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Andrew Richmond PO Box 2199 Marietta, OH 45750 740.760.1788 andrew@wipiak.com
It must be noted that Jack and Pat Holden are among the most prominent collectors of Louisiana material, and Jack organized several exhibitions and was the lead author of Furnishing Louisiana. Their notoriety most certainly positively impacts the value of their collection. For this reason, a premium has been added to the aggregate value of the Holden collection. USPAP Standards Rule 7-4(f) requires that an appraiser not rely solely on the sum of the individual values, but also consider what, if any, additional value the collection has as a whole. Such is definitely the case here.
It is well-established that the sales of major or landmark collections typically create great enthusiasm among dealers and collectors. From the 1929 sale of the George Reifsnyder collection of colonial furniture to the recent auction of the art collection of the late David Rockefeller, significant collections have drawn significant attention, and the objects in those collections have realized prices that were significantly higher than they would have as part of general or multi-owner sales.
Relative to the Holden collection, three specific auctions of southern material are most relevant: the
collection of Mr. and Mrs. Henry P. Deyerle (Sotheby’s, Charlottesville, VA, May 26, 1995), the collection
of Dr. George Crozat of Houmas House Plantation (Neal Auction Company, New Orleans, LA, May 16-17, 2003), and the collection of Thomas Gray (Brunk Auctions, Asheville, NC, March 29, 2010). The Deyerle sale was among the earliest major auction of southern material to garner national attention. The more recent Gray auction set numerous records for southern antiques, and this was certainly due, in part, to the Gray family’s reputation for collecting, and, of course, for their efforts in establishing the Museum of
Early Southern Decorative Arts in Winston-Salem. Even today, objects from both of these auctions can realize a premium for having once been part of those collections. But it was the Houmas House sale, as discussed above, that set a high bar for Louisiana antiques and art. Objects from that sale brought a significant premium then, and at least some of that premium carries forward to today when a Houmas House object returns to the auction market.
In talking with various auctioneers, dealers, and collectors, the premium achieved in the sales of major collections, many suggest, ranges from 15% to 30%. For this appraisal, a conservative 15% premium has been applied to the total value of the nearly 1,400 objects that make up the Holden collection.
Finally, beyond the market-specific rationale for adding a premium value, there is the less tangible, historical value. There is not likely to be a comparably significant collection of Louisiana material ever assembled again. Keeping the collection intact necessarily elevates its importance to the study of Louisiana art, history, and culture, and therefore increases its intrinsic value.
A couple of additional market notes:
For several categories of objects in this report, general commentary about the market for that category is included just prior to the first item of that type to appear in the report. It is not repeated for the remaining items of that type (although in some cases, additional, item-specific commentary is included).
For some categories of objects, good and appropriate comparables are in short supply. In some cases, the same comparables may be used for multiple objects within that category. In each of those cases, item-specific commentary is included to relate the subject item to the comparables and the market they reflect.
For some items, lesser condition may not appear to be adequately reflected in the assigned values. This is, in part, because, as a general rule, southern collectors are more forgiving about condition issues. This is by necessity as there are relatively fewer surviving examples of, say, Louisiana vernacular chairs of the
Jack and Pat Holden
Fair Market Value for Non-Cash Charitable Contribution
Appraisal Report
Effective Valuation Date: 00/00/00 page 13 of 851