Tavernicus

JAN 2012: GOVERNMENTIUM, INDICES AND TOYS

2012-01-26T11:11:00.000-08:00

Since the last full blog onNotmeguvanomics an Irish follower has sent me a copy of Ambrose Bierce’s“Devil’s Dictionary”. Oh what joy! Two words—politician and experience. Theformer, “An eel in the fundamental mud upon which the super-structure oforganised society is reared…” and the latter, “The wisdom that enables us torecognise as an undesirable old acquaintance the folly that we have alreadyembraced”. Well, politicians all over Europe are still in the mud and are ifanything in deeper as the Euro crisis gets worse. Regrettably, it is stilleveryone else’s fault and “experience” has done little to wake up thepoliticians who to a man say that the deficit must be cut but squirm in the mudwhen it comes to action. Meanwhile the debt has grown to £1trillion. Cuts? Whatcuts?

On a lighter note, I havewritten in the past about boy’s toys and the phenomenal price of an air worthyspitfire last known to be £8m. Well, a new category of aircraft has reached theattention of collectors and you do not need to be an oligarch to buy one.Christies have just sold a SAM missile for £7000. Mind you, at 19ft long youwould need some trophy cupboard to display the deactivated Soviet SA-6. Geekswill be figuring out how to fit new blue touch paper to the tail fins, best notgo there.

Nearer to home, as promised,I am able to give you up to date news on the state of the furniture market in2011, courtesy of the Antique Collectors’ Club’s Annual Furniture Indexrecently featured in the Antiques Trade Gazette. More bad news. A further fallof 2% with the consequence that the index is back to its 1995 level. There area number of sub-indices but they nearly all fell apart from Walnut which roseby 5%. The separate Victorian and Edwardian index fell 11% and is now at its1988 level. No wonder antique shops are disappearing fast. Clocks are notmeasured in these indices but the picture would not be dramatically different.The message remains that middling run of the mill objects are of little interest.Only very high quality, rare or specialist interest objects are sustaining thesector. If the Chinese lose interest in repatriation of their heritage then theregional auction business would collapse.

The only tavern clock to beauctioned in January was in the USA; Bonhams sold a curious round dial whichseemed to have a distant relationship with its lacquered trunk for $5000 incpremium, bearing the name Dwerrihouse. Not much activity otherwise andtherefore time to take a break on the slopes now that snow has arrived in thealps. Next report may therefore come from San Cassiano in Italy. Davos, whoneeds it!!

Finally, a new dictionarydiscovery in the Urban Dictionary; just Google the word GOVERNMENTIUM. Enjoy!

DEC 2011: AUCTION ROUND UP

2011-12-21T12:42:00.000-08:00

AUCTIONEER	DATE 2011	CLOCK	MAKER	£
Bellman	Jan	Banjo	Wm Sterck Bristol	500Hammer
G Houlgate	Feb	Long Teardrop	Charles Harding Ashburton	2000Hammer
Christies	June	Octagonal	Anon	£4375Premium
Christies	July	Lge Teardrop	Anon	N/S
Ebay	July	Octagonal	Anon	N/S £7000ask
Ebay	July	Round Dial	Read Tarporley	N/S £8000ask
Ebay	Aug	Shield	Elliott Plymouth	£3000
G Houlgate	Oct	Round Dial	Webster Salop	£8500Premium
Stair USA	Oct	Teardrop	“Vulliamy”	$1500
Sothebys	Nov	Shield	P Lloyd Bristol	£5625Premium
Tennants	Nov	Round Dial	John Hocker Reading	£6292Premium
USA	Nov	Round Dial, Mahogany	James Howden Edinburgh	$1300Hammer
Bonhams	Dec	Round Dial, Brass Bezel	James Tregent London	£10650Premium
Martin & Pole	Dec	Round Dial	Anon	£4200Hammer

Apologies that the table does not quite fit. To decode, hammer and premium inclusive are the missing words.

No ranting here, just the factual round-up of tavern clock auctions. 2011 was a below par year for tavern clocks appearing at auction, mirroring the malaise in markets in general. In good times, the cream rises to the surface but sellers go into hiding when prices recede. It was already evident towards the back end of 2010 when a couple of top notch tavern clocks produced poor prices at Dreweatts in Donnington. Clocks which had commanded upper teens prices were sold for hammer prices at £10k or below. It is no surprise therefore that the selection on offer in 2011 generally failed to excite. Of the 14 clocks on offer most found buyers. The only sleeper in the bunch is probably the Howden which will brush up well from its sorry state. The Webster has the best chinoiserie on its door. Prices generally reflected the need to un-restore previous ill-thought out but well intentioned interventions. Some "restorations" are irrecoverable. The best prices will always be achieved for untouched clocks and there was very little of that in evidence. See the Tavernicus Forum for more details of those clocks in the table. http://www.tavernicus.co.uk/cms/index.php?option=com_joomlaboard&Itemid=34&func=view&id=108&catid=2 .

2012 approaches and those vendors sitting on their hands waiting for better times may as well go to sleep for 20 years as the gloom is not going to rise any time soon. Tavernicus will be back in January with news of price indices for antiques in general. Meanwhile, it's time to slow down, open a bottle or a few, find a good book or two and sleep a lot. Oh, a big thank you to those who bought my book, which some will be reading this Christmas!! Enjoy.

NOV 2011: NOTMEGUVONOMICS

2011-11-30T03:03:00.001-08:00

It’s been a long summer andautumn without being moved to write, as shouting at the radio seems to havebeen enough to avoid breaking into a rant but alas no longer. The trigger forreturning to the blog was a customer who asked me the imponderable question “…will the tavern clock hold its value…..”. I embarked on an erudite expositionof those clocks which have held their value, namely early clocks, be theylanterns or in particular marquetry longcases with good original movements fromsay 1685-1710. Also anything by a golden age maker; the best and the rest andall that. The truth is that the question has no answer and could have beenabout any asset. Will your house hold its value, your classic car, grandad’swar medal, auntie’s pearls…..you complete the sentence. In the past threeyears, since the recession bit, the only certainties have been Chinese relicsfor repatriation and the continued recovery of the modern art market, (thelatter having bombed before recovery). Oh, I forgot, gold and rhino horn.

