heirloom values

Beware of Snowballing Family Lore

| Julie Hall

I would be a rich woman if I had a dollar for every time I heard a family member tell the story of an heirloom in which the story gets bigger and better with every telling.  It’s like the old parable, “The fish that got away was THIS big …” and every time the story is told, the fish miraculously gets bigger.

So too is the challenge we professionals have with discussing and valuating family heirlooms.  I visit clients in their homes and enjoy each of them and listening to their stories.  However, I know what the values really are, regardless of the verbal family stories.  The hard part for me, and for the client, is providing proof that the following really took place: “Did you know Abraham Lincoln sat in that chair?”  “This belt buckle belonged to Robert E. Lee.”  “Our grandmother told us Teddy Roosevelt took a picture with daddy, but we don’t know where that picture went.”  We know what these items are worth on a monetary level, but you can’t place a value on sentimentality.  Sentimentality is priceless and in the mind of the beholder.

Could some of these family stories actually be true?  Perhaps they are, but without provenance, or history of the piece (proof of some kind, like a photo of Abraham Lincoln really sitting in that chair), it leaves a question mark and is difficult to valuate.  Without proof, we can only appraise what we see based on its’ characteristics.

I look back into my experiences with all kinds of families and wonder why most people seem to exaggerate about old possessions.  Here’s what I came up with:

  • It’s their version of the truth as they see it.
  • For attention. (I have something special.)
  • To accentuate the positive.
  • To make the mundane more exciting.

Maybe Abraham Lincoln did sit in that chair.  Or maybe he sat in one just like it and that’s how the story got convoluted.  Someone heard what they wanted to hear, and generations of tongues did the rest.

I don’t want you to be disappointed when you go to sell these items and the prices brought don’t match the stories behind the piece.  If your items mean that much to you, hold on to them and do your best to research the history of that piece for generations to come.

© 2012 Julie Hall

Vulnerable Parents Can Protect Themselves

| Julie Hall

If you read last week’s blog, this title sounds like a contradiction to that article.  Read on, and you’ll understand how parents can protect themselves and prepare their belongings for distribution without exploitation.

In my work of helping seniors appraise the worth of their personal property, or liquidating it, I have seen examples of unsavory human behavior during the process.  This comes from family, friends, neighbors, or strangers. 

In dealing with a lifetime accumulation of stuff, seniors are often at a vulnerable place in their lives and daunted by the task.  That’s when predators appear, driven by insensitive greed and persuasive powers.  These unscrupulous mischief makers could be stopped in their tracks if only the senior had the knowledge of how much their personal property was worth.  

They should also proactively create a master list of what they perceive to be treasures – either sentimental or financial.  Parents should use professional appraisers to valuate their possessions now, adding the appraiser’s report to the master list, to protect from unscrupulous people, either inside the family or from outside.

When seniors have avoided making these choices by doing nothing for their estate planning and distribution, they are actually making a decision with dire consequences.  I always recommend that seniors distribute their treasures personally now, or in writing for distribution at death.  When the gift is personally made, however, they have the satisfaction of seeing the joy on the face of the recipient!

If a personal transaction is not done, then the next best thing is to write down who gets what on a master list.  This master list should be kept safely with the will.  Both documents will almost always minimize family disputes and exploitation.

Problems generate when the children or close relatives are burdened with dealing with the death of the senior, the pressure of dealing with the estate, and the overwhelming task of disposing of the personal property.  Seniors who recognize their own responsibility in this matter and make the decisions themselves are practicing the best defense against family quarrels or exploitation in any guise!

© 2012 Julie Hall

What Currently Has Value?

| Julie Hall

Q: What currently has value or is selling fairly well?

A:  Reader, thank you for this question, and it is the million dollar question.  The answer is “not much” these days, except the following:

  • Precious metals/fine estate jewelry
  • Certain scrap metals
  • Electronics/home furnishings
  • Mid-century furnishings (1950s and 1960s)
  • High-end antiques, art, etc.
  • Used gas-efficient cars

And, believe it or not, utilitarian items such as kitchenware, linens, clothing, etc are selling very well at estate sales.

Keep in mind that even the bottom half of this list is not bringing in what it has in the past.  If a collector wants something bad enough, they will dig deep for a special item, but we are not seeing it as much as we used to. 

I fully expect prices on second-hand furniture (especially traditional, dark furniture) to continue to drop in price, as will real estate markets, land, larger vehicles, and many luxury items.

We are in for a bumpy ride, friends!

© 2011 Julie Hall

 

What I’ve Learned as an Expert in “Things”

| Julie Hall

As an expert in personal property, my days are filled with visiting estates, consulting with my clients, and ascertaining what has value versus what does not.  I help boomer children make sound decisions after mom and dad have passed on, and work closely with seniors, helping them make a plan for their heirlooms and understanding their worth. 

My world revolves around many beautiful things, what they may be worth, and then sadly watch people fight over them after a loved one dies.  Having met thousands of individuals in my career, I can safely say I have learned from each and every one of them.  Here’s what I have learned:

1.  We exit this world the way we enter it — owning nothing but a beautiful spirit that houses love and memories earned over a lifetime.  You can’t take anything with you, so why fight over “things?”

