Estate Experts Can Find Value In Places You Didn’t Even Think About

Note the word “Expert” in the title. Hiring an expert will help you identify what you have in an estate, how to sell it, who are the best resources for selling and most of all, how to maximize what you have. Experts have trained eyes and detective noses that can uncover and discover what has value.

It’s Always Better To Be Safe Than Sorry

I was recently hired to consult on several estates which I will describe as modest. The furnishings were from the 1980’s and not of much value. The adult children were convinced there was nothing of value in the home and at first glance, I would have to agree. However, the daughter mentioned in passing that her parents were world travelers and never spent much money on household furnishings so they could travel.

World travelers for 60 years. Visions of far-away places. A light bulb went off in my head.

“Did your mom have any jewelry, silver, coins, etc.?” The daughter disappeared for a few minutes and brought back a huge box of jewelry and coins. She simply said, “ It’s all junkie stuff she bought in different countries.” I sat down at the table, a lamp near my head, my jeweler’s loupe and my jeweler’s scale.

Within 20 minutes, I felt like I found a small gold mine, literally.
I found more value in the jewelry in front of me than in the entire
rest of the house put together.

Much of the “junkie jewelry” turned out to be genuine gold from Asia, India and the Middle East. I was able to quickly identify other genuine antique gold and silver pieces that belonged to previous generations and offer them a time period and values so they understood what they had before making any decisions.

You see, in all the little nooks and crannies of these estates we do find treasures. You just have to know where to look and understand what it is you’ve found. This is one very important reason why you should always find out what you have before making any decisions with it, including giving it away or tossing it.

A second important reason is there are people out there who will attempt to take advantage of you. To avoid this, hire a professional who is honest and ethical and can either sell these items for you or find the right buyers who will pay well for your gold or silver. Don’t give it away or just sell it to any jewelry store on the corner. First, know what you have.

Sometimes the most value can be found in the little forgotten things you don’t give much thought to. Take it from one who knows.

It is a wonderful feeling when I get to deliver the news “It’s real and has value.” My clients light up and now have peace of mind knowing they did the right thing in hiring an expert. Seek out experts in your area, so you too can have peace of mind.

©2017 The Estate Lady® Julie Hall, The Estate Lady®, is a national expert in dealing with personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.
No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent. Email her at julie@theestatelady.com.

The Mysterious Case of the Antique Monogrammed Silver

 

An uncountable amount of antique monogrammed silver pieces have crossed my path in the last 25 years. Most of my clients have one thing in common; they do not know who the relatives were that owned the antique silver based on the monograms or how that silver came to be in their family.

 

When items of perceived value are passed down, it helps to know the name of the relative it came from, the time period it came from and the value so you can pass this along to your family members.

 

There’s only one problem with this…most of us don’t have that information.

 

Many of my clients cannot identify their long-ago relative or match that relative to the antique monograms on the assortment of silver they inherited. They just know it was “always in mom’s home.”  Sometimes, their mother’s don’t even know where it came from or mom has passed away and that information is now lost.  Often I will hear a client say, “I have no idea who ‘CHR’ was.”  As an appraiser, I can help them identify the age of the silver and who manufactured it, but not who owned it.

 

It is not unusual for my clients to actively begin searching their genealogy tree or get connected with Ancestry.com, but the answer to the silver monogram mystery is rarely found there.

 

Perhaps it came from a relative by marriage that no one can recall, or two best girlfriends that exchanged their monogrammed silver spoons with each other as a symbol of their forever friendship.

 

This was common practice back in their era to offer a beautiful gift that the recipient would always cherish. In these two cases, the silver trickled down to my clients, never to be identified.  Sometimes when I hold these spoons or serving pieces, I too, wonder who “Lilly” or “ADM” were and imagine the time period in which they lived.  But the image in my mind is only speculation of the young women who once owned these pieces.

