Services that we provide.
We offer a comprehensive range of services for the purchase and sale of fine and decorative art and antiques.
We appraise art and antiques for those who have property that they want or need to have appraised.
We broker property for clients with property that they want or need to sell.
We recommend that no one sell property directly to a dealer (including ourselves) without first obtaining an independent appraisal of the property’s value and unless there are time or financial constraints directing or necessitating direct private sale. We do, however (subject to some limitations – see below) buy and sell fine and decorative art and antiques outright on our own account for clients who need or want to sell privately and in the near term.
This late 19th century chair by Carlo Bugatti was part of the general household contents of a Milwaukee estate. An imposing assemblage of wood, vellum and inlaid metals, it stands approximately 60" in height and sold for more than $15,000.
Honesty, trust and integrity.
The honesty and integrity of the agent or appraiser – and the ability to trust an agent or appraiser – are common client concerns. For those who are referred to us by professionals, friends or family members who they already trust, this is rarely an issue. For those who do not already know us by reputation or experience we offer the following thoughts and observations.In our opinion most dealers, brokers and appraisers are honest, trustworthy and perform their services with integrity. Like any field of endeavor, there are exceptions and clients are wise to be cautious. There are at least two very good reasons for clients to be wary of the professionals they hire, even after honesty and integrity have been demonstrated and trust has been earned. The first is that dishonest professionals will earn trust with the intention of later violating it for profit. The second is that although honest professionals act with honesty and integrity, there is no substitute for client vigilance in a client’s own behalf. Even an honest professional can, at times, make a mistake or exercise imprudent judgment.
Dishonesty – or the appearance of it, which is itself improper and of questionable ethicality – is often hearsay and not specific or conclusive. It is, for example, common to hear allegations of dishonest agents who “appraise” property at low prices and then arrange, working with third party buyers, to buy the “appraised” property on their own account and profitably resell it. Although dishonesty of this kind is often only suspected, and not always with appropriate cause, there are some instances where the evidence is compelling. Here are two recent examples from the news.
In September of 2008, a religious order (The Daughters of Mary Mother of Our Savior) filed a lawsuit against a New York appraiser and a Santa Fe, New Mexico art dealer alleging that the religious order was defrauded by the appraiser and dealer. They claim damages of $1,750,000 and $50,000,000 in punitive damages. In this case, an appraiser is accused of providing a false, very low estimate of the value of a painting by the painter William-Adolphe Bouguereau (France, 1825 - 1905) (the appraiser provided his verbal – not written - opinion that the painting was worth a few hundred thousand dollars, at most) and then colluding with the dealer to purchase the painting at the low value and resell it for a significant profit. The alleged scheme was to divide the profit between the appraiser and dealer. It is reported that the painting eventually sold for $5,000,000. While the outcome of this recently filed case won’t be known for a long time, it illustrates a common problem in the field of art and antiques: the possibility of dishonest “appraisers” who do not truly appraise; dishonest dealers who do not honestly deal; and the problem of sellers who do not know their property, its value or the market and therefore are at a disadvantage for not having acted to protect their own interests. The religious order could, of course, have avoided this situation by obtaining a proper appraisal from an independent appraiser. They would then have known the value of the painting and could have avoided selling it for less than it is worth.
In another recent case, this one near to Milwaukee, Wisconsin a long time employee of the Treasure Trader estate sale company is alleged to have defrauded estates – and the beneficiaries of estates – by “pricing” estate property very low and then “buying” the undervalued property prior to the opening of the estate sale. This employee is alleged to have then resold the property on her own account and for her own economic benefit. (You will find a link to the reportage here. In this interview, the employee first disavows – but then appears to admit to - trading on client property, though she evidently doesn’t think that self-dealing is impermissible because it isn’t always profitable for her: “John Mercure [the TMJ 4 reporter who is interviewing the employee]: ‘So, if you're buying things pretty inexpensive and selling them for lots of money on eBay, isn't that money the family should be getting here at the estate sale?’ ‘Not necessarily. I've also bought things at times and you don't make any money on it, so I don't know,’ Kiekhofer said.”) Without commenting upon the legality of this situation (and we don’t know whether the allegations are true) we observe that there are simple and effective methods for avoiding abuse (or even the appearance of abuse) of this kind. Clients can and should obtain independent third party documentation and valuation for any property that they are going to sell; not hire persons to whom they are referred by persons who they do not know and trust and should verify facts including the reputations and experience of those with whom they would work.
