This entry is a reply to a recent thread on NMB. In this reply, I explain the differences between the Western and Japanese ways of appraising the quality of a sword, which is a strong driver of its market value. We take the Hizen smith Tadahiro to illustrate. Tadahiro is a good example because the work is plentiful and similar. It's the closest we have to a commodity in Nihonto.

This lets us compare different attributes and think more deeply about market value determinants.

Tadahiro_1: 1M yen

Tadahiro_2: 2M yen

Tadahiro_3: 3M yen

For most enthusiasts in the West, Tadahiro_2>Tadahiro_3>Tadahiro_1.

Why?

Koshirae: West > Japan

In the West, having a koshirae is highly valued. It's known to Japanese dealers, hence they'll adapt low quality koshirae to sell blades to the western markets. In Japan, sword collectors typically do not care. These are seen as two separate objects, and they appeal to distinctly different collectors types. It's a completely different world in terms of knowledge.

Jigane consistency: West > Japan

Western buyers are highly sensitive to minute defects in the jigane such as ware, showing of shintetsu, or irregularities (nagare elements). Much less so in Japan. In fact, if one carefully studies the elite blades (Tokuju/Jubi/Jubun/Kokuho), these types of defect are often present, even in the highest ranking smiths. Jigane consistency is not to be confused with brilliance/wetness (Uroi). The uroi quality of the jigane is a highly valued attribute in Japan, even in the presence of nagare elements or ware disturbing the consistency of the jigane.

Brightness of the Hamon: Japan > West

The attribute of "bright and clear" or Saeru (冴える) is the most important attribute of a sword in Japan. This manifests as clarity in the Jiba, the contrast between the ha and the ji, and the overall consistency of the nioiguchi, a ha free of blemish (Shimi), and overall distribution, type and variety of nie. These are **paramount qualities. There are differences between schools in how these qualities are appraised (e.g., Soshu vs Bizen), but these are advanced topics best left for another discussion. I recommend reading Markus’s excellent entry on the properties of the Hamon.

Now lets go back to the three blades Tadahiro and look at the shots.

Tadahiro_1: suffers from a grave flaw on a suguha blade: inconsistent nioiguchi. There is an area where the nioiguchi expands upwards and downwards, this is considered a lack of control by the smith and disqualifies the blade as a good sword. This explains the price, it is simply a bad example of Tadahiro. Mistakes happens.

Tadahiro_2: the nioiguchi is rather consistent. Check. However, the contrast between the ha and the ji is not pronounced. Hence, it is not 'bright and clear' - rather, the noiguchi line is and the hamon is rather unremarkable. The Jigane is consistent everywhere, and it has a koshirae and a horimono. This appeals to the western market, but is very weak in the Japanese market.