Garrett Goldfield
ASA Candidate

Garrett Goldfield Joins Bonhams & Butterfields

ASA Candidate Garrett Goldfield recently accepted a position as the San Diego representative of Bonhams & Butterfields auction house.

Garrett will be working as a liaison between sellers and the auction house to make the process easier. In his role, he will meet with sellers, take pictures of the item(s), coordinate with specialists as needed, complete contracts and arrange for transportation of the item to the proper auction.

Garrett feels very comfortable in this roll since the Goldfield family has been associated with Bonhams & Butterfields for many years.

Please join us in congratulating Garrett on this new and exciting position.

Have the New Star Wars Movies Killed the Collectible Toys Market?

by Garrett Goldfield

One of the topics that have been actively discussed in the collector community over the past 10 years is the influence of the most recent movies on the Star Wars collectibles market.  Ever since Star Wars first showed in 1977, a fever took over this planet.  Adults and children alike seemed to collect Star Wars toys and memorabilia.  Back in the 1970’s and 80’s you could not escape seeing Star Wars collectibles from action figures to Princess Leia bubble bath, to Darth Vader lunch boxes, to almost anything imaginable.  Since the movies originally debuted, the market for collectibles has found a huge audience.

In the late 1990s it was announced that three new movies were coming out and with that announcement came a further explosion in the market.  New collectibles flooded the market and speculation on their value also went through the roof.  Similar to the recent housing market boom and the stock market .com speculation before that, the market for vintage Star Wars collectibles, especially the rare items skyrocketed.  In addition, there was considerable speculation on newly released toys.  As new figures were released, (like the Darth Maul pictured to the left) the toy store stock ran out so quickly that these items were often purchased on the secondary market from dealers a few days later for as much as 10 times their sticker price.  Even Neiman Marcus got into the game, auctioning off a life-size X-Wing Fighter spaceship for $135,000.

As an avid collector myself, I remember the fervor in the 1990s at stores like Kay-bee and Toys-R-Us when shipments of new toys arrived and the collectors stampeded the store.  Some would even bribe clerks to get first selection of the newly arriving toys.

When the new movies of the series (Episode I and II) were released in 1999 and 2002, even though they were box office successes, they were a disappointment to devout fans.  With this disappointment and the subsequent bad reviews from the diehard fans, the Star Wars mystique lost some of the special feeling that it once had.  Beginning with these new movies the Star Wars collectible market took a hit.  Especially hard hit were the more recent collectibles that had increased in value through speculation.  For example a life size Yoda statue that I originally paid $250 for had gone up to $1,000 before Episode I was in the theaters.  By the time Episode II made it clear that the new movies were not holding up the market, my Yoda’s value came thudding back to earth and plummeted to under the original price.

The pieces that were produced more recently and for the new movies however have not come back.  There is a belief within the vintage collecting community that the new movies have diminished the aura of Star Wars.  As a collector myself, I feel that the best investments are still the original vintage items, many of which can still be found mint in box.  In this appraiser’s opinion, it is the vintage memorabilia which will continue to appreciate.

November 21, 2006

Taxes & Tax Planning for Small Businesses
presented by members of the Levitz Zacks & Ciceric
Accounting Professional Practice firm

December 12, 2006

Tour of Antique Refinishers & School of French Marquetry
Owner Patrick Edwards will give us a tour of his workshop and discuss how he works with appraisers in the field.  Dinner will be arranged at a nearby restaurant.

TRUE OR FALSE? - Antiques & Artworks Always Appreciate in Monetary Value

Most people believe that art, antiques and collectibles always appreciate in value. Not true! It is common for ‘objects of desire’ to go in and out of fashion. Monetary value is an expression of how many people with disposable income want something and they compete to keep the prices up in the market place. For example, an article in the September 21st New York Times Home Section, about the antiques market, noted that while Art Nouveau furniture was very popular in the 1980’s, it is currently out of favor, with prices much lower today than at that time. However, due to the current affordability, enabling dealers to acquire pieces for little money, the style was certain to be promoted again.

