in 1998, a Philadelphia man bought a painting at a country flea market
for $4. He didn't much like the painting, but wanted to reuse the frame. While
separating the picture from the frame, an old document fell out. He recognized
it immediately -- it was the Declaration of Independence. The man believed
it to be a copy.
Two years later, upon bringing it to the world-famous Sotheby's auction
house for an appraisal, he was told it was the real thing!
This copy of the Declaration of Independence, known as the Dunlap Broadside,
was appraised at between $800,000 and $1.2 million, but actually sold at Sotheby's
for $2.4 million, a record for printed Americana. The Philadelphia man received
a profit of over 50 million percent from his original purchase price.
Auctioneer and art appraiser Kimball Sterling says that valuing art is
one of the great mysteries of appraisal. In appraising, the worth of something
falls under the adage of "beauty is in the eye of the beholder," says Sterling.
The original range that the appraiser gave for the Dunlap Broadside was not
wrong -- market interest just dictated a higher price.
Gerri Samples of Michigan became interested in appraisal because she was
fascinated by the dynamic between art and the collector -- the intrinsic value
of a piece of art. She feels this is the purpose of her work.
"I believe that I help bring a sense of true value to the people who own
art, and help set realistic perceptions of art to those who don't," says Samples.
The best thing to do when you appraise art is check auction records, says
Sterling. Second, he says, network with other dealers. "Never go by the book."
He says the field books used by professionals are often five years old and
values can change.
Sterling remembers an appraisal he did and a subsequent auction for the
estate of Alex Haley, the author of Roots. Among the belongings was a painting
done by the young novelist. Glued to the back was a label that read six cents.
"That's about what it was worth, maybe $2," says Sterling. The drawing fetched
$6,000.
That brings him to another big rule of being an appraiser. If you think
you know everything and anything about art, don't kid yourself.
"You have to trust other people's judgment and you won't know everything
-- even if you've been in the business forever," says Sterling. He has been
collecting and valuing items since childhood, when his mother used to swap
the family's old clothes for antiques.
As an appraiser, you must like to sleuth. Sterling's favorite part is the
chase, the research that is a necessary part of each art appraisal. He says
an internal alarm goes off when he knows art is of value: he gets goosebumps.
Appraiser Kathryn Minard agrees. "You need the skills that are closely
attuned to detective work, sleuthing for details and the truth about what
items really sell for," she says.
Minard says the reward of the appraisal profession is the mental stimulation
from seeing, researching and writing about art objects. For those interested
in the profession, she says hands-on training is the most valuable. Sterling
recommends studying the different art styles.
Sotheby's and Christie's both offer internships. People pay for the opportunity
to train at these auction houses with appraisers, says Samples. Sterling worked
for a man in Virginia who was firmly planted in the appraisal business. "Whenever
I'm in Virginia and I mention this man's name, it opens doors," he says.
If you do well, you can branch out on your own, which Sterling has done.
His auction house in Tennessee, where he also appraises art, won two awards
for being the best auction in America.
Sterling says 70 percent of appraisers work for themselves. As for certification
in the profession, he finds it unnecessary. "You can call the American Appraisal
Association, pay them $225 and get certified. I do quite well in business
without that piece of paper."
Immerse yourself in art if you want to become an art appraiser. Go to auctions
and museums. Read books on art and browse flea markets -- you might discover
a long lost document or piece of art.
Internet auction houses are also a good place to get a feel for a piece
of art's market value.
As an appraiser, your word is gold and you must be able to back up your
work with documents. If you tell someone a painting is worth $500 and they
sell it for that, you better hope that party doesn't sell the painting to
a museum for $1 million.
Both Minard and Sterling spend time in courtrooms, being called as expert
witnesses in divorce cases or insurance settlement claims. Sterling says his
degree in theater comes in handy because these are times when he really needs
to shine.
Appraisers will experience intrigue and, in some cases, danger. Sterling
remembers a case where he was appraising the value of a few art pieces in
a woman's home. Her husband arrived and did not know that his wife was appraising
their art, let alone filing for a divorce.
"The key thing to remember when you are an appraiser is never think you
are an expert," says Sterling. "Don't be afraid to ask someone else's advice
and don't give an answer if you don't know it." For each appraisal, you will
learn something new about art.