Everyone Loves a Story: The Importance of Storytelling in Sales

On November 9^th, Cornell Galleries auctioned an 18^th century Old Masters painting for $15,000. The painting, which depicted a Biblical scene of an angel peering over two men, was severely damaged.  Why, then, did it sell for such a high price? Likely because of the damage itself: a sizeable h*** in the center of the canvas. The story behind this is that Ruth Stone, the original owner of the painting, had a son who hated the picture so much, he shot an arrow through it.

Stories such as this can add extra allure to items at an auction or at retail sale. The painting, was an antique, but its character was enhanced by the added elements of history and humor. For buyers, a well told, interesting story can drive up the price of even an average item.

Wayne Jordan, a licensed auctioneer and appraiser from Virginia, who also runs Wayne Jordan Auctions, acknowledges this point. After a baseball cap worn by Neil Armstrong was sold for over $14,000, Jordan concluded that “what makes bragging rights valuable? It’s the quality of the story attached to the object. Collectors love to tell stories about the items they have collected”. Jordan also acknowledges that many of the stories that collectors tell are, in fact, from their own research, and not from the seller or auctioneer.

If the stories and history behind an object have the potential to increase an item’s value, then it follows naturally that owners should learn as much as possible about an item while it is in their possession. This especially pertains to auction houses and retailers. Knowing the story behind an item, and just as importantly, being able to tell that story well, can help to distinguish oneself from competitors, and generate increased revenues. (auctionzip.com)