Drop in prices of antiques since 2000

A number of months ago, Antiques Roadshow broadcast one of their "vintage" shows, this one showing appraisals from Birmingham in 1999. That was from only the third year of the show, the second year in which I appeared as a print and map appraiser. Watching it, the first thing that I noticed was how young everyone looked. A fair number of the appraisers who appeared in this episode are still appraising for ARS and everyone looked so much younger (of course, I haven't aged a bit...)

The second thing I noticed was how about 3/4's of items had current values below (and often well below) the original appraised values. The show initially puts up the original appraised value, and then after a pause (to let you guess which way the value has gone), they post the current appraised value. In the vintage Birmingham show, from almost twenty years ago, only a couple current values were higher than the original values and just a few were the same. By far most of the new values were below the original appraisals. So what does that mean?

This reflects the fact that, as a general rule, antiques have gone down in value since the turn of the millennium. Part of that is because in the last decade of the twentieth century, prices for antiques were quite strong. Antique shows were going strong, decorators were keen on using antiques in homes and even offices, and there were lots of established and new collectors seeking out the best antiques of all sorts.

In general, it was for the "top end" antiques that prices were steadily going up, the "low end" rising a bit, but really not that much. The advent of Antiques Roadshow reflected the popularity of antiques at the time and also helped to sustain the rise in interest and prices. Of course, in general the appraisals which were shown on ARS were for "top end" items, so combining that with high prices of the time means that the appraisals reflected the booming antiques market.

Then, of course, along came 2008 and the great economic crash. Many parts of the American economy were hurt by this, including antiques. In most cases, the purchase of an antique is a luxury or discretionary purchase, and this was the type of purchase that was most hurt after 2008. Auction and retail sales in antiques slowed dramatically. Auction prices dropped quickly, but this did not lead to an immediate drop in retail prices. Many dealers tried to hang on to the "old" pricing structure, though they were certainly much more amenable to giving a discount. Over time, however, it did definitely lead to a lowering of many prices in the antiques world. I would say that by about 2010-12, a pricing structure for antiques had become pretty standard.

In the last few years, in some areas of the antiques market, there has been some rise in prices, though we certainly have not reached the hey-day of 1999. People are much more likely to spend their discretionary dollars on things like antiques, so we have come out of the really dark days of 2008-2010. The market, though, is quite different. Few prices are reaching new heights, and some areas of antiques which used to be "hot" are no longer so.

I think probably the biggest reason for that is the lack of serious collectors. Back when the Birmingham appraisals were filmed, there were lots of collectors--some long-term, some new collectors--seeking out the best items in many areas of antiques. In my field, collectors of the best natural history prints, prints of Native Americans, Currier & Ives lithographs, and maps were steadily driving prices to new heights. The economic disaster of 2008 knocked most of these collectors out of the market, and frankly, few have come back in even a decade later.

Why is that? I suspect that some of it was that the most of the long-term collectors were not that young, and after they stopped collecting in 2008, they just never had the enthusiasm to restart. It is one thing to gear up for collecting when one is 30 or 40, but another thing when one is 60-70. Adding to the problem is the fact that there just are not that many young collectors entering the market. Whether that is a product of changing interior design styles, a lack of appreciation of "things," or just lack of education about antiques, everyone in the antiques world will tell you that there are not many millennials or other young people purchasing antiques.

Do I think prices will come back? I think eventually for the best of all types of antiques. Antiques are wonderful artifacts of our past which still can play a relevant role in our lives, even if just as furniture, decoration or whatever. If one looks at the prices for a really well-made antique compared to a mass produced modern equivalent, the antiques are often better value just as objects. When one factors in their history and scarcity, they have a huge appeal. Markets do tend to go up and down and I think the antiques market will go back up. How soon, I wish I knew. The continued popularity of Antiques Roadshow, however, is a hopeful sign.

The format is the message

One thing that map dealers and map collectors learn early on is that the format in which a map was published has a great deal to do with its historic significance and its monetary value. A very rare example of a hugely important map of the American West is a nice example of this truism.

