1943 Picasso Ink-on-Paper & 1963 Letter
Watch
GUEST:
My grandmother was a great aficionado of Picasso, and she loved him, and she felt she really understood him, and she often would go to New York, to auction houses. And she bought this in the early 1960s from her reputable auction house there. And it's signed, "Picasso," and she felt that it was a Picasso, but she wanted to be sure. So she took it to a reputable gallery and asked the owner of the gallery what she thought. And she said, "I'm going to Paris. Let me take a photograph of it to Picasso, and we'll find out." So on the other side of the inscription is the photograph. The photograph of this was presented to Picasso, and he wrote on the back of it, "This sketch..." or, "This is indeed mine," signed it, "Picasso," and it says, "The 25th of October 1963."
APPRAISER:
That's great. So we in the business get excited about great ownership history, or great provenance, for a work. And it's an ink-on-paper, and it's a very rapid sketch. Signed in the upper left, "2nd of March 1943, Picasso." And your note over here next to it does appear to be in Picasso's script, and that is essentially supposed to be him authenticating the work.
GUEST:
Right.
APPRAISER:
So we wade into these matters often as it relates to authentication.
GUEST:
Hm.
APPRAISER:
And you've given us some great clues. We're in the field. So you're here at the ANTIQUES ROADSHOW, and appraisers might have a great feeling about a work.
GUEST:
Mm-hmm.
APPRAISER:
And they might feel very strongly about it, as we do here. But, ultimately, we cannot authenticate it for a certainty today.
GUEST:
Mm-hmm.
APPRAISER:
I will tell you that today, we feel very strongly that there is a excellent chance that this work is correct, that it would get that blessing by the experts. It's a wonderful example of this period, a quick sketch with African influence and abstraction. And, assuming that the work is correct, it would be a very desirable example. So... Let's assume that it's correct. Have you ever wondered at its value?
GUEST:
Um, yes, and I have to say that we love it so much, that that's... you know, it really represents my grandmother to us. I actually think of it as being my grandmother, a sketch of our grandmother-- of course, it isn't. Yes, the monetary value is important, but the emotional value is really incomparable.
APPRAISER:
So let's assume that, that our collective sixth sense among my colleagues and I is correct, and that we're right, and it got that blessing. If that were the case, a reasonable, fair-market auction value today would be $100,000 to $150,000.
GUEST:
Whoa. Okay, I don't think we were anywhere in that range.
APPRAISER:
(chuckling)
GUEST:
(laughs) That's incredible.
APPRAISER:
An insurance value for the work would fall in the range of $200,000.
GUEST:
Okay.
APPRAISER:
Having this inscription by the artist, who essentially would have reviewed it roughly 20 years later and acknowledged the fact that it was in his hand...
GUEST:
Right.
APPRAISER:
...absolutely is a part of that package.
GUEST:
Right.
APPRAISER:
It adds to its ownership history and provenance.
GUEST:
Right.
APPRAISER:
If the work is deemed to be inauthentic or, or a copy of some kind, its value would be largely decorative and would fall in the range of $500 to $700 for a faithful copy.
GUEST:
Right.
APPRAISER:
But nowhere near what it would be if it were correct.
GUEST:
Right, of course.
Appraisal Details
Executive producer Marsha Bemko shares her tips for getting the most out of ANTIQUES ROADSHOW.
Value can change: The value of an item is dependent upon many things, including the condition of the object itself, trends in the market for that kind of object, and the location where the item will be sold. These are just some of the reasons why the answer to the question "What's it worth?" is so often "It depends."
Note the date: Take note of the date the appraisal was recorded. This information appears in the upper left corner of the page, with the label "Appraised On." Values change over time according to market forces, so the current value of the item could be higher, lower, or the same as when our expert first appraised it.
Context is key: Listen carefully. Most of our experts will give appraisal values in context. For example, you'll often hear them say what an item is worth "at auction," or "retail," or "for insurance purposes" (replacement value). Retail prices are different from wholesale prices. Often an auctioneer will talk about what she knows best: the auction market. A shop owner will usually talk about what he knows best: the retail price he'd place on the object in his shop. And though there are no hard and fast rules, an object's auction price can often be half its retail value; yet for other objects, an auction price could be higher than retail. As a rule, however, retail and insurance/replacement values are about the same.
Verbal approximations: The values given by the experts on ANTIQUES ROADSHOW are considered "verbal approximations of value." Technically, an "appraisal" is a legal document, generally for insurance purposes, written by a qualified expert and paid for by the owner of the item. An appraisal usually involves an extensive amount of research to establish authenticity, provenance, composition, method of construction, and other important attributes of a particular object.
Opinion of value: As with all appraisals, the verbal approximations of value given at ROADSHOW events are our experts' opinions formed from their knowledge of antiques and collectibles, market trends, and other factors. Although our valuations are based on research and experience, opinions can, and sometimes do, vary among experts.
Appraiser affiliations: Finally, the affiliation of the appraiser may have changed since the appraisal was recorded. To see current contact information for an appraiser in the ROADSHOW Archive, click on the link below the appraiser's picture. Our Appraiser Index also contains a complete list of active ROADSHOW appraisers and their contact details and biographies.