It used to be possible to makeforecasts and assumptions about many things but we have drifted into theunknown where everything is uncertain, no-one knows what to do and no-onetakes the blame for what has happened. Opposition leaders seem to have amnesiathat they had declared that boom and bust had been eradicated. The 19^thcentury satirist Ambrose Beirce wrote in his “Devil’s Dictionary”, (http://www.thedevilsdictionary.com/),that politics is “A strife of interests masquerading as a contest ofprinciples. The conduct of public affairs for private advantage”. Now that wehave an alliance of conflicting principles, will we be any better off? Well,back to Bierce, who defined a Conservative thus “A statesman who is enamouredof existing evils, as distinguished from the Liberal, who wishes to replacethem with others”. Apparently not, as all we can expect is the daily diet ofone side blaming the other and internal strife within the coalition. Perhaps weshould take a leaf out the books of those countries that are actually bust orteetering on the edge. Should we hand over to the technocrats? Leaving asidethe democratic deficit that unelected governments embody, will the bickeringend as the appointees suck up to the tax payers of Northern Europe, the IMF,Brussels and anyone else who will lend them a dime or two. Greece and Italy aresupposed to have “governments” that will act in the national interest. Let’shope so, but the precedents of politicians acting in the national interest arenot good; remember duck houses? What about the unelected? Recently, two members of the House of Lordswere jailed for failing to understand the allowances system and beyond comprehensionis the case of a Baroness who wrongly claimed over £100000 for allowances towhich she was not entitled; she has been reprimanded and barred but will beallowed back to serve the nation. Rules do not apply to me guv! No hope there then. Can we rely on theover-borrowed populace to get us out of trouble. Apparently the nation thinksthat Richard Branson, inter alia, could do a better job. Back to Bierce;voting, “The instrument and symbol of a freeman’s power to make a fool ofhimself and a wreck of his country”. What about the foreigners? China has $3201bnof reserve assets, the UK $57bn, the Eurozone $204bn, USA $49bn and Russia$472bn. These figures ignore any borrowings, hence the UK has $57bn of reserve assets it could use to pay down debt; if only, ..........a significant amount is on deposit atthe IMF to bank-roll the Eurozone by the back door. So, not even our own assets can be used and those in the money don’t like cut of our jib.

Back to values. There is hope, aswe are not in the bust club that is the Eurozone, our borrowing rate is now belowthe best of the Eurozone. It is a matter of time and doing the right thing, notthe popular thing. For once, politicians need to hold their nerve and not bedistracted by noises off from vested interest wishing to protect the bloatedstate. The revival of the private sector is the only route to the sunnyuplands. Borrowing more money to grow the state will put the nation into thebail-out bucket. Japan took a very long time to get out of the mess that theygot into and now they have reserve assets of $1129bn and but for theirdevastating events they had been running a surplus economy. We will get out ofthis mess and in the meantime what will happen to values? Anyone’s guess, butthe precedents are that the stock market is likely to drift and drift anddrift. Interest rates in Japan for years were negative in real terms as theyare now here. No-one knows which companies, banks, funds and other paper assetswill prosper or tank. Physical assets are our only refuge. Buy the best you can andenjoy them. I leave you with Bierce’s definition of a Clock – “A machine ofgreat moral value to man allaying his concern for the future by reminding himwhat a lot of time remains to him”.

JULY2011: MORE BOYS TOYS

2011-07-05T14:20:00.000-07:00

In May 2009 this blog conjured with the idea of buying a WW2 Spitfire, as a couple had been sold, the more expensive going for £1.58m. Well, at this month's Masterpiece Fair at its new "permanent" home in a tent at Chelsea barracks, there is a real Spitfire inside the tent with a price tag of £8m. Some recession, wow. If that's a bit rarified, then try a Ferrari 250 LM built in 1964 with full race provenance at £4.25m. Bit new money for you, then there are numerous "best of the best" opportunities to spend your lottery winnings on (or your bonus or a couple of weeks wages for sporting types).

What's your point? It is this. Items that were, in effect, mass produced and still surviving in small numbers can produce incredible valuations. Later high fashion objects d'art can command £1m+ figures for stuff that is easy to fake. Police estimate that up to 40% of valuable works of art are fake.

So why is it that clocks by some of the greatest makers of all time with perfect pedigree and often unique start to struggle when the numbers get into 6 figures. At this Fair a magnificent month going mulberry cased numbered Tompion longcase with impeccable provenance which has survived since 1693 does not make seven figures. There are thousands of people who can sign a cheque for over £1m for stuff that many of us would not give wall space to but I am reliably advised there are probably only about 20 clock collectors in the world who might consider such sums for their horological toys. Many more for old motor cars. Don't forget Forbes estimates there are over 1200 billionaires worldwide; what's the odd £8m. All the clock specialists have to do is turn one or two very public figures into notable collectors. Get to work!!

Masterpiece had 4 signed, previously undisplayed tavern clocks for sale. Three were offerred by Carter Wright; Jason Cox of London (shield dial), Ralph Glover of Hyde Park (smallest round dial ever seen in highly original condition) and an all black round dial with chinoiserie by J Liddell of Morpeth, all beautiful. Raffetty & Walwyn showed a very handsome white round dial by Quartermaine of Aylesbury. Typical prices in the mid teens to mid twenties. Expensive? Not by the standards of the trophy makers and these clocks are more difficult to come by in the right condition.

Enjoy your summer as Tavernicus takes time out

JUNE 2011: COMPETITION: WHO PAYS

2011-06-22T13:38:00.000-07:00

Recently Bonhams have announced that they are to redevelop the back of their Bond Street site at a cost of £30m, and separately, that they are raising their buyer's premium to 25% plus VAT. This is the rate of premium payable on most clocks. The £30m investment is a sign that Bond Street is buoyant, driven by Fine Art if not clocks, and as Bonhams is the only London auctioneer still holding dedicated clock auctions, Tavernicus wishes them success with their investment.

In the buyer's premium announcement it was declared that there was a need to maintain competitiveness with Sothebys and Christies. Fine, but that set me thinking. A tavern clock (see below) sold this week by Christies at South Ken in their Interiors series, had a hammer price of £3500 which becomes, at the new rate, £4550, fully loaded. The question is who pays the difference and who benefits? Buyer, Auctioneer or Seller?? If the winning bidder is a dealer then it is clear that in the price sensitive band of up to £25k the premium is just another cost which has to be included in the margin equation as the premium cannot then be passed on to a retail buyer as a supplement. In the super-price bracket of say £100k then the premium can be lost as the ultimate buyer is acquiring a trophy and what's another few thousand between friends.

So, in the normal world, the buyer's premium must drive the hammer price down as if the premium were zero in our example above then the hammer price would rationally have been £4550, surely. So in effect the seller bears the commissions (buying and selling commisssion combine at about 38%). These are London economics where overheads must be awesome. It might be argued that visiblity in the capital drives up hammer prices but the internet is putting paid to that argument as you can bid from your armchair anywhere in the world and the search portals make for a near perfect market.

So, back to lot 428 at Christies SK on the 21st June. The only clock in the sale, it was offerred as an unsigned 18th Century dial octagonal dial with later parts. Tavernicus viewed the clock, as always (well nearly always), as it seemed very similar to the three known octagonals by Orpheus Sumart of Clerkenwell, one of which is featured in Ch4 of the book "THE TAVERN CLOCK". In Lot 428 the dial and case are near identical to the known examples with some alteration to the removable "door" and base. The offset wound movement is a twin of that on page 39 of my book but for the 5th wheel in the train. There is no hour bridge which is a Sumart feature. The pendulum is forward mounted as with the other examples. This clock was a gift to an official in the 1919 Lord Mayor's Pageant, (brass plaque), and it is likely that all the chinoiserie was redone then. The signature may have been lost then; certainly none is evident under UV light inspection.

