Feb 10
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A variety of factors impact value. In this article, a few of these critical factors will be addressed and explained. Collectors, dealers, and appraisers must understand these factors when considering the purchase or sale of any historical autograph, document or letter.
Well known autograph dealer Mary Benjamin described some of these factors in her wonderful writing on autographs: “There are standard values in autographs just as there are in other commodities. Supply and demand, rarity, contents, length, condition, date and association are all factors which cause autograph prices to go above or fall below the level of fairly fixed evaluations.” (Mary A. Benjamin, Autographs, A Key To Collecting New York: Dover Publications 1986, p 35).
Here are brief descriptions of some factors and what they mean:
Content: The content refers to the quality of the writing within a letter, document or manuscripts. Content is the historical significance of the work. Content may reveal the inner thought processes of the writer, formation of new ideas related to the writers state of mind, or how he or she made decisions.
Condition: Condition is the quality of the physical characteristics of the personalty. Legibility of handwriting, staining, damaged pages or bindings are all physical characteristics that relate to condition.
Supply: Supply refers to the amount of comparable material or personalty available to the market.
Length (size): The length refers to the amount of writing within the document or archive. Size may mean length or it may be the physical size of the archive or item in question.
Rarity and Association: Rarity and association can be related to content and supply. Rarity relates to the number of similar works available. Association is how the item reflects the personality of the writer. It shows the relationship between the writer’s life and his or her work. Association should not be confused with the book-collector’s-term Association Copy, which refers to a book owned by the writer or owned by someone who may be identified in some way with the subject matter.
Date: In some cases the date of an item is significant. July 4, 1776 is an example of a date important to the value of an item written by a signer of the Declaration of Independence. Typically letters and manuscripts by signers of the Declaration of Independence
Authenticity: The authenticity of any item is a major consideration. A dealer’s certificate of authenticity may affect the value of an item. If an autographed item has a certificate from a reputable, well-respected dealer, it may have a higher value than a comparable item without a certificate of authenticity. Any certification should be considered by the appraiser, as well as the reputation and integrity of the issuer of that certificate.
Provenance: As Edmund Berkeley states: “Most collectors are interested in the history of the materials in their collections. Such a line of ownership of a manuscript, letter, or document is called provenance. Libraries are especially concerned with the provenance of the manuscripts collections they acquire and keep careful records of the them. It is interesting to note documents appearing in a dealer’s or auction catalog, and later, to find the same item in another catalog — often at an increase in price.” (Edmund Berkeley, Jr., Editor, “The Language of Autograph Collecting” Autographs and Manuscripts: A Collector’s Manual New York Charles Scribner’s Sons. 1978 p. 60). Provenance is critical especially in today’s markets where too many items are subject to replevin (the governmental agencies claim to ownership).
Title (ownership): Title is the clear documentation and provability of ownership. As I wrote in my regular column: “The problem is that there are more stolen items on the market today than ever before. Many dealers, especially novices, do not investigate the source of the items they purchase. This can be serious problem for the unsuspecting buyer. There are a number of potential problems associated with purchasing material that does not belong to the dealer. Liens on personal property, bankruptcies, and divorces, can all lead to questions of ownership. In addition, the outright theft of manuscripts from libraries, archives and museums have drastically risen.” (Brian G. Kathenes, “The Autograph Detective: Who Owns That Autograph?” The Pen & Quill Vol. XXV, No. 6 Nov.-Dec. 1992 p. 20). The current concerns about title have caused buyers, especially auction buyers, to approach all purchases with great caution. Clear title is perhaps the most critical factor in valuation reporting.
Demand: The term “demand” in autographs and manuscripts is similar to demand for any other commodity. Demand is based on the market selected, as well as many of the factors previously covered. An increase in demand can increase value. “The value of an autograph is usually dependent upon two things; supply and demand. Increase the demand and the value of an autograph usually goes up.”
Consider each of these valuation factors in mind as you buy, sell, or appraise autographed material. If you overlook any of these factors in your autograph collecting and appraising, you may be in for a unpleasant surprise.
Brian Kathenes is the host of a weekly radio show, and a TV personality. He is a published author and the Managing Partner of National Appraisal Consultants, a full service personal property valuation firm.
He is past Chairman of the New York Winter Antique Show Vetting Committee on Autographs, Manuscripts & Rare Books, and works regularly with Lee and Leslie Keno and Cash in the Attic ’s Tim Luke.
Mr. Kathenes has presented seminars and symposia for over 472,000 participants and clients including the International Society of Appraisers ISA CAPP Course and Appraisal Techniques and Practical Information for Archivists and Librarians from the National Archives and the Library of Congress in Washington, D.C.
He offers a special antiques and collectibles free report : “How To be Your Own Appraiser,” which can be found on: http://www.BestAntiqueTips.com