So You Think You Need an Appraisal

 

QUESTION:  I have inherited a bronze statue called “The Bronco Buster” by Frederic Remington, along with several other bronzes from my uncle. I know nothing about them but admired them on visits to his house. I’d like to find out what they’re worth and the best way seems to be getting them appraised but I have no idea where to start. Can you help me?

ANSWER: Bronzes are interesting pieces of sculptural art. Unlike paintings and other forms of sculpture, bronzes have been cast from a clay original. Does that make them less valuable? Certainly not. In fact, depending on the number cast from the original mold, they can be quite valuable. When it comes to art, most antique dealers don’t know where to start to valuate a bronze sculpture. For this, you’ll need an expert’s opinion. 

Contrary to popular opinion, not just anyone can valuate an antique or collectible. Asking someone how much an object is worth is like asking if it will rain tomorrow. The only way to know what an antique, especially a potentially valuable one such as this clock, is worth is by having it “appraised” by a professional appraiser. And only a professional appraisal is legally binding when it comes to insurance claims or inheritances.

Exactly what is an appraisal? An appraisal is the paid opinion of an expert on the value of an object based on known facts. In the case of antiques and collectibles, known facts include records from more than one sale at more than one auction, the latest published price guides, and personal experience gained from buying and selling similar items many years.

While a verbal appraisal may offer an indication of how much an item is worth, a professional written one is the only one legally recognized by insurance companies and the courts. It must be based on fact and able to stand challenges in court. However, written appraisals, even for one item, can take hours to prepare and are expensive, but are absolutely necessary to prove an item’s worth.

A written appraisal is the result of hours of research by the appraiser. First, he or she must determine the age of the object based on its appearance, materials, and craftsmanship. Decorative techniques and motifs may also play a part. Then the appraiser needs to search for a provenance if the object doesn’t yet have a written one.

A provenance is a history of ownership dating from when the object was first made and by whom and continuing through various owners to the present day. This may not be easy. Often the appraiser has to contact experts in the particular category of antiques to fins out more about the object. Lastly, the appraiser searches auction databases, not available to the public and only to subscribers for hefty fees, to find out the sales history for objects like the one being appraised. While the last sale price usually determines the market value of the object, an appraiser will often average out the most recent sale prices to determine the object’s value. All this information, written up in legal form, plus photographs of the object, constitutes the appraisal of the object. Most appraisers usually assemble the contents of the appraisal in a folder or bound form before presenting it to the current owner of the object.

Take General Sherman’s hat, for example. Did this hat actually belong to General Sherman? How many other owners did it have after him? And how did the hat get passed down to it’s present owner? While there may have been other hats like it, most likely it was one of a kind, made especially for Sherman. This is where an appraisal is best.

Formal appraisals fall into two categories—replacement and fair market value. Insurance companies require the former, while estate valuations require the latter.

Replacement value is generally defined as the price at which an object would be available on the retail market. In other words, what an antique dealer would charge for a particular item.

When you try to insure a collection, the insurance company wants to know how much it will cost to replace it. The same applies for a single piece of furniture. The insurance company won’t accept a verbal appraisal as the basis of settling a claim. Instead, they require a written appraisal with proof of replacement cost.

Fair market value, on the other hand, is best described as "the price that property would sell for on the open market between a willing buyer and willing seller, with neither being required to act, and both parties having reasonable knowledge of the reasonable knowledge of the relevant facts.

But whatever the appraised value, an object will bring only a percentage of its replacement value when offered for sale—generally between 40 and 60 percent below replacement cost. Items that sell extremely slow will sell for only about 30 percent of replacement value, while those that sell fast may bring 80 to 90 percent of replacement value. 

With so many auction sites online these days, it’s easy to pull one up and do a search for a particular antique or collectible to see what it may be selling for. Most people use eBay. Unfortunately, the amounts listed on eBay may not reflect an object’s true value. If the object is listed on an auction site, then, as with live auctions, the price could go way above the object’s current value due to competition between bidders. If someone really wants an antique or collectible, they may stop at no amount of money to obtain it.

Objects of antiquity are another matter altogether. Copies abound. This little ancient Egyptian sculpture of a boat and its occupants is a good example. To the untrained eye, it may look authentic, but only an expert can tell for sure. In fact, many copies of small tomb sculptures have been made and sold as souvenirs to tourists.  

Too many homeowners use this as an easy way to price items in a yard or garage sale. Flea marketers do the same. This is why so many items that are actually worth much less are selling for higher prices today at these venues. 

Prices of objects at antique shows usually sell for the amount of their value or a little less. However, some sell for what the dealer perceives to be the value of the object. High-end dealers selling objects for four to six figures do their research and know their market. Those selling at middle-market shows, sometimes do research about an item, but, more often than not, just guess at an item’s value and price it for what they think the market will bear.

