APPRAISER: You're the first for me. I've never reprimanded a guest for manhandling a painting before. When you were pulling it out and that foam core was there...
GUEST: I'm glad you're taking care of my painting.
APPRAISER: I'm trying to. So what can you tell me about this lovely Frederic Remington portrait?
GUEST: Well, Lea Febiger was my great-grandfather.
APPRAISER: That is this gentleman?
GUEST: This is this gentleman, born in 1858, died in 1920, and he was a friend of Frederic Remington, who in 1896 painted his portrait as part of a military series in El Paso.
APPRAISER: And he was captain in the infantry?
GUEST: Right, infantry.
APPRAISER: As you know, Frederic Remington is one of the most important Western artists of the turn of the century. He didn't have a tremendous amount of training, but a natural instinct for the vitality and the style of the West. And this portrait really is a terrific example of that. The painting is oil on canvas, and it's in very good condition. Your family's taken very good care of it for a long time. It also comes with this letter from Remington to your great-grandfather. They talk about their adventures that they had. Really, really wonderful. Now, you had this appraised a while ago, correct?
GUEST: I did.
APPRAISER: And what was the value at that point?
GUEST: It was in 1960, so the value was $7,500.
APPRAISER: Well, the years have been kind to you and Frederic Remington. The letter itself, because it is so intimate and specific, is worth probably about $2,000.
GUEST: Really?
APPRAISER: Yeah. He really is an iconic figure in American painting. And this piece with the very dashing figure, the beautiful shadow, the abstracted landscape behind, is really a wonderful example of Remington's work at the turn of the century. And this piece, together with the letter, would be something that I would value at auction between $600,000...
GUEST: Oh, my goodness!
APPRAISER: ... and $800,000.
GUEST: I was hoping I would be wildly exuberant. I am. (laughing)
APPRAISER: And certainly for insurance, in excess of $800,000.
GUEST: My goodness.
APPRAISER: It's just terrific.
GUEST: Can I keep you around so that I take good care of it?
APPRAISER: Perhaps.
