Trusts, Estates & Private Clients Quarterly, Q4 2023 by Hindman Auctions

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Trusts, Estates & Private Clients

Quarterly Update Q4 2023

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Hindman Looks Ahead to an Exciting Fall and Winter Season As appraisers and auctioneers, we are no strangers to making interesting discoveries throughout the estate settlement process. Finding secret rooms, long lost jewelry, stashed cash, a $1.43m Van Gogh painting (true story)—our team knows to keep a watchful eye out for tangible personal property that has been previously overlooked or thought to have been lost. By now you have likely heard the story related to Aretha Franklin’s will. In 2018 the “Queen of Soul” passed away at the age of 76. Despite her estimated $80 million estate, she died intestate. However, in 2019 following the discovery of not one, but two handwritten wills—one found in a notebook between her couch cushions—a legal battle ensued between her heirs about the validity of each will. While it might be shocking to some people to find a legal document under the cushions of a favorite couch, at Hindman, our specialists make it their practice to not only look in the most likely places, but their trained eyes are always on the lookout for secret compartments. For example, Hindman’s Director of Arms, Armor & Militaria, Tim Carey, once found a last will and testament in the grip panel of a 1901 Colt revolver instructing that the piece should be left to a relative out west. A copy of your will or other important legal documents should be safeguarded but easily accessible. Rest assured, anything discovered by our specialists is returned to our consignors, but best not to leave these instructions in a secret compartment, or under a couch cushion, for that matter. In this issue, we look ahead to our fall season of sales, many of which include incredible collections and estates. With our inaugural season of auctions in New York this October, we’ve now opened our doors in SoHo. A beautiful landmarked building, 21 Greene Street is located near distinguished artworld institutions Jeffrey Deitch and the Judd Foundation. I’ll be keeping an eye on the three New York single-owner sales we highlight later on, especially the Glen de Vries watch collection as an aviation fan, myself. Also, take a look at Beyond a Cincinnati Legacy: The Collection of Mr. and Mrs. Charles Fleischmann III, which will be held in our Cincinnati saleroom. Plus, we explore the growing popularity of Hindman’s Sports Memorabilia department. There is an impressive single-owner sale of

An Important Kashmir Unheated Sapphire and Diamond Ring Property from the Collection of Marguerite Hark, Chicago, Illinois and Surfside, Florida

signed baseballs coming up this fall. Even though the Cubs didn’t make the playoffs this year, I’m looking forward to the MLB postseason and this baseball auction. The December Important Jewelry auction includes this amazing Kashmir Unheated Sapphire and Diamond Ring, pictured here, from the Estate of Marguerite Hark. Her collection, along with property from the Estate of Dorothy M. Press, represents the pinnacle of jewelry collecting in my mind. It’s been great to see some of you at the ACTEC Rocky Mountain and Mid-Atlantic meetings, and at Notre Dame this past month. For those of you headed to the ACTEC Fall Meeting, Jay Krehbiel, Alyssa Quinlan, Maura Ross, Vaughn Smith, and I look forward to seeing you in Louisville. Until then, wishing you a wonderful year end!

Molly E. Gron, J.D. Managing Director Trusts, Estates & Private Clients

RECENT AUCTION HIGHLIGHTS

Clockwise from top A Pair of George III Giltwood Girandole Mirrors Manner of Thomas Chippendale, Circa 1765 Sold for $22,680 Navajo Classic Second Phase Blanket, Circa 1870 Sold for $100,800

Edwardian, Diamond Garland Necklace Sold for $63,000 Richard Diebenkorn (American, 1922-1993) High Green, Version II, 1992 (DETAIL) Sold for $138,600

With Signature of Mao Yi (Chinese, Southern Song Dynasty, active 1165-1173) Civets (DETAIL) Sold for $327,600 Property from the Estate of Hisazo Nagatani Adolph Gottlieb (American, 1903-1974) Azimuth, 1965 Sold for $529,200