In 1843, in response to the great American migration to Oregon and the American West, the U.S. Corps of Topographical Engineers sent out John C. Frémont to survey and map what would soon come to be known as the Oregon Trail up to the South Pass. Two years later, Frémont was sent out again, at the instigation of Senator Thomas Hart Benton (Frémont’s father-in-law) to further explore the western part of the country, following the Oregon Trail all the way to the Pacific Ocean. On his return, Frémont passed to the south of the Great Basin, establishing for the first time the basic outline of the vast region which would become, in just a few years, the western part of the United States.

In 1845, Frémont was sent out again, in part because of the tensions between the U.S. and Mexico which would lead to armed conflict the following year. Frémont arrived in California just when local ferment led to an American rebellion which soon became part of the wider Mexican War. Frémont was appointed the first Governor of California, but soon became embroiled in a conflict with the military commander of California, General Stephen W. Kearny. This led to Frémont being sent back east under arrest and to his eventual court-martial and dismissal from the army.

Despite the personal failure of this 1845-46 expedition, the 1848 publication of a journal of Frémont’s explorations, entitled Geographical Memoir upon Upper California, was well received, and the map it included, “Map of Oregon and Upper California,” which Charles Preuss produced based on Frémont’s surveys, is a cartographic landmark, one of the most important maps of the American West. It depicts the entire west from the Colorado foothills to the California coast, and from the new Mexican border to the northern border of Oregon. Drawing on an earlier Frémont/Preuss map of the region from 1845, as well as other authorities, this map is corrected and filled in considerably, making it by far the best map of the region to date.

As Frémont himself wrote in his Geographical Memoir, “The map has been constructed expressly to exhibit the two countries of Oregon and the Alta California together. [These territories officially became part of the United States between 1846 and 1848.] It is believed to be the most correct that has appear of either of them...” The importance of this map is indicated by the fact that Carl Wheat gave more space to the description of this map than to any other in his seminal Mapping the Trans-Mississippi West.

The Frémont/Preuss map was probably issued in September, 1848, just after information about the discovery of gold in California reached the east coast. This was reflected in two very small legends on the map, “El Dorado or Gold Region,” placed along the South Fork of the American River and on the upper part of the Rio d.l. Plumas (Feather River), both flowing out of the foothills of the Sierra Mountains. Though inconspicuous, these legends makes the Frémont/Preuss map the first general circulation map to include any mention of the California gold discovery of 1848.

As the news spread of this discovery, through President Polk’s announcement on December 5th and then all the subsequent newspaper articles and private publications, there was an immediate demand for information on the gold strike, especially for maps which prospective prospectors could take with them. Many publishers rushed maps to the market, many containing spotty or completely erroneous details, but the maps which had any accuracy were mostly based on the Frémonth/Preuss map, which was without questions the best map of California available at that time.

The same demand led to an 1849 reissue of Frémont’s Geographical Memoir, with its maps, as well as a reduced version of the “Map of Oregon and Upper California,” which focused on California, eliminating Oregon Territory and the Rockies.

What has not previously been reported is that there was the reissue of the full-size “Map of Oregon and Upper California” specifically designed for those planning to head to the “Gold Regions” of California. Rather than being a map that was issued in a report, this was produced as a separately issued pocket map.

The convenience of having maps that folded into a small size had been obvious ever since maps became items that were sold to the general public. For those wanting to take a map with them when they traveled, these maps could be easily carried in a pocket or bag. In the nineteenth century, these maps were printed onto banknote paper, which is tough yet thin, so it could be folded without as much wear. The maps were folded into covers and were usually brightly colored to make them easier to read when on the road. For those heading to the California gold fields, the need for such a map would be clear.

Thus, a pocket map edition of the Frémont/Preuss map was issued, probably either right at the end of 1848, or in early 1849 (the date on the map states 1848, but that is from the original title, which the map contains). The covers of the map are entitled "Fremont's Map California. &c." It was printed from the same stone as the original edition, but with a number of changes made, besides the obvious format change.

First, typically of pocket maps, this map was much more brightly and extensively colored than the original issue. Secondly, two additions were made to make the map more useful to the California gold seeker. A large legend, “Gold Regions” is placed along the foothills of the Sierra Mountains, colored with gold highlighting.

Then inserted into the upper right corner is a map “showing the various routes from New York to San Francisco.”