The price at under £5k reflects the alterations and absence of signature but it is nonetheless a correct example with honest alterations that is a fine decorative piece. There is little or no doubt that this clock came from the "studio" of Orpheus Sumart.

MAY 2011: SERENDIPITY AND NOSTALGIA

2011-05-22T05:21:00.000-07:00

The market for clocks seems to have gone to sleep with very little new or of interest emerging. Certainly, only two tavern clocks have appeared at auction this year. It was therefore serendipitous that I came across the opportunity to sharpen up my research as 16 copies of Millers Antiques Price Guide from 1982-2000 fell into my hands at £1/copy. The Guide has been published since 1979. The years '82-2000 witnessed the 1982-83 and the 1990-93 recessions as well as the stock market crash of 1987.
In some years (but not all), the clock section of the Guide contains a specific commentary on the clock market. In the '84 Guide the following was reported "Where, during 1982, many dealers were reporting falling sales and such depressed prices that some were forced into closure there has been a dramatic turnaround.......buyers...are happily paying from 10 upto 40% more than a year ago". Interestingly, doctors and solicitors were apparently ready buyers of inlaid balloon clocks, though how anyone should know this is a curiosity! By the '85 edition, it was reported that "...antiques market clocks have seen an appreciable escalation in prices. This was particularly noticeable with longcase clocks which suffered from a very flat period for several years". Late 17thC marquetry clocks had by now reached £6000, oh those were the days, and, as ever, quality clocks were pulling away from the ordinary. In the '87 Guide it was reported that "In general terms the clock market is extremely buoyant ...". So much for the stock market crash which wiped out 26.5% of the market value in one month. However, I suspect the Guide runs a year in arrears as it must report on the prior year. There is then a gap in the Guide for annual reports until 1994 when a 4-page review appeared; "Thankfully, the clock market has survived this particular "annus horriblis" (and the two preceding) in remarkably good health." Her Majesty the Queen used this phrase in her address at the Guildhall in November 1992. By 2000 all seemed to be well as Derek Roberts, the author of that year's review, reported that ".. the mahogany longcase with painted dial, particularly with moonphase, has probably increased eight-fold in value in the last 21 years". The 2000 edition was the 21st.

I shall await the next serendipitous moment when the years 2001-2011 fall into my hands at £1/copy but I can report that the ebbs and flows of the value of clocks in that 21 year period have continued into the noughties and beyond with a new facet, that is fashion. The latter has taken centre stage as large clocks have suffered immensely in the IKEA minimalism that is pervasive.

This ramble down memory lane has been of great moment to the TAVERNICUS ARCHIVE as about another dozen previously unrecorded tavern clocks have surfaced in the 16 editions. I also understand rather better that when prices soften as they have then the best clocks go to sleep until the market recovers. If you know when that will be then you are a better man than I am Gunga Din! (Courtesy Rudyard Kipling).

MAR 2011: GROWTH AMID THE TURMOIL

2011-03-11T12:48:00.000-08:00

In the last post I reported on the continuing decline in the value of antique furniture based on the Antique Collector's Club Antique Furniture Index. One might despair but this is a small part of the picture as Sothebys have released their worldwide auction sales (2010) including buyers' premium, up by 74%, at $4.8bn. Christies auction sales were also up by 34% at a comparable figure of $5bn. So the top auction houses are in good shape as they go neck and neck pursuing new markets in Asia and with a small but important toe hold in on-line bidding. Christies report that over 20% of their clients are bidding via the Christies Live system. A number of the regional auction houses in the UK are now offering on-line bidding with no charge; try it, it is intoxicating, especially when you get a live video feed of the auctioneer. Try Dreweatts.

So, if furniture is not driving the antiques market what is. The recovery of the Art Market is at the heart of the sales growth but there are other factors. Rich people are getting richer. According to Forbes there are about 1200 billionaires worldwide and the growth is in the newer and emerging economies. Whilst about 400 reside in the USA, the growth is coming from China, India, Latin America, Russia and Asia generally. New money is fuelling the art market. Billionaires and governments are pushing up prices for heritage items making their way home. That was 2010, but what of 2011? USA&Europe are still teetering out of the 2008/9 recession with much sticking plaster in evidence but debt remains an issue in most countries. Fiscal measures known as "Cuts" are mis-titled as in almost all such economies there is no cut in debt, merely a reduction in the annual deficit. Many politicians do not even understand the difference between the deficit and the debt. However, the debt problems have fallen off the media radar for now as biblical challenges have been visited on Australia, New Zealand and now Japan. These are multi-billion $ challenges. Someone has to pay. As if that were not enough, parts of North Africa and the Middle East are going through changes the like of which could not have been imagined even 6 months ago. Oil goes through the roof again.

All this uncertainty means that those with money to deploy or assets to manage have to work out risk profiles by asset class and there is always a flight to quality when there is uncertainty. We have that in spades, so I take the view that quality antiques in virtually all classes will continue to hold attractions for investors. Even if money goes to hell in a bucket, if you own a best in class antique then you can always enjoy it whilst sipping your last glass of Krug. What surprises me is that even a Tompion or a Graham or a Knibb just get into 6 figures. Their work, when original, is as rare and as beautiful as many of the works by artists who command 7 figure sums. Figure it out if you can, but enlightenment is needed.

Closer to home, if you are still with me, there has not been much public activity with tavern clocks as only two new offerings have appeared this year, both auctioned. A much altered round dial signed Wm Sterck was auctioned for £500 hammer and another round dial signed Harding of Ashburton sold for hammer £2000. More interesting activity has taken place with Tavernicus visitors who have shared photos of previously unrecorded tavern clocks in highly original condition. More another time.

FEB 2011: FOLLOW YOUR INSTINCTS

2011-02-26T09:46:00.000-08:00

It has been some six months since Tavernicus was moved to write thanks to the distraction of a restoration of a cottage in Derbyshire; at that time the rising crescendo of bleeding hearts pleading for immunity from The Cuts was making life exceedingly dull. Not much has changed. The BBC is still acting in daily conspiracy with special interest groups. However, portentous events in North Africa have finally delivered relief from the daily diatribe.

Meanwhile back in our world, 2011 started with the news from the Antique Collectors' Club that the Antique Furniture Index "AFI" had dropped by 8% in 2010, the largest fall for 40 years. The index is now at the same level as 1990. Grim news for anyone thinking of antiques as an investment. Your house is probably worth 3-4 times more over the same period and the FT250 is up by a similar amount.

Antiques have been displaced by the fashion for the contemporary and inherited goods are no longer coveted in the way they once were. IKEA has much to answer.

However, as with all generalisations, this is not the whole picture as the phenomenon of the "best and the rest " continues. There is still unlimited money about for the special, the rare, the best and objects needing ethnic repatriation. Chinese porcelain is keeping auctioneers up and down the country in brogues and moleskins. Relief then for some.

Clocks seem to have come off their best in recent auctions, having weathered the storms of 2008-10 reasonably well for quality offerings (not true of bog-standard 19thC longcases). Tavernicus is now reporting on auction results for tavern clocks in 2011, (see website forum).

