Monday, March 3, 2008

Art Auction Price Stuns Antique Appraisers

If you are asking yourself how do I value antiques? you are not alone. A 14th century painting by Allegretto Nuzi, an Italian artist, was valued at less than $150,000. Imagine the antique appraisers surprise when it sold for over $290,000 at a multi-estate auction by Philip Weiss Auctions earlier this month. The painting, which was once thought to be lost, depicts the beheading of Saint Blaise, a Catholic martyr.

Don't get me wrong, I appreciate antique art, and art in general, but there aren't many places I could see myself hanging a painting of a beheading scene. I mean, really, a beheading painting? That can't make the guests feel too welcome. I guess everyone interprets art differently. I'm more of a landscape girl.

Nuzi's painting is proof that beauty is in the eye of the beholder. Sometimes history, just as much as beauty can affect the value antiques hold. The age, and the religious depiction and the fact that it was once lost all contribute to this antiques value.

Philip Weiss, from the company that auctioned the painting, was surprised by the high prices because of the slow economy we're dealing with. The event grossed nearly $900,000 even though they were expecting only $300,000 from the auction! Antiques and art can be a guessing game, but the more information you have on your piece and similar pieces, the more accurate your valuation will be. As I've covered in a past blog, art prices continue to rise because they are usually a safe investment despite the economy. I know I can't wait until I can start buying a few paintings here and there. My personal dream painting would be Mark by Chuck Close. I doubt I'll ever own it though since it is hanging at the Metropolitan Museum of Art in New York as you can see in the photo.

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Weiss' event grossed nearly $900,000 even though they were expecting only $300,000 from the auction. Antiques and art can be a guessing game, but the more information you have on your piece and similar pieces, the more accurate your valuation will be.

By Jamie.

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