It isn’t clear who published the map, but given the use of the original stone Frémont may very well have been involved in its production—perhaps hoping to cash in on his explorations after their rather unpleasant ending. An extensive search has turned up only two copies of this version of the map, and while all pocket maps from the 19th century have a high attrition rate, this would seem to indicate that this map did not sell as well as the publisher would have hoped. This scarcity, and its historical significance, make it perhaps as desirable a map of related to the California Gold Rush as any. A true nugget from the California Gold Rush.

Price ranges within series of prints

About two centuries ago, Thomas McKenney, the head of the United States Bureau of Indian Affairs, began to commission portraits of Native Americans both when they visited Washington D.C. and from artists “in the field.” McKenney realized that the “progress” of American culture threatened to wipe out the Indian cultures and he felt it was important to document the individuals and their culture for posterity.

When he left office in 1830, McKenney decided to try to produce a portfolio of lithographs based on the paintings he had gather for the government. He borrowed the paintings, had copies made, and then arranged for the production of the images as hand colored lithographs. After many years of battling poverty, politicians and printers, a portfolio, History of the Indian Tribes of North America, was published with 117 portraits and three scenes (actually 118 portrait prints were produced, but one was never included in the portfolio).

The portraits were all based on life paintings, showing many of the Native America chief from around the country, as well as some lesser individuals and women. These paintings provided an incredibly important documentation of Americans from the period, showing not only their faces, but also their dress and accouterments. Although McKenney was acutely aware that he was preserving a chapter in history, he could not have known that had he not undertaken this project, no record at all would remain, for in 1865, a fire at the Smithsonian destroyed almost all the original paintings from which the lithographs were drawn.

In any case, the prints from McKenney's portfolio all share the same history, they have the same relevance to our past, they are all the same size, and they were done by the same printers and lithographers. However, they sell for a wide range of prices. The most expensive prints in this series sell for over $3,000, whereas there are a number that are generally priced at $300 or less. We had a client in the shop the other day, and he was quite puzzled why there was such a range of prices (of course, he liked the more expensive ones and wanted them to be priced closer to the cost of the less expensive ones).

Thus it seemed that a blog explaining why there was such a variation in prices for the prints within one series would be useful, for this type of variation occurs with lots of different series of prints, not just the McKenney portraits. It happens with most natural history prints, and probably the extreme example are the first edition, Audubon bird prints. Some of the prints from that series sell for over $100,000, which others sell for just a few thousand dollars!

The bottom line is that there is often a variation in prices within a single series of prints based purely on desirability of the prints with the public. The prints in one series tend to have equal, general historic value and quality of production, but that doesn’t mean that the public has equal interest in all of them. Sometimes there is a variation in the specific historic import of a particular print (for instance, in general prints of extinct birds sell for more than the ones of birds which are still around today), sometimes there can be prints which have a particular appeal to the public (for instance, prints of dogs and cats tend to be more popular than prints of aardvarks and mice), but the most common reason is appearance.

Within most series, some of the prints are just more visually attractive than others. It can be size (the larger birds from the Audubon series sell for more than the smaller birds), it can be color (a print of a Cardinal will sell for more than a Wren), or it can just be the prettiness of one image compared to the other.

When a print dealer sets prices for the individual prints within a series, he/she will line them up in order of what he/she thinks how their appeal compares to the others. The print market will generally set the value range of a series (so, for instance, first edition Mark Catesby prints will sell for a range between about $7,000 and $700) and each dealer will then assign his/her prints to a place within that range. It is interesting that different dealers will assign different prices to prints depending on their reading of the market, though the ranges for most dealers will be consistent.

This, of course, makes total market sense as the more desirable prints can be sold for more, while one sometimes has to really cut prices on some of the less desirable prints in order to sell them at all. Typically, despite what can be a very large variation in prices, it is the more expensive prints which tend to sell more quickly than the less expensive ones. An interestingly phenomenon is that as dealers get different groups of prints from one series over time, they will sell the more expensive prints, while the lower end tend not to sell, resulting in many dealers have few of the “better” prints, but often multiple copies of the “lesser” prints.

