Throckmorton - 1990 The World's Worst Investment

Throckmorton - 1990 The World's Worst Investment - PETER...

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Unformatted text preview: PETER THHOCKMOHTON The World’s Worst Investment: The Economics of Treasure Hunting with Real Life Comparisons Introduction The cost of undersea treasure hunts is double that ol' PrOjCClS carried out by competent Scientists. Only one in twenty salvage companies has any chance of making money. However. there is a way for investors to profit from shipwrecks. Historic Preservation as a Public Issue The American public has been exposed to a storm of rhetoric arising from the conflict berween salvors and hisroric conser- vationists. Treasure hunters argue that their trade is good old American enterprise at its best and history and archaeolog- are boring and unnecessary pursuits carried out by a 'bunch of bureaucrats feeding at the public trough' (Mel Fisher's attor- ney Paul Horan as quoted in Tun: Magazine in I985). Ex- tremist archaeologists say that compromise between business and science is impossible and seem to want to hide in their ivory towers while the salvch smash what they like. The real issue is that American treasure hunting is destroy- ing scant resources of desperately poor emerging Caribbean nations. Historic preservation in the Caribbean is an economic issue. Traditional sources of income for many Caribbean islands have declined in the past ten years. For example. the value of sugar exports from the Dominican Republic in l987were one-third ofwhat they had been in 1977. and in the smallerislands theywere about one-half. Jamaica's bauxite exportswere d0wn by Over one-halfin the same period. In contrasr. tourism, two-thirds of it Nonh American. has increased in all the islands. In Jamaica. the Dominican Republic. St. Kitts and Nevis, St. Lucia. Antigua. and the Cayman Islands it has doubled since I980, and in St. Martin it has tripled. Today. tourism is rapidly becoming the treasure of the Caribbean. Archaeology and Tourism A recent study ofthe economic impact ofthe arts in Britain._ by Mr. John Myerscough of the Policy Studies Institute, analyzed the economic impact of the arts. including museums. on Britain's economy. Foreign. spending accounts for 37 per- cent of the tumover of the ans. compared to 27 percent of British manufacturing as a whole. The ans are the fourth biggest earner in Britain. Twenty-seven percent of tourism earnings are attributable to cultural attractions. A study by the Association of American Museums has shown that each tourist who visits a museum leaves about 10 dollars in the immediate local community’s tax structure. Archaeological resources are an assct to communities that create museums. because museums attract tourists. The ruined crusader castle in Bodrum. Turkey was converted into an archaeological museum in 1959. At that time the tawn‘s population was around 5000 and there was almost no tourism. Since then. George Bass and his group have been excavating shipwrecks and creating exhibit material.. Today the museum is the second most visited in Turkey. after the National Museum in Ankara. The population has also tripled and local businesses are thriving. Here are perhaps half a million visitors per year. In 1967 Bass' group staned excavating a fourth century BC ship off Kyrenia, a village well off the main tourist track at the southeastern end of the island of Cyprus. In 1967 Kyrenia Castle was the sixth most-visited archaeological site in Cyprus. By 1974. when the Turks invaded Kyrenia and put a stop to tourism on that end of the Island. there were over one hundred thousand visitors per year. and Kyrenia casrle. with its ship exhibit, had risen to second in popularity. The foll0wing table (counesy Michael Katsev) illustrates the process: 'DKBLEI Visitors to Kyronia Castle 1966 1967 1968 1969 1970 11.867 27.206 29.791 47.739 69.405 1971 93,025 1972 93,025 1973113.500 1974 62.137 October survey of site First summer of excavation Second summ- of excavation Begin preservation; Wiporary nuseum opened Continue preservation Begin hu11 reassembly Continue massanbly Visitors through mid-Ju1y: Turkish invasion A significant part of the Caribbean's hisrorical heritage is its dtamattc history of buccancering, privateering. slave trading and naval warfare. The islands were a cockpit for the conflicts Of Europe for four centuries. The relics of all this are scat- “:th over thousands of reefs and Cays and they are being mltidlessly destroyed b_\' treasure hunters. Americans are Paying for this destruction twice. First. in the tax deductions granted to intestors in salvage