WHAT: A horseman’s steel folding knife introduced at the 1889 Paris World Exposition did not sell when it was offered in a December sale of Jewelry, Timepieces & Vertu at Rago in New Jersey. The unmarked and unnumbered knife is a Pius Lang, made by a German firm in business since 1852 and still making knives today.
Perhaps the reason was a pre-sale estimate of $7,500 to $9,500.
MORE: Overall, the sale where the knife was offered was a huge success: A large Art Deco platinum and diamond brooch sold for more than $1 million, and a Cartier Paris agate box brought $75,000, over a $25,000 low estimate. Bidders were jumping — for certain items.
SMART COLLECTORS KNOW: Owners and would-be sellers need to ask themselves before selling: “Who is the likely buyer/bidder for this item?” Sometimes a sale boils down to a handful of prospects. The key is reaching that target buyer.
HOT TIP: Sometimes an item is too specialized or esoteric for an easy sale. The knife is an example: While admired by many, buying is another matter. In this case, the reserve price, a customarily low estimate (here $7,500) was apparently too high for bidders to jump in.
BOTTOM LINE: In all cases, the market at the moment of sale dictates value.