So, how does this play out for the McKenney prints... The most important factor in desirability is the print's appearance. Some of the Indians are spectacular, with strong colors and fierce aspects, while others look like they are refugees from an immigrant camp. Looking at the two prints above, it is not hard to see which would sell for more, and would still be easier to sell at that higher price.

There are two other aspects to the visual premium besides just appearance. There are a few prints in the McKenney series which show full figured Indians, while most are just bust portraits. Being a full figure adds a price premium. Then there is the premium for having regalia or accessories which are of interest. There is only one of the figures with the archetypal full feathered headdress, only one figure with the classic bow & arrow, and a few with interesting weapons, robes or necklaces. All of these are worth more than they would have been without those accouterments.

Two other factors in the valuation of McKenney portraits relate to the history of the particular individual depicted. Some tribes are more desirable than others, for various reasons; there are only two portraits of the romantic Pawnee tribe, the Seminoles and Creeks remain of great interest in the American southeast, and the Iroquois appeal to many in the mid-Atlantic region. Other tribes have much more passed into the historical shadows, such as the Chippewa.

More important is who the individual is, for there are a number of portraits of Native Americans who are of particular interest or importance in American history. Portraits of Pocahontas, Red Jacket, McIntosh, and Black Hawk sell for more because of who they show, not particularly because of their appearance.

So at the top of the price list, one would find a magnificent portrait of a full-figured chief of great importance; that is Osceola. At the other end of the range you will find a rather pathetic portrait of an emaciated chief from a tribe which excites little interest about whom no one knows very much; that is Waemboeshkaa. These prints share a history and quality of production, but it is really not surprising that the one is worth over ten times the other. If you look at our listing of McKenney folio prints in price order, one can see all these factors played out; one might disagree on our particular ranking, but it should make sense.

Value of the Eagle map of the United States

At the Palm Springs filming for Antiques Roadshow, one of my favorite maps of all time—-the Joseph Churchman “Eagle” map of the United States from 1833--came in and I was able to do an on-air appraisal which just appeared in late March, 2017. I appraised the map at $25,000 for a retail value, noting that though that valuation might be a bit aggressive, it was “fair.”

In deciding on what value I would put on the map for ARS, I chatted with a friend who is also a map seller. We knew of only one instance where the map had been for sale in the last several years, where it was listed at $25,000, but my friend said he thought that price was high. He commented that the map isn’t (geographically speaking) that important and $25,000 is really quite a high figure for most American maps of the nineteenth century. However, the more I thought about it, the more I thought $25,000 was a fair price.

[image courtesy of the David Rumsey Map Collection]
As I have often noted, the value of most maps comes from their historical importance in showing new geographic or political information. This map is geographically derivative. It is basically a simplified version of the C.S. Williams map of the United States from the same year, which itself was based on a S. Augustus Mitchell’s map, which in turn was based on an 1830 map by Anthony Finley. Clearly, the value of the map does not come from its historical, geographical importance.

[image courtesy of the David Rumsey Map Collection]
A lot of the value, of course, comes from its unique appearance. The eagle is a very popular image, one which has an appeal across the board for anyone interested in Americana. Maps, prints and pretty much any objects with an eagle design are always in demand and the eagle here is striking and quite attractive, so that would naturally give the map extra value above its geographic content.

What makes this even more relevant is that this is the only use of the eagle for a map of the United States. Joseph Churchman wrote about how it was the happenstance of the way a map of the United States was hanging in his apartment which caused the light and shadows to create the impression to him which suggested a bird. Combine this with the fact that soon the shape of the United States changed—-with the addition of Texas in 1845—-so that the eagle shape no longer fit the country. Thus, this really delightful concept and design only appear on this single map.

The final factor increasing the value of this map is its extreme scarcity. Scarcity by itself does not create value, but when an object is particularly desirable, scarcity can ratchet up the value by considerable amount.

[image courtesy of the David Rumsey Map Collection]
This map is particularly scarce because of its publication history. The map was issued folded into a quite small book. Any such folding map—and these maps were printed on very thin paper—tends to be scarce because repeated folding and unfolding often leads to major tears or pieces torn right off. This natural attrition to a map folded into a book is compounded in this case by the fact that the book it was issued in, Rudiments of National Knowledge, Presented to the Youth of the United States, and to Enquiring Foreigners, was a book for young people, not a group of readers who would likely take much care with the map.

