The Personal Property Appraisers Post

The Truth About Prices Guides

Time to hit on a touchy subject. In regards to the serious appraiser and scholar in the use of general price guides, there is one simple thing to remember:

Budget your money accordingly.

A little clarification is needed first. Price guides can be broken down into two separate, but very distinct, categories.

1. General Price Guides (such as Schroeder's, Warman's, Antique Week, Antique Trader, Lyle and, of course, Kovels).

2. Vanity Price Guides (they are typically written by one or two authors who have an undying passion for a subject and usually only one subject or period will be featured in a book at a time. These are sometimes seen with the wording "with value guide" attached to the title).

Let’s explore Vanity Price Guides (VPG) first. Take for instance, the reference books on cut glass by noted author Bill Boggess. He is certainly a scholar and active in the market. His books are well researched with excellent photos, and have a listing of prices in the back for the featured pieces. As an appraiser or scholar you should know that you should not rely on any prices in any books. We'll explore the reasoning behind this mantra later. But VPG's are very, very useful and valuable to the researcher. Often they are loaded with tons of good if not great information and photos on subjects not always commonly found. These authors are consumed with their subjects. They are serious about prices, values and worth. This is just a natural part of that passion. They want to share what they know or perceive. You shouldn’t only rely on the "handy" value listings.

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General Price Guides (GPG) are next. The descriptions are scant, with few good photos, no market location or conditions behind the valuing, no bibliography or reference points, and the list could go on and on. Some dealers, collectors and, yes, even some good appraisers, will fight to the death defending them.

Here are some secrets about the listed values in GPGs and VPGs. That brand new price guide that you hold in your hands now in 2009 is in all likelihood anywhere from 2 - 3 years old! The information was gathered years ago in an effort to put together a book, in accordance with the publishing worlds rules. So what does that tell us?? The prices are NOT fresh and current. Not fresh and current from the BEGINNING. Second, just where did these prices originate? They are gathered from various sources across the country. They could be from an auction in Texas, a yard sale in Maine, an antique show in California, a flea mall in Illinois, or a fine antiques gallery in Kentucky. So what does that tell us?? We don't know the market context nor the conditions. Is it a retail price in Oregon or a Fair Market Value in Mississippi? This makes a big difference with your establishing a value for your client's collection.

So, in a nut shell:

GPGs are:

1. Typically not good quality

2. Values are not fresh

3. You don't know where the values originated

VPGs are:

1. Usually well researched and photographed
2. Are useful for appraisers, collectors, and dealers
3. You will discover more valuable information in these price guides than you will in GPGs
4. When "value guides" are included these prices also are out of date

But there is one exception, the works of Judith Miller. Miller's GPGs are based out of England and are lush with full color photos, high quality papers, detailed descriptions, helpful hints, information on where the values came from and what context and more good things. But even with Judith's books they are out of market context. Often, they are English-based designers or objects that collectors here in the states don't see often. They are in an entirely different market with the same time and date restrictions imposed by publishers just like here in the states. However all of these GPGs are slowly changing. With the Kovels taking a huge lead with some actually exciting new changes to the printed publications that they are famous for and expanding their online presence.

Should you own GPGs? Of course! Just pick up two-or three-year-old copies, at remainder or library sales. All in all, as a serious appraiser you should always consult with the VPGs and sometimes GPGs, but ONLY for the information, and simply disregard the listed values.

That is why attending or subscribing to regional and national auction house catalogs or online sales is so important.

Remember, fresh and current in a relevant market, there is no substitute.