Promotion is key to understanding the market. The public is often bludgeoned with the concept of ‘high art’, as if collecting ‘high art’ is limited to those with “class” or “culture”. Not so – high $$$ value in the arts and antiques market is the result of dealers finding a category of ‘stuff’ that is currently affordable, and then building consumer demand through marketing techniques that involve coffee table books, fancy catalogs, museum shows, and yes, even self-dealing at auctions. With antiques and artworks the mantra of “buy cheap and sell high” is just as applicable as it is with other items, and dealers work hard to promote their inventory.

All this came to my mind because of a recent appraisal involving a “Vienna Regulator” wall clock dating from the 3rd quarter of the 19th century.  This type of clock was so fashionable that the prices grew quite high in the 1980’s. The market responded with very good reproductions for very reasonable prices, and this has driven down the market value of the antique clocks from their previous highs – way down.  A good example of this clock would sell in the 1980’s in the $3,500 and up range.  Today a quick check of current market values at Artfact.com shows that $700 - $800 is the norm.  There are simply not enough people interested in these fine antique clocks to make the market for them competitive with the reproductions.  This is very difficult to explain to a client who has been fed the doctrine that all antiques and artworks go up in value.  It also makes a data base of recent auction sales invaluable in substantiating an appraised value.

My clock specialist friend also thinks that the whole social value of “telling time” has changed.  Two hundred years ago only the very wealthy owned a clock, and it was a huge status symbol.  Today a clock is every where you look – the TV, the microwave, the stereo, the car dash – and younger people just don’t get the idea of owning a fine clock.  Now there’s an interesting cultural insight. 

All the best,

Georgie Stillman, ASA

by Kathi Jablonsky

With passage of the Pension Protection Act (H.R.4), effective retroactively to July 26, 2006, new guidelines apply to all appraisals performed for non-cash charitable contributions and estate and gift taxes.

The act defines a "qualified appraiser" as one who has earned a designation from a professional appraisal organization, among other requirements. New penalties for substantial or gross valuation misstatements are also in effect. A summary of the appraiser provisions can be read at the ASA website.

In addition, there are changes relating to Charitable Contributions of taxidermy items, clothing and household items, fractional interests, and recapture of tax benefits. The pertinent sections of the signed bill can be read by going to the Library of Congress website and searching for Bill Number H.R. 4, Title XII, subtitle B.

Report from the 2006 ASA International Appraisal Conference in Brooklyn, NY

by Lydia Thompson

This year the ASA International Appraisal conference was held in Brooklyn, NY, from July 30 to August 2 – four of the hottest days of the year!

Thom Underwood and I were the only San Diego chapter members in attendance. I can understand why: Brooklyn in August? Why would any self-respecting San Diegan go to Brooklyn in August when they could be enjoying the cool breezes of San Diego’s beaches?  But for a newbie ASA Associate Member and one-time resident of Brooklyn, it was an irresistible combination. And I am here to report on the proceedings.

All of the meetings were held in the new, very pleasant Marriott Hotel at the Brooklyn Bridge. There was no need to venture out of the air-conditioned comfort of the hotel if you didn’t want to. However, a number of tantalizing social events drew out a large number of attendees, including a dinner cruise in New York Harbor and a wine-tasting event in Tribeca. I missed the cruise but did attend the wine tasting. Tribeca borders the financial district in lower Manhattan and is known for its gallery scene, trendy hotels and restaurants. The event was held at a beautiful gallery for contemporary Vietnamese art. The venue along with the fine wine and hors d’oeuvres created a fun, relaxed atmosphere of friendly networking.

For those in the Personal Property discipline, a number of outings to local museums and galleries were arranged. I went to the two in the up-and-coming DUMBO (stands for Down-Under-the-Manhattan-Bridge-Overpass) district not far from the hotel. The first stop was Urban Glass, one of the largest and oldest glassblowing facilities in the country. Here we were lectured on the history of glass-blowing, given a tour of an exhibition of glass sculpture and a demonstration of glass-blowing process by some of the artists in residence. The second stop was Prague Kolektiv, a Czech Mid-Century Modern Furniture gallery. The very knowledgeable owner delivered a fascinating overview of the history of modern furniture and decorative arts in the Czech Republic. Not surprisingly, the ASA personal property appraisers proved to be a very sharp audience, keeping the speaker on his toes with many well-informed questions about furniture and decorative arts.

