The story of Joe Simon-Whelan is now legend in the art world: A man buys an Andy Warhol self-portrait for $195,000 in 1989, and finds a buyer willing to pay $2 million for it 12 years later if the work can be authenticated, but the Andy Warhol Foundation for the Visual Arts says the so-called red self-portrait is not the work of the modern artist. There's no sale.
Every appraiser or auctioneer has a similar story, though not all have unhappy endings.
There was the 16-by-22 inch painting that was hanging overlooked in a simple gilt frame on the wall of a home's back staircase. That painting wound up fetching almost $500,000 at auction.
Or the Chippendale piecrust table that the realtor handling a Jersey Shore beach house as part of an estate had considered selling as part of the house-until a sharp-eyed antiques dealer spotted the rare find. It brought in more than $6 million at a Christie's auction.
The moral of the stories: It is important to get reputable appraisals for valuable art, furniture or other collectibles, and when looking to buy or sell an item or a collection, it's crucial to use an established, knowledgeable and reputable firm to get the best and fairest deal possible.
There was a time, not too long ago, when that meant collectors were left with two choices for auctioning off valuable items: Christie's or Sotheby's. But times have quickly changed.
Today, the Internet has helped level the playing field, allowing smaller and less prominent firms to compete with the two powerhouses by marketing themselves to clients and marketing their wares to potential buyers worldwide.
"It's a vibrant part of the auction itself; it's very, very useful pre-auction, too," says Emerson Tuttle of Boston-based Skinner Auctioneers and Appraisers, which saw 20% of its lots and 15% of its total market value come via the Internet last year.
The Internet is a great place for people to find the information to help them best deal with their valuables, and not just those hanging on the walls, but also furniture, jewelry, wines and automobiles.
Getting well-informed, unbiased appraisals of everything one owns or wants to own is the first step.
"You need someone who is a specialist to look at your things," says Joanne Porrino Mournet, an executive vice president and auctioneer at Doyle New York, an auction and appraisal firm. "Mistakes can be made."