Davos, Jay Rayner, Russell Brand,
hybrid vehicles, wind farms, curling, anyone claiming to be an expert, sous vide, special
advisors, chuggers, businesses masquerading as charities etc.. What are they
for; no idea. Glad we got that out of the way. They all have form but what
about substance?
The Antique Furniture Index, AFI,
has both form and substance as it has been measuring the value of antique
furniture since 1968 and is the best guide to what is happening in the trade;
or is it?
Just published in the Antique
Collectors’ Club magazine, the AFI reveals another awful year for the furniture
categories it measures. The indicators in 2012 suggested the worst may be over
but in 2013 all seven categories declined in value with the average fall being
6%. The result is that the index is now at the same level as the late 1980’s.
What is going on? 2013 was a
record year for Christies with turnover up by 16% at £4.5bn. Sothebys are
having a positive year with turnover up by 5% in 9 months. Both houses are
seeing major growth in private sales which were $1bn for Sothebys in the 9
months. Poachers and game keepers under the same roof! Contemporary and modern
art continue to drive sales as does Asia and new money generally. The big boys
are immune to what used to drive the antique business. In fact the big two are
more or less out of the traditional business as they close departments and
restrict their minimum lot values, together with ever rising buyers’ premiums.
It might be expected that the
regional auction trade would be dying based on the AFI; not a bit of it. The
main players including Woolley & Wallis,
Dreweatts, Tennants, Fellows and Sworders to name a few all report
healthy rises in sales. These companies benefit to some extent by the
withdrawal of the big boys from their turf in favour of mega ticket items.
Internet live bidding must be a saviour.
The lower end of the trade must
be in terminal decline as the best lots evade them and ebay diverts lots to
private sales.
So who is really affected by the
implications of the AFI. The answer must be nearly all of us as the prized
possessions handed down over the generations reach negligible value.
Collections may no longer justify restoration other than for sentimental reasons.
The substance of the AFI is not
what it tells us but what it does not. As to the others in my list …………
No comments:
Post a Comment