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.

Two-by-Two to the Floating Zoo

QUESTION: When I was little boy, my grandfather gave me an ark, complete with all the animals, each made of wood. I’ve kept it all these years and wonder about its origin. There are some words in German on the bottom. What can you tell me about it?

ANSWER: You’re very lucky to have such a wonderful toy and to have kept it intact all these years. The problem with toys with lots of pieces is that those pieces tend to get mislaid or lost.

Many religions prohibited frivolous play on Sunday, the Lord’s Day. The only toys they allowed with those religious in nature. And what could be more religious than a toy ark. Children spent hours loading and unloading the animals from the ark, marching the birds and beasts in columns two-by-two.

But these toys were anything but playthings. Their exquisite carvings elevate many of them to the level of folk art and their prices to locations high in the stratosphere. But for those collectors with the means to purchase them and the space to display them, the world of ark collecting can be colorful and satisfying.

Often referred to as “Sunday” toys back in the 19th century, arks came into popularity around the 1850s.  The people of the village of Erzgebirge started making them as a cottage industry. Some families built the arks while others handcrafted the animals and still others painted and added details to finish the pieces. German arks feature lathe-turned animals which later have details carved into them.

The British also made arks but started a bit later. Arks became a popular thing to make to raise money for war relief during World War I. Makers painted them red and green and affixed a war-relief emblem to them. At the same time, German prisoners of war in England built arks with stockade-style roofs. Even the folks in Ireland got in on the act and attached a white dove to the ark as a sign of peace.

Toy arks come in all sizes. Larger ones can be up to 30 inches long and contain over 400 animals, plus 8 human figures representing Noah’s family—Noah and his wife plus three sons and their wives.

It’s hard to tell the age of antique arks since most aren’t marked. However, specific construction characteristics can provide some clues. The shape of the bottom is one. Flat-bottomed arks are older. And those planed by hand rather than machine are also older.  The amount and style of the decoration can also be a clue. Earlier arks tend to have less detail and decoration.

The frieze—the decorative border immediately below the ark’s roof line—can also be a clue to its age. An ark with a more elaborate and colorful frieze is more likely to be newer than one with a simple one. Some makers used a strip of decorative paper as the frieze.

Early arks had fewer and simpler animals since it took longer to make them. As tools improved, ark makers made more animals. The animals that came with German arks were always made of wood that a craftsman first turned on a lathe. The marks of his cutting tool appear on the bottom of each piece. All these clues apply to arks made before 1900. After that, construction became more standardized.

The number of animals was directly related to the production cost of antique arks. As there became greater demand, craftsmen built larger arks with more animals. Antique arks, especially ones with all their parts, amount of detail, and in excellent condition, can sell for as much as $40,000. Most smaller ones sell for somewhere between $250 and $800.

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.

Tips for Buying Antiques at Garage and Yard Sales

The ordinary garage/yard sale is an American institution. Every Saturday morning there’s one or more going on somewhere in the country. Collectors find it hard to pass them up since they’re the entry-level market for antiques and collectibles.

Most people who cruise the yard sales every weekend are casual shoppers, driving from one to another. If you’re a serious collector, you know how to find antiques and collectibles hidden among the plastic kitchenware and cheap florist vases, but you need a plan.

Generally, garage/yard sale ads appear in local papers on Thursday and Friday evenings. Mark those that mention antiques or collectibles. Don’t waste your time noting those that don’t advertise antiques. After all, you must complete your rounds in just a few hours, at least by 12 Noon.  

As you read the addresses, map a route starting with the sales closest to your home or those with the earliest starting times, then move on to more distant ones. The purpose is to get to the good sales before someone else snaps up the antiques.

Every town is different when it comes to finding antiques at good prices at these sales. You’ll usually find more antiques and collectibles at the lowest prices in older, middle-class neighborhoods. In many cases owners of these homes have lived there for years and years and have stored a mass of castoffs in their attics and basements. These people are usually not trying to get top dollar for their things. They just want to get rid of them.

By contrast, the owners of homes in upper-class neighborhoods are usually quite knowledgeable about antiques values. At their sales they set close to retail prices on any antique or collectible, so you’ll seldom find much to buy at such sales. Remember the cardinal rule of collecting: Buy low, sell high.

As many sellers get more savvy with the Internet, they look up their items on eBay to see what they’re going for. But they don’t take into account that this is an auction, as well as entertainment, so prices can be higher than they should be.

At these sales possession is nine-tenths of the law, so to speak. The unwritten code of the yard sale is that whoever has his or her hands on an item first has dibs on it. You need to be able to pick things up quickly and hold on to them. Take along a large sturdy plastic tote bag or a box, into which you can drop anything that interests you. This way, you can pick up and carry much more than you could in your arms alone. Then examine your finds carefully, put anything that isn’t promising back on the tables, pay for the items you do want, and move quickly to the next sale.

To be honest, you probably won’t find an antique or collectible of outstanding value at a garage or yard sale. You’ll find china, glassware, pottery, and kitchen collectibles, all of modest value. Every once in a while, you’ll come upon a piece of furniture—a bed, small table, brass bridge lamp, framed mirror, or whatever. Inevitably, these finds must be refinished, polished, or rewired.

Every collector has at least one story of a spectacular discovery, a real treasure bought for a pittance. To make sure you buy the real thing, take at least one of the current antiques and collectibles price guides with you—you can leave it in your car. Otherwise, unless you have a phenomenal memory, you’ll have a hard time remembering the thousands of ever changing retail values of items you’ll run across.

Some collectors learn this lesson the hard way. Many novice collectors go to yard sales without taking any price guides along. You might find an item you think is priced well, but you don’t know for sure. If you had brought along a general antiques and collectibles price guide, you’d have been able to decide if the price were too high or if you should make the purchase. If you left the sale to check on the price back home, you might return and find that the item had been sold.