The Tavernicus Archive of 300 tavern clocks was "frozen" in mid-2010 so that the book "The Tavern Clock" could be edited and published. Publication took place in August 2010 and the archive update can now be recommenced; there are about an additional 40 tavern clocks to catalogue.

Within the 40 is the "one that got away". Last year, a small unsigned round dial with a print by John June on the door was sold on Ebay. Tavernicus advised the seller and has since been in touch with the buyer regarding its restoration. It transpired that beneath the top coat of black lacquer the restorer discovered the very clear and unambiguous remnants of the signature, J Wright of Dorking. Probably the finest discovery of the last few years and one suspected by Tavernicus but not acted upon. Follow your instincts!!

OCT 2010-RISING CRESCENDO OF BLEEDING HEARTS

2010-10-12T12:49:00.000-07:00

What strange times we live in. It seems impossible to concentrate on the normal, whatever your profession. Distraction after distraction. Every day starts with radio four in the Tavernicus household, and has done for over 30 years, but in the run up to the announcement of the cuts for weeks now we have suffered the daily parade of bleeding heart special interest pleaders, who give out the mantra "of course we understand that there is a need for cuts, BUT NOT ME GUV". Well ,when you add up all the pleaders, there cannot possibly be any cuts, can there??

Wake-up, the debt is at £1trillion already and even after the cuts it will be about £1.25trillion by the end of this parliament. Yes, no reduction in debt; this is a long term rescue. The bank bail out and the recession only account for about a quarter of the problem, the rest is thanks to the munificence of the leaders of the time.

I feel better for that, but, do not despair there is still money around as it does not evaporate. The money that the government does not spend (actually not borrow) means that it can be used by others, hopefully to create the wealth that is badly needed. However, Britain needs to be seen as an attractive place otherwise funds will be in flight. Better to embrace than to fight the inevitable.

Money is still about. Anything Chinese is selling for top sterling. Stumble on a Roman bronze battle mask (found in a field) and £2m pops out. Salvage fireplaces with baronial provenance can turn into £.5m; total haul from the Chatsworth House boot sale £6.5m. And yet there are some signs that trouble is ahead. The 2nd LAPADA fair in Berkeley Square, which last year filled the trade columns, seems to have passed with barely a murmur. Certainly it seemed muted on the day I attended, even if beautifully formed.

Tavern clocks have appeared at auction of late but the shine has come off the prices that might have been achieved two years ago. Blockbusting clocks seem to be thin on the ground. A small number of previously unrecorded examples continue to come to light; Thomas Fardon, John Gill, John Hallifax to name but a few. An interesting unrestored small round dial, unsigned, with the beautiful print of Darby & Joan on the door sold in the USA for about $3500; further evidence that clocks without a signature are unloved. The Wright of Dorking white round dial in restored condition with the same print on the door will set you back a great deal more, (featured in my book "The Tavern Clock").

Not long to wait now (October 20), we need the dust to settle so that we can judge the market direction. That could take a while but the bleeding hearts will be out in force and fighting for air time. Could be time for radio two.

SEPT 2010--CALM BEFORE THE STORM????

2010-09-09T13:32:00.000-07:00

After the summer recess Tavernicus is back. In pensive mood as no doubt the whole country is whilst we await the news of the "cuts". One wonders whether this is having any affect on our market? The summer fairs season had winners and losers; June was jam-packed with the upmarket fairs and the new Masterpiece at Chelsea barracks lived up to its name whereas Olympia was another story. Certainly these fairs are mounted to an International specification with decor and fittings which would grace any deluxe hotel. There are already signs that the stand costs at these fairs are so expensive that some dealers are throwing in the towel; on the other hand optimists are born every day. September hosts the second LAPADA fair in Berkeley Square and it will be a delight with 6 massive plane trees somehow enclosed within the tent; possibly the best artefacts on display?

The summer witnessed only one tavern clock at auction by Lacey of Bristol; catalogued as a "remnant", the auctioneer described it as in barn condition. Sold for about £3500. September started with a bang with 3 shield dials being auctioned already. Dreweatts had two, one in well restored condition by Lee of Cookham went for just under £10k, inc commission. The other possibly by Jason Cox failed to raise a single bid, the estimate being £6-8K. Bonhams Oxford sold a very distressed but original shield dial by a Barnsley maker for hammer £3400. So, the restoration has to be good to perfect or the clock must be untouched. In the middle, no-one is interested.

The book "The Tavern Clock" was launched in mid July and it is selling reasonably well. A limited edition of 500, all numbered. Getting this book to market has been a long haul and many were involved in its development. If interested go to http://www.tavernicus.co.uk/ . The book is already producing a wealth of new information regarding previously unrecorded tavern clocks; keep them coming.

Over the autumn season the blog will appear more often as we go into the unknown with a political alliance the like of which we have not seen before. The economy is in a phoney situation with little clarity ahead. Uncertainty is not good for any market.

MAY 2010 - SMASH & GRAB JUNE 22nd

2010-05-31T13:03:00.000-07:00

The emergency budget will be on June 22nd. There is speculation about the many methods by which the new coalition will relieve us of our money which is already now being taxed by up to 50%. It is rumoured that Capital Gains Tax will be equalised with income tax rates. It will be important to look at the small print if this happens, as currently there is no CGT on clocks as they are classed as machinery, i.e. a wasting asset. The HMRC interpretation is repeated below:-

"Wasting assets: clocks and watches. Antique clocks and watches, such as `Tompion' clocks, are regarded as machinery for Capital Gains Tax purposes. As such, they are deemed to have a predictable life which does not exceed fifty years and are treated as wasting assets. A disposal of such an asset will only give rise to a chargeable gain if it had been used for business purposes and Capital Allowances were, or could have been, claimed."

Let us hope that the Treasury will be distracted by the recent departure of the Chief Secretary to notice this important exemption and that it will continue.

May is almost over and there was only one tavern clock auctioned in the month; a repainted shield dial with a electric movement was sold in the USA for $4500. The case looked original but not much else so a high price in reality. Signed Abraham Glascock, Epping. In truth all eyes are on June as there are at least three big fairs in London where top quality clocks will be on offer.

The Tavernicus site has two new offerings; Henry Lane of Bristol and Orpheus Sumart of Clerkenwell. Have a look.

APRIL 2010: BEWARE MORAL HAZARD

2010-05-01T11:28:00.000-07:00

The Governor of the Bank of England has said that banks should not be rescued from moral hazard. Notwithstanding this fundamental principle, the UK government did just that in the bail-out. Now the leaders behind the Euro-project, Germany & France, find themselves doing the same thing to avert the collapse of the Euro as the Greek political elite have taken their country to the brink by financing a massively bloated state sector with other people's money, "OPM".

Here in the UK the government needs OPM to the tune this year of £165billion. But for the willingness of Others to provide the government with this sum the UK would have to call in the administrators. That is what has happened in Greece. Could it happen here? Surely not?

