Wednesday 24 December 2008

TAVERN CLOCKS: A REVIEW OF 2008

Just as we are beginning to settle down to the festive season and indulgence becomes the order of the next few days it is timely to reflect on the paradox of a year which could curtail such pleasures for some time to come.


The onset of turbulence in the values of all asset classes was signalled in the UK by the collapse of a relatively small bank in August 2007. The latter was occasioned by events in the US caused by the stupidy of avaricious bankers and the failure of regulation. In our trade, these events were watched with caution but values of higher quality chattels, fine art, modern art etc held up well for most of 2008. The Damien Hirst auction, held late in 2008, is said to have raised over $100m for the artist in the same year that his diamond encrusted skull is said to have sold for over $50m. This was the watershed for the delusion that art and antiques could defy the collapse in all other asset class values. Perhaps buyers were looking for safe refuges to park money in what some called "stores of value". However, whether it be property, financial markets, insurance, commodities etc , one by one values have collapsed all around us. To add insult to injury as the year closes, those of us who live and work here in the UK and depend on the pound, well, that too has collapsed as the £:Euro reaches parity which is a collapse of a third from the peak value of sterling. The dollar too has appreciated against the pound by about 25% in the same period. The dollar's strength is a mystery to some as the collapse of the US economy with half a million joining the unemployed in one month would indicate a weakening currency. However the exchange rate dynamics of the dollar are more complex than those of the pound.


So, how did all this affect the antique clock market here in the UK. Whilst auction houses cut back on specialist sales there are still clock auctions being held by Bonhams, Sothebys, Christies, Drewattes, Tennants and Gardiner Houlgate. The London houses have rationalised somewhat and the offerings in 2008 were not as inspiring as in previous years but solid nevertheless.


Tavern clocks appear rarely. It is not enough to wait for the specialist auctions as they are just as likely to appear in general sales in the regions. The 2008 offerings numbered about half a dozen and all were in need of restoration or indeed re-restoration in some cases. It is quite amazing what vandalism takes place in the restoration of these clocks as some of the re-lacquering or repainting borders on the criminal.


Values are dictated by the condition of the lacquer. A clock with all the original lacquer visible and in very poor, nay distressed, condition will always result in a higher hammer price than a poorly restored clock. The condition of the case and the movement appear to have no bearing on value, provided the internals are contemporary.


The range of hammer prices this year has been between £5-8ooo plus buyers premium which makes a range of about £6-10ooo depending on the auctioneer. When you consider the cost of resoration is between £3-5000 then the price of these clocks in a dealer's showroom needs to recover overheads, holding costs and a profit margin. Showroom prices across the country will vary from £10-35000 and depend on many factors. A subject for another article!


I cannot write a review of 2008 without referring to the summer exhibition at Raffety & Walwyn entitled "Lanterns & Taverns". They exhibited the finest selection of lantern and tavern clocks seen anywhere since the late 70's exhibition at Strike One, then in Islington. There were about ten of the best tavern clocks available in all formats. Of course the best comes at a cost with pricing at the top end of the scale mentioned above with a median price in the mid-twenties. Congratulations to Nigel, Howard and of course Milo for such a great show.


Where to in 2009? As I write this another high street retailer started by Richard Branson has hit the buffers, making about half a dozen bust retailers in the month of December alone. There will be more in January. Perhaps closer to our hearts than the high street is the future of Jaguar/Land Rover which will soon unfold and wider afield we await the inauguration of Obama on the 20th January. In the same month the first fairs of the year will no doubt open to significant anxiety. We can only wait and see as forecasts are pointless. The good news is that any Americans or Europeans with any money left can come over and clean us out at what to them will be great prices. Otherwise it is fairly obvious that the first half of 2009 at least will be difficult for sellers but great for buyers. Good luck.