclipsing the house's $93.7 million sale last May -- proving collectors are once again willing to chase after newer works that carry the right pedigree.

The mood was chipper throughout the sale, with collectors like hedge-fund manager Steve Cohen and former superagent Michael Ovitz taking spots in skyboxes overlooking the auction house's crowded sales room, where others like entrepreneur Eli Broad and author Salman Rushdie took their seats. Two men on the front row wore ballcaps: fashion designer Marc Jacobs and fund manager John Angelo, who sits on rival Sotheby's board.

Yet the night unquestionably belonged to Jasper Johns, the artist from Georgia whose seminal series of late 1950s and 1960s depictions of flags, targets and alphabets represent some of the earliest examples of Pop art. Christie's sold eight of the artist's works for a combined $43.6 million, including the $4.1 million "Figure O."

The sale's other big winner was Andy Warhol, whose 1965 diptych of a lavender-faced Elizabeth Taylor, "Silver Liz," sold for $18.3 million, above its $15 million high estimate. Warhol's portraits of Hollywood starlets like Ms. Taylor or Marilyn Monroe are among his most coveted pieces, and at least four bidders competed for "Liz," with New York dealer Dominique Levy getting it.

The Christie's sale also amounted to a test of Robert Rauschenberg's market. Three telephone bidders went after his 1960-61 "Studio Painting" – one of the artist's so-called "Combines" because he hung a small bag on a clothesline that runs between the work's pair of painted canvases. A Christie's specialist who often represents Parisian collectors won it for $11 million, over its $9 million high estimate. A Rauschenberg silkscreen, "Trapeze," also sold for $6.3 million. (Final prices, unlike estimates, include the auction house's additional fee.)

Altogether, 74 of the 79 works offered found buyers, helping the sale reach 98% of its potential total value -- one of the most successful showings since the recession. The Crichton estate's 31 pieces alone sold for $93.3 million, against a $69.6 million high estimate. The sale broke at least five records for artists including Johns, Mark Tansey, Sam Francis, Lee Bontecou and Christopher Wool. Around 74% of the offerings went to American buyers, the auction house said.

Other sellers included Mr. Ovitz: Christie's helped him sell a pair of works, including Neo Rauch's surreal café painting, "Seek," for $1 million. The work had been priced to sell for between $800,000 and $1.2 million. Mr. Ovitz also sold Eric Fischl's 1984 image of a nude woman basking in her own reflection, "Vanity," for $1 million.

Sotheby's holds its post-war and contemporary sale on Wednesday, and boutique auctioneer Phillips de Pury follows on Thursday.

Results: Christie's Impressionist and Modern Art

2010-05-06T07:19:00.003-04:00

On Tuesday Christie's held its New York Impressionist and Modern Art Sale. We already know of the auction record price of $106.5 million including buyers premium for the Picasso, but what about the rest of the sale, which included additional property from the Brody collection. The sale offer 69 lots with 56 selling for a buy through rate of 81%. The evening sale totaled $335.55 million including buyers premium. Of course nearly a third of that came from the Picasso. Other notable sales were Giacometti works taking the number 2, 3 and 4 spots selling for $20.8 million, $25.8 million and $53.3 million (see image). All three Giacometti pieces beat the high estimate. I guess the previous auction record price earlier this year helped with the Giacometti results. Picasso also had three other pieces in the top ten. All top ten buyers were listed as anonymous. Christie's Marc Porter, Chairman of Christie's Americas stated

This was a stellar night for Christie's and for the art market. The sale was led by exceptional prices for works by Pablo Picasso, Alberto Giacometti and Henri Matisse from the Brody Collection, one of the greatest private collections to come to market. In addition, we witnessed great depth of bidding and strong results for important works from other American and European collections, including additional paintings by Picasso and works by Giacometti and Pierre-Auguste Renoir. We are honored to have been entrusted with so many remarkable works this season, and we are delighted to have delivered such positive results, including three new world auction records for Picasso, Georges Braque, and Jean-François Raffaelli." The star lot of the evening, and the most anticipated work to come to market from private hands in the last decade, was Nude, Green Leaves and Bust, a sensuous and stunning masterpiece from Picasso’s celebrated 1932 series of paintings depicting his muse and mistress Marie-Thérèse Walter. Referred to as the “lost” 1932 Picasso because it had never before been published in color, Nude Green Leaves, and Bust was acquired by Mr. and Mrs. Sidney Brody in 1950 for $17,000 from the art dealer Paul Rosenberg. It had been exhibited in public only once since its purchase, at a 1961 exhibition sponsored by the UCLA Art Council. At the auction, eight bidders competed for the Brody Picasso, as Christie's lead auctioneer and Honorary Chairman Christopher Burge started the bidding at the $58 million mark. Mr. Burge took bids from within the saleroom and on the phone before the competition settled down to two bidders at the $88 million mark and a one-on-one battle ensued. Finally, at 7:32pm – nine minutes after the bidding open – the final bid was hammered down and a new world record for the most expensive artwork at auction was sealed at $106,482,500.