2.  “Things do bring instant gratification, but not long-lasting happiness.  So we keep buying more things to keep feeling good.  Too many of us fill our lives with “things” to ease unresolved pain and issues.  As we continue to go into debt and buy ourselves the latest electronic gadget, we are still left unfulfilled and discontented.  We buy to feel good, we buy because we deserve it, we buy because we are depressed.  But in the long run, it ends up in the hands of family, or a professional such as myself, to sell it.

Next week, I’ll share two more valuable lessons I’ve learned as an expert in “things.”  I hope these lessons today, and the two next week, will alter your plans to gain more and give more “things” during the upcoming holiday season.   Please come back for the other two positive lessons!

© 2011 Julie Hall

Condition, Condition, Condition

| Julie Hall

When it comes to the worth of heirlooms, there is one characteristic of value that I want everyone to understand: Original Condition.

We all know what the word original means: initial, first, earliest, the real thing.  It means the condition of an item that has been left intact, that way the artist or creator intended it to be.  No stripping, refinishing, repairs, paint, drilled holes, polishing and lacquering, etc.  To a collector wanting to buy a fine item, original shows that the piece is true to the period and proves its’ age by leaving it alone over the course of time.

But everyone out there seems to believe that if mother’s tables are antique, they are definitely valuable.  This is NOT the case; please forward this to anyone who is of this mindset.  There are many characteristics of value, and age is only one of them.  Condition is at the top of the list.  Here is where it gets cloudy …

I’m called to an estate to see lovely antiques, but they are in less than stellar condition.  They are covered in years of nicotine or mold/mildew, or have been exposed to years of humidity or heat.  All the owner understands is that these items are old and should put considerable cash in their pocket.

What an appraiser sees is that they were not taken care of for whatever reason.  The original condition has been altered and getting it back to a “sellable” condition will take a small miracle, not to mention more money than the piece is actually worth.  They can still be sold and a fixer-upper buyer will want them, but at a fraction of the price people have in their heads.  Then people get upset because their pieces are not selling well, or feel jilted because what they “perceived” they would sell for didn’t transpire.  I know … it’s a lot to take in!

Even antiques or semi-antiques in fine condition are not necessarily valuable.  Times are changing.  The economy has changed the market drastically.  The statistics of how many boomers and elderly we have in this country is mind-blowing.  So if you are considering selling your heirlooms, look at them like an appraiser and consider all flaws before setting expectations sky-high.

© 2011 Julie Hall

She Just Didn’t “Get It”

| Julie Hall

Though my efforts were admirable, my client simply did not want to hear the values I placed on her “heirlooms.”  I was there in her lovely, traditional home getting paid handsomely for a couple of hours of my time to offer her an opinion of value, but I am not certain she heard what I had to say.  As with all of my clients, I have a way of being succinct and direct, yet kind and compassionate.  I offer guidance they can trust and direction based on the market and where it is headed.  It is not always an easy combination to attain.

In her home, all things were phenomenally valuable according to her.  She had, after all, done her research.  Her figurines were worth far more than ever recorded, and simple ceramics or collectibles were off the charts.  It doesn’t take a rocket scientist to know these figures just aren’t applicable, especially now.  I tried to bring her down to a realistic place and questioned where she got these “values.”  Some came from research a dozen years ago when the market was strong, and others were on very high retail sites.  These are not viable sales comps.

This is the new reality.  It is worth what someone is willing to give you for it, and in this economy if the offer is fair, take it.  Just know what you have first.

When researching prices on the internet, compare apples to apples and not just asking prices on retail sites.  Find out what the items are actually selling for.

A rude awakening, perhaps, but gone are the days of spending wildly — at least for the next few years.

© 2011 Julie Hall

Why can’t I determine value on the internet?

| Julie Hall

Q:  You make it sound complicated to establish value of my heirlooms.  Why can’t I just look at the internet and find the value myself?  Surely there’s plenty of stuff for sale on Ebay that I can find a similar item and see what they are asking for that item.

A:  The arrival of the 21st century has enabled us to find 90% of what we are searching for on the internet.  What a great tool — but with greatness also comes weakness.  What a double-edged sword.  If used correctly, you can find the answers.  If used incorrectly, it can truly mislead you, or cause permanent damage to one’s reputation. 

I read numerous articles, newsletters, and blogs; I see so many wanting to research what their possessions are worth. 

There are multiple factors involved in assigning a value to a particular item, not limited to the following:  marketability, condition, collectability, age, rarity, provenance, materials used, handmade vs. factory made, etc.  Age alone is not the only important characteristic, for all that is old is not necessarily valuable.  Original condition is a very important factor, as is rarity. 

One problem is everyone seems to believe they have something hard-to-find or rare, based on family stories told over years.  Families are often disappointed to learn that the old bench great-grandfather made in 1857 is just an old bench and has more sentimental value than monetary value.

People have a tendency to jump onto Ebay, which is not always a good thing.  While Ebay is a huge site with a broad variety of items, the market is currently down and often cyclical.  There are better times of year than others to sell on Ebay.  It’s also important to compare apples with other apples, and not an item that just looks like grandma’s old figurine.  You must first have an accurate description of the item, then you can begin your search.

