$30 Purchase Worth $10,000,000!

This small drawing with a distinctive monogram was purchased in 2017 at a yard sale for $30 and valued at over $10,000,000. It is understood to be created by the German master Albrecht Durer (German 1471 - 1528). The small pen and ink on linen paper measures 6 3/8” x 6 7/16” offered through Agnews Gallery in London. The A D monogram by Durer is very distinctive, and likely, the person who purchased it may have known it was special, but the process to determine that changed the value of the piece by millions of dollars. 

Ultimately, the journey to authenticate this piece involved the eye of a seasoned and experienced art collector to champion the process. The process of authenticating a valuable artwork is often a time-consuming and expensive prospect and one where the public can be overwhelmed, confused, and not know where to go and when to take no for an answer. This process involved 17 international flights, three years of working on this, and a lot of back and forth with committees and roundtables of art experts, museum professionals, and authentication scholars weighing in for the ultimate authentication of this tiny little piece. The work on paper has undergone X-ray and scientific dating procedures to accurately date the paper and inks used and a very detailed and academic analysis of marks and style to determine if this is indeed created by the artist Albrecht Durer. 

These finds are so uncommon and rare that they make the news, but when they do, people pay attention and often re-evaluate their own “treasures” they have acquired through the years. Along with the success of shows like Antiques Roadshow, where consumers bring in an item they own for evaluation, these types of exciting “discoveries” of a yard sale find challenge treasure hunters to dive deep and to sort through things with a discerning eye since the payoff has a potential to change people’s lives.  

Almost everyone would love to be the one to find this needle in a haystack type of undiscovered treasure, but on the flip side, no one wants to be one who inadvertently sold the $10,000,000 drawing for $30.  

The authentication process can be a very daunting prospect, but we help many clients through this process after we have deemed the work worthy of that prospect. Appraisers are not authenticators, and now the authentication profession has been getting slimmer and less comprehensive due to the liability of being the “expert who dismisses the valuable art, or vice versa.” Many artist foundations will no longer authenticate works of art because of this liability. It keeps the market narrow and limited and ultimately maintains the values high due to lack of supply. One of the most exciting things an appraiser does is to help a client with this process and to get to the ultimate “Yes, this is authentic” by XYZ artist. 

Years ago, I helped a client with the authentication and appraisal of an original Alexander Calder mobile valued at $3,500,000 ten years ago and is now worth double. The client had to have the piece professionally photographed, and professionally packed and shipped and to ship the work directly to the Calder Foundation in New York where it was officially authenticated, and now the client, their heirs, and generations to come will never have to go through that process again. I persuaded their insurance company to underwrite the insurance coverage for the total value while in transit and evaluated by the foundation pending proper authentication. Working with an experienced Art Appraiser and Advisor can be crucial in determining value and ultimately affect the financial outcome and greatly benefit the art owner.

Value matters...work with a professional Art Appraiser.