---Todd Sigety

Kentucky Derby Blues

2010-05-01T18:53:00.002-04:00

How does he do that? Drew has an amazing intuition. So, he walked in just before the start of the race and pronounces the winner. "I like Number 4." "Do you know something about the horse, rider, trainer, owner, color or name of the horse?" I ask him. "No," he responds, " I just like the number 4 today."

Now, for the past 30 years, everyone I know bets the opposite of Drew's picks. His brother, Mark, used to call him on Sunday mornings for his Football picks, just to bet the opposite.

Needless to say, Drew didn't place any bets. For once, I am sad about that. Being a "winner" is fun for all of one minute. Sadly, we are no richer. Oh, well.....

Juke Joint Vortex

2010-04-19T12:27:00.000-04:00

A visit to the vortex: a meeting of good friends, live music, and food.

Drew and Jim went to Clarksdale, MS while I held down the gallery. Last year Drew and I went to to visit our friends, Gary & Carol Vincent during Juke Joint Festival time. I wanted to see "monkeys riding dogs" and hear some live blues. Ground Zero Blues Club, is located across the street from their music studio (birthplace of Sam Cooke). Owned by Morgan Freeman, it's been featured on 60 Minutes, CNN, The Food Network, The Travel Channel, and The Discovery Channel and was the site for filming of Last of The Mississippi Jukes and Blues Divas. It is a very cool place. We also saw Cedric (Burnside) & Lightnin' Malcolm at the Juke Joint Chapel. That's me and my friends with Malcolm.

I'm sad that I couldn't go this time. One needs to hear live music as often as possible. I'll have to "settle" for Crawfish Fest (again) in Jersey this year. Not so bad. Almost as good as Clarksdale's real deal.

Would you sell to Frank & Mike?

2010-04-17T12:21:00.000-04:00

I enjoy the American Pickers series because I learn a lot about parts. Parts of bicycles, parts of cars, parts of things I usually don't handle; physically, that is. I do enjoy getting dirty now and then, but, Mike and Frank really dig in. Like "Dirty Jobs," I like to watch. Being an unbiased appraiser, it is hard for me to not holler at the TV: "Ask for more!" or "Take the money and run!"

Best Selling eBay Items

2010-04-13T09:31:00.000-04:00

I am being twittered by: See the Best Selling eBay Items of the last 90 days. If one ever needed a quick education on "stuff" that sells on eBay, this may be it. I recommend you visit their site.

OR..... you can visit our Harding Township (Morristown) gallery for a free "PRE-SALE ESTIMATE." There's an appraiser on duty each Friday. You can drop-in between 10 and 5, or call for a specific appointment time or to make sure we're available when you are.

The sculpture featured in the photo above is by local artist, Peter Allen. It is even cooler in person, so come by and see how it looks in our garden. It could look good in your garden, too!

I hope you don't have one of these

2010-04-08T17:48:00.000-04:00

I am often asked to appraise Dalis, Chagalls, Miros, Remingtons and the like.

Dangerous and sad territory for these clients as most are fakes.

They are beautifully framed and reproduced and the clients paid great sums

at "estate" auctions and cruise auctions.

I hate being the bearer of bad news.

Woman sentenced to 7 years for auctioning fake art

(AP) – 1 day ago

LOS ANGELES — A woman who sold $20 million in phony artwork she claimed was by Picasso, Dali and Chagall to thousands of people through a semiweekly televised auction has been sentenced to seven years in federal prison, prosecutors said Tuesday.

Kristine Eubanks, 52, of La Canada Flintridge pleaded guilty in 2007 to conspiracy and tax evasion and was sentenced Monday.

