When Bonhams & Butterfields scheduled a sale of rare Montblanc pens last February in Los Angeles, few observers anticipated that the event would set seven world auction records. The auction was Bonhams & Butterfields’ first to be dedicated solely to current Montblanc pieces, and more than 10 writing instruments sold for $20,000 or more. The jewel of the sale was the Fortune Number 88 limited edition fountain pen, which was estimated to sell between $4,000 and $6,000. Intended to pay tribute to Asian cultures, the Fortune Number 88 is unusual for its clear body encased in red gold latticework that is designed as interlocking number eights. Because of that unique design, and with the added embellishment of a diamond-studded number eight on the clip, the pen sold for an unexpected $25,620.
Such a sale provides conclusive evidence that pen collecting has become a serious pursuit. In certain respects, pens—both vintage and contemporary styles—share similar characteristics with wristwatches and cultivate a similar activity among collectors. Pens and watches gained favor during the late 19th century, but both were seen as possessions that only the wealthy could afford. And as with watches, it took almost 100 years before the concept of collecting pens gained traction. However, Rick Propas, a consultant of fine pens and writing instruments at Bonhams & Butterfields (www.bonhams.com), has uncovered pen collections from the 1930s and 1940s, which suggests that a small percentage of people were collecting in the decades before the practice caught on. "Guys who bought more pens than they needed, to me, constitutes a collection," Propas says, but he points to the late 1970s as the time when pen collecting developed as a more accepted hobby.
Despite the success of significant sales like the Bonhams & Butterfields Montblanc auction, many experts—including Propas—find it difficult to determine the extent of pen collecting’s popularity. "I don’t think we really know how popular pen collecting is, simply because pen collectors don’t always make themselves widely known with any larger collecting community," he says. "They’re not as social. In a way, pen collecting is like an iceberg. What you see is one-tenth, but there’s nine-tenths underneath."
The pen-collecting community may be enigmatic, but the characteristics to value when making a purchase are not. Whether you’re enamored with the classic styles of vintage pens or find yourself drawn to the opulent designs of modern pieces, the following advice from industry experts provides guidance if you’re looking to start—or expand—a collection.
Old-Fashioned Values
Inasmuch as vintage pen and vintage watch collecting share similarities, there are a few noticeable differences. Whereas a vintage watch in pristine condition with all original parts would command a far greater price than a restored version of the same model, with pens, restoration work is generally accepted and will not greatly alter the value. But for this reason, a potential buyer must have trust in the pen’s seller. "It’s not a concern about counterfeit," Propas says, though that is a practice that has significantly marred the watch-collecting landscape. "It’s a concern about condition and level and care of the restoration."
When it comes to collecting vintage pieces, the first iteration is the most sought after, specifically because that first release likely included many unique characteristics. "That first year of production will yield a very different pen than when it gets into full-scale production," Propas says, explaining that an original design was often refined over the years, with different materials chosen to make mass production more affordable for the manufacturer. "In a space of a couple of years, a pen can go through a rapid evolution."
Some vintage fountain pens, such as those made by Parker and Waterman, were produced in a variety of sizes and numbered accordingly. During the 1920s and 1930s, the largest sizes of these pens cost between $10 and $15 and were marketed to the highest-ranking business executives, since only they could afford such a purchase. And according to Ed Fingerman, the director of operations at the Manhattan-based Fountain Pen Hospital (www.fountainpenhospital.com), those sizes were the least produced. "The largest pens in a particular series would be much more valuable today because fewer have survived," he says. In some cases, only a few hundred pens were sold in that largest size, which means today only a handful of examples likely are to exist.
In cases where a particular pen is incredibly rare, its aesthetics become much less important. "Beauty doesn’t always carry the price," Fingerman says. "If it’s super rare, it doesn’t have to be the most beautiful." Similarly, while good condition is always preferred, with some vintage pens, such as a short-captop Pelikan 101 in lapis celluloid, condition and appearance become minor factors. "You wouldn’t fuss much about condition," Propas says in regard to that particular pen, "because it may be the only one you see in your lifetime." Conservative estimates price the aforementioned Pelikan at $6,500, but Propas believes that "a strong market could drive the price higher."
Other times, a particular pen may not be as rare as the Pelikan cited above, but a complete example of it could be. Such is the case for the Parker Duofold Mandarin Yellow, which was made of Permanite plastic, though the "permanent" material failed to live up to its billing. A complete, authentic example in near-mint condition could cost $1,750, but many collectors find themselves searching for caps, since they were the component most prone to cracking. "You never find a collector looking for a barrel," Fingerman says, "but there are many collectors looking for caps, because the caps just don’t exist."
Early examples of the type of ornate, overlay designs that are prevalent in modern pens are also incredibly valuable. Over the course of a decade, from 1898 to 1908, Waterman produced a very limited number of sterling silver overlay designs. The four most sought after are the Cable Chased Twist, Repousee, Raised Rose, and Indian Scroll, all of which range from $10,000 to $30,000. They are valued as much for their beauty as for their rarity, since Fingerman believes only a handful of pieces are known to exist among all major collectors.
Modern Marvels
In some respects, modern pens present a less complicated purchasing decision than their vintage counterparts. For starters, most limited editions are made with precious metals and gemstones—like the Montblanc Fortune Number 88—and naturally are valuable (and hold their value) due to those materials. Also, considering that some limited editions are produced in minimal quantities—especially the Maki-e styles produced by Namiki—it is easy to predict the models that are likely to appreciate in value. "A low limitation and an established maker is as good as money in the bank," says Propas.
Pen manufacturer David Oscarson in St. Louis, Mo., follows a philosophy similar to Japan-based Namiki’s—he focuses on extremely high-quality craftsmanship and offers very limited productions. It’s a formula that Fingerman says makes Ocscarson’s pens highly desirable with his shop’s customers. "Everyone recognizes the high quality of the instruments and the stages that each one goes through to produce a finished product," he says.
But picking a favorite brand for current pens is decidedly more difficult than knowing which vintage brands to target. Propas points to only nine vintage brands of value throughout the world, but at the Fountain Pen Hospital, Fingerman offers current writing instruments from more than 50 manufacturers. Some, like Illinois-based Krone, have created limited editions embedded with historic artifacts like a piece of Marilyn Monroe’s red lipstick ($5,500) or a piece of a Babe Ruth baseball bat ($3,600). But for Ed Hamilton, proprietor of Century Pens (www.centurypenschicago.com) in Chicago, nothing can top the forefathers of luxury writing instruments. "Waterman and Parker are still producing the coolest pens," he says. "Forty years ago, Parker started the limited edition long before the other companies even thought about doing it."
And while Hamilton recommends the established, historic brands for their craftsmanship and high value, he more passionately believes that a pen purchase should be influenced by only one factor: whether or not you like it. "If it speaks to you, if it reaches out and grabs you, that’s the one you should get," he says. "Regardless if it’s popular, you just need something that makes you feel good."