companies. and second in aid 7 money given to imp0verished governments.' Tourisr dollars paid to taxi drivers. horel keepers. restauranteurs. store owners and the like, go directly into the local economy. Economies supported by t0un'sm don't need our aid money. Shipwrecks and the material in them, properly excavated. curated and exhibited in a museum are as valuable as historic houses, moldering castles or pre-Columbian ruins. When Caribbean countries barter away their historic shipwrecks in return for a percentage ofan imaginary take. they lose t0urist attractions that could produce income for all foreseeable time. Opportunities like the one that existed in Bodrum 30 years ago are scattered all over the Caribbean. There are even suitable castles: St..luan de L'lloa in Veracruz. English Harbor in Antigua. Sans Souci in Haiti. and Brimstone Hill in St. Kitts. to name a few. The treasures ofthe Concepcion housed today in the old Governor's Palace in Santo Domingo. are the centerpieces of a spectacular historic restoration project and a thriving local boom. which brings the Dominicans much more money than if the collection had been sold. If the Con- cepcion had been professionally excavated the collection would be even more valuable. . Museum Economics Digging into historic sites whether on land or under the sea usuallyproduces material that has no value unless it has been intelligently excavated conserved. and exhibited. Shipwrecks are an extreme example. A few farseeing investors are begin- ning to understand that museums can pay. Several companies are n0w investigating financing archaeological projects that will result in museums. and building resorts around them. so that they acquire the long-term profit from the visitors at- tracted by the museum. If the museum is non-profit the ex- cavations that produce the material can be done as 501(C)(3) projects through universities; this cuts costs in half. InvestOrs are beginning to understand that archaeology is valuable. not because it produces 'treasure', but because it brings in tourists. A successful museum that might serve as a model for museums in emerging Caribbean countries is the Maine State Museum in Augusta, Maine. which was in pan inspired by the .\'ational Museum of Mexico. The museum is free. Its attrac- tive exhibits illustrate Maine’s natural history and changing seasons. the disappearingworld ofnineteenth century Maine. and the 10 thousand year history ofthe state. It attracted [80 thousand visitors in I978. The state legislature funds the museum according to annual visitation. figured at a rate of ten dollars per visitor peryear. Halfof this is spent forday-to-day ope rations. the other half for Statewide educational program- mes and development. Its director. Paul Rivard. says that people don't come to Maine specifically to see the museum. but Stay longer in the state because of it. , Maine. with a population of 1.2 million. has about 4 million out—of—state visitors per year who spend [.7 billion dollars. Like the Caribbean islands mentioned above. Maine‘s tourism is increasing at the rate of about l0 percent per year. Not so spectacular as some Caribbean islands. but still impressn‘c. Maine‘s per capita income of lb thousand dollars a year is not much higher than that of the most successful Caribbean tourist islands: the Cayman Islands per capita income is 12 thousand dollars. the Bahamas‘ is 9 thousand dollars. Jim Thompson. of Maine's Department of Economic and Community Development. says that his office is investigating the relationship between amenities such as museums. theaters. concerts. fairs and festivals in order to establish how much such amenities effect the length of stay of visitors. The idea being that the longer you keep tourists in the state. the more money they will spend. Another aspect of providing 8 Cuilural amenities is that their clientele will be more prosperous than. say. visitors to beaches or rock concerts. Vam, a battleship of I628 salvaged intact from Stockholm Harbor in I961. further illustrates the point. Conservation proved very expensive; there was an outcry against the projeCt. Today. according to the Swedish tourist board. one million tourists spend an extra day in Sweden because of the Vasa. At about three hundred dollars per day per tourist. this amounts to several hundred million dollars peryear added to Sweden‘s economy. It appears then. that the best way to make real money out of old shipwrecks is to use them to create museums and then profit from the added revenue that follows the increase in tourist length of stay. The Salvage Boom Treasure hunting in Florida boomed in the early l960s. with the dISCOVC ryor‘ the I715 plate fleet off \‘ero Beach. What had been a relatively genteel weekend hobby as practiced in the Keys in the early days of SCL'B.