Tavernicus is not a prophet of doom, merely an observer who spent his professional life dealing with money and big sums. However, the sums involved here are so large that most people cannot get their minds around them. Just how much money is one thousand billion pounds? This unimaginable sum is how much our government owes. That is the total of OPM. Every one percent interest costs £10billion. The Greek borrowing rate in their crisis has gone from about 2% to 15%-- work it out!!

So what does this mean to the clock world?? Tavernicus doesn't have a crystal ball and can only say that if the UK gets entangled in the fall-out from the Greek tragedy then paper assets could suffer irrepairably. Nothing is safe and electronic assets, such as bank balances, pensions, stocks & bonds are all at risk. Why pensions? Pension funds are large providers of OPM to governments. Physical assets will not be immune but they will still be there after the storm.

So Tavernicus is taking his own advice and getting out of money and into physical things. Antiques generally are at a seven year low and many antiques are cheaper now than ten years ago. Fashion is part of the reason but well selected antiques have held their own.

During April there were two tavern clocks on offer, one genuine and one much altered. The former, by Quartermaine of Aylesbury, went for just over £8k and will be a fine clock when restored. The latter price has not been posted yet. The Wm Gass referred to in the last blog has now been seen and a very fine black round dial it is.

So as the election approaches there are few certainties other than if you live off the state, be afraid, and if you have money, the new government will be seeking to relieve you of it.

MARCH 2010: LIVERPOOL CAUTION

2010-03-31T11:43:00.000-07:00

A fairly uneventful month but for the appearance on internet sale sites of the same clock by Wyke & Green of Liverpool being sold in places as varied as North London, Aberdeen and even in Chennai in India. All the pictures were lifted from Ebay when this clock sold last year. The actual clock has been well restored and hangs in the home of its current owner and is not for sale. So if you see the clock and are tempted; caveat emptor.

Cheffins auctioned a round dial tavern clock for just over £3k inc. commission. Signed by that well known maker, tempus fugit, and in distressed condition it is a rarity as it has lead cast figures attached to the door, mmmmm.

Otherwise, an ebay offerring of the Wilson of Peterborough round dial, not sold. Moving up-scale the BADA Fair at Chelsea took place towards the end of the month but, alas, skiing prevented attendance. I had a report that a round dial by Wm Gass (Gafs) was on display but I have yet to see it. By the way the knees held up very well in Les Arc, a destination I can recommend.

The first 20 copies of my book leave India by Fedex tomorrow so the lucky few will get their review copies very soon. Restoration of the Henry Lane of Bristol (small round dial) is complete and the Orpheus Sumart of Clerkenwell proceeds apace. Just started on a black round dial which hung in the Castle & Ball Inn in Marlborough. Busy busy but hoping for a major update to the web-site by the end of April. Byefornow

FEB 2010: CURIOUS CASE OF ROBERT LUMPKINS

2010-02-28T09:14:00.000-08:00

The auction sale of an early rectangular shield dial, signed Robert Lumpkins, took place in Scotland. Estimated at £2-3k it sold for £8800 including the buyers premium. An important event in Scotland as it made the local BBC news and the Edinburgh Evening News. The reporting was, classically, wholly incorrect; reported as a George III clock dating from the 1797 Act etc--the usual myth, but it makes good copy for the lazy journalist. In fact, this clock dates from about 1730, before George III was born!! Loomes lists no Robert Lumpkins but there are a number of Lumpkin (singular). All of the Lumpkin(s) were working in the first third of the 18thC. The curious nature of this special clock, sold in original condition, is the nature of the alterations made over the centuries which have been extensive, the most radical of which is to move the dial up the trunk by adding a large spacer to give more drop. The movement now sits, most inelegantly, in the altered top of the trunk, most curious. It will be fascinating to see whether these very early alterations stay with the clock or if they are removed to put the clock back into the 1730 design.

Further South, at Dreweatts, the round dial by Jos Gurney sold for nearly £16000 inc buyers premium. A fine clock in good restored condition with the rare feature of a two train movement. The absence of roman numerals on the dial troubled me but the clock is correct nonetheless. Elsewhere, on the internet, a newly painted round dial signed Locke & Morris of Hythe sold for £6000.

Tavernicus has been busy buying and restoring so the archive has not been updated with the 25+ new examples of tavern clocks that have come to light since finishing the book. An early octagonal dial by Orpheus Sumart of Clerkenwell has also come to light. This rare clock has two near identical siblings; one sold by a London auction house in the late 90's and another featured in Antiquarian Horology a couple of years ago. They all have 4-wheel trains, front hung pendulums and a pulley system to extend the fall. More on this another time.

The start to the year was characterised by the dismal news that the furniture index had, yet again, declined. Notwithstanding, the trade sentiment remains bullish as in June there are about 5 major fairs and the top clock dealers are going to be out in force. One wonders whether there will be enough fresh stock to go round??

Tavernicus will be testing the 2009 knee operations very shortly with a trip to Les Arc, wish me luck. Hopefully the first copies of the book will start to arrive from India by the end of March. Bye for now.

JAN 2010 WHISTLING IN THE DARK

2010-02-01T12:51:00.000-08:00

For most of last year, trade press reports indicated that traditional furniture was showing signs of revival and so it comes as something of a surprise that the Antique Collectors' Club Furniture Index, always published in January since 1968, revealed that the index fell by 7% with falls in all seven classes of furniture. The index is now at the 1998 level. The cause is given as poor auction results and thin trade. Hence the best and the rest syndrome means that anything other than the best is still suffering. Leaving the Georgian furniture to the kids is not what it was. They just dont want it: the Regency period is less desired and Victorian is beyond the pale.

So, dismal news for the start to the antiques year but as reported here the Fairs programme for 2010 is ambitious. Enough has been said about the January weather so let's move on to tavern clocks.

None sold or newly offerred in January but two announced. One by Robert Lumpkins to be sold in Scotland and the other by Jos Gurney which Dreweatts are to auction in mid February. More on those next month. Several hitherto uncatalogued tavern clocks have come to my attention via contacts coming through the website http://www.tavernicus.co.uk/ . Now that the book is with the printers there will be time to update the site with addtions to the Clockmakers' Archive. So, you can follow update during February.

That's it for the opening to 2010.

DEC 2009 CLOCKS AND CHRISTMAS

2009-12-23T02:34:00.000-08:00

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

2009-12-02T09:02:00.000-08:00

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!!!

OCT 2009 KNEES UP--ART DOWN

2009-11-02T07:33:00.000-08:00

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.

SEPT 2009 BEWARE OF EXPERTS

2009-09-29T11:10:00.000-07:00

Every day we are presented with expert opinion in the media whether it be radio or TV. The BBC employs expert correspondents on every subject under the sun. If that were not enough, we are also expected to listen to the independent experts they wheel out on every subject. There are experts on the economy, the weather in a 100 years time, farming, industry, economic collapse, political intrigue, every disease under the sun, anti-social behaviour and so on. The list is endless. These experts have a couple of common threads; they are all paid by vested interest and before they speak you should ask yourself "Where does their interest lie?" Many of them are paid by us the taxpayer. If you are wondering what the other thread is- simple- they are nearly always wrong and rarely have to account for their error as their views are of the moment. You are wondering where is this leading-- stay with me.