She and her husband, Gerald Sullivan, conducted an art auction show twice a week on DirecTV and The Dish Network from 2002 to 2006.

The couple ran Fine Art Treasures Gallery, which sold fake and forged lithographs, prints and paintings purportedly found at estate liquidations around the world to more than 10,000 victims, U.S. attorney's spokesman Thom Mrozek said.

They bought the paintings from suppliers and sometimes signed the forgeries and prints with the artists' names, prosecutors said.

Eubanks forged "certificates of authenticity" for some pieces and provided fake appraisals for jewelry pieces, Mrozek said.

Also, the couple drove up sale prices by having fake bids announced on-air, he said.

U.S. District Judge Gary Feess said their scheme was "audacious in its scope" and blatantly illegal.

Sullivan will be sentenced in May after earlier pleading guilty to conspiracy to commit wire fraud and interstate transportation of stolen property. He faces a maximum sentence of six years in federal prison.

Bye Bye Basketball

2010-04-03T15:47:00.000-04:00

Next week marks the end of the college basketball season. Finally. My mind went numb after the third game last weekend. Saturday and Sunday, I watched two men's games and one women's game. 2:30, 5:00 and 7:30 p.m. games. Whew! I watched some of them alone and some with Drew. They were great games; I believe I cheered for whoever was the underdog, and probably Duke. I have been a college basketball fan for 30 years. I don't really have a team. I have many. I look forward to filling out the brackets and guessing the winners, like a lot of people. But I never bet and I usually forget to look to see how I'm doing.

I've been almost any Big East team fan... the Orange, Rutgers (I like knights), Seton Hall (I like -fictional- pirates), West Virginia, Villanova (I like wildcats - I think), depending on who's friend's kid went where or who I know went there or what coach is fun to watch or which big man sports a tattoo of his mother or grandfather. I love a close game, well executed, with few fouls and time-outs. I really don't care who wins.

My Favorite Dec Art Teacher

2010-03-20T17:49:00.000-04:00

Louise Devenish has taught at NYU's Appraisal Studies Program for several years, as well as at Parson's School of Design. I have had the privilege of taking most of her classes. Her Style and Ornament class should be a requirement for all students of antiques. She currently writes for 1st Dibs. Her insightful article about Irish Furniture is my tip of the cap on a March Madness weekend.

Something to Smile About: Antiques Market Improving

2010-02-23T11:30:00.000-05:00

Many experts and dealers consider the Winter Antiques Show in NYC to be a barometer of things to come for the rest of the year. The New York Times reports that the results are very positive. The show saw over 22,000 attendees, up over 20% from the 2009 show. Sales, according to dealers in the story were very positive on both the high end and the middle market from the early moments until the very end. The article states that prices were about 25% lower from a year ago. Perhaps the bottom has been hit for the antique trade and decorative arts. Recent fine art sales results have been strong as well.

The slow sales of last year, however, have made dealers’ inventories particularly interesting and full now. And collectors’ reluctance to sell in a weak market has made great pieces scarce, but strong performers when they appear. (There is the relative reassurance of a venerable-looking object as an investment haven, in contrast to a technology stock or bond.) The antiques market’s eagerness to survive has made prices for much midtier material very attractive. Dealers said prices were generally at least 20 to 30 percent lower than two years ago. And, as Alan Granby, of Hyland Granby in Hyannis Port, Mass., maritime art and antiques specialists exhibiting at the armory, said, “Midrange things can still be the best in their field.” Categories that are victims of changes in taste are especially well priced, even for outstanding pieces. The enthusiasm for modern design among younger buyers and the graying of the market for older and formal genres have produced unexpected opportunities in traditional pieces, which typically are too expensive for first-time collectors. “Collectors are going after A-level material,” John Smiroldo, founder and publisher of Antiques and Fine Art, a bimonthly magazine based in Watertown, Mass., said of the auction and show scenes. “But you can get A-minuses for pennies of what it will be trading for in four or five years. As far as I’m concerned, American furniture is free right now — for killer stuff. And high-style English furniture is down, down, down.”

DNA proves...Elvis is Alive!?

2010-02-22T09:25:00.000-05:00

"It all began in the early days of the Probate Lawyer Blog, when I came across a Memphis newspaper story about a woman claiming that she was the secret half-sister of Elvis and that she had the DNA to prove it. How did she get the DNA? From Elvis, because he was alive. She had sued to re-open the Estate of Vernon Presley (Elvis' father) to prove that Vernon was her father..."