To read more articles on antiques, please visit the Antiques Articles section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the over 30,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about "The Ancients" in the 2021 Spring Edition, online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques and More Collection on Facebook.

Do Old Stock Certificates Have Any Investment Value?

QUESTION: I’ve been unpacking some old boxes of things left to me by my father. In one of them I discovered some old stock certificates. Are they worthless or do they have investment value?

ANSWER: Old stock certificates, especially those from defunct companies, are only worth the paper that they’re printed on. But some, especially those with signatures from famous people, famous companies, or those involved in major scandals, can be worth quite a bit.

What exactly is a stock certificate? A stock certificate is the physical piece of paper representing ownership in a company and includes the number of shares owned, the date, an identification number, usually a corporate seal, and signatures. They’re larger than a standard letter-size piece of paper and many also have elaborate engraved designs to discourage counterfeiting.

Stocks represent partial ownership in a company. Today, most companies keep records of ownership electronically but some allow their shareholders to request a paper version. Each certificate starts out as a standard design to which the company adds the date of issue, identification number, and other information, including the printed signature of the chief executive. Executives on older certificates signed them in ink.



According to financial historians, partnership agreements dividing ownership into shares began to be used in northern Italy during the Middle Ages. However, these early shares were only intended to be in effect for a short time and only included a small group of people. Eventually the idea of shareholding spread to Belgium, and it’s believed the concept caught on in the trading town of Bruges. It was here that the idea of the stock exchange originated.

Eventually, shareholding took its next big step in Amsterdam in the early 17th century when the Dutch East India Company, formed to encourage trade in spices from Indonesia, issued shares that were tradable. The company compensated its shareholders well for their investments. In 1621, the market saw the issuance of shares for the Dutch West India Company, and much financial innovation ensued. Stock exchanges in the New World didn’t appear until 1790 in Philadelphia and then two years later in New York.

Collectors love canceled stock certificates because of their beautiful and elaborate graphics, as well as their connection to the historically significant companies they represent.

Old certificate values vary depending on their rarity, beauty, collector interest, historical importance, and  autographs, and industries for which they’re issued. Like all collectibles, supply and demand determine value.  Interesting pieces create a lot of demand while supplies vary.

What affects the market for stock certificates? Above all, general economic conditions tend to influence the prices of old stock certificates because many collectors of them are also involved in the real stock market. The law of supply and demand, as with other collectibles, governs this market as well. And Internet auctions have increased not only the availability of old stock certificates but their ease of purchase.

What determines the pricing of old stock certificates? Two important price boosters are signatures of important people and newly formed companies. For example, a Standard Oil Company certificate that John D. Rockefeller signed is worth nearly $8,000 today. Prices have leveled off in the last few years and finding rare certificates at reasonable prices has become a real challenge.



As with postage stamps, pricing can be affected by the rarity of a certificate—the rarer it is, the higher the price. An autograph of someone famous of the stock company with which he was involved also raises the price. Whether a stock certificate has ever been issued also influences it value, as does its age and decoration. The location and history of the company don’t affect the price of a certificate as much as, say, its condition and whether its cancelled or not.

However, no one point is always in control of a certificate’s value. For example, a Cody-Dyer Arizona Mining & Milling stock certificate, from a failed gold mine, signed by Buffalo Bill Cody currently is currently valued at approximately$4,000, while a rare unsigned Buffalo Bill's Wild West Co. stock certificate sold for $20,000 at auction in 2008.

As with any collectible, you should always collect stock certificates that are in excellent condition, have been issued, and are uncancelled. You should also collect certificates from industries that you’re familiar with or in which you’re interested. Early companies issued their stocks in small quantities, thus limiting the number of their certificates in today’s market. But there are lots out there for sale at low to reasonable prices.

To read more articles on antiques, please visit the Antiques Article section of my Web site.  And to stay up to the minute on antiques and collectibles, please join the other 18,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about western antiques in the special 2019 Spring Edition, "Down to the Sea in Ships," online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques & More Collection on Facebook.

Getting an Appraisal

QUESTION:  I have inherited a tall case clock and am looking for some guidance. The clock is said to be at least from the time of the Revolutionary War. There’s a slit in the back that I’m told is from a soldier putting a sword through. I’m trying to get a value for shipping and also for fairness for other family members in the event it’s really valuable. Can you help me?

ANSWER: Contrary to popular opinion, not just anyone can valuate an antique or collectible. Asking someone how much an object is worth is like asking if it will rain tomorrow. The only way to know what an antique, especially a potentially valuable one such as this clock, is worth is by having it “appraised” by a professional appraiser. And only a professional appraisal is legally binding when it comes to insurance claims or inheritances.

