January 2012 DC Beacon Edition

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VOL.24, NO.1

Going, going, gone at auction

JANUARY 2012

I N S I D E …

PHOTO BY FRANK KLEIN

By Barbara Ruben In 1963, Enid Liess was on the hunt for a piece of artwork to punch up her new apartment. At a fundraising auction at her temple, the bidding went past her budget for a modern art painting that caught her eye. But a friend stepped in to make the winning bid of $27.50 for the painting called “The Statesman” — which resembled a Cubist George Washington wearing a sideways baseball cap — and presented it to Liess as a gift. It wasn’t until several weeks later that Liess read about up and coming modernist Roy Lichtenstein in Time magazine and pulled out a magnifying glass to discover his signature on her recently purchased painting. Fast forward nearly half a century when Liess, undergoing treatment for breast cancer, decided to retire from a career in education and sell the painting. Liess, who is 74 and lives in Annadale, Va., brought the Lichtenstein to Quinn’s Auction Galleries in Falls Church, where owner Paul Quinn told her it would likely fetch $40,000 to $60,000 in today’s market. “Bidding opened at $20,000,” Quinn recalled. “It rose rather slowly but steadily to $40,000, which is where she set her minimum price. Then it kind of paused and then it went up,” he recalled. “A member of the family was sitting next to me. When it crossed $60,000 he smiled. When it crossed $72,000 I knew we had set a record for the period [of Lichtenstein’s artwork]….Tears were coming down from his eyes when it crossed $100,000.” The painting ultimately fetched $128,700. That’s just one of the stories of a meteoric rise in value that have some people scrambling through their attics and basements in case they are housing similar riches. Virginia Weschler, of Weschler’s auction house in downtown Washington, likes to recount the story of a find in a local home. Auctioneer Tom Weschler was going through the house for pieces to sell at auction when he eyed a table all but obscured by the television sitting on it. During auction, the de facto TV stand — an 18th century piece — sold for $50,000. Auction houses also sometimes make

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LEISURE & TRAVEL

A watery wonderland in the Everglades; plus, historic and trendy Krakow, Poland, and whether the euro’s fall is a boon or a worry for travelers page 40

ARTS & STYLE

Each year, Matthew (left), David and Paul Quinn of Quinn’s Auction Galleries auction off tens of thousands of items, ranging from valuable artwork to old furniture, for people looking to downsize and obtain cash by shedding possessions. Auction houses, estate sellers and Internet auctions offer options to this end, but potential sellers need to understand how these work before putting their items up for sale.

literally priceless discoveries. In November, Daniel Sanders, President of Four Sales in Alexandria, Va., found a Civil War grave maker in a home in Clinton, Md. After a little research into its origins, he returned it to St. Elizabeth’s Hospital Military Cemetery in Washington, D.C. After all, he noted, selling grave stones is not only unethical, it’s illegal.

Reasons to sell at auction Sellers come to auction houses for a variety of reasons: They may be downsizing to a retirement community and want to sell a lifetime of possessions. Or they may have inherited old pieces of furniture and

artwork that aren’t to their tastes. Some part with their goods because they need the cash. “I tell people that all of the things are emotionally valuable, but not all are monetarily valuable,” Quinn said. That’s his way of not getting people’s hopes up for a windfall. “Sometimes it’s not always good news,” said Stephanie Kenyon, with Bethesdabased Sloans and Kenyon. “Families bring in jewelry that’s been treasured for years and years…only to discover they didn’t have a fabulous diamond, but a very nice piece of glass.” See AUCTIONS, page 51

Kennedy Center’s homage to former Tex. Gov. Ann Richards aims for Broadway; plus, Bob Levey’s grand advice for the candidates page 46

LAW & MONEY k Stocks to own in 2012 k Be a better bond buyer FITNESS & HEALTH k A pill that lessens wrinkles k The best brain games

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VOLUNTEERS & CAREERS 34 k Transportation options abound SPOTLIGHT ON AGING k Newsletter for D.C. seniors

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PLUS CROSSWORD, BEACON BITS, CLASSIFIEDS & MORE


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