 

In many cases, there may only be a few odd, antique silver teaspoons that do not have much value. My Boomer clients say, “If it is not from a relative, or I didn’t know the relative, I really have no attachment to it” and the antique silver is generally sold to someone who will have more of a desire for it.  These days, even if they do know the relative, many will opt to sell it because we no longer live in a formal society.

 

From pre-Victorian times to Edwardian, to Art Nouveau, to Art Deco, sterling silver has been considered a very important possession every young woman should have.  As such, it was highly revered.  Through the decades (or century), these sets have been divided among other relatives or friends that came long before you.

 

Will the mystery ever be solved? One never knows but if you have an imagination like me, you will conjure an image of an elegant young woman in a long, white linen dress who truly treasured her silver back in the day.

 

©2017 The Estate Lady ® No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at julie@theestatelady.com.  Julie Hall, The Estate Lady®, is a nationally known expert on personal property in estates, including liquidating, advising/consulting, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

7 Characteristics of Diminishing Value

For many years, I have spoken about the characteristics of value when it comes to our heirlooms and other personal property.  Contrary to popular belief, the “age” of an item, is not necessarily the most important characteristic of value.

Appraisers look at objects from many different perspectives;  condition, rarity, the market, an item’s desirability, materials and craftsmanship, the artist (if known), provenance/history, quality, style, etc.  As you can see, determining a fair market value is NOT as simple as looking on ebay and it is certainly not an asking price or a retail/gallery price.  It’s more complex than that.

Most do not realize that condition issues can really put a dent in the value of an item, especially if the piece has been altered from its original condition;  painted over, stripped, refinished, married pieces, etc,. all of which have an impact on value.  However, there is more to the story on what can have a negative impact on values.

Think “damage.”

Here are some other things to take into consideration when you believe great-grandmother’s curio or desk might be worth a fortune:

1)  Moldy/Mildewy = Stinky – Mold and mildew are active fungi and grow in colonies.  They reproduce by spores carried by air so it spreads.  It not only destroys the material it lands on, it can also cause mild to severe health issues. Many estates are locked up for a long time, whether in storage or a home that has not yet been sold.  Often the air conditioner and heat are barely on and the home can take on an awful odor, in storage too.  This musty smell takes time to develop and is a sign the piece(s) have been exposed to dampness and active decay is taking place over time.

2) Leaky – Many pieces we find may have water damage from simple water rings to evidence of sitting in water after pipe damage, leaky roof, etc.  Water is an enemy to household furnishings and once the damage is done, it is hard to un-do.

3) Mousey/Buggy – In estates, we see what mice leave behind in the way of poop and find bug problems as well.  It can range from simple to quite complex.  Mouse poop is an extreme health hazard and can cause the Hantavirus which is potentially lethal for humans.  Bugs too can cause all types of damage to both wood furniture as well as the home itself.

4) Heat/Cold Exposure – Exposure to extreme heat or cold in the attic, basement, direct sunlight, etc., can have a devastating effect on our belongings.  Heat can cause the finish on furniture to “bubble and crackle” and trap dust underneath it once it cools.  Heat expands wood and cold contracts it.  This would explain why some veneer pops up, falls off or the piece becomes warped with time.

5) DIY Stripping and Refinishing –  All of us have the best intentions when it comes to a DIY job of stripping, sanding and refinishing.  The problem is most people do not do a quality job (most likely because it is tiring work) and this can have a serious impact on value.

6) Missing pieces – such as finials, relief carving, legs, pieces of veneer, original knobs, etc.  If pieces are missing, the value goes in only one direction;  down.  People who are looking to purchase these items are definitely looking for all original pieces.

7)  Something Old, Something New – People can get pretty creative with damaged antiques, especially if a piece is missing or the owner wants to create a different looking piece by adding new legs, a new shelf on top, etc.  We see a blending of one piece with another, and often one piece is old and the other piece is newer.  To the owner, it looks great.  To a professional who is tasked with the selling of such an item, it certainly hurts the value.  In the industry, we call putting two or more unoriginal pieces together being “married.”  It works for people, but not necessarily objects.

