About 40 years ago, Milton Araki walked into the old Hobie store near Ala Moana and picked out a colorful 7-foot-4 single-fin surfboard.

His parents bought it for him for Christmas. It cost $197.

Araki, now 52, took the board to yesterday's Quiksilver edition Hawaiian Islands Vintage Surf Auction at the Blaisdell Center to get it appraised.

Today's value: about $1,000.

"My wife said I should put it up on the wall," said Araki, a dental technician from Wahiawa who now rides an epoxy 9-foot-4 Wingnut Noserider. "But for the right price, I'd sell it."

Dozens of people dusted off their old boards and lugged them to the biennial auction, which featured a free appraisal of boards and other surf-related collectibles. (The main auction of vintage boards and collectibles starts at 5 p.m. today.)

Some came with high expectations, hoping their fading single-fins circa 1970 would be worth thousands of dollars.

Others, like firefighter Martin Smith, were shocked to find out how much those boards under his house were actually worth.

His three Hydro boards, all shaped by Black Point resident John Kelly, could fetch up to $1,500 each.

"I didn't know what to do with them," said the 53-year-old dawn-patroller from Waikele. "I'm going to keep one and sell the other two."

Every surfboard that got appraised yesterday seemed to have a story.

About 30 years ago, Kirby Leong traded his Kawasaki 100 motorcycle — worth about $200 — for a 7-foot-10 single-fin board shaped by Greg Noll.

He bought it to get back into surfing. He rode it a couple of times — it wasn't a very good board, he said — and quit. The board stayed under his father's house for years.

"It was just sitting there, unnoticed," said the 58-year-old financial adviser from Hawai'i Kai.

Yesterday, it was appraised at $800 to $1,800.

"If I could get $1,000, I'd sell it," he said, smiling.

Leong even got the board autographed yesterday by Noll, who was at the event signing copies of Drew Kampion's "Greg Noll, The Art of the Surf Board."

But not everyone came yesterday to get their old boards appraised.

Todd Pinder, a 32-year-old shaper from Manoa, stopped by to check out the auction items, which ranged from framed surf movie posters to vintage longboards valued as high as $17,500.

He was impressed by the progressive, sometimes outrageous designs many shapers tried then. His favorite: Tom Morey's "Air Lubricated" Future Craft boards valued at up to $5,000.

"They were definitely more open-minded," Pinder said.

Even event producer and vintage board expert Randy Rarick found something he liked at his own two-day event.

Someone walked in with a 7-foot surfboard he shaped more than 30 years ago.

"It was a piece of junk, but it was one of my old boards," said Rarick, who bought it for $300. "So I was stoked."

But not everyone had valuable boards stored at home.

In fact, in the first hour of appraising, Rarick found only one board — a vintage Surf Center Hawaii kneeboard — that was worth placing in today's auction.

"People think if it's old, it's worth a ton of money," Rarick said. "But most times they're just pieces of junk."

Lauren Roth, 30, of Palolo, figured the 8-foot-5 thruster shaped by Ben Aipa that she bought for $300 on Craigslist was worth at least twice what she paid.

But it turned out the board was actually worth less.

"It's not old enough," appraiser Dan Pincetich said, adding it was probably worth around $250. "Go out there and surf Waikiki with this puppy."

Roth left with the de-laminating board she had hoped to sell tucked under her arm.

"Yeah, I'm disappointed," she said. "Now I'll have to figure out whether I'll ride it or sell it."

Reach Catherine E. Toth at ctoth@honoluluadvertiser.com.