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.

Locating Parts for Antique Furniture

QUESTION: I have a Chippendale mahogany bookcase/secretary that is missing a finial. Do you have any idea where I can locate one?

ANSWER: Finding parts for pieces of antique furniture can be a quest in itself. But before you decide to restore a piece, you first have to know how old it is. A piece of furniture dating before 1830 is considered a fine antique. As such, it has special rules for restoration. First, you cannot replace more than 60 percent of it without it being declassified as an antique. Replacing anything on it will definitely lower the value. In fact, doing any sort of restoration usually hurts the value, unless it’s to restore the integrity of the piece.

Restoring furniture made after 1830 is another matter. A piece must be at least 60 percent original to have any value. If more has been done to it, then it's just another piece of used furniture.

As time goes on, even pieces dating from the mid-19th century will be scrutinized closer when it comes to restoration. However, generally the fine antique crowd tends to avoid anything Victorian, looking upon it as used furniture. Replacing parts and restoring a piece of Victorian furniture can actually enhance its value. But the replacement has to be of the finest quality and the restoration done right.

The date when this bookcase/secretary was made wasn’t specified. If it were an authentic 18th-century Chippendale piece, replacing that finial would have to be done by a professional cabinetmaker and restorer. This could cost several thousand dollars, but when the piece may be worth half a million in the first place, that’s a drop in the antique bucket. The cabinetmaker or joiner would have to hand-carve the missing finial to create an exact match to the original.

If—and that’s a BIG if—a replacement could be found from an identical bookcase/secretary, that would also work. But since 18th-century cabinetmakers all customized details like finials on their pieces, the chance of finding one is a million to one. The only way to make sure is to find a bookcase/secretary from the same cabinetmaker that’s beyond restoration and use it for parts.

On the other hand, if the piece were from a later period, which is probably is, it may be possible to find a finial floating around in a antique or junk shop. But you can’t just go to a home center and pick one off the shelf.

The first place to start looking is in antique shops that specialize in selling furniture. This could take years of browsing. But parts have been known to service in the least possible places.

You can also turn to a cabinetmaker who specializes in making replacement parts for furniture. This, again, could cost a bit since each part has to be handcrafted and that takes time.

Finally, there area a number of places on the Internet to find replacement parts. A lot of them sell mostly replacement hardware, but some, like antique furniture repair and refinishing companies, do make parts to order. McLean’s Refinishing, of Watkinsville, Georgia, stocks old furniture parts and has access to reproduction and replacement parts.

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 24,000 readers by following my free online magazine, #TheAntiquesAlmanac. Learn more about antique clocks in the Fall 2019 Edition, "It's That Time Again," online now. And to read daily posts about unique objects from the past and their histories, like the #Antiques & More Collection on Facebook.

A Question of Value

QUESTION: I recently purchased a beautiful old armchair from a consignment shop. It looks a lot like a Philadelphia Chippendale chair but I can’t be sure. Also, how do I determine the value? Can you help me?

ANSWER: This is a common question. Since the Antiques Roadshow first appeared on the air on PBS, people have been obsessed with knowing the value of their belongings. In fact, that’s the first question most people ask, not what is it or how old is it?

In the case of this chair, knowing what it is and how old it is makes all the difference in its value. Looking closely, you’ll notice that the carving on the knees of the chair is rather shallow. That tells you that this chair was made in a factory and not by hand in a cabinetmaker’s workshop the way authentic 18th-century Chippendale chairs would have been made. Also, the wood is dark-stained to look like mahogany. In Colonial times, cabinetmakers would have used real mahogany wood and then given it several coats of varnish to bring out the smooth surface shine.

This chair is most likely from the early part of the 20th century and not even 100 years old, so technically it isn’t an antique. As a used pieced of furniture, its value will depend on what the buyer wants to pay for it.

While the answer to the question of value may seem simple, in fact, it’s far from it. What type of value–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 appraisal to back it up, especially in the case of settling an estate. Only a written appraisal is legally binding in case of damage or loss.

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

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.

Looking for Value in All the Right Places

QUESTION: I’m a novice at putting value on furniture and other old things. Can you tell me the best way to do this?

ANSWER: Putting a value to an antique or collectible isn’t as simple as black and white. Finding out about the value of an object involves several steps.  First you need to authenticate it—that is, find out if it’s real or fake. Then you need to determine the value you want to research. And if you discover that you have something valuable, you need to consult a certified antiques appraiser.

While there’s no fixed value in antiques and collectibles, there are two types of value you need to consider—replacement value and retail value. Which type you need to research depends on whether you’re planning keep or sell the object.

