APPRAISER: When you pulled this flag out of the box, I was stunned. It's got to be one of the finest World War II-vintage flags I've ever seen. Why don't you tell me a little bit about whose flag it was and how you came to receive it?
GUEST: The flag was the property of Bill Reed, who was a pilot with the Flying Tigers during World War II. He was with the original American Volunteer Group, better known as the AVG, who went to China in 1941. During his Flying Tiger days at the American Volunteer Group, Bill had ten-and-a-half planes destroyed.
APPRAISER: And then he went on to score more victories with the 14th Air Force.
GUEST: And then he went on in the 14th Air Force and scored eight kills.
APPRAISER: And then you indicated that he was tragically killed in an air mishap in 1944.
GUEST: Yes, he was on a mission in December of 1944, and returning from the mission, the airfield was under alert. There was no lights for the planes to land, and they ran out of gas, and when he bailed out, the rear of the plane struck him.
APPRAISER: And he did achieve the rank of lieutenant colonel, I think you said-- okay.
GUEST: He did.
APPRAISER: Well, let me tell you about your flag. What this is, is a flag of the headquarters of the First American Volunteer Group, otherwise known as the AVG, or the Flying Tigers. It's Chinese-made, it's made out of silk, completely hand-embroidered, and at the bottom, as you can see, it says "First American Volunteer Group." And then it has the Chinese characters on the side, as well. I've never seen one of these in person. You've never had this appraised or had any idea what it's worth, have you?
GUEST: No, I haven't.
APPRAISER: Well, this flag would probably bring between $20,000 and $40,000. It's a very unique item, it's a very colorful unit, it's highly collected. World War II American aviation is one of the most sought-after areas of World War II collectibles, and especially the AVG. What I would suggest you do with this flag, though, is have it professionally conserved, because you are getting some foxing spots on it and some stains. Silk flags are very brittle. They deteriorate quite rapidly, although this one's in beautiful condition. But I would talk to somebody about having it properly conserved. Because this is a true treasure, and it should be preserved for generations to come, and it was a pleasure seeing it. Thank you.
GUEST: Thank you very much.