GUEST: My wife's grandfather was an employee of U.S. Steel and a diplomat for the United States after World War II. They were world travelers, and they acquired it either in the 1920s or in the 1940s.

APPRAISER: What do you know about it?

GUEST: I think it's a 19th-century vase, cloisonné from China. It was appraised in the 1970s by a local St. Louis appraisal house. And they gave it a value of $350. Beyond that, not too much, other than the fact that at that point, they stopped putting umbrellas into it.

APPRAISER: I can see how an appraiser might think that it's Chinese, because there's an oxblood red color, which you can see in a lot of Chinese 19th-century and earlier porcelain vases, and of course the dragon symbol.

GUEST: Yes.

APPRAISER: But actually, it's Japanese.

GUEST: Okay, good.

APPRAISER: And it's made during the Meiji period, when Japan just became open to the West.

GUEST: Okay.

APPRAISER: The dragon is a symbol of an imperial authority. It's beautifully done. Things like this were actually made by highly skilled artisans who made other things before the Meiji period, who were now employed in making art for the West. What attracted me to this piece was the color, the design, which Japanese art was really known for in that period, and what attracted Western collectors. You're right, I think this was done around 1890 to 1910.

GUEST: Okay.

APPRAISER: Not by a particularly known factory, but beautifully designed. There are a few flaws in around the dragon's nostrils here and in the back.

GUEST: Okay.

APPRAISER: Round in here.

GUEST: Okay.

APPRAISER: Where the piece has been just a little bit beaten up. But by and large, it's in great condition. $300, hm?

GUEST: $350.

APPRAISER: $350.

GUEST: In 1970 dollars.

APPRAISER: In 1970. Well, in today's auction market, this piece would be estimated at about $2,500 to $4,000.

GUEST: Great, good-- I'm glad.

APPRAISER: The Japanese market has softened up a little bit over the last 20 years. If you had brought this into the ROADSHOW 20 years ago, I probably would have said $6,000 to $10,000.

GUEST: Okay.