If you’re keeping it, you want to find its replacement value. Replacement value is the retail price you would pay to buy an object that’s identical to the one you own. Though that sounds simple enough, it isn’t. The object has to be exactly the same, including its condition. Then you’ll have to purchase it from the same type of source—an Internet antiques store, eBay, an antiques shop or show, or flea market. The retail price of the object will be different at each of the venues. So, unless you purchase it at exactly the same type of sales outlet, you may have a problem.

In the end, you’re the one who determines which price applies. Most beginning collectors use the highest price. While this may boost your ego, this may not be the best value. What about averaging all the prices? That won’t work, either. You’ll just have to consider the most likely place to which an average person might go to purchase the item.

Traditionally, insurance companies have considered the retail price asked by a dealer at an antiques show or at an antiques and collectibles mall as the replacement value. But, let’s face it, who pays the asking price? Smart collectors don’t. The object is to buy pieces at the lowest price possible, so that they’ll gain value right off. A lot of novices are turning to eBay to determine the replacement value. But this isn’t good, either. Any of the auction sites are just that—auctions. That means that buyers bid against each other, often sending the price higher than it should be. If you’re going to use eBay to determine value, you’ll need to study several months worth of pricing data.

If your goal is to sell your object, the price varies depending on retail venue. Traditionally, people sell items through garage sales, flea markets, eBay, and antiques shops and shows. You’ll need to research the potential value in all those categories. Each one has hidden costs, so the price represents only a portion of the amount paid. Auctioneers charge a commission to sell objects. Antiques dealers have to mark up their wares to make a profit. Flea market dealers have to do the same, albeit not as much, to make a profit over space rental fees. Ebay sellers have to add on numerous fees. Only garage sale sellers can charge the least amount and still make a profit. If you base your object’s value on their pricing, you’ll never get anywhere, even though some price their items based on what they see on eBay.

About the only way you’ll get the full value from an item is to sell it privately. However, while private buyers will pay the highest amount, they have to want the object. Most private buyers have been collecting for some time, so the list of what they want is usually short. Most of the time, they’ll already own the item. Further, finding a private buyer is a time consuming and difficult process. The best example is trying to find a buyer for collectibles from the 1939 New York World’s Fair. While there are certainly many collectors of these souvenirs, finding them is another story.

Locating Antique Furniture Parts

QUESTION: I have a Chippendale/Mahogany bookcase/secretary that is missing a finial. Do you have any idea where I can locate one?

ANSWER: Finding parts for pieces of antique furniture can be a quest in itself. But before you decide to restore a piece, you first have to know how old it is. A piece of furniture dating before 1830 is considered a fine antique. As such, it has special rules for restoration. First, you cannot replace more than 60 percent of it without it being declassified as an antique. Replacing anything on it will definitely lower the value. In fact, doing any sort of restoration usually hurts the value, unless it’s to restore the integrity of the piece.

Restoring furniture made after 1830 is another matter. As time goes on, even pieces dating from the mid-19th century will be scrutinized closer when it comes to restoration. However, generally the fine antique crowd tends to avoid anything Victorian, looking upon it as used furniture. Replacing parts and restoring a piece of Victorian furniture can actually enhance its value. But the replacement has to be of the finest quality and the restoration done right.

The person who asked the question above didn’t signify when her bookcase/secretary was made. If it were an authentic 18th-century Chippendale piece, replacing that finial would have to be done by a professional cabinetmaker and restorer. This could cost several thousand dollars, but when the piece may be worth half a million in the first place, that’s a drop in the antique bucket. The cabinetmaker or joiner would have to hand-carve the missing finial to create an exact match to the original.

If–and that’s a BIG if–a replacement could be found from an identical bookcase/secretary, that would also work. But since 18th-century cabinetmakers all customized details like finials on their pieces, the chance of finding one is a million to one. The only way to make sure is to find a bookcase/secretary from the same cabinetmaker that’s beyond restoration and use it for parts.

On the other hand, if the piece were from a later period, and I’m guessing it is, it may be possible to find a finial floating around in a antique or junk shop. But you can’t just go to a home center and pick one off the shelf.

The first place to start looking is in antique shops that specialize in selling furniture. This could take years of browsing. But parts have been known to service in the least possible places.

You can also turn to a cabinetmaker who specializes in making replacement parts for furniture. This, again, could cost a bit since each part has to be handcrafted and that takes time.

Finally, there area a number of places on the Internet to find replacement parts. A lot of them sell mostly replacement hardware, but some, like Don’s Furniture Clinic and Antique Furniture Repair and Refinishing, do make parts to order. McLean’s Refinishing, of Bogart, Georgia,
stocks old furniture parts and has access to reproduction and replacement parts.