Tag Archive for: Art Collecting

THE STATE OF THE CHINESE ART MARKET:  STRONG WITH SUBTLE NUANCES

The Year of the Tiger is off to an auspicious start with the wildly successful auction results of Asia Week in New York City.( March 16-25, 2022) Attendees were celebrating being back in-person. They were buying enthusiastically, reflecting the overall current strong market for Chinese works of art, both ancient and contemporary.  

Tina Zonars, Co-Chairman of Asian Art at Christie’s commented: “We are delighted by this week’s results, which demonstrate the strength and resilience of the of the Asian art market across all categories.  We continue to see how the importance of quality, rarity and provenance play to collectors.” 

Of the 6 auction houses (iGavel, Bonhams, Heritage, Doyle, Sotheby’s and Christies) participating, it is interesting to note that at Sotheby’s more than 14 items sold for over $1 million, and at Christies, 11 lots made above $1 million and they set 3 auction results.  

High-quality and rare items typically sell well. While average/mid-lower level items or items without a solid history of ownership or origin, frequently suffer with weaker results. They can even go unsold.  This is a logical result of a buyer’s desire for confidence in the authenticity and age of a work of art. Especially in the traditional collecting areas of Chinese paintings, jade and porcelains. In a market where many pieces are faked, including sometimes even the auction/gallery labels and accompanying documentation.  This is the reason excellent provenance affects the strength, and ultimately the sustainability of the market for Chinese works of art, whether it is from online, telephone and in-room bidders.  This principle can be extended from the major global auction houses, but also to local, small auction houses throughout North America. 

In fact, it is likely true to an even greater degree.  The security of having an estate source is critical to sales results.  Thus, most of the highest-selling works of art is tending to come from estates- not only of famous collectors, but even small-town, relatively ‘anonymous’ individuals and families.  Big-ticket items of Imperial quality do not simply appear out of the blue in the market. 

Results from the live sale of the Important Chinese Snuff Bottles from the Rachelle R. Holden Collection at Christies demonstrates this point.  This collection of 114 bottles, due to both its high-quality, rarity of wide variety of media, and excellent provenance, achieved an impressive total of $2,252, 502 USD. 86% sold by lot, and 127% hammer above the low estimate.  The star of the show (lot 805) was a Famille Rose-Enamelled Glass Snuff Bottle from the Qianlong period (1736-1795) with a realized price of $693,000 USD.  Its provenance was: 

Li Daohong Collection, Shanghai (by repute).
Zhang Zhongyin (b. 1889) Collection, Shanghai.
Zhang Tungyu Collection.
Robert Hall, London, 1995.
Rachelle R. Holden Collection, New York. 

So while snuff bottles might be considered by some appraisers to appeal to old-fashioned tastes, and not trendy, one must be cautious and take into consideration the factors of provenance, age and rarity.  A snuff bottle which embodies all of these value factors can have impressive sales results. 

For analysis of the market for Chinese art and antiques, a good source for both generalist and specialist appraisers is the Global Chinese Art Auction Market Report provided by Artnet and the China Association of Auctioneers (CAA).  The most recent information for 2020 published in November 2021 reports that “sales remained solid in Mainland China, but dropped in other regions across the globe.”  (https://new/artnet.com/market/analysis) The article titled, “Demonstrating Resilience During the Pandemic, the Market for Chinese Art and Antiques Reaped $5.7 Billion Last Year [2020],” discusses the how the market for high-end art continues to increase and that the “ongoing problem of payment default in mainland China continues.”  This problem is being addressed by auction houses requiring non-refundable deposits prior to bidding to discourage the cancellation of purchases.  Another respected source for Chinese market information is the economist Dr. Clare McAndrew who is known for her accurate analysis of many subtle factors of market data. But there is no substitute for experiencing auctions in-person to understand the feeling in the room and by extension, the market in general.  

And one last noteworthy point:  Almost half of the 26 galleries participating in Asia Week were showing contemporary art, with dealers teaming-up to host joint exhibitions, highlighting contemporary artists. The area of contemporary art is certainly not one to be ignored when considering the overall market for Chinese art.  It is actively growing and values are increasing.

