For collectors interested in Judaica, buying at auction can be both exciting and risky. St. Louis collector Marc Lapp, who has spent years in the world of Judaica auctions, offers essential advice for those looking to invest in these rare and historic items.
Choosing the right auction house
Not all auction houses are created equal when it comes to Judaica. Lapp said there are only a handful of trusted names in the business.
“Jonathan Greenstein’s auction house holds four auctions a year, two of which are high-end,” said Lapp, who has known Greenstein for years. Christie’s and Sotheby’s, though less frequent, are also reliable sources when they hold Judaica auctions.
Other reputable names include Kestenbaum & Co., which specializes in books and significant historical pieces.
“They do a great job describing items and pointing out any hallmarks of authenticity,” said Lapp.
Lapp warned that smaller auction houses may not have the expertise to authenticate Judaica, leading to the sale of unauthentic pieces. For those browsing smaller or local auction platforms, Lapp recommended caution. He frequently uses the app Invaluable, which aggregates auctions from various houses. While it’s a useful tool, he notes that less experienced sellers may not recognize the true value of their items, which can be both an opportunity and a risk.
Understanding the value
The value of Judaica goes beyond monetary worth, as many items carry deep historical and cultural significance. Professor Rachael Goldman, who appraises Judaica for global auction houses, has said that pieces can range from centuries-old documents to everyday items from the Holocaust era.
“Holocaust-related Judaica is particularly controversial,” she said, noting that many believe such pieces should be housed in museums rather than private collections. “It’s blood money. It’s very recent. And it involves people who suffered tremendously.”
Assessing value is complex and depends on historical significance, rarity and comparable sales. Auction houses like Bonhams and Kestenbaum provide detailed catalogs to help buyers understand what they’re bidding on. For high-value or rare items, Lapp advises hiring an expert to authenticate the piece before bidding.
“Anybody spending thousands of dollars should consider getting a consultation,” he said.
The auction process
Auctions are fast-paced, requiring buyers to make decisions quickly. In a interview with the Long Island Business News, Greenstein, president of J. Greenstein & Co., said the immediacy of live auctions adds to their appeal.
“In an auction, you have two seconds to make up your mind. It’s final,” he said. While this creates excitement, it also means buyers must prepare thoroughly beforehand.
Lapp emphasized that setting limits and understanding fair market value is crucial.
“I’ve seen pieces go for far more than they’re worth because of the adrenaline in the room,” he said. “By researching similar sales and setting a budget, buyers can avoid getting caught up in the moment.”
Using technology
Modern auctions have expanded beyond the auction floor. Platforms like LiveAuctioneers and Invaluable allow collectors from around the world to participate. Greenstein’s auctions regularly attract bidders from as far as Israel, Russia and South Africa.
Though convenient, Lapp warned that online bidding requires extra caution, especially when dealing with lesser-known auction houses. He advised that buyers stick to reputable houses or consult experts before placing bids remotely.
Investment or passion?
For some, Judaica is more than a hobby — it’s an investment. According to Lapp, while many collectors buy Judaica for its cultural significance, others are driven by the financial potential.
“The antique market in general is very good. You get to look at your investment,” said Greenstein.
Before entering the auction world, Lapp advises collectors to understand their motivation. Whether buying for personal enjoyment or as a long-term investment, having a clear strategy can help guide decisions.
Final thoughts
Buying Judaica at auction offers the chance to own rare, valuable pieces of history, but it requires careful preparation and expert advice. Reputable auction houses like J. Greenstein, Christie’s, and Kestenbaum offer a wealth of options, but potential buyers must do their homework to ensure they’re making wise investments. As Lapp said, “It’s all about knowing who to trust and doing your research.”