The firm, Deloitte, which is an expert accounting firm, has offered its opinion on antiques about which, hitherto it was little known that they had such expertise. Yes, in the silly season of August, they put out a press release which resulted in the front page headline in the Antiques Trade Gazette "Deloitte's tell clients: buy antiques now". We need all the help we can get and let us hope that this is an example of an "expert" being right. Ask yourself the question above. Answers on a postcard.

Certainly tavern clock buyers have been heading this advice, as after the dearth of activity in August three TCs appeared at auction in September. Clock auctions have been held at Bonhams, Drewatts and Woolley & Wallis. Tavernicus viewed all three. The Drewatts offering was first out of the gate; alas no TC but a superb longcase with an ebonised case by John Knibb, brother of the more famous Joseph, was the star of the show at £23000. No TC at Bonhams either, but the very nice Sedan Clock for restoration was my favourite lot. These little gems seem quite undervalued.

The three TCs in the month were offered at; Sworders (Edwin Ram of Hull, a white round dial, very distressed and original, gilded but no chinoiserie, £4300 hammer), at ELR (an unsigned black round dial with chinoiserie, hammer £3900) and at Woolley & Wallis ( Wm Maurifs Yarmouth, a white round dial, distressed and original with rectification need to the dial surround. A very nice oval weight. Good chinoiserie to the door. Provenance, the Star Hotel Yarmouth pre 1932, hammer £6200). As always, provenance and untouched condition win out but none of these three clocks are particularly distinguished. Whilst in Salisbury for the W&W viewing I took time out to visit the Red Lion Hotel which is a must see as it has two beautiful TCs; one by Williams of Newport, which is just about the only Welsh TC, and a very rare unsigned large banjo TC which is real quality.

To finish, a TC (very late crossover) by McNab of Perth reappeared after restoration, having been auctioned in June 2008. It was on the display of a furniture and artefact specialist at the Lapada Fair in Berkeley Sq. The latter is a new event organised for and by Lapada members and a very fine show it was. Only one clock dealer, which is a pity but perhaps more next year. More fairs and specialist auctions to come, so please revisit.

JULY 2009 WIMBLEDON 2010 CANCELLED?

2009-08-01T12:46:00.000-07:00

Imagine you are basking in the glory of another successful Wimbledon Tennis Championship and as a member of the All England Lawn Tennis and Croquet Club about a couple of weeks after the championship you receive an email advising you that next year's and all future years' championships are forever cancelled. You may come out of this dream as Wimbledon is secure. The unthinkable cannot happen; yes it can, read on.

The 75th Grosvenor House Art & Antiques Fair finished on the 17th June to wide acclaim. The hardback 2009 Handbook included a memory lane gallery of photographs with many members of royalty attending including Queen Mary in 1937, the Queen Mother in 1965 and even royalty from Greece (2007) and Belgium (1967); even Margaret Thatcher, not known for her love of the arts was a patron. The ATG reported in the w/e 4th July edition that GroHo had enjoyed a vintage outing. However, the fair organisers had emailed exhibitors on the 30th June to the effect that the fair was hereafter cancelled. The full story came out in the ATG edition for w/e 11th July. Marriot who operate the Grosvenor House Hotel had put the price up for the future events to such a degree that it could not operate in the future.

The premier venue for the display of the finest clocks ever made is now lost. The top punters seasonal outing is finished; what will the well-healed do in mid -June next year--Olympia??

Enough, we may have lost the venue which sees the finest tavern clocks on display every year but these things have a way of resolving themselves as money and ingenuity will always find a solution. The fine art dealers had already broken away from GroHo with dealer shows across town competing with Park Lane. Watch this space as there are moves afoot..........

July only saw one tavern clock fresh to the market with Bonhams auctioning a Justin Vulliamy tear-drop (c.1790) in distressed but reasonably untouched condition. In particular the trunk chinoiserie is exquisite and has never been messed with. The movement is number 231. Sold to the trade, it will hopefully reappear after a very careful conservation. Possibly next year at one of the substitute GroHo events??

Tavernicus has taken an extensive gallery of photographs of the Vulliamy for its archive. The latter also benefitted from a photo session of the earliest tavern clock made in c.1715 by the eminent clockmaker George Graham. The clock is on public display in a church the location of which I am not referring to for security reasons. Tavernicus was also fortunate to see a crossover tavern clock made by Wyke and Green of Liverpool in the late 18thC. Reported upon in January as an Ebay sale the buyer has now restored the clock and very fine it is; unique for its centre second hand.

Honest, Wimbledon has not been cancelled!!

JUNE 2009 FAIR GAME?

2009-06-29T08:44:00.000-07:00

June is the season when the champagne corks start to pop, what with Wimbledon and of course the Olympia International Art & Antiques Fair and the Grosvenor House Art & Antiques Fair. Tavernicus visited both these fairs on the 10th of June in the middle of Olympia and on the opening Press Day of GroHo. Alas, Olympia was very badly affected by the tube strike on the 10th/11th. The metaphorical tumbleweeds were all too evident but Richard Price the Dorset clock dealer who was the only dedicated clock dealer was having a good show. In contrast GroHo has three dedicated top-end clock dealers and Press Day was packed notwithstanding the tube problems. Amazing what free champagne will do as a crowd puller. Business was apparently brisk with ATG concluding that this fair was a "recession buster". Good news.

Alas, no new tavern clocks in evidence and the only TC news for June was the re-offering of the Hancock of Bath white round dial on ebay for £9000. One interesting ebay lot was a so-called Tavern or Norwich clock case of probable 20th century origin and neither fish nor foul really, but, the movement was pure 18thC tavern clock with very nice curved cut plates. Sold for £485 and sniped in the last second, plus £50 delivery. Interesting as it puts a price tag on a genuine movement of £500-600.

Tavernicus is currently confined to barracks with the after effects of a knee operation but is fighting back and weaning himself off the crutches as there is a special lot coming up at auction in July. This will require a herculean effort to get back into his stride. Fair game!!

MAY2009 HOLD YOUR BREATH

2009-06-04T12:01:00.000-07:00

It usually takes the arrival of some grey hair before an interest in clocks emerges. So, most of us have seen a recession or two. Not like this one; quite apart from the depth of the nation's problems which may take ten or more years to resolve so far as the debt burden is concerned, we have the concurrent political crisis the like of which we have not seen before.

