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M. FORD CREECH ANTIQUES & FINE ART
ANTIQUES & FINE ARTS
in the CURRENT MARKET (2009):
Lundy Siegriest
(1925-1985 / CA),
Contra Costa Ranch Houses, Oil on Board,
12" x 16"
John Moran
Auctions, Feb. 17, 2009 / Presale Estimate: 1000/2000 US /
Sold for: 43,125.00 US
Better antiques and fine arts are holding their
value - some even escalating – during the current economic conditions.
Historically, antiques and fine arts have done well during times of both
recession and depression, becoming alternate forms of investment.
Quite a few clients have expressed their concerns
regarding any changing value of their personal collections. To answer their
query, I have spent several weeks talking to long-term professionals, auction houses and galleries
throughout the country.
Here is what I found:
Retail:
Retail is sluggish at all levels. However, do not expect
prices on better antiques and fine arts to lower, as the best pieces
are still hard to find, and command high prices. Also retailers
recall the recession in 1982, when sales were very flat. Many did
not buy or raise their prices for a year, and found they were
terribly out of sync with the rest of the world when it came time to
restock.
Now is actually an excellent time to buy, or to sell in selected areas.
Auction:
The activity at the auction level is still strong, but without as
many of the unrealistic results of the past three years. Since
the advent of auctions through massive internet carriers, many private
and casual buyers worldwide joined the auction arena without adequate
knowledge of pricing - too often paying more than retail for items in
every area of collecting. These buyers would probably have
faired much better in price and quality with a knowledgeable retailer or
advisor. Prices on better/best goods are still quite strong.
The finest quality is scarce on the market and highly sought after. It
will remain so until more goods come on the market.
All auction houses have also told me that many of their more savvy
consignors are realizing that their collections are hard assets, and
wisely placing them in the right sales to restructure loans, finance new
purchases or simply down-size. A March 6th Associated Press
article
relates
: "Works by
Pablo Picasso,
Henri Matisse and
Andy Warhol are
among the pieces collectors have been leveraging in recent months".
As
Economy Tanks, Art Works Put Up for Collateral
eBay:
eBay
is still strong - retail and over - on highest quality selected rare items -
usually small silvers and collectible items. Middle and lower end can
be spotty to not selling at all. Recently I have seen many items sell
for well over what we offer at retail in the shop.
What's Selling
Exceptionally Well:
Overall, condition,
authenticity, rarity and provenance seem to be determining factors in
this category.
The
specialty and “old school” markets, with older established collector
bases and price structures seem to be faring the best.
Fine silver
- Particularly very early (17th c.) and rare silver and spoons,
important American silver, gold boxes, well known names
(The January
Bonham's Knightsbridge silver sale was sold at 87% by hammer).
Fine Art -
Exceptional paintings by top painters, both American and International -
now more than "name" alone, as seen last few years
Some
Furniture - Either rare or with strong provenance; Sotheby's January
Americana reported 95.5% sold by lot / 90.4 % by value
Fine 18th
Century Glass - Selling quite well, particularly rare examples and early
balusters
Finer Rugs
- From the 19th century, rare or in good condition
Early
Chinese Wares - Despite the downturn, the Chinese still seek the best
traditional Chinese taste antiques
Fine Gems
- Remain a strong alternate investment
Clocks -
Good quality holding very well according to the Antiques Trade Gazette
(UK)
What's Staying the Same:
Middle
Quality - Unchanged to sluggish in all areas of collecting
Fine Art
- European Old Masters in US affected by a stronger dollar, but holding abroad;
early
20th century American holding to strong, particularly in the better
works; Russian art impacted by oil market, but still selling in great
quantities;
modernism (1930 forward) and abstract expressionism still with
solid market, and set for a rebound
Most
Furniture - Except those pieces of an exceptional nature (as mentioned above);
this furniture is usually tied to home sales/starts
Arts
& Crafts Period - Doing fairly well, as reported by specialist David
Rago; ceramics selling quite well on a case by case
basis,
with regional
interest a factor in price results; George Ohr holding pre-recession values
19th Century
Glass - Holding, with unique engraved glass selling well
Late 18/19th
Century American & British Silver - With rare or unusual pieces,
or by important makers, selling extremely well
20th Century
Silver Pattern Flatware - But somewhat flat to not selling
Chinese
Export - Some moderation of prices, but some escalation on the top
ceramics
Clocks -
Holding to sluggish (US); lesser quality holding to not selling (UK)
What’s Not Selling:
Lower End -
In all areas of collecting - unless extremely well priced or unreserved
(auction)
Fine Art
- Works of lesser aesthetic quality, and some less-developed works, particularly
by less-known painters
Problematic
Pieces - Those with condition problems or alterations are not selling well unless quite
rare
(Christie's
Americana January sale was less than 50% sold. Here is the
explanation: "The largest consignor... had bought to
furnish a house
and enjoyed living with old furniture of good form and color. Apparently he
did not collect with an eye to
investment,
accepting pieces with replacements or extensive repairs that in today's
market reduces values.")