To Be Continued...... The Probate Lawyer Blog

Shocking! US v. Canada Hockey

2010-02-21T22:03:00.000-05:00

I've been a hockey fan since my dad took me to the "old" Garden to watch the Rangers in 1963. One of his best buddys was Muzz Patrick, a member of their Stanley Cup Championship team. Muzz became their coach and then the team's general manager. We were always his guests. I even got to go in the locker room after their games. I got Andy Bathgate's autograph. I was hooked.

I think I just witnessed the second "Miracle" on Ice! US defeats Canada 5-3. I don't think I've ever witnessed a goalie make 42 saves. And it wasn't Marty Brodeur (whom I have a little crush on). Ryan Miller was gumby on ice. More often than not, the game was one sided. Canada played an amazing offensive game. I can't believe the US underdogs finished this keystone cop routine on top. Brian Rafalski rules.

One of the greatest Olympic hockey games ever. I held my breath for 60 minutes. Now, I need to take a deep breath and hopefully get some sleep. My morning workout tomorrow will be inspired.

Building Relationships Through Cards

2010-02-21T21:43:00.000-05:00

After meeting Deborah for the second time, she sent me a lovely hand written note suggesting we get together for coffee. After coffee, she sent me another very sweet hand written card. My first thought was that she must have a lot of time and cash on her hands to send me cards. On the other hand, I was really impressed with her personal touch and time.

I got her secret to developing and maintaining relationships. The cards come from SendOutCards.com. I'm hooked. I've sent a card to everyone I've met or gotten a referral from or done business with and the feedback has been incredible. I can choose from 1000s of cool and appropriate cards. I can insert a photo in a second. I searched for "dog" cards after meeting people at a lunch hosted by Bonham's Dog Art Sale Specialist Alan Fausel. Cool choices for cool people. I have a font in my own handwriting! Takes two minutes to execute. And the icing on the cake? Including 44 cents for first postage, less than $1.00 total. I'm all in. Go get yourself a couple of free cards on me.

Corporate Museum Donation is Unusual in these Times!

2010-02-20T13:04:00.000-05:00

Read all about it!

Corporate donations to non-profits is something we haven't seen in awhile. Timely, considering the awareness of our northwest natives within the context of the Olympics. I heard them called "aboriginals." That's news, too.

Safeco donating $3.5 million art collection to consortium of museums

Olympics vs. Westmister vs. Idol

2010-02-17T19:11:00.000-05:00

I'm not sure if a bigger fan of Olympic events exists than me.

But, I forgot to tivo the recent events and tried watching the events live. They were showing only one downhill run or one dance routine between commercials. This forced me to surf over to the AKC and Westminster dog shows. Sadly, the car and fast food commercials sent me to lala land and I missed every great finish on the slopes or ice. I'm looking forward to the ice hockey. I don't think they'll have too many interruptions.

American Idol was so tedious last night! The talent is, of course, amazing, but the two hours was just a grind of watching people sit around and wait.

So, I love my remote control! Olympics, Westminster and Idol... all while I catch up on appraisal work. Life is good.

My next library trip....

2010-02-17T19:06:00.000-05:00

Have you read Jane Cleland's Josie Prescott Antiques Mysteries? Josie's an antiques appraiser who uses her knowledge of antiques to solve crimes. Often called an Antiques Roadshow for mystery fans, the Josie Prescott Antiques Mysteries are traditional mysteries set on the rugged New Hampshire coast.

Thinking about Stuff....

2010-02-14T08:08:00.000-05:00

My friend, Nancy Doyne, wrote an interesting article about a man who thought about what would happen to his collections in the future. The legacy he left was more about how he cared for his family than about the things themselves. Oh, if only..... all our clients were like Mr. Josephson.

Playing for Change

2010-02-06T11:49:00.000-05:00

I listen to talk radio in addition to reading everything in sight. I listen in the car when I can't read. WBAI Prison Radio, LGBT, the Economist, several newspapers, trade magazines, Glenn Beck and Michael Savage have contributed to my knowledge base.

