hidden in plain sight: What's it Worth?

If someone were to ask you the value of any given piece in your collection, how would you answer? One immediate definition of the value of art is its approximate going rate at auction. Maybe it’s an heirloom, and its value is more sentimental than financial. Or maybe you inherited a piece and haven’t considered the monetary value. 

​Finding “Finds”
When I talk about finding a “find,” I mean that obscure object that may have floated through generations of a family for so long that the origin story is just a faded memory. Maybe someone else had made the investment and no one has cashed in. Perhaps the value has changed significantly since it was purchased. 

Once I was giving an appraisal for a client who wanted me to look at some paintings. As we stood in front of one of the canvases, he said, “This one is the most valuable piece in the room.” 

But another piece had caught my eye on the way in. I said, “Actually, I think this bronze sculpture might be worth more.” Over on a coffee table was a mid-sized bronze piece that was serving as little more than a conversation piece. It was something the client had grown up with, an heirloom that had always just been around. No one had ever told him the story of it so he hadn’t thought to research its actual value.

When we looked at comparable objects, we found that the sculpture was worth roughly $240,000. Further, we found that, as recently as the 1990s, an identical object was sold for $20,000. The price increased ten-fold in only a few decades. For that client, the random bronze sculpture turned out to a big “find.” He just hadn’t found it yet.

“Finds” aren’t that common, and they’re tough to anticipate. Otherwise, they wouldn’t be finds! But you may have an object in our home right now that is secretly a treasure.

Putting Yourself in the Best Position
If you’re looking around you and thinking about what you already have in your collection, there are a few signs of a true “find.”

Markings give us a lot of information. The more markings on the piece, such as signatures and dates, or, in the case of prints, edition numbers and double-signatures, the better. You’ll want to look at the markings on any piece, such as a sculpture’s foundry marking, to learn as much information as you can about the object. 

Sometimes a quick online search can give you an idea of whether or not you’ve got a find on your hands. Try to find a paper trail, any receipts, or history of sale.
 
Appraisals for Selling
If you have a potential treasure in your collection or home, like, say, a bronze statue on your coffee table, an appraisal can be a very useful tool for discovering the approximate value, especially if you intend to sell it. An appraisal gives you probable gains from sale, and even help you choose the right venue to sell your art. In addition to letting you know who will give you the best value for your sale, an appraiser can also recommend auction houses that are trustworthy. An auction house will take a percentage of the sale, but they also cover things like marketing, auctioning, and have reliable and professional handling and shipping for pieces after the sale has been made to the winning bidder. 

Having an appraisal before you go to an auction house will put you at an advantage to determine a minimum price. An appraisal will provide essential market information and give you a basis for negotiation. Auction houses will most likely want to start the bidding lower than the object might be worth, so being able to set a minimum price is a critical step to a successful sale. 

And if it turns out that a second-market gallery or private sale is a better fit than an auction house, an appraisal will provide solid information to determine a price.

When it Doubt, Have it Appraised
Whether hoping to find that next find or sell one that has already increased in value, you should be getting your art appraised. You want to make sure you’re always in the best position, especially as the world around is going through some major changes. 

Most art purchasing and auctions have moved online for the foreseeable future. However, the buying and selling processes are still generally the same. And this is actually a great time to get a virtual appraisal. Being able to appraise online makes things easier in some ways, and without having to budget travel and accommodations, it’s also more affordable.  You could live in the desert and still get your item appraised from the mountains. You can’t always plan on finding a “find,” but finding an appraiser to work with is one way to make art worth the investment.
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Are you looking for that next find? Let’s talk.Contact us today at [email protected].