Exactly what is an appraisal? An appraisal is the paid opinion of an expert on the value of an object based on known facts. In the case of antiques and collectibles, known facts include records from more than one sale at more than one auction, the latest published price guides, and personal experience gained from buying and selling similar items many years.

While a verbal appraisal may offer an indication of how much an item is worth, a professional written one is the only one legally recognized by insurance companies and the courts. It must be based on fact and able to stand challenges in court. However, written appraisals, even for one item, can take hours to prepare and are expensive, but are absolutely necessary to prove an item’s worth.

A verbal appraisal, on the other hand, is an informal one. Usually, the person giving the appraisal spends no time researching auction records and price guides. Therefore, a verbal appraisal is an opinion based on first hand knowledge.

Formal appraisals fall into two categories—replacement and fair market value. Insurance companies require the former, while estate valuations require the latter.

Replacement value is generally defined as the price at which an object would be available on the retail market. In other words, what an antique dealer would charge for a particular item.

When you try to insure a collection, the insurance company wants to know how much it will cost to replace it. The same applies for a single piece of furniture. The insurance company won’t accept a verbal appraisal as the basis of settling a claim. Instead, they require a written appraisal with proof of replacement cost.

Fair market value, on the other hand, is best described as "the price that property would sell for on the open market between a willing buyer and willing seller, with neither being required to act, and both parties having reasonable knowledge of the reasonable knowledge of the relevant facts.

But whatever the appraised value, an object will bring only a percentage of its replacement value when offered for sale—generally between 40 and 60 percent below replacement cost. Items that sell extremely slow will sell for only about 30 percent of replacement value, while those that sell fast may bring 80 to 90 percent of replacement value.

With so many auction sites online these days, it’s easy to pull one up and do a search for a particular antique or collectible to see what it may be selling for. Most people use eBay. Unfortunately, the amounts listed on eBay may not reflect an object’s true value. If the object is listed on an auction site, then, as with live auctions, the price could go way above the object’s current value due to competition between bidders. If someone really wants an antique or collectible, they may stop at no amount of money to obtain it.

Too many homeowners use this as an easy way to price items in a yard or garage sale. Flea marketers do the same. This is why so many items that are actually worth much less are selling for higher prices today at these venues.

Prices of objects at antique shows usually sell for the amount of their value or a little less. However, some sell for what the dealer perceives to be the value of the object. High-end dealers selling objects for four to six figures do their research and know their market. Those selling at middle-market shows, sometimes do research about an item, but, more often than not, just guess at an item’s value and price it for what they think the market will bear.

To find a professional antiques appraiser near you, contact the International Society of Appraisers. 

For more information, read my article on appraisals in The Antiques Almanac.

Selling Your Antiques and Collectibles

QUESTION:  I was a Hess dealer from 1969 to 1982, station Numbers 30293 and 30298 in Maple Shade and Millville, New Jersey. I clamped the Hess Toy Truck gasoline tanker display  to the top of the oil rack on the gas island. Hess Oil issued one of these for each island oil rack. Have you ever seen one of these? The Hess Training Vans came packaged six trucks to a box and four boxes to a master carton. Only one of these have been out of the box to take photos. Notice  the sharp corners on the boxes that are still green and not white and end flaps are still flat and not rolled. I’d like to sell these items but don’t know how or where. Can you help me?

ANSWER: People ask about selling Hess Toy Trucks all the time.  Unfortunately, the market for them is flat, so sales are sort of in the dumps at present. However, there are other ways to unload your antiques and collectibles. Have you ever considered crossover sales?

Most people associate the word “crossover” with SUVs. But in fact many antiques and collectibles can also be crossovers—they have collector appeal in more than one field or category. For example, an early 20th-century calendar showing bicyclists attracts not only ephemera collectors, but also antique bicycle enthusiasts.

This person has some really unique pieces which although they may not appeal to the typical collector of Hess Toy Trucks—except for the trucks, themselves—they may appeal to a wider market of both advertising and gasoline memorabilia collectors, especially since Hess Oil sold off its gas stations last year. The display cases are particularly interesting. Also, anything bearing the company logo will sell.

In order to get the most for whatever type of antique or collectible you have, you must look at this from a broader perspective and begin to see the crossover possibilities. First, you have the people who collect the trucks, themselves. Then you have those who collect toy trucks, Third, you have those who collect Hess memorabilia, and fourth those who collect gas station memorabilia. Most people only think of the collectors of the items they have. You have to think beyond them.

Second, you have to plan to sell to a targeted audience. Let’s look at some of the right and wrong possibilities.