Given this history, it is somewhat remarkable that any of these maps survived in good shape. Almost all copies of the book which come on the market are missing the map or have only a fragment, and the map itself very rarely comes onto the market.

So, combining the fact that this is a very rare map with an appearance and symbolic power which appeals to a very wide body of buyers, creates a strong value for this map. Basically, the map almost never comes on the market and when it does everyone wants to own it. I think $25,000 would be a fair retail value, but would not be surprised if one came up at an auction and brought even more!

Getting an appraisal

I get a lot of queries about how to get a print or map appraised or whether one is "worth having appraised." The Philadelphia Print Shop's web site does have a page about appraisals, but it seems like it is worth going over some of the issues in this blog.

First, I should explain that while I give "free appraisals" on Antique Roadshow, this is a special circumstance. I do this because it is fun, it gets my shop lots of good publicity, and it helps spread information about and create interest in antiques, including prints and maps. Otherwise, I do not give free appraisals, because I am a professional appraiser. Since I charge clients for appraisals, it isn't fair to turn around and give out the same information for free (except in the case of the Roadshow).

The main issue, though, is why get an appraisal? I think in most cases where people are asking for an appraisal, they really just want some idea of what the item is worth. I can understand this, but I feel that even if I am giving only an off-the-cuff dollar value, this is still an appraisal and there should be at least some charge in order to make it fair to all our clients. I do offer general "ballpark valuations," but these are not actual values, but rather a general idea of whether a print is of just "decorative" value, or "moderate" value, or "significant" value, etc. If an actual dollar value is involved, then it is really an appraisal, or at least what we call a "POV" (professional opinion of value), for which the charges are less.

So, when is it appropriate to pay to get a dollar value? Just because you are curious? In most cases this doesn't warrant actually spending money. If you are really curious, maybe a POV is appropriate, but otherwise, you can perhaps satisfy your curiosity by searching on the web to see if you can find your print/map or something similar. There are also books of price records, which some libraries have, so if you put in a bit of work, you might be able to get an idea without having to pay for an appraisal.

Probably the most common reason I get asked for an "appraisal" is because someone wants to sell the print/map and wants to get an idea of what to sell it for. In general it doesn't make sense to pay for an appraisal before you try to sell an item. First, you might not gain enough advantage from the appraisal to recover the cost of the appraisal. Secondly, even if you ask for an appraisal indicating a wholesale price, each dealer figures wholesale prices differently depending on the nature of their business, their needs, cash flow, etc. Thus it is very difficult to come up with a wholesale price that would apply to a general range of dealers. Finally, as a matter of ethics, a dealer should not both give an appraisal and make an offer (as that is a conflict of interest), so if you get an appraisal, you are eliminating one possible purchaser.

One way to get an idea of what to sell something for is to ask a dealer what he would offer for the item, or to ask an auction house what they think it would bring at auction. It is not, in my opinion, fair to do this unless you honestly might sell the item to the dealer or through the auction house, but if the offer/estimate is too low, you certainly do not need to sell the item. If you intend to sell it yourself, then set a minimum price that you are willing to take and let the market decide if that is reasonable. If you are afraid of selling too cheaply, then maybe you ought to deal with a professional dealer or auction house.

Another fairly common reason to ask for an appraisal is to get an idea of how the print should be treated. Really, no matter what a print or map is worth, if you do not treat it well, it will not survive, so if you like it, you should treat it well (museum quality framing, etc.) so it will survive, no matter what it is worth. This is also why I will give out our ballpark valuations, so the owner will have some idea of what they have.

As for estate, tax or insurance reasons, then it is really best to get a real appraisal and pay for it. If there is ever a question, having an appraisal from a professional appraiser will give you a solid foundation to maintain the value you have assigned the object.

Value of Frames

Most people who have antique prints have them in frames and many of the prints you run into at auction or in shops are framed. My focus is always on the value of the prints themselves, but surely the frames for these prints add value to the prints, right? Well, that question is actually fairly complex.