It will be important to watch as this year unfolds because of ongoing economic challenges in Mainland China. With its government restrictions and crackdowns on the flow of capital out of the country, it has impacted Chinese buyers. They are the engine of the Chinese art market.  Hopefully, the Tiger will keep roaring!

Not The Antique Roadshow: Myth Busting about Appraising Art

As a professional art appraiser, I get asked the question daily: ” How much is this worth?” And while this may seem like a simple inquiry that can be answered quickly based on a visual inspection of age, artist, medium, and condition of a specific decorative or fine work of art, in fact, there are numerous factors and methodology required to answer accurately. As well as a lot of myth busting.

The Antiques Roadshow, while entertaining to watch, does not convey the complex process of appraising art or create realistic expectations of what appraisers do. It gives an almost magical illusion that experts pick numbers out of thin air to the delight of amazed owners.

Here are some of the most common myths I regularly encounter:

Myth #1

Old items are always more valuable than newer items. Just because an item is a thousand years old, doesn’t automatically translate to a high value. Buyers decide what is desirable in the market. For Example, back in the late 1970’s and 80’s, interior designers often included Tang dynasty ceramic horses (dating to the 10th century AD) in homes. Wealthy clients paid top dollar for late tri-coloured glazed horses, sometimes upwards of $30,000. In today’s market, however, because they are not currently popular, the seller would likely get significantly less. The same goes for signed works of art. Value depends on whether the artist has an established market, and factors such as subject matter, rarity and provenance. An Andy Warhol limited edition lithograph print might be”worth”m more than an older original oil painting by a lesser-known artist.

Myth #2

There is only one monetary value for an item. In fact, there can potentially be six or more different values for the same work of art depending on the purpose of the appraisal. Values typically rand from the low end for probate tax purposes to the highest for insurance replacement cost. There are more values in between, such as auction value and Fair Market Value for donation or equitable distribution in divorces. Sometimes a piece has more sentimental value than monetary value for an owner. Sadly, appraisers can’t take personal feelings into the equation when estimating value. Appraisers provide an unbiased opinion based on facts. Appraising is an art, not a science, but it has definite criteria and appraisal theory that is applied to reach accurate value conclusions.Viewers can be mislead watching a TV appraisal program when a dollar amount is announced as a value, if they don’t understand there are many ways of answering the question what a piece is ‘worth.’

Myth #3:

Image of Susan Lahey appraising a statue

Anyone can be an art appraiser. Technically any person walking down the street can offer an opinion on your work of art, but how much confidence can you have in that opinion? Guessing isn’t good enough. Qualified art appraisers belong to recognized appraisal organizations such as the International Society of Appraisers, the American Appraisers Association, or the American Society of Appraisers. Like doctors, electricians and other professionals, appraisers must meet qualification standards of formal education and experience to be a member of these organizations. He/she must pass exams, including the Uniform Standards of Appraisal Practices (USPAP) to ensure a level of competence in the art appraisal field. Professional credentials are based on testing and successful course completion. Fortunately for clients, awareness of the importance of hiring qualified appraisers is growing. The Canada Revenue Agency now suggests that individuals and institutions hire qualified appraisers, and lawyers, banks and insurance companies also recognize the expertise of professional appraisers as resources. Whether it is a Group of Seven painting or a collection of Coca-Cola memorabilia; a Qing dynasty Chinese ink and colour scroll painting or a Lalique glass vase, another consideration when hiring an appraiser is to find someone who specializes in appraising a particular type of artwork. Experts are familiar with items that are faked (items made with the intention to deceive) and specific markets. In other words, don’t ask an appraiser who is an expert in French furniture to value your Greek coins. A good appraiser wouldn’t accept an assignment outside of their field.

