Provenance: What is it and why is it important?
Posted by Milissa Malloy on Fri, Jan 28, 2011 @ 11:37 AM
It is highly probable that when discussing works of art or antiques you will hear the term "provenance" mentioned. If you are an appraiser or an avid collector you realize the importance, however I will be the first to admit that the first time I heard the term I had no clue.
As defined in Wikipedia, "Provenance, from the French provenir, "to come from", means the origin, or the source of something, or the history of the ownership or location of an object." As it pertains to art, antiques and antiquities "Documented evidence of provenance for an object can help to establish that it has not been altered and is not a forgery, a reproduction, stolen or looted art. Knowledge of provenance can help to assign the work to a known artist, and a documented history can be of use in helping to prove ownership."
The provenance of a piece can have a significant effect on an item's value as well. Let me give you an extreme example. I am sure many of you are familiar with the photo below of Jackie Kennedy and John Jr.:
The pearl necklace that she is wearing sold at a Sotheby's auction for roughly $212,000. The interesting thing is that they are not even real pearls, they are synthetic beads or faux pearls. However, due to it's historical origin and ownership the necklace is far more valuable.
Another factor that can contribute to provenance would be if an item was exhibited or featured in a museum, publication etc. A recent article titled "Provenance Error Results in Lawsuits" featured in the Maine Antique Digest explains that a mistake in provenance equated to a $1.5 million error. The lawsuit revolves around a painting that was sold to a buyer with claims that the N.C Wyeth painting had appeared on the 1908 cover of the Saturday Evening Post when indeed it had not. The article stated "The suit charges that he was led to believe that "by being on the cover of the Saturday Evening Post the painting would have a higher resale value.""
Historical context is also extremely important, particularly in the collectibles market. Leila Dunbar, a certified professional appraiser of pop culture memorabilia and former Director of Sotheby's Collectibles department was interviewed recently by Collectors Weekly. When asked what factors she takes into account when appraising, Lee responded by saying "First I look at what the historical narrative is, the historical context. Who is the player, what is the item, what was its relationship to the player, what team was involved?..."
"I always go by good, better, best. If you’ve got a new, signed jersey by Yogi Berra, then that would probably go for $300 to $500 because there’s an infinite supply. If you have a Yogi Berra game-used jersey, depending on when in his career he wore it—a regular season or World Series game, was he a fulltime or part-time player, was it an MVP season—it could bring anywhere from maybe $10,000 to $50,000. But the uniform that Yogi Berra wore during Don Larsen’s perfect game in the 1956 World Series, the only perfect game in World Series history? That sold for $560,000 because of its unique place in history."
In speaking with various appraisers, the rule of thumb is that if you are buying art, antiquities or collectibles with a high value or unique origin or historical significance, the seller should be able to provide you with strong supporting documentation addressing the authenticy or origin of the item.
What experiences have you had where provenance played a large role in the value of an item? What other helpful tips or questions do you have about provenance?
