Lloyd’s Notes Increased Popularity and Value of Celebrity Autographs
While many people collect celebrity autographs simply for fun, it’s also a “potentially money-making hobby,”; notes an article on the Lloyd’s web site (www.lloyds.com).
“Signatures from famous personalities are held at great value, and an item’s value can rise considerably depending on the popularity of the signer,”; Lloyd’s explained. “Indeed in imperial China, an emperor’s autograph was so priceless that selling any item he autographed was considered a criminal offence.
“Asking for a celebrity’s autograph was once regarded as a child’s activity, but the rising popularity of collecting autographs soon gave many memorabilia dealers the opportunity to conduct a very lucrative business.
“The re-sale value of an autograph can vary hugely depending on the lasting popularity of the personality and often, if the autograph is that of someone who has died, the value will be far higher. In the sports arena, the signature of baseball legend Babe Ruth is still among the most expensive autographs to date. Just as pricey are autographs by Marilyn Monroe, which are currently each worth between £10,000 and £20,000 [$19,708 and $39,419]. ”
One can simply acquire an autograph by asking the celebrity to sign one – which also has the advantage of guaranteeing its authenticity – but, as the activity has expanded, a market has grown to buy and sell autographs through dealers.
This practice, however “brings with it potential liabilities,”; noted a Lloyd’s broker who specializes in the area. “Unfortunately in this industry there are many fakes in circulation, being passed off as the genuine article,”; he explained. “You don’t want to spend a fortune on these items, come to us to find insurance, only to find under valuation that they are phony. I would urge any would-be buyer to get a certificate of authentication on purchase of all autographed items from all dealers, preferably from one that belongs to UACC (Universal Autographs Collectors Club).”;
The UACC is an US-based organization of memorabilia dealers with 225 worldwide members, including 35 in the UK. “This gives the buyer maximum assurance they are dealing 100 percent in authentic signed memorabilia obtained either direct by a team or from other UACC registered dealers and members,”; said Lloyd’s.
Once authenticity has been cleared, insurance can be sought. The broker added: “If you have just a couple of pieces, your homeowners policy may provide adequate coverage. But with several pieces or a collection, you’ll need to purchase separate coverage. This can either be in the form of a special “collectibles”; policy or a rider on your homeowner’s policy.”;
There’s also the problem of keeping an autograph collection in mint condition, which could well effect the recovery for any claims made on a policy. “Collectors can spend years searching for that perfect autograph, so avoiding any damage is crucial,”; the broker continued. “The overall value of a collection will be determined by how well it has been kept. Natural elements such as the sun and wind, dust or even excessive handling can damage pieces. If you want to show off your collection, choose a method that allows for easy visibility but does not allow for too much handling.”;
Prices are going up. Lloyd’s said the “highest price ever paid on the open market for a single signed autograph letter was $748,000 in December 1991 at Christie’s, New York for a letter written by Abraham Lincoln dated January 8, 1863 defending the Emancipation Proclamation. It was sold to Profiles in History of Beverly Hills, California.”;
Source: Lloyd’s