ESTATE SPOTLIGHT

Beyond a Cincinnati Legacy: The Collection of Mr. and Mrs. Charles Fleischmann III Hindman is pleased to present property from the Collection of Mr. and Mrs. Charles Fleischmann III of Cincinnati, Ohio this November 16 and 17. This two-part auction series is characterized by beautiful nautical art as well as an impressive and wide-ranging collection of American and European paintings, furniture, textiles, and decorative objects. Hailing from Cincinnati, Ohio, Charles Fleischmann III was the great-grandson of the founder of Fleischmann’s Yeast Company and is regarded as one of the most generous donors of works of art in the history of the Cincinnati Art Museum. A scholarly individual who put immense research and care into developing his collection, Mr. Fleischmann’s background in the classics and classical archaeology informed his practice. The couple were truly revered in their community as ardent patrons of the arts and culture. Vaughn Smith, Associate Vice President, Trusts, Estates & Private Clients, Cincinnati, asserts, “Mr. Charles Fleischmann III left his mark on the Cincinnati business and art community,

but also through the incredible treasures he researched and collected throughout his lifetime with his wife Blair. It is a privilege to share these objects and their histories with the broader world, as we invite you to delve into the rich histories of these objects.” Property from their dazzling collection is to be showcased in Hindman’s Cincinnati saleroom within a single-owner auction entitled Beyond a Cincinnati Legacy: The Collection of Mr. and Mrs. Charles Fleischmann III. Highlights within this sale include artworks by renowned artists William Bradford, Paul Howard Manship, Thomas Birch, Sir Joshua Reynolds, and more. Furniture and decorative objects headlining the auction include An Empire Gilt and Patinated Bronze ‘Au Matelot’ Mantel Clock, A Federal Mahogany Tall Case Clock, and A Roman Marble Hekateion to name a few. Showcasing a lifetime of passionate collecting and philanthropy, Hindman is honored to present this series of auctions to the public this fall. Please view additional in situ images of the Fleischmann collection on page 11.

View of the interior of the Fleischmann’s Indian Hill, Ohio home 3

AUCTION SPOTLIGHT

Inaugural New York Auction Season

Hindman is proud to announce its first New York auction season, anchored by single-owner sales across fine art, design, and luxury collecting categories. These New York sales expand on Hindman’s already impressive presence across the United States, while serving a global buyer base. Gemma Sudlow, Managing Director, New York Region commented, “we are honored to be entrusted with these prestigious New York and East Coast collections at Hindman. Each sale boasts magnificent examples of works built by passionate collectors who were inspired by a myriad of different disciplines and styles. Our New York season sales are a testament to Hindman’s commitment to delivering a full-service suite of offerings for clients in the Northeast.” Charles Prendergast (American, 1858-1924) Fantasy with Three Figures (Allegory), 1921 Estimate: $150,000 - 250,000 4

Since launching Hindman New York last October, Gemma and the team have grown to include specialists and business getters across multiple collecting categories such as Caroline Baker Smith (Senior Director, Trusts, Estates & Private Clients, New York), Laura Paterson (Director, Photographs), Leslie Roskind (Senior Specialist, Jewelry & Watches), and Aaron Cator (Senior Specialist, Post War & Contemporary Art). We have also held several special exhibitions and partnerships with High Line Nine Galleries, The Winter Show, Carolina Herrera, and Sterling | Boos. All three auctions will be presented at 21 Greene Street in SoHo, New York.

AUCTION SPOTLIGHT Canvas & Clay: The Collection of Judith and Philip Sieg, Bellefonte, Pennsylvania October 26 Over the course of their lives, Judith and Philip Sieg amassed an enviable collection of fine art and modern pottery, headlined by significant pieces from some of the most important American artists of the late 19th and early 20th centuries and an almost encyclopedic overview of Scandinavian studio pottery. Passionate supporters of the arts, the Siegs helped found the Bellefonte Art Museum in their hometown of Bellefonte, Pennsylvania in 2009. Alumni of Pennsylvania State University, they supported the University’s Palmer Museum of Art, Schreyer Honors College, University Libraries, and teaching fellowships in the business school. Fine art highlights include works by Charles Prendergast, James Abbott McNeill Whistler, Albert York, Claudio Bravo, and Bill Traylor. The sale of modern pottery will showcase works from Wilhelm Kåge to Bodil Manz. Notable artists featured are Lucie Rie and Gertrud Vasegaard. Forever Young: Photographs from the Joe Baio Collection October 19 Hindman is thrilled to offer Forever Young: Photographs from the Joe Baio Collection, featuring a stunning selection of 101 photographs. Mr. Baio’s collection is one of the most extensive and notable private photography collections in the world. He has collected photography since the mid-80s, focusing on the theme of childhood and adolescence, inspired by raising and photographing his own children. Today, nearly every available inch of the 2,100 square-feet of wall space in his legendary New York apartment is filled with a photograph from his 6,000-piece collection. It includes examples from the dawn of the medium by pioneers such as Nadar and Julia Margaret Cameron, to modern and contemporary works by artists such as Diane Arbus, Henri Cartier-Bresson, Bruce Davidson, Robert Frank, LaToya Ruby Frazier, Sally Mann, and Angela Strassheim.

