We’ve all heard the stories. An old table dug out of Grandma’s attic that was once used to hold the mail in the front hallway is brought to an appraiser and valued at something in the six figures. The media gets hold of the story and plays it up, and we wonder if there’s a way to forecast whether a reasonably priced antique will realize an increase in value that’s worthy of a segment on “Antiques Roadshow.”
Buying works of art or antique pieces with the sole hope of turning them around for a quick buck is possible, but not very likely. The educated eye may be able to spot a grossly undervalued piece at a mom-and-pop store or an estate sale and scoop it up but, according to those in the know, odds are any financial gain will come only with a long- term investment.
Catherine Riedel, director of marketing at the venerable Skinner Auctioneers in Boston, says to expect to “hold onto things for awhile, we’re talking years.” She continues, “If you’re buying antiques, buy what you like…what inspires you.”
Yet, as with any market, this market is subject to trends – and that can be where the quick jumps in value come from. And, as with virtually anything from stocks to designer shoes, several factors come into play when attempting to determine the next big thing.
Good old supply and demand play a major role in deciding what’s red hot right now, and both Riedel of Skinner and John Schofield, vice president of Eldred’s Auction House here on the Cape, cite emerging middle classes elsewhere in the world as a key factor in current skyrocketing prices within certain sectors.
According to Riedel, “Anything that is Chinese is selling for crazy amounts of money.” She goes on to explain, “It’s part of a concerted effort to repatriate a lot of the riches that the country has lost over the last 200 years…China is eager to get that back.” She also mentions Russian artifacts as a currently thriving market and Schofield seconds both of these ideas.
Schofield points out that “People collect their own culture, so Americans collect American culture and French collect French and so forth.” Schofield says he finds “Russian things are an exploding market and will be for awhile, though it’s not as hot as Chinese,” something he attributes partly to sheer numbers. “There are so many Chinese (people) buying,” he says.
Both Riedel and Schofield also agree that location, location, location has a role in valuing antiques. Riedel finds that the geographical tastes are creating a “softened” market for European furniture. “Here in the Northeast, European fancy formal is not as popular, but go down South and the houses have a lot more.”
Schofield comments on the obvious appeal of nautical items on the Eastern Seaboard and here on the Cape. He mentions sailor’s valentines as items are really seeing an upswing in value, saying that they are something that “used to go for $1,200.” And what can they go for now? “Twenty thousand,” he replies. “That’s a mini-trend, but I think it’s here to stay.”
Brad Finch, owner of Spyglass Antiques in Brewster, specializes in nautical and Americana antiques and art. He agrees that sailor’s valentines are getting top dollar right now, saying he’s had some that have sold for $5,000-$10,000.
Finch offers a general theory of what to look for in hopes of seeing an eventual appreciation. “In today’s market, in almost every facet, it’s the highest quality that’s commanding top dollar,” he says. “In my business, being specialized in nautical marine items, I get that.”
Riedel agrees with Finch’s assertion of buying top quality. “We say buy the best you can afford and, nine times out of 10, it will go up,” she says.
Greg Mize, owner of Countryside Antiques, also in Brewster, gets a little psychoanalytical about the whole idea of predicting what will become hot. It’s understandable. He is a retired pediatric psychologist.
“We’re a fickle society, lusting for things we see and hear without even knowing it,” says Mize. He feels demand is driven by “an emotional decision,” saying that, “The masses are buying what they like, and they don’t know why they like it and don’t know what they’ll want next.” It is a situation he attributes partly to media attention and advertising.
So once you’ve decided what it is you want to buy, how do you know exactly what to buy? Everyone we spoke with agrees that part of the reason for dealing with an established auction house or store, rather than a flea market type of venue or online auction, is the face time with the staff.
Greg Mize suggests that new collectors of antiques “read a lot, study a lot and deal with a reputable dealer.”
John Schofield says, “Most auction houses have info that’s not in the catalogue, and you need to ask about it.” He also suggests “freely asking during preview.”
Catherine Riedel opines that you need to “know what you’re collecting…and who will stand behind it.”
Catherine Riedel, director of marketing at the venerable Skinner Auctioneers in Boston, says to expect to “hold onto things for awhile, we’re talking years.” She continues, “If you’re buying antiques, buy what you like…what inspires you.”