Published: July 08, 2008 07:53 am            

Items in the world of antiquing and appraising

This week, we’ll cover a variety of items that are interesting and important in the world of antiquing and appraising. If any of these pique your interest, please contact me with your thoughts.

White Hall Antique Fair

The initial White Hall Fair was a success, if not a large one. While the heat of the day became oppressive in the afternoon, the hordes of cicadas were more of a problem. Thankfully, we won’t have that problem next year, and, “Yes,” there are plans for a second, larger version next year. The dealers present seemed pleased with their day and even more dealers are anticipated for next year’s show.

On the appraisal front, we saw approximately 25 items ranging from swords to various pieces of art. Lots of fun was had by all, and we’re looking forward to next year.

Buyer’s premium (penalty)

As of June 2, the big two auction houses, Sotheby’s and Christie’s, have raised their buyer’s premium to 25 percent on each lot up to and including $50,000. From $50,000 up to and including $1,000,000, the premium is 20 percent. While the great majority of us will never have the opportunity to sell or buy through these houses, their actions slowly drift down to local and regional auction houses. Be aware that the penalty for purchasing at these houses also may see an increase.

Daniel Boone Festival Appraisal Fair. Again this year, for the seventh or eighth time, I will be conducting a verbal appraisal fair as part of this festival conducted during the Labor Day weekend. Verbal appraisals will be $5 each with a limit of three items. Again, no books, jewelry, fabrics, stamps, coins or Indian relics, please. This would be a great time to find out if your “treasures” merit the expense of a fully researched appraisal report.

Art donations

As someone interested in art and antiques, you might be surprised to learn that donations to non-profit institutions from artists are treated differently from similar donations from art owners. Owners may secure a full, fair-market deduction on their tax returns for any art work so donated. On the other hand, since 1969, artists making donations of their own art work are permitted to deduct only the cost of materials, rather than the fair market value of the item. The U.S. House and Senate are in the process of looking at this discrepancy in an attempt to bring more fairness into the situation.

Antiques buying guidelines

The Federal Trade Commission (FTC) seems to broadening its attention in the matter of fraudulent antiques. While the FTC has been only indirectly concerned with antiques fraud, the work of members of the Professional Show Managers Association got them involved. Based on an April 30 on-line alert (www.ftc.gov, then to Search and “Antiques”), “vintage collectibles” are items more than 50 years old and “antiques” are more than 100 years old. If you buy what is purported to be an antique or a vintage collectible, but later find you were knowingly sold a fake, that constitutes “fraud.” In a future column, we’ll discuss shopping wisely.

Copies of the first 50 columns in this series are available in book form by sending a check for $7.50 plus $2.50 shipping to: P.O. Box 672, Richmond, KY 40475.

For questions of general nature about personal property appraising, contact the author by e-mail at jimant@ipro.net.

        

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