$50,000 Oil Painting Recovered Thanks To Pamela Bensoussan, ASA

Union Tribune Article

Charles Reiffel's
“Mountain Rancher, Southern California”

During an estate-liquidation sale at a San Diego auction house in March, a painting by notable landscape artist Charles Reiffel raised suspicions.

The 72-year-old oil painting of a farmer on a plow, “Mountain Rancher, Southern California,” matched the description of a painting missing from the San Diego Unified School District's art collection. Just hours before the piece was to be auctioned, certified appraiser Pamela Bensoussan alerted the district to reclaim it.“Mountain Rancher,” later valued at $50,000, has been returned to the little-known collection, which contains 97 pieces and has an estimated fair-market value of more than $800,000. A dozen more paintings, which would push the collection's value close to $1 million, remain unaccounted for.

The collection has been neglected for much of its existence. Its cash value is largely irrelevant, because it cannot be sold. Much of it was donated by individuals, who stipulated it be used for educational enrichment, or commissioned by the Depression-era Works Projects Administration, and technically owned by the federal government.

Bensoussan was hired last year to appraise the collection and conduct its first inventory in 33 years.

For years, some pieces were hung in offices, some in schools, some were stashed carelessly in a warehouse, and
some had gone missing. At least one was destroyed.

Read the entire article...

Craig Campbell painting of
Tiger Woods
Winning the Masters in 2005. 
Auction estimate: 
$14,000-$18,000.

Golf Memorabilia is Coming Down the Fairway

by Garrett Goldfield

Golf isn’t just a hobby these days, with the increasing popularity of the sport comes increasing popularity in collecting golf related memorabilia. With the onset of Tiger Woods and the advent of advanced technologies in golf equipment, many people are interested in discovering the roots of the sport and collecting its memorabilia. Many are discovering that it has a history that is both old and storied. Golf is older than many of the sports we play in this country. Far older than baseball or basketball, in fact we know that the Scots were playing golf at least in the mid-15th Century, whereas baseball and basketball are 19th Century developments. In fact, the earliest known reference to golf comes from King James II of Scotland, who, in 1457, issued a ban on the playing of golf and soccer. Those games, James complained, were keeping his archers from their practice.

Golf collecting however is somewhat unique in its market. While many other sports have collectors who just love to watch the game but not necessarily play, golf seems to be a sport where the collectors are also players themselves. Until relatively recently (in the last 30 years or so) golf was not commonly broadcast on television on a regular basis. Also, unlike many other sports, there are no uniforms to buy. Most golf collecting is centered around clubs and balls. Of course memorabilia of beloved golf stars is highly collectible as well.

Cochrane’s Mammoth Niblick. 
Auction estimate:  $1,200 - $1,600.

All things considered, this is a collecting area that is still affordable for most collectors. Vintage clubs, bags, and balls can be purchased for a relatively reasonable price. In fact, there is an auction taking place in February with an exclusive focus on golf memorabilia, and most of the items fall within the $100-$400 range. Even the exceptional pieces from the golf world do not often exceed $10,000.

Many of these items fall well within reasonably priced collector category because many of the items are purely decorative and no longer serve as functional equipment. In addition, until recently golf was a game for the wealthy and the popularity of collecting the items was limited to a small segment of the population that was both interested in the sport and who could afford to play it. Today a much wider range of people enjoy golf thanks to public courses with reasonable greens fees.

The wonderful thing about collecting golf equipment is that it reminds us of the rich history of the game while providing beautiful relics to look at.  Old clubs are made from attractive polished woods.  Not to mention that you can admire how difficult the older equipment was to play with when you compare it to the lightweight metal clubs of today, with their larger club heads making it much easier for a player to hit the ball.

While golf equipment does appear to be the main collectibles of the sport, a person can decorate an entire room with golf memorabilia. Other items such as golf books, course flags, scorecards, or signed programs also have their place within the market. As golf continues to increase in popularity, this is a market that may be poised to take off…FORE!

George Washington is Dead

Appraising an old Newspaper

I recently had a phone message asking if I knew anything about a “very old newspaper with an article announcing the death of George Washington, dating from 1800.”  Before I called him back I logged onto Artfact.com to see what I could find.  There were two auction sales of an original newspaper describing the death of General Washington.  One was dated December 23, 1799 from The New York Gazette and General Advertizer, and the other dated December 24, 1799 from the New Jersey Journal, Elizabeth-Town.  Well, that is interesting, George Washington died on December 14, 1799 at Mount Vernon, Virginia, cause of death, throat infection.  Oh, I get it - there were no telephones, telegraphs, regional railroads, television or internet in those days, so news traveled by horseback messenger from community to community, and then the paper had to be printed so there was always a time lag before news came to your corner newsstand or paperboy.  The newspapers were both described as in good condition, minor wear, and both sold at Samuel T. Freeman & Co auctioneers, Philadelphia.  The first one noted above, the December 23rd one from NYC, sold for $950 (estimate $1,200 - $1,500) on September 14th, 2006.  The New Jersey paper (dated Dec. 24th) sold for $1,100 on January 23, 2003.  The difference in values seems to lie in the degree of acceptable good condition, which is provided in the lot details, and would need to be compared to the ‘subject’ property.  I saw that in each case well-recognized paper & ink authorities were consulted by the auction house to determine that the paper content and ink were of the correct age and material.

Armed with this information I called back my friend. I told him that IF the paper was an authentic period death notice (and the mention of a date of 1800 is a bit disturbing, but can be explained given the time lag), and in good condition, these recent auction results indicate a potential value. However, during our nation’s first Centennial celebrations around 1876, the most important ‘party’ being the Philadelphia Centennial Exhibition, enormous national patriotic pride was ignited and the First President was probably more popular and revered than when he was alive a hundred years before, and this admiration carried on to Honest George’s own death Centennial in 1899. Many varieties of commemorative funeral notices were published in the late 19th century, making it a possibility that the subject newspaper article was a reprint. And of course there are out-and-out fakes of the original, many dating from our 2nd USA centennial in 1976.

