George S. Patton's Gold WWI Trench Watch
GUEST: This is a wristwatch that was given to my grandfather, George S. Patton Jr., by my grandmother, his wife, Beatrice Ayer Patton, after World War I. It was given to me by her in 1952. It's been in a shoebox in the top of a closet almost forgotten about.
APPRAISER: It's definitely from the World War I period. It's a trench watch. This one here is made by Waltham. That's an American watch company out of Waltham, Massachusetts. Started in the 1850s. I've seen hundreds upon hundreds of World War I military trench watches. I don't remember seeing...
GUEST: (soft chuckle)
APPRAISER: ...another solid gold one, ever.
GUEST: Wow.
APPRAISER: You can see this little guard...
GUEST: Yes.
APPRAISER: ...over here, that protected the crown.
GUEST: Okay.
APPRAISER: So, in action, the crown wouldn't break off. You are missing the crystal, the glass.
GUEST: Yes.
APPRAISER: Not a big deal. Uh, the dial is original, and you can see all the radium there, that's all faded. Let's take a look at the back of the watch. There's a hand-engraved presentation that was from your grandmother, and it reads, "Lieutenant colonel George S. Patton Jr. Tank Corps," and below that is the word "mizpah," which is a Hebrew word that has several meanings. I think the meaning here was that God is watching over you while we're apart. One of a kind, I would think, wouldn't you?
GUEST: I would think so, too.
APPRAISER: Your grandfather, George S. Patton, American hero. There's a name that's known all over the world. Even though this is World War I, and not World War II, where he garnered all that fame and all that notoriety, it's still an important piece of American history, so you have all these American history buffs; you have watch people, you have military people. Everybody's gonna hunt this watch down. In today's auction market, this watch will bring $100,000-plus.
GUEST: Wow. Amazing.
APPRAISER: The coverage for insurance value should be just a little higher. Okay. So, maybe $115,000 to $135,000 for insurance values.
GUEST: Okay. (chuckling): Maybe I better change some of the coverage.
APPRAISER: You think you'd better up it a little bit?
GUEST: Yes. And it doesn't even work.
APPRAISER: (laughs) No, it's broken.
GUEST: Yeah.

$100,000 Auction
$135,000 Insurance
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Understanding Our Appraisals
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.
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