LOUISVILLE, Ky. (WDRB) -- Mint Julep glasses from Churchill Downs are one of the most common derby collectables.
Sterling Riggs learned more about the history of the souvenir and discovered an impressive collection. Visit Michael Bennet's Louisville home and he'll gladly show you his impressive derby glass collection. He says, "The only ones I'm missing are the 38 and 39 and the bake light cups."
His mother started the collection before Michael was born when his family moved to Louisville in 1960. "I start at 1940- it's an aluminum one and I think that's the most unusual one that I have and I really enjoy." She gave him the collection when he was a teen and he's been slowly adding to it. "My favorite one is the 1952. It's simple and elegant.
Visit just about any antique store in Kentuckiana and you will probably see a derby glass for sale. We tracked down long time Louisville antiques dealer Andy Albatys to learn more about the history and value of the collectables. "The most expensive being $16 to $17,000. They go down to $2 or $3." He says the Derby glass tradition started in 1938 as kind of an accident, "the '38 being a glass that a lot of collectors don't see as a derby glass. It was a water glass used at Churchill."
People wanting a souvenir stole the water glasses-so Churchill Downs decided to capitalize on the opportunity in 1939. The track started selling mint juleps in the glasses and allowed visitors to keep it as a memento. It's a move that reportedly tripled sales. Albatys says this version of the 1940 glass is the holy-grail for collectors. "The '40 glass is the one that you hear about the big prices on. The '40 is the one that supposedly brought $30,000. It now has a book value of between $16 and $17,000."
Some of the other glasses that bring in big money are those made around World War II from 1941 to 1944. "When there was a shortage of materials, you couldn't get glass or aluminum so they made what they call the beatleware bakelight glass. They were made in a variety of colors, you don't see a lot of them and they are worth probably $2,000 and $3,000."
It's hard to put an exact number on how man glasses were made. Some dealers say between 1938 and 1952 less than 100,000 a year were produced. Today, approximately 700,000 glasses are produced.
Albatys left us with these words of wisdom for aspiring collectors. "Someone can put a really nice collection for their wall and if they want to have between 1974 and today $200 to $300, and they've got this this pretty set of glasses that chronicles the best years in racing." He also recommends starting your search at local antique stores and yard sales to find the best prices.
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