DEC 2009 CLOCKS AND CHRISTMAS

As the year closes, and before you sink into the sofa full of turkey and dissolve into the end-of-year newspapers' reflections, this is the Tavernicus take on 2009. As far as antiques are concerned it has been a story of the best and the rest, more or less across the board. A few eminent dealers shut up shop and the fairs reported mixed outcomes with some signs that traditional furniture was showing signs of revival after a long period of decline. Towards the end of the year, Old Masters showed some stunning auction results with £26m paid for a drawing by Raphael, Head of a Muse. However, the bizarre event of the year in the Old Master world was the revelation of the value of a fingerprint; a new scientific technique has revealed that a Leonardo Da Vinci finger print has been found on an unsigned painting of a lady which sold in 1998 for $19000. The said painting will, if the attribution is confirmed, be worth £100m. Maybe there is a Da Vinci code?

Back to the theme of the "best and the rest"; in December, Bonhams excelled in their offerings of clocks by Knibbs, Tompion, East and Ahasuerus Fromanteel. Sotheby's & Christies must be asking themselves whether it was wise to cease dedicated clock auctions and Bonhams are doing a great job. Their offering of the Fromanteel clock, c.1670 raised £400000, inc premium, for an early pendulum longcase. The Tompion (No440) sold for £288000 and the other great clocks typically sold for between £30-70k. So the trophy clocks are in fine fettle and down the scale the auction was very successful.

Tavern clocks were more numerous in 2009. Tavernicus recorded 18 unrestored clocks offerred at auction with prices ranging from £2.5k to £13.5k, (hammer). An unsigned tavern would have set you back between £2.5-5.5k . A signed tavern clock would have set you back between £4-13.5k with a typical figure being around £6k for a clock which has not been messed up by a friend who said they could paint. As with all antiques, originality and authenticity is key to value. An untouched wreck of a clock is more valuable to the trade than a poorly restored example. The movement has to be correct and this is not always so. Get everything right; the case, the lacquer, the signature and the movement; and the price pushes upwards. Then add a famous maker and the "best" effect takes over. Dealers did not have a great year at selling tavern clocks, even if auction activity was up. These things always go in cycles and owners of such clocks can rest easy that, unlike many asset classes, values are holding or rising.

2010 is going to be a fascinating year in so many respects with a general election, cuts in public spending and the hoped for end of the recession. All eyes are on the politicos but they will not help us, just look at the mess the political class made of Copenhagen. In the antiques world there is a confidence evident in the planned fairs diary which is more bullish than 2009.

My book, "The Tavern Clock", is at the final edit stage and printing will take place in January and then it has to be shipped from India. Expect supplies at the end of February or early March.

So, snowed in as we are, I wish all those who have followed this Blog and those who browse http://www.tavernicus.co.uk/ a very Merry Christmas and a Happy New Year. Let indulgence commence!!

NOV 2009 ANOTHER BUBBLE BURST

Tavernicus was sat in the Dubai Emirates club lounge on tuesday, en-route to Madras, mulling over the ghost town that Dubai airport has rapidly become. Planes empty as well. Tulipmania, the South Sea Bubble, the dot-com era, toxic debt and now the washing away of the World. All man-made crises built upon mountains of debt, greed and critically the stupidity of lenders. Back in our small world, we are looking for safe stores of value. Beware gold!! Is there a safe haven??

Timing is everything. Traditional antiques have had a long run of declining values, more a function of fashion, such that prices today are not that different to ten years ago. However, reports from Fairs indicate that traditional is doing rather well; such value and yes, green!! Tavernicus attended the dispersal sale of the effects of the late John Fane with many 18th century heirlooms in evidence and evocative of the country house look, once so desirable. Notionally there, at Dreweatts, to view the sale of the tavern clock by Burtt Wade. A very full room, with a raft of phone bidding and live bids from the internet. You should try the latter as it is the way forward, even if frightening the first time you have a go. Bidding for traditional furniture, art etc was brisk and good business was done mostly well above estimates. No bubble to be afraid of.

The Wade was once a great tear-drop tavern clock but it has been seriously impaired by well intentioned repainting. The signature is intact and the clock is mostly genuine. £5500, (inc premium), seems to be the going rate for a clock in need of extensive restoration and remedial work.

In contrast to Dubai, India remains on song. GDP is still growing by about 8% with no credit crunch and a well regulated banking sector. No toxic debt contagion here. A lesson that traditional methods may not have been as unimaginative as some would have you believe. Tavernicus receives the first proof copy of the book tomorrow. Excitement or what!!!