Against this backdrop is anyone motivated to spend at the upcoming major events at Olympia and Grosvenor House which overlap each other in early June. Both of these events were a success last year notwithstanding the economic storms which were to affect the art market in particular later that autumn and since. This year there are major changes at both fairs with quite a number of dealers pulling out but with new ones taking their places. The nature of the shows is therefore changing with Olympia seemingly going up-market with fewer but larger dealers and Grosvenor House changing its mix of dealers ostensibly to provide wider collector appeal. The main clock dealers will still be at Grosvenor House which is good news as the best in the clock market has held up, at least so far albeit it is hard to tell as there has not been a great clock auction this year in my humble opinion. We need to hold our breath to see what happens at the two premier events of the season. Whilst all this is happening the Elections today and the skullduggery going on the Labour Party will deflect us all. If Brown is brought down by his own people next week then the mood for investment of any kind will suffer and the recent gains on the stock market and now also property will result in drift. The country needs leadership and yet the government is in meltdown thanks to the Telegraph expose (sorry cannot do acute accents). The latter must rank as the most determined savaging of a government in recent times. Historians will no doubt advise me of any parallels.

To the tavern clocks. Ebay provided the two new offerings this month with none in the trade so far as I am aware. A white round dial, signed Swaine of Woodbridge on the dial, was sold in the USA for $3500 and smallish white round dial signed by Hancock of Bath was offered but not sold for £9000 on a buy it now basis. Both clocks appeared repainted one more so than the other. Both had been listed in the Tavernicus archive prior to appearing on the market.

Tavernicus gave a talk to the Wales & Marches Horological Society at the village of Grosmont. Wales is not known for its tavern clocks albeit a few were mentioned to me and the www.tavernicus.co.uk site will be updated with the location of those on public display in Wales

APRIL 2009 BOYS' TOYS

2009-05-01T13:19:00.000-07:00

What is it about boys and their toys? Us fellows are prepared to put good money into mechanical objects. This month's spectacular toy was not a clock but an airworthy WWII Spitfire which was purchased by a businessman for £1.58m plus premium and last September a non-air worthy example sold for just over £1m. At least the latest version has a passenger seat for one's partner. Now, not everyone has the means to acquire a Spitfire but men of a certain age go misty eyed at the thought of such a piece of machinery as we do at the sight of a Le Mans blower Bentley, a Jaguar E-Type and so on. Whatever this emotion is, it is the one at work when the right clock appears and clocks are available to suit all budgets. I do not believe that the gene responsible for this reaction generally extends to the female of the species. No emails please and if the thought police is reading this, no offence.

Now what has all this to do with tavern clocks--I confess this is the weakest of connections but I could not resist writing about the Spitfire. Continuing in this curious vein of boys' toys, a dealer in Scotland sold 7000 hickory-shafted golf clubs to a single buyer in China for £120000. It's a funny old world and time to move on.

Moving to the state of the market in April. A shoulder season month with no major clock events. The general antique market signals are mixed; private buyers are out in force and the trade not so strong. Some international events are well down on last year and the Sotheby's Doha event, albeit in March, fared badly. Nearer home Lyon & Turnbull's prestigious event at Blenheim Palace in April experienced a sale rate of less than 50%. On the other hand private buyers are out and about buying art and traditional pieces. In May, Drewattes will be holding another dealer's stock dispersal. So mixed all around.

The clock story of the month is the rescue of an 8-day longcase by the highly collectable Halifax maker Thomas Ogden. It was due to be trashed as part of a house clearance and someone spotted the gem, dated 1740, and estimated at £2-3000 by Frank Marshall it was knocked down at £22000. A very happy ending.

Three tavern clocks were offered in the month. Sworders sold a white round dial of full size, complete with a classic tavern movement and its original weight. The 18thC clock, minus its ears, was completely stripped of its japan and chinoiserie a long time ago. The clock was the property of Sudbury Museum and its provenance came with the clock. It had hung in Kentwell Hall to be transferred to the British School where it lost its lacquer and thence to the Sudbury Museum. The provenance report stated that the clock was made by local clockmaker Daniel Ray. It sold for a modest price to an Essex dealer who plans to restore it; an interesting challenge.

Later in the month there were two ebay offerings. The first was an unsigned octagonal with a painting or print of George III on the door with a buy-it-now price of £8000. This clock featured in an article in the Horological Journal some time ago.

The other was a modern recreation by Sheldon of Southampton which was offered on the same basis at £1850. The case was not accurately proportioned (and with a single sheet dial) but it was sold; this same clock has appeared at land based auctions twice in the last year so hopefully it has found its home.

If you are interested in a very accurate replica, one came my way last year and with some structural corrections it has now been lacquered. This is not a new Tavernicus venture but a one-off. Have a look at the For Sale section. http://www.tavernicus.co.uk/cms/index.php?option=com_content&task=view&id=43&Itemid=33

The site also includes the result of my 30 year project to recreate the missing parts of a tavern clock. The link is on the home page but it is not for sale. http://www.tavernicus.co.uk/

I leave you with the thought that in the 18thC the term TOY was a collective noun encompassing many desirable objects including clocks. One would visit a Toy Shop, oh that such existed today.

MARCH 2009 8 TAVERN CLOCKS

2009-04-04T12:37:00.000-07:00

There are not many months when 8 tavern clocks are brought to market. Five were auctioned and three were on display at the BADA Fair in Chelsea. More on these in a moment.

Market sentiment is still buoyant at the top end of the clock market and some of the smaller fairs are getting good reports. Christies' March clock offering was described as frothy although there were no blockbusters. And yet.... the top end of the market does not necessarily mean that all is fine. At least not yet. Some of the economic indicators are showing glimmers of hope.

Following on from the massive Yves St Laurent record breaker the underbidders and other well-heeled punters were out in force at TEFAF Maastricht and at the Gianni Versace dispersal. Both reported success. Nearer home, the BADA fair, which Tavernicus attended, was graced by five top quality clock dealers offering the best of the best. Two dealers showed tavern clocks; Raffetty & Walwyn and Derek Roberts. R&W offerred a small lacquered white round dial by Plumley of London and a lacquered "banjo" by William Gammon of Hereford. DR offered an oak trunk white painted round dial by Knight of Stafford. Without doubt, the Gammon of Hereford was the star of the show with the finest print I have seen on a tavern clock door. The so-called barn find Vulliamy regulator longcase, sold by Bonhams in December 2008 was offered by Montpellier Clocks in a restrained restored form: very special, very expensive. Interestingly, Woolley & Wallis of Salisbury offered another similar architectural cased Vulliamy (not a regulator); it sold for over 3 times mid-estimate at £40k in what looks like showroom condition.

The other 5 taverns offered were all at auction, 3 in the USA and 2 in the UK. The three overseas offerings included a fine small black round dial by Henry Lane of Bristol in very original condition. Here in the UK, a walnut cased round dial, the latter lacquered in green and gilt signed, Finch of London, was sold by Wilkinson's at over £10k, inc premium. A vaguely similar clock sold three years ago. The last of the offerings was an unsigned octagonal dial which had been faux oaked all over the clock, both inside and out. Even the oak boards were faux painted. A very unusual two train offering which sold for £3k.

So you pays your money and you takes your pick. These taverns ranged in price from about £3k to £25k. The best and the rest!!!!

