Almost
at the turn of the year which seems to have had a speed of its own, one can but
wonder where it went. Conditions appear to have calmed somewhat as markets have
settled in to a form of somnambulance. After almost six years of so called
adversity and even more mythical cuts most people have resigned themselves to
the long term nature of getting out of a deep, almost black hole. Japan spent
more than 20 years getting out of their banking crisis. We have become so inured
of crisis news that the nation has taken in its stride the news that the COOP
Bank has had to be rescued. Not a single branch was mobbed by savers wanting
their money. Contrast that with the queues of angry savers outside Northern
Rock branches in 2008!
The
public's fatalistic reaction to bad news has had some peculiar effects on the
media. The BBC in the form of its Radio Four channel has dropped all
pretensions that its output is aimed at intelligent people. It has joined the
entertainment industry. On the Today Programme which used to be a news
programme, not a day passes without celebrity guff being featured. Even
Newsnight is not worth a candle any more. It is not all bad, there is Ed
Reardon's Week to look forward to.
As
far as the antiques world is concerned, a pretty dull period. The annual price
index comes out in January and I imagine we will see sideways drift with a
continuation of the best pulling away from the rest. Certainly if you have
Knibb, Tompion, Graham, East, Vulliamy et al in your collection you can feel
justifiably smug. If you don't have such a jewel then the prices are running
away with themselves. That said, the Tompion table clock, numbered 171,
recently offered at auction in London did not quite reach its lower estimate of £200,000, selling for £195K including premium, significant nonetheless.
On
a seriously bright note it was great to see the advent of another quality
horological dealer opening in London in Kensington Church Street;
congratulations to Howard Walwyn. Collectors now have the choice of the finest
English clocks in one street, reinforcing London as the home of horology.
After
a very lacklustre 2012 for tavern clocks, with only one great clock appearing
at auction, 2013 has not impressed. In December 2012 the Gabril Holland of
Coventry early shield dial was sold by Bonhams, the best tavern clock of that
year. Only one tavern clock caught my attention in 2013, a white round dial
with a mahogany trunk by Louis Recordon with great provenance. Watch the
Tavernicus website for pictures and details of the provenance in early 2014.
Something to brighten up the dull alcohol free, carbohydrate free miserable
days of January.
Sellers
have stayed away from the auction rooms as only 7 signed tavern clocks appeared
at auction in 2013 with most prices down in the £5-6k range with the two better examples
topping £10k. The auction market does not respond well to restored
tavern clocks whereas unrestored untouched original and complete examples get
the trade in a lather. Not much lather in 2013.
So
what does 2014 hold. Unrelenting electioneering getting worse as every month
passes as 2015 hoves into view. Expect massive political fall out as Romanians
and Bulgarians make their way to London. Politicians on the left, suffering
from amnesia, will be facing both ways whilst those claiming conservative roots
will be nonplussed by the unstoppable rise of the eurosceptics. Expect total
panic as the Scots decide to leave the Union in September. There will be more
bad news on IDS's new computer system for universal credit limping to the
starting grid. These distractions will be the perfect backdrop for the economy
to begin to heal itself with politicians running around in diminishing circles
whilst business gets on with business. The next sacred cow to be exposed will
be the charity/ third sector which will deservedly join the roll of honour
comprising politicians, the honours system, banks, NHS, education, tax
avoidance by global brands, failed Regulation etc etc.
With
interest rates set to remain at miserable levels and the stock market drifting
nowhere, money is becoming a devalued asset class by the year. There is no
remedy for this unless you have the wisdom of Croesus which most mortals do
not. Hence you might consider spending it on a non taxable chattel in the form
a great English clock by a great maker. Properly maintained it will see you
out, be an endless friend and be witness to all your secrets for future
generations to ponder upon. Merry Christmas and best wishes for the year to
come. Look out for a teardrop by Jos Barber in February and for a real treat
click on the link below.
