Tuttle recalls the story of a family living in a non-descript multifamily home in Boston who had called Skinner as auctioneer in their effort to raise money to fix up the house. An appraiser found a folk art painting, circa 1850, of a little boy sitting on a chair with a fluffy dog.
"It had the cuteness factor," Tuttle said. "It was in untouched condition. They consigned it to us. It sold for $886,000. To say they were pleasantly surprised is an understatement."
It can pay to keep in touch with an appraiser or auction/appraisal firm.
Among the items hot today are Asian porcelain and modern art-some works by Andy Warhol have been selling for up to $30 million within the last few years. Gold, silver and jewelry are also fetching high prices, due in large part to the continued softness in the economy.
On the other hand, demand for old masters' paintings and 18th or 19th century furniture has cooled. While these items likely have not depreciated in value, they may not be worth much more than they sold for even five years ago.
In most cases, experts agree, an auction is the best way to get the highest price for a valuable item or a whole collection.
"At a private sale, the buyer has as his or her object to pay as little as possible," says Tuttle. "Our objective is to get the highest price. The higher the price, the more we make."
Heriot says an auction is also "a safer place to buy some things than at a gallery" because with so many experts viewing a piece prior to auction, someone will spot, and make the auctioneer and others aware, if an item is not authentic or is in poor condition.
With so many firms out there offering different specializations-size, geography, services-a collector should be able to find the right one.
Skinner, for instance, groups like items in themed auctions. The firm holds sales several times each month, handling about 70,000 lots a year in 20 specialty areas, and auctions of similar types of pieces are held around the same time each year.
"We hold a books and manuscripts sale every November, at the same time as the annual book fair in Boston," Tuttle explains. "We think it draws people to the book fair, and while they are at the fair, they say, 'I have to make time to be at the auction.'