My friend was calling from Boise, Idaho, and had no ASA personal property appraiser to refer to his client. I recommended he advise his client to take it an antiquarian bookseller, who could possibly verify the age of the paper, as a FIRST step in determining what his client had. Depending on the outcome of this informal opinion, it might be necessary to get a formal authentication of the ‘material’ of the ink and paper, as did the auction house.

That is not the end of the valuation process, just the beginning.  I pointed out that a seller in Boise dose not have the same access to the potential market place as does a seller in a more active and populous collecting market such as Philadelphia, and a well-established auction house such as Freeman’s.  However, the internet does provide an active market place, as long as proper authentication and appraisal documents are provided, but perhaps at a discount from the auction house prices, as the Freeman auction house is considered to be a pretty much ‘retail’ venue.

Furthermore, if the valuation is for insurance that would spur another set of important questions to address. The appraiser would then need to find comparable sales and/or asking prices from specialty antique shops or galleries to arrive at an insurance-appropriate value conclusion.

It took me less than 5 minutes to access the auction records.  However, as the above discussion indicates, finding that information was only a very small part of the valuation process.  Authenticity, condition, intended use of the appraisal, and determination of the appropriate marketplace are all part of the ‘scope of work’ that would have to be defined before a relevant value conclusion is reached.  The general public may think that just getting a few ‘prices’ is an appraisal, but this is a vast oversimplification of any appraisal process.  Just as the price a neighboring house sold for is only an interesting fact in the overall appraisal of a piece of real estate, so it is with personal property.

Bye the way, the friend who called, for those of you have been involved with ASA for a while, was our former Chapter Member and Officer Peter Bulter, ASA, BV.  He is well and busy, and it was so good to hear from him.

All the best,

Georgie Stillman, ASA

Saturday, March 3, 2007
8 am - 5 pm

Kings Inn - Mission Valley
1333 Hotel Circle South, San Diego map

Instructor Bill Novotny - Back by Popular Demand

We are pleased to announce that Bill Novotny, ISA AM, has agreed to teach the seven-hour USPAP update course for personal property appraisers here in San Diego. Many will remember that Mr. Novotny did an excellent job when he taught the full 15 hour USPAP course two years ago that was also sponsored by the San Diego ASA Chapter.

Bill Novotny is certified as a national USPAP instructor by the Appraiser Qualifications Board. In 2002 he was the first personal property appraiser to attain this distinction.  He is author of “USPAP and the Appraisal Process” an 82-page study manual that will be provided free in electronic form to course registrants – a hard copy will be available for a small fee. Mr. Novotny has been a full-time personal property appraiser since 1993 and also owned an antique store for fifteen years. In addition to teaching USPAP he has taught core valuation courses in appraisal theory, methods, practice and report writing.

Low Cost

This course will be offered at the bargain price of $125. An early registration discount of 10% will be available to all registrants who pay in full before February 5, 2007. This is a special low rate subsidized by the San Diego Chapter and will include both breakfast and lunch at the hotel.

Who Should Taken This Course

• All designated ASA appraisers in the disciplines of Appraisal Review and Management, Personal Property, Gems and Jewelry, and Machinery and Technical Specialties who have not yet met their re-accreditation USPAP requirement or who need continuing education credits. Note: Real estate appraisers are required to take a separate USPAP update course taught from a real estate perspective.
• Members of other organizations such as ISA, AAA, or ANA, who need a refresher USPAP course or need to fulfill their organization’s USPAP or continuing education requirements.
• Attorneys and judges or insurance providers and claims experts who would like to learn about USPAP and its importance to the appraisal profession without investing in the full two-day 15 USPAP course.
  Note: The seven hour course does not require an exam.

About the Course

The 7-hour USPAP Update Course focuses on changes to the Uniform Standards of Professional Appraisal Practice. It also includes information intended to clarify some aspects of USPAP that have caused confusion. There is no exam, but a Verification of Completion will be provided. This course assumes that participants have previously completed the 15-hour National USPAP Course or an equivalent.

We strongly suggest purchasing the current 2006 Edition of USPAP – whether or not you have already taken USPAP. The USPAP manual is updated and published yearly and available from the Appraisal Foundation at where you can either download it or order the bound publication.

NOTE: ALL USPAP-Certified appraisers are required to keep up with USPAP and write their appraisals according to the latest version of the Standards.

Information:    Pamela Bensoussan, ASA (Chapter Vice-President) 619 420-7782

Registration Form, Schedule, & Details

Icons from Sinai Symposium - Getty Center Museum, LA

Lecture on January 26 - Details & Reservations
Complements the Holy Image, Hallowed Ground: Icons From Sinai Exhibition thru March 4

Eva Zeisel Symposium at the Mingei International Museum
February 4, 2007 - San Diego, CA

Exhibition: EVA ZEISEL — Extraordinary Designer Craftsman at 100 - through June 10, 2007

ASA - Los Angeles Chapter - 2nd Annual IRS Symposium

February 8, 2007 - Cerritos, CA - More info...

Upcoming UC Irvine Courses

PP/JG 201 - Introduction to Personal Property Valuation - February 22-25, 2007

SE100PP - USPAP for Personal Property Appraisers - February 26-27, 2007

Introduction to Business Valuation

December 7-10, Los Angeles - Details...

2007 International Appraisal Conference Scheduled

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

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.)

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 Jan Giamanco- 619-781-8588.

Newsletter Editor - Georgie Stillman, ASA

Newsletter Published by Jan Giamanco of G-Force Services