Myth #4

Appraisals are free. Appraisals are not free, whether they are verbal or written. Unfortunately, people expect appraisers to give information away, like on the Antiques Roadshow. Research is required, which takes time. An appraiser should charge according to the time necessary to inspect, research and prepare a report, but never according to its potential value. It’s unethical for an appraiser to charge a percentage of the value. Each individual appraiser sets her/his own rates, as there is no official standard hourly rate. A professional services agreement should be signed by both parties outlining the scope of work, fee payment and other critical information to ensure objective, satisfactory results. While we all hope our works of art are treasures just waiting to be discovered, appraising is a complex task. The next time you are watching the Antiques Roadshow, enjoy it, but remember what it is: entertainment with a splash of education. In real life, there are professional appraisers available to help guide you through the process of learning what your works of art are truly ‘worth.’


Susan Lahey, MA, ISA CAPP, is a professional art appraiser specializing in Asian art. She provides independent art research, advisory, collection management, teaching and public speaking services.

Susan writes the Art Buzz column for the East Gwillimbury’s Bulletin Magazine

Need a piece appraised? Contact Susan here

First Educational Talk of 2022: Canadian Society of Decorative Arts

I am excited to also announce my first educational talk of 2022 will be for the Canadian Society of Decorative Arts.  The CSDA/CCAD is a charitable foundation that encourages the exploration and cultivation of the decorative arts in all its forms.  The CSDA defines decorative arts, “As creative works, often of a practical or useful nature, produced by an artist, craftsman or amateur, which have intrinsic aesthetic and/or historical value. These arts include interior design, furniture and furnishings, ceramics, glass, metalwork, graphics, textiles, theatre arts, together with aspects of architecture, industrial and landscape design.”   

 
The topic I will be discussing is as part of the CSDA/CCAD Sundays:  Expert Series on April 3, 2022 at 3PM EDT

Topic:
Chinese Porcelain in Canada in the 18th & 19th Centuries:  Featuring Examples in Nova Scotia & Quebec Collections

Did you know there are more than 69,000 fragments of Chinese blue and white porcelain in the archaeological collection of Nova Scotia’s Fortress of Louisbourg?  Or that Chinese famille rose porcelains were imported to Canada from the famous Imperial kilns of Jingdezhen?  Join Asian art expert Susan Lahey, MA, ISA CAPP, for a visually engaging presentation exploring Chinese porcelain in museum collections from Quebec and Nova Scotia.  Not only will she examine the history of when and how these pieces arrived in Canada, but also provide a brief background on the development of blue and white in China.  The significance of these porcelain wares and the symbolism of decoration depicted on them will be discussed in a way that is entertaining to a broad audience of both Western and Chinese porcelain connoisseurs alike.

You can Register for the Canadian Society of Decorative Arts Event HERE

Read Susan’s Presidential announcement HERE

Happy Chinese New Year: The Year of the Tiger

Happy Chinese New Year, Wishing you a Healthy, Happy and Prosperous New Year!

Susan Lahey Appointed to the Ontario Arts Council Board of Directors

Susan-LaheySusan Lahey of Mount Albert, Ontario, was appointed to the Ontario Arts Council (OAC) board of directors in April 2019.
 
Fluent in Mandarin Chinese, Susan holds degrees from the University of Toronto and the University of British Columbia, as well as a post-graduate diploma in Asian art from Sotheby’s School of Oriental and African Studies in London, England.  Her interest in Chinese culture and its arts led her to Taipei, Taiwan, for two years studying at Stanford’s Inter-University Program for Chinese Language Studies at the National Taiwan University.
 
Susan is President of Eastern Art Consultants Inc.  Prior to this, she served as the Department Head for Asian arts at Ritchies Auctioneers & Appraisers, a former Toronto auction house.  Currently she is an Accredited Member of the International Society of Appraisers (ISA), an organization that maintains the highest standards in the methodology and ethics of appraising.  Susan regularly works as an instructor of Chinese art (both ancient and contemporary); engages in public speaking at arts events, and contributes articles to digital and print publications on the Asian art market.
 
Previously, Susan held various work positions at the Royal Ontario Museum’s Near Eastern & Asian Civilizations Department.  She also served there as the Program Chair of the Friends of the Far East, Bishop White Committee Executive.
 
