| You have just got to love the Antiques Road Show. | | | | some of their keepsakes or family heirlooms and |
| It is truly a great show because it allows many of us | | | | they take them to auction, they are sometimes |
| to see merchandise, family heirlooms in some cases, | | | | shocked by the response they get to their question, |
| we might never have gotten to see otherwise. Even | | | | "How much do you think these will bring?" |
| the most experienced antique dealers can be heard | | | | Auction houses know the reality of the secondary |
| to gasp on occasion when seeing a one of a kind | | | | marketplace, which is why they are forever quoting |
| item being discussed between the owner and the | | | | that worn out expression, "Something is only worth |
| resident expert. | | | | what someone is willing to pay for it." Customers |
| It is important to note that the values assigned to | | | | understandably get upset when they are quoted |
| antiques and collectibles, including those in reference | | | | lower but more realistic prices than what their |
| books and price guides, are the highest values that | | | | appraisals show. Once the difference between |
| have been realized for those particular items at | | | | secondary market values and replacement costs are |
| auction. Auction sales determine values. | | | | explained to them, the customers can then make |
| Some of the people who have attended hundreds of | | | | educated decisions as to how they wish to proceed - |
| auctions, both medium-range and high-end, take | | | | keep the items or sell them. |
| exception to some of the prices that are given out | | | | What customers have more trouble with are verbal |
| on the Antiques Road Show and other venues that | | | | appraisals and how they vary from the estimated |
| are similar in nature. These people question the | | | | auction values they are usually quoted. Prices |
| validity of some of those verbal appraisals for the | | | | presented by programs like the Antiques Road Show |
| simple fact that they are verbal. They are not in | | | | or prices presented to them verbally by local antiques |
| writing and they have not been paid for which makes | | | | dealers are a far cry from what they will most likely |
| them capricious by definition. | | | | get at auction. |
| A verbal appraisal is a far cry from a written one. A | | | | These customers should be paying attention to the |
| written appraisal may be needed for any number of | | | | auction estimates. The auction is actually going to sell |
| different reasons such as division of marital assets, | | | | these items so sugar coating what is going to happen |
| estate planning, charitable donations, tax returns and | | | | up front is not in the auction's best interest. It will |
| so forth. | | | | cost them in credibility on the other end. |
| A written appraisal lists the replacement costs of | | | | The easiest way for the auction house to explain the |
| items at today's prices for insurance purposes. Even | | | | unreliability of verbal appraisals is by asking the |
| though a written appraisal is a respected document | | | | customers a question. "When the guy down the |
| this does not mean that someone can take those | | | | street told you that this was worth three times |
| same items that are covered by the appraisal to a | | | | what I've quoted you, did he offer to buy it from |
| local auction house or an antique store and get the | | | | you?" The answer is inevitably, "No, he didn't." It is |
| appraised values. It doesn't work that way. | | | | easy for people to throw around arbitrary numbers |
| In some states, people who do written appraisals | | | | when they don't have to throw around the cash to |
| must be licensed. In other states it depends on what | | | | go with them. |
| is being appraised. Written appraisals have their place | | | | There is certainly a vital need for written appraisals, |
| but they are not meant to determine the value of an | | | | as long as everyone understands their purpose. |
| item someone wants to sell at auction because they | | | | Verbal appraisals can be fun to watch but they are |
| need the money. When people do decide to sell | | | | whimsical at best. |