First off, as a rule our shop does not usually add any cost onto a print we have framed versus one that is unframed. So if we happen to have two examples of the same print, one framed and one unframed, they will usually be priced the same way. The main reason for this is that a lot of times someone wants a print that is in a frame but doesn't want the frame. If we added on for the value of the frame, then we would be obliged to knock off that cost if we sold the print unframed and we would end up with an empty frame that was not of a lot of use to us. The way we do it, you can take the print in the frame or out of the frame for the same price, and most people take the print framed and so we are not left with a lot of empty, relatively useless frames.

There are, of course, exceptions to this. If the frame is a really nice "period" frame (perhaps original) or if the frame is particularly wonderful (like the tramp art frame on our Custer's Last Stand print), then we do add onto the price of the print. However, this is the exception rather than the rule.

What this means is that we also do not pay extra for the frames when we buy the items. A number of people will bring us a print and expect to get extra for their frame, but as we won't charge more, we won't pay more. We also tell people they are welcome to keep their frames, but usually the people selling just want to get rid of the whole thing.

This can be very disappointing to people and it seems like it is unfair. As anyone who has had a print framed in the last decade or so knows, framing (especially museum standard framing) is very expensive. The frame for a moderately priced print is often more than the print itself, so how can it be that when you go to sell the print in the frame, you get nothing for the frame?

Well, there is a big difference between buying something "as is" and going out and having something made exactly as you want. If you are selling a print in a frame, the potential buyer has to take that frame or nothing. It is likely not the style, size, color or whatever they might have chosen; it just is what it is. People will usually not pay as much for something like that both because it probably isn't exactly what they want but also because it is a take-it-of-leave-it fait accompli. If someone is ordering a frame, they get just want they want and are having someone make it specially for them. It is much like buying an off-the-rack jacket vs. having a tailor make one specially for you. An existing frame just doesn't have that much value to buyers in the market.

And there is the other issue of whether the framing is "museum quality." A large majority of the antique prints framed today are in frames that are actually causing them harm (this is discussed in another blog). Not only is a buyer of such prints getting a frame that they didn't choose, but the frame needs to be taken apart and put back together to preserve the print.

Now it is true, as I said above, that there are frames which do add to the value of prints, but generally it is wise not to pay extra for a frame. If you really like the frame, ok, but it is also important to see if the framing is museum quality, for if it is not, you will be adding quite a bit of expense to the cost of the print (assuming you want to preserve it) and need to factor that in. There are actually a lot of cases where the framing can actually cause the print to be worth less! And finally, if you are looking to sell framed prints, don't expect to get extra for the frames. It just isn't the way things work.

Audubon's Birds of America sets record price

On December 7th, a beautiful, complete copy of John James Audubon's Birds of America sold at Sotheby's auction in London for a hammer price of 6.5 million pounds. With the commission charged by Sotheby's, this brought the total paid by the buyer to slightly over $11.5 million dollars! The work, complete with its 435 hand-colored aquatints bound into four volumes, sold to London art dealer Michael Tollemache. You can read the BBC report on the sale and watch an interesting video on the BBC News web site.

This is the most ever paid for a printed book, a record established both because Audubon is "the" great name in American natural history illustration, but also because this is a superb example of an extremely scarce book. Audubon's masterpiece was very expensive even when produced, so few were published. Just over 100 complete sets are known to exist, almost all of which are held in public institutions. The last complete set to go at auction sold for $8.8 million dollars in 2000.

It is interesting to note that when one takes into account inflation since 2000, the new record of $11.5 million is not a significantly higher price than was paid for the set a decade ago. So, I guess one can conclude that the value of this work is not really increasing that much. However, I would note that the economies of 2000 and 2010 are very different, so for the volume to even maintain its value is pretty impressive.

A sale of this magnitude is interesting to reflect upon. What is going to happen to this set? Will it affect the prices of individual prints? What does this say about the print market?

As to what is going to happen to the set, the new owner calls his set "priceless" and says that he will just keep it and enjoy it for a while, though he did not rule out eventually selling it. Frankly, I do not buy this (though it could, of course, be true). $11,500,000 is a lot of money for any dealer (unless Bill Gates decides to become an art dealer) to invest in something he is simply going to enjoy. My guess is that Mr. Tollemache already intends to sell or has already sold the set.

