A grandmother congratulated her granddaughter on graduating college. She told her, “I want to give you a graduation present. It is an old painting we’ve had in the family for years. It is yours, but before you decide what to do with it, I want you to understand what it is worth.”
The granddaughter examined the picture, which was slightly larger than a paper notepad and featured a portrait of a Victorian woman. Its frame was golden and gaudy, certainly not something she’d hang in her apartment.
Her grandmother continued, handing her daughter a list, “Here are four locations that will help you find its value. The first option is the estate sale I’m holding next week. You’ll be on your own for the last three places. Don’t make a decision on what to do with the picture until you’ve visited all four places.”
The following week, the grandmother had her estate sale, the first item on the list. As instructed, the granddaughter used the opportunity to offer the picture for sale. A bold sign declared below the picture, “Make offer.”
After three days, the top offer was $250.
The following week, the granddaughter took the painting to a local pawn shop, the second item on her grandmother’s list. After some haggling, the pawn shop offered her $500.
Afterward, the granddaughter felt a bit jaded. She hoped her graduation gift from her grandmother would be an iPhone, not a portrait of some old woman who had been dead for centuries.
She proceeded to the next stop on her list, an art gallery in the city.
She walked into the shop and showed the curator the portrait. The curator’s eyes widened, and she quickly grabbed her loupe to examine the picture closer. The curator studied every inch of the picture, her eyeballs glued to the magnifying glass as if reviewing a fine diamond. The granddaughter was getting impatient and was bored out of her mind.
After 20 minutes of thorough examination, the curator finally spoke, “May I ask where you got this?” The granddaughter replied nonplussed, “It was gift from my grandmother. It’s been in the family for a while.”
“I see,” the curated paused and then smiled. “I can offer you $10,000 for this.”
The granddaughter’s eyes gaped like saucers. “$10,000?”
“Yes,” the curator said, “Would you like me to write you a check?”
The granddaughter thought about all the great things she could buy with $10,000. A new iPhone. A down payment on that new Audi she had her eye on. She was about to accept the offer when she remembered her grandmother’s instructions. “Don’t make a decision until you’ve visited all four places.”
The granddaughter thanked the curator for the offer and walked out, saying she would be in touch.
The granddaughter reviewed the last location on her grandmother’s list the next day. It required a 5-hour drive to New York City, and she arrived late. The establishment’s name sounded familiar when she glanced at it initially, but it wasn’t until she stood outside the building that she realized what it was. It was Sotheby’s, the international auction house.
She walked in and promptly explained that she wanted an appraisal. When she showed the small picture to the receptionist, her face froze. She quickly picked up the phone and mumbled something to someone on the other end.
“Hi I’m Damien, President of Acquisitions,” said a well-suited man minutes later in a thick French accent. After exchanging pleasantries, Damien asked, “Now let’s see what you got here.”
Like the curator did the day before, Damien examined the picture, eye to canvas, with his loupe in excruciating detail accompanied by a series of verbal “oohs” and “ahhs.”
Finished, Damien finally said, “This is a portrait by Edgar Degas, a renowned French impressionist painter. It is a highly sought piece in the art community. We sold his “Les Choristes” painting for $37 million in 2019. If you consign this to us here at Sotheby’s, the minimum starting bid would be $1,000,000.”
Damien smiled and continued, “in our current robust market, this should fetch a tidy sum, much more than that.” He paused. “Shall I draw up the contract?”
The granddaughter left without a contract and visited her grandmother, shell-shocked and giddy at the discovery.
“Did you know how much this is worth?” the granddaughter asserted.
The grandmother replied calmly, “I know how much you’re worth. I wanted you to understand that your value, like this picture, depends on you being in the right place. At PPAG, we base our services on this very concept and we ensure that your item of value is represented “in the right place”!