Vendex Pencil Vending Machine, ca. 1925
APPRAISER: Every once in a while, something just comes up to the table at ROADSHOW and I just start to giggle, because I see some really exciting things. What did you bring in today?
GUEST: This is a pencil vending machine that will actually print your name on the pencil.
APPRAISER: Mm-hmm.
GUEST: It's from about 1925. I actually collect pencils. I collect advertising pencils. And so I found some from a fellow collector that said Vendex. And I'm, like, "There's got to be a machine that goes along with this." So I spent two or three years just looking for the machine, and finally found one.
APPRAISER: And how long ago did you buy this?
GUEST: It was about three years ago. I paid $325 for it.
APPRAISER: Now, pencil collecting is a very specific art. How did you get into that?
GUEST: When I was younger, I would tag along with my grandpa to flea markets. And any time Grandpa would be buying something, it was something cheap for me to pick up at the same time.
APPRAISER: And how many do you have now?
GUEST: I have about 60,000.
APPRAISER: And the other collectors, where do you in the hierarchy of collecting pencils?
GUEST: I'd say I'm about in the middle. There's, there's a few that have more than me, but mine, mine's getting up there.
APPRAISER: So, doing research on this, I was looking at the patent. I've seen two show up before.
GUEST: Okay.
APPRAISER: One has been in restored shape. I have never seen one in original condition. And the best that I can tell, this is all original.
GUEST: Yes.
APPRAISER: It has a few little replacement bits, but overall, it looks original. The paint looks correct. The glass in the front is perfect. In this condition, unrestored, and, unfortunately, inoperable at the moment...
GUEST: Right.
APPRAISER: We'd be looking at around a $500 to $800 auction estimate.
GUEST: Wow, that's awesome.
APPRAISER: If it worked, I guess about $1,000, $1,200, top end. But it's a just fun, exciting, weird little piece.

$500 - $800 Auction
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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.
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.


