Auctioneers regularly hear from members of the public seeking their opinion on the value of a piece of jewellery, a painting, a rare book or a piece of antique furniture. And while most auctioneers offer their expertise for free, many say that members of the public often have unrealistically high expectations of the value of the items they bring in to be valued.
“Some clients have done their own research before they come to us but a lot of the time it has been done incorrectly, leading them to having higher expectations than the true auction market,” says Claire-Laurence Mestrallet, head of jewellery at Adam’s Fine Art Auctioneers and Valuers on St Stephen’s Green, Dublin.
She explains that people can be confused between the insurance valuation (ie the retail value in case of loss or damage) and the more realistic price a piece might fetch when sold at auction. “Sometimes pieces are overvalued for insurance,” she says.
According to Mestrallet, some people accept the valuation given by the auctioneer, while others need time to come to terms with the news before deciding to sell a piece.
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Engagement rings are among the items for which valuations are frequently sought. Jewellery that’s no longer worn and jewellery that’s been inherited but not necessarily wanted are also likely to be brought in for assessment on valuation days, she says. It’s often the case that people no longer want to keep valuable jewellery that they don’t wear in their homes and decide to sell it on.
Adam’s is hosting valuation days next week in hotels in Dublin (Monday, July 28th), Belfast (Tuesday, July 29th), Cork (Wednesday, July 30th) and Limerick (Thursday, July 31st). Anyone interested in attending should email stephanie@adams.ie in advance.
Mestrallet says valuation days always bring some surprises. “It’s like fishing. Some days, there is nothing and other days, you might see something spectacular,” she says.
Valuation days are also a way for auctioneers to build relationships with future clients, with about 40-50 per cent of items seen on the day put on the market for sale subsequently.
Will de Búrca of De Búrca Rare Books in Blackrock, Co Dublin, says his antiquarian and rare books shop receives photographs almost on a daily basis from people “hoping they’ve stumbled upon a hidden treasure in their attic or in their inherited library”.
Most of the time, the owners of these potentially rare books, maps or manuscripts have already typed the details into Google in the hope of finding the answers to their questions. “The internet can be a good starting point but it’s a bit like diagnosing an illness – it’s best to ask a specialist,” says de Búrca.
“What many people don’t realise is that a book’s true value lies in the detail: edition, condition, rarity, provenance and sometimes the story attached to it.”
While it may be difficult to fathom, he says two books with the same title and date can differ in value substantially.
“Valuations can be a bit of a reality check. Sometimes people are disappointed to learn their cherished heirloom is more sentiment than substance. Others are pleasantly surprised to discover that a volume on their shelf is actually quite valuable,” says de Búrca.
Genuinely valuable or remarkable books don’t turn up very often. “Most inquiries turn out to be relatively common editions or books with more sentimental than market value.”
He says that what makes a book particularly interesting for a dealer isn’t always its monetary value. “It’s rather if it has unique binding, marginalia [notes written in the margins of the text] from a notable owner or a forgotten piece of Irish printing that fills a gap in the historical record.” De Búrca Rare Books regularly puts up a selection of new books on its website for collectors to view.
Morgan O’Driscoll, which has offices in Skibbereen, Co Cork and Fitzwilliam Square in Dublin, says paintings are often brought in for valuations. “If people send us an image of a painting, we will give them an initial valuation but we will never sell something unless we physically have it here,” says O’Driscoll. A final, formal valuation will only be given once he sees the painting in person to check its authenticity, size and condition.
“Valuations are one of the most rewarding aspects of the job – never knowing when something truly special will come through the door. Those unexpected finds keep things exciting,” he says.
On average, O’Driscoll estimates that about 50 per cent of the paintings sold in his art auctions come in through clients seeking valuations. One such work is the John Shinnors painting Falling, which is being offered in his current Irish Art online auction. Executed by the artist between 2000 and 2001, the oil-on-canvas work carries an estimate of between €8,000 and €12,000 and is available to bid on until 6.30pm this Monday, July 28th.
According to O’Driscoll, most people are happy with the estimates that auctioneers give them. “They can see online the highest price an artist has made and avid collectors will know how much each artist’s paintings are worth,” he says.
Adams.ie; deburcararebooks.com; morganodriscoll.com
What did it sell for?
Jane Birkin’s original Hermes Birkin bag
Estimate €1 million (bidding opened at this level)
Hammer price €8.6 million
Auction house Sotheby’s
Rolex Cellini
Estimate €3,000-€4,000
Hammer price Unsold
Auction house O’Reilly’s
Patek Philippe Golden Ellipse
Estimate €7,500-€8,500
Hammer price €8,333
Auction house Adam’s Blackrock
Chopard Happy Sport
Estimate €1,800-€2,000
Hammer price €952
Auction house Adam’s Blackrock