Mass-Produced Items -
Particularly 20th century pieces that are extremely abundant
American Cut Glass - Some recent sales have seen poor results
Expected Changes:
The best of quality is still rare
on the market. Hopefully more fine goods will come on the market the second
half of this year.
Escalation in pricing is a strong
possibility as investing increases and expected inflation takes place.
The aforementioned
unrealistic auction prices
of 2006-8 seem to have abated to some extent, bringing most prices more in line with
actual
market values. Do not expect higher end dealers to
lower prices due to the recession.
Recent Unfortunate Press:
John
Thain's Purchases - There have been numerous criticisms of
Thain's purchases for his Merrill Lynch office - including
an opinion of the inappropriate nature of antiques in an office at all
(which I find erroneous). However
Clinton Howell, a New York dealer in English furniture, stated what
everyone seemed to miss: "The antiques Thain reportedly purchased will
probably hold their value over time." In fact, if they were now
sent to auction, the extra publicity would probably double the amount
originally invested.
The media has had a
hey-day with criticisms and comparisons that they considered more
appropriate . (See link below)
Unfortunately, if Mr. Thain had made the suggested substitutes, his
money would be completely thrown away, and irretrievable.
The study of cultures throughout history is
more of the arts than of the wars, famines, and economies.
The best of the arts usually represent the best
and most noble of mankind's achievements.
As such, they have remained stable throughout past
economic fluctuations. They are more subject to
temporary regional fluctuations in taste and design, which
might - or might not - reflect to a much smaller degree the movement
of the stock market.
For a complimentary in-shop consultation, or
for more information, please click
here:
Some Recent Strong Auction Results & Private Sales:
(primarily British & Continental from regional auction houses & dealers)
Ceramics:
Chinese Export Qianlong Lotus Form Teabowl & Saucer
Est.
$200 - $300 / Sold $1,610.00
William Bunch, Chadds Ford, PA
– February 26, 2009
Pair of
Sevres Porcelain Cache Pots presented as the first diplomatic gift from the
Sevres factory
by King Louis
XV to Frederick V of Denmark, two of 12 caches pots produced by the Sevres
factory.
Est.
$1,500 - 2,500 / Sold $34,600.
Freeman's, Philadelphia PA
– January 29, 2009
Rare
Chelsea figure of Summer, c1755, a small section of the base broken off and
repaired
Est. £1,000 -
2,000 / Sold
£4,800
Woolley-Wallis, Salisbury, UK –
October 21,
2008
Rare
Chinese Export "Pronk" Coffee-Pot & Cover, c1740
Est. $8,000 - $12,000 / Sold $43,750
Christie's NY
– January 21, 2009
Clocks:
Fine Queen Anne Herringbone Banded Burr Walnut Longcase Clock, Peter Gobert,
c1705 - 1710
February, 2009, £27,500
Allan Smith
Clocks, Swindon, Wiltshire, UK
Federal
Patent Timepiece or Banjo Clock, Simon Willard, Roxbury, Massachusetts, c.