The Personal Property sessions were very useful, especially for someone just starting out in the profession. The first day of the conference, New York area attorneys Edward Schlesinger and Peter Stern gave presentations on legal case studies in art and antique valuation disputes.  Schlesinger managed to inject humor in his discussion of some landmark cases involving the appraisal profession while Peter Stern focused on ways that appraisers can protect themselves from getting sued in the first place. Topping Stern’s list for limiting personal liability are forming an LLC and writing good contracts. Both attorneys provided documentation for their presentations including case studies and a sample contract.

The second day, independent appraisers Charles Rosoff, Janella Smyth, Kathy Poppers, Stephen Caudana and Elissa Gydish, a Fine Art Specialist with Chubb, participated in a panel discussion on appraising in disaster situations. Drawing on their experience of working in the aftermath of hurricanes, floods and fire, they provided strategies for protecting yourself, your client and the property. In the next presentation, FBI Agent Fred Schultz took us from environmental to legal jeopardy, educating us on art theft and fraud by recounting some fascinating cases that he has been involved in.  Rounding out the second day was Paula Konikoff of the Appraisal Standards Board who outlined the 2006 changes to USPAP. The major changes include elimination of the Departure Rule and creation of the Scope of Work Rule.

The final day gave us a chance to hone our connoisseurship skills with sessions on appraising antique glass and ceramics. William Warmus presented on the value characteristics of 19th   and 21st-century glass. Letitia Roberts, formerly of Sotheby’s presented the finer points of appraising 18th-19th century English ceramics.

By the end of the conference I felt that the five hour flight east and putting up with the hot-as-Hades temperatures had all been worth it. I received very useful information on a wide variety of topics, met new colleagues and even partook of a little downtown New York culture.  I imagine I’ll see more of you at the conference next year. After all, it’s in L.A.!

Appraiser Qualifications Board: Public Meeting
November 7, La Jolla

Details...

2007 International Appraisal Conference Scheduled

July 15 – 18, 2007 - Hollywood, CA
Details..

Los Angeles Chapter's Fall 2006 Personal Property Roundtable

Saturday, November 18, 2006 - 10am - 2pm, Laguna Beach, $45.00 includes lunch

Open to all personal property appraisers, this roundtable is geared to both the novice and experienced appraisers. Each participant will have the opportunity to bring questions, issues and knowledge to the table to share. The seating is limited so register early. Program topics include a variety of the following: 

• Changes to USPAP
• New IRS Rules
• Technology & Education
• Marketing
• Time Management.

PLEASE NOTE - DATE HAS BEEN CHANGED FROM Nov 4 to Nov 18

Details... (.pdf document)

Other Regional Education Events

The Architecture of Other Spaces: A Symposium on Matta and Gordon Matta-Clark
October 7, 2006 - San Diego Museum of Art

Costume Society of America Conference: Dress and the Decorative Arts
November 10-11, 2006 - Huntington Library, San Marino, CA

UCI: Exploring the Getty Villa
December 15-16 - Irvine and Los Angeles, CA

October 12-13, 2006 - PP445 Report Writing Review (UC Irvine)
October 14-15, 2006 - PP443 Charitable Contributions: Do's and Don'ts (UC Irvine)
November 2-5, 2006 - PP/GJ204 - Personal Property Valuation--The Legal and Commercial Environment (UC Irvine)

Members Need Education Units to Reaccredit ASA Designation Every 5 Years

Read about the ASA reaccreditation requirements at the ASA website. (To view this information, you must log into the Members Only section, then, in the left column, click on the Reaccreditation link.)

For details about the ASA San Diego Chapter, contact information for Chapter Officers or to locate/contact an ASA designated appraiser to meet your needs, please visit our web site at SanDiegoAppraisers.org For details about the ASA San Diego Chapter, contact information for Chapter Officers .

This newsletter is published (September through June) as a service to the ASA Members and the community it serves. If you would like to receive this publication, please contact Georgie Stillman - 619-563-9000.

Newsletter Editor - Georgie Stillman, ASA
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