Lucie Rie (Austrian/British, 1902-1995) Bowl, c. 1955 Estimate: $15,000 - 25,000

Joe Baio noted, “I collect photographs, and have been doing so for over thirty years, for one reason only: to experience sheer joy. Every aspect of collecting is a blast: searching for treasures, experiencing the thrill of victory, framing the works to suit their personalities, exploring their endless interrelationships, curating new combinations, and showing the results at home and in public.”

Frederick Sommer (1905-1999) Livia, 1948 Estimate: $30,000 - 50,000

Henri Cartier-Bresson (1908-2004) Texas, 1960 Estimate: $40,000 - 60,000 5

AUCTION SPOTLIGHT

A RARE AND IMPORTANT F.P. JOURNE, PLATINUM ‘TOURBILLON SOUVERAIN BLACK LABEL’ WATCH Estimate: $250,000 - 450,000 6

AUCTION SPOTLIGHT Time & Space: Watches from the Collection of Glen de Vries October 18 Glen de Vries was an American entrepreneur focused on medical sciences and technology, and the co-founder of Medidata Solutions, a software provider that revolutionized clinical trials and medical research. A visionary business leader, de Vries was also a man of many talents and frequently credited his outside interests — including ballroom dancing, athletics, Japanese culture, and aviation—for his success, while also informing his charitable work and collecting. He had a lifelong fascination with space travel and, in 2021, was one of a handful of private individuals to travel to space aboard the second voyage of Blue Origin NS-18. Excellence in these disciplines of science and technology inspired de Vries’s collection of watches, which includes some of the rarest and most sought-after examples from independent makers and highly sophisticated complications. Time & Space: Watches from the Collection of Glen de Vries encompasses more than 100 watches and 30 watchmakers. The sale features watches by top manufacturers including F.P. Journe, Richard Mille, A. Lange & Söhne, De Bethune, Patek Philippe, Urwerk, Audemars Piguet, Hublot, Vacheron Constantin, and H. Moser & Cie. Reginald Brack, Senior Vice President and Director of Jewelry & Watches commented, “some of the watches were made specifically for him by special order, requiring a premeditated, patient, and thoughtful approach and strategy. Furthermore, his collection spanned over 30 brands across all price ranges. We are thrilled to bring this important collection to life and to pay tribute to a life well lived.” Highlights from the collection include: Lot 3 Urwerk, Ref. UR-110 Turbine Titanium Watch Estimate: $30,000 - 50,000 Lot 7 A Rare and Cutting-Edge De Bethune, Ref. DB28XP Titanium Watch Estimate: $80,000 - 120,000 Lot 19 Patek Philippe, Ref. 5140P Platinum ‘Perpetual Calendar’ Watch Estimate: $40,000 - 60,000 Lot 33 A Rare A. Lange & Söhne, Ref. 405.034 Platinum ‘Datograph Up/Down Lumen’ Watch Estimate: $120,000 - 180,000 Lot 39 A Spectacular Richard Mille, Ref. RM61-01 Ceramic ‘Yohan Blake’ Watch Estimate: $150,000 - 250,000 Lot 81 Bell & Ross, Stainless Steel ‘BR 01 Skull’ Watch Estimate: $2,000 - 3,000