1805
Est. $50,000 - 75,000
/ Sold $130,350
Skinner
American Furniture & Decorative Arts, Boston MA – February 16, 2009
Early Asian:
Good
Ming Dynasty Deep Dish, 15" Diameter (broken and re-stuck)
Sold $42,000
Bonham's Butterfields, San Francisco – December 9,
2008
(Pre-sale estimate
unavailable)
The week of March
14-20 is Asia Week in New York, with major
exhibitions as well as sales by all major New York auction
houses. We will report the trends and a few outstanding sales as they
are published.
Fine Art:
Louis Remy Mignot, "Solitude or Sunset",
Est.
$100,000 - $150,000 / $Sold 260,000
Brunk,
Asheville NC – January 3-4, 2009
Louis B.
Siegriest, Oakland, CA, 1899-1989,
"Contra Costa Ranch Houses"
Est.
$1,000 - 2,000 / Sold $43,125.00
John Moran, Pasadena CA
– February 19, 2009
John McCrady, American, 1911-1968, "Political
Rally"
Est. $200,000 - 300,000 / Sold
$421,999.93
Neal, New
Orleans LA – October, 11-12, 2008
John
Sloan, American, 1871-1951, "Celia, Pink Waist and Apron"
Est. $15,000 - $25,000 / Sold $52,500
Sotheby's NY – March 5, 2009 (as the market dropped another
278 points)
Norman
Percevel Rockwell, American, 1894-1978
"The First
Day of School," 1964, charcoal on paper on board
Est. $100,000 - $200,000 / Sold $228,000
Treadway Toomey Galleries, Chicago IL –
March 8, 2009
Glass:
Fine Beilby Enamelled Opaque-Twist Wine Glass c1765,
Sold £8,400
Bonham's New Bond, (UK) British and European
Glass – December17, 2008
(Pre-sale estimate unavailable)
Rare
Blue Colour-Twist Wine Glass c1770,
Sold £4,800
Bonham's New Bond, (UK) British and European
Glass – December17, 2008
(Pre-sale estimate unavailable)
Mammoth
Heavy Baluster Goblet c1700, 30cm high, Sold £8,400,
and another
Mammoth Heavy Baluster
Goblet c1700, Sold £12,000
Bonham's New Bond, (UK) British and European
Glass – December17, 2008
(Pre-sale estimate unavailable)
Gems:
Art Deco
Platinum & Fancy Light Yellow Diamond Ring,
Est.
$100,000 - 150,000 / Sold $150,400
Leslie Hindman, Chicago IL - Fine Jewelry
– December 4-5, 2008
(Gems are
out of our vending area, but included as it was heavily sought by American
and international
collectors and dealers, who flew into Chicago for the bidding).
British Furniture:
George I
Walnut Bachelor's Chest
Est.
$1,500 - $2,500 / Sold $8,625
Brunk
Auctions, Asheville NC – January 3-4, 2009
Diminutive
George I Feather Banded Walnut Desk
Est. $4,000 - 6,000 / Sold for $9,760
Bonhams & Butterfields, San Francisco –
March 2, 2009
Kidney-Form Gillows Desk,
Burlwood Veneer over Mahogany
Est. $8,000 - $12,000 /
Sold for $126,500
Brunk Auctions, Asheville NC – March 1, 2008
Continental
Furniture:
Spanish
Walnut & Wrought Iron Trestle Table,
17th century
Est. 2,000 - 3,000 / Sold $9,000
Freeman's, Philadelphia PA – January 29, 2009
 Fine Italian Neoclassical Walnut & Marquetry Commode,
Lombardy, manner of Giuseppe Maggiolini, late 18th century
Est.$20,000-30,000 / Sold $21,960
Bonhams &
Butterfields, San Francisco –
March 2, 2009
Rugs (Antique
Oriental):
Bakshaish Carpet (left) Est.
