Monday 2 November 2009

OCT 2009 KNEES UP--ART DOWN




Tavernicus is writing this in the immediate aftermath of a morphine induced coma for a knee operation, so lucidity may suffer. However the knees are up and all is well under the watchful eye of my co-director. This is more than can be said for art lovers or more specifically art buyers.

Anyone who bought contemporary or impressionist art pre the crash has now lost c.65% of their investment, (FT 10.10). However, they can at least take comfort from the knowledge that they know what they like. That will have to do for now as no recovery is in sight whereas many other asset classes are recovering whether it be residential property, the FTSE and markets in general. All of these are leading indicators for a recovery in GDP which Britain is awaiting, unlike everyone else. Have faith, the recovery is imminent, but apparently not yet for those art lovers who chased a two year bubble of between 313 to 390% up to September 2008, (FT10.10).

The clock market has remained steady and stable at the top end with the best being more or less recession proof. Down the scale, the same cannot be said as middling longcases are no more expensive than they were ten years ago, mirroring brown furniture trends. However, it might be time to buy as auction catalogues in traditional furniture are beginning to look more interesting. Certainly the fairs majoring on traditional furniture are reporting success. Christmas is coming and clocks do well around this time.

Only one tavern clock auctioned in October; an unsigned round dial with red lacquer and chinoiserie with a hammer price of £4200 and needing much work. A correspondent has alerted me to another of the National Trust tavern clocks at Peckover House, Wisbech. Go look, it is a white round dial by John Stone of Henley. Two others have come to my attention and will be listed on the Tavernicus archive in due course.

Last word on Experts, the subject of my September blog. The BBC fielded a person labelled as an "Etiquette Expert", on the subject of tipping in restaurants. The lady gave the advice that one should tip well in restaurants in order to prevent staff from peeing in your soup. Worth every penny of the license fee?

At the top of the blog is the first rush of the front cover of my book due out in January. More next month.