So, did the new owner buy the set with the intent of putting it on the market to see how it goes? I will say that I find it hard to believe the set was bought on speculation. Given that this is a very widely publicized auction price, and given that this is the most ever paid for a printed book, how much upside is there on the price that a dealer could ask? Certainly, even a small percentage, say 5%, is a lot of money ($575,000), but $11.5 million is a lot of money to put up front to make only half a million.

Now Mr. Tollemache made the surprising assertion that the amount he paid was well less than the amount one could get if one broke up the set and sold the prints individually (something his emphatically denied intending doing). This sure sounds a bit like a sales pitch to a prospective client (gee, Tom, just think, if your gold mines go bust you can always break the set and make a tidy profit selling them individually...).

However, Mr. Tollemache's claim is just not true. If one calculates the per print price of this set, it comes to about $26,500 per plate. That seems pretty reasonable when a good number of the better birds are bringing well over $100,000 each. However, if anyone has looked through the full set of Audubon images (you can do this even with the octavo set to understand this point), you will realize that there are a lot of prints of smaller or not terribly attractive birds where the prints sell on today's market for only around $2,000 each. And there are even more of these prints---of quite attractive and biggish birds---which sell for between $4,000 and $20,000, still under the average price of this set.

So, if you take out all these prints, the ones selling for under $20,000, the average cost of the remaining birds is much, much higher than $26,500. I have not calculated the exact figure of the 435 prints at today's retail, but I can tell you it will not be equal to, much less greater than, $11.5 million.

So, this raises a few questions: why did Mr. Tollemache make this implausible claim, what are his plans for this set, and how will this affect the market for Audubon prints? My guess to the first two questions is that Mr. Tollemache actually bid on this set for an unknown client. This would make a lot of sense, for if he is using someone else's money, then a small percentage profit would be great. This would also explain his comment on the break-up value, trying to make his client feel good about the purchase. It is even possible that Mr. Tollemache did the bidding for the client at only a token commission, as the publicity of being the buyer of this set is "priceless."

This is, I want to emphasize, pure speculation. I know nothing about Mr. Tollemache other than what I have read since the sale. My comments are also not really at all pejorative, for it would not be at all surprising if a new owner of this work would want to remain anonymous. Also if Mr. Tollemache is fibbing, it is a harmless fib and one of a sort that is not uncommon in the art world. I may be wrong, but it sure makes a lot more sense to me that Mr. Tollemache bought this for someone than that he bought it for himself.

As to how this sale will affect the market for Audubon prints, I think probably not a lot. First, as noted this price is not really that much higher than the 2000 price, when adjusted for inflation, so I do not think anyone is going to think all of a sudden that Audubon prints are worth more than they were. The publicity will increase interest in Audubon prints, but such increased interest does not often turn into an increase in sales/values. For instance, after Ken Burns' Civil War series appeared, there was a lot of increased interest in prints of the Civil War, but very little increase in sales of them.

I am, however, encouraged by the sale. Any publicity about an any prints helps raise the general awareness of the items with which I work, and that is great. Also, it shows that there is a belief that prints can be things which have a significant value and that even in today's economy they are worth investing in.

Some thoughts on print values

Despite my intent, I have failed to make regular posts to this blog over the last couple of months. My excuse is that not only that I am in the midst of a move of my home and work from Philadelphia to Denver, but with the recent death of my mother, I have been swamped with personal matters. I have to confess that print thoughts have been pushed to the back of my mind since the end of May. I am finally beginning to get back on top of things and so plan (and hope) that I'll be able to make posts on a more regular basis here-on-in. In order to get at least one post done, I thought I'd just ramble on a bit about some thoughts I have an issue that comes up in queries about antique prints we get all the time: their value.

Through this blog, from our regular web site, and from our appearances on Antiques Roadshow, we get dozens of calls and emails each day with print questions. I would say that at least 80% of these have to do with the value of prints owned by the person contacting us. While I do understand this, it still is something that wears on us and is certainly less interesting than someone asking about the history of a map or the meaning of an obscure political cartoon. It is almost always the value of prints that people seem to want to know about.