—\ din'ng. became a gold rush. with its attendant cast of profit-minded adventurers. The best known. Mel Fisher. came in from California to work on the I715 Plate Fleet. then moved to Key West for the famOus search for the Amelia which he eventually found. to the ac. claim of the .-\merit:an public. Florida's policy tawards its underwater antiquities has cost the state millions. The state's 25 percent share from the treasure grubbing of the past 20 years is a collection wonh Only about 5 million dollars today. The Florida state museum has in its possession approximately l500 gold coins worth on the market about $2000 each. and about 20 thousand silver ones, worth $80 to $150 dollars each. This represents the State's 1'5 percent of all treasure recovered in Horida pre- I982. The collection has cost more than its value to maintain. especially if one includes the cost of the continual legal cases that have resulted from the state's policy. If Honda had- used state money. and inveSted I0 million dollars in two great maritime museums back in the 1960s. instead of giving leases to salvors. the state would be nearly half a billion dollars richer each year. if the Swedish example applies to Florida. The state's share of that sum in taxes would be not less than 25 million dollars per year. If the state was maintaining nvo museums at the Maine rate of IO dollars per visitor there would still be a direct profit in tax money ofS million dollars peryear. It could even be argued that individuals and corpora- tions who wanted to do legitimate work in Searching for and excavating shipwrecks in collaboration with the state. would have profited. As things stand today in Florida. the state has set up such efficient barriers to stop treasure hunters. that even legitimate archaeology is inhibited. The emerging economies of mOSl small Caribbean islands can't even afford decent education systems and health care. much less archaeology and museums. As a result. they are wide open to the blandishments of salvors. As of the summer of I988 there were five salvage companies working in the Bahamas and three or four in the Dominican Republic. Abig one has a monopoly in the Turks and Caicos. Another. smaller. has rights to the British Virgin Islands. Mel Fisher has managed to get concessions from the Antiguan govern- ment for the reefs of Barbuda. Treasure hunterswith millions of dollars behind them are working in the Marianas. the Philippines and the China Sea. In most cases the treasure hunters' contracts gives them exclusive rights. thus keeping Out archaeologists. In I988 I flew in a light plane overthe east coast of Florida and spotted seven different'salvage vessels industriously blowing sand with their mailboxes in the Vero Beach area where the I7l5 fleet went ashore. These are said to be working under concessrons from the Fisher organiza- tion, which controls the leases. The hunt for antiquities has been reduced to the level of strip mining. Florida treasure hunting sprang from a booming get-rich- quick society that has little historical past. Salvors tended to be working class midwesterners. Their divers were mostly typical products of the failed education system in this country. where one-quarter of the populalion can‘t read the directions on a can of soup and three-quarters don't read newSpapers as often as once a week. According to a .\'ational Geographic Survey released in July I988. one in four Americans can't identify the Pacific Ocean or the Soviet L'nion on a map. and 75 percent can’t locate the Persian Gulf. Today's salvors are no more aware of the cultural material they deStroy than the peasant farmers who rob tombs for a Iin'ng in Sietly or Columbia. Treasure investors are not well informed. Individuals knowing n0thing about history or the ocean. with their sources limited to the national slicks and pulp 'Treasure‘ magazines. are fair game for promoters. .—\s P.T. Barnum said. 'a sucker is born every minute.‘ When .