Susan is an active volunteer in her community of East Gwillimbury, where she serves on the Town’s Arts & Culture Advisory Committee.  She volunteered as secretary for the Foundation for Appraisal Education and served as the Art Society Convener at the Granite Club, organizing a wide variety of art-themed events and lectures for more than five years. 

Original article can be found here

What’s the Big Deal About Ai Weiwei?

Ai-Weiwei-Zodiac-Head

What’s the Big Deal About Ai Weiwei? 

Toronto has been invaded by the art work of Ai Weiwei.  This past summer and fall, his bronze sculptural installation at Nathan Philips Square of Circle of Animals/Zodiac Heads (a reinterpretation of the originals looted from the Old Summer Palace in Beijing in 1860), and the exhibition “According to What?” at the Art Gallery of Ontario, have permeated the local art scene.  As well, Scotiabank’s Nuit Blanche event was dominated by his work Forever Bicycles.  Consisting of an arrangement of 3,144 bicycles, it took 15 days for workers to assemble it.  Combined with the opportunity to walk through the structure, the lighting, and dry ice, it made for a dramatic and memorable hit with the public. 

 

So what is the fuss all about and why is his work so ubiquitous?

 

Cardboard-Ai-Weiwei

Sean Martindale, “Love the Future/Free Ai Weiwei,” 2012, 8′ cardboard sculpture of Ai Weiwei

 

The main themes embodied in his work usually fall into, or combine, two categories:  1) an emphasis on the value of every individual human life, and 2) the creation of new works of art from destroyed materials, often wood from Qing dynasty temples which he reassembles.

 

Around the time of the 2008 Sichuan earthquake, Ai emerged as an influential blogger and social activist.  He is known for his social commentary, and as a result, he has had frequent run-ins with Chinese authorities, as depicted in Alison Klayman’s documentary about Ai, titled “Never Sorry.” 

 

Accessibility to his work is significant.  You don’t have to be an expert on Chinese culture or art to appreciate the creative force behind it.  His work speaks cross-culturally.  This is a common denominator to all great art.  Anyone can emotionally access the impact of his work Straight, consisting of 38 tons of rebar (the steel bars which reinforce concrete in buildings).  Ai’s response to the earthquake is embodied in a work which consists of metal bars from the twisted wreckage of collapsed schools where more than 5,000 children lost their lives.  Ai has straightened each bar to represent a lost child.  This work of art, 40 by Ai-Weiwei-AGO-Rebar20 feet, varies in height like a rolling landscape.  From the side it has the appearance of an earthquake seismic graph.  There is even a fissure down the middle.  Visually, and literally, this is a heavy piece.  It protests the corrupt concrete construction business which built the schools, and the government’s refusal to officially acknowledge the number of people who perished in the disaster. 

 

An example of Ai’s assemblage of old materials using traditional techniques to create a new work of art, is China Log, 2005. Using tieli wood (iron wood) salvaged from eight Qing dynasty temple pillars, Ai creates an “opening” in the shape of a map of China.  The nation symbolically appears within the pieces of jigsaw-like assembled pieces.  It is both a political statement (due to the geographical boundaries Ai chooses to use to define China’s borders), and a social comment on how new creations evolve from the destruction of China’s Ai-Weiwei-Map-of-Chinatraditional architecture. 

 

A final, and interesting question to consider, from an appraiser’s or collector’s perspective is: “What is Ai Weiwei’s art ‘worth’?”

 

Given his mainstream popularity, his work is commanding high prices in the auction market.  Three pieces to consider which have similar counterparts in the AGO exhibition give us a glimpse into value in the auction market.  For example, a Group of 9 Coloured Vases, consisting of Neolithic vases painted by Ai Weiwei in 2007, sold at Sotheby’s in London in 2012 for $156,325 USD; a porcelain Ruyi Sceptre, made in 2006, sold at Hosane auction (in Shanghai) in 2011 for $159,940 USD; and a Stool, signed and dated by Ai Weiwei, made from two joined Qing dynasty (1644-1911) stools, sold at Christies in New York in 2012, for $206,500 USD.  (All prices include buyer’s premium.)