I used to love Curtis (Sliwa) and (Ron) Kuby when they were on morning radio for their two incredibly brilliant, passionate and opposing viewpoints. I love knowing both sides of any story. They've been replaced by Imus, who I never thought would be interesting, but, in fact, is smart enough to have the most interesting guests (opposite of Howard Stern who has a fascination with pop culture and mock entertainment). Imus converses with writers, historians, politicians, educators, and scientists about the topics of the day. Compelling.

All this personal data mining goes on in addition to my working out and working. Some days I I'm juggling a dozen clients or more. Though I cannot stop myself from enjoying the constant flow of information and challenges, I do have to force myself occasionally (though not often enough) to stop and smell the roses. If it weren't for my music and work out passion, I would surely need prescription meds. For those who love music like I do and, at least the concept of "Peace on Earth," give a listen: One Love. Save it. It's a good one for cynics like me.

There's others that are equally compelling and will put a smile on your face on the Playing for Change website. You'll find inspiration here. My favorite of all is Stand By Me . This was the one I first came across and when I have a particularly busy and client juggling day, I make myself listen to this one. It's like taking a yoga break. Kumbaya!

A field guide to live auctions

2010-01-31T12:29:00.001-05:00

A field guide to live auctions

Posted using ShareThis

You never know what will come in the door.....

2010-01-30T20:25:00.000-05:00

An original Schulz signed Peanuts comic strip

200 pounds of vintage jewelry

Antique fire hose nozzles

Metal toy trucks

Modern carved wood sculpture

Arts & Crafts peacock tile

All That Glitters....The Diamond Market Today

2010-01-24T18:58:00.000-05:00

If you've got jewelry you want to learn more about you'll like this - David Wolf, ASA, Master Gemologist writes for Chubb Insurance Newsletter All That Glitters...The Diamond Market Today.

NYC Americana Week

2010-01-24T13:24:00.000-05:00

To get something you never had, you have to do something you never did

I have a love hate relationship with Americana Week in NYC. I love it because one can see the most interesting and magnificent art and antiques up close and personal in a week. I hate it because January is such an incredibly busy month at work and I usually can't take the time to go. I've been working 7 days a week as it is to make sure all our clients are attended to and the bills get paid.

So close and yet, so far.....

Don't get me wrong. I ALWAYS plan to go. I even read all the auction catalogs and TAAS schedule of events, and map out an agenda. I put a day or two on the calendar in December. I note all the really cool things I want to see in person and outside of a museum. I know where to park and how to get around.

Prioritize and Procrastinate

So, Tuesday's the big day I've got on the calendar this year. After I go to the gym and after completing a couple of appraisals, returning 12 client phone messages from the weekend, writing a newsletter, visiting my mom and dad, calling my daughter at college, grocery shopping, getting airline tickets for either JazzFest or JukeJoint Fest, drain-o-ing the kitchen sink, fixing the shed leak, bill-paying and banking, and starting a diet....

Who knows what I'll actually get accomplished this week. My NAPO friends will probably holler at me. And so they should. I will holler at myself.

HULLO-O!

Perhaps next year, I won't have this problem. I won't put it on the calendar and thus will eliminate any expectations.

The Economist: Chinese Export Porcelain Sales Report

2010-01-16T12:02:00.000-05:00

Heads up to those of you who might like to buy a piece of history! The late Chinese Export dealer Elinor Gordon's collection is on the block next week at Sotheby's in New York. It is a must see for any of you interested in these historical porcelain pieces. Her private collection is said to be a true collector's sale, with items having estimates below their usual minimums. According to Christina Prescott-Walker, head of the Sotheby's porcelain departments, many lots will sell for hundreds, not thousands of dollars. Previewing will be an education unto itself.

Here's The Economist's article on it.

Need inspiration?

2010-01-14T15:21:00.000-05:00

Isn't it nice to know that there are good kids out there today doing good things? My friend, Nancy Doyne, from Mountain Lakes, NJ, has three amazing daughters, one of whom is Maggie. She has been working in Nepal, building a children's home called Kopila Valley. Her post high school journal here is awesome. See what she's up to today.

The apple didn't fall far from that tree!