Concerns about fraud are significant although, in our opinion, sellers have less to fear from fraud (not to minimize its danger) than from the indifference or negligence of brokers, auction houses and resellers. From our recent experience, we have seen a $3500 pair of Baccarat candlesticks misidentified and sold at auction for $100; a pair of prints by the Japanese master Haku Maki misidentified and sold for $90, though the retail value would be approximately $1,800 (and even the secondary market value at $900); a “box lot” of silver that contained two exceptionally rare Tiffany “Indian” spoons (these were not identified within the lot – they were in a box with miscellaneous old sterling spoons of little value) with a secondary market value in the range of $4000 to 6000 per spoon, the lot sold for less than $500; and even a box lot of books that included an unremarked copy of the rare, signed, limited edition book “Taos Pueblo” – an object worth more than $30,000 in the secondary market, and a great deal more at retail. These are only a few of the many, many instances of “underselling” – due entirely to agent negligence or indifference – of which we are personally aware. All dealers, appraisers and brokers have similar stories to tell because the problem is common.
In each of these instances, a properly prepared appraisal (by an appraiser) or market value assessment (by a broker) would have avoided the underselling and have kept the profit in the hands of the seller rather than the dealer or purchaser. In other words, you – the client or seller – can avoid this problem simply by retaining counsel and assistance. The “cost” of an appraisal or a broker’s fee can be negligible in relation to the value that can, through negligence, be lost.
It is clear that there are many ways to be cheated or to cheat oneself out of property and its value and that the loss can range from hundreds to millions of dollars per object.
Ultimately, a seller’s best protection against fraud or underselling is a client’s knowledge: in the case of selling property, knowledge is indeed power. If you cannot empower yourself by acquiring the knowledge to understand, value, market and sell your objects, you can empower yourself by hiring a broker to provide these services in your behalf.
Returning, then, to our original concerns of honesty, trust and integrity, you should – in addition to trusting your instincts about people and circumstances – consider the following:
● The community standing and reputation of the professional.
● Known parties for whom the professional has provided services in the past.
● The professional’s credentials including accreditation.
● Whether the professional is property insured and bonded.
● The demeanor of the professional including the use and provision of clearly written contracts with clearly defined, written terms and standards.
● In certain instances, whether the professional will provide the names of persons who can be used as references. (On this point, note that most professionals – and we include ourselves in this category – are not willing to provide this information in all instances because the process is cumbersome. For example, because we cannot provide past client names and contact information to you without prior authorization by past clients, we must first obtain that authorization; and, given the intrusive nature of these calls to past clients, many (who have their own natural and reasonable concerns for privacy and the value of their time) are unwilling or reluctant to participate more than rarely. We cannot, of course, ask past clients to constantly take their time to answer the questions and concerns of prospective clients without imposing severely upon those past clients. For this reason, the (unofficial) “test” for whether we will provide references (other than standard “to-the-trade” references) is often the profitability – and hence the underlying economic value – of the transactions that we are contemplating.)
Your confidentiality and privacy.
We provide confidential and private dealer, appraisal and brokerage services within the limits of our representation.For example: Appraisals are often written for clients and for specific third parties including attorneys and legal entities. This includes appraisals to determine fair market value for estate tax purposes; for appraisals of this kind, we expect the appraisal information to be available to the Internal Revenue Service.
Another example: For the sale of some fine art, provenance – the ‘chain of ownership’ or title and possession – can be very important to the value. In these instances, we expect to provide ownership information (including the names of seller-clients) to the purchasers and our brokerage contracts provide for this.