 

Why is everyone talking about Ai Weiwei?  Simply put, he is many things to many people.  The ‘worth’ of his art goes beyond the monetary.  He is not only a master of various media, as sculptor, photographer, architect, ceramicist, and Internet blogger but also a galvanizing figure in the struggle for freedom of expression in a country where human rights are not always respected.  He is an artist who deliberately takes risks and suffers consequences for his authenticity.  As such, Ai Weiwei can be counted as among the most influential artists of the 21st century.

 

Want to learn more about contemporary Chinese art in Toronto? Check out the UCCA booth (Ullens Centre for Contemporary Art) visiting from Beijing at Art Toronto this October 24-28, 2013.  They will be featuring limited edition prints of other famous artists such as Zhang Xiaogang, Wang Guangyi, and Yue Minjun, along with emerging artists.  Still want more?  Visit the monumental public stainless steel sculpture The Rising by Zhang Huan installed in front of the Shangri-La hotel on University Avenue.  Explore the work of Xiao Gui Hui, currently living and working in Toronto, who is represented by the Christopher Cutts gallery; and visit the Gendai gallery which features Asian contemporary exhibitions.  To read more in English about Contemporary Chinese art, pick up a copy of the Yishu Journal of Contemporary Chinese Art

 

Susan Lahey, MA ISA

President, Eastern Art Consultants Inc.

www.easternartconsultants.com

 

The Dragon Awakes: Sensational Auction Results for Imperial Chinese Porcelain, Jades and Paintings

The Dragon Awakes: Sensational Auction Results for Imperial Chinese Porcelain, Jades and Paintings

The dragon is in fact more than just awake, it is already breathing fire and has rocketed to the sky. China’s recent staggering economic growth and prowess is well-served by the symbolic dragon, as is the phenomenon of the stellar (described by some observers as “crazy”) prices realized at auction houses around the globe for works of Chinese art.

For those of us who are passionate about Asian art, these are heady days. Even if the reader has only a passing interest in Chinese art from the headlines of record-breaking prices in mainstream media, people are wondering about the reasons behind remarkable growth in this particular art market. In my experience as President of Eastern Art Consultants Inc., I have witnessed Mainland Chinese buyers flocking to auction houses in London, Hong Kong and New York, replacing Americans and Europeans as buyers of Chinese art. In many cases it is Western collectors selling off their artwork which is being snapped up by Chinese buyers with an insatiable appetite.

A Canadian example of this phenomenon is an 18th century rhinoceros horn cup sold at Waddington’s in Toronto on a snowy evening in December 2010. Excitement filled the auction house as bids on a libation cup, decorated in the ‘Hundred Boys Motif’, rose steadily, with the hammer finally coming down at a breathtaking $893,750 CDN (buyer’s premium included) to a Mainland Chinese buyer. Although the provenance was fairy-tale like (the consignor being an elderly lady who stumbled upon the cup at a church yard sale in the early 1980s, for $1),the high prices for Imperial works of art, especially those of the Qing dynasty (1644-1911), and specifically Emperor Qianlong (1735-1796), are becoming the new norm.

Similar stories can be found elsewhere, as in Scotland, where a Bonham’s appraiser visiting a home happened to notice a pair of elegant famille rose melon-shaped porcelain teapots. Unbeknownst to the owner, they were from the Qianlong period, and subsequently achieved the astonishing price of £1,341,600 on May 12, 2011.

Who is driving this market? And why are pieces made during the Qianlong Emperor’s reign considered so desirable? The Chinese traditionally prefer works produced in the Imperial workshops, especially those of Qianlong because they are regarded as the pinnacle of technical and aesthetic achievement. The emperor himself was an avid collector and scholar who accumulated a vast storehouse of treasures with cultural significance. There is also a history of art collecting in China which goes back as far as the Neolithic period, and the nouveau riche in China apparently hope to demonstrate their taste and connoisseurship as modern day collectors following the Imperial example.