Damage of any kind will hinder the selling price of most items, unless the prospective buyer likes the “look.”  Sometimes our clients are a bit shocked when it comes to the seriousness of how much value a treasured piece can lose due to any of these circumstances.

 

©2017 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising/consulting, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at julie@theestatelady.com.

The Real Value of Our Antiques and Heirlooms

We each have items in our homes that came from a loved one, passed down through the years.  To us, these items are special, unique, and valuable.  Sometimes, these items are even more special, unique, and valuable because of our feelings towards the loved one who gave it to us.

If you can, place those feelings to the side for a moment.  We really need to have a fresh understanding about the market, the economy, and what our heirlooms are really worth.  As an appraiser, I come to the table as an objective third party who has the ability to look at items through new, yet somewhat critical eyes, much like a detective.

I see flaws others may not.

I see condition issues others may not.

I see that someone drilled a hole through the bottom of a Ming Dynasty vase because they wanted it to be a lamp (ugh!).

I see that someone uses 21st century screws to reinforce an 18th century piece.

However, there is more to it than that; we must dig a little deeper to get to the crux of the matter.

The truth is that in today’s market, a c.1830s bird’s eye maple English chest will sell for far less than a “Made in China” piece you can buy at Rooms to Go or IKEA.  I saw it with my own eyes at an auction recently.  The gorgeous English chest sold for $100 and the black lacquer Oriental chest made 30 days ago sold for $350.

WHY?

Gone are the days of truly caring about quality.

dark traditional ornate bedroom

Gone are the days of the younger generations wanting traditional furnishings.

In are the days of how the item looks and functions.  Maybe not for all of us.  This trend is picking up speed and we see more of it as each day passes.  Size and space also enter into the equation, since we are in the middle of a major simplification trend.  Both our homes and our furnishings are getting smaller.

I address the older generations when I say this and I hope it will be realized:

Dark brown furniture gives the younger generation the willies just to look at it.

dark heavy china cabinet

Boomers don’t want any more of it, and are trying to downsize and let go of the dark heavy furnishings, as we speak!  Being surrounded by heavy, large, dark furniture is not what people want today, let alone my daughter’s generation.  She doesn’t want it now and she will not want it later.  It won’t pay to pressure her or store items for her.

It doesn’t matter how old it is.

It doesn’t matter what you paid for it.

It doesn’t mean anything to a stranger or the public who come to purchase it.

If we don’t want it and our children don’t want it, others will not want it either.

dark heavy dining room

Of course there are exceptions to every rule and all families are different.  But if we dare to peek into the future, what will become of the older, dark furnishings in 2 years? 5 years? 15 years?

Those of us in the industry have seen a steady decline since 2008 so it is no surprise to us.  It’s alright that not everyone will accept what we have to say, but at least, listen to the market.  It has spoken loud and clear!

©2016 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com

Condition, Condition, Condition

When it comes to the worth of heirlooms and antiques, one characteristic of value needs to be understood and it’s not how old the item is.  It’s condition.  Original condition!

We all know what the word original means: initial, first, earliest, the real thing.  It means the appearance of an item has been left intact, the way the artist or creator intended it to be in its original state.  No stripping, refinishing, repairing, painting, gluing, drilling holes, polishing, lacquering, etc.

Original to a collector wanting to buy a fine item means they prefer it this way.  The mellowing of leather or wood that only the passage of time can accomplish to near perfection, which also demonstrates the piece is true to the period, blemishes included.  These blemishes are part of the item’s history.  If it could talk, the stories it could tell!

Many seem to be of the mindset that if mother’s tables are antique, they are definitely valuable.  This is simply NOT the case; please pass the word along!  Age is only one characteristic of value.  While it certainly can be a contributing factor of value, many other factors are also evaluated when a professional assigns value.  Condition is right up there at the top of the list.