In general, the one significant limitation upon confidentiality is the involvement of any court or other entity to which disclosure of information might be required by contract or law and, unless authorized or required by contract or law to divulge confidential and private information, you should expect your confidentiality and privacy to be discreetly honored.
A circa 1934 Steuben crystal two handle bouillon bowl and matching underplate. When issued, this set sold for approximately $30. The comparable manufacturer's replacement value in 2009 is approximately $900.
The benefits of hiring Steven Brondino Art and Antiques Inc. to broker fine and decorative arts and antiques.
As a broker, we work to augment and optimize the net value (after sale proceeds) of your property.Example: If we think that an object would net $2,500 through a local sale but, if properly placed, net $10,000, we will advise with respect to achieving that higher figure. (For those who question this range of variability, we have many, many stories to tell. The net-upon-sale market range is indeed vast for most property: how, when and where it is sold can be extremely important to value optimization.) As a broker, we assist with all aspects of selling the property. (We've addressed some of these specific aspects in other places and won’t re-address them here.)
In other words, we work to earn our commission by supplementing or enhancing the value of what you are selling. In this respect, we provide experience; advice and – depending upon your circumstances or requirements – can perform all aspects of the disposition, whether by gift or sale. In addition, we provide the comfort and security of confidentiality / privacy by acting as your agent.
The difference between an appraisal and a market assessment.
We do not want you to be confused by the distinction between a formal appraisal and a market assessment. The following information sets forth the distinction that we make between them:For the appraisal of objects with little value, formal, written appraisals are often not economically feasible. This is because an appraisal is always a time consuming and complex process and even one object necessitates a lengthy and complex process of inspection, research and writing. All of this takes time and can cost a considerable amount of money. For objects that are modest in value, this can be frustrating for clients who have requested appraisals. Most clients do not want to pay hundreds of dollars to learn that their object is worth hundreds of dollars (or less). You must assess the risk and responsibility of entering into a contract with us for the provision of an appraisal. We cannot provide opinions of value in advance and all of our opinions are in writing. Our conclusions are independent of your expectations and might not, in your opinion, merit the cost of having the appraisal. We regret that we cannot provide opinions in advance or verbal opinions of any kind. When you decide that you want or need an appraisal we will enter into a separate written agreement for that purpose.
For items that we are interested in accepting on consignment to broker in your behalf, we can provide a market assessment rather than a formal written appraisal. Market assessments are written opinions of the price (or price range) that, in our opinion, we are likely to achieve for you upon sale. A market assessment is not an appraisal and is neither written to nor satisfies USPAP requirements. A market assessment is a marketing tool and an opinion only of sale value through the use of our agency. It is not an independent opinion of value and takes into consideration our economic interest in the sale of the property and our opinion of the available market(s). The provision of a market assessment is always within our discretion and not available merely upon request. Market assessments will be provided only after we have entered into a written letter agreement with you. The letter agreement might be limited to the provision of a market assessment in anticipation of further discussion about representation or it might include the terms of agreed upon representation. It must, in either event, set forth the terms and limitations of a market assessment and be signed by all parties before any opinion will be provided.
Appraising objects from photographs.
The present state of appraisal practice and technology do not allow accurate assessments of quality and condition from photographs alone. Appraisals from photographs alone are, in most instances and for most purposes, too subjective to be useful or meaningful. With few exceptions (for example, loss by theft, when the property is not available for inspection) we must personally inspect all objects that we assess whether to purchase, broker or appraise.
The differences between Steven Brondino Art and Antiques Inc. and consignment centers and estate sale companies.
Consignment centers and estate sale companies offer the ability to sell goods locally. They are often very efficient and know their local markets well (in fact, they are often the most knowledgeable sources for local market information about household goods of little or nominal value). They are not, however, experts in assessing and determining value for specialty and premium property and do not offer significant market expertise including broad market knowledge and access. Objects without significant value are often well sold through local consignment centers, estate sale companies and auction galleries. Objects with significant or specialized value are usually better sold in national, international and specialty markets. Steven Brondino Art and Antiques Inc. assists with the sale of art and antiques in national, international and specialty markets.