DEPARTMENT SPOTLIGHT

Hindman’s Sports Memorabilia Department Sees Stellar Results in 2023

James Smith Director, Senior Specialist, Sports Memorabilia

Sports collectibles and memorabilia continues to see incredible growth at Hindman—from 2021 to 2022, Sports Memorabilia sales increased by a remarkable 137%. 2023, in particular, has been a standout year for the firm, as we’ve already nearly matched our sales total of 2022. In March 2023, Hindman sold an unopened box of 1986-1987 Fleer Basketball cards for $114,000, more than $30,000 above the pre-sale estimate. The unopened box featured 36 impeccably preserved packs of cards as originally issued by the factory before the 1986-87 NBA season, one of the most historically significant in the sport’s history. An unopened box presents the ultimate aura of mystery and potential value in the card collecting hobby as they may contain multiple valuable cards that are likely in Mint condition. Adding to the value of the box Hindman sold in March was a Baseball Card Exchange authentication that revealed that one of the packs contained a No. 57 Michael Jordan rookie card, perhaps the most coveted card in the hobby. Overall, across 84 lots, the March sale was impressively 94% sold by lot and 117% sold by value. Similarly, our sale in June included cards and memorabilia from luminaries like Michael Jordan, Mickey Mantle, Willie Mays, and LeBron James. Importantly, we offered an exceptional and ultra-rare example of a 1910 Honus Wagner Baseball Card (illustrated on the following page) which sold for $114,000. Only 32 examples of the 1910 Tip Top Bread Wagner have been certified by SGC Grading with this particular issue receiving a 3 Very Good designation. There are a total of seven 3s in the SGC population with only seven graded higher. Further, an October 26, 1984 Chicago Bulls vs. Washington Bullets Michael Jordan NBA Debut Ticket Stub realized $16,800 against a pre-sale estimate of $8,000 - 12,000.

A 1934 New York Yankees Team Signed Autograph Baseball Estimate $8,000 - 12,000 To be included in Having a Ball

Additionally, given the broad appeal of the material, we also feature early sports photography and memorabilia in our American Historical Ephemera & Photography sales. For example, 19 cabinet cards of baseball players from the early 20th century skyrocketed past pre-sale expectations to sell for $100,800. Looking ahead, Hindman is excited to present Having a Ball, a single-owner collection of signed baseballs curated to honor our National Pastime. Hindman’s Director of Sports Memorabilia, James Smith, says, “collectors will find legendary names featured like Ruth, Gehrig, and Cobb along with hard-to-find team signed issues from throughout the 20th century. The passion it took from this private collector to assemble this remarkable collection will undoubtedly make this auction a Fall Classic and a must for baseball enthusiasts and sports fans.” The star of the sale is a 1934 New York Yankees Team Signed Autograph Baseball, including the signature of Babe Ruth who was in his last season with the team, estimated to sell between $8,000 and $12,000. 8

An October 26, 1984 Chicago Bulls vs. Washington Bullets Michael Jordan NBA Debut Ticket Stub / Chicago Stadium Box Office Example (PSA Authentic) Sold for $16,800

DEPARTMENT SPOTLIGHT

An Unopened Box of 1986-87 Fleer Basketball Cards (36 Packs) Featuring All Original Wax Packs As Issued By Fleer With One Michael Jordan Rookie Card No. 57 Showing On Top of Pack and Four Jordan Stickers (BBCE Authenticated) Sold for $114,000

19 cabinet cards of baseball players, some representing Cleveland Offered in the American Historical Ephemera & Photography sale, and sold for $100,800

APPRAISALS CORNER

Why We Collect BY TIM LUKE, NATIONAL MANAGING DIRECTOR, HINDMAN APPRAISALS LLC Having been in the auction and appraisal profession for over half my life, I am often asked what the next trend will be or to predict the collectability of the latest contemporary artist. Remember, the collecting market is just like the stock market, and when a gallery, manufacturer, or individual is pitching a 20% - 50% return on your initial investment, run the other way. I have discovered there are 7 basic keys or reasons that drive collectors to collect. These keys provide a brief explanation to better understand the psychology of collecting. They provide insight into what drives collectors to pay outrageous amounts of money for what can be conceived by an outsider as a frivolous waste of time and resources. NOSTALGIA This is the number one reason people collect. There is something about objects from our past that can transport us back to our youth, trigger a memory of a loved one, or in some way make us feel better about ourselves today. Collecting, in general, is a very emotionally based hobby, and when you mix emotions with desire, it is very difficult to predict the outcome. This is why there is no accurate formula for creating or manipulating the collector’s market. All seven of these factors must be in harmonic convergence for an item to reach collectible status. ATTRACTION This is where I stress to collectors that if you are attracted to an item and want to collect it, invest all your energy in researching and educating yourself on the item. If your item or collection happens to increase in value, it should be as a result of your pursuit of quality items that you were attracted to and fully researched. If the item does not increase in value, but decreases in value, you still have an item that you were attracted to and will not mind having around. Remember, the collectible markets are similar to the stock market—the values go up and then down. If you have done your homework, you will get a good feeling for this cyclical motion of your own collecting area. DURABILITY Collectors in every area of collecting will agree that there is a certain sense of responsibility you take on when you start to collect. If you collect vintage authentic automobiles, you need to have a large facility to warehouse, maintain, and protect your collectibles. If you collect wine, proper refrigeration is required. When you add an item to 10

