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The March 2019 MusicAppraisals.com Newsletter
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Snowplows and sun bonnets. It's the crazy season of change. Let's hope all this environmental tumult gives us the Springtime we deserve.
Certainly some of the folks in this month's newsletter deserve a break. Bad luck, bad judgement, bad news -- In the appraisal biz, these sorts of things usually affect valuation. The two examples here are warnings to us all: Something like, "don't count your chickens...," or is it, "a surefire investment," or maybe, it's just: Watch your head!
Stephen M.H. Braitman, ASA
MusicAppraisals.com
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When an appraiser researches valuation for an appraisal, they work with a number of assumptions. One such is that the item or items to be appraised are authentic. The value is based on an assumption of authenticity, or originality, or whatever characteristics provide the value to the objects being evaluated.
In this startling news story, the appraised value of $2.8 million for Chinese paintings was based on everyone, even the donor, assuming they were authentic. Perhaps it was also assumed that appraisal was the same as authentication. Perhaps the appraiser assumed there was already an existing credible authentication. Whatever the reason, everyone was surprised when the auction house did their own authentication analysis and concluded the paintings were phonies.
[Even if the paintings were authentic, one could fault the school for taking out loans in advance based on a presumption of what their realized sale might be. Never a good idea to take a risk like that.]
Bottom line, high-value items, whether they be paintings or LP records or posters or whatever, should have impeccable provenance to validate their characteristics of value. And don't confuse authentication with appraisal.
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No celebrity in recent memory evoked such a passionate outpouring of grief as when Michael Jackson died. And no death of a celebrity caused prices in the collector market to rise so quickly and so high as when "Thriller" LPs started being listed for $1,000.00 dollars on eBay.
As investment properties, Michael Jackson memorabilia seemed like the gold standard. Clothing, props, autographs, statuary from his Neverland estate - All sold for record high prices in newsworthy auction events. And they maintained their values for a long time. Until the fall. Until the rumors became tangible with the release of "Leaving Neverland," the documentary that detailed extensive child molestation charges against Jackson.
Celebrity value is a fickle mistress. Because someone is famous - for whatever reason - the memorabilia about that person becomes desirable and valuable. But the moment that fame dissipates, from startling news revelations to simple changing public tastes, deacquisition begins, and prices fall. Bill Cosby records anyone?
Very few celebrities maintain a long-time grip on the public consciousness. Abraham Lincoln, Marilyn Monroe, perhaps...? But even Elvis Presley and Princess Di are losing their collector luster.
It's usually hard to separate the personality from the object. Do we pay millions because the painting or the painter? In music, however, there seems to be less of this cult of personality. A rare soul single from 1970 can sell for thousands of dollars even if no one has ever heard of the singer. It's in the grooves.
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Art Event:
"Medieval to Metal: The Art & Evolution of The Guitar"
celebrates the artistic development of the guitar. Developed by The National GUITAR Museum in New York, New York, it features 40 objects, ranging from the rare and antique to the wildly popular and innovative.
When: February 22 - May 27, 2019
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Are you passionate about music? Do you have a music collection?
MusicAppraisals.Com can help you with any appraisal needs including insurance coverage, donating for tax credit, selling or auctioning off your material, assisting in legal issues involving property settlement and other litigation ... or simply just finding out what your collection is worth.
Schedule a free consultation today and get a better idea of what your collection is worth.
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About Stephen M.H. Braitman, ASA
Stephen M. H. Braitman has been involved with records and music most of his life. His widely acknowledged expertise in the marketplace makes his appraisal service an important component of estate planning, court and arbitration expert testimony, and insurance coverage and claims.
Stephen is an Accredited Senior Appraiser as a member of the American Society of Appraisers, active in the Northern California chapter. He is the ONLY senior appraiser with a focus on music recordings and memorabilia. He is also a member of the Association of Recorded Sound Collections (ARSC).
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