I’m called to an estate to see mom’s antiques, but they are in poor or fair condition.  They could be covered in years of nicotine, mold/mildew, or have been continually exposed to humidity or cold.  Maybe someone painted the primitive table sage green, or cut down the legs of the dining table to make a nice coffee table.  All the owner understands is that these items are old and should put considerable cash in their pocket.

An appraiser sees these items are not in good condition, or the original condition has been altered permanently.  Getting it back to a “sellable” condition will take a small miracle, not to mention more money than the piece may actually be worth.  These pieces can still be sold and a fixer-upper may want them, but at a fraction of the price people have in their minds.  The owner of the pieces gets upset because the pieces are not selling for what they perceived they would sell for.  I know … it’s a lot to take in!

If you are downsizing or selling the contents of an estate, look at the items from the perspective of an appraiser or personal property expert.  Consider all the flaws and permanent alterations to pieces before setting expectations too high.  Otherwise, you might be quite disappointed.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

One Chip Can Do A Lot of Damage

In my world of personal property, one little chip or ding, fracture or re-glue, can mean the difference between going into the trash or selling it for far less than if it was in perfect condition.   As an appraiser, 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 its original finish, not repainted, not repaired or refurbished — just plain original condition.  That original condition attracts the collector toward the mellowness of color that only the passage of time can create on a beautiful wood piece, imperfections and all.  Those imperfections “prove” to the collector’s discriminating eye its true age, and the history and personality of the piece.  Worn leather, distress marks, scars from accidents, etc. are all part of the life of our antique possessions 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.

The truth suddenly occurred to me!  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 and there, a few fracture lines, a scar or blemish.  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 and loved.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

An Example of the Changed Antique Market

People always ask why their mother’s or grandmother’s handmade antique Persian rug is selling for so little.  After all, it is a work of art, a beautiful creation out of the imagination of an artist who took many months, if not years, to create with talented, nimble hands.  It’s old too, so it must have value.  How can this rug which mom paid $9,000 for in the 1980s be selling for $500 today?

WP_003180Behold the image in the photo; an image you see every day from Target to Walmart, from Costco to Bed Bath and Beyond. (Strolling through Costco was the inspiration and the photo for this blog.)

Machine-made, hand-tufted copies of real, antique Persian rugs.  Rugs recreated with pretty colors and patterns most likely taken from the old beauties.  Some are a wool blend, but most are inexpensive acrylic.  The answer is right there for all to see, if we are paying attention.  Cheap, machine-made copies that look good enough for the majority of people and their style, color theme, and most importantly, their budget.

Why would someone pay $9,000 when they can have a pretty look-alike for under $200?  They don’t have to worry about spilling on the look-alike rug, or the effects of small children and puppy accidents.  This rug can be replaced cheaply in a year or two when people have grown tired of the colors and want a change, or when it wears out.

The reasons are numerous:

  • These rugs are inexpensive, but look good with our furniture,
  • We don’t worry about them as if they were an antique,
  • Very few people care if it is real or not, wool or acrylic, hand-knotted or machine-made.

This is how we’ve changed and manufacturing has figured us out and is meeting our demand.  We don’t necessarily need top quality with a price tag to match.  We just want something attractive, so they make them by the millions.

On the flip-side, there will always be those, myself included, who are enamored with a genuine Persian, or a genuine antique.  Even the feel of a genuine Persian rug lends credence to the love that went into making it, as well as the spirit of the artisan is locked into the weaving.  But, I don’t spend a lot of money on these either.  I recently purchased two antique Persian rugs for $200 each at an auction and they are stunning.  An interesting observation: the new machine-made rug that wasn’t nearly as pretty also sold for about $200.  Go figure.

I have also seen other interesting trends, such as fine antique furniture pieces selling for $100 – $250 and the next item sold was a fairly new, “Made in China” cabinet for $350.  Why?  Because it had the look someone wanted.