your collection, you will consider whether this piece is fragile and needs extra care or whether the item is more durable and readily available in the marketplace. VALUE Look in the marketplace for comparable items before you make that big purchase. Remember, value can be tracked through auction results or confirmed private sale results. On the other hand, the price is only the dollar amount being asked and may not reflect the true “value” of the piece. If you have done your research, you will not be taken advantage of or overpay or undersell an item. PROVENANCE Collectors will pay a premium if there is indisputable and accurate proof of previous ownership of the collectible. This history or lineage of a collectible, as seen in the Kennedy Auction at Sotheby’s or the Marilyn Monroe Collection at Christie’s, allowed collectors to “get close and personal” with their idols. CONDITION The materials used to create the collectible item in any area of 2 collecting must be considered when starting a collection. The effect time and the elements have on the deterioration of that material should be considered when looking for an item to collect. Environmental factors are constantly attacking us, and everything is in a continual state of deterioration. The UV rays of the sun cause fading, pollution, smog, cold, and humidity, not only affect our climate but also our collectibles. Over time, these forces can destroy a collectible. Collectors take the condition of an item, how it has been maintained, and the overall appearance into consideration when purchasing and selling a new collectible. A simple rule: always buy the best original condition you can afford. 3

APPRAISALS CORNER RARITY & DESIRABILITY These go hand in hand. Just because an item is rare or old, if no other collector likes it or is collecting it, does not make it desirable. There is a simple formula. The value of an item increases with the added desirability of an object. If the desirability is maintained in a 4 market, adding rarity to the equation exponentially increases the object’s value. Caution to collectors who overuse the word rare. Today, dealers and internet auction sites may come across an item they are unfamiliar with, so instead of researching the item, it is easier to call it rare. Do your homework and ask people in your area of collecting what the “rare” or hard-to-find examples look like.

Images 1) Charles James Satin Evening Dress, 1945 Sold for $12,500 Given its age, the dress was in overall fair condition when sold, but careful storage and conservation is necessary to maintain its integrity and value. 2) A Steinway & Sons Grand Piano Sold for $112,500 Offered in the Caribou Ranch and Studio Memorabilia Auction, the piano is very significant in that almost all of Elton John’s Caribou album was recorded on this piano. Other artists and groups who used this piano while in the studio include Joe Walsh, Supertramp, Stephen Stills, Dan Fogelberg, Rick Derringer, and Madura. 3) A 1910 Tip Top Bread Honus Wagner Baseball Card Sold for $114,000 Only 32 examples of the 1910 Tip Top Bread Wagner have been certified by SGC with this particular issue receiving a 3 Very Good designation. There are a total of seven 3s in the SGC population with only seven graded higher. 4)

If you remember these 7 keys, you will be better equipped when you hit auctions, the local flea market, or garage sale on your quest for the nostalgic, durable item or items you are attracted to that has a fantastic provenance, is in great condition, and has the desirability in the marketplace.

A Spectacular Diamond Ring by Taffin Sold for $387,500 Containing one cushion brilliant cut diamond weighing 5.89 carats. The stone has Internally Flawless clarity, with no fluorescence, contributing to its high value.

Additional photography from Beyond a Cincinnati Legacy: The Collection of Mr. and Mrs. Charles Fleischmann III 11

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SALE 1232 EUROPEAN ART OCTOBER 17 | CHICAGO | LIVE + ONLINE

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SALE 1264 COINS & COLLECTIBLES NOVEMBER 15 | CHICAGO | ONLINE SALE 1276 BEYOND A CINCINNATI LEGACY: THE COLLECTION OF MR. AND MRS. CHARLES FLEISCHMANN III, PART I NOVEMBER 16 | CINCINNATI | LIVE + ONLINE SALE 1276 BEYOND A CINCINNATI LEGACY: THE COLLECTION OF MR. AND MRS. CHARLES FLEISCHMANN III, PART II NOVEMBER 17 | CINCINNATI | ONLINE

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