\lel Fisher won the Cobb Coin Case entrepreneurs turned treasure hunting into a nationally-financed industry. The passage of PL 828 and the public confrontations that preceded it drew attention to the operations of salvors from environmental agencies. state and Federal prosecutors and the Securities and Exchange Commission. The promoters moved to the Caribbean. Like the drug trade that began with a bunch of happy-go-Iucky hippies smuggling marijuana with sail boats, the treasure salvage industry has gr0wtt. Today’s treasure hunts are prom0ted on Wall Street and the Vancouver Stock Exchange. Their investors include some of the wealthiest men in the world. What we are seeing today is an assault on antiquity by an industry. n0t by a bunch of small-time adventurers. In scale it is larger and better financed than any assault on antiquities in history. About 5 treasure hunting companies are tOuted everyyear. About half get financed. for a total of up to IOO million dollars. This industry is equipped with big ships that have attached prop bl0wers that can blast away500 tons ofsand in IS minutes. and open a hole in the sea bouom that is 15 feet around at the bottom and 50 feet across at the top. Sophisticated instru- ments can detect a cannon 100 yards away. Treasure salvage is now an industrial process. While we deplore Lord Elgin's rem0val of the marbles from the Parthenon. we must admit that Europe's willingness to pay Turkish pashas good money for pagan statues saved a lot of statues from being smashed by Moslem fanatics. When dealers and governments paid adventurers to rob Egyptian tombs. they wanted the goodies because they cared abom them. Today's investors are paying salvagers to take the valu- ables and smash the rest. The difference is one of scale. The modern salvagers ofthe Geldamamen (the Nanking ship) are said to have dynamited the almost intact wreck after salvaging the Chinese blue on white porcelain so its location would remain unknown and the government from which it was stolen could not prOVe ownership. The Government of the Turks and Caicos gave an exclusive contract to a professional industn'al salvage company called TACMAR to rummage the shipwrecks in their territory for gold and silver in I987. This is the moral equivalent of the Egyptian government giving Morrison Knutson a contract to bulldoze the Valley of the Kings in order to increase Egypt's gold reserves. . In the case of the Egyptian tombs. the salvaged material is now mostly in museums and the tombs themselves are mostly intact. While one can deplore desnuction. a large percentage of their historical value survives. This is not so in the case of a looted shipwreck. where 90 percent of the interest lies in the ship itselfand the artifacts that are ignored by the salvors. and destroyed. because they have been uncOvered. One shipwreck like the Geldcrmarstcn equals. in quantity of material destroyed. Over 3.000 Etruscan tombs. .\'ow. in 1990 TACMAR seems to be going out of business. Nothing of value has been found and millions of dollars have been spent. The company's Wall Street investors have, per- haps. wearied of supporting a profitless project. Evaluation of Some Undersea Archaeological Projects .\'ote that valuation of material recovered is based on today’s estimated market value of the collection as a whole. In the case of expeditions that recovered material of imponant scientific. but little market value. the value of recovered material is given as 51 x 51. Value of collection to the host country is counted as $10 per visitor to the museum per year in the years since the exhibit became public. Money spent is the amount spent on the actual excavation calculated in todays dollars. calculated as l960—67x 3.4. l977-87x 1.7. All expedil tions listed below are Over 100 on the rating scale given below: TABLE 2 Expedition/Var Cost Return 1 Return Cape Ga11donya $1,000,000 l'hseutn x 11 1960 . Pe1agos 3 50,0“) 3 210,000 Market x 4 1969 - __ Tor-r9 Sgarrratta _3 100,000 3 100,000 Market x 1 1967-68 KynMa 3 120,000 3 240,000 Pusan x 2 1968 Yassl Ma 3 370.0% $1,000,000 Htseum x 3 1961-63 U1u Burun 3 500,000 $1.000,000 Market at 2 Tota1s 51,330,000 33,550,000 Mixed x 2.6 Evaluation of a Group of Salvage Operations Key to numbered items graded on I to ID scale. lO=excel- lent. The items below are broken d0wn into ten questions fOr each heading. In the case that an item is n0t required. ten credit points are given. I )Magnetometer 2 ) Research 3 )The Expedition 4 )The Ship 5 ) Equipment Shallow water 53) Equipment Deep water 6 ) Archaeology 7 )The Crew 8 )The Company 9 ) Financmg and Accountability 10) Political 9 This is a gross return of perhaps 35 million dollars. of which investors got less than l0 million dollars. However. the gar. gantuanAlocha project skews the figures. lfOne subtracts the approximately I] million spent on lhcAlOcha, we are left Wllh l5 projects that cost a bit over l7 million dollars. which returned to their investors a tom! of between 3 and 4 million dollars. Onlyone project. Concepcion I! returned any profit to the investors. This is a good deal less than donors got by supporting the 501(3)(C) non-profit