2010-01-13T15:18:00.000-05:00

Christies' Reports Growing Influence of Chinese Collectors
By Le-Min Lim Jan. 12 (Bloomberg) -- Mainland Chinese are buying more art at Christie’s International’s auctions in New York and Europe as their purchases “rose significantly” last year using wealth produced by a growing economy, Christie’s said. Mainland China residents bought the most-expensive items at Christie’s New York jewelry auction in October and more than doubled their purchases of Chinese art last year at sales in London and New York, said Andrew Foster, president of Christie’s Asia, in a statement. Nine of the 10 priciest items at the second part of a Paris auction of Yves Saint Laurent’s effects in November were bought by Asians, Christie’s said, without saying how many were Chinese. The past two years have seen the Chinese outbid Americans and Europeans for top-end Asian antiques and gems at art sales in Hong Kong, the world’s third-largest auction market after New York and London. Now, the Chinese are expanding their collection beyond traditional art to include watches, wine, jewels and some Western art, said Foster. “The trend is crystal clear,” said Foster, who’s also Christie’s chief operating officer. Asia’s “wealth is migrating to art and lifestyle purchases, and not only in Hong Kong.” Hong Kong is leading the global recovery in the art and auction markets, said Foster. Like rival Sotheby’s, the company holds biannual sales in the city. In 2009, Christie’s Hong Kong sales tallied HK$2.7 billion ($348 million), with buyers paying 27 percent more per lot at the second auction than the first. Foster said “passion” is returning to the Hong Kong art market. “The head evaluates, but the heart rules the art market.”

2010-01-13T10:26:00.000-05:00

Everything you need you already have. You are complete right now, you are a whole, total person, not an apprentice person on the way to someplace else.

-Beverly Sills

Sadly, hoarders and savers have not heeded her wise words. Help is available!

The National Assn. of Professional Organizers http://www.naponnj.org/

Personal Property Consultants is an affiliate member of the NJ Chapter of NAPO. We have had the pleasure of working with professional organizers who need valuation advice for their clients. Clients want to know how much their things are worth. This information helps them make decisions about gifting, donating, insuring and selling.

We will participate in the NAPO NJ Vendor Event January 25 at the beautiful Fairfield (NJ) Red Cross Building.

Photo Exhibit Opening At The Newark Public Library (Baristanet)

2010-01-11T08:50:00.001-05:00

Photo Exhibit Opening At The Newark Public Library (Baristanet)

Posted using ShareThis

2010-01-11T08:09:00.000-05:00

Do you know...

the most important requirement of any appraiser is USPAP compliance?

The Financial Institutions Reform, Recovery and Enforcement Act of 1989 recognizes USPAP as the generally accepted appraisal standards and requires USPAP compliance for appraisers in federally related transactions. State Appraiser Certification and Licensing Boards; federal, state, and local agencies, appraisal services; and appraisal trade associations require compliance with USPAP.

http://www.appraisalfoundation.org/s_appraisal/sec.asp?CID=3&DID=3

ASA Granted Expanded USPAP Options

In a letter dated January 5, 2010, The Appraisal Foundation officially granted ASA's request to allow BV, GJ, MTS, and PP appraisers subject to USPAP the following options for meeting USPAP continuing education requirements:

Successful completion of the 15-Hour National USPAP Course and pass the associated 15-Hour National USPAP Course Examination every five calendar years, or
Successful completion of the 7-Hour National USPAP Update Course every two calendar years, or
Successful completion of a 7-Hour National USPAP Update Course specific to Business Valuation, Gems and Jewelry, Machine and Technical Specialties, or Personal Property every two calendar years

Downsize = Rightsize!

2010-01-10T19:53:00.000-05:00

Our clients tell us that downsizing is one of the hardest things they ever do. But, they also tell us, post-execution, that it is one of the most gratifying of experiences. Letting go of their excess baggage is liberating. They want to know that their personal collections are respected and will go to someone who can appreciate them. If that is accomplished with grace and professionalism, they achieve new found freedom and peace.

Museum DeAccessioning

2010-01-10T17:39:00.000-05:00

Museums across the country are selling off portions of their collections to generate cash for operating expenses. It's a passionate discussion; no one wants to HAVE to do this. Sadly, reality interferes with artistic missions. If you can't experience it, is there still art?

Many museums and historical institutions SHOULD redefine their mission statements, re-allocate their collections and re-focus on their core constituents.

It's important to keep the lights on, doors open and remain relevant to your community! Creativity is key!

Welcome to the Blog About Appraising, Buying & Selling Art, Antiques & Home Contents

2010-01-10T08:02:00.000-05:00