The first marketing level, the yard or garage sale, depends on people who impulse buy. The regulars make the rounds each Saturday, hoping to find some items that interest them. Sure, there may be some collectors in the group, but the chances of a collector of a particular type of antique or collectible finding an item they collect is a million to one shot.

The second marketing level, the flea market, depends on a similar group of people. However, this group includes more collectors, who browse flea markets looking for items to add to their collection. It’s always hit or miss. A collector never knows what he or she will find on a given day.

The third marketing level is the antiques or collectibles dealer. Most people don’t realize that when selling to a dealer, they’ll only get half or less of what their items are worth. Here, the number of collectors is higher than previously, but the monetary returns are low.

Computer technology and the Internet have dramatically changed how people sell things. For the most part, the audience is made up of mostly collectors—people who are searching for specific items to add to their collections. It’s so much easier to sit at a computer and search for a specific item than it is to go out hunting for it. Plus it saves on gas.

When eBay began, it was the only game in town. And in this case, “game” was the right word. People went on eBay to play the “bidding” game before sophisticated video games began to take up their time. They would bid on items for which they had only a marginal interest, bidding them up to see if they could “win” the item in the last second. This caused the prices of antiques and collectibles to rise substantially beyond their actual value.

But now eBay is just one of many online sales venues. In fact, bidding plays only a small part in eBay sales as more and more buyers prefer the “Buy It Now” option.

To successfully sell online, divide up what you have and sell individual pieces. This applies especially to items like Hess Toy Trucks. Some people have been collecting them for years and want to sell their entire collection to one person. Although that’s the easy way out, they’ll make a lot more money selling everything a la carte.

Before attempting to sell any antique or collectible online, see what others like it are selling for, then either match or offer a slightly lower price. Offer the item in several categories, maximizing its crossover potential. It’s all about competition—and there’s loads of it online today. Lastly, be patient. It may take a while for the right buyer to come along. 

Unraveling Antique American Samplers

QUESTION: I love to do cross-stitch needlework. I’ve been admiring antique samplers and would love to start collecting them. But I’ve heard there are a lot of fakes out there. How can I be sure I’m buying the real thing?

ANSWER: That’s a reasonable question in light of today’s antique market. Samplers in particular fetch high prices, especially at Americana shows. There’s a good chance that the unsuspecting buyer discovering a single one in an antique shop will be taken, through no fault of the dealer. Most antique dealers can’t tell real samplers from fake ones. It’s only those who specialize in such things that can truly tell the difference.

According to the Smithsonian's National Museum of American History, the earliest known American sampler was made in Plymouth Colony around 1645. Over the next two centuries, women created samplers as a way to save different types of stitches or designs they might want to use sometime in the future.

An example of a 19th-century young girl's needlework could show the extent and quality of her education as well as her religious and moral convictions. Schoolgirls from wealthier families used more expensive threads and learned more complicated designs or stitches while those from poor families used samplers almost as resumes of their abilities in an effort to gain employment in doing sewing.

Today, collectors consider samplers works of art, as well as insights into the past.  Subject matter ranges from a simple alphabet to complex landscapes, Biblical scenes and passages, as well as birth/death/ marriage records offering valuable genealogical information. In the past, collectors overlooked samplers as ordinary exercises in needlework, but today, they’re highly collectible and can command extremely high prices. For example, a sampler, sewn by New Jersey schoolgirl Mary Antrim sold at Sotheby’s for a over $1 million in 2012, while another fetched over $611,000 in 2003. Some sampler makers used only thread and needlework to create them while others used watercolors and paper and added  embellishments like seed pearls or beads.

There are plenty of samplers being made today specifically intended to deceive unwary collectors in this lucrative tens-of-thousands to hundreds-of-thousands-of-dollars market. The safest way to buy a sampler, of course, is through a reputable dealer who has a well-established reputation in sampler authentication. On the other hand, the riskiest way to purchase one is through an online auction site or an unknown online seller. Without being able to closely examine the fabric used and other details, there's no way to know for sure if a sampler is real or a fake.

So what are some ways to tell a fake or reproduction sampler from the real thing? One of the first thing to check is fabric discoloration. Old fabrics can darken in spots or brown to some degree in general, but much of this depends on what type of fabric the woman used and where it has been stored over time.

There are no hard-and-fast rules when it comes to sampler age. However, there are a couple of basic things to look for to make sure the browning is authentic. Many times, fakers will add browning to fabric by staining or darkening the fabric with tea or coffee. If a sampler browns, it tends to do so naturally around the edges near the frame, but blotchy browning should raise a cautionary flag. Also, if the fabric is wrinkled as if it were twisted or bunched up and the brown spots seem to follow that pattern, there's a good chance the browning has been added deliberately.