Since 1950, Boehm Studio has made delicate and elaborate porcelain figures including many birds and flowers. This is the limited edition Red Tail Hawk, a large figure with a wing span of approximately 27". Figures of this kind are complex and quite expensive to produce. They are also exceptionally fragile and after many years of display are rarely perfect. Porcelain figures of this quality have not held value well during the past many years and constitute an undervalued category of fine American decorative art.
The differences between Steven Brondino Art and Antiques and auction galleries.
There are many differences between the service that we provide and that provided by auction galleries. Here are three of the most significant:
1. Independence and the assessment of more than one market. As brokers, our advice is independent of any specific market or reseller and we have access to and can advise with respect to all markets in which art and antiques are sold. In other words, we do not have the limitation of a one market standard by which auction galleries are constrained: auction galleries only provide estimates of prices at which objects might sell if consigned to them for sale. We are independent – we are not affiliated with any one market (and, for auction galleries, have worked with numerous galleries at the local, national and international levels) – and assess multiple markets to help clients to locate and select the one most likely to result in the optimal net-upon-sale proceeds for the object being sold. We might employ auction galleries but often employ other markets and methods as well including private sale to collectors, dealers or institutions. We do not have any preference or need to sell via any one, and have only the objective of maximizing the client’s benefit.
Our market assessments consider the property and its potential in multiple markets regardless of geography and with an emphasis upon placing the property in a market with a proven ability to sell objects of that kind. We include data about past sales (and sellers) of comparable property and options and recommendations with respect to the placement of the property. (Please note that the location of property that is being sold – in particular, of the auction gallery that is selling that property – can be very meaningful to the price that the property realizes at auction. This is particularly true for items that are better examined in-person and items that cannot be easily moved.) When appropriate, we also consider – and negotiate – sale terms with third party resellers (including auction galleries) to yield a better net sale result (a higher sale price does not always yield the highest net-of-cost sale price to the seller).
2. Realistic valuations including estimates and reserves. Well researched market assessments allow for setting realistic sale targets for fine and decorative art and antiques, regardless of how the property will be sold. This is very different from the standards of estimating value that are employed by most auctioneers. Auctioneers often claim that they must have “low estimates” to inspire bidding because, in theory, low estimates cause bidders to lose common sense by entering into emotional ‘bidding wars’ during auctions, thereby driving up the prices of the goods being sold. For this reason, some auctioneers consistently provide “estimates” that are so unrealistically low that they should not be termed “estimates” at all. We have seen this work to the detriment of sellers so often and so significantly that we recommend against the practice. It serves the net economic interests of the auction gallery, which desires to sell quantity and volume with a minimum of the cost and effort of optimally cataloging and marketing the property; and with a primary desire to avoid the problem of dealing with bought in (unsold) property. In fact, unrealistically low estimates frequently result in underselling and do not allow for establishing reasonable reserves (a reserve cannot exceed a low estimate). We have had numerous opportunities to discuss the theory that “low estimates bring high bids” with others in the industry – including auctioneers - and note that the theory is empirically indemonstrable: although it is, for many auctioneers, an article of faith that low reserves result in high bids, it is not true to our experience and we know of no good evidence to support that argument. On the contrary, we have found that a responsibly determined minimum sale price is in every client’s best interest; it should be determined independently of the auction gallery, negotiated into the auction contract and used to establish a “reserve” or minimum sale price. As brokers, we help with the determination of value including realistic estimates, reserves and the negotiation of contracts that include both.
3. Providing advice on market methods, terms and common sale problems. We have experience with the markets for art and antiques and we can provide insight and advice with respect to all aspects of selling: whether privately, through other dealer / brokers, to institutions or at auction. For sales at auction, we can explain and assist with understanding and negotiating sale contracts and can alert clients to – and help clients to avoid – problems that often occur when selling at auction. It is worth noting that auction galleries often regard clients as adversaries from whom terms that are favorable only to the auction gallery must be extracted. (This is why the cynical phrase “the best client is a dead client” is common in the auction industry. It means, of course, that estates – with compliant personal representatives or executors who are interested in getting rid of personal property with a minimum of inconvenience, and with no living owners to be concerned about the prices that are obtained – are the best possible clients for auction galleries to have.) In the marketplace for auction services, clients usually benefit by having impartial advice from experienced brokers. In fact, good counsel often sufficiently conserves or supplements value to more than offset its cost.
