Antique Collecting Magazine - Antique Furniture Index, 2008

John Andrews of Antique Collecting Magazine recently published his annual Antique Furniture Index for 2008. According the abstract published on line, the ACC index has fallen by 1 point in 2008. The expectations after 2007 were hopeful, but although 2008 saw some high prices and the high end of the market, the middle market still suffered. According to Andrews the breakdown saw greater decreases in Victorian, Regnecy and Country indices. Oak and walnut furntirue saw slight increase while Mahogany was about even.Andrew's categorizes 2008 antique furntiue sales as "lack luster" but far from devestating. Given what I have been witnessing in US sale as well as some of the recent RICS data, I would have expected the index to have fallen more than the 1 point

Andrews discussess how much of the results and sales are coming from auction prices, and how it is easier to compile price indexs, but the downside being the quality and authenticity of the property may be in question and therfore the prices not as realistic. A problem appraiser typically have to deal with when finding and using comparable property. It might look the same, but how much "work" has been done on the item, or has it been cataloged improperly?

Andrew's states The Index's constituent pieces, although still not top of the scale, are starting to look increasingly like those now collected by the rich rather than the middle of the 'food chain' once prevailing, where we were all comfortable. By far the largest number of antique furniture trans-actions takes place at auction, nowadays with a significant retail element. It is twenty years since Christopher Weston of the auctioneers Phillips claimed 'We are the retailers now' even though the trade still constitutes a major element in their business. It is correct for the Index to reflect this weight of information in addition to the others. The relatively recent availability of millions of auction prices on the Internet is undoubtedly an additional blessing to our collations, but the raw data available needs to be viewed with caution. Very often the initial impression given on tapping into Internet auction price records is that of a huge catalogue of low-priced or unsold items with jaw-dropping bargains flowing through the rooms, indicating a massive drop in antique furniture prices.

To read the excerpt of the Andrews article click HERE.