There have been a few cases where the actual date sewn onto a sampler has been altered to make the piece appear older—a "9" changed to an "8" or a "6" changed to a "0."  If there's no evidence of stitches having been removed from the fabric and the piece is important enough, a genealogical search can be done to determine the dates of the needleworker's' life. If the sampler includes her age, would she have been of the correct age during the year sewn into the sampler.

Collectors interested in samplers from a particular region or school will find it easier to use style and thread type to authenticate them. By studying designs and types of thread used in a particular region or school throughout the years, when they came into use and  when they stopped being used, it’s easy to date just about any sampler. Certain designs or stitching styles may also be more prevalent in a particular region, a certain school, or during a specific time period. On the other hand, some designs or stitch styles may not have been used at all by a particular school.

As with any antiques or collectibles in today’s market, it’s buyer beware. Being educated about samplers is the best defense to being taken.

All That Glitters Isn't Always Tiffany

QUESTION: I recently bought what I thought was a Tiffany lamp. I paid several hundred dollars for it and thought it was a steal. Now I'm not so sure. I cannot find a signature on it anywhere. Can you tell me if you think it's a Tiffany?

ANSWER: Unfortunately, as the old saying goes, "You got robbed." Well, not exactly. No, your lamp isn't a Tiffany. It's not even close. But what you paid for it probably is what it's worth. And as long as you like it, that's what counts.
 
The sight of what looks like a Tiffany lamp sends some people into a dream-like state. Others begin to see dollar signs at the mere mention of the name. Tiffany lamps have become the Holy Grail of antique collecting for many people. To find one—to own one—is paramount to winning the MegaMillions jackpot. And there lies the rub.

Because lamps made by Tiffany Studios command such a high price, people tend to lump all stained glass lamps into this one category. They think that any stained glass lamp is a Tiffany and that they’ll be set for life. In a million-to-one shot, they just might be, but more than likely, their lamp had been made by another company. While its not a fake, neither is it a Tiffany.

Between 1895 and 1915, small factories in New York and Chicago produced a huge variety of mosaic stained glass lamps to satisfy a growing demand for stylish lighting designs to complement the new electric lamps. While Tiffany Studios set the industry standard, other companies produced excellent designs as well.

Companies such as Duffner & Kimberly and Gorham, made lamps of a quality equal to Tiffany Studios and created styles that appealed more to the Victorian taste, although on its way out, that the American middle and upper middle class preferred. Some companies, like Wilkinson, made high quality bases, and took short cuts with their shades. Others, like Unique, focused on creating complex shades and paired them with simpler bases. Many copied Tiffany’s Art Nouveau designs—in many instances almost exactly—and many copied each other.

Tiffany lamps are about the most flamboyant art objects ever produced in America. They attract celebrities, speculators, and decorators, whose buying whims have driven the Tiffany market into a frenzy and then leave it a shambles when the next fad comes along. For the last few years, the market for these wonderful leaded-glass lamps, most produced during the first two decades of this century, has been recuperating from a decade-long manic-depressive binge.
 
During the 1950's, a few pioneer collectors began looking at the sensuous floral lamps made by Louis Comfort Tiffany and his Tiffany Studios. Louis was the son of the founder of the famous New York jewelry firm, but for most of his life he preferred painting, the  decorative arts, and interior design.

During the 1960s, interest in the lamps grew rapidly because their restless, fragmented, colorful designs fit nicely into eclectic, psychedelic decorating schemes of that time. Inflation in the 1970's drew investors, speculators, and celebrities into a market where prices sometimes doubled from year to year. Recession in the early 1980's drove those buyers from the market, and prices collapsed. Since then, prices for  some lamps have moved back to, or even above, their former highs; but the market is still very selective one.
 
The current record price for a Tiffany lamp is the $528,000 paid in December, 1984, at  Christie's in New York City for a large floor lamp with a shade in the Magnolia pattern.  The lamp was one of several being sold by record producer David Geffen, who had been a major Tiffany buyer during the era of hectic growth. Although it was set long after those halcyon days, the record was more a last gasp than a portent of things to come. Today, authentic lamps made by Tiffany Studios and signed either “Louis Comfort Tiffany” or “Tiffany Studios” on the rim of the shade go for as high as $30,000. No wonder there are so many “Tiffphonies” out there. Neither of the lamps pictured here are Tiffanys.

Taming Your Collecting Passion

QUESTION: I love to collect things. But my passion for collecting seems to be getting out of hand. How can I control this? And how can I judge whether certain items are worth collecting?