$40,000 - 60,000 / Sold $54,625
Michael Grogan, Dedham MA – Oriental Rug Sale, January 12, 2009
Silk Warp Serapi Square Rug,
Est. $20,000 - 30,000 / Sold $48,875
Michael Grogan,
Dedham MA – Oriental Rug Sale, January 12, 2009
Karachoph Kazak Rug
Est. $2,000 - 4,000
/ Sold $17,250
“The
strong interest in this Kazak proved that rarity is more important than
condition,” surmised Michael Grogan.
Michael Grogan,
Dedham MA
– Oriental Rug Sale, January 12, 2009
Silver:
James
II Silver Gilt Flame Back Trefid Spoon, "H" over "A F" over "1688"
John Clifton, London 1687
Est.
£600
- 800 / Sold
£2,200
Woolley-Wallis, Salisbury, UK –
October 29,
2008
William & Mary Silver Peg Tankard,
Est. $3,000 - $4,500 / Sold $10,973
Christie's Interior, South Kensington, London - January 6, 2009
William III Irish
Silver Two-Handled Cup, Thomas Bolton, Dublin 1694
Est.
£8,000 - 12,000 /
Sold £23,400
Bonham's
Knightsbridge, UK –
February 4, 2009
Rare George III Silver Wine Label, 'MALMZEY-MADEIRA', John
Robins, London 1792
Est.
£250 - 350
/ Sold £1,000
Woolley-Wallis, Salisbury, UK –
January 28, 2009
New Orleans Coin Silver Coffee & Tea Service,
c1860
Est. $140,000 - 180,000
/ Sold $322,999.93
Neal, New Orleans
LA – October, 11-12, 2008
George IV Silver Nutmeg Grater, Joseph Willmore, Birmingham, 1824
Arts & Crafts Period:
Emile Galle
Large & Unusual Charger, c1870,
Signed E + G
E. Galle & Nancy
Est. $900 - 1400 / Sold $2,760
David Rago Auctions –
February, 2009
Rozenburg
Large Gourd-Shaped Vase, signed Rozenburg Den Haag 1224
Est.
$1,000 - 1500 / Sold $1,800
David Rago Auctions –
February, 2009
Austrian
Silver Overlaid Lustered Gold Glass Vase
Est. $1,000 - 1500 / Sold $2,880
David Rago Auctions –
February, 2009
Limbert Dining
Room Table (No. 1480) with two leaves & branded signature
Estimate: $1,500 - 2000 / Sold $3,600
David Rago Auctions –
February, 2009
Gustav Stickley,
Six Ladderback Chairs, Two Arm & Four Sides
Estimate:
$2,100 - $2600 / Sold $3,900
David Rago Auctions –
February, 2009
Yves Saint Laurent Sale - Art Deco:
"The “Dragon” Armchair - Est. 28.3 million Euros /
Sold 59.2 million Euros,
Christie's Paris – February 25, 2009
"Saint Laurent and his partner Pierre Berge accumulated one of the world’s
most important collections of
Art Deco furniture and objects, said dealers. Ninety-five percent of the
items sold. Sale of the 285 lots yesterday,
the second of a three-day event at the Grand Palais, totaled 101.3 million
Euros, more than double the top estimate... The two-day auction tally of
307.5 million Euros is the most for a private collection." Bloomberg.com
These examples may - or may not - be your taste - but should give you
confidence that there are still large sums being spent on unusual, rare, and
quality items, particularly with good provenance.
______________________
Complimentary Consultation
Should you wish to discuss
some aspect of your collection,
we would be happy to speak with you on a complimentary basis.
If you are considering deaccession, there are
several options available. Each item has its own best venue -
and timing.
We are
most adept in our areas of specialty – 18th century
British furniture and decorative arts, as well as early 20th century
American fine art – and have access to many further experts.
Please bring proper
images and measurements to assist in answering your questions.
For
a complimentary in-shop consultation appointment or more information
please contact us by email, phone or by mail.
Millicent Ford Creech
mfcreech@bellsouth.net
901-761-1163
581 S. PERKINS ROAD / LAURELWOOD
COLLECTION / MEMPHIS, TN 38117
Hours :
Wed.-Sat. 11-6, or by appointment
Private
showings available
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