In a slump it’s time to buy a little something old and very expensive
Stapleton, John. The Australian [Canberra, A.C.T] 03 July 2008: 20.
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People wanted individual pieces nobody else had, with a move away from mass-produced furniture. “Spontaneous shopping is finished,” he said. “If we sell a mirror we have to hang it, if they buy a chair and want to change the fabric, we have to source the fabric. People want to enjoy their money more. It’s an old saying, money has no value until you’ve spent it.”
“Georgian furniture can fetch anywhere from $10,000 to $40,000 for a bookcase, but less prestigious stock between $400 and $4000, while not carrying thesame investment value, is selling well to the average punter.”
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Antiques
THE antique trade is booming, although retailers are not exactly sure why.
Some put it down to the rocky state of the share market, others to a shift away from the minimalism of the 1990s.
James Hendy, head of furniture and decorative arts for Bonhams and Goodman Fine Art Auctioneers, said there had been a distinct change in buying patterns.
“The market is incredibly buoyant across the board, through antique furniture, silver, jewellery,” he said.
“There’s a lot of doom and gloom chatter about the general public’s financial well-being, but it hasn’t come through to the auction room.
“Georgian furniture can fetch anywhere from $10,000 to $40,000 for a bookcase, but less prestigious stock between $400 and $4000, while not carrying thesame investment value, is selling well to the average punter.”
He said shop owners and dealers, as well as private clients, were all buying. “The first six months of this year have been very positive in terms of the number of lots and items sold; but also the value of those items. Prices have been higher than expected.”
Mr Hendy said part of the push was from people reverting to old-fashioned forms of investment, now that the stock market was less stable.
At The Country Trader in Sydney no one seems to think twice at spending $64,000 on a 19th century Italian walnut table or $125,000 on a late 17th century French statue. Owner Geoff Clark said the quality end of the market was strong, but the level of service expected had increased, raising the cost of doing business.
People wanted individual pieces nobody else had, with a move away from mass-produced furniture. “Spontaneous shopping is finished,” he said. “If we sell a mirror we have to hang it, if they buy a chair and want to change the fabric, we have to source the fabric. People want to enjoy their money more. It’s an old saying, money has no value until you’ve spent it.”
President of the Australian Antique and Art Dealers Association John Furphy said dealers were happier this year than they had been for a long time.
“The trade suffered a downturn in the late 90s due to the minimalist look, but there’s been a swing away from that. We always say you should buy antiques to use and enjoy, rather than as an investment,” he said.
Credit: John Stapleton