ANSWER: You’ve obviously been bitten hard by the collecting bug. With the advent of eBay and the Antiques Roadshow, everyone has the idea that everything is worth something. And if something is old, it must certainly be worth a lot. If you believe this, then you’re wrong on both counts.

The first question you need to ask yourself is “Why do you collect things?” Is it for their intrinsic or monetary value, is it for the pleasure they give you, or is it for some vague idea of self-worth?

Asking avid collectors why they do what they do is like asking, "Why do you breathe?" They might reply that something about human behavior wants—or is fated—to gather and accumulate, to crave and classify, to seek out and hoard. Passion plays a part in many serious collectors' pursuits, as does, many admit, the thrill of the hunt.

This can be true even, or perhaps especially, when time is long between looking, finding and acquiring. The rarer an object of desire, the less frequent or instant the gratification of its discovery; for some determined collectors, though, pleasure resides in the long, unpredictable search for a coveted item. Inexplicably, it may also dissolve when it leads to a find.

For many people, collecting is a way of getting in touch with a past era, even if they didn't live through that particular period themselves. Some enjoy owning objects from what they may imagine was a simpler, less stressful age. Or they may have a strong nostalgic or family connection to a certain period and place.

Some people collect with investment value in mind, others to develop an informed knowledge of a our material  culture. Either way, passion plays a part in many serious collectors' pursuits, as does the thrill of the hunt. Identifying personally with the objects one admires can also feed the collecting impulse.

Some collectors embrace—and celebrate—their magnificent obsessions; like entertainers, they enjoy displaying what they have amassed and sharing their enthusiasm with friends. Conversely, to be sure, many a treasured collection is a private, secretive affair.

Collecting has broaden in scope over the decades. It used to be that antiques included only decorative objects and furnishings. Today, anything 100 years old or older is considered an antique. Anything newer a collectible. And while some antiques may be considered collectibles, not all collectibles are antiques. Take typewriters, for instance. The oldest ones are antiques but newer ones from the late 20th century are technically collectibles.

What's old is new in the evermore-diverse collectibles market, and as long as someone, somewhere values something enough to acquire it and stimulate trading in its field, it can become a common practice to do so. Thus, along with such old favorites as stamps and coins, items like Barbie dolls, tea tins, and buttons, in fact, just about everything can be deemed a collectible.

So where do you draw the line.  The first rule of collecting is collect what you like.  The second rule is to be knowledgeable about your collection. The third rule is buy low and sell high.

Understand why you’re collecting what you do. What got you started? Have you kept up with your collection or has it run its course? If your collection is languishing, then perhaps you’ve lost interest. Life changes. You change.

Do you know a lot about what you collect? Have you studied up on the history of the objects? Do you know the makers and the marks? Do you know the last word on the subject? Have you kept up with the market value?

Too many people get caught up in the entertainment value of auction sites like eBay. For some it’s like playing poker. They even get to “win.” Many pay far more than an object is worth just because they want to be the winner. If you’re a true collector, you’ll not even bid on an item unless you know you can get it for a good deal below market value. And that means you have to know what it’s worth before you bid.

Do you just collect things or do you keep an inventory of your collection? To understand the true value of your collection, you need to know when and where you purchased each piece, how much you paid and how much it’s worth now. You may even want to photograph each item as a record for insurance purposes.

Of course, as any collector knows, there’s a price to pay. Thus, beginners and seasoned veterans alike usually pursue their collecting passion at some cost. No matter what your field is, there's something all of us inevitably collect and unless you pick the pieces off the junk pile, you’ll have to pay for them.
.

Oh Happy Days!

QUESTION: I found a box of old McDonald’s Happy Meals toys in my attic that once belonged to my kids. Do these have any value as collectibles or should I just toss them?

ANSWER: You may or may not have hit upon a buried treasure in your attic. Depending on the age and condition of the toys, they may be worth a little or a lot.

Of all the McDonald’s collectibles, Happy Meal toys and related display memorabilia remain the most popular. Each Happy Meal has a specific and variable number of toys, including a special U3 toy which meets particular standards for children under three. The boxes and bags in which the food came in are also collectible. Display items include counter boards, banners, posters, and signs.

The McDonald brothers opened their first drive-in in 1948, and by 1954 they were well on their way to franchising success. A 1950s McDonald’s item could have a hefty price tag.

A beginning collector could amass hundreds of Happy Meal toys in a short time. In a typical year, McDonald’s produces nearly 100 different toys and issues millions of each. Recent ones sell for $1-2 each, but a manufacturing variation or a recall may create a toy with a higher value.

Because McDonald’s produced millions of these toys, they must be perfect to have any value. Loose ones thrown in a box have little or no value since the paint rubs off and parts disappear. Paper items need to be clean and unmarked to bring top dollars.