Example: As we have noted, most specialty and premium property is best sold – by “best” we mean sold at its optimal economic value – in specialty and premium markets. While these markets are often auction markets, the auctions that sell these objects best are often not local or regional auction companies. It is quite common, for this reason, for us to accept a range of objects on consignment for clients and to recommend the sale of the objects to or through many auction companies or dealers. A recent Chicago area project is a good example. The clients had a large quantity of household furnishings, artwork and antique garden ornaments. These objects went to five separate galleries to be sold. No one gallery was the probable, optimal point for sale, because many of the objects were highly specialized and valuable and had to be sent – for some, all of the way to England – to be sold at their probable, optimal values. Projects of this kind require in-depth market assessment and a considerable amount of logistics in terms of removal, shipping, insurance and related aspects of disposition. This is the kind of project that we seek, enjoy and prefer.
When to request our services.
Please consider using our service when you have art and antiques that have a possible or probable value of $2,000 or more per object or $5,000 or more for a group of objects. If the value is less than this threshold, you will probably find that a local consignment gallery, estate seller or auction gallery will be able to assist you very well. You might also be able to sell less valuable objects on your own by using Craig’s list, eBay or a similar on-line venue. We are interested in high value objects and collections that require significant effort and expertise to appraise and sell. For property that does not require significant effort or expertise, you will probably find that our service is not a good value and costs more than you are likely to gain by hiring us. Neither of us want that.
"Prairie Chickens in Flight", circa 1960, an oil painting on canvas by the bird art master Owen H. Gromme of Wisconsin. This beautiful and finely detailed painting was bequeathed to a wildlife charity and sold in behalf of the charity for more than $10,000.
Identifying items worth appraising and brokering.
We often assist sellers to identify high-end and premium property that we remove prior to selling at a local consignment gallery, estate sale or local auction gallery. In these cases, we assist clients with the identification of objects that might, in our opinion, be better sold – by which we mean sold for significantly better net-of-sale proceeds – by another method or within another market. If you are considering hiring a consignment gallery, estate seller or auction gallery, we suggest that you first call us for a review of what you have. In most instances, high value objects should be reviewed and removed before local sellers are contacted. (This avoids the complication of annoyance and frustration by local sellers when the higher value items are knowingly excluded. And, of course, our service is confidential – we do not reveal the source of items consigned to us without prior client authorization.) We also suggest that, in the case of high value fine and decorative art and antiques, you obtain more than one opinion of the appropriate course for selling the property. You should regard second opinions as an aspect of your due-diligence when researching and hiring a professional representative of any kind.
Examples of fine and decorative art and antiques that Steven Brondino Art and Antiques Inc. has bought, appraised or brokered.
We have assisted clients with the appraisal and sale of individual objects and with complete estate liquidations including large and small furniture, artwork and antiques of all kinds and a wide variety of collections. The values have been as low as ten thousand dollars for an estate and several hundred thousand dollars for single works of art. In other words, the range is very wide.For a few specific examples of items that we have identified and / or sold, see the Object Lessons section of this web site.
Areas of knowledge and skill and the scope of our experience and ability.
We don’t have the expertise to appraise and broker everything. No one person or organization does. The field of art and antiques is simply too vast for any person or organization to know and value it all. We don’t, for example, appraise or broker jewelry. We also don’t appraise most antique Chinese art or artifacts and defer to others when asked to appraise objects in that category. In cases where we are not able or willing to appraise or broker property, we can usually direct clients to those who are able and willing. In such cases, we do not ask for or receive referral or other fees from the third party service provider.