One must wonder if we are living in times where quality doesn’t matter as much to the masses.  What they are looking for is simply:

  1. What looks good?
  2. What is in their budget?

This is yet another reason why the antique and collectibles market is soft.  The average person doesn’t think of these things I present here.  It always comes down to supply and demand, and has nothing to do with what someone paid for an item.

©2015 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

Estate Items: What’s Hot and What’s Not?

As we head into the new year, we also head into continued uncertainty with our economy, among other challenges.  The past few years have left some battle scars on the personal property industry, and the economy is still in a weakened state.  We are witnessing the market become flooded with traditional furnishings.  One has to wonder:

  1. When will the market return?
  2. What is currently selling well, if traditional furnishings are selling low?

How I wish I had that crystal ball!  Since we don’t, we can only read the trends based on our experience.

This list is not all-inclusive, but just the highlights of the market.  Items on the “NOT selling well” list are still selling but only if prices have been significantly lowered by the seller/liquidator.

Just this week, we saw a fantastic antique English, curly maple chest of drawers sell for $150 at an auction.  A few years ago, that piece would have brought $1,000.

Please don’t blame the seller; this isn’t the seller’s fault.

The market is simply not bearing healthy prices on many items at this time.

This is the new normal.

What’s currently HOT and selling well?

  • Mid century furniture, some Danish modern, designer furniture from this era
  • Military items: Civil War to present day
  • Genuine and costume jewelry
  • Sterling silver/gold/platinum
  • Vintage toys
  • Record albums: classic rock, jazz, blues.  Not opera or classical yet.
  • Vintage electronics and stereos
  • Utilitarian items: housewares, cookware, kitchen ware, tools, camping, etc.
  • Used cars/boats
  • Vintage garden and patio items
  • Guns
  • Yard items/ornamental/garden tools

What’s NOT selling well?

  • Traditional “brown” furniture
  • Glassware: clear etched, cut crystal, pressed glass, etc.
  • China sets and painted porcelains
  • Victorian furniture, other dark heavy antique pieces
  • Holiday items/collections
  • Rugs: Persian, Oriental
  • Collector plates and figurines (Franklin Mint, Bradford Exchange, etc.)
  • Upholstered furniture
  • Common antiques
  • Dining room furniture, hutches
  • Print media: numbered prints, mass-produced art items

If there’s one thing for certain, it’s that things are always changing.  For now and for quite some time to come, these are the trends and predictions.  One day, this will change too; we just don’t know when.

©2014 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

Our Addiction to Acquisition

The world seems to be much smaller than it used to be; the same is true of our living space.  I think we humans have a problem with buying and collecting too much.  Two questions baffle me, even after all these years of handling estates:

Why do we collect so much stuff?

What possesses us to continually buy things we don’t need, don’t use, and eventually become a monkey on our backs or a burden to loved ones?

In order to understand, we must go back into our long-ago and far-away to understand our ancient ancestors.  My very unscientific and unproven theory is that, as far back as caveman days, we were hardwired to hunt and gather.  Fast forward to the 21st century.  We don’t have to hunt any longer and it requires no effort or discipline to acquire things.  We’ve become extremely proficient at gathering too.

People have truly become anchored by spending and acquiring stuff.  For some, they become emotionally paralyzed in trying to let go of stuff.  Stuff weighs people down, as I see so often in my work.

Now we have so much stuff, many people are about out of money or in great debt.  When they sell some of what they acquired, they get upset when they can only regain a fraction of what they paid.  As we let go of some stuff (that on some level we equate with success), we go through a very real fear that we won’t be able to replace it one day.  What was once a comfort is now headed out the door.

To some people, acquiring things is a hobby.  For others, it is an obsession.  Yet our lifestyles are so different today; many are downsizing because they don’t want their possessions holding them back.

Here’s a history lesson on the acquisition of and attitude towards stuff:

We know the Depression Era folks rarely thew anything away.  This behavior is ingrained in them to never go without again, having survived such challenging times.  This generation has a tendency to go overboard on “stocking up,” a fear based response.  This is also a psychological decision which brings comfort, since everything is close if they need it.  As a sign of success, they are proud of their possessions, because during the Depression, they did without them.