Figurine Happy Meals toys are the most popular, especially those featuring well-known characters. Special packaging can also increase their desirability. The idea behind Happy Meals is to get the little ones to collect a particular set. Parents usually order by character needed rather than by what the food offering may be. This keeps the kids dragging their parents back for more.

Happy Meals featuring books, buckets, or little-known characters are of lessor interest to collectors.  But there are exceptions. The four small soft-cover Beatrix Potter Peter Rabbit books from a 1988 Happy Meal, in mint condition with the mint Happy Meal box are worth about $80 as a set since this Happy Meal was distributed only regionally.

So depending on the age and condition of the Happy Meals toys in your box, they may not be worth all that much.

Beauty and Collectibility Are in the Eye of the Collector

QUESTION: How do I determine an artist’s most collectible works? Are they the ones that sell for the most money? And, if so, are they the ones I should be collecting?

ANSWER: Collecting art can be tricky. More than any other collectible, the popularity of certain artists and their works ebb and flow with the trends in the art world. An artist that’s extremely popular one year may fall to the bottom of the heap the next.

An artist's most collectible works usually depict subject matter that has gained popularity among art collectors. If more people collect the works of a particular artist, those works will go up in price and value. In this case, outside forces play a large role in the determining what type of  subject matter looks like, not necessarily the artists, themselves. One year, it could be landscapes and seascapes, another year city scenes, abstracts, portrait, or interiors. The only way to discover  what an artist's most collectible works look like is by talking with dealers, collectors and others familiar with that artist's body of work.

The farther a particular work departs from favored subject matter, the less collectors of that artist’s works will be interested in it. You might compare this to a musician who becomes famous for one or two songs because his or her fans insist on hearing those songs over and over regardless of what direction that musicians career takes. That doesn't mean that artists or musicians have only one or two noteworthy moments in their careers, but rather that tunnel vision of fans affects what’s perceived to be popular or collectible. The same holds true for writers who become successful based on a particular style of writing or subject matter. When they deviate from that, their fans find someone else to read.

Art work featuring the best, most collectible subject matter usually sells for the most money. But determining whether or not a work falls into the "most collectible" category based purely on how much it sells for isn’t how the art business works. Instead, an individual piece of art must be evaluated by experts in terms of the artist's entire output, his career evolution, and with respect to what was going on around him at the time. Price does not enter into that evaluation—it’s the consequence.

Works of art can also sell for high prices even though they may not fall into an artist's"most collectible" category. For example, a piece might be valuable because an artist produced it during an important time in art history. It then becomes more collectible by fans of the movement rather than by fans of the artist.

As for what art work you should or should not collect, follow the golden rule of collecting— collect what you like. If your tastes center around pieces that don't have that "most collectible" look, fine. Go ahead and buy them. Just know the artist's market well enough so that you pay the going rate for that type of art, not the going rate for the most collectible types.

Also, pay attention to collecting trends in the art world. Subscribe to publications that offer news about recent auctions or sales of art. Know which artists are hot and which are not. And know if a scam may be afoot. One woman hid her late artist husband’s work from the public for a number of years so that it would appear to be rare and pristine—translation: never appeared on the market before. She thought that doing so would raise the prices of the works when they did appear. When she did begin selling his works, she did so in dribs and drabs, so as not to flood the market with his works, thus lowering the price.

Clean Out and Clean Up

Garage and yard sale season officially starts today, April 1. No, it’s no April Fool’s joke. As the weather gets warmer, people start thinking about doing some Spring cleaning and getting rid of a lot of junk that’s piled up. I thought I’d take a break from the usual question-and-answer format to offer some tips on setting up and selling at a garage or yard sale.

It’s time to get rid of that old waffle iron, those old copies of National Geographic, your teenager's baby clothes, grandma’s costume jewelry. But before you do, you should do a bit of planning.

From now until the end of October, depending on the weather in your region, Americans will hold more than 10 million yard and garage sales. These sales are the bottom rung of the antiques and collectibles market. It’s the entry-level position where items, long hidden in attics and basements, see the light of day and join the thousands of others in the giant stream to flea markets and antique shops and coops.

Since garage and yard sales began in the mid-1960s, they have become an estimated $1.5 to $2-billion -a-year business. For some buyers its entertainment on a Saturday morning, for others it’s serious business finding inventory for their booths and shops.

Sellers get rid of a lot of junk they don't need and in the process make a few bucks. The average garage sale takes in about $150 to $200. And it's all free. These sales are one of the great unregulated sectors of the U.S. economy. No one cares about child labor laws, sales tax, or product guarantees. And generally, everyone has a good time.