A Whiting Lily (1902) sterling silver fish slice with gold wash on the blade measuring 13 1/2" length. Silver patterns of the late 19th and very early 20th centuries included many unusual pieces made for very specific purposes. It was common to have sets with as many as eight or even ten separate knives and spoons including forks for strawberries, seafood or clams, salad, fish and ice cream; knives intended exclusively for fruit; and spoons for eating oranges, chocolate and bouillon. The rich array of patterns and pieces makes for an excellent modern collectible with a fascinating cultural history.
Fees.
We charge an hourly fee for appraisal work regardless of the number of objects (one or one thousand or more). The fee is agreed upon in advance and in writing. The fee includes compensation for time spent upon examination and research related to the property and writing the report and can include recovery of costs expended upon the project. A fee for a written appraisal cannot be based upon the value of the property being appraised and written appraisals can be expensive in relation to the value of the property that is being appraised. For this reason, many prefer not to undergo the process – and expense – of an appraisal unless it is necessary (for example, if required for estate tax purposes). Most small to mid-size local (Chicago or Milwaukee) estates result in appraisal fees in the range of $500 to 1,500. For larger and more complex appraisals, the cost can be considerably higher.
Example: An executor of an estate on Lake Shore Drive in downtown Chicago required an appraisal for estate tax purposes. The household contents were not significant in terms of quantity or quality. The inspection and report writing required a total of 4 hours of time. With an allowance for one assistant, travel time and parking costs the appraisal cost $600.
Example: A client needing an estate (for tax purposes) appraisal of the contents of a large house on the east coast paid a flat hourly fee for an appraisal that required approximately one week to complete. Additional costs included hotel, airfare, car rental and a per diem incidental (food, etc.) cost for two employees. This appraisal cost approximately $10,000.
We charge an hourly fee for assistance with property disposition other than sale (for example, estate distributions and gifts).
Example: A Chicago client needed assistance with cataloging, valuing and shipping items from a large and complex estate. The items included fragile and valuable items including fine art and antiques and furniture (some of it quite large). The items had to be shipped to five different beneficiaries living in five widely separated areas of the country. We charged a flat hourly fee for our time including that of assistants and a separate fee for the various shipping and transportation companies that we retained in the client’s behalf. (When we retain assistance we do not impose a surcharge or mark-up of any kind upon the assistant’s fees.)
We charge a commission to broker property. The commission percentage is negotiated in advance of the representation. Because we work on commission, there is an incentive for us to minimize expenses and maximize the value of the objects being sold. Commission percentages range from 4% to 30% and are predicated upon many factors, most notably upon the complexity, time requirements and cost of a project.
Example: We assisted clients with the sale of inherited artwork with an aggregate value of approximately $900,000. We received a flat commission upon sale, the commission calculated to include all costs of sale. In other words, the client paid a specified percentage from sale proceeds. If the property had not sold, our cash outlay of tens of thousands of dollars in costs and time – which we undertook at our own risk – would have been unrecoverable. (The point, of course, is that we calculated and assumed the risks – a distinct benefit to the clients.)
This signed and numbered Picasso pottery bottle or vase was made in the 1950's in Madoura, Spain in a limited edition of 300. Sold in behalf of a client, it brought more than $10,000.
Our availability.
We are always interested in new clients and projects. We are available to discuss your needs and requirements so that we can determine whether and how we might work together. There is no charge for telephone conversations and brief meetings to discuss your needs and requirements and we are glad to meet with you in person. In most instances, a simple telephone conversation or brief meeting is sufficient for us to know whether we can and should work together.
Finally: getting started.
Institutional representatives including representatives of banks, trust companies, insurance companies and law firms should contact us directly at (800) 737-3705 or by email at steve@stevenbrondino.com.
Clients with whom we have not worked before, and who have one (or very few) objects to submit to us for consideration, must use our Object ID Form to submit brief descriptions and photographs of each object. You will find the link to the Object ID Form in the column to the left of this note. Clients with more than a few objects should call or write to us by standard mail. We will let you know whether we can help you. We will respond to all inquiries. If you are a past client or have been referred by a past client, please call or write directly. You will already have our direct contact information and do not need to submit the form.
