Do you know how to judge the value of antiques? Imagine that you have found IT: That antique domino set, the perfect Ming Dynasty vase, that Georgian desk and chair. It doesn't matter what IT is, the next question is always the same: What is it worth? The answer will always be a range of value because there is no way to pin down exact value. An early Georgian cavalry officer's sword may, for example, be valued between $15,000 and $20,000. Sound simple? The question is easy to ask but the answer is far more complex than you might think.
The Basis for Judging Value
The real question most appraisers have when they judge the value of an antique is, what do you plan to do with it. The answer to that question will determine the answer to yours in that it will give the appraiser a guide to work with. Retail price is never a good indicator since retailers have different mark ups and expenses, and not all of them actually know the value of the items they are selling.
Practical Use. The value of the item will generally be the replacement cost. In other words, what would a new one cost?
Collector's Item. What would a fair price be for that missing piece?
Insurance Value. Insurance companies usually base their valuation on the replacement value, at best an educated guess of the auction value plus the retail markup.
Tax or Estate Value. For items sold, this is based on auction prices realized. For other items, it is based on a low estimate of the auction value. Given variations in such prices coming from different auctions in different regions of the country, value can still be determined since even with the variations the prices will generally fall within a specific range.
Price Guides
These are simply guidelines. The prices you will find in them are estimates and averages, or they are the auction sales prices. Be sure to read the prefaces for these guides very carefully; the disclaimers will tell you a lot about the accuracy of the prices you will find in them.
Get Educated
Before you open your wallet, you need to do some research. This is fun if you seriously enjoy antiques. Visit Behind the Iron Gates and look around, ask questions and examine pieces. Go to some auctions and see what things are selling for. Soon you will develop a sense for price ranges and value, which will give you more confidence in your own decision-making when you decide to buy.
One persistent issue that is proving more and more problematic when judging the value of antiques is the issue of fraud. You will save yourself trouble by developing a relationship with a reputable dealer, such as the committed staff at Behind the Iron Gates. Every year sees more and more fakes in the antique marketplace and buyers need to be familiar with the warning signs. These include:
Signs of modern workmanship, such as electric tools, new materials and methods.
No written guarantee of authenticity.
The item looks too new.
Poor workmanship.
The safest route is to have your own standards of proof and stick with them. That means that if a given piece does not live up to those standards, don’t buy it.
The Manufacturer or Designer's Mark. These marks, like the artist's signature on a painting, often add to the value of a piece by giving it authenticity. You need to be careful; examine the mark very closely or have it examined by someone you trust, because such marks can also be faked.
The Condition of the Item. Anything that prevents an item from being considered “like new” or “mint” will have an effect on value. Consider any damage to the item such as excess wear, chips or cracks, tears, stains or missing components. If there is damage, consider its severity. Has it been repaired or restored? Finally, if it is severely damaged, does it have any salvage value?
The Rarity of the Item. Age does not always confer value, but rarity does. Most World War II Japanese swords were mass produced. There are many of them around and the value is correspondingly low. On the other hand, a Japanese sword made by one of the traditional masters of the period would have great value.
The Current Market. How are comparable items selling at auction and what prices do they fetch? Is the item you are looking for subject to a boom in popularity, when the value would rise, or is it on its way down? Remember: Common pieces are usually given a median value between high prices realized at auction and low prices found elsewhere for the same item. On the other hand, rare pieces are usually valued at the latest selling price.
When looking for the value of antiques, it is always a good idea to get a second opinion. The experts at Behind the Iron Gates can make the whole process easier for you by keeping you on the right track. This is especially true if you are looking at a rare item or are simply unsure about the value of something. Asking a question or two now can save you a world of trouble down the road.
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