tax organizations that did the non-profit projects listed. ie.. 33 percent as opposed to 50 percent plus. Cost of the non-profit Operations averaged about 5 thousand dollars per month. while salvage operations averaged nine thousand dollars. The most inefficient treasure hunt spent 500 thousand dollars for l6 days at sea. TABLE 3 Project lining in Each Category You! Cost Rcturn 12345678910Rattnq (or-31 11 1987 1010 710 9 0 810 9 9 92 3 130,000-318 Phoenix ' 10 10 10 10 10 -6 8 9 8 9 90 3 2.000.000.” "1‘" Soul“ 1% 10 9 6 7 7 7 5 7 6 73 3 100,000.41 Imam 1979 5 6 9 9 7 4 8 7 8 B 71 3 375,000.50 Solving 1987-88 3 2 8 6 8 9 9 9 3 9 66 3 1.250.000.” Hon-1d Explai- 1984 8 8 8 8 8 3 6 6 5 6 66 3 250.000.” Carin-p 1978 210 5 7 9 8 8 9 2 6 66 33.000.000.315 Stood 1982 356865787762 3 210.000-30 in: H lm—J 5 4 61010 2 7 7 6 4 61 3 275,000.30 1W. 1986-880547835495503‘.000.000~30 Atod’u 1972-06 3 9 5 5 6 6 7 2 3 2 l9 313.w°.w°I3Z-5 MAVLI 1W—5 1 S 51010 0 5 3 4 6 49 3 350,000-30 Baltic-or. 1982 0 3 5 6 6 4 6 6 5 5 46 3 1710wa Seas-arch- 1987-81 0 4 8 7 6 0 6 3 1 3 39 3 7513.000!” James Bay 1978. 303580535436 3 300.000.30 ICR‘ ' 1905-86 0 0 2 8 5 0 2 2 2 5 26 3 500.000n30 70‘41 3Z7,16S.000:3.JO .0000 i no pmJoct Notes: 1h. grading system derives (ru- upertenoe with about fifty “podium over the past thirty years in eight atllomt countries. It is mo‘lonqthy to dot-11 here. Aaounts an. apprtoittmatn and an translated to 1985 dollars. Return 1: dtlftciint to ca1m1ate due to the secrettva nature of tho ulvaga buxlnnxs. Returns of 1css than um cnntx on the dollar luv. mt. been 1157.“. 10 Trends Pre-l985 Spanish treasure projects are relatively small time. The large industrial-type projects. ie.. TACMAR. Phoenix. and two large projects in the Philippines (not listed). have appeared post the l985 Alocha discovery and its attendant publicity. Treasure hunting seems to be something that you can raise millions for doing even if your organization is incompetent. The old style investors didn't seem to care. When the Miami Herald put an inveStigative reponer onto Mel Fisher's opera- tion. she found that a majority of Fisher's investors were satisfied because it had been an exciting adventure, and a much smaller percentage were suing because they felt conned. .\'0 one had any criticism of the inefficiencies of the project. A grade of over 70 seems necessary for success. Conception 1. although it returned 52 gross for SI invested.went bankrupt. because the ‘take' was split with the Dominicans. which returned investors less than 50 cents on the dollar. The Alodm project is the subject of much speculation. Haw- ever the Miami Herald report shows that the luckiest Atocha investors probably didn't break even. The 3:] return does not include investors A law rated project such as Atocha can achieve something. if good money is continually thrown after bad. but is unlikely to return a profit. Competent archaeologists are excavating shipwrecks and conservingwhat's worth saving f0r less money than the salvors spend n‘pping them up by the roots. Nearly all ofthc salvage projects being floated ar0und the world todayare doomed to _failure because of the incompetence and ignorance of their principals. orbecause they are scams. designed only to benefit the promoters. No one seems to notice. if investors understood that they cannot profit unless they employprofessiOnals and professional societies could guaran- tee that the archaeologists are competent. and persuade host gavernments that they need cultural resource surveys. and need to protect shipwreck sites that can stock museums. the re would be a better future. it is not to the advantage of any salvor who wants to make m0ncy. lo spend time wrecking sites that contain no treasure. lt lS nOI lo the advantage of governments to allow cultural resources that might eventually benefit tourism. to be destroyed. It is n0t to the advantage ofinvestors to be victims of the incompetence and chicanery that is characteristic of the treasure salvage industry today. Only archaeologists can prevent this. Conduyon Even a profitable barbarity. like the Geldenruzmen project. would have paid its investors many times what it did if the project had been legitimate. Because the material was probably stolen. there was a chance that the country that owned it might sue. This caused a fast auction in Amsterdam. The porcelain sold is said to be bringing several times its auction price today. Even if the salvage company had gotten only half the porcelain. the investors w0uld have made more mOney. The only groups that have consistently performed in the shipwreck salvage business are a few salvors, and