Winslow Homer Watercolors, ca. 1878
GUEST: Well, these two paintings have been in my family for probably 150 years, and probably were bought by my great-great grandmother in the late 1800s. I had copies of them hanging on the wall in my office at work. And I work at a university. And one of the art history professors came in one day and she saw the works, and she goes, "Oh, I didn't know we had any Winslow Homers in our collection." And I just about fell out on the floor, and I said, "Well... (chuckles) those belong to me."
APPRAISER: There are two great watercolorists of the late 19th century: John Singer Sargent and Winslow Homer.
GUEST: Mm-hmm.
APPRAISER: Winslow Homer started working in watercolor in about 1873 in Gloucester. These works date from slightly later, about 1878. The medium of the one closest to you is pure watercolor. There might be some pencil underdrawing that's very faint. The one closest to me, it has the pencil underdrawing the watercolor. And then these touches of gouache, they're just perfect 1878 Winslow Homers. The one closest to you, the little boy and girl on a swing, that has lost color.
GUEST: Yes.
APPRAISER: Um, we call that light struck. There were times when he painted in very pale washes, um, but this is a little paler than usual. The one near me is in much better condition.
GUEST: Right.
APPRAISER: Uh, this has not lost color. And you can actually see that the opening goes to the very edge, that there might-might be a little bit of what we call acid burn...
GUEST: Right.
APPRAISER: ...from the old frame where it's darkened at the very edge. But you can see that the color hasn't really changed. You get that full range of the greens. What might have happened, though, is that the paper might have darkened very slightly. And you can see that here where the gouache has protected the original color of the paper, this kind of buff tone.
GUEST: Right.
APPRAISER: And the papers darken slightly. I'm going to value them as though they are by the artist. They look absolutely right to me. In my opinion, uh, they're signed with every stroke of the brush. The, uh, little boy and girl on the swing is probably worth about $30,000 to $50,000.
GUEST: Okay...
APPRAISER: That's fair market value.
GUEST: Uh-huh.
APPRAISER: That would be the range you might get in an auction.
GUEST: Okay.
APPRAISER: I would insure it for about $70,000. For this one, an auction estimate would be about $150,000 to $200,000.
GUEST: Wow.
APPRAISER: And I'd insure it for closer to $250,000.
GUEST: Okay. (chuckles) That's pretty amazing. I, I don't think I would have guessed that.

$180,000 Auction
$320,000 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.
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.
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