And what is behind this incredible surge in prices? The economic reasons for the financial readiness of Chinese buyers is straightforward, including millions of individuals who are making fortunes in various business enterprises, and now have disposable income to spend. But their motivations are more complex.

Observers point to new Mainland Chinese buyers compelled by nationalist sentiments, wanting to repatriate cultural heritage, such as that looted from the Imperial Summer Palace by French and British soldiers in 1860; while others emphasize their practicality as buyers seeking alternate investments in which to store their cash.
The areas which have seen the most impressive results are jades, porcelains and paintings.

Jade is the new “gold” rush. The Chinese have had an affinity for this stone for millennia. Prices are booming because like gold, it is an ideal form of storing portable assets, and is regarded as better than bank accounts. Examples of jades surpassing estimates at recent sales include items from the British Estate of Mary Anne Marten sold last year. Most talked about were a pair of pale green jade elephants believed to be from the Imperial court of Qianlong which sold for £1.2 million, tripling its estimate. The same is true in the case of a remarkable Imperial piece, a spinach jade brush pot which sold in Hong Kong, October 5, 2011, for $6,620,000 HK.

Another fabulous jade, a fine Imperial brush washer carved from a solid block of white jade (Qianlong mark and period), from the Dillingham Estate of Hawaii, doubled its estimate when it sold at Sotheby’s New York this September for $782,500 US. Chinese collectors will pay such prices, and fight bidding wars, for rare white jade, thus making it worth literally more than its weight in gold.

As for paintings at recent sales, the highlight was an 18th century painting by the artist Dong Bangda, Thatched Hut Among Autumnal Mountains, ink on silk, a hanging scroll dated 1743, selling for $386,500 US at Sotheby’s New York September 14th 2011, because there was a written account that Emperor Qianlong admired this painter’s work. Of note, the average price of a classic Chinese painting nearly doubled in the past year.

Yet it is the porcelains which have truly exceeded all possible expectations. At Christie’s September 2011 sale in New York (Property from the Xu Hanqing collection) the top lots were purchased by Chinese buyers. Typical of this, is the rare blue and white Ming-style moonflask with Qianlong seal mark in underglaze blue which sold for $2,658,500 US.

A yellow-ground famille rose vase in the double gourd shape sold at Sotheby’s Hong Kong in 2010 for $32.4 million US, to a Hong Kong based collector who is quoted as saying about her purchase: “As long as you like something, even if it’s expensive, it’s worth it.” It featured a six character Qianlong mark on the base in red, and had an impeccable provenance traceable back to the 19th century.

One might wonder…..will the prices stop climbing? At a talk at Toronto’s Gardiner Museum in April of this year, Michael Bass of Christie’s Chinese Works of Art, New York, stated: “Outstanding results demonstrate the continued and remarkable strength of the Chinese art market.” The current state of the market is certainly more than a trend, and its rise seems destined to grow in step with the burgeoning Chinese economy. So, the next time you are at a yard sale, take an extra careful look. That Chinese porcelain vase or brush painting might just be the next record-breaking sale.

Susan Lahey, MA, ISA President, Eastern Art Consultants Inc.
Written for The Upper Canadian Antique Showcase, November 2, 2011

Inaugural Asian Art Auction: Walker’s Auctions

October 27, 2011

This date marked the inaugural auction of Asian art at Walker’s Fine Art and Estate Auctioneers in Ottawa, Ontario, Canada. With almost 200 lot offerings covering a wide range of decorative and fine Asian art, attendees were treated to an exciting evening. Preceeded by previews in both Toronto and Ottawa, clients had the opportunity to handle a variety of objects from Chinese export silver, to Indian bronzes, Japanese cloisonne and ivories, in addition to many fine Chinese jades and paintings, and Japanese prints. Some of the highlights from the sale included a bound, publisher-assembled album of 100 prints by Toyokuni III (Kunisada) 1786-1864, featuring images from kabuki plays; a rare Sino-Tibetan ivory ceremonial scabbard featuring tourmaline, turquoise, coral and lapis embellishments; and Qing dynasty white “mutton fat” (hetian) jade objects, such as the seated figure of a lohan, a lotus-form vase, and a white nephrite snuff bottle of flattened ovoid shape with pale orange skin. That evening, with Jeffrey Walker presiding as auctioneer, the auction space was full to capacity with eager buyers, many from the Ottawa area, keen to participate in this special occasion.

