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| Passion Investments: Auctions |
Star Bids
Dana Micucci
10/01/2004
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Today, this buzz shows
few signs of abating. At Christie’s in June, a host of celebrity-smitten
collectors and socialites vied for pieces of the lavish, gilded-age legacy of
Doris Duke (1912-1993), the tobacco heiress and globe-trotting philanthropist
who was once dubbed the richest girl in the world. A series of auctions
comprising Duke’s sumptuous Belle Epoque, Art Deco and Asian-inspired jewelry,
her legendary wine cellar and the contents of three residences realized $32.8
million, more than doubling the presale estimate. A Belle Epoque
diamond-and-pearl necklace by Cartier, circa 1908, fetched $2.4 million, an
auction record for a Cartier diamond necklace. A George II giltwood overmantel
mirror by William and John Linnell, circa 1752-1753, considered one of the
finest examples of English chinoiserie design, brought $1.6 million, an auction
record for a mirror.
 | | SOTHEBY’S AUCTIONED items, including a black jacket by Manuel, from the Johnny
Cash and June Carter Cash estate. |
“In celebrity auctions it’s unusual to have objects of
such fine quality from so many different fields, like we had with the Doris
Duke Collection,” says Mark Porter, president of Christie’s. “The intrinsic
value of objects that are also works of art—whether they be jewelry, paintings
or antiques—is further enhanced by a celebrity provenance. It’s a powerful
combination that makes for the most successful celebrity auctions, driving
prices higher than they would be in a general sale. People who buy in these
sales understand the secret life of objects and their stories.”
Opportune
Timing
Despite this outbreak of bidding wars, experts suggest that we move
now to secure our investments in celebrity memorabilia. “To get the best return
on value, buy items that are most important to a celebrity’s career, whatever
made that person famous,” recommends Darren Julien, head of auction firm Julien
Entertainment. “A guitar played by one of the Beatles is one example. A signed
Marilyn Monroe contract for her film The Seven-Year Itch is worth more than one
of her modeling contracts. Costumes worn in celebrities’ best-known films or at
a significant event are more desirable than their everyday clothing.” Collectors
also hunger for possessions that are associated with the early years of a
celebrity’s career. A George Hurrell photograph of Elizabeth Taylor from the
1950s or 1960s, for example, holds more value than a photo of her by a
contemporary photographer. Eric Clapton’s Fender “Blackie,” which he played
during his 1970 to 1985 heyday, sold at Christie’s in June for $959,500, a
record auction price for a guitar.
But no matter the object, serious
collectors demand authenticity. We should always seek documentation, such as a
photograph depicting a celebrity wearing a specific outfit, or personal
correspondence referring to an object. We can also confirm authenticity through
documentation in previous auction catalogs and news articles. As with other
collectibles, we must also consider the condition of these items. In the nearly
limitless celebrity memorabilia field, experts place more value on an article if
it has remained as close as possible to its original state. This factor serves
to preserve its historical significance and personal connection to a particular
celebrity. For example, a celebrity costume with its original stains and
blemishes is more desirable (and more valuable) than a costume that has been
dry-cleaned. A scuffed Babe Ruth baseball with a faded signature, or a torn
movie poster, is worth less than better-preserved examples. But we should
remember that flaws have less negative impact on the value of collectibles that
are otherwise highly rare or historically significant.
VALUE JUDGMENT
The magical appeal of enduring luminaries like Katharine Hepburn and Marilyn
Monroe drive a quixotic celebrity memorabilia market. Experts advise serious
collectors to choose only items that were pivotal in a celebrity’s career, such
as a guitar played by a Beatle. Documentation increases the item’s value and is
necessary proof of authenticity. |
Collectors today are
especially enamored of costumes, movie scripts and musical instruments. Although
they often appear in generic auctions of collectibles and entertainment
memorabilia, these and other celebrity-related objects tend to bring higher
prices when they come directly from either the personal collection of the
celebrity or his or her estate. These two types of auctions require somewhat
different investment strategies. When we bid at an estate auction, we can
usually feel confident that the objects are authentic celebrity property.
Unfortunately, these sales are often heavily publicized, producing more
competition for top lots. Smart collectors will scour an estate collection for
sleepers that go unnoticed by celebrity mavens. Conversely, auctions of general
collectibles are often not promoted to the same degree as estate auctions, so we
may well encounter less competition for highly prized articles. A clever,
well-researched buyer can gain an edge during these sales.
Of course, there
are certain pop-culture icons whose property will always command a premium.
Monroe, Elvis Presley, the Beatles and Ruth are among them. The blue-chip
investments of tomorrow, experts say, are current celebrities who have
demonstrated staying power. This can entail playing a subjective guessing game,
but favorites valued by collectors are the Rolling Stones and Robert
DeNiro.
With today’s memorabilia prices already selling at a fever pitch, and
tomorrow’s favorites so identifiable, how are we as knowledgeable investors
going to secure our favorite lots during a frenzied bidding war? We might take a
page from Reynolds’ script. Apparently, the petite collector has developed a
winning tactic. “My mother is only 5-feet tall, but she can be a very
intimidating bidder,” says Fisher. “If she sees something she really wants, she
holds up her paddle continuously. She even leers at her competitors to scare
them off.”
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