Remember too, the cardinal rule: If you go searching on the internet, make sure you accurately find the price the item sold for, and not just the asking price.  Many times people say, “Julie, you only appraised this item for $200 and I see it on the internet for $675.  Why is your appraisal so different?”  My research in comparables accurately depicts what it sold for.  Anyone can ask any price they wish.  Go on Ebay and you will see some pretty ridiculous asking prices!  But note, the items have not sold for these prices.

It is important to also remember to search multiple search engines, as well as different values: not just Ebay, but online auctions, in-person auctions, estate sales, etc.  Find the fairest comparables you can.  Keep in mind that professional appraisers have extensive training and knowledge in research, writing, and databases, which the average person does not have.  When in doubt, please hire a professional appraiser to offer you the knowledge you need to make good, sound decisions about your personal property.

© 2011, The Estate Lady

It’s Better to Be Safe Than Sorry

| Julie Hall

You know you are in trouble when an expert shakes his head and says, “With the way the economy is going ….”  I share this because I sat with an expert just yesterday and he offered me sound advice which I want to share with you.

He’s not just a highly successful jeweler.  He’s been in the business 60+ years and knows a great deal about his industry.  I also knew immediately upon meeting him that this older gentleman had extensive knowledge about the market, where it’s headed, and what we can expect in the future.  Many clients ask me on a daily basis what my thoughts are on the market, so today I offer a little on precious metals and gems.

My mom had given me some scrap gold to sell and I have several items I no longer wanted, but some of the pieces are very nice.  So I went to him for a little advice: Should I sell now, or hold onto it for “a while?”

His eyes and demeanor were like that of a wise old sage, and he said the following:

1.  Don’t sell these items now if you don’t need the money.  One day, these items will probably be worth more than cash.  With the way the economy is going ….

2.  In his opinion, gold may very well hit $5000 per ounce in our lifetime, but not in the immediate future.

3.  If the US dollar lost its power, you would still have items to barter with.  At least you would have it, and it’s better to be safe than sorry.

Now, I know this isn’t rocket science and we’ve heard this before.  But the warmth and wisdom in which he delivered this information forced me to take heed and really listen.  So for now, those items are tucked back in the safe where they belong, taunting me with the question, “Will I ever need to pull it out in the future, if things got really bad?”  Well, at least it’s there if I need it.

© 2011, The Estate Lady

What is Value?

| Julie Hall

Let’s start by addressing what it is not.  Value is not a price you see on the internet or in a store.  That is only a numerical figure someone conjured up, very often based on their personal sentiment towards the item, or a price they once saw in a book.  The economy pretty much tossed that out the window.  It’s not the story the family handed down for generations that a particular piece is “very valuable.”  Maybe it is, but most likely, it’s not.  Sure it’s old, but that alone doesn’t guarantee value.  It may just be old.

Value is a very personal thing.  People want to believe what they have (or what grandma has) is valuable.  Price is determined by supply and demand, as well as the collector market.  As I have often said, there must be a demand for what you have.  You might have an antique china set from grandma — so does everyone else.  The supply is bountiful, but the demand simply isn’t there and this means the price is not going to meet your expectations, regardless of what they paid for it.  Those days are long gone.

If you have something rare (and most people think they do), you will need a professional personal property appraiser to confirm that, and also recommend where it should be sold.  For the record, “rare” means extraordinary, like a flawless diamond, and most of us do not have that.  What we have, and what we inherited, is a lot of stuff that is good and useable, but not necessarily valuable.

When in doubt, bring in someone like myself so that you can move forward and make good, solid decisions for your personal property.  Set your expectations accordingly so you will not be disappointed, and may, in fact, be pleasantly surprised.

© 2011, The Estate Lady

One Chip Can Ruin Everything

| Julie Hall

In my world of personal property, one little chip on a porcelain piece can mean the difference  between going into the trash and selling it for far less than it should have sold, had it been perfect.  As an appraiser of fine items, I know that original condition is just one very important characteristic when assigning value.

My entire career has centered around selling items that are in good, original condition — not stripped of original finish, not repaired, not refurbished — just plain, old original condition.  It is also that same original condition that attracts the collector toward the mellowness of color that only the passage of time can create on a beautiful antique wood piece — imperfections and all. 

Those imperfections “prove” to that collector’s discriminating eye it’s true age, and the history and personality of the piece.  Worn leather, distress marks, scars from accidents, etc. are all part of the life our antique possessions have led before they came to us.

The collector knows some of these marks are positive attributes, but the average person is in search of perfection — perfection of body, perfection of mind, perfection for each facet of their lives.

It suddenly occurred to me that we should look at ourselves and each other in the very same manner as that special collector.  We are aging, we have earned our stripes, we have gained insight and wisdom through the passage of years.  Yet we too have many imperfections: a chip here, a chip there, a few fracture lines.  We should strive to do our best to live with our original condition for as long as possible.

While one chip can greatly diminish the value of  an antique platter, our own self-worth only grows deeper with our well-earned battle scars from a life well lived.

© 2011 Julie Hall