Tavernicus sold a white round dial. Replacing it on the Tavernicus for sale page is another lacquered white round dial by listed maker John Harris of Keninghall in Norfolk dated c.1780. Look out for it on www.tavernicus.co.uk

The month of April starts with an unsigned white round dial being auctioned with an interesting provenance, but more of that next time. Bye for now

FEBRUARY 2009 CLOCKS ARE HOT??

2009-03-07T12:24:00.000-08:00

Welcome to the February newsflow for clocks, in particular tavern clocks. Given the daily deluge of bad financial news how can anyone say that clocks are hot. Stay with me there is substance to this. We left January and before that December with some mixed signals. A great Vulliamy price, a good Knibb and an ok Tompion. Reports on the January NEC 6th National Fine Art & Antiques Fair were not out at the time of writing the last blog. Well, much to the surprise of exhibitors it was better than feared and good for those selling traditional furniture. Auction reports also confirm that furniture is selling again.

What's going on?? Well on the 10th February Drewatts held a near 200 lot sale of clocks, barometers & scientific instruments. The sale included the dispersal of tools and books of respected clockmaker John Hooper who passed away in 2007. Many of his tools were original 18th and 19th century devices which were still in regular use. This aspect of the sale attracted many horologists on the day. The weather in the lead up to the sale had paralysed much of Britain but on the day the saleroom was packed as the weather was a little kinder. The other major part of the sale was the disposal of the Alfred Loader Collection which included a Tompion longcase as the star attraction with an estimate of £30-40000.

In a full room with bidders in the corridor, on the phones and annoyingly on the internet, business was buoyant. Whilst none of us would give up the internet it is nothing short of a damn nuisance in the saleroom as there is a constant lag from the live internet bidders. At times this caused confusion and even uproar. I digress.

The sale was a great success with over 90% of lots sold and more critically numerous lots sold for well over the top estimate, often multiples of the upper end. Only the run of the mill 19th century longcases remain in the doldrums. Anything interesting or of quality did well. The Tompion, numbered 253, a marriage in a well matched "mulberry"case, was knocked down at £46000, hammer. A respectable price but not great; that would have required more untouched originality. However if all were correct then the price would have been significantly greater.

Tavernicus braved the dreadful weather to attend this sale as it included a round dial tavern clock. A reasonably correct example with roman and arabic numerals on a yellowing ground with a dot minute ring. The hands a little doubtful both counterbalanced. Nicely cut classic ears. Sadly this clock has lost all the detail on the trunk including the signature. The door chinoiserie is all visible. In distressed condition the clock was knocked down for £5500, hammer, against an estimate of £2-3000. A good result. With a signature the hammer would have been greater by a margin.

Later in the month Gardiner Houlgate conducted their regular sale of watches and clocks with accompanying clock jumble. Always of interest, this sale was less jumble and more finished article. The star lot for me was a very humble 30 hour longcase, very early, in a small case no more than 78inches tall. Bristol maker. Painted brown and absolutely untouched and in original condition. Knocked down at the top estimate of £8000 these rare examples of English domestic history are now few and far between. Hopefully its new owner will not improve it. With such a clock the danger is that it will be "improved worse". I am indebted to my good friend AG for that phrase. Just into March another tavern clock appeared up north but that will be reported on my my next blog.

So, just into 2009 there are definite signs that those with money, and yes there are still many, are fed up with interest rates at near zero and the substantial risk that paper asset classes remain problematic. The consequence of these feelings is that traditional assets begin to look like a safe harbour. More next time.

JANUARY 2009: WITHER ASSET PRICES??

2009-02-01T10:24:00.000-08:00

If you want to know what is going on in the clock world then you have come to the right place. Of course any news of tavern clocks needs to be seen in the context of the antique market. So what is going on?? Some very prominent London antique dealers have ceased trading from premises and their stocks dispersed at auction. These dispersal sales have been quite successful. Elsewhere there are some fairs being cancelled and no doubt many where the organisers wish they were not now committed. And yet ... in December in Paris the year's record was set for a piece of furniture which sold for 3.6m Euro. Ok if you like commodes covered in ormulu, not my taste.

Nearer home, concern hangs in the air as to where our asset class stands as a safe haven or otherwise for money. All asset classes have fallen in value and the Christmas party chat was all about whether this or that asset has reached bottom. With clocks there are clearly two markets, the best and the rest. I shall come back to the rest but the best is showing mixed signals. In December, a Vulliamy longcase was auctioned by Bonhams as a barn discovery ( a stable actually). Don't you just love the romance. Well the estimate was £40-60k and the vendor must have been pleased with the hammer dropping at £100k. This was a classic Vulliamy longcase with the pedimented top encasing a regulator. Think how many of these you could buy in lieu of a certain type of commode.

Then the government began issuing new rescue initiatives every Sunday; have you noticed that nothing happens in parliament anymore and politicians only seem to work weekends?? Then of course we had Obamamania but none of this medicine is working yet and the car industry is being bailed out even though it is all foreign owned. I digress.

The small offering of clocks in the January 22nd auction by Christies had 15 lots on offer of which 12 sold. The key lots were the Knibb and Tompion table clocks. The Knibb estimate of £40-60k was respectably achieved with a premium inclusive price of £79250 whilst the Tompion estimate of £70-100k was met with a sale at £70850, premium inclusive. Draw your own conclusions but it is fairly clear that the top names are not producing estimate busting results even when estimates are being moderated. I wonder, when the market froths again, which of the three buyers made the best call as a store of value. Certainly with returns on cash at about 2% the braver will start taking a punt.

Tavern clock offerings in January were limited to ebay where a teardrop and a late mahogany example both reached their reserves and sold at under £2500. Not tiptop examples and a validation that the best and the rest are miles apart. However, for the budget buyer who would never stretch to the £20k+ levels of the best I thought the teardrop, at least, would make a handsome addition to a collection if well restored. If anyone wants further information about these offerings please get in touch.

Tavernicus added a shield dial to its inventory in the month, please have a look at the link.

http://www.tavernicus.co.uk/cms/index.php?option=com_content&task=view&id=34&Itemid=33

Looking ahead, the big event in February is the sale by Drewatts on the 10th which has an unsigned tavern clock on offer and more importantly a Tompion longcase. Watch this space. For those who like to get their hands dirty Gardiner Houlgate have their two day watch and clock sale at the end of the month. Always nice to get some clock oil on one's hands and to rummage in the debris

Before I finish I said I would return to the "rest". The Antique Furniture Club's Antique Furniture Index now in its 40th year indicates that in 2008 furniture prices were only one percent down on 2007. The peak of the Index was 2002 with falls every year since. This suggests we may have hit bottom. This may be a proxy for general clocks; it may not be. Other anecdotal evidence is that clock restorers whose work has been predominantly for the trade are suffering as the trade does not have the throughput at the moment. Those restorers working for the end customer are faring better; grandma's old clock will always be fixed no matter what the cost.

Wherever you stand it is clear that the buyer has the whip hand for the moment and that buying for stock or for investment is a precarious affair. Good luck, I will be back in March with more.

TAVERN CLOCKS: A REVIEW OF 2008

2008-12-24T07:23:00.000-08:00

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.