This may explain why they keep leather straps, old shoelaces, myriad Cool Whip containers, mayonnaise jars, aluminum pie tins, pantyhose, pencil nibs, and enough rubber bands to stretch around the neighborhood.  They also collect canned foods because “you never know when you are going to need them.”

The older Boomers are so traditional and as loyal as their parents; they generally have a difficult time letting go of stuff.  They may feel a profound sadness in letting go of previous generations’ things, even as they realize the younger generation no longer wants these things.  They are in the middle of making tough decisions to keep or sell these items.

This generation is responsible for keeping storage companies in business.  But they don’t realize the items in storage lack the value of what they are paying for the storage costs.  They live with high hopes that their children will change their minds and keep these things, and even higher hopes that their grandchildren will want them.  If I was a betting woman, I would say, “NO, they will not change their minds.”

The younger boomers are still somewhat traditional, but generally do not feel the pressure to hold on to these things.  This generation can let go much easier.

Enter the young generations X and Y.  I can’t say much that would surprise you.  They have little sentimentality.  They seem to not have a desire for things of any kind, except what you can buy in IKEA.  This generation would never understand the concept of keeping furniture for decades, or covering every table surface with trinkets.  Theirs is a much simpler world.

They acquire virtually.

We acquire physically.

Do you see the huge division of thoughts, beliefs, and emotions causing problems in the market?  We have too much supply and not enough demand from the younger generations.

What do you think will become of our antiques and collectibles with the passage of time?

©2014 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.

Beware of Snowballing Family Lore

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.

As estate professionals, we have the same challenge when discussing and valuating family heirlooms and other treasured items.  I visit clients in their homes and enjoy each of them as I listen 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 happened:

  • “Did you know Abraham Lincoln sat in that chair?”
  • This belt buckle once belonged to Robert E. Lee.”
  • Our grandmother told us Teddy Roosevelt took a picture with daddy, but we don’t know where that picture is.”

We know what these items are worth on a monetary level, but you can’t place a value on sentimentality.  Sentimentality is priceless.  Sentimental items are what we mostly find.

Could some of these family stories actually be true?  Who’s to say.  Perhaps they are.  But without provenance, or history of the piece, it leaves a question mark and it’s impossible to valuate.  The needed proof would be, for example, a photo of Abraham Lincoln really sitting in that chair with the original upholstery, or a document that proves it was at a historic event or with a person of distinction.  Without proof, we can only appraise what we see based on the characteristics or its aesthetic value.  It then becomes just an “old chair.”

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

  • It’s their version of the truth as they see it.
  • To make the item more “valuable”
  • To accentuate the positive.
  • To make the mundane more exciting
  • To give their heirs a legacy they believe is valuable

Maybe Abraham Lincoln did sit in that chair.  Or maybe he sat in one just like it, and that’s how the story got started.  Someone heard what they wanted to hear and generations of tongues did the rest.  It happens in every family.  Remember too, that people hear what they want to hear.

The bottom line is that we professionals don’t want our clients to be disappointed when they go sell these items and the prices brought don’t match the stories behind the pieces.  Very often, this is the case.  Setting your expectations in neutral before the estate process gets started means we all are one step ahead.

Research professionals before you hire them, but then listen to them with an open mind.  We know the items in the majority of our estates, and if we don’t, we can research them.  Have faith that we handle these possessions every day and can advise you correctly and honestly.

©2014 The Estate Lady®

Julie Hall, The Estate Lady®, is the foremost national expert on personal property in estates, including liquidating, advising, and appraising. http://www.TheEstateLady.com  She is also the Director of American Society of Estate Liquidators®, the national educational and resource organization for estate liquidation. http://www.aselonline.com.

No part of The Estate Lady® blogs, whole or partial, may be used without Julie Hall’s written consent.  Email her at Julie@TheEstateLady.com.