Of all the items sold, dressers, beds, tables, especially smaller ones, are always in demand. More buyers are looking for antiques and collectibles, many of which end up on eBay. Antique mirrors, furniture, art, rugs, pottery, and glassware often sell at garage sales for a fraction of the price they’d sell for in a dealer's shop.

Fabrics—curtains, blankets, quilts, and tablecovers, all expensive in stores, sell well, especially if they’re  custom-made.

Household items are another favorite. Everything from a salad spinner to a potato peeler, new or old, sells, especially if priced under a dollar.

While the majority of buyers at these outdoor sales are women, men like to poke around, too. Tools of all sorts are popular with them. Antique tool collectors scour the sales far and wide looking for that piece to fill out their collection.

There’s even a market for old sports equipment—ice skates, tennis rackets, old baseball gloves— anything from the early days of a sport, especially if they’re in good shape.

To make sure a garage or yard sale is profitable, the seller must plan carefully. It’s a good idea to go to a few sales in the neighborhood to see what others are selling. And it’s just as important to watch the crowd since many of them are regulars who will end up at future sales.

It’s important to check local ordinances. Some municipalities don't care. Others have restrictions on sales. Many require a permit which is often free. Some restrict the number of sales per year.

Good weather is important. While the seven-day forecast can’t always be trusted, it’s a start. But plan for any contingency. Setting up a backyard canopy is good in any case as it will draw visual attention to the sale.

Ads for the sale need to be specific. While a seller doesn’t have to list every item, listing groups of items is a good idea. But don’t say ‘Antiques” if there’s only one or two pieces. And unless the ad states "No early binds," eager shoppers will show up way ahead of time. And don’t fall for some sad story on a Thursday evening about how the person has to work on Saturday and can’t come to the sale. Could they just have a peek? The answer is no. Being fair to all buyers is the mark of a good seller. A telephone number in the ad is helpful for directions and for people to see if you have what they want.

Attract buyers with  easy-to-read street signs, balloons, or streamers. Make all signs legible and the lettering dark enough to read while driving by.

Prepare everything ahead of time. Most of the action occurs in the first hour or two. Price all items. No buyer should have to guess how much an item is. Ask friends to help out and make sure to have plenty of dollar bills and coins on hand for change. Many buyers stop at an ATM machine before setting out and come armed with $20 bills.

Offer several boxes of smaller items that buyers can rummage through. Perhaps group these items by price from low to high in separate boxes. This stimulates buying. Also, a table of giveaways keeps people lingering. Some sellers serve coffee, always good at the beginning and end of the garage and yard sale season..

For those selling antiques, it’s important to know how much they’re worth before selling at some ridiculous price. But remember, this is the lowest place in the antiques market, so even valuable items can only go for a fraction of their value. A good rule of thumb is to send valuable pieces to auction. 

Be flexible on pricing; especially at day's end. Sometimes, it's better to get rid of an item than make money on it. One seller smashed an old crock against a tree rather than sell it for $1.

Next week: Tips on buying at garage and yard sales.

The Quagmire of Value

QUESTION: I just inherited a lovely old armoire from my mother. As we were taking stock of her things, an antique dealer, who had come to look at some other items, told me he’d give me $1,000 for it. I really love the piece and am not considering selling it, but I would like to know its value. Can you help me?

ANSWER: While the answer to this person’s question may sound simple, in fact, it’s far from it. What type of value does she mean–retail value, insurance replacement value, fair-market value, auction value, or cash value? In the end, each of these values will be a different amount. Other factors determining value are age and condition. So where to begin.

Let’s start with retail value. This is the price for which an antiques dealer expects to sell an item after marking it up from the price the dealer paid for it in order to make a profit. This amount can  be anywhere from 20 to100 percent of the dealer’s purchase price.

The amount of money it would take to replace an item from a antiques shop or online if it were lost, stolen, or damaged is called the insurance replacement value.

The price that an item would sell for on the open market between a willing buyer and a willing seller is known as the fair-market value. This is also the value that’s used when an item is donated to a charity or is part of someone’s estate.

And when someone puts an item up for auction, the price that an appraiser feels the item should bring at auction, based on comparison of like items and recent other auction sales, is known as the auction value, but has nothing do with the actual value of the item.

However, being told something is worth a specific value is meaningless if the appraiser doing the appraisal has no knowledge of the item itself or the market for it. And auction prices, such as those eBay are not an indicator of true "worth," since many of these sales prices are inflated many times over in the heat of bidding up an item. And a verbal appraisal is worth nothing without a written one to back it up, especially in the case of settling an estate.

To learn more about how to value your antiques and collectibles, read my article, “What’s It Worth?,” on my antiques Web site, The Antiques Almanac.