One of the sources for this preoccupation with value is, of course, Antiques Roadshow, which Don and I have been appraisers on for more than a decade. Everyone who watches this program remembers the blockbuster items with huge prices. This seems to have raised everyone's expectations for the value of what they own. When we first went into business, if we offered $100 for a large historical engraving that we would sell for $250 after fixing up, the owner was usually surprised they could get that much. Today, if we offer $200 for the same print (which now after restoration would probably sell for about $500), they look at us like we are trying to cheat them. "I saw one just like this last week on Antiques Roadshow and it was valued at $3,000!

Of course the print on the program was quite different, but everyone's expectations have been raised and a lot of people tend to think their print is one of those very valuable ones. Soon I will make a post about the Roadshow stop in Billings, MT earlier this month and I will discuss the issue of values on Antiques Roadshow then, but suffice it to say here that this show has definitely raised everyone's awareness of the potential value of antiques of all sorts, including prints.

The thing we run up against vis-a-vis prices and antique prints is that relative to most types of antiques, prints and maps--for the most part--are not things that bring large prices. Most of the prints and maps we sell are priced between $300 and $1,500; this is no tiny amount, but relative to most antiques it is fairly low market. The "best" things we see tend to be in the $3,000 to $5,000 range and many very fine prints and maps we sell are in the mid-hundreds. This does not seem to impress many of the people focused on value of prints, so all the time I am finding I am being enthusiastic about a print someone asks me about where they are disappointed that their print is worth "only" $400. (Of course, this is when someone asks us about a print they own; if we are selling a print for $400, all of a sudden the question is raised about how it could be worth so much...)

Why is it that antique prints and maps tend to be in the lower range of prices in the antiques world? There are a number of reasons for this. First and foremost is that prints are, by their nature, multiples. For many antiques, each item is hand made, whereas prints and maps are usually printed off in relatively large numbers by a mechanical process. The matrix used to print the image is made by hand, but after that the process is less "hand-done." Many antique prints are very scarce now, but there still are usually a good number around.

The most desirable Currier & Ives print would just break six figures in price, but most of their prints are valued well under this despite their iconographic importance and the great demand for them. These prints were originally run off in the thousands and some of them are still relatively common, which keeps value of Currier & Ives prints reasonable even though they are as desirable antique prints as there are.

There are a number of other reasons that antique prints tend to be at the lower end of the value scale. One of these is the fact that to really appreciate the value of a print, you usually have to know the history of it. Prints tend not to "show" their value on the surface. Yes, the double elephant folio Audubon prints are big, bold, and beautifully made, which explains why they are some of the most expensive antique prints there are. However, compare these to the natural history prints by Mark Catesby. The Catesby prints are medium sized, somewhat crudely etched and drawn, and just don't "look" that valuable. To me, however, they are the most desirable of all American natural history prints. The same type of thing affects political cartoons, allegories, etc., where if you do not understand them, you cannot really appreciate their value.

This is one of the reasons why the publication of a book on a particular topic can be a big factor in helping to raise the awareness of the importance and thus value of certain prints and maps. For instance, we found that once we published Impressions of Niagara in 1993, the prices of some of the more important, though not necessarily visually impressive prints went up significantly. Our shop has always based our selling philosophy on educating our clients about the history of the prints in our inventory; this not only is something we believe in philosophically, but it also helps our business.

Another reason print prices tend to be fairly moderate is the fact that the vast majority of prints--both modern and antique--were issued specifically as decoration. Most people cannot afford original watercolors and oils for all their decorating needs and prints have always played the role of providing an affordable way for people to decorate their homes and work places. There is nothing at all wrong with this, as most people have a need for affordable decoration, but it does mean that the majority of prints are by nature going to have only "decorative" value.

The moderate value of prints is something I am perfectly happy with. It allows us to have a large inventory of material that I think is great but which is also affordable for most people Sure, I love to sell an expensive Audubon heron, Currier & Ives large folio winter scene or landmark American map, but it is more important to me that what we sell in any price range is appreciated for what is is. I think basically all antique prints and maps are great if appreciated for what they are and that is my main goal in this business, to facilitate that appreciation.

My main frustration when people ask about the value of their prints is when they are disappointed that their prints are not worth more. I guess it is human nature, but it is nice when people are turned on to their prints not because of their value, but because of their history.