Walker’s Auctions was founded in 1937 by William Scott Walker, whose grandchildren, Jeffrey and Christine, continue to this day to run the respected family business. It has grown from humble beginnings to an auction house with an international scope renowned for its sales in Canadian, European and Inuit art.

This first sale of Asian art marks the next chapter for Walker’s as an auction house with global presence.

Susan Lahey, MA, ISA
President, Eastern Art Consultants Inc.

Being An Asian Art Appraiser: Issues and Anecdotes

Being An Asian Art Appraiser: Issues and Anecdotes

Lemur monkeys and Asian art. What is the connection? Being an appraiser of Asian art means encountering the unexpected. And my “monkey experience” represents the sort of adventure which would make the appraisal profession and auction world rich material for a reality TV show.

The appraisal process often begins with a call from a client who is interested, most commonly, in knowing what his/her piece is “worth”. The word “worth” requires some explanation as I will outline later, however, determining value almost always entails a visit to the client in order to visually examine and evaluate the objects in question. It was on one such occasion many years ago while employed at an auction house, that I went to look at what was described as an assortment of exotic objects from various parts of the world acquired through travels. The home contained, among other bizarre things, an elephant skull, an African penis sheath collection, a taxidermied elk (covered in an inch of dust) in the living room, and as I was to be startled by, a pair of live lemur monkeys hopping about, with glowing yellow eyes and ringed tails. In fact, there were no familiar objects such as Chinese porcelain or Japanese prints to appraise, but to this day, that experience remains one of my most memorable.

I wish I could say that I had discovered an extraordinarily valuable Qing dynasty vase, like the ones recently appearing on the market in England, but that dream remains illusive. One such vase sold in November of 2010 at Bainbridges auction house outside of London, for the astounding record-breaking price of $85 million (includes buyer’s premium and taxes). The Qianlong vase, c.1740, was found during the routine clearing out of a bungalow belonging to a deceased senior. It is a rare reticulated double-walled vase featuring pierced archaic-inspired chilong dragons, and four reserved roundels depicting pairs of fish. Its trumpet neck of primrose yellow highlighted by a delicate Y-pattern in pink. While the happy relatives who inherited it were overwhelmed by their unexpected good fortune, imagine what might have happened to the vase if it had not been noticed by an auction employee with a good eye?

Much closer to home there is the true story of an elderly woman who in the 1980s unknowingly purchased a 17th century Qing dynasty rhinoceros horn libation cup (featuring finely carved detail of the ‘Hundred Boys’ motif) at a church yard sale of donated items here in Toronto for $1 (yes, that figure is correct, $1), which she consigned for auction at Waddington’s Auctioneers and Appraisers. Estimated at $40,000/60,000, it sold on Monday December 13, 2010 for $893,750. (Both of these auctions can be viewed on YouTube.)

That sort of experience, akin to winning the lottery, although infrequent, reinforces the lesson that individual owners need to educate themselves on their works of art. It is crucial to get an objective appraisal by a qualified professional appraiser before making decisions to donate, sell or distribute objects. Knowledge, as the cliché goes, is power, and could be of significant financial benefit as well.

What makes a good appraisal and appraiser?

Whether having Asian or other works of art appraised, the principles are the same. The selection of an appraiser is key to the quality of information received in the written appraisal. The client must consider whether this person is a member of an appraisal society which adheres to the code of ethics and practices of the Uniform Standard of Professional Appraisal Practice (USPAP). The International Society of Appraisers and the Appraisers Association of America are such organizations. Fortunately, public awareness is growing about the standards they uphold; standards which are required to be used, for example, if applying to the Canadian Cultural Property Export Review Board when donating cultural property for tax credit.

A proper appraisal will follow the standard Getty Object ID format of description which includes the artist’s name/object type; title; date/period of manufacture; medium; dimensions; signatures/marks; description; provenance; condition; and very importantly, a photo of each object because an image really is worth a thousand words. The appraiser’s certification should include the statement that he/she has no undisclosed past, present or future interest in the property; the values he/she determines should not be contingent upon reporting predetermined results desired by the client; and the compensation/fees for the appraisal should never be contingent upon the value of the items, because it is unethical to charge a percentage of the overall value of the appraised items for his/her services.

The purpose of the appraisal will determine the type of value sought. Simply explained, on a scale from from high to low value, there are four typical kinds of appraisals: for insurance (which is at the top because the values are comparable to retail replacement value); for fair market (which is defined in Canada as “the highest price, expressed in terms of money, that the property would bring in an open and unrestricted market between a willing buyer and a willing seller who are knowledgeable, informed, and prudent and who are acting independently of each other”); for auction (which is an estimate range the object might sell for within that environment); and for probate (which is done for estate tax purposes).

Other factors, in addition to the most basic ones of workmanship and age, which affect the determination of value are: condition of the piece, its provenance, and current market trends. It is the trained eye of a professional appraiser who knows what to look for and how to look at an object to find hairline cracks, ‘invisible’ repairs, and aspects of a work of art which could indicate that it is a newer reproduction. The Chinese are skilled at reproducing earlier pieces, often unfortunately with the intention of deliberately deceiving the buyer for monetary gain.

Provenance is another critical factor in determining the value of a piece. Knowing where an object was purchased, and having receipts and documents to prove whose hands and collections the object has passed through, can significantly increase the value of a piece. Therefore it is important to keep receipts when acquiring objects.

Market trends are a factor beyond an owner’s control. At present, Chinese art in the auction market is on fire. This trend has lead to the dramatic increase of prices across various media (painting, jades, bronzes, ceramics) for high quality or rare pieces. For example, prices for white jade carvings, prized in Chinese culture, have increased astronomically. A recent New York Times article noted that white jade from Xinjiang province in China is now surpassing gold in value, selling for $3,000 an ounce which is a tenfold increase from a decade ago. In November of 2010, again in London, an Imperial white jade carving of a deer sold for over $6 million. The growing and volatile market for Chinese art is fuelled by many newly wealthy Mainland Chinese buyers. This kind of electric atmosphere in auction houses has lead to frenzied buying and strong prices.

As an appraiser, one of the most pleasurable aspects of the job is having the chance to handle beautiful objects, and being challenged by identifying unusual objects, rather like a detective solving a mystery. I enjoy learning new things, such as I did when appraising a Korean celadon-glazed stoneware cup with pointed base which is displayed in the permanent Korean gallery of the Royal Ontario Museum (see illustration). Its function was initially perplexing, for how could a cup of such unusual shape be used? It is in fact an “equestrian or on-horse” cup (masangbae) for a rider to drink wine from while on horseback. The green glazed stoneware cup is inlaid with sangham-coloured chrysanthemums, and dates to the 12-13th century (Goryeo dynasty), part of a collection gifted by Mrs. George G. R. Harris in 2003. The cup is also exceptional because when it was chipped on the rim, the original owner valued it so highly, he had it repaired in gilt.

In conclusion, it has been my experience that individuals have varying levels of awareness of the value of their art objects. While collectors are often knowledgeable, many surprisingly leave themselves vulnerable because they do not insure their collections; and other owners who may have acquired pieces handed down through their family may not be aware of objects’ true values and lost their stories of origin over time. Then there was the gentleman I spoke with once, who religiously watched the Antiques Roadshow, and was convinced that his early 20th century Japanese Satsuma-style vase (broken and glued) was identical to one he saw on the TV show (which was an 18th century Edo piece in pristine condition with a maker’s mark and documented provenance.) Delivering disappointing news to the owner who was hoping for a luxury holiday on the sale proceeds of his vase, required the skills of a diplomat to reduce the impact of this information. However, regardless of whether the news is pleasantly surprising or disappointing, knowing the value of one’s objects should always be viewed in a positive light.