ar- chaeologists using the systems developed by Penn Museum and their foll0wers in the 19605. If investors want to make money they. need to turn away from the incompetents who infest the salvage business. and deal with professionals. Governments ofcountries being exploited bysalvors need to take a second look at what they are permitting and what it will cost the next generation. Archaeologists need to fulfill their professional responsibilities better. All of us who stand to benefit from reform of the salvage business. salvors. ar- chaeologisls. investors and the citizens of the countries being exploited should ask the pe0ple who control our foreign aid investment in the third world to take a hard look at the economics of museums and the tourist trade. As things stand, investment in the salvage industry only benefits promoters and lawyers. PETER THROCKMORION NOVA UNIVERSer fiw0NJMfiMNDRnE DANIA. FLORIDA. 33004 GEORGEF.BASS AFTER THE DIVING IS OVER For yearswe archaeologists have attacked treasure-hunte rs. chastised the press for glorifying and misrepresenting them. and tried to educate the public about the meaningofarchaeol- ogy. Treasure-hunting is such a big. soft target it scarcely presents a challenge any longer. The greater threat today lies Wllh those archaeologists of responsibility who lack the vision to understand the full potential of archaeoloy. They give meaning to the cliche': ‘a little learning is a dangerous thing.‘ i did not intend to present a paper here. i felt compelled l0 do so only after exchanges of disturbing COrreSpondence with bOth federal and state archaeologists who rationalize their acquiescence in for-profit archaeology by asscning that it is 'good archaeology.‘ lcan understand the ignorant treasure— salvor who lays a grid over his site and says on television and to the press that he is doing 'good archaeoloy‘ because he 'uses a grid.” But for someone with an advanced degree in archaeology to equate good field techniques with good ar- chaeology is frightening. and l have correspondence that reveals such naivete' among some who advise State govern- ments. Most of you remember the treasure-salvors archaeologist who proposed. several years ago. that salvors sh0uld all0w archaeologists three years to study their finds before selling any. thereby assuring 'good archaeology.‘ How ridicuIOus! l'vejusl returned from a term of research at the Institute for Advanced Studies in the Humanities at the University of Edinburgh. While in the United Kingdom lvisited the im- pressive MaryRose and Mary Rose Museum. The elderly guide told the children in my group that they and their children may see the Mary Rose completely restored. for it will be m; before the chemical treatment of its wood will allovr the re- placement of timbers even to begin! 1’) joined together to form an entire vessel. The largest glass vessel surviving from antiquiry is of nearly clear glass. lm- agine finding llS joming fragments out of a million. If you want to tryyour luck. smash three light bulbs on the floor. stir the pieces, and try to put them back together. We are domg just that with between 10,000 and 20,000 vessels. We do n0t plan to mend all the glass vessels. but only a representative sampling of shapes. Already we have more than 200. many previously unknowi. Of these 200 shapes. Joy Kitson Mim-Mack chose one. the beaker. as the subject of her MA. thesis. During a year in the Bodrum Museum in Turkey. she identified over a thousand examples. many with intricately cut decorations. Several years of library research then led to a landmark study of ancient glass that will be part of the final publication of this remarkable collection. ln Edinburgh lwas studying Whal one usually calls the 'mis- cellaneous finds' of the site. lconcluded that such a category may have no place in shipwreck reports. as nothing was taken aboard a ship, except quite aCCidentally_ without a reason. and it is the dury of the archaeologist to astertain that reason. Yet many of the finds l was studying did not exist until a year ago. almOSt a decade after the ship was excavated. r\ll ofyou know that iron corrodes within its seabed concretion. but an iron object can be studied by cleaning out the resultant cavity in the concretion and casting a replica of its original form with epoxy or a similar material. Frederick van Doorninck. Joseph Schwarzer and others have spent years casting implements. But only last year did a razor and pair of scissors come out of concretion. Without them lwould nOt have determined that wooden delousing combs on the ship were parts of more complete toiletry kits, and lwould not have realized that the little piles of orpiment (a trisulfide of arsenic) found near them were probably for a male depilatory. Thus we would not have learned something of interest about hygiene on a medieval ship. Without those finds l would not have guessed that otherwise enigmatic marble fragments near the orpiment might have served as crude palettes for mixing the paste that removed body hair. And without those finds I might not have noted that spindle whorls on the ship were not items of cargo, but were found near the same personal pouches. Which in two instances were left near where we have evidence that fishing nets were being mended. Although spinning in earlier classi- cal times was almost totally a female occupation. I wondered .if the whorls were used by the sailors to spin threads for their nets, as is done still today in some places. l ran across a twelfth- century Arab document that says it is all right for men to spin goat hair or sheep's wool.but not flax, for making linen is a woman’sjob. Because we still had the lead fishing sinkers. we could examine them for traces of hair, and learned that the nets were bordered with goat hair. So we may have learned something else new about shipboard life in the eleventh cen- WW—Mflmxxemflflnaumaumnu Recently I received an enquiry from a newspaper reporter about a group that uses 'hi-tech' to find shipwrecks in the Caribbean. She said that they want to do it right. They want to sell nothing. but to establish museums to recoup their expenses. They want to locate many. many sites. She didn't seem to understand when I tried to explain that it is not good archaeology to work site after site without the commitment to continue the project for as long as it takes. She said the gr0up planned to hire archaeologists. I said that no true ar- ehaeologist would undertake the excavation of a site without being willing to commit as many years to it as necessary. even if it were that person's entire life. In 198-! I began the excavation of the most exciting ancient shipwreck ever found in the Mediterranean (Bass 1986; Bass 1987). After directing its excavation for three Summers, l realized that l was falling behind in my obligations to the medieval glass wreck l had excavated a decade ago. I there- fore asked Cemal Pulak to assume the direction of the fieldwork so that l could devote more time to the publication ofthe Glass Wreck. But lwould now have nothing to study for publication had the finds been dispersed three years. or even a decade. after the excavation was completed. lt'swhat happens after the diving is over, not field technique. that turns archaeology into 'good archaeology.‘ REFERENCES BASS. GEORGE F. 1967 Cape Gelidonya: A Bronze Age Shipwreck. Transac- tions of the American Philosophical Society 57(8]. 1978 Glass Treasure from the Aegean. National Geographic 163 (60:768-925. t984a The Million Piece Glass Puzzle. Archaeology 37(4):4247. - 1984b The Nature of the Serge Limani Glass. Joumal of Glan Sntdies 26:64-69. 1986 A BrOnze Age Shipwreck at Ulu Burun (Kas): 1984 Campaign. American Journal of Archaeology 90( 3):269-96. 1967 Bronze Age Shipwreck Reveals Splendors of the BronZe Age. National Geoyaphic l72(6):693-733. 1991 Evidence ofTrade from Bronze Age Shipwrecks. In Science and Archaeology: Bronze Age Trade in the Meditaranean Eds. .\'.H. Gale and Z.-\. Stos-Gale, forthcoming. BASS, GEORGE F. and FREDERICK H. VAX DOOR- NINCK. JR. 1978 An llth Century Shipwreck at Serce Liman.Turkey. -Internalional Journal of Nautical Archaeology 7(2):119.32. 1962 Yam' Ada I." A Seventh-Canary Byzantine Shipwreck. Texas A&M University Press, College Station. GALE. NOEL 1991 Copper Oxhide lngots and their Relation to the Bronze Age Metal Trade. In Science andArchaeol- ogy: Bronze Age Trade in the Mediterranean. Eds. NH. Gale and ZA. Stos—Gale. forthcoming. STEFFYJ. RICHARD 1962 The Reconstruction of the llth Century Serge Liman Vessel. lnteman'onal Journal of Nautical Ar- chaeology ll(l):l3-3-l. STOS-GALE. ZOPHLA 1991 Sources of Metals and Trade in the Bronze Age. ln Science and Archaeology: Bronze Age Trade in the Mediterranean Eds. N.H. Gale and Z.A. Stos Gale, forthcoming. VAX DOORVINCK. FREDERICK H. JR. 1969 The Cargo Amphoras on the 7th Century Yassi Ada - and llth Century Serge Limani Shipwrecks: Two Examples of a Reuse of Byzantine Amphoras as Transport Jars. ln Recherche: m: [a ceramique byzan- tine. Ed. V. De'roche and J.-M. Spieser (Bulletin de correspondence hellenique, suppl. l822-17-57